{
"documentInfo": {
"documentType": "https://xbrl.org/2021/xbrl-json",
"features": {
"xbrl:canonicalValues": true
},
"namespaces": {
"SAB": "http://sabaf.it/2022-12-31",
"ifrs-full": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
"iso4217": "http://www.xbrl.org/2003/iso4217",
"scheme": "http://standards.iso.org/iso/17442",
"xbrl": "https://xbrl.org/2021",
"xbrli": "http://www.xbrl.org/2003/instance"
},
"taxonomy": [
"http://sabaf.it/2022-12-31/815600DC9FA897709242-2022-12-31.xsd"
]
},
"facts": {
"f5175": {
"value": "SABAF S.p.A. ",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "it",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f5197": {
"value": "SABAF S.p.A. ",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "it",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-2-1": {
"value": "SABAF S.p.A. Explanatory Notes ACCOUNTING STANDARDS Statement of compliance and basis of presentation The consolidated financial statements of the Sabaf Group for the 2022 financial year have been prepared in compliance with the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB) and endorsed by the European Union. Reference to IFRS also includes all current International Accounting Standards (IAS). They have been prepared in euro, the currency of the economies in which the Group mainly operates, rounding to the nearest thousand, and are compared with the previous year's consolidated financial statements prepared in accordance with the same standards, except for IAS 29, which has been applied from 2022 onwards to the financial statements of the Turkish subsidiaries (for further details, please refer to the specific paragraph Hyperinflation \u2013 Turkey: application of IAS 29). They consist of the statement of financial position, the income statement, the statement of changes in shareholders\u2019 equity, the statement of cash flows and these explanatory notes. The financial statements have been prepared on a historical cost basis except for some revaluations of property, plant and equipment undertaken in previous years, and are considered a going concern. The Group assessed that it is a going concern (as defined by paragraphs 25 and 26 of IAS 1 and by Article 2423 bis of the Italian Civil Code), also due to the strong competitive position, high profitability and solidity of the financial structure. Financial statements The Group has adopted the following formats: \u25aa current and non-current assets and current and non-current liabilities are stated separately in the statement of the financial position; \u25aa an income statement that expresses costs using a classification based on the nature of each item; \u25aa a comprehensive income statement that expresses revenue and expense items not recognised in profit (loss) for the year as required or permitted by IFRS; \u25aa a statement of cash flows that presents cash flows originating from operating activity, using the indirect method. Use of these formats permits the most meaningful representation of the Group\u2019s operating results, financial position and cash flows. Scope of consolidation The scope of consolidation at 31 December 2022 comprises the parent company Sabaf S.p.A. and the following companies controlled by Sabaf S.p.A.: \u25aa Faringosi Hinges s.r.l. \u25aa Sabaf do Brasil Ltda. \u25aa Sabaf Beyaz Esya Parcalari Sanayi Ve Ticaret Limited Sirteki (Sabaf Turkey) \u25aa Sabaf Appliance Components (Kunshan) Co., Ltd. \u25aa A.R.C. s.r.l. \u25aa Okida Elektronik Sanayi ve Tickaret A.S \u25aa Sabaf U.S. \u25aa Sabaf India Private Limited \u25aa Sabaf Mexico Appliance Components S.A. de c.v. \u25aa C.M.I. s.r.l. \u25aa C.G.D. s.r.l. \u25aa P.G.A. s.r.l. \u25aa PGA2.0 s.r.l. Compared to the consolidated financial statements at 31 December 2021, Handan ARC Burners Co. Ltd. is no longer consolidated. The 51% stake, which was held indirectly through A.R.C. s.r.l., was sold to a third party during the first quarter of 2022. The plant, equipment and inventories of Handan ARC Burners Co. Ltd. were simultaneously acquired by Sabaf Appliance Components Kunshan Co., Ltd. (Sabaf China). This operation did not have a significant impact on the Group's shareholders' equity. In October 2022, Sabaf S.p.A. completed the purchase of 100% of the share capital of P.G.A. S.r.l. (P.G.A.), a company based in Fabriano (AN) and operating for over 25 years in the field of design and assembly of electronic control boards for the household appliances sector. P.G.A. s.r.l. holds 100% of the share capital of PGA 2.0 s.r.l., a business unit dedicated to the design and prototyping of innovative solutions based on interconnection and the Internet of Things (IoT). The companies in which Sabaf S.p.A. simultaneously possess the following three elements are considered subsidiaries: (a) power over the company; (b) exposure or rights to variable returns resulting from involvement therein; (c) ability to affect the size of these returns by exercising power. Subsidiaries are consolidated from the date on which control begins until the date on which control ceases. Consolidation criteria The data used for consolidation have been taken from the income statements and statements of financial position prepared by the directors of the individual subsidiary companies. These figures have been appropriately amended and restated, when necessary, to align them with international accounting standards and with uniform group-wide classification criteria. The criteria applied for consolidation are as follows: a) Assets and liabilities, income and costs in financial statements consolidated on a line-by-line basis are incorporated into the Group financial statements, regardless of the entity of the equity interest concerned. Moreover, the carrying value of equity interests is derecognised against the shareholders\u2019 equity relating to investee companies; b) positive differences arising from elimination of equity investments against the carrying value of shareholders\u2019 equity at the date of first-time consolidation are attributed to the higher values of assets and liabilities when possible and, for the remainder, to goodwill. In accordance with the provisions of IFRS 3, since 1 January 2004, the Group has not amortised goodwill and instead subjects it to impairment testing; c) payable/receivable and cost/revenue items between consolidated companies and profits/losses arising from intercompany transactions are derecognised; d) the portion of shareholders\u2019 equity and net profit for the period pertaining to minority shareholders is posted in specific items of the balance sheet and income statement. Information related to IFRS 3 12As at 3 October 2022, the P.G.A. Group, which has been active for more than 25 years in the field of design and assembly of electronic control boards for the household appliances sector, was consolidated. The Report on Operations describes the purpose of the transaction and the expected synergies. The allocation of the price paid for the acquisition of the P.G.A. Group on the net assets acquired (Purchase Price Allocation) was completed during 2022. Specifically, in accordance with IFRS 3 revised, the fair value of assets, liabilities and contingent liabilities was recognised at the acquisition date, the effects of which are shown in the table below: Original values at 03/10/2022 Purchase Price Allocation Fair value of assets and liabilities acquired Assets Property, plant and equipment and intangible assets 3,808 4,541 8,349 Inventories 2,909 (150) 2,759 Trade receivables 1,433 - 1,433 Other receivables 773 848 1,621 Cash and cash equivalents 1,378 - 1,378 Total Assets 10,301 5,239 15,540 Liabilities Post-employment benefit provision (643) - (643) Provisions for risks and charges - (165) (165) Deferred tax liabilities (18) (1,290) (1,308) Financial payables (2,350) - (2,350) Trade payables (1,964) - (1,964) Other payables (1,194) (616) (1,810) Total liabilities (6,169) (2,071) (8,240) Value of net assets acquired (a) 4,132 3,168 7,300 Total cost of acquisition (b) 8,427 8,427 Goodwill deriving from acquisition (c = b-a) 4,295 1,127 Price adjustments (d) 433 Acquired cash and cash equivalents (e) 1,378 Sale of treasury shares in exchange (f) 1,668 Net cash outlay (b-d-e-f) 4,948 The acquisition price was determined based on an Enterprise Value of five times the average annual EBITDA over the three-year period 2020-2022, adjusted for the net financial position at the time of the transaction. The parties agreed that the payment of part of the price will be postponed and, in any case, payable by the first half-year of 2023.THERE is also a possible further price adjustment (\"earn-out\") linked to the achievement of certain targets. As shown in the table, the Purchase Price Allocation, carried out with the support of independent experts, led to the identification and measurement of the fair values of the following acquired intangible assets: - Customer Relationship: fair value of \u20ac4.266 million determined using the \"Multi-period Excess Earnings\" method, taking the following parameters as reference: o revenue relating to customers with whom there is a strong technical and commercial relationship o profitability in line with the historical average o economic useful life of 15 years o discount rate of 11.91% o g growth rate of 1.80% - Patents: fair value of \u20ac0.275 million determined using the \"Relief from Royalty\" method, taking the following parameters as reference: o revenues from products covered by patents at the valuation date o royalty rate equal to 3.5% o economic useful life of 4 years o discount rate of 11.41% o g growth rate of 1.80% The related tax effect was recognised on the fair value of the intangible assets identified above (recognition of deferred taxes of \u20ac1.305 million). The Purchase Price Allocation also led to the recognition of provisions for risks and charges totalling \u20ac0.2 million (Note 18). In the period for which the Group held control (3 October 2022 - 31 December 2022), the P.G.A. Group achieved sales revenue of \u20ac2.9 million and a net profit of \u20ac0.52 million. Conversion into euro of foreign-currency income statements and statements of financial position Separate financial statements of each company belonging to the Group are prepared in the currency of the country in which that company operates (functional currency). For the purposes of the consolidated financial statements, the financial statement of each foreign entity is expressed in euro, which is the Group\u2019s functional currency and the reporting currency for the consolidated financial statements. Balance sheet items in accounts expressed in currencies other than euro are converted by applying current end-of-year exchange rates. Income statement items are converted at average exchange rates for the year, with the exception of the financial statements of companies operating in hyperinflationary economies whose income statements are converted by applying the end-of-year exchange rate as required by IAS 21 paragraph 42.b. Foreign exchange differences arising from the comparison between opening shareholders\u2019 equity converted at current exchange rates and at historical exchange rates, together with the difference between the net result expressed at average and current exchange rates, are allocated to \u201cOther Reserves\u201d in shareholders\u2019 equity. The exchange rates used for conversion into euro of the financial statements of the foreign subsidiaries, prepared in local currency, are shown in the following table: Description of currency Exchange rate in effect at 31/12/2022 Average exchange rate 2022 Exchange rate in effect at 31/12/2021 Average exchange rate 2021 Brazilian real 5.6386 5.4399 6.3101 6.3778 Turkish lira 19.9649 n/a 15.233 10.510 Chinese renminbi 7.3582 7.0788 7.1947 7.6271 US Dollar 1.0666 1.05305 1.1326 1.18275 Polish Zloty n/a n/a 4.5969 4.5651 Indian Rupee 88.1710 82.6864 84.229 87.439 Mexican peso 20.8560 21.1869 23.143 23.985 Segment reporting The Group\u2019s operating segments in accordance with IFRS 8 - Operating Segment are identified in the business segments that generate revenue and costs, whose results are periodically reassessed by top management in order to assess performance and decisions regarding resource allocation. The Group operating segments are the following: \u25aa gas parts (household and professional); \u25aa hinges; \u25aa electronic components for household appliances. Accounting policies The accounting standards and policies applied for the preparation of the consolidated financial statements at 31 December 2022, unchanged versus the previous year, are shown below: Property, plant and equipment These are recognised at purchase or manufacturing cost. The cost includes directly chargeable ancillary costs. These costs also include revaluations undertaken in the past based on monetary revaluation rules or pursuant to company mergers. Depreciation is calculated according to rates deemed appropriate to spread the carrying value of tangible assets over their useful working life. Estimated useful working life in years, unchanged compared to previous financial years, is as follows: Buildings 33 Light constructions 10 General plant 10 Specific plant and machinery 6 \u2013 10 Equipment 4 \u2013 10 Furniture 8 Electronic equipment 5 Vehicles and other transport means 4 \u2013 5 Ordinary maintenance costs are expensed in the year in which they are incurred; costs that increase the asset value or useful working life are capitalised and depreciated according to the residual possibility of utilisation of the assets to which they refer. Land is not depreciated. Leased assets The Group assesses at the time of signing an agreement whether it is, or contains, a lease, or if the contract gives the right to control the use of an identified asset for a period of time in exchange for a consideration. The Group adopts a single recognition and measurement model for all leases according to which the assets acquired relating to the right of use are shown under assets at purchase value less depreciation, any impairment losses and adjusted for any re-measurement of lease liabilities. Assets are depreciated on a straight-line basis from the starting date of the agreement until the end of the useful life of the asset or the end of the lease agreement, whichever comes first. Set against recognition of such assets, the amounts payable to the lessor, are posted among short- and medium-/long-term payables, by measuring them at the present value of the lease payments not yet made. Moreover, financial charges pertaining to the period are charged to the income statement. Adoption of the accounting standard IFRS 16 \u201cLeases\u201d The Group applied IFRS 16 from 1 January 2019 by using the amended retrospective approach. When evaluating the lease liabilities, the Group discounted the payments due for the lease using the incremental borrowing rate, the weighted average of which was 3.29% on 31 December 2022 and 3.86% on 31 December 2021. The rate was defined taking also account of the currency in which the lease agreements are denominated and the country in which the leased asset is located. The lease term is calculated based on the non-cancellable period of the lease, including the periods covered by the option to extend or to terminate the lease if it is reasonably certain that those options will be exercised or not exercised, taking account of all relevant factors that create an economic incentive relating to those decisions. Assets held for sale The Group classifies non-current assets as held for sale if their carrying value will be recovered mainly through a sale transaction, rather than through continuing use. These non-current assets classified as held for sale are measured at the lower of their carrying value and their fair value less costs to sell. Selling costs are the additional costs directly attributable to the sale, excluding financial expenses and taxes. The condition for classification as held for sale is only met when the sale is highly probable and the asset is available for immediate sale in its present condition. The actions required to complete the sale should indicate that significant changes to the sale are unlikely or that the sale will be cancelled. Management must be committed to the sale, which should be completed within one year from the date of classification. Depreciation of property, plant and equipment and amortisation of intangible assets stops when they are classified as available for sale. Assets and liabilities classified as held for sale are presented separately among the items in the financial statements. Goodwill Goodwill is the difference between the purchase price and fair value of investee companies\u2019 identifiable assets and liabilities on the date of acquisition. As regards acquisitions completed prior to the date of IFRS adoption, the Sabaf Group has used the option provided by IFRS 1 to refrain from applying IFRS 3 \u2013 concerning business combinations \u2013 to acquisitions that took place prior to the transition date. Consequently, goodwill arising in relation to past acquisitions has not been recalculated and has been posted in accordance with Italian GAAPs, net of amortisation reported up to 31 December 2003 and any losses caused by a permanent value impairment. After the transition date, goodwill \u2013 as an intangible asset with an indefinite useful life \u2013 is not amortised but subjected annually to impairment testing to check for value loss, or more frequently if there are signs that the asset may have suffered impairment (impairment test). Equity investments in associates and joint venturesAn associated company is a company on which the Group exercises significant influence. Significant influence is the power to participate in determining the financial and operational policies of the associated company without having control or joint control over it. A joint venture is a joint control agreement in which the parties holding the joint control have rights on the net assets of the agreement. The Group's equity investment in associates and joint ventures is measured using the equity method: the equity investment is initially entered at cost, subsequently, the carrying value of the equity investment is increased or decreased to reflect the investor's share of the investee's profits and losses realised after the acquisition date. Goodwill pertaining to the associated company or joint venture is included at the carrying value of the equity investment and is not subject to individual assessment of impairment). Other intangible assets As established by IAS 38, other intangible assets acquired or internally produced are recognised as assets when it is probable that use of the asset will generate future economic benefits and when asset cost can be measured reliably. If it is considered that these future economic benefits will not be generated, the development costs are written down in the year in which this is ascertained. Such assets are measured at purchase or production cost and - if the assets concerned have a finite useful life - are amortised on a straight-line basis over their finite useful life. Estimated useful working life in years, unchanged compared to previous financial years, is as follows: Customer relationship 15 Brand 15 Patents 9 Know-how 7 Development costs 10 Software 3 - 5 Impairment At each end of reporting period, the Group reviews the carrying value of its tangible and intangible assets to determine whether there are signs of impairment losses of these assets. If there is any such indication, the recoverable amount of said assets is estimated so as to determine the total of the write-down. If it is not possible to estimate recoverable amount individually, the Group estimates the recoverable amount of the cash generating unit (CGU) to which the asset belongs. In particular, the recoverable amount of the cash generating units (which generally coincide with the legal entity to which the capitalised assets refer) is verified by determining the value of use. The recoverable amount is the higher of the net selling price and value of use. In measuring the value of use, future cash flows net of taxes, estimated based on past experience, are discounted to their present value using a pre-tax rate that reflects current market valuations of the present cost of money and specific asset risk. The main assumptions used for calculating the value of use concern the discount rate, growth rate, expected changes in selling prices and cost trends during the period used for the calculation. The growth rates adopted are based on future market expectations in the relevant sector. Changes in the sales prices are based on past experience and on the expected future changes in the market. The Group prepares operating cash flow forecasts based on the most recent budgets approved by the Board of Directors of the consolidated companies, draws up the forecasts for the coming years and determines the terminal value (current value of perpetual income), which expresses the medium- and long-term operating flows in the specific sector. If the recoverable amount of an asset (or CGU) is estimated to be lower than its carrying value, the asset\u2019s carrying value is reduced to the lower recoverable amount, recognising impairment in the income statement. When there is no longer any reason for a write-down to be maintained, the carrying value of the asset (or of the cash-generating unit) - with the exception of goodwill - is increased to the new value resulting from the estimate of its recoverable amount, but not beyond the net carrying value that the asset would have had if it had not been written down for impairment. Reversal of impairment loss is recognised in the income statement. Investment property As allowed by IAS 40, non-operating buildings and constructions are assessed at cost net of depreciation and losses due to cumulative impairment. The depreciation criterion applied is the asset\u2019s estimated useful life, which is considered to be 33 years. If the recoverable amount of the investment property \u2013 determined based on the market value of the properties \u2013 is estimated to be lower than its carrying value, the asset\u2019s carrying value is reduced to the lower recoverable amount, recognising impairment in the income statement. When there is no longer any reason for a write-down to be maintained, the carrying value of the asset (or cash generating unit) is increased to the new value stemming from the estimate of its recoverable amount \u2013 but not beyond the net carrying value that the asset would have had if it had not been written down for impairment. Reversal of impairment loss is recognised in the income statement. Equity investments and non-current receivables Equity investments in companies other than subsidiaries, associates and joint ventures are classified as financial assets measured at fair value, which normally corresponds to the transaction price including directly attributable transaction costs. Subsequent changes in fair value are recognised through profit or loss (FVPL) or, if the option is exercised in accordance with the standard, in Other comprehensive income (FVOCI) under the heading \"Instrument reserve at FVOCI\". Non-current receivables are stated at their presumed realisable value. Inventories Inventories are measured at the lower of purchase or production cost \u2013 determined using the weighted average cost method \u2013 and the corresponding fair value represented by the replacement cost for purchased materials and by the presumed realisable value for finished and semi-processed products \u2013 calculated taking into account any manufacturing costs and direct selling costs yet to be incurred. Inventory cost includes accessory costs and the portion of direct and indirect manufacturing costs that can reasonably be assigned to inventory items. Inventories subject to obsolescence and low turnover are written down in relation to their possibility of use or realisation. Inventory write-downs are derecognised in subsequent years if the reasons for such write-downs cease to exist. Trade receivables and other financial assets Initial recognition Upon initial recognition, financial assets are classified, as the case may be, on the basis of subsequent measurement methods, i.e. at amortised cost, at fair value recognised in other comprehensive income (OCI) and at fair value through profit or loss. The classification of financial assets at initial recognition depends on the characteristics of the contractual cash flows of the financial assets and on the business model that the Group uses to manage them. Trade receivables that do not contain a significant financing component are valued at the transaction price determined in accordance with IFRS 15. See the \u201cRevenue from Contracts with Customers\u201d paragraph. Other financial assets are recognised at fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs. For a financial asset to be classified and measured at amortised cost or at fair value recognised in OCI, it must generate cash flows that depend solely on the principal and interest on the amount of principal to be repaid (known as \"solely payments of principal and interest (SPPI)\"). This measurement is referred to as the SPPI test and is carried out at the instrument level. Subsequent measurement The measurement of financial liabilities depends on their classification, as described below. Financial assets at amortised cost (debt instruments) This category is the most important for the Group. The Group measures the financial assets at amortised cost if both of the following requirements are met: \u25aa the financial asset is held as part of a business model whose objective is to hold financial assets for the purpose of collecting contractual cash flows and \u25aa the contractual terms of the financial asset envisage, at certain dates, cash flows represented solely by payments of principal and interest on the amount of principal to be repaid. Financial assets at amortised cost are subsequently measured using the effective interest method and are subject to impairment. Gains and losses are recognised in the income statement when the asset is derecognised, modified or revalued. Financial assets at amortised cost of the Group include trade receivables. Financial assets at fair value through profit or loss This category includes all assets held for trading, assets designated at initial recognition as financial assets measured at fair value with changes recognised in the income statement, or financial assets that must be measured at fair value. Assets held for trading are all those assets acquired for sale or repurchase in the short term. Derivatives, separated or otherwise, are classified as financial instruments held for trading, unless they are designated as effective hedging instruments. Financial assets with cash flows that are not represented solely by principal and interest payments are classified and measured at fair value through profit or loss, regardless of the business model. Financial instruments at fair value with changes recognised in the income statement are recognised in the statement of financial position atfair value and net changes in fair value are recognised in the income statement. This category includes derivative instruments. The Group does not hold financial assets at fair value recognised in other comprehensive income with reclassification of cumulative gains and losses or financial assets recognised in other comprehensive income without reversal of cumulative gains and losses upon derecognition. Derecognition A financial asset (or, if applicable, part of a financial asset or part of a group of similar financial assets) is firstly written off (e.g. removed from the statement of financial position of the Group) when: - the rights to receive cash flows from the asset are extinguished, or - the Group transferred to a third party the right to receive financial flows from the asset or has taken on the contractual obligation to pay them fully and without delay and (a) transferred substantially all the risks and benefits of the ownership of the financial asset or (b) did not substantially transfer or retain all the risks and benefits of the asset, but transferred their control. If the Group has transferred the rights to receive cash flows from an asset or has signed an agreement on the basis of which it retains the contractual rights to receive the cash flows of the financial asset, but assumes a contractual obligation to pay the cash flows to one or more beneficiaries (pass-through), it considers whether or to what extent it has retained the risks and benefits concerning the ownership. If it has not substantially transferred or retained all the risks and benefits or has not lost control over it, the asset continued to be recognised in the financial statements of the Group to the extent of its residual involvement in the asset itself. In this case, the Group also recognises an associated liability. The transferred asset and the associated liability are measured in such a way as to reflect the rights and obligations that pertain to the Group. When the residual involvement of the entity is a guarantee in the transferred asset, the involvement is measured based on the amount of the asset or the maximum amount of the consideration received that the entity could be obliged to pay, whichever lower. Provisions for risks and charges Provisions for risks and charges are provisioned to cover losses and debts, the existence of which is certain or probable, but whose amount or date of occurrence cannot be determined at the end of the year. Provisions are stated in the statement of financial position only when a legal or implicit obligation exists that determines the use of resources with an impact on profit and loss to meet that obligation and the amount can be reliably estimated. If the effect is significant, the provisions are calculated by updating future cash flows estimated at a rate including taxes such as to reflect current market valuations of the current value of the cash and specific risks associated with the liability. Post-employment benefit The post-employment benefit is provisioned to cover the entire liability accruing vis-\u00e0-vis employees in compliance with current legislation and with national and supplementary company collective labour contracts. This liability is subject to revaluation via application of indices fixed by current regulations. Up to 31 December 2006, post-employment benefits were considered defined-benefit plans and accounted for in compliance with IAS 19, using the projected unit-credit method. The regulations of this fund were amended by Italian Law no. 296 of 27 December 2006 and subsequent Decrees and Regulations issued during the first months of 2007. In the light of these changes, and, in particular, for companies with at least 50 employees, post-employment benefits must now be considered a defined-benefit plan only for the portions accruing before 1 January 2007 (and not yet paid as at the end of the reporting period). Conversely, portions accruing after that date are treated as defined-contribution plans. Actuarial gains or losses are recognised immediately under \"Other total profits/(losses)\". Trade payables and other financial liabilities Initial recognition All financial liabilities are initially recognised at fair value, in addition to directly attributable transaction costs in case of mortgages, loans and payables. The Company's financial liabilities include trade payables and other payables, mortgages and loans, including current account overdrafts and derivative financial instruments. Subsequent measurement The measurement of financial liabilities depends on their classification, as described below. Financial liabilities at fair value through profit or loss Financial liabilities at fair value with changes recognised in the income statement include liabilities held for trading and financial liabilities initially recognised at fair value, with changes recognised in the income statement. Liabilities held for trading are those liabilities acquired in order to discharge or transfer them in the short term. This category also includes derivative financial instruments subscribed by the Company and not designated as hedging instruments in a hedging relationship pursuant to IFRS 9. Embedded derivatives, separated from the main contract, are classified as financial instruments held for trading, unless they are designated as effective hedging instruments. Gains or losses on liabilities held for trading are recognised in the income statement. Financial liabilities are designated at fair value with changes recognised in the income statement from the date of initial recognition, only if the criteria of IFRS 9 are met. Loans and payables This is the most important category for the Company and includes interest-bearing payables and loans. After initial statement, loans are valued using the amortised cost approach, applying the effective interest rate method. Gains and losses are recognised in the income statement when the liability is discharged, as well as through the amortisation process. Amortised cost is calculated by recognising the discount or premium on the acquisition and the fees or costs that are an integral part of the effective interest rate. Amortisation at the effective interest rate is included in financial expenses in the income statement. Derecognition A financial liability is derecognised when the obligation underlying the liability is discharged, cancelled or fulfilled. If an existing financial liability is replaced by another from the same lender, at substantially different conditions, or if the conditions of an existing liability are substantially changed, this replacement or change is treated as a derecognition of the original liability accompanied by the recognition of a new liability, with any differences between the carrying values recognised in the income statement. Policy for conversion of foreign currency items Receivables and payables originally expressed in foreign currencies are converted into euro at the exchange rates in force on the date of the transactions originating them. Forex differences realised upon collection of receivables and payment of payables in foreign currency are posted in the income statement. Income and costs relating to foreign-currency transactions are converted at the rate in force on the transaction date. At year-end, assets and liabilities expressed in foreign currencies, with the exception of non-current items, are posted at the spot exchange rate in force at the end of the reporting period and related foreign exchange gains and losses are posted in the income statement. If conversion generates a net gain, this value constitutes a non-distributable reserve until it is effectively realised. Derivative instruments and hedge accounting The Group\u2019s business is exposed to financial risks relating to changes in exchange rates, commodity prices and interest rates. The company uses derivative instruments (mainly forward contracts on currencies and commodity options) to hedge risks stemming from changes in foreign currencies relating to irrevocable commitments or to planned future transactions. Derivatives are initially recognised at cost and are then adjusted to fair value on subsequent closing dates. Changes in the fair value of derivatives designated and recognised as effective for hedging future cash flows relating to the Group\u2019s contractual commitments and planned transactions are recognised directly in shareholders' equity, while the ineffective portion is immediately posted in the income statement. If the contractual commitments or planned transactions materialise in the recognition of assets or liabilities, when such assets or liabilities are recognised, the gains or losses on the derivative that were directly recognised in equity are factored back into the initial valuation of the cost of acquisition or carrying value of the asset or liability. For cash flow hedges that do not lead to recognition of assets or liabilities, the amounts that were directly recognised in equity are included in the income statement in the same period when the contractual commitment or planned transaction hedged impacts profit and loss \u2013 for example, when a planned sale actually takes place. For effective hedges of exposure to changes in fair value, the item hedged is adjusted for the changes infair value attributable to the risk hedged and recognised in the income statement. Gains and losses stemming from the derivative\u2019s valuation are also posted in the income statement. Changes in the fair value of derivatives not designated as hedging instruments are recognised in the income statement in the period when they occur. Hedge accounting is discontinued when the hedging instrument expires, is sold or is exercised, or when it no longer qualifies as a hedge. At this time, the cumulative gains or losses of the hedging instrument recognised in equity are kept in the latter until the planned transaction actually takes place. If the transaction hedged is not expected to take place, cumulative gains or losses recognised directly in equity are transferred to the year\u2019s income statement. Embedded derivatives included in other financial instruments or contracts are treated as separate derivatives when their risks and characteristics are not strictly related to those of their host contracts and the latter are not measured atfair value with posting of related gains and losses in the income statement. Revenue from contracts with customers The Group is engaged in the supply of components for household appliances (mainly gas parts, such as valves and burners, hinges and electronic components). Revenue from contracts with customers is recognised when control of the goods is transferred to the customer for an amount that reflects the consideration that the Group expects to receive in exchange for the goods. The control of the goods passes to the customer according to the terms of return defined with the customer. The usual extended payment terms range from 30 to 120 days from shipment; the Group believes that the price does not include significant financing components. The guarantees provided for in the contracts with customers are of a general nature and not extended and are accounted for in accordance with IAS 37. Financial income Finance income includes interest receivable on funds invested and income from financial instruments, when not offset as part of hedging transactions. Interest income is recognised in the income statement at the time of vesting, taking effective output into consideration. Financial expenses Financial expenses include interest payable on financial debt calculated using the effective interest method and bank expenses. All the other financial expenses are recognised as costs for the year in which they are incurred. Income taxes for the year Income taxes include all taxes calculated on the Group\u2019s taxable income. Income taxes are directly recognised in the income statement, with the exception of those concerning items directly debited or credited to shareholders\u2019 equity, in which case the tax effect is recognised directly in shareholders\u2019 equity. Other taxes not relating to income, such as property taxes, are included among operating expenses. Deferred taxes are provisioned in accordance with the global liability provisioning method. They are calculated on all temporary differences emerging between the taxable base of an asset and liability and its carrying value in the consolidated financial statements, with the exception of goodwill that is not tax-deductible and of differences stemming from investments in subsidiaries for which cancellation is not envisaged in the foreseeable future. Deferred tax assets on unused tax losses and tax credits carried forward are recognised to the extent that it is probable that future taxable income will be available against which they can be recovered. Current and deferred tax assets and liabilities are offset when income taxes are levied by the same tax authority and when there is a legal right to settle on a net basis. Deferred tax assets and liabilities are measured using the tax rates that are expected to be applicable, according to the respective regulations of the countries where the Group operates, in the years when temporary differences will be realised or settled. Dividends Dividends are posted on an accrual basis when the right to receive them materialises, i.e. when shareholders approve dividend distribution. Treasury shares Treasury shares are booked as a reduction of shareholders\u2019 equity. The carrying value of treasury shares and revenues from any subsequent sales are recognised in the form of changes in shareholders\u2019 equity. Equity-settled transactions Some Group employees receive part of the remuneration in the form of share-based payments, therefore employees provide services in exchange for shares (\"equity-settled transactions\"). The cost of equity-settled transactions is determined by the fair value at the date on which the assignment is made using an appropriate measurement method, as explained in more detail in Note 40. This cost, together with the corresponding increase in shareholders' equity, is recognised under personnel costs (Note 28) over the period in which the conditions relating to the achievement of objectives and/or the provision of the service are met. The cumulative costs recognised for such transactions at the end of each reporting period up to the vesting date are commensurate with the expiry of the vesting period and the best estimate of the number of equity instruments that will actually vest. Service or performance conditions are not taken into account when defining the fair value of the plan at the assignment date. However, the probability of these conditions being met is taken into account when defining the best estimate of the number of equity instruments that will vest. Market conditions are reflected in the fair value at the assignment date. Any other condition related to the plan that does not involve a service obligation is not considered to be a vesting condition. Non-vesting conditions are reflected in the fair value of the plan and result in the immediate recognition of the cost of the plan, unless there are also service or performance conditions. No cost is recognised for rights that do not vest in that the performance and/or service conditions are not met. When the rights include a market condition or a non-vesting condition, these are treated as if they had vested regardless of whether the market conditions or other non-vesting conditions to which they are subject are met or not, it being understood that all other performance and/or service conditions must be met. If the conditions of the plan are changed, the minimum cost to be recognised is the fair value at the assignment date in the absence of the change in the plan itself, on the assumption that the original conditions of the plan are met. Moreover, a cost is recognised for each change that results in an increase in total fair value of the payment plan, or that is in any case favourable for employees; this cost is measured with reference to the date of change. When a plan is cancelled, any remaining element of the plan's fair value is immediately expensed to the income statement. Earnings per share Basic EPS is calculated by dividing the profit or loss attributable to the direct parent company\u2019s shareholders by the weighted average number of ordinary shares outstanding during the year. Diluted EPS is calculated by dividing the profit or loss attributable to the direct parent company\u2019s shareholders by the weighted average number of shares outstanding, adjusted to take into account the effects of all potential ordinary shares with a dilutive effect. Use of estimates Preparation of the financial statements and notes in accordance with IFRS requires management to make estimates and assumptions that affect the carrying values of assets and liabilities and the disclosures on contingent assets and liabilities as of the end of the reporting period. Actual results might differ from these estimates. Estimates are used to measure tangible and intangible assets subject to impairment testing, as described earlier, as well as to measure provisions for bad debts, for inventory obsolescence, depreciation and amortisation, asset write-downs, employee benefits, taxes, and other provisions. Specifically: Recoverable amount of tangible and intangible assets The procedure for determining impairment losses of tangible and intangible assets described in \u201cImpairment\u201d implies \u2013 in estimating the value of use \u2013 the use of the Business Plans of investees, which are based on a series of assumptions relating to future events and actions of the investees\u2019 management bodies, which may not necessarily come about. In estimating market value, however, assumptions are made on the expected trend in trading between third parties based on historical trends, which may not actually be repeated. Provisions for bad debts Receivables are adjusted by the related bad debt provision to take into account their recoverable amount. To determine the size of the write-downs, management must make subjective assessments based on the documentation and information available regarding, among other things, the customer\u2019s solvency, as well as experience and historical payment trends. Provisions for inventory obsolescence and inventory write-downs at their expected sale value Inventories subject to obsolescence and slow turnover are systematically measured and written down if their recoverable value is less than their carrying value. Write-downs are calculated based on management assumptions and estimates, resulting from experience and historical results. If the expected sale value is less than the purchase or production cost, inventories of finished goods are written down to market value, estimated on the basis of current selling prices. Employee benefits The current value of liabilities for employee benefits depends on a series of factors determined using actuarial techniques based on certain assumptions. Assumptions concern the discount rate, estimates of future salary increases, and mortality and resignation rates. Any change in the above-mentioned assumptions might have significant effects on liabilities for pension benefits. Share-based payments Estimating the fair value of share-based payments requires the determination of the most appropriate valuation model, which depends on the terms and conditions under which these instruments are granted. This also requires the identification of data to feed into the valuation model, including assumptions about the exercise period of the options, volatility and dividend yield. The Group uses a binomial model for the initial measurement of the fair value of share-based payments with employees. Income taxes The Group is subject to different bodies of tax legislation on income. Determining liabilities for Group taxes requires the use of management valuations in relation to transactions whose tax implications are not certain at the end of the reporting period. Furthermore, the valuation of deferred taxes is based on income expectations for future years; the valuation of expected income depends on factors that might change over time and have a significant effect on the valuation of deferred tax assets. Other provisions When estimating the risk of potential liabilities from disputes, the Directors rely on communications regarding the status of recovery procedures and disputes from the lawyers who represent the Group in litigation. These estimates are determined taking into account the gradual development of the disputes, considering existing exemptions. Climate change With reference to the potential impact of climate change on the Group's activities, the Management carries out targeted analyses to identify and manage the main risks and uncertainties to which the Group is exposed, adapting the corporate strategy accordingly. To date, these factors have not had a significant impact on the opinions and estimates used in preparing these Consolidated Financial Statements. Estimates and assumptions are regularly reviewed and the effects of each change immediately reflected in the income statement. New accounting standards Amendments to IAS 37 \u201cProvisions, Contingent Liabilities and Contingent Assets\u201d The amendment clarifies that all costs directly attributable to the contract must be taken into account when estimating the possible onerousness of a contract. Accordingly, the assessment of whether a contract is onerous includes not only incremental costs (such as the cost of direct materials used in the process) but also all costs directly attributable to the contractual activities (such as depreciation of equipment used to perform the contract and costs of contract management and control). General and administrative expenses are not directly related to a contract and are excluded unless they are specifically charged to the other party under the contract. These changes had no impact on the Group\u2019s consolidated financial statements. Amendments to IAS 16 \u201cProperty, Plant and Equipment\u201dThe purpose of the amendments is not to allow the deduction from the cost of property, plant and equipment of the amount received from the sale of goods produced in the test phase of the asset. These sales revenues and related production costs will therefore be recognised in the income statement. These changes had no impact on the Group\u2019s consolidated financial statements. Amendments to IFRS 1 \u201cFirst-time Adoption of International Financial Reporting Standards \u2013 Subsidiary as a first-time adopter\u201dThe amendment allows a subsidiary that chooses to apply paragraph D16(a) of IFRS 1 to account for cumulative translation differences on the basis of the amounts recognised by the parent company, taking into account the parent's date of transition to IFRSs. This amendment had no impact on the Group's consolidated financial statements as the Group is not a first-time adopter. Amendments to IFRS 3 \u201cReference to the Conceptual Framework\u201d The amendments are intended to replace references to the Framework for the Preparation and Presentation of Financial Statements with the references to the Conceptual Framework for Financial Reporting published in March 2018 without a significant change to the requirements of the standard. The Board also added an exception to the measurement principles of IFRS 3 to avoid the risk of potential \"day-after\" losses or gains arising from liabilities and contingent liabilities that would fall within the scope of IAS 37 or IFRIC 21 Levies, if incurred separately. The exemption requires entities to apply the requirements of IAS 37 or IFRIC 21, rather than the Conceptual Framework, to determine whether an obligation exists at the date of acquisition. The amendment also added a new paragraph to IFRS 3 to clarify that contingent assets do not qualify as recognisable assets at the date of acquisition. These amendments had no impact on the Group's consolidated financial statements in that no contingent assets, liabilities or contingent liabilities were recognised in the year for the purpose of these amendments. Amendments to IFRS 9 \u201cFinancial Instruments\u201d the amendments clarify what fees can be included in measuring whether the terms of a new financial liability (or changes to an existing financial liability) are materially different from the terms of the original financial liability. This amendment had no impact on the Group's consolidated financial statements in that there were no changes in the Group's financial liabilities during the year. Amendments to IAS 41 \u201cAgriculture\u201dThe amendment removes the requirement to exclude cash flows arising from taxation when measuring the fair value of assets within the scope of IAS 41. This amendment had no impact on the Group's consolidated financial statements in that the Group does not have any assets to which IAS 41 applies. IFRS and IFRIC accounting standard, amendments approved by the European Union, not yet universally applicable and not adopted early by the Group at 31 December 2022 IFRS 17 \u201cInsurance Contracts\u201d In May 2017, the IASB issued IFRS 17 Insurance Contracts (IFRS 17), a comprehensive new standard on insurance contracts covering recognition and measurement, presentation and disclosure. IFRS 17 applies to all types of insurance contracts regardless of the type of entity that issues them, as well as to certain guarantees and financial instruments with discretionary participation features. IFRS 17 will be effective for financial years beginning on or after 1 January 2023, and will require the presentation of comparative balances. early application is permitted, in which case the entity must also have adopted IFRS 9 and IFRS 15 on or before the date of first-time application of IFRS 17. This principle does not apply to the Group. Amendments to IAS 1 \u201cClassification of Liabilities as Current or Non-current\u201dIn January 2020, the IAS issued amendments to paragraphs 69-76 of IAS 1 to specify the requirements for classifying liabilities as current or non-current. The amendments clarify what is meant by the right to postpone an expiry, that the right to postpone must exist at the end of the reporting period, that the classification is not affected by the likelihood that the entity will exercise its right to postpone, that only if a derivative embedded in a convertible liability is itself an equity instrument does the maturity of the liability have no impact on classification. The amendments will be effective for financial years beginning on or after 1 January 2023 and must be applied retrospectively. The Group is assessing the impact the changes will have on the current situation. Amendments to IAS 8 \u201cDefinition of accounting estimates\u201d In February 2021, the IASB issued amendments to IAS 8, in which it introduces a definition of \"accounting estimates\". The amendments clarify the distinction between changes in accounting standards and changes in accounting policies and corrections of errors. They also clarify how entities use measurement techniques and inputs to develop accounting estimates. The amendments are effective for financial years beginning on or after 1 January 2023 and apply to changes in accounting standards and changes in accounting estimates that occur on or after the beginning of that period. Early application is permitted provided that this fact is disclosed. The changes are not expected to have a significant impact on the Group. Amendments to IAS 1 and IFRS Practice Statement 2 \"Disclosure of Accounting Standards\" In February 2021, the IASB issued amendments to IAS 1 and IFRS Practice Statement 2 Making Materiality Judgements, in which it provides guidance and examples to help entities apply materiality judgements to the disclosure of accounting standards. The amendments to IAS 1 are effective for annual periods beginning on or after 1 January 2023. Earlier application is permitted. Since the amendments to PS 2 provide non-mandatory guidance on the application of the definition of materiality to the disclosure of accounting standards, there is no need for an effective date for these amendments. The Group is currently assessing the impact of the amendments to determine the effect they will have on the Group's disclosure of accounting standards. Amendments to IAS 12 \"Deferred Taxes on Assets and Liabilities Arising from a Single Transaction\" In May 2021, the IASB issued amendments to IAS 12 that narrow the scope of the initial recognition exception in IAS 12, which no longer applies to transactions that give rise to both taxable and deductible temporary differences. Amendments are to be applied to transactions occurring after or at the beginning of the comparative period presented. In addition, deferred tax assets (if sufficient taxable income is available) and deferred tax liabilities are recognised at the beginning of the comparative period for all deductible and taxable temporary differences relating to leases and provisions for restoration. The Group is currently assessing the impact of these changes. 33. PROFITS AND LOSSES FROM EQUITY INVESTMENTS In 2022, the Group recognised losses from equity investments of \u20ac48 thousand. This value refers to the capital loss generated by the deconsolidation of Handan ARC Burners Co. Ltd. The 51% stake, which was held indirectly through A.R.C. s.r.l., was sold to a third party during the first quarter of 2022. 42. SIGNIFICANT NON-RECURRING EVENTS AND TRANSACTIONS Pursuant to the Consob memorandum of 28 July 2006, the Group declares that no significant non-recurring events or transactions, as defined by the memorandum, took place in 2022. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "it",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f5396": {
"value": "99605000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:PropertyPlantAndEquipment",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f5400": {
"value": "82407000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:PropertyPlantAndEquipment",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f5410": {
"value": "983000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:InvestmentProperty",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f5414": {
"value": "2311000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:InvestmentProperty",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f5423": {
"value": "54168000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IntangibleAssetsAndGoodwill",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f5427": {
"value": "35553000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IntangibleAssetsAndGoodwill",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f5437": {
"value": "97000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:InvestmentAccountedForUsingEquityMethod",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f5441": {
"value": "83000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:InvestmentAccountedForUsingEquityMethod",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f5451": {
"value": "2752000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:NoncurrentReceivables",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f5455": {
"value": "1100000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:NoncurrentReceivables",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f5465": {
"value": "13145000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DeferredTaxAssets",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f5469": {
"value": "8639000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DeferredTaxAssets",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f5478": {
"value": "170750000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:NoncurrentAssets",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f5482": {
"value": "130093000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:NoncurrentAssets",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f5507": {
"value": "64426000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Inventories",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f5511": {
"value": "64153000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Inventories",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f5520": {
"value": "59159000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CurrentTradeReceivables",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f5524": {
"value": "68040000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CurrentTradeReceivables",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f5533": {
"value": "8214000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CurrentTaxAssetsCurrent",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f5537": {
"value": "6165000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CurrentTaxAssetsCurrent",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f5547": {
"value": "2910000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherCurrentReceivables",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f5551": {
"value": "3136000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherCurrentReceivables",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f5561": {
"value": "2497000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CurrentFinancialAssets",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f5565": {
"value": "1172000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CurrentFinancialAssets",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f5575": {
"value": "20923000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f5579": {
"value": "43649000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f5588": {
"value": "158129000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CurrentAssets",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f5592": {
"value": "186315000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CurrentAssets",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f5610": {
"value": "526000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSale",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f5614": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSale",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f5623": {
"value": "329405000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Assets",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f5627": {
"value": "316408000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Assets",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f5673": {
"value": "11533000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IssuedCapital",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f5677": {
"value": "11533000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IssuedCapital",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f5687": {
"value": "129380000",
"decimals": -3,
"dimensions": {
"concept": "SAB:SharePremiumTreasurySharesOtherReservesAndRetainedEarningsExcludingProfitLossForReportingPeriod",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f5691": {
"value": "86089000",
"decimals": -3,
"dimensions": {
"concept": "SAB:SharePremiumTreasurySharesOtherReservesAndRetainedEarningsExcludingProfitLossForReportingPeriod",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f5699": {
"value": "15249000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:RetainedEarningsProfitLossForReportingPeriod",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f5703": {
"value": "23903000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:RetainedEarningsProfitLossForReportingPeriod",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f5713": {
"value": "156162000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:EquityAttributableToOwnersOfParent",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f5717": {
"value": "121525000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:EquityAttributableToOwnersOfParent",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f5726": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:NoncontrollingInterests",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f5733": {
"value": "911000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:NoncontrollingInterests",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f5745": {
"value": "156162000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f5749": {
"value": "122436000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f5776": {
"value": "78336000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:LongtermBorrowings",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f5780": {
"value": "86504000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:LongtermBorrowings",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f5792": {
"value": "3661000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:NoncurrentProvisionsForEmployeeBenefits",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f5796": {
"value": "3408000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:NoncurrentProvisionsForEmployeeBenefits",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f5807": {
"value": "639000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherLongtermProvisions",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f5811": {
"value": "1334000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherLongtermProvisions",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f5821": {
"value": "5828000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DeferredTaxLiabilities",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f5825": {
"value": "3939000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DeferredTaxLiabilities",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f5835": {
"value": "88464000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:NoncurrentLiabilities",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f5839": {
"value": "95185000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:NoncurrentLiabilities",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f5865": {
"value": "28876000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ShorttermBorrowings",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f5869": {
"value": "24405000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ShorttermBorrowings",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f5880": {
"value": "574000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherCurrentFinancialLiabilities",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f5884": {
"value": "1519000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherCurrentFinancialLiabilities",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f5894": {
"value": "39628000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f5898": {
"value": "54837000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f5908": {
"value": "2545000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CurrentTaxLiabilitiesCurrent",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f5912": {
"value": "4951000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CurrentTaxLiabilitiesCurrent",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f5922": {
"value": "13156000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherCurrentPayables",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f5926": {
"value": "13075000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherCurrentPayables",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f5935": {
"value": "84779000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CurrentLiabilities",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f5939": {
"value": "98787000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CurrentLiabilities",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f5956": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:LiabilitiesIncludedInDisposalGroupsClassifiedAsHeldForSale",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f5960": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:LiabilitiesIncludedInDisposalGroupsClassifiedAsHeldForSale",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f5971": {
"value": "329405000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:EquityAndLiabilities",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f5975": {
"value": "316408000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:EquityAndLiabilities",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6053": {
"value": "253053000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Revenue",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6057": {
"value": "263259000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Revenue",
"entity": "scheme:815600DC9FA897709242",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6066": {
"value": "10188000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherIncome",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6070": {
"value": "8661000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherIncome",
"entity": "scheme:815600DC9FA897709242",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6080": {
"value": "263241000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:RevenueAndOperatingIncome",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6084": {
"value": "271920000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:RevenueAndOperatingIncome",
"entity": "scheme:815600DC9FA897709242",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6110": {
"value": "124331000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:RawMaterialsAndConsumablesUsed",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6114": {
"value": "142355000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:RawMaterialsAndConsumablesUsed",
"entity": "scheme:815600DC9FA897709242",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6123": {
"value": "513000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ChangesInInventoriesOfFinishedGoodsAndWorkInProgress",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6127": {
"value": "-29922000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ChangesInInventoriesOfFinishedGoodsAndWorkInProgress",
"entity": "scheme:815600DC9FA897709242",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6136": {
"value": "50180000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ServicesExpense",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6140": {
"value": "52377000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ServicesExpense",
"entity": "scheme:815600DC9FA897709242",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6150": {
"value": "49926000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:EmployeeBenefitsExpense",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6154": {
"value": "53964000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:EmployeeBenefitsExpense",
"entity": "scheme:815600DC9FA897709242",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6164": {
"value": "1631000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherExpenseByNature",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6168": {
"value": "1531000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherExpenseByNature",
"entity": "scheme:815600DC9FA897709242",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6178": {
"value": "3432000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherWorkPerformedByEntityAndCapitalised",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6182": {
"value": "2525000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherWorkPerformedByEntityAndCapitalised",
"entity": "scheme:815600DC9FA897709242",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6191": {
"value": "223149000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OperatingExpense",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6195": {
"value": "217780000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OperatingExpense",
"entity": "scheme:815600DC9FA897709242",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6222": {
"value": "40092000",
"decimals": -3,
"dimensions": {
"concept": "SAB:ProfitLossFromOperatingActivitiesBeforeInterestTaxesDepreciationAndAmortisationExpense",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6226": {
"value": "54140000",
"decimals": -3,
"dimensions": {
"concept": "SAB:ProfitLossFromOperatingActivitiesBeforeInterestTaxesDepreciationAndAmortisationExpense",
"entity": "scheme:815600DC9FA897709242",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6244": {
"value": "18267000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DepreciationAndAmortisationExpense",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6248": {
"value": "16869000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DepreciationAndAmortisationExpense",
"entity": "scheme:815600DC9FA897709242",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6258": {
"value": "251000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:GainsLossesOnDisposalsOfNoncurrentAssets",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6262": {
"value": "237000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:GainsLossesOnDisposalsOfNoncurrentAssets",
"entity": "scheme:815600DC9FA897709242",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6272": {
"value": "189000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6276": {
"value": "-0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss",
"entity": "scheme:815600DC9FA897709242",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6292": {
"value": "21887000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLossFromOperatingActivities",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6296": {
"value": "37508000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLossFromOperatingActivities",
"entity": "scheme:815600DC9FA897709242",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6314": {
"value": "1917000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:FinanceIncome",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6318": {
"value": "750000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:FinanceIncome",
"entity": "scheme:815600DC9FA897709242",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6328": {
"value": "2009000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:FinanceCosts",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6332": {
"value": "1179000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:FinanceCosts",
"entity": "scheme:815600DC9FA897709242",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6343": {
"value": "-9023000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:GainsLossesOnNetMonetaryPosition",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6347": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:GainsLossesOnNetMonetaryPosition",
"entity": "scheme:815600DC9FA897709242",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6358": {
"value": "-515000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6362": {
"value": "-7399000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss",
"entity": "scheme:815600DC9FA897709242",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6373": {
"value": "-48000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6377": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod",
"entity": "scheme:815600DC9FA897709242",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6394": {
"value": "12209000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLossBeforeTax",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6398": {
"value": "29680000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLossBeforeTax",
"entity": "scheme:815600DC9FA897709242",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6415": {
"value": "-3040000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncomeTaxExpenseContinuingOperations",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6419": {
"value": "4997000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncomeTaxExpenseContinuingOperations",
"entity": "scheme:815600DC9FA897709242",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6436": {
"value": "15249000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6440": {
"value": "24683000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:815600DC9FA897709242",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6457": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLossAttributableToNoncontrollingInterests",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6461": {
"value": "780000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLossAttributableToNoncontrollingInterests",
"entity": "scheme:815600DC9FA897709242",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6472": {
"value": "15249000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6476": {
"value": "23903000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent",
"entity": "scheme:815600DC9FA897709242",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6512": {
"value": "1.355",
"decimals": 3,
"dimensions": {
"concept": "ifrs-full:BasicEarningsLossPerShare",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR/xbrli:shares"
}
},
"f6516": {
"value": "2.132",
"decimals": 3,
"dimensions": {
"concept": "ifrs-full:BasicEarningsLossPerShare",
"entity": "scheme:815600DC9FA897709242",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR/xbrli:shares"
}
},
"f6525": {
"value": "1.355",
"decimals": 3,
"dimensions": {
"concept": "ifrs-full:DilutedEarningsLossPerShare",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR/xbrli:shares"
}
},
"f6529": {
"value": "2.132",
"decimals": 3,
"dimensions": {
"concept": "ifrs-full:DilutedEarningsLossPerShare",
"entity": "scheme:815600DC9FA897709242",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR/xbrli:shares"
}
},
"f6577": {
"value": "15249000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6581": {
"value": "24683000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:815600DC9FA897709242",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6614": {
"value": "254000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6619": {
"value": "26000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans",
"entity": "scheme:815600DC9FA897709242",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6628": {
"value": "61000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncomeTaxRelatingToRemeasurementsOfDefinedBenefitPlansOfOtherComprehensiveIncome",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6632": {
"value": "6000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncomeTaxRelatingToRemeasurementsOfDefinedBenefitPlansOfOtherComprehensiveIncome",
"entity": "scheme:815600DC9FA897709242",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6640": {
"value": "193000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6645": {
"value": "20000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax",
"entity": "scheme:815600DC9FA897709242",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6678": {
"value": "-8660000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6682": {
"value": "-14552000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation",
"entity": "scheme:815600DC9FA897709242",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6693": {
"value": "151000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxCashFlowHedges",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6698": {
"value": "-398000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxCashFlowHedges",
"entity": "scheme:815600DC9FA897709242",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6725": {
"value": "-8316000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6729": {
"value": "-14930000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:815600DC9FA897709242",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6754": {
"value": "6933000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6758": {
"value": "9753000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:815600DC9FA897709242",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6793": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLossAttributableToNoncontrollingInterests",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6797": {
"value": "780000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLossAttributableToNoncontrollingInterests",
"entity": "scheme:815600DC9FA897709242",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6819": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6823": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax",
"entity": "scheme:815600DC9FA897709242",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6841": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncomeAttributableToNoncontrollingInterests",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6845": {
"value": "780000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncomeAttributableToNoncontrollingInterests",
"entity": "scheme:815600DC9FA897709242",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6865": {
"value": "6933000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncomeAttributableToOwnersOfParent",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6869": {
"value": "8973000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncomeAttributableToOwnersOfParent",
"entity": "scheme:815600DC9FA897709242",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f6965": {
"value": "11533000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:815600DC9FA897709242",
"period": "2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:EUR"
}
},
"f6969": {
"value": "10002000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:815600DC9FA897709242",
"period": "2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:EUR"
}
},
"f6973": {
"value": "2307000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:815600DC9FA897709242",
"period": "2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:StatutoryReserveMember",
"unit": "iso4217:EUR"
}
},
"f6977": {
"value": "-4341000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:815600DC9FA897709242",
"period": "2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:EUR"
}
},
"f6981": {
"value": "-31503000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:815600DC9FA897709242",
"period": "2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:EUR"
}
},
"f6985": {
"value": "-541000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:815600DC9FA897709242",
"period": "2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfRemeasurementsOfDefinedBenefitPlansMember",
"unit": "iso4217:EUR"
}
},
"f6989": {
"value": "111580000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:815600DC9FA897709242",
"period": "2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MiscellaneousOtherReservesMember",
"unit": "iso4217:EUR"
}
},
"f6993": {
"value": "13961000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:815600DC9FA897709242",
"period": "2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsProfitLossForReportingPeriodMember",
"unit": "iso4217:EUR"
}
},
"f6997": {
"value": "112998000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:815600DC9FA897709242",
"period": "2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:EUR"
}
},
"f7001": {
"value": "4809000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:815600DC9FA897709242",
"period": "2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:EUR"
}
},
"f7005": {
"value": "117807000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:815600DC9FA897709242",
"period": "2021-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7071": {
"value": "7789000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughAppropriationOfRetainedEarnings",
"entity": "scheme:815600DC9FA897709242",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MiscellaneousOtherReservesMember",
"unit": "iso4217:EUR"
}
},
"f7075": {
"value": "-7789000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughAppropriationOfRetainedEarnings",
"entity": "scheme:815600DC9FA897709242",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsProfitLossForReportingPeriodMember",
"unit": "iso4217:EUR"
}
},
"f7101": {
"value": "6172000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:815600DC9FA897709242",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsProfitLossForReportingPeriodMember",
"unit": "iso4217:EUR"
}
},
"f7105": {
"value": "6172000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:815600DC9FA897709242",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:EUR"
}
},
"f7111": {
"value": "6172000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:815600DC9FA897709242",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7130": {
"value": "805000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:815600DC9FA897709242",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MiscellaneousOtherReservesMember",
"unit": "iso4217:EUR"
}
},
"f7136": {
"value": "805000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:815600DC9FA897709242",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:EUR"
}
},
"f7142": {
"value": "805000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:815600DC9FA897709242",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7154": {
"value": "-438000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:PurchaseOfTreasuryShares",
"entity": "scheme:815600DC9FA897709242",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:EUR"
}
},
"f7162": {
"value": "438000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:PurchaseOfTreasuryShares",
"entity": "scheme:815600DC9FA897709242",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MiscellaneousOtherReservesMember",
"unit": "iso4217:EUR"
}
},
"f7188": {
"value": "4909000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl",
"entity": "scheme:815600DC9FA897709242",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MiscellaneousOtherReservesMember",
"unit": "iso4217:EUR"
}
},
"f7194": {
"value": "4909000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl",
"entity": "scheme:815600DC9FA897709242",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:EUR"
}
},
"f7198": {
"value": "-4678000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl",
"entity": "scheme:815600DC9FA897709242",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:EUR"
}
},
"f7202": {
"value": "231000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl",
"entity": "scheme:815600DC9FA897709242",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7220": {
"value": "12000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity",
"entity": "scheme:815600DC9FA897709242",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MiscellaneousOtherReservesMember",
"unit": "iso4217:EUR"
}
},
"f7226": {
"value": "12000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity",
"entity": "scheme:815600DC9FA897709242",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:EUR"
}
},
"f7232": {
"value": "12000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity",
"entity": "scheme:815600DC9FA897709242",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7246": {
"value": "-14552000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:815600DC9FA897709242",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:EUR"
}
},
"f7250": {
"value": "20000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:815600DC9FA897709242",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfRemeasurementsOfDefinedBenefitPlansMember",
"unit": "iso4217:EUR"
}
},
"f7254": {
"value": "-398000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:815600DC9FA897709242",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MiscellaneousOtherReservesMember",
"unit": "iso4217:EUR"
}
},
"f7258": {
"value": "23903000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:815600DC9FA897709242",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsProfitLossForReportingPeriodMember",
"unit": "iso4217:EUR"
}
},
"f7262": {
"value": "8973000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:815600DC9FA897709242",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:EUR"
}
},
"f7266": {
"value": "780000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:815600DC9FA897709242",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:EUR"
}
},
"f7270": {
"value": "9753000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:815600DC9FA897709242",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7300": {
"value": "11533000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:EUR"
}
},
"f7304": {
"value": "10002000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:EUR"
}
},
"f7308": {
"value": "2307000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:StatutoryReserveMember",
"unit": "iso4217:EUR"
}
},
"f7312": {
"value": "-3903000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:EUR"
}
},
"f7316": {
"value": "-46055000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:EUR"
}
},
"f7320": {
"value": "-521000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfRemeasurementsOfDefinedBenefitPlansMember",
"unit": "iso4217:EUR"
}
},
"f7324": {
"value": "124259000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MiscellaneousOtherReservesMember",
"unit": "iso4217:EUR"
}
},
"f7328": {
"value": "23903000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsProfitLossForReportingPeriodMember",
"unit": "iso4217:EUR"
}
},
"f7332": {
"value": "121525000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:EUR"
}
},
"f7336": {
"value": "911000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:EUR"
}
},
"f7341": {
"value": "122436000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7383": {
"value": "11402000",
"decimals": -3,
"dimensions": {
"concept": "SAB:IncreaseDecreaseThroughGainsLossesOnNetMonetaryPosition",
"entity": "scheme:815600DC9FA897709242",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MiscellaneousOtherReservesMember",
"unit": "iso4217:EUR"
}
},
"f7389": {
"value": "11402000",
"decimals": -3,
"dimensions": {
"concept": "SAB:IncreaseDecreaseThroughGainsLossesOnNetMonetaryPosition",
"entity": "scheme:815600DC9FA897709242",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:EUR"
}
},
"f7395": {
"value": "11402000",
"decimals": -3,
"dimensions": {
"concept": "SAB:IncreaseDecreaseThroughGainsLossesOnNetMonetaryPosition",
"entity": "scheme:815600DC9FA897709242",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7425": {
"value": "11533000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"ifrs-full:CumulativeEffectAtDateOfInitialApplicationAxis": "ifrs-full:OpeningBalanceAfterAdjustmentCumulativeEffectAtDateOfInitialApplicationMember",
"unit": "iso4217:EUR"
}
},
"f7429": {
"value": "10002000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"ifrs-full:CumulativeEffectAtDateOfInitialApplicationAxis": "ifrs-full:OpeningBalanceAfterAdjustmentCumulativeEffectAtDateOfInitialApplicationMember",
"unit": "iso4217:EUR"
}
},
"f7433": {
"value": "2307000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:StatutoryReserveMember",
"ifrs-full:CumulativeEffectAtDateOfInitialApplicationAxis": "ifrs-full:OpeningBalanceAfterAdjustmentCumulativeEffectAtDateOfInitialApplicationMember",
"unit": "iso4217:EUR"
}
},
"f7437": {
"value": "-3903000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"ifrs-full:CumulativeEffectAtDateOfInitialApplicationAxis": "ifrs-full:OpeningBalanceAfterAdjustmentCumulativeEffectAtDateOfInitialApplicationMember",
"unit": "iso4217:EUR"
}
},
"f7441": {
"value": "-46055000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"ifrs-full:CumulativeEffectAtDateOfInitialApplicationAxis": "ifrs-full:OpeningBalanceAfterAdjustmentCumulativeEffectAtDateOfInitialApplicationMember",
"unit": "iso4217:EUR"
}
},
"f7445": {
"value": "-521000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfRemeasurementsOfDefinedBenefitPlansMember",
"ifrs-full:CumulativeEffectAtDateOfInitialApplicationAxis": "ifrs-full:OpeningBalanceAfterAdjustmentCumulativeEffectAtDateOfInitialApplicationMember",
"unit": "iso4217:EUR"
}
},
"f7449": {
"value": "135661000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MiscellaneousOtherReservesMember",
"ifrs-full:CumulativeEffectAtDateOfInitialApplicationAxis": "ifrs-full:OpeningBalanceAfterAdjustmentCumulativeEffectAtDateOfInitialApplicationMember",
"unit": "iso4217:EUR"
}
},
"f7453": {
"value": "23903000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsProfitLossForReportingPeriodMember",
"ifrs-full:CumulativeEffectAtDateOfInitialApplicationAxis": "ifrs-full:OpeningBalanceAfterAdjustmentCumulativeEffectAtDateOfInitialApplicationMember",
"unit": "iso4217:EUR"
}
},
"f7457": {
"value": "132927000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"ifrs-full:CumulativeEffectAtDateOfInitialApplicationAxis": "ifrs-full:OpeningBalanceAfterAdjustmentCumulativeEffectAtDateOfInitialApplicationMember",
"unit": "iso4217:EUR"
}
},
"f7461": {
"value": "911000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"ifrs-full:CumulativeEffectAtDateOfInitialApplicationAxis": "ifrs-full:OpeningBalanceAfterAdjustmentCumulativeEffectAtDateOfInitialApplicationMember",
"unit": "iso4217:EUR"
}
},
"f7466": {
"value": "133838000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00",
"ifrs-full:CumulativeEffectAtDateOfInitialApplicationAxis": "ifrs-full:OpeningBalanceAfterAdjustmentCumulativeEffectAtDateOfInitialApplicationMember",
"unit": "iso4217:EUR"
}
},
"f7532": {
"value": "17145000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughAppropriationOfRetainedEarnings",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MiscellaneousOtherReservesMember",
"unit": "iso4217:EUR"
}
},
"f7536": {
"value": "-17145000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughAppropriationOfRetainedEarnings",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsProfitLossForReportingPeriodMember",
"unit": "iso4217:EUR"
}
},
"f7540": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughAppropriationOfRetainedEarnings",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:EUR"
}
},
"f7546": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughAppropriationOfRetainedEarnings",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7566": {
"value": "6758000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsProfitLossForReportingPeriodMember",
"unit": "iso4217:EUR"
}
},
"f7570": {
"value": "6758000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:EUR"
}
},
"f7576": {
"value": "6758000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7594": {
"value": "1134000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MiscellaneousOtherReservesMember",
"unit": "iso4217:EUR"
}
},
"f7600": {
"value": "1134000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:EUR"
}
},
"f7606": {
"value": "1134000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7618": {
"value": "682000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:EUR"
}
},
"f7626": {
"value": "-875000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MiscellaneousOtherReservesMember",
"unit": "iso4217:EUR"
}
},
"f7632": {
"value": "-193000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:EUR"
}
},
"f7638": {
"value": "-193000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7656": {
"value": "784000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MiscellaneousOtherReservesMember",
"unit": "iso4217:EUR"
}
},
"f7662": {
"value": "784000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:EUR"
}
},
"f7666": {
"value": "-911000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:EUR"
}
},
"f7670": {
"value": "-127000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7688": {
"value": "21346000",
"decimals": -3,
"dimensions": {
"concept": "SAB:IncreaseDecreaseThroughGainsLossesOnNetMonetaryPosition",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MiscellaneousOtherReservesMember",
"unit": "iso4217:EUR"
}
},
"f7694": {
"value": "21346000",
"decimals": -3,
"dimensions": {
"concept": "SAB:IncreaseDecreaseThroughGainsLossesOnNetMonetaryPosition",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:EUR"
}
},
"f7700": {
"value": "21346000",
"decimals": -3,
"dimensions": {
"concept": "SAB:IncreaseDecreaseThroughGainsLossesOnNetMonetaryPosition",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7718": {
"value": "-11000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MiscellaneousOtherReservesMember",
"unit": "iso4217:EUR"
}
},
"f7724": {
"value": "-11000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:EUR"
}
},
"f7730": {
"value": "-11000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7744": {
"value": "-8660000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:EUR"
}
},
"f7748": {
"value": "193000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfRemeasurementsOfDefinedBenefitPlansMember",
"unit": "iso4217:EUR"
}
},
"f7752": {
"value": "151000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MiscellaneousOtherReservesMember",
"unit": "iso4217:EUR"
}
},
"f7756": {
"value": "15249000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsProfitLossForReportingPeriodMember",
"unit": "iso4217:EUR"
}
},
"f7760": {
"value": "6933000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:EUR"
}
},
"f7766": {
"value": "6933000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7796": {
"value": "11533000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:EUR"
}
},
"f7800": {
"value": "10002000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:EUR"
}
},
"f7804": {
"value": "2307000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:StatutoryReserveMember",
"unit": "iso4217:EUR"
}
},
"f7808": {
"value": "-3221000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:EUR"
}
},
"f7812": {
"value": "-54715000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:EUR"
}
},
"f7816": {
"value": "-328000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfRemeasurementsOfDefinedBenefitPlansMember",
"unit": "iso4217:EUR"
}
},
"f7820": {
"value": "175335000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MiscellaneousOtherReservesMember",
"unit": "iso4217:EUR"
}
},
"f7824": {
"value": "15249000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsProfitLossForReportingPeriodMember",
"unit": "iso4217:EUR"
}
},
"f7828": {
"value": "156162000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:EUR"
}
},
"f7832": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:EUR"
}
},
"f7836": {
"value": "156162000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7866": {
"value": "43649000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7870": {
"value": "13318000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:815600DC9FA897709242",
"period": "2021-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7882": {
"value": "15249000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7886": {
"value": "24683000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:815600DC9FA897709242",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7902": {
"value": "18267000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForDepreciationAndAmortisationExpense",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7906": {
"value": "16869000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForDepreciationAndAmortisationExpense",
"entity": "scheme:815600DC9FA897709242",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7914": {
"value": "189000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7919": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss",
"entity": "scheme:815600DC9FA897709242",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7927": {
"value": "-251000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForLossesGainsOnDisposalOfNoncurrentAssets",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7931": {
"value": "-237000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForLossesGainsOnDisposalOfNoncurrentAssets",
"entity": "scheme:815600DC9FA897709242",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7939": {
"value": "1134000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForSharebasedPayments",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7943": {
"value": "805000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForSharebasedPayments",
"entity": "scheme:815600DC9FA897709242",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7953": {
"value": "-48000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForUndistributedProfitsOfInvestmentsAccountedForUsingEquityMethod",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7958": {
"value": "-0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForUndistributedProfitsOfInvestmentsAccountedForUsingEquityMethod",
"entity": "scheme:815600DC9FA897709242",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7966": {
"value": "-6077000",
"decimals": -3,
"dimensions": {
"concept": "SAB:AdjustmentsForGainsLossesOnNetMonetaryPosition",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7970": {
"value": "-0",
"decimals": -3,
"dimensions": {
"concept": "SAB:AdjustmentsForGainsLossesOnNetMonetaryPosition",
"entity": "scheme:815600DC9FA897709242",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7978": {
"value": "1783000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForFinanceIncomeCost",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7982": {
"value": "-429000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForFinanceIncomeCost",
"entity": "scheme:815600DC9FA897709242",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7990": {
"value": "-2472000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForIncomeTaxExpense",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7994": {
"value": "4997000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForIncomeTaxExpense",
"entity": "scheme:815600DC9FA897709242",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8002": {
"value": "-197000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInEmployeeBenefitLiabilities",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8006": {
"value": "-85000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInEmployeeBenefitLiabilities",
"entity": "scheme:815600DC9FA897709242",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8013": {
"value": "-860000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForProvisions",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8017": {
"value": "-99000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForProvisions",
"entity": "scheme:815600DC9FA897709242",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8030": {
"value": "10312000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInTradeAccountReceivable",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8034": {
"value": "-4604000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInTradeAccountReceivable",
"entity": "scheme:815600DC9FA897709242",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8041": {
"value": "3890000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInInventories",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8045": {
"value": "-24929000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInInventories",
"entity": "scheme:815600DC9FA897709242",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8052": {
"value": "-17156000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAccountPayable",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8056": {
"value": "13064000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAccountPayable",
"entity": "scheme:815600DC9FA897709242",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8063": {
"value": "2954000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseInWorkingCapital",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8067": {
"value": "16469000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseInWorkingCapital",
"entity": "scheme:815600DC9FA897709242",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8082": {
"value": "1430000",
"decimals": -3,
"dimensions": {
"concept": "SAB:AdjustmentsForDecreaseIncreaseInOtherOperatingReceivablesAndAdjustmentsForIncreaseDecreaseInOtherOperatingPayables",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8086": {
"value": "-1515000",
"decimals": -3,
"dimensions": {
"concept": "SAB:AdjustmentsForDecreaseIncreaseInOtherOperatingReceivablesAndAdjustmentsForIncreaseDecreaseInOtherOperatingPayables",
"entity": "scheme:815600DC9FA897709242",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8093": {
"value": "7733000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncomeTaxesPaidClassifiedAsOperatingActivities",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8097": {
"value": "5296000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncomeTaxesPaidClassifiedAsOperatingActivities",
"entity": "scheme:815600DC9FA897709242",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8105": {
"value": "2097000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:FinanceCostsPaidClassifiedAsOperatingActivities",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8109": {
"value": "1167000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:FinanceCostsPaidClassifiedAsOperatingActivities",
"entity": "scheme:815600DC9FA897709242",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8116": {
"value": "246000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:FinanceIncomeReceivedClassifiedAsOperatingActivities",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8121": {
"value": "301000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:FinanceIncomeReceivedClassifiedAsOperatingActivities",
"entity": "scheme:815600DC9FA897709242",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8130": {
"value": "24293000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8134": {
"value": "23216000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities",
"entity": "scheme:815600DC9FA897709242",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8155": {
"value": "3153000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8159": {
"value": "2106000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities",
"entity": "scheme:815600DC9FA897709242",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8166": {
"value": "19152000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8170": {
"value": "22803000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities",
"entity": "scheme:815600DC9FA897709242",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8177": {
"value": "-0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:PurchaseOfOtherLongtermAssetsClassifiedAsInvestingActivities",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8181": {
"value": "-0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:PurchaseOfOtherLongtermAssetsClassifiedAsInvestingActivities",
"entity": "scheme:815600DC9FA897709242",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8189": {
"value": "1449000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProceedsFromDisposalsOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8193": {
"value": "1157000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProceedsFromDisposalsOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets",
"entity": "scheme:815600DC9FA897709242",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8201": {
"value": "-20856000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8205": {
"value": "-23752000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities",
"entity": "scheme:815600DC9FA897709242",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8218": {
"value": "3437000",
"decimals": -3,
"dimensions": {
"concept": "SAB:CashFlowsFromUsedInOperatingAndInvestingActivities",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8222": {
"value": "-536000",
"decimals": -3,
"dimensions": {
"concept": "SAB:CashFlowsFromUsedInOperatingAndInvestingActivities",
"entity": "scheme:815600DC9FA897709242",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8235": {
"value": "37955000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8239": {
"value": "47381000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities",
"entity": "scheme:815600DC9FA897709242",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8245": {
"value": "29236000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8249": {
"value": "94726000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities",
"entity": "scheme:815600DC9FA897709242",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8256": {
"value": "385000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInIncreaseDecreaseInCurrentBorrowings",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8261": {
"value": "60000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInIncreaseDecreaseInCurrentBorrowings",
"entity": "scheme:815600DC9FA897709242",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8270": {
"value": "-1862000",
"decimals": -3,
"dimensions": {
"concept": "SAB:PaymentsToAcquireOrRedeemEntitysSharesAndProceedsFromSaleOrIssueOfTreasuryShares",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8274": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "SAB:PaymentsToAcquireOrRedeemEntitysSharesAndProceedsFromSaleOrIssueOfTreasuryShares",
"entity": "scheme:815600DC9FA897709242",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8281": {
"value": "6690000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8285": {
"value": "6172000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities",
"entity": "scheme:815600DC9FA897709242",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8294": {
"value": "-16886000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8298": {
"value": "41233000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities",
"entity": "scheme:815600DC9FA897709242",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8311": {
"value": "-0",
"decimals": -3,
"dimensions": {
"concept": "SAB:AcquisitionOfARC",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8315": {
"value": "1650000",
"decimals": -3,
"dimensions": {
"concept": "SAB:AcquisitionOfARC",
"entity": "scheme:815600DC9FA897709242",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8322": {
"value": "-0",
"decimals": -3,
"dimensions": {
"concept": "SAB:AcquisitionOfCMI",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8326": {
"value": "4743000",
"decimals": -3,
"dimensions": {
"concept": "SAB:AcquisitionOfCMI",
"entity": "scheme:815600DC9FA897709242",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8333": {
"value": "4948000",
"decimals": -3,
"dimensions": {
"concept": "SAB:AcquisitionOfP.G.A.",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8337": {
"value": "-0",
"decimals": -3,
"dimensions": {
"concept": "SAB:AcquisitionOfP.G.A.",
"entity": "scheme:815600DC9FA897709242",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8345": {
"value": "97000",
"decimals": -3,
"dimensions": {
"concept": "SAB:DeconsolidationOfArcHandan",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8349": {
"value": "-97000",
"decimals": -3,
"dimensions": {
"concept": "SAB:DeconsolidationOfArcHandan",
"entity": "scheme:815600DC9FA897709242",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8358": {
"value": "-4232000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8362": {
"value": "-4070000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents",
"entity": "scheme:815600DC9FA897709242",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8376": {
"value": "-22726000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8380": {
"value": "30331000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents",
"entity": "scheme:815600DC9FA897709242",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8395": {
"value": "20923000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8399": {
"value": "43649000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"pp-value-3-2": {
"value": "Explanatory Notes ACCOUNTING STANDARDS Statement of compliance and basis of presentation The consolidated financial statements of the Sabaf Group for the 2022 financial year have been prepared in compliance with the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB) and endorsed by the European Union. Reference to IFRS also includes all current International Accounting Standards (IAS). They have been prepared in euro, the currency of the economies in which the Group mainly operates, rounding to the nearest thousand, and are compared with the previous year's consolidated financial statements prepared in accordance with the same standards, except for IAS 29, which has been applied from 2022 onwards to the financial statements of the Turkish subsidiaries (for further details, please refer to the specific paragraph Hyperinflation \u2013 Turkey: application of IAS 29). They consist of the statement of financial position, the income statement, the statement of changes in shareholders\u2019 equity, the statement of cash flows and these explanatory notes. The financial statements have been prepared on a historical cost basis except for some revaluations of property, plant and equipment undertaken in previous years, Financial statements The Group has adopted the following formats: \u25aa current and non-current assets and current and non-current liabilities are stated separately in the statement of the financial position; \u25aa an income statement that expresses costs using a classification based on the nature of each item; \u25aa a comprehensive income statement that expresses revenue and expense items not recognised in profit (loss) for the year as required or permitted by IFRS; \u25aa a statement of cash flows that presents cash flows originating from operating activity, using the indirect method. Use of these formats permits the most meaningful representation of the Group\u2019s operating results, financial position and cash flows. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "it",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-3-3": {
"value": "Explanatory Notes ACCOUNTING STANDARDS Statement of compliance and basis of presentation The consolidated financial statements of the Sabaf Group for the 2022 financial year have been prepared in compliance with the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB) and endorsed by the European Union. Reference to IFRS also includes all current International Accounting Standards (IAS). They have been prepared in euro, the currency of the economies in which the Group mainly operates, rounding to the nearest thousand, and are compared with the previous year's consolidated financial statements prepared in accordance with the same standards, except for IAS 29, which has been applied from 2022 onwards to the financial statements of the Turkish subsidiaries (for further details, please refer to the specific paragraph Hyperinflation \u2013 Turkey: application of IAS 29). They consist of the statement of financial position, the income statement, the statement of changes in shareholders\u2019 equity, the statement of cash flows and these explanatory notes. The financial statements have been prepared on a historical cost basis except for some revaluations of property, plant and equipment undertaken in previous years, and are considered a going concern. The Group assessed that it is a going concern (as defined by paragraphs 25 and 26 of IAS 1 and by Article 2423 bis of the Italian Civil Code), also due to the strong competitive position, high profitability and solidity of the financial structure. Financial statements The Group has adopted the following formats: \u25aa current and non-current assets and current and non-current liabilities are stated separately in the statement of the financial position; \u25aa an income statement that expresses costs using a classification based on the nature of each item; \u25aa a comprehensive income statement that expresses revenue and expense items not recognised in profit (loss) for the year as required or permitted by IFRS; \u25aa a statement of cash flows that presents cash flows originating from operating activity, using the indirect method. Use of these formats permits the most meaningful representation of the Group\u2019s operating results, financial position and cash flows. Scope of consolidation The scope of consolidation at 31 December 2022 comprises the parent company Sabaf S.p.A. and the following companies controlled by Sabaf S.p.A.: \u25aa Faringosi Hinges s.r.l. \u25aa Sabaf do Brasil Ltda. \u25aa Sabaf Beyaz Esya Parcalari Sanayi Ve Ticaret Limited Sirteki (Sabaf Turkey) \u25aa Sabaf Appliance Components (Kunshan) Co., Ltd. \u25aa A.R.C. s.r.l. \u25aa Okida Elektronik Sanayi ve Tickaret A.S \u25aa Sabaf U.S. \u25aa Sabaf India Private Limited \u25aa Sabaf Mexico Appliance Components S.A. de c.v. \u25aa C.M.I. s.r.l. \u25aa C.G.D. s.r.l. \u25aa P.G.A. s.r.l. \u25aa PGA2.0 s.r.l. Compared to the consolidated financial statements at 31 December 2021, Handan ARC Burners Co. Ltd. is no longer consolidated. The 51% stake, which was held indirectly through A.R.C. s.r.l., was sold to a third party during the first quarter of 2022. The plant, equipment and inventories of Handan ARC Burners Co. Ltd. were simultaneously acquired by Sabaf Appliance Components Kunshan Co., Ltd. (Sabaf China). This operation did not have a significant impact on the Group's shareholders' equity. In October 2022, Sabaf S.p.A. completed the purchase of 100% of the share capital of P.G.A. S.r.l. (P.G.A.), a company based in Fabriano (AN) and operating for over 25 years in the field of design and assembly of electronic control boards for the household appliances sector. P.G.A. s.r.l. holds 100% of the share capital of PGA 2.0 s.r.l., a business unit dedicated to the design and prototyping of innovative solutions based on interconnection and the Internet of Things (IoT). The companies in which Sabaf S.p.A. simultaneously possess the following three elements are considered subsidiaries: (a) power over the company; (b) exposure or rights to variable returns resulting from involvement therein; (c) ability to affect the size of these returns by exercising power. Subsidiaries are consolidated from the date on which control begins until the date on which control ceases. Consolidation criteria The data used for consolidation have been taken from the income statements and statements of financial position prepared by the directors of the individual subsidiary companies. These figures have been appropriately amended and restated, when necessary, to align them with international accounting standards and with uniform group-wide classification criteria. The criteria applied for consolidation are as follows: a) Assets and liabilities, income and costs in financial statements consolidated on a line-by-line basis are incorporated into the Group financial statements, regardless of the entity of the equity interest concerned. Moreover, the carrying value of equity interests is derecognised against the shareholders\u2019 equity relating to investee companies; b) positive differences arising from elimination of equity investments against the carrying value of shareholders\u2019 equity at the date of first-time consolidation are attributed to the higher values of assets and liabilities when possible and, for the remainder, to goodwill. In accordance with the provisions of IFRS 3, since 1 January 2004, the Group has not amortised goodwill and instead subjects it to impairment testing; c) payable/receivable and cost/revenue items between consolidated companies and profits/losses arising from intercompany transactions are derecognised; d) the portion of shareholders\u2019 equity and net profit for the period pertaining to minority shareholders is posted in specific items of the balance sheet and income statement. Information related to IFRS 3 12As at 3 October 2022, the P.G.A. Group, which has been active for more than 25 years in the field of design and assembly of electronic control boards for the household appliances sector, was consolidated. The Report on Operations describes the purpose of the transaction and the expected synergies. The allocation of the price paid for the acquisition of the P.G.A. Group on the net assets acquired (Purchase Price Allocation) was completed during 2022. Specifically, in accordance with IFRS 3 revised, the fair value of assets, liabilities and contingent liabilities was recognised at the acquisition date, the effects of which are shown in the table below: Original values at 03/10/2022 Purchase Price Allocation Fair value of assets and liabilities acquired Assets Property, plant and equipment and intangible assets 3,808 4,541 8,349 Inventories 2,909 (150) 2,759 Trade receivables 1,433 - 1,433 Other receivables 773 848 1,621 Cash and cash equivalents 1,378 - 1,378 Total Assets 10,301 5,239 15,540 Liabilities Post-employment benefit provision (643) - (643) Provisions for risks and charges - (165) (165) Deferred tax liabilities (18) (1,290) (1,308) Financial payables (2,350) - (2,350) Trade payables (1,964) - (1,964) Other payables (1,194) (616) (1,810) Total liabilities (6,169) (2,071) (8,240) Value of net assets acquired (a) 4,132 3,168 7,300 Total cost of acquisition (b) 8,427 8,427 Goodwill deriving from acquisition (c = b-a) 4,295 1,127 Price adjustments (d) 433 Acquired cash and cash equivalents (e) 1,378 Sale of treasury shares in exchange (f) 1,668 Net cash outlay (b-d-e-f) 4,948 The acquisition price was determined based on an Enterprise Value of five times the average annual EBITDA over the three-year period 2020-2022, adjusted for the net financial position at the time of the transaction. The parties agreed that the payment of part of the price will be postponed and, in any case, payable by the first half-year of 2023.THERE is also a possible further price adjustment (\"earn-out\") linked to the achievement of certain targets. As shown in the table, the Purchase Price Allocation, carried out with the support of independent experts, led to the identification and measurement of the fair values of the following acquired intangible assets: - Customer Relationship: fair value of \u20ac4.266 million determined using the \"Multi-period Excess Earnings\" method, taking the following parameters as reference: o revenue relating to customers with whom there is a strong technical and commercial relationship o profitability in line with the historical average o economic useful life of 15 years o discount rate of 11.91% o g growth rate of 1.80% - Patents: fair value of \u20ac0.275 million determined using the \"Relief from Royalty\" method, taking the following parameters as reference: o revenues from products covered by patents at the valuation date o royalty rate equal to 3.5% o economic useful life of 4 years o discount rate of 11.41% o g growth rate of 1.80% The related tax effect was recognised on the fair value of the intangible assets identified above (recognition of deferred taxes of \u20ac1.305 million). The Purchase Price Allocation also led to the recognition of provisions for risks and charges totalling \u20ac0.2 million (Note 18). In the period for which the Group held control (3 October 2022 - 31 December 2022), the P.G.A. Group achieved sales revenue of \u20ac2.9 million and a net profit of \u20ac0.52 million. Conversion into euro of foreign-currency income statements and statements of financial position Separate financial statements of each company belonging to the Group are prepared in the currency of the country in which that company operates (functional currency). For the purposes of the consolidated financial statements, the financial statement of each foreign entity is expressed in euro, which is the Group\u2019s functional currency and the reporting currency for the consolidated financial statements. Balance sheet items in accounts expressed in currencies other than euro are converted by applying current end-of-year exchange rates. Income statement items are converted at average exchange rates for the year, with the exception of the financial statements of companies operating in hyperinflationary economies whose income statements are converted by applying the end-of-year exchange rate as required by IAS 21 paragraph 42.b. Foreign exchange differences arising from the comparison between opening shareholders\u2019 equity converted at current exchange rates and at historical exchange rates, together with the difference between the net result expressed at average and current exchange rates, are allocated to \u201cOther Reserves\u201d in shareholders\u2019 equity. The exchange rates used for conversion into euro of the financial statements of the foreign subsidiaries, prepared in local currency, are shown in the following table: Description of currency Exchange rate in effect at 31/12/2022 Average exchange rate 2022 Exchange rate in effect at 31/12/2021 Average exchange rate 2021 Brazilian real 5.6386 5.4399 6.3101 6.3778 Turkish lira 19.9649 n/a 15.233 10.510 Chinese renminbi 7.3582 7.0788 7.1947 7.6271 US Dollar 1.0666 1.05305 1.1326 1.18275 Polish Zloty n/a n/a 4.5969 4.5651 Indian Rupee 88.1710 82.6864 84.229 87.439 Mexican peso 20.8560 21.1869 23.143 23.985 Segment reporting The Group\u2019s operating segments in accordance with IFRS 8 - Operating Segment are identified in the business segments that generate revenue and costs, whose results are periodically reassessed by top management in order to assess performance and decisions regarding resource allocation. The Group operating segments are the following: \u25aa gas parts (household and professional); \u25aa hinges; \u25aa electronic components for household appliances. Accounting policies The accounting standards and policies applied for the preparation of the consolidated financial statements at 31 December 2022, unchanged versus the previous year, are shown below: Property, plant and equipment These are recognised at purchase or manufacturing cost. The cost includes directly chargeable ancillary costs. These costs also include revaluations undertaken in the past based on monetary revaluation rules or pursuant to company mergers. Depreciation is calculated according to rates deemed appropriate to spread the carrying value of tangible assets over their useful working life. Estimated useful working life in years, unchanged compared to previous financial years, is as follows: Buildings 33 Light constructions 10 General plant 10 Specific plant and machinery 6 \u2013 10 Equipment 4 \u2013 10 Furniture 8 Electronic equipment 5 Vehicles and other transport means 4 \u2013 5 Ordinary maintenance costs are expensed in the year in which they are incurred; costs that increase the asset value or useful working life are capitalised and depreciated according to the residual possibility of utilisation of the assets to which they refer. Land is not depreciated. Leased assets The Group assesses at the time of signing an agreement whether it is, or contains, a lease, or if the contract gives the right to control the use of an identified asset for a period of time in exchange for a consideration. The Group adopts a single recognition and measurement model for all leases according to which the assets acquired relating to the right of use are shown under assets at purchase value less depreciation, any impairment losses and adjusted for any re-measurement of lease liabilities. Assets are depreciated on a straight-line basis from the starting date of the agreement until the end of the useful life of the asset or the end of the lease agreement, whichever comes first. Set against recognition of such assets, the amounts payable to the lessor, are posted among short- and medium-/long-term payables, by measuring them at the present value of the lease payments not yet made. Moreover, financial charges pertaining to the period are charged to the income statement. Adoption of the accounting standard IFRS 16 \u201cLeases\u201d The Group applied IFRS 16 from 1 January 2019 by using the amended retrospective approach. When evaluating the lease liabilities, the Group discounted the payments due for the lease using the incremental borrowing rate, the weighted average of which was 3.29% on 31 December 2022 and 3.86% on 31 December 2021. The rate was defined taking also account of the currency in which the lease agreements are denominated and the country in which the leased asset is located. The lease term is calculated based on the non-cancellable period of the lease, including the periods covered by the option to extend or to terminate the lease if it is reasonably certain that those options will be exercised or not exercised, taking account of all relevant factors that create an economic incentive relating to those decisions. Assets held for sale The Group classifies non-current assets as held for sale if their carrying value will be recovered mainly through a sale transaction, rather than through continuing use. These non-current assets classified as held for sale are measured at the lower of their carrying value and their fair value less costs to sell. Selling costs are the additional costs directly attributable to the sale, excluding financial expenses and taxes. The condition for classification as held for sale is only met when the sale is highly probable and the asset is available for immediate sale in its present condition. The actions required to complete the sale should indicate that significant changes to the sale are unlikely or that the sale will be cancelled. Management must be committed to the sale, which should be completed within one year from the date of classification. Depreciation of property, plant and equipment and amortisation of intangible assets stops when they are classified as available for sale. Assets and liabilities classified as held for sale are presented separately among the items in the financial statements. Goodwill Goodwill is the difference between the purchase price and fair value of investee companies\u2019 identifiable assets and liabilities on the date of acquisition. As regards acquisitions completed prior to the date of IFRS adoption, the Sabaf Group has used the option provided by IFRS 1 to refrain from applying IFRS 3 \u2013 concerning business combinations \u2013 to acquisitions that took place prior to the transition date. Consequently, goodwill arising in relation to past acquisitions has not been recalculated and has been posted in accordance with Italian GAAPs, net of amortisation reported up to 31 December 2003 and any losses caused by a permanent value impairment. After the transition date, goodwill \u2013 as an intangible asset with an indefinite useful life \u2013 is not amortised but subjected annually to impairment testing to check for value loss, or more frequently if there are signs that the asset may have suffered impairment (impairment test). Equity investments in associates and joint venturesAn associated company is a company on which the Group exercises significant influence. Significant influence is the power to participate in determining the financial and operational policies of the associated company without having control or joint control over it. A joint venture is a joint control agreement in which the parties holding the joint control have rights on the net assets of the agreement. The Group's equity investment in associates and joint ventures is measured using the equity method: the equity investment is initially entered at cost, subsequently, the carrying value of the equity investment is increased or decreased to reflect the investor's share of the investee's profits and losses realised after the acquisition date. Goodwill pertaining to the associated company or joint venture is included at the carrying value of the equity investment and is not subject to individual assessment of impairment). Other intangible assets As established by IAS 38, other intangible assets acquired or internally produced are recognised as assets when it is probable that use of the asset will generate future economic benefits and when asset cost can be measured reliably. If it is considered that these future economic benefits will not be generated, the development costs are written down in the year in which this is ascertained. Such assets are measured at purchase or production cost and - if the assets concerned have a finite useful life - are amortised on a straight-line basis over their finite useful life. Estimated useful working life in years, unchanged compared to previous financial years, is as follows: Customer relationship 15 Brand 15 Patents 9 Know-how 7 Development costs 10 Software 3 - 5 Impairment At each end of reporting period, the Group reviews the carrying value of its tangible and intangible assets to determine whether there are signs of impairment losses of these assets. If there is any such indication, the recoverable amount of said assets is estimated so as to determine the total of the write-down. If it is not possible to estimate recoverable amount individually, the Group estimates the recoverable amount of the cash generating unit (CGU) to which the asset belongs. In particular, the recoverable amount of the cash generating units (which generally coincide with the legal entity to which the capitalised assets refer) is verified by determining the value of use. The recoverable amount is the higher of the net selling price and value of use. In measuring the value of use, future cash flows net of taxes, estimated based on past experience, are discounted to their present value using a pre-tax rate that reflects current market valuations of the present cost of money and specific asset risk. The main assumptions used for calculating the value of use concern the discount rate, growth rate, expected changes in selling prices and cost trends during the period used for the calculation. The growth rates adopted are based on future market expectations in the relevant sector. Changes in the sales prices are based on past experience and on the expected future changes in the market. The Group prepares operating cash flow forecasts based on the most recent budgets approved by the Board of Directors of the consolidated companies, draws up the forecasts for the coming years and determines the terminal value (current value of perpetual income), which expresses the medium- and long-term operating flows in the specific sector. If the recoverable amount of an asset (or CGU) is estimated to be lower than its carrying value, the asset\u2019s carrying value is reduced to the lower recoverable amount, recognising impairment in the income statement. When there is no longer any reason for a write-down to be maintained, the carrying value of the asset (or of the cash-generating unit) - with the exception of goodwill - is increased to the new value resulting from the estimate of its recoverable amount, but not beyond the net carrying value that the asset would have had if it had not been written down for impairment. Reversal of impairment loss is recognised in the income statement. Investment property As allowed by IAS 40, non-operating buildings and constructions are assessed at cost net of depreciation and losses due to cumulative impairment. The depreciation criterion applied is the asset\u2019s estimated useful life, which is considered to be 33 years. If the recoverable amount of the investment property \u2013 determined based on the market value of the properties \u2013 is estimated to be lower than its carrying value, the asset\u2019s carrying value is reduced to the lower recoverable amount, recognising impairment in the income statement. When there is no longer any reason for a write-down to be maintained, the carrying value of the asset (or cash generating unit) is increased to the new value stemming from the estimate of its recoverable amount \u2013 but not beyond the net carrying value that the asset would have had if it had not been written down for impairment. Reversal of impairment loss is recognised in the income statement. Equity investments and non-current receivables Equity investments in companies other than subsidiaries, associates and joint ventures are classified as financial assets measured at fair value, which normally corresponds to the transaction price including directly attributable transaction costs. Subsequent changes in fair value are recognised through profit or loss (FVPL) or, if the option is exercised in accordance with the standard, in Other comprehensive income (FVOCI) under the heading \"Instrument reserve at FVOCI\". Non-current receivables are stated at their presumed realisable value. Inventories Inventories are measured at the lower of purchase or production cost \u2013 determined using the weighted average cost method \u2013 and the corresponding fair value represented by the replacement cost for purchased materials and by the presumed realisable value for finished and semi-processed products \u2013 calculated taking into account any manufacturing costs and direct selling costs yet to be incurred. Inventory cost includes accessory costs and the portion of direct and indirect manufacturing costs that can reasonably be assigned to inventory items. Inventories subject to obsolescence and low turnover are written down in relation to their possibility of use or realisation. Inventory write-downs are derecognised in subsequent years if the reasons for such write-downs cease to exist. Trade receivables and other financial assets Initial recognition Upon initial recognition, financial assets are classified, as the case may be, on the basis of subsequent measurement methods, i.e. at amortised cost, at fair value recognised in other comprehensive income (OCI) and at fair value through profit or loss. The classification of financial assets at initial recognition depends on the characteristics of the contractual cash flows of the financial assets and on the business model that the Group uses to manage them. Trade receivables that do not contain a significant financing component are valued at the transaction price determined in accordance with IFRS 15. See the \u201cRevenue from Contracts with Customers\u201d paragraph. Other financial assets are recognised at fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs. For a financial asset to be classified and measured at amortised cost or at fair value recognised in OCI, it must generate cash flows that depend solely on the principal and interest on the amount of principal to be repaid (known as \"solely payments of principal and interest (SPPI)\"). This measurement is referred to as the SPPI test and is carried out at the instrument level. Subsequent measurement The measurement of financial liabilities depends on their classification, as described below. Financial assets at amortised cost (debt instruments) This category is the most important for the Group. The Group measures the financial assets at amortised cost if both of the following requirements are met: \u25aa the financial asset is held as part of a business model whose objective is to hold financial assets for the purpose of collecting contractual cash flows and \u25aa the contractual terms of the financial asset envisage, at certain dates, cash flows represented solely by payments of principal and interest on the amount of principal to be repaid. Financial assets at amortised cost are subsequently measured using the effective interest method and are subject to impairment. Gains and losses are recognised in the income statement when the asset is derecognised, modified or revalued. Financial assets at amortised cost of the Group include trade receivables. Financial assets at fair value through profit or loss This category includes all assets held for trading, assets designated at initial recognition as financial assets measured at fair value with changes recognised in the income statement, or financial assets that must be measured at fair value. Assets held for trading are all those assets acquired for sale or repurchase in the short term. Derivatives, separated or otherwise, are classified as financial instruments held for trading, unless they are designated as effective hedging instruments. Financial assets with cash flows that are not represented solely by principal and interest payments are classified and measured at fair value through profit or loss, regardless of the business model. Financial instruments at fair value with changes recognised in the income statement are recognised in the statement of financial position atfair value and net changes in fair value are recognised in the income statement. This category includes derivative instruments. The Group does not hold financial assets at fair value recognised in other comprehensive income with reclassification of cumulative gains and losses or financial assets recognised in other comprehensive income without reversal of cumulative gains and losses upon derecognition. Derecognition A financial asset (or, if applicable, part of a financial asset or part of a group of similar financial assets) is firstly written off (e.g. removed from the statement of financial position of the Group) when: - the rights to receive cash flows from the asset are extinguished, or - the Group transferred to a third party the right to receive financial flows from the asset or has taken on the contractual obligation to pay them fully and without delay and (a) transferred substantially all the risks and benefits of the ownership of the financial asset or (b) did not substantially transfer or retain all the risks and benefits of the asset, but transferred their control. If the Group has transferred the rights to receive cash flows from an asset or has signed an agreement on the basis of which it retains the contractual rights to receive the cash flows of the financial asset, but assumes a contractual obligation to pay the cash flows to one or more beneficiaries (pass-through), it considers whether or to what extent it has retained the risks and benefits concerning the ownership. If it has not substantially transferred or retained all the risks and benefits or has not lost control over it, the asset continued to be recognised in the financial statements of the Group to the extent of its residual involvement in the asset itself. In this case, the Group also recognises an associated liability. The transferred asset and the associated liability are measured in such a way as to reflect the rights and obligations that pertain to the Group. When the residual involvement of the entity is a guarantee in the transferred asset, the involvement is measured based on the amount of the asset or the maximum amount of the consideration received that the entity could be obliged to pay, whichever lower. Provisions for risks and charges Provisions for risks and charges are provisioned to cover losses and debts, the existence of which is certain or probable, but whose amount or date of occurrence cannot be determined at the end of the year. Provisions are stated in the statement of financial position only when a legal or implicit obligation exists that determines the use of resources with an impact on profit and loss to meet that obligation and the amount can be reliably estimated. If the effect is significant, the provisions are calculated by updating future cash flows estimated at a rate including taxes such as to reflect current market valuations of the current value of the cash and specific risks associated with the liability. Post-employment benefit The post-employment benefit is provisioned to cover the entire liability accruing vis-\u00e0-vis employees in compliance with current legislation and with national and supplementary company collective labour contracts. This liability is subject to revaluation via application of indices fixed by current regulations. Up to 31 December 2006, post-employment benefits were considered defined-benefit plans and accounted for in compliance with IAS 19, using the projected unit-credit method. The regulations of this fund were amended by Italian Law no. 296 of 27 December 2006 and subsequent Decrees and Regulations issued during the first months of 2007. In the light of these changes, and, in particular, for companies with at least 50 employees, post-employment benefits must now be considered a defined-benefit plan only for the portions accruing before 1 January 2007 (and not yet paid as at the end of the reporting period). Conversely, portions accruing after that date are treated as defined-contribution plans. Actuarial gains or losses are recognised immediately under \"Other total profits/(losses)\". Trade payables and other financial liabilities Initial recognition All financial liabilities are initially recognised at fair value, in addition to directly attributable transaction costs in case of mortgages, loans and payables. The Company's financial liabilities include trade payables and other payables, mortgages and loans, including current account overdrafts and derivative financial instruments. Subsequent measurement The measurement of financial liabilities depends on their classification, as described below. Financial liabilities at fair value through profit or loss Financial liabilities at fair value with changes recognised in the income statement include liabilities held for trading and financial liabilities initially recognised at fair value, with changes recognised in the income statement. Liabilities held for trading are those liabilities acquired in order to discharge or transfer them in the short term. This category also includes derivative financial instruments subscribed by the Company and not designated as hedging instruments in a hedging relationship pursuant to IFRS 9. Embedded derivatives, separated from the main contract, are classified as financial instruments held for trading, unless they are designated as effective hedging instruments. Gains or losses on liabilities held for trading are recognised in the income statement. Financial liabilities are designated at fair value with changes recognised in the income statement from the date of initial recognition, only if the criteria of IFRS 9 are met. Loans and payables This is the most important category for the Company and includes interest-bearing payables and loans. After initial statement, loans are valued using the amortised cost approach, applying the effective interest rate method. Gains and losses are recognised in the income statement when the liability is discharged, as well as through the amortisation process. Amortised cost is calculated by recognising the discount or premium on the acquisition and the fees or costs that are an integral part of the effective interest rate. Amortisation at the effective interest rate is included in financial expenses in the income statement. Derecognition A financial liability is derecognised when the obligation underlying the liability is discharged, cancelled or fulfilled. If an existing financial liability is replaced by another from the same lender, at substantially different conditions, or if the conditions of an existing liability are substantially changed, this replacement or change is treated as a derecognition of the original liability accompanied by the recognition of a new liability, with any differences between the carrying values recognised in the income statement. Policy for conversion of foreign currency items Receivables and payables originally expressed in foreign currencies are converted into euro at the exchange rates in force on the date of the transactions originating them. Forex differences realised upon collection of receivables and payment of payables in foreign currency are posted in the income statement. Income and costs relating to foreign-currency transactions are converted at the rate in force on the transaction date. At year-end, assets and liabilities expressed in foreign currencies, with the exception of non-current items, are posted at the spot exchange rate in force at the end of the reporting period and related foreign exchange gains and losses are posted in the income statement. If conversion generates a net gain, this value constitutes a non-distributable reserve until it is effectively realised. Derivative instruments and hedge accounting The Group\u2019s business is exposed to financial risks relating to changes in exchange rates, commodity prices and interest rates. The company uses derivative instruments (mainly forward contracts on currencies and commodity options) to hedge risks stemming from changes in foreign currencies relating to irrevocable commitments or to planned future transactions. Derivatives are initially recognised at cost and are then adjusted to fair value on subsequent closing dates. Changes in the fair value of derivatives designated and recognised as effective for hedging future cash flows relating to the Group\u2019s contractual commitments and planned transactions are recognised directly in shareholders' equity, while the ineffective portion is immediately posted in the income statement. If the contractual commitments or planned transactions materialise in the recognition of assets or liabilities, when such assets or liabilities are recognised, the gains or losses on the derivative that were directly recognised in equity are factored back into the initial valuation of the cost of acquisition or carrying value of the asset or liability. For cash flow hedges that do not lead to recognition of assets or liabilities, the amounts that were directly recognised in equity are included in the income statement in the same period when the contractual commitment or planned transaction hedged impacts profit and loss \u2013 for example, when a planned sale actually takes place. For effective hedges of exposure to changes in fair value, the item hedged is adjusted for the changes infair value attributable to the risk hedged and recognised in the income statement. Gains and losses stemming from the derivative\u2019s valuation are also posted in the income statement. Changes in the fair value of derivatives not designated as hedging instruments are recognised in the income statement in the period when they occur. Hedge accounting is discontinued when the hedging instrument expires, is sold or is exercised, or when it no longer qualifies as a hedge. At this time, the cumulative gains or losses of the hedging instrument recognised in equity are kept in the latter until the planned transaction actually takes place. If the transaction hedged is not expected to take place, cumulative gains or losses recognised directly in equity are transferred to the year\u2019s income statement. Embedded derivatives included in other financial instruments or contracts are treated as separate derivatives when their risks and characteristics are not strictly related to those of their host contracts and the latter are not measured atfair value with posting of related gains and losses in the income statement. Revenue from contracts with customers The Group is engaged in the supply of components for household appliances (mainly gas parts, such as valves and burners, hinges and electronic components). Revenue from contracts with customers is recognised when control of the goods is transferred to the customer for an amount that reflects the consideration that the Group expects to receive in exchange for the goods. The control of the goods passes to the customer according to the terms of return defined with the customer. The usual extended payment terms range from 30 to 120 days from shipment; the Group believes that the price does not include significant financing components. The guarantees provided for in the contracts with customers are of a general nature and not extended and are accounted for in accordance with IAS 37. Financial income Finance income includes interest receivable on funds invested and income from financial instruments, when not offset as part of hedging transactions. Interest income is recognised in the income statement at the time of vesting, taking effective output into consideration. Financial expenses Financial expenses include interest payable on financial debt calculated using the effective interest method and bank expenses. All the other financial expenses are recognised as costs for the year in which they are incurred. Income taxes for the year Income taxes include all taxes calculated on the Group\u2019s taxable income. Income taxes are directly recognised in the income statement, with the exception of those concerning items directly debited or credited to shareholders\u2019 equity, in which case the tax effect is recognised directly in shareholders\u2019 equity. Other taxes not relating to income, such as property taxes, are included among operating expenses. Deferred taxes are provisioned in accordance with the global liability provisioning method. They are calculated on all temporary differences emerging between the taxable base of an asset and liability and its carrying value in the consolidated financial statements, with the exception of goodwill that is not tax-deductible and of differences stemming from investments in subsidiaries for which cancellation is not envisaged in the foreseeable future. Deferred tax assets on unused tax losses and tax credits carried forward are recognised to the extent that it is probable that future taxable income will be available against which they can be recovered. Current and deferred tax assets and liabilities are offset when income taxes are levied by the same tax authority and when there is a legal right to settle on a net basis. Deferred tax assets and liabilities are measured using the tax rates that are expected to be applicable, according to the respective regulations of the countries where the Group operates, in the years when temporary differences will be realised or settled. Dividends Dividends are posted on an accrual basis when the right to receive them materialises, i.e. when shareholders approve dividend distribution. Treasury shares Treasury shares are booked as a reduction of shareholders\u2019 equity. The carrying value of treasury shares and revenues from any subsequent sales are recognised in the form of changes in shareholders\u2019 equity. Equity-settled transactions Some Group employees receive part of the remuneration in the form of share-based payments, therefore employees provide services in exchange for shares (\"equity-settled transactions\"). The cost of equity-settled transactions is determined by the fair value at the date on which the assignment is made using an appropriate measurement method, as explained in more detail in Note 40. This cost, together with the corresponding increase in shareholders' equity, is recognised under personnel costs (Note 28) over the period in which the conditions relating to the achievement of objectives and/or the provision of the service are met. The cumulative costs recognised for such transactions at the end of each reporting period up to the vesting date are commensurate with the expiry of the vesting period and the best estimate of the number of equity instruments that will actually vest. Service or performance conditions are not taken into account when defining the fair value of the plan at the assignment date. However, the probability of these conditions being met is taken into account when defining the best estimate of the number of equity instruments that will vest. Market conditions are reflected in the fair value at the assignment date. Any other condition related to the plan that does not involve a service obligation is not considered to be a vesting condition. Non-vesting conditions are reflected in the fair value of the plan and result in the immediate recognition of the cost of the plan, unless there are also service or performance conditions. No cost is recognised for rights that do not vest in that the performance and/or service conditions are not met. When the rights include a market condition or a non-vesting condition, these are treated as if they had vested regardless of whether the market conditions or other non-vesting conditions to which they are subject are met or not, it being understood that all other performance and/or service conditions must be met. If the conditions of the plan are changed, the minimum cost to be recognised is the fair value at the assignment date in the absence of the change in the plan itself, on the assumption that the original conditions of the plan are met. Moreover, a cost is recognised for each change that results in an increase in total fair value of the payment plan, or that is in any case favourable for employees; this cost is measured with reference to the date of change. When a plan is cancelled, any remaining element of the plan's fair value is immediately expensed to the income statement. Earnings per share Basic EPS is calculated by dividing the profit or loss attributable to the direct parent company\u2019s shareholders by the weighted average number of ordinary shares outstanding during the year. Diluted EPS is calculated by dividing the profit or loss attributable to the direct parent company\u2019s shareholders by the weighted average number of shares outstanding, adjusted to take into account the effects of all potential ordinary shares with a dilutive effect. Use of estimates Preparation of the financial statements and notes in accordance with IFRS requires management to make estimates and assumptions that affect the carrying values of assets and liabilities and the disclosures on contingent assets and liabilities as of the end of the reporting period. Actual results might differ from these estimates. Estimates are used to measure tangible and intangible assets subject to impairment testing, as described earlier, as well as to measure provisions for bad debts, for inventory obsolescence, depreciation and amortisation, asset write-downs, employee benefits, taxes, and other provisions. Specifically: Recoverable amount of tangible and intangible assets The procedure for determining impairment losses of tangible and intangible assets described in \u201cImpairment\u201d implies \u2013 in estimating the value of use \u2013 the use of the Business Plans of investees, which are based on a series of assumptions relating to future events and actions of the investees\u2019 management bodies, which may not necessarily come about. In estimating market value, however, assumptions are made on the expected trend in trading between third parties based on historical trends, which may not actually be repeated. Provisions for bad debts Receivables are adjusted by the related bad debt provision to take into account their recoverable amount. To determine the size of the write-downs, management must make subjective assessments based on the documentation and information available regarding, among other things, the customer\u2019s solvency, as well as experience and historical payment trends. Provisions for inventory obsolescence and inventory write-downs at their expected sale value Inventories subject to obsolescence and slow turnover are systematically measured and written down if their recoverable value is less than their carrying value. Write-downs are calculated based on management assumptions and estimates, resulting from experience and historical results. If the expected sale value is less than the purchase or production cost, inventories of finished goods are written down to market value, estimated on the basis of current selling prices. Employee benefits The current value of liabilities for employee benefits depends on a series of factors determined using actuarial techniques based on certain assumptions. Assumptions concern the discount rate, estimates of future salary increases, and mortality and resignation rates. Any change in the above-mentioned assumptions might have significant effects on liabilities for pension benefits. Share-based payments Estimating the fair value of share-based payments requires the determination of the most appropriate valuation model, which depends on the terms and conditions under which these instruments are granted. This also requires the identification of data to feed into the valuation model, including assumptions about the exercise period of the options, volatility and dividend yield. The Group uses a binomial model for the initial measurement of the fair value of share-based payments with employees. Income taxes The Group is subject to different bodies of tax legislation on income. Determining liabilities for Group taxes requires the use of management valuations in relation to transactions whose tax implications are not certain at the end of the reporting period. Furthermore, the valuation of deferred taxes is based on income expectations for future years; the valuation of expected income depends on factors that might change over time and have a significant effect on the valuation of deferred tax assets. Other provisions When estimating the risk of potential liabilities from disputes, the Directors rely on communications regarding the status of recovery procedures and disputes from the lawyers who represent the Group in litigation. These estimates are determined taking into account the gradual development of the disputes, considering existing exemptions. Climate change With reference to the potential impact of climate change on the Group's activities, the Management carries out targeted analyses to identify and manage the main risks and uncertainties to which the Group is exposed, adapting the corporate strategy accordingly. To date, these factors have not had a significant impact on the opinions and estimates used in preparing these Consolidated Financial Statements. Estimates and assumptions are regularly reviewed and the effects of each change immediately reflected in the income statement. New accounting standards Amendments to IAS 37 \u201cProvisions, Contingent Liabilities and Contingent Assets\u201d The amendment clarifies that all costs directly attributable to the contract must be taken into account when estimating the possible onerousness of a contract. Accordingly, the assessment of whether a contract is onerous includes not only incremental costs (such as the cost of direct materials used in the process) but also all costs directly attributable to the contractual activities (such as depreciation of equipment used to perform the contract and costs of contract management and control). General and administrative expenses are not directly related to a contract and are excluded unless they are specifically charged to the other party under the contract. These changes had no impact on the Group\u2019s consolidated financial statements. Amendments to IAS 16 \u201cProperty, Plant and Equipment\u201dThe purpose of the amendments is not to allow the deduction from the cost of property, plant and equipment of the amount received from the sale of goods produced in the test phase of the asset. These sales revenues and related production costs will therefore be recognised in the income statement. These changes had no impact on the Group\u2019s consolidated financial statements. Amendments to IFRS 1 \u201cFirst-time Adoption of International Financial Reporting Standards \u2013 Subsidiary as a first-time adopter\u201dThe amendment allows a subsidiary that chooses to apply paragraph D16(a) of IFRS 1 to account for cumulative translation differences on the basis of the amounts recognised by the parent company, taking into account the parent's date of transition to IFRSs. This amendment had no impact on the Group's consolidated financial statements as the Group is not a first-time adopter. Amendments to IFRS 3 \u201cReference to the Conceptual Framework\u201d The amendments are intended to replace references to the Framework for the Preparation and Presentation of Financial Statements with the references to the Conceptual Framework for Financial Reporting published in March 2018 without a significant change to the requirements of the standard. The Board also added an exception to the measurement principles of IFRS 3 to avoid the risk of potential \"day-after\" losses or gains arising from liabilities and contingent liabilities that would fall within the scope of IAS 37 or IFRIC 21 Levies, if incurred separately. The exemption requires entities to apply the requirements of IAS 37 or IFRIC 21, rather than the Conceptual Framework, to determine whether an obligation exists at the date of acquisition. The amendment also added a new paragraph to IFRS 3 to clarify that contingent assets do not qualify as recognisable assets at the date of acquisition. These amendments had no impact on the Group's consolidated financial statements in that no contingent assets, liabilities or contingent liabilities were recognised in the year for the purpose of these amendments. Amendments to IFRS 9 \u201cFinancial Instruments\u201d the amendments clarify what fees can be included in measuring whether the terms of a new financial liability (or changes to an existing financial liability) are materially different from the terms of the original financial liability. This amendment had no impact on the Group's consolidated financial statements in that there were no changes in the Group's financial liabilities during the year. Amendments to IAS 41 \u201cAgriculture\u201dThe amendment removes the requirement to exclude cash flows arising from taxation when measuring the fair value of assets within the scope of IAS 41. This amendment had no impact on the Group's consolidated financial statements in that the Group does not have any assets to which IAS 41 applies. IFRS and IFRIC accounting standard, amendments approved by the European Union, not yet universally applicable and not adopted early by the Group at 31 December 2022 IFRS 17 \u201cInsurance Contracts\u201d In May 2017, the IASB issued IFRS 17 Insurance Contracts (IFRS 17), a comprehensive new standard on insurance contracts covering recognition and measurement, presentation and disclosure. IFRS 17 applies to all types of insurance contracts regardless of the type of entity that issues them, as well as to certain guarantees and financial instruments with discretionary participation features. IFRS 17 will be effective for financial years beginning on or after 1 January 2023, and will require the presentation of comparative balances. early application is permitted, in which case the entity must also have adopted IFRS 9 and IFRS 15 on or before the date of first-time application of IFRS 17. This principle does not apply to the Group. Amendments to IAS 1 \u201cClassification of Liabilities as Current or Non-current\u201dIn January 2020, the IAS issued amendments to paragraphs 69-76 of IAS 1 to specify the requirements for classifying liabilities as current or non-current. The amendments clarify what is meant by the right to postpone an expiry, that the right to postpone must exist at the end of the reporting period, that the classification is not affected by the likelihood that the entity will exercise its right to postpone, that only if a derivative embedded in a convertible liability is itself an equity instrument does the maturity of the liability have no impact on classification. The amendments will be effective for financial years beginning on or after 1 January 2023 and must be applied retrospectively. The Group is assessing the impact the changes will have on the current situation. Amendments to IAS 8 \u201cDefinition of accounting estimates\u201d In February 2021, the IASB issued amendments to IAS 8, in which it introduces a definition of \"accounting estimates\". The amendments clarify the distinction between changes in accounting standards and changes in accounting policies and corrections of errors. They also clarify how entities use measurement techniques and inputs to develop accounting estimates. The amendments are effective for financial years beginning on or after 1 January 2023 and apply to changes in accounting standards and changes in accounting estimates that occur on or after the beginning of that period. Early application is permitted provided that this fact is disclosed. The changes are not expected to have a significant impact on the Group. Amendments to IAS 1 and IFRS Practice Statement 2 \"Disclosure of Accounting Standards\" In February 2021, the IASB issued amendments to IAS 1 and IFRS Practice Statement 2 Making Materiality Judgements, in which it provides guidance and examples to help entities apply materiality judgements to the disclosure of accounting standards. The amendments to IAS 1 are effective for annual periods beginning on or after 1 January 2023. Earlier application is permitted. Since the amendments to PS 2 provide non-mandatory guidance on the application of the definition of materiality to the disclosure of accounting standards, there is no need for an effective date for these amendments. The Group is currently assessing the impact of the amendments to determine the effect they will have on the Group's disclosure of accounting standards. Amendments to IAS 12 \"Deferred Taxes on Assets and Liabilities Arising from a Single Transaction\" In May 2021, the IASB issued amendments to IAS 12 that narrow the scope of the initial recognition exception in IAS 12, which no longer applies to transactions that give rise to both taxable and deductible temporary differences. Amendments are to be applied to transactions occurring after or at the beginning of the comparative period presented. In addition, deferred tax assets (if sufficient taxable income is available) and deferred tax liabilities are recognised at the beginning of the comparative period for all deductible and taxable temporary differences relating to leases and provisions for restoration. The Group is currently assessing the impact of these changes. Hyperinflation \u2013 Turkey: application of IAS 29 As from 1 April 2022, the Turkish economy is considered and hyperinflationary economy in accordance with the criteria set out in \"IAS 29 - Financial Reporting in Hyperinflationary Economies\", i.e. following the assessment of qualitative and quantitative elements including the presence of a cumulative inflation rate greater than 100% over the previous three years. Therefore, as from these financial statements, IAS 29 is concretely applied with reference to the parent company's subsidiaries in Turkey: Sabaf Turkey (Sabaf Beyaz Esya Parcalari Sanayi Ve Ticaret Limited Sirteki) and Okida (Okida Elektronik Sanayi Ve Ticaret A.S.). In order to reflect the changes in the purchasing power of the Turkish lira at the end of this reporting period, the Group restated the value of non-monetary items, shareholders' equity and income statement account items of the investee companies in Turkey to the extent of their recoverable amount, applying the change in the general consumer price index to historical data. The value of the general consumer price index at the end of the reporting period and the changes in the index during the current and previous financial year are shown below: Consumer price index Value at 31/12/2021 Value at 31/12/2022 Change TURKSTAT 686.95 1,128.45 +64.27% Consumer price index Value at 01/01/2003 Value at 31/12/2021 Change TURKSTAT 100 686.95 +586.95% Accounting effects The accounting effects of the restatement were recognised as follows. 1) The financial statements of the Turkish subsidiaries were restated before being included in the consolidated financial statements of the Group: \u25aa the effect of the inflation adjustment until 31 December 2021 of non-monetary assets and liabilities and of shareholders' equity, net of the related tax effect, was recognised as a balancing entry to Other Reserves in shareholders' equity; \u25aa the effect related to the re-measurement of the same non-monetary items, shareholders' equity items and income statement items recognised in 2022 was recognised in a separate item in the income statement under financial income and expenses. The related tax effect was recognised in taxes for the period. 2) On consolidation, as required by IAS 21, these restated financial statements were converted using the final exchange rate in order to restore the amounts to current values. In accordance with IAS 21 (paragraph 42.b), it was not necessary to restate the financial and economic data for the year 2021 for comparative purposes only, as the Group's functional currency does not belong to a hyperinflationary economy. The first-time adoption of IAS 29 generated a positive adjustment (net of the related tax effect) recognised in shareholders' equity reserves in the consolidated financial statements at 1 January 2022 of \u20ac11,402 thousand. Moreover, during 2022, the application of IAS 29 resulted in the recognition of a net financial expense (before tax) of \u20ac9,023 thousand. The effects of the application of hyperinflation on the Consolidated Statement of Financial Position and Consolidated Income Statement are shown below. Consolidated statement of financial position (\u20ac/000)31/12/2022 Hyperinflation effect 31/12/2022 with Hyperinflation effect Total non-current assets 145,930 24,820 170,750 Total current assets 156,713 1,416 158,129 Available-for-sale non-current assets 526 - 526 Total Assets 303,169 26,236 329,405 Total shareholders\u2019 equity 130,433 25,729 156,162 Total non-current liabilities 87,957 507 88,464 Total current liabilities 84,779 - 84,779 Total liabilities and shareholders' equity 303,169 26,236 329,405 Consolidated income statement (\u20ac/000)12M 2022 Hyperinflation effect 12m 2022 with Hyperinflation effect Operating revenue and income 262,092 1,149 263,241 Operating costs (226,469) 3,320 (223,149) Operating profit before depreciation & amortisation, capital gains/losses and write-downs/write-backs of non-current assets (EBITDA) 35,623 4,469 40,092 EBIT 19,049 2,838 21,887 Result before taxes 18,570 (6,361) 12,209 Income taxes 2,756 284 3,040 Profit for the year 21,326 (6,077) 15,249 1. PROPERTY, PLANT AND EQUIPMENT Property Plant and equipment Other assets Assets under construction Total Cost At 31 December 2020 57,226 219,592 55,877 4,535 337,230 Increases 1,589 11,097 4,421 5,120 22,227 Disposals (48) (1,366) (398) (596) (2,408) Change in the scope of consolidation 942 83 - 1,531 2,556 Reclassifications 375 2,092 18 (3,480) (995) Forex differences (654) (3,201) (1,089) (474) (5,418) At 31 December 2021 59,430 228,297 58,829 6,636 353,192 Increases 331 3,513 3,699 12,141 19,684 Disposals - (2,958) (479) - (3,437) Change in the scope of consolidation 2,337 3,732 869 - 6,938 Reclassifications 300 8,527 376 (9,432) (229) Monetary revaluation (IAS 29) 4,503 10,921 3,518 - 18,942 Forex differences (225) (422) (154) (116) (917) At 31 December 2022 66,676 251,610 66,658 9,229 394,173 Accumulated depreciations At 31 December 2020 24,147 188,938 47,638 - 260,723 Depreciations for the year 2,367 8,457 3,290 - 14,114 Derecognition due to disposal (14) (1,462) (319) - (1,795) Reclassifications - (116) 3 - (113) Forex differences (297) (1,287) (560) - (2,144) At 31 December 2021 26,203 194,530 50,052 - 270,785 Depreciations for the year 2,323 9,049 3,945 - 15,317 Derecognition due to disposal - (2,807) (216) - (3,023) Change in the scope of consolidation 248 2,321 657 - 3,226 Reclassifications 3 (1) 135 - 137 Monetary revaluation (IAS 29) 1,734 4,752 1,748 - 8,234 Forex differences (81) (58) 31 - (108) At 31 December 2022 30,430 207,786 56,352 - 294,568 Net carrying value At 31 December 2022 36,246 43,824 10,306 9,229 99,605 At 31 December 2021 33,227 33,767 8,777 6,636 82,407 The breakdown of the net carrying value of Property was as follows: 31/12/2022 31/12/2021 Change Land 9,465 8,613 852 Industrial buildings 26,781 24,614 2,167 Total 36,246 33,227 3,019 Changes in property, plant and equipment resulting from the application of IFRS 16 are shown below: Property Plant and equipment Other assets Total At 31 December 2021 2,221 203 932 3,356 Increases - - 187 187 Depreciations and amortisation (695) (185) (340) (1,220) Decreases - - - - Foreign exchange differences (413) 196 (31) (248) At 31 December 2022 1,113 214 748 2,075 The main investments in the year were aimed at expanding the international production footprint: - in Turkey, where an integrated production line of hinges for dishwashers was started; - in India, where the production of gas components (valves and burners) was started); - in Mexico, where work on the construction of the plant in San Luis de Potosi continued. Decreases mainly relate to the disposal of machinery no longer in use. Assets under construction include machinery under construction and advance payments to suppliers of capital equipment. At 31 December 2022, the Group found no endogenous or exogenous indicators of impairment of its property, plant and equipment. As a result, the value of property, plant and equipment was not submitted to impairment testing. 2. INVESTMENT PROPERTY Cost At 31 December 2020 11,284 Increases - Disposals (1,107) At 31 December 2021 10,177 Increases 144 Disposals (1,381) Reclassifications (6,675) At 31 December 2022 2,265 Depreciations and write-downs At 31 December 2020 8,031 Depreciations for the year 369 Write-downs for the year - Derecognition due to disposal (534) At 31 December 2021 7,866 Depreciations for the year 299 Derecognition due to disposal (734) Reclassifications (6,149) At 31 December 2022 1,282 Net carrying value At 31 December 2021 983 At 31 December 2022 2,311 During the year, property with a net carrying value of \u20ac526 thousand was reclassified under Available-for-sale non-current assets (Note 3). Changes in investment property resulting from the application of IFRS 16 are shown below: Investment property 1 January 2022 3 Increases 144 Decreases - Depreciations and amortisation (39) Foreign exchange differences - At 31 December 2022 108 The item Investment property includes non-operating buildings owned by the Group: these are mainly properties for residential use, held for rental or sale. Disposals during the period resulted in capital gains totalling \u20ac243 thousand. At 31 December 2022, the Group found no other endogenous or exogenous indicators of impairment of its investment property. As a result, the value of investment property was not submitted to impairment testing. 3. ASSETS HELD FOR SALE This item includes the net carrying value of the Parent Company's former production plant located in Lumezzane (Brescia) amounting to \u20ac526 thousand, the value of which will be recovered through a sale transaction with the characteristics indicated by IFRS 5. 4. INTANGIBLE ASSETS Goodwill Patents and software Development costs Other intangible assets Total Cost At 31 December 2020 27,114 9,401 6,586 21,599 64,700 Increases - 420 1,770 44 2,234 Decreases - (2) - (3) (5) Reclassifications - (70) (58) - (128) Forex differences (4,978) (164) - (2,939) (8,081) At 31 December 2021 22,136 9,585 8,298 18,701 58,720 Increases - 591 2,506 56 3,153 Decreases - 1 (16) (7) (22) Change in the scope of consolidation 1,127 263 - 4,568 5,958 Reclassifications - 77 (554) 17 (460) Monetary revaluation (IAS 29) 10,671 385 - 6,453 17,509 Forex differences (1,756) (54) - (1,039) (2,849) At 31 December 2022 32,178 10,848 10,234 28,749 82,009 Amortisation/Write-downs At 31 December 2020 4,546 8,573 4,425 4,139 21,683 Depreciations for the year - 419 375 1,553 2,347 Decreases - - - - - Reclassifications - (93) - - (93) Forex differences - (112) - (658) (770) At 31 December 2021 4,546 8,787 4,800 5,034 23,167 Depreciations for the year - 479 376 1,797 2,652 Decreases - 2 - - 2 Change in the scope of consolidation - 226 - 10 236 Reclassifications - 13 174 24 211 Monetary revaluation (IAS 29) - 303 - 1,566 1,869 Forex differences - (38) - (258) (296) At 31 December 2022 4,546 9,772 5,350 8,173 27,841 Net carrying value At 31 December 2022 27,632 1,076 4,884 20,576 54,168 At 31 December 2021 17,590 798 3,498 13,667 35,553 Goodwill Goodwill recognised at 31 December 2022 is allocated: - to the \u201cHinges\u201d (CGU) cash generating units of \u20ac4.414 million; - to the \u201cProfessional burners\u201d CGU of \u20ac1.770 million; - for \u20ac16.641 million to the \u201cElectronic components\u201d CGU; - for \u20ac1.127 million to the \u201cP.G.A. Electronic components\u201d CGU; - to the \u201cC.M.I. hinges\u201d CGU of \u20ac3.680 million. The Group verifies the ability to recover goodwill at least once a year or more frequently if there are indications of impairment. Recoverable amount is determined through value of use, by discounting expected cash flows. The management defined a single plan for each CGU that represents the normal and expected scenario, with reference to the period from 2023 to 2027, and which was used to develop the impairment tests. The development of forward plans and the calculation of the value in use were carried out following an in-depth analysis that also considered the impact on profitability of the increase in purchase costs and the possibility of transferring this increase to sales prices. The recoverable amount of each CGU, determined on the basis of this plan, was subjected to stress tests and sensitivity analyses. Goodwill allocated to the Hinges CGU In 2022, the Hinges CGU achieved positive results - in terms of sales and profitability - both compared to the previous year and compared to the budget. The 2023-2027 forward plan envisages a decline in sales in 2023, a gradual recovery in the following years and the maintenance of a good level of profitability. At 31 December 2022, the Group tested - with the support of independent experts - the carrying value of its CGU Hinges for impairment, determining its recoverable amount, considered to be equivalent to its usable value, by discounting expected future cash flow in the forward plan drafted by the management. Cash flows for the period from 2023 to 2027 were augmented by the terminal value, which expresses the operating flows that the CGU is expected to generate from the sixth year to infinity and determined based on the perpetual income. The value of use was calculated based on a discount rate (wacc) of 11.65% (10.11% in the impairment test carried out while preparing the consolidated financial statements at 31 December 2021) and a growth rate (g) of 2%, unchanged from the 2021 impairment test. The recoverable amount calculated on the basis of the above-mentioned assumptions and valuation techniques is \u20ac16.245 million, compared with a carrying value of the assets allocated to the Hinges unit of \u20ac10.301 million; consequently, the value recognised for goodwill at 31 December 2022 was deemed recoverable. Sensitivity analysis The table below shows the changes in recoverable amount depending on changes in the WACC discount rate and growth factor g: (\u20ac/000) growth rate discount rate 1.50% 1.75% 2.00% 2.25% 2.50% 10.65% 17,328 17,645 17,981 18,337 18,715 11.15% 16,491 16,771 17,066 17,378 17,708 11.65% 15,735 15,984 16,245 16,520 16,810 12.15% 15,050 15,272 15,504 15,748 16,004 12.65% 14,426 14,624 14,831 15,049 15,277 The table below shows the change in recoverable amount as EBITDA changes according to the plan. EBITDA According to the plan -10% -20% (\u20ac/000) 16,245 14,441 12,637 It was determined that the recoverable amount of the CGU exceeds its carrying value under all of the above assumptions, taking into account changes in discount rate, growth rate and EBITDA. Goodwill allocated to the Professional burners CGU The Professional Burners CGU performed very well during the 2022 financial year in terms of both turnover and profitability. The 2023-2027 forward plan envisages a decline in sales in 2023, a gradual recovery in the following years and the maintenance of a good level of profitability. At 31 December 2022, the Group tested - with the support of independent experts - the carrying value of its Professional burners CGU for impairment, determining its recoverable amount, considered to be equivalent to its usable value, by discounting expected future cash flow in the forward plan drafted at the beginning of 2023. Cash flows for the period from 2023 to 2027 were augmented by the terminal value, which expresses the operating flows that the CGU is expected to generate from the sixth year to infinity and determined based on the perpetual income. The value of use was calculated based on a discount rate (wacc) of 11.19% (6.93% in the impairment test carried out while preparing the consolidated financial statements at 31 December 2021) and a growth rate (g) of 2%, unchanged with respect to the 2021 impairment test, considered by management to be the best estimate of the CGU's growth assumptions, considering the sector in which it operates and in line with the growth rate of other Italian CGUs. The recoverable amount calculated on the basis of the above-mentioned assumptions and valuation techniques is \u20ac6.743 million, compared with a carrying value of the assets allocated to the Professional burners unit of \u20ac5.373 million (including minority interests); consequently, the value recognised for goodwill at 31 December 2022 was deemed recoverable. Sensitivity analysis The table below shows the changes in recoverable amount depending on changes in the WACC discount rate and growth factor g: (\u20ac/000) growth rate discount rate 1.50% 1.75% 2.00% 2.25% 2.50% 10.19% 7,270 7,435 7,610 7,796 5,635 10.69% 6,854 6,999 7,151 7,314 7,485 11.19% 6,481 6,608 6,743 6,885 7,035 11.69% 6,145 6,258 6,377 6,502 6,634 12.19% 5,840 5,941 6,047 6,158 6,275 The table below shows the change in recoverable amount as EBITDA changes according to the plan. EBITDA According to the plan -10% -20% (\u20ac/000) 6,743 5,823 4,903 Goodwill allocated to the Electronic components CGU The Electronic Components CGU performed extremely well in 2022. At 31 December 2022, the Group tested - with the support of independent experts - the carrying value of its CGU Electronic components for impairment, determining its recoverable amount, considered to be equivalent to its usable value, by discounting expected future cash flow in the forward plan drafted by the management. Cash flows for the period from 2023 to 2027 were augmented by the terminal value, which expresses the operating flows that the CGU is expected to generate from the fifth year to infinity and determined based on the perpetual income. The value of use was calculated based on a discount rate (wacc) of 16.81% (15.21% in the impairment test carried out while preparing the consolidated financial statements at 31 December 2021) and a growth rate (g) of 2.50%, unchanged from the 2021 impairment test. The recoverable amount calculated on the basis of the above-mentioned assumptions and valuation techniques is \u20ac44.400 million, compared with a carrying value of the assets allocated to the Electronic components unit of \u20ac36.660 million; consequently, the value recognised for goodwill at 31 December 2022 was deemed recoverable. Sensitivity analysis The table below shows the changes in recoverable amount depending on changes in the WACC discount rate and growth factor g: (\u20ac/000) growth rate discount rate 2.00% 2.25% 2.50% 2.75% 3.00% 15.81% 46,646 47,160 47,694 48,248 48,824 16.31% 45,029 45,500 45,987 46,493 47,018 16.81% 43,521 43,953 44,400 44,863 45,342 17.31% 42,112 42,509 42,920 43,344 43,783 17.81% 40,793 41,159 41,536 41,926 42,330 The table below shows the change in recoverable amount as EBITDA changes according to the plan. EBITDA According to the plan -10% -20% (\u20ac/000) 44,400 39,801 34,906 Goodwill allocated to the C.M.I. Hinges CGU The Hinges C.M.I. CGU recognised a strong increase in turnover in 2022 and a good level of profitability. The 2023-2027 forward plan envisages a decline in sales in 2023, a gradual recovery in the following years and the maintenance of a good level of profitability. At 31 December 2022, the Group tested - with the support of independent experts - the carrying value of its CGU Hinges C.M.I. for impairment, determining its recoverable amount, considered to be equivalent to its usable value, by discounting expected future cash flow in the forward plan drafted by the management. Cash flows for the period from 2023 to 2027 were augmented by the terminal value, which expresses the operating flows that the CGU is expected to generate from the third year to infinity and determined based on the perpetual income. The value of use was calculated based on a discount rate (wacc) of 11.66% (11.31% in the impairment test carried out while preparing the consolidated financial statements at 31 December 2021) and a growth rate (g) of 2%, unchanged with respect to the 2021 impairment test, considered by management to be the best estimate of the CGU's growth assumptions, considering the sector in which it operates and in line with the growth rate of other Italian CGUs. The recoverable amount calculated on the basis of the above-mentioned assumptions and valuation techniques is \u20ac50.590 million, compared with a carrying value of the assets allocated to the C.M.I. Hinges unit of \u20ac25.734 million; consequently, the value recognised for goodwill at 31 December 2022 was deemed recoverable. Sensitivity analysis The table below shows the changes in recoverable amount depending on changes in the WACC discount rate and growth factor g: (\u20ac/000) growth rate discount rate 1.50% 1.75% 2.00% 2.25% 2.50% 10.66% 54,242 55,340 56,501 57,732 59,037 11.16% 51,395 52,363 53,384 54,462 55,602 11.66% 48,829 49,687 50,590 51,541 52,544 12.16% 46,505 47,270 48,072 48,916 49,802 12.66% 44,390 45,075 45,792 46,543 47,332 The table below shows the change in recoverable amount as EBITDA changes according to the plan. EBITDA According to the plan -10% -20% (\u20ac/000) 50,590 46,152 38,885 Goodwill allocated to the \"P.G.A. Electronic components\u201d CGU At 31 December 2022, the Group tested the carrying value of its P.G.A. Electronic components for impairment, determining its recoverable amount, considered to be equivalent to its value of use, by discounting expected future cash flows in the forward plan prepared by the management. Cash flows for the period from 2023 to 2025 were augmented by the terminal value, which expresses the operating flows that the CGU is expected to generate from the third year to infinity and determined based on the perpetual income. The value of use was calculated based on a discount rate (WACC) of 10.88% and a growth rate (g) of 2%, representative of expected future growth rates for the reference market. The recoverable amount calculated on the basis of the above-mentioned assumptions and valuation techniques is \u20ac15.569 million, compared with a carrying value of the assets allocated to the P.G.A. Electronic components of \u20ac10.222 million; consequently, the value recognised for goodwill at 31 December 2022 was deemed recoverable. Sensitivity analysis The table below shows the changes in recoverable amount depending on changes in the WACC discount rate and growth factor g: (\u20ac/000) growth rate discount rate 1.50% 1.75% 2.00% 2.25% 2.50% 9.88% 16,651 17,090 17,558 18,056 18,588 10.38% 15,707 16,094 16,504 16,940 17,403 10.88% 14,863 15,206 15,569 15,953 16,359 11.38% 14,105 14,411 14,734 15,074 15,433 11.88% 13,420 13,694 13,983 14,286 14,606 The table below shows the change in recoverable amount as EBITDA changes according to the plan. EBITDA According to the plan -10% -20% (\u20ac/000) 15,569 13,658 11,745 Patents and software Software investments are related to the extension of the application and corporate scope of the Group management system (SAP). Development costs Development costs are mainly related to the decision to extend the product range to include induction cooking. To this end, a dedicated project team was set up to develop the project know-how in-house, with patents, proprietary software and hardware. The first prototypes were presented in 2022, with production starting in 2023. Increases in development costs include projects in progress and therefore not subject to amortisation. With regard to patents, software and development costs, no internal and external indicators that would necessitate an impairment test were identified. Other intangible assets The other intangible assets recognised in these consolidated financial statements mainly result from the Purchase Price Allocation carried out following the acquisition of Okida Elektronik in September 2018, the acquisition of C.M.I. S.r.l. in July 2019 and P.G.A. in October 2022. The net carrying value of other intangible assets is broken down as follows: 31/12/2022 31/12/2021 Change Customer Relationship 13,000 6,301 6,699 Brand 3,807 3,877 (70) Know-how 577 236 341 Patents 2,835 3,038 (203) Other 357 215 142 Total 20,576 13,667 6,909 At 31 December 2022, the recoverability of the amount of other intangible assets was verified as part of the impairment test of the related goodwill described in the previous paragraph. 5. EQUITY INVESTMENTS 31/12/2021 Change scope of consolidation 31/12/2022 Other equity investments 83 14 97 Total 83 14 97 Internal and external indicators that would necessitate an impairment test on equity investments were not identified. 6. NON-CURRENT RECEIVABLES 31/12/2022 31/12/2021 Change Tax receivables 2,057 985 1,072 Guarantee deposits 98 115 (17) Receivables from former P.G.A. shareholders 597 - 597 Total 2,752 1,100 1,652 Tax receivables relate to indirect taxes expected to be recovered after 31 December 2023. Receivables from former P.G.A. shareholders to Sabaf S.p.A. refer to compensation obligations envisaged upon the occurrence of certain events (liabilities incurred by P.G.A.) regulated by the acquisition agreement. These receivables, already accrued and agreed upon between the parties, were discounted and the effect was recognised under Financial Expenses (Note 31). 7. INVENTORIES 31/12/2022 31/12/2021 Change Raw Materials 31,068 26,771 4,297 Semi-processed goods 16,403 15,133 1,270 Finished products 23,771 25,646 (1,875) Provision for inventory write-downs (6,816) (3,397) (3,419) Total 64,426 64,153 273 The value of final inventories at 31 December 2022 increased compared to the previous year due to the inflationary effect caused by the increase in the prices of raw materials and as a result of the monetary revaluation carried out in application of IAS 29 for hyperinflation in Turkey (of \u20ac1,416 thousand). On the other hand, the volumes of products in stock showed a decline. At 31 December 2022, the value of inventories was adjusted based on an improved estimate of the idle capacity and obsolescence risk, measured by analysing slow and non-moving inventory. The following table shows the changes in the Provision for inventory write-downs during the current financial year: 31/12/2021 3,397 Provisions 3,018 Utilisation (164) Monetary revaluation (IAS 29) 323 Change in the scope of consolidation 300 Forex differences (58) 31/12/2022 6,816 8. TRADE RECEIVABLES 31/12/2022 31/12/2021 Change Total trade receivables 59,999 69,139 (9,140) Bad debt provision (840) (1,099) 259 Net total 59,159 68,040 (8,881) Trade receivables at 31 December 2022 were lower than the balance at the end of 2021 as a result of the decline in sales in the last part of the year. There were no significant changes in the payment terms agreed with customers. The amount of trade receivables recognised in the financial statements includes approximately \u20ac25.7 million in insured receivables (\u20ac24.3 million at 31 December 2021). The breakdown of trade receivables by past due period is shown below: 31/12/2022 31/12/2021 Change Current receivables (not past due) 45,199 60,358 (15,159) Outstanding up to 30 days 6,947 4,132 2,815 Outstanding from 30 to 60 days 4,020 1,290 2,730 Outstanding from 60 to 90 days 1,416 794 622 Outstanding for more than 90 days 2,417 2,565 (148) Total 59,999 69,139 (9,140) The bad debt provision was adjusted to the better estimate of the credit risk and expected losses at the end of the reporting period, also carried out by analysing each expired item. Changes during the year were as follows: 31/12/2021 1,099 Provisions - Utilisation (296) Change in the scope of consolidation 23 Forex differences 14 31/12/2022 840 9. TAX RECEIVABLES 31/12/2022 31/12/2021 Change For income tax 5,061 1,395 3,666 For VAT and other sales taxes 3,144 4,751 (1,607) Other tax credits 9 19 (10) Total 8,214 6,165 2,049 At 31 December 2022, income tax receivables mainly include: \u25aa \u20ac2,014 thousand relating to the tax credit for investments in capital goods; \u25aa \u20ac148 thousand relating to the tax credit for research and development; \u25aa \u20ac741 thousand related to the unused tax credit for contributions related to the increase in gas and electricity costs; \u25aa payments on account paid in 2022: IRES for \u20ac900 thousand and IRAP for \u20ac94 thousand. 10. OTHER CURRENT RECEIVABLES 31/12/2022 31/12/2021 Change Credits to be received from suppliers 706 1,267 (561) Advances to suppliers 1,376 859 517 Accrued income and prepaid expenses 660 476 184 Other 168 534 (366) Total 2,910 3,136 (226) Credits to be received from suppliers mainly refer to bonuses paid to the Group for the attainment of purchasing objectives. 11. FINANCIAL ASSETS 31/12/2022 31/12/2021 Current Non-current Current Non-current Restricted bank accounts 786 - 1,172 - Derivative instruments on interest rates 1,711 - - - Total 2,497 - 1,172 0 At 31 December 2022, there were short-term term deposits of \u20ac786 thousand. In 2022, the term deposit of \u20ac1.172 million for the portion of the price not yet paid to the sellers of the C.M.I. equity investment and deposited as collateral in accordance with the terms of the C.M.I. acquisition agreement (Note 16) was paid. At 31 December 2022, the Group has in place eight interest rate swap (IRS) contracts for amounts and maturities coinciding with six unsecured loans that are being amortised, whose residual value at 31 December 2022 is \u20ac27,130 thousand. The contracts have not been designated as capital flow hedges and are therefore at their fair value through profit and loss, and recognised in the items \u201cFair Value through profit or loss\u201d, with \"Financial income\" as a balancing entry. 12. CASH AND CASH EQUIVALENTS Cash and cash equivalents, which amounted to \u20ac20,923 thousand at 31 December 2022 (\u20ac43,649 thousand at 31 December 2021) consisted of bank current account balances of \u20ac20.8 million (\u20ac43.2 million at 31 December 2021) and investments in liquidity of \u20ac91 thousand (\u20ac432 thousand at 31 December 2021). Changes in the cash and cash equivalents are analysed in the statement cash flows. 13. SHARE CAPITAL The parent company\u2019s share capital consists of 11,533,450 shares with a par value of \u20ac1.00 each. The share capital paid in and subscribed did not change during the year. At 31 December 2022, the structure of the share capital is shown in the table below. No. of shares % of share capital Rights and obligations Ordinary shares 7,915,422 68.63% - Ordinary shares with increased vote 3,618,028 31.37% Two voting rights per share TOTAL11,533,450100% With the exception of the right to increased vote, there are no rights, privileges or restrictions on the shares of the Parent Company. The availability of the Parent Company's reserves is indicated in the separate financial statements of Sabaf S.p.A. 14. TREASURY SHARES AND OTHER RESERVES Treasury shares With regard to the 2018 - 2020 Stock Grant Plan, following the expiry of the three-year vesting period, during the first half of 2022, 79,128 ordinary shares of the Company were allocated and transferred to the beneficiaries of Cluster 2, through the use of shares already available to the issuer. During the financial year, the following occurred: \u25aa 81,321 treasury shares were purchased at an average price of \u20ac22.89 per share; \u25aa 99,132 treasury shares were sold as part of the acquisition of 100% of the capital of P.G.A. s.r.l. on 3 October 2022, for which 25% of the price was paid in shares. At 31 December 2022, Sabaf S.p.A. held 214,863 treasury shares (1.863% of the share capital), reported in the financial statements as an adjustment to shareholders\u2019 equity at a weighted average unit value of \u20ac14.99 (the closing stock market price of the Share at 31 December 2022 was \u20ac16.69). There were 11,318,587 outstanding shares at 31 December 2022. Stock grant reserve Items \"Retained earnings, other reserves\" of \u20ac129,380 thousand included, at 31 December 2022, the stock grant reserve of \u20ac1,939 thousand, which included the measurement at 31 December 2022 of the fair value of rights assigned to receive shares of the Parent Company relating to the 2021 \u2013 2023 Stock Grant Plan, medium- and long-term incentive plan for directors and employees of the Sabaf Group, for the details of which reference is made to Note 40. Cash Flow Hedge reserve The following table shows the change in the Cash Flow Hedge reserve related to the application of IFRS 9 on derivative contracts and referring to the recognition in net equity of the effective part of the derivative contracts signed to hedge the foreign exchange rate risk for which the Group applies hedge accounting. Value at 31 December 2021 (151) Change during the period 149 Value at 31 December 2022 (2) The characteristics of the derivative financial instruments that gave rise to the Cash Flow Hedge reserve and the accounting effects on other items in the financial statements are broken down in Note 38, in the paragraph Foreign exchange risk management. 15. LOANS 31/12/2022 31/12/2021 Current Non-current Total Current Non-current Total Bond issue - 29,685 29,685 - 29,649 29,649 Unsecured loans 21,613 46,595 68,208 19,044 53,913 72,957 Short-term bank loans 5,308 - 5,308 1,769 - 1,769 Advances on bank receipts or invoices 921 - 921 2,263 - 2,263 Leases 1,032 2,056 3,088 1,329 2,942 4,271 Interest payable 2 - 2 - - - Total 28,876 78,336 107,212 24,405 86,504 110,909 In December 2021, Sabaf S.p.A. issued a \u20ac30 million bond fully subscribed by PRICOA with a maturity of 10 years, an average life of 8 years and a fixed coupon of 1.85% per year. The loan has the following covenants, defined with reference to the consolidated financial statements at the end of each reporting period, widely complied with at 31 December 2022 and for which, according to the Group's business plan, compliance is also expected in subsequent years: \u25aa commitment to maintain a ratio of net financial debt to shareholders\u2019 equity of less than 1.5; \u25aa commitment to maintain a ratio of net financial debt to EBITDA of less than 3; \u25aa commitment to maintain a ratio of EBITDA to net financial position of more than 4. During the year, the Group took out new unsecured loans for a total of \u20ac13 million to finance the investments made. All loans are signed with an original maturity of 5 years and are repayable in instalments. Some of the outstanding unsecured loans have covenants, defined with reference to the consolidated financial statements at the end of the reporting period, as specified below: \u25aa commitment to maintain a ratio of net financial debt to shareholders\u2019 equity of less than 1 (residual amount of the loans at 31 December 2022 equal to \u20ac49.9 million); \u25aa commitment to maintain a ratio of net financial debt to EBITDA of less than 2.5 (residual amount of the loans at 31 December 2022 equal to \u20ac40.4 million); \u25aa commitment to maintain a ratio of net financial debt to EBITDA of less than 3 (residual amount of the loans at 31 December 2022 equal to \u20ac16.1 million); widely complied with at 31 December 2022 and for which, according to the Group's business plan, compliance is also expected in subsequent years. All bank loans are denominated in euro. To manage interest rate risk, some unsecured loans (with a total residual value of \u20ac55.808 million at 31 December 2022) are either fixed-rate or hedged by IRS. The following table shows the changes in lease liabilities during the year: Lease liabilities at 31 December 2020 4,896 New agreements signed during 2021 954 Repayments during 2021 (1,581) Forex differences 2 Lease liabilities at 31 December 2021 4,271 New agreements signed during 2022 331 Repayments during 2022 (1,409) Forex differences (105) Lease liabilities at 31 December 2022 3,088 Financial liabilities related to the application of IFRS 16 at 31 December 2022 amounted to \u20ac2,917 thousand. Note 38 provides information on financial risks, pursuant to IFRS 7. 16. OTHER FINANCIAL LIABILITIES 31/12/2022 31/12/2021 Current Non-current Current Non-current Payables to former P.G.A. shareholders 546 - - - Payables to C.M.I. shareholders - - 1,173 - Derivative instruments on interest rates - - 190 - Currency derivatives 28 - 156 - Total 574 - 1,519 - Currency derivatives refer to forward sales contracts recognised using hedge accounting. These financial instruments are broken down in Note 38 - Forex risk management. The payable to former P.G.A. shareholders refers to price adjustments following the completion of the acquisition and determined in accordance with contractual provisions. The payable to C.M.I. shareholders, which amounted to \u20ac1,173 thousand at 31 December 2021 and related to the portion of the price not yet paid to the sellers of the C.M.I. shareholding, was paid in 2022. 17. POST-EMPLOYMENT BENEFIT AND RETIREMENT PROVISIONS Post-employment benefit At 31 December 2021 3,408 Provisions 340 Financial expenses 66 Payments made (499) Tax effect (254) Change in the scope of consolidation 643 Forex differences (43) At 31 December 2022 3,661 Following the revision of IAS 19 - Employee benefits, from 1 January 2013, all actuarial gains or losses are recognised immediately in the comprehensive income statement (\"Other comprehensive income\") under the item \"Actuarial income and losses\". Post-employment benefits are calculated as follows: Financial assumptions 31/12/2022 31/12/2021 Discount rate 3% - 3.7% 0.40% Inflation 3% 1.30% Demographic theory 31/12/2022 31/12/2021 Mortality rate IPS 55 ANIA IPS 55 ANIA Disability rate INPS 2000 INPS 2000 Staff turnover 3% - 10% 3% - 8% Advance payouts 1% - 5% 2% - 4% Retirement age Pursuant to legislation in force at 31 December 2022 Pursuant to legislation in force at 31 December 2021 18. PROVISIONS FOR RISKS AND CHARGES 31/12/2021 Provi sions Utilisation Change in the scope of consolidation Forex differences 31/12/2022 Provision for agents\u2019 indemnities 249 8 (5) - - 252 Product guarantee fund 60 23 (23) - - 60 Provision for legal risks 416 13 (358) - 6 77 Provision for tax risks 500 - (500) - - - Other provisions for risks and charges 109 - - 165 (24) 250 Total 1,334 21 (863) 165 (18) 639 The provision for agents\u2019 indemnities covers amounts payable to agents if the Group terminates the agency relationship. The product guarantee fund covers the risk of returns or charges by customers for products already sold. Uses of the provision for legal risks refer, for \u20ac328 thousand, to the settlement of a legal dispute of the C.M.I. Group. The relevant provision was recognised as part of the Purchase Price Allocation process carried out following the acquisition of C.M.I. Following the settlement of a tax dispute, in 2022, the provision for tax risks in which a specific provision of the same amount was recognised, was used in the amount of \u20ac500 thousand. Other provisions for risks and charges, recognised as part of the Purchase Price Allocation following the acquisitions of Okida Elektronik and of the P.G.A. Group, reflect the fair value of the potential liabilities of the acquired entities. The provisions for risks, which represent the estimate of future payments made based on historical experience, have not been discounted because the effect is considered negligible. 19. TRADE PAYABLES 31/12/2022 31/12/2021 Change Total 39,628 54,837 (15,209) The decrease in trade payables is related to the decline in production volumes in the second half of the year. Average payment terms did not change versus the previous year. At 31 December 2022, there were no overdue payables of a significant amount and the Group did not receive any injunctions for overdue payables. 20. TAX PAYABLES 31/12/2022 31/12/2021 Change For income tax 235 3,450 (3,215) Withholding taxes 1,059 954 105 Other tax payables 1,251 547 704 Total 2,545 4,951 (2,406) 21. OTHER CURRENT PAYABLES 31/12/2022 31/12/2021 Change To employees 5,553 6,706 (1,153) To social security institutions 2,781 2,844 (63) To agents 164 283 (119) Advances from customers 522 1,694 (1,172) Other current payables 4,136 1,548 2,588 Total 13,156 13,075 81 At the beginning of 2022, payables due to employees and social security institutions were paid in accordance with the scheduled expiry dates. Other current payables include accrued liabilities and deferred income totalling \u20ac3,882 thousand. 22. DEFERRED TAX ASSETS AND LIABILITIES 31/12/2022 31/12/2021 Change Deferred tax assets 13,145 8,639 4,506 Deferred tax liabilities (5,828) (3,939) (1,889) Net position 7,317 4,700 2,617 The table below analyses the nature of the temporary differences that determine the recognition of deferred tax liabilities and assets and their changes during the year and the previous year. Non-current tangible and intangible assets Provisions , value adjustments Fair value of derivative instruments Good will Tax incentives Tax losses Actuarial evaluation of post-employment benefit Hyperinflation effects Other temporary differences Total 31/12/2021 (1,912) 1,278 35 1,063 2,586 744 192 0 714 4,700 Through profit or loss 2,983 302 (420) (177) 1,459 649 0 284 (148) 4,932 In shareholders' equity (1,290) 0 3 0 0 0 (81) (261) 0 (1,629) Forex differences 30 10 0 0 (613) (133) 0 0 20 (686) 31/12/2022 (188) 1,590 (382) 886 3,432 1,260 111 23 586 7,317 Deferred tax assets recognised in the income statement in respect of \"Non-current tangible and intangible assets\" included \u20ac3,734 thousand in these consolidated financial statements as a result of the revaluation for tax purposes of the tangible assets of the Group's Turkish companies. The exercise of the revaluation option resulted in a substitute tax of approximately \u20ac69 thousand, which is accounted for in current taxes for the year. Deferred tax assets relating to goodwill refer to the exemption of the value of the investment in Faringosi Hinges s.r.l. made in 2011 pursuant to Italian law Decree 98/2011, deductible in ten instalments starting in 2018. Deferred tax assets relating to tax incentives are commensurate to investments made in Turkey, for which the Group will benefit from a direct tax deduction. At the end of the financial year, the taxation of the Group's Turkish companies was adjusted to 20% tax rate, recognising tax expenses of \u20ac391 thousand in profit or loss. Comments on key income statement items 24. REVENUE In 2022, sales revenue totalled \u20ac253,053 thousand, down by \u20ac10,206 thousand (-3.9%) compared with 2021 (-4.9% on a like-for-like basis). Revenue by geographical area 2022 % 2021 %% change Europe (excluding Turkey) 87,281 34.5% 92,935 35.3% -6.1% Turkey 66,845 26.4% 65,526 24.9% 2.0% North America 39,800 15.7% 30,472 11.6% 30.6% South America 28,503 11.3% 39,589 15.0% -28.0% Africa and Middle East 19,098 7.5% 19,614 7.5% -2.6% Asia and Oceania 11,525 4.6% 15,123 5.7% -23.8% 253,053 100% 263,259 100% -3.9% Revenue by product family 2022 % 2021 %% change Gas parts 158,340 62.6% 182,468 69.3% -13.2% Hinges 68,627 27.1% 58,375 22.2% 17.6% Electronic components 26,086 10.3% 22,416 8.5% 16.4% Total 253,053 100% 263,259 100% -3.9% After an exceptionally positive 2021 for the Group and its market, demand gradually deteriorated in 2022, with the downturn becoming more pronounced in the second half of the year. The only geographical areas that maintained a positive revenue trend were Turkey and North America partly due to the development of business relations with major industry players. Average sales prices in 2022 were 8.4% higher than in 2021, largely offsetting considerable increases in the purchase prices of the raw materials, electricity and gas. 25. OTHER INCOME 2022 2021 Change Sale of trimmings 5,711 5,546 165 Contingent income 554 374 180 Rental income 122 123 (1) Use of provisions for risks and charges 6 12 (6) Other income 3,795 2,606 1,189 Total 10,188 8,661 1,527 In 2022, other income mainly included: tax credits for investments in capital goods and for research and development of \u20ac1,229 thousand, the favourable settlement of a tax dispute in favour of the Brazilian company of \u20ac700 thousand, proceeds from the sale of moulds and equipment of \u20ac223 thousand, Turkish government grants of \u20ac304 thousand, referring to incentives for hiring personnel, and the production of energy through photovoltaic plants of \u20ac52 thousand. 26. PURCHASES OF MATERIALS 2022 2021 Change Commodities and outsourced components 115,410 132,143 (16,733) Consumables 8,921 10,212 (1,291) Total 124,331 142,355 (18,024) The reduction in purchases is related to the decrease in business volumes, while the unit prices of the main raw materials (aluminium alloys, steel and brass) increased significantly and on average by about 20% compared to the previous year. 27. COSTS FOR SERVICES 2022 2021 Change Outsourced processing 13,680 18,689 (5,009) Natural gas and power 11,359 8,536 2,823 Maintenance 7,040 7,972 (932) Transport 4,433 4,658 (225) Advisory services 3,232 2,856 376 Travel expenses and allowances 700 292 408 Commissions 994 1,144 (150) Directors\u2019 fees 861 829 32 Insurance 864 727 137 Canteen 796 797 (1) Other costs 6,221 5,877 344 Total 50,180 52,377 (2,197) The main outsourced processing include aluminium die-casting, hot moulding of brass and steel blanking as well as some mechanical processing and assembly. As a result of lower activity levels compared to the previous year, some production stages that had been outsourced to external suppliers in 2021 to cope with peaks in demand were internalised. The increase in energy costs was due to the exceptional increase in electricity and gas prices. On a like-for-like basis, the effect of this increase is estimated to be \u20ac 5.3 million in higher charges compared to the previous year. Energy and gas costs are posted net of tax benefits related to public contributions for electricity and gas consumption, amounting to \u20ac515 thousand. Other costs included expenses for the registration of patents, waste disposal, cleaning, leasing third-party assets and other minor charges. 28. PERSONNEL COSTS 2022 2021 Change Salaries and wages 31,750 32,749 (999) Social Security costs 9,685 10,175 (490) Temporary agency workers 5,617 7,596 (1,979) Post-employment benefit and other costs 1,740 2,639 (899) Stock grant plan1,134 805 329 Total 49,926 53,964 (4,038) The number of Group employees was 1,238 at 31 December 2022 (1,278 at 31 December 2021). The number of temporary staff was 115 at 31 December 2022 (198 at 31 December 2021). The item \"Stock Grant Plan\" included the measurement at 31 December 2022 of the fair value of options to the allocation of shares of the Parent Company assigned to Group employees. For details of the Stock Grant Plan, refer to Note 40. 29. OTHER OPERATING COSTS 2022 2021 Change Non-income taxes 729 651 78 Other operating expenses 614 694 (80) Contingent liabilities 238 54 184 Losses and write-downs of trade receivables 1 103 (102) Provisions for risks 21 - 21 Other provisions 28 29 (1) Total 1,631 1,531 100 Non-income taxes chiefly relate to property tax. 30. FINANCIAL INCOME 2022 2021 Change Exercise of the C.M.I. put option (Note 15) - 507 (507) Interest rate derivatives 1,753 - 1,753 Interest from bank current accounts 154 227 (73) Other financial income 10 16 (6) Total 1,917 750 1,167 31. EXPENSES FROM HYPERINFLATION/FINANCIAL EXPENSES 2022 2021 Change Expenses from hyperinflation 9,023 - 9,023 Interest paid to banks 1,340 598 742 Interest paid on finance lease contracts 105 138 (33) Banking expenses 222 302 (80) Exercise of A.R.C. option - 69 (69) Other financial expense 342 72 270 Financial expenses 2,009 1,179 830 As from 2022, the effect of inflation accounting on the Turkish subsidiaries, which impacted some financial statement items and resulted in total expenses of \u20ac9,023 thousand, was reflected in the financial statements. For an appropriate and detailed analysis, please refer to the specific paragraph in the Explanatory Notes to these Financial Statements. Other financial expenses include \u20ac140 thousand related to the discounting of long-term receivables from former shareholders of P.G.A. (Note 6). 32. EXCHANGE RATE GAINS AND LOSSES In 2022, the Group reported net foreign exchange losses of \u20ac515 thousand, versus net losses of \u20ac7,399 thousand in 2021. The main portion of 2022 foreign exchange losses reflect the devaluation of the Turkish lira and arise from the translation into lira (the currency in which the financial statements of the Group's Turkish companies are prepared) of trade and financial payables denominated in euro. 33. PROFITS AND LOSSES FROM EQUITY INVESTMENTS In 2022, the Group recognised losses from equity investments of \u20ac48 thousand. This value refers to the capital loss generated by the deconsolidation of Handan ARC Burners Co. Ltd. The 51% stake, which was held indirectly through A.R.C. s.r.l., was sold to a third party during the first quarter of 2022. 34. INCOME TAXES 2022 2021 Change Current taxes for the year 2,080 7,617 (5,537) Deferred tax assets and liabilities (4,932) (2,967) (1,965) Taxes related to previous financial years (188) 347 (535) Total (3,040) 4,997 (8,037) Reconciliation between the tax burden booked in the financial statements and the theoretical tax burden calculated according to the statutory tax rates currently in force in Italy is shown in the following table: 2022 2021 Theoretical income tax 2,909 7,411 Permanent tax differences 18 113 Taxes related to previous financial years (158) (151) Tax effect from different foreign tax rates (112) 227 Effect of non-recoverable tax losses 324 105 \u201cEnergy intensive contribution\u201d tax benefit (515) - \u201cSuper and Iperammortamento\u201d tax benefit (749) (844) ACE tax benefit (285) (375) Revaluation of fixed assets in Turkey (3,661) (1,161) Tax incentives for investments in Turkey (1,839) (1,963) Other differences 479 (164) Income taxes booked in the accounts, excluding IRAP and withholding taxes (current and deferred) (3,589) 3,198 IRAP (current and deferred) 480 1,211 Substitute tax on realignment of property values 69 106 Provision for tax risks - 500 Tax credit on sanitisation costs - (18) Total 3,040 4,997 Theoretical taxes were calculated applying the current corporate income tax (IRES) rate, i.e. 24%, to the pre-tax result. IRAP is not taken into account for the purpose of reconciliation because, as it is a tax with a different assessment basis from pre-tax profit, it would generate distorting effects. In these consolidated financial statements, the Group recognised: \u25aa the tax benefits relating to \"Superammortamento\" (Super amortisation) and \"Iperammortamento\" (Hyper amortisation), related to the investments made in Italy, amounting to \u20ac749 thousand (\u20ac844 thousand in 2021); \u25aa the tax benefits deriving from the investments made in Italy amounting to \u20ac1,491 thousand (\u20ac1,963 thousand in 2021); \u25aa the tax benefit from untaxed government grants to the Group's Italian companies for electricity and gas consumption amounted to \u20ac515 thousand; 35. EARNINGS PER SHARE Basic and diluted EPS are calculated based on the following data: Earnings (\u20ac/000) 2022 2021 Profit for the year 15,249 23,903 Number of shares 2022 2021 Weighted average number of ordinary shares for determining basic earnings per share 11,255,384 11,209,078 Dilutive effect from potential ordinary shares - - Weighted average number of ordinary shares for determining diluted earnings per share 11,255,384 11,209,078 Earnings per share (in \u20ac)2022 2021 Basic earnings per share 1.355 2.132 Diluted earnings per share 1.355 2.132 Basic earnings per share are calculated on the average number of outstanding shares minus treasury shares, equal to 278,066 in 2022 (324,372 in 2021). Diluted earnings per share are calculated taking into account any shares approved but not yet subscribed. 36. DIVIDENDS On 1 June 2022, shareholders were paid an ordinary dividend of \u20ac0.60 per share (total dividends of \u20ac6,616 thousand in implementation of the shareholders' resolution of 28 April 2022. For the current financial year, the Directors have proposed not to distribute dividends to shareholders. 37. INFORMATION BY BUSINESS SEGMENT Information by business segment for 2022 and 2021 is provided below 2022 FY Gas parts (household and professional) Hinges Electronic components Unallocated Revenues and Costs Total Sales 157,365 68,941 25,544 1,203 253,053 Ebit 10,588 6,677 8,723 (4,101) 21,887 2021 FY Gas parts (household and professional) Hinges Electronic components Total Sales 182,618 58,671 21,970 263,259 Ebit 23,649 6,292 7,567 37,508 38. INFORMATION ON FINANCIAL RISK Categories of financial instruments In accordance with IFRS 7, a breakdown of the financial instruments is shown below, among the categories set forth in IAS 39: 31/12/2022 31/12/2021 Financial assets Amortised cost Cash and cash equivalents 20,923 43,649 Term bank deposits 786 1,172 Trade receivables and other receivables 64,821 72,276 Fair Value through profit or loss Derivatives to hedge cash flows 1,710 - Hedge accounting Derivatives to hedge cash flows - 262 Financial liabilities Amortised cost Loans 107,212 110,909 Other financial liabilities 546 1,173 Trade payables 39,628 54,837 Fair Value through profit or loss Derivatives to hedge cash flows - 190 Hedge accounting Derivatives to hedge cash flows 28 156 The Group is exposed to financial risks related to its operations, mainly: \u25aa credit risk, with special reference to normal trade relations with customers; \u25aa market risk, relating to the volatility of prices of commodities, foreign exchange and interest rates; \u25aa liquidity risk, which can be expressed by the inability to find financial resources necessary to ensure Group operations. It is part of the Sabaf Group\u2019s policies to hedge exposure to changes in prices and in fluctuations in exchange and interest rates via derivative financial instruments. Hedging is done using forward contracts, options or combinations of these instruments. Generally speaking, the maximum duration covered by such hedging does not exceed 18 months. The Group does not enter into speculative transactions. When the derivatives used for hedging purposes meet the necessary requisites, hedge accounting rules are followed. Credit risk management Trade receivables involve producers of domestic appliances, multinational groups and smaller manufacturers in a few or single markets. The Group assesses the creditworthiness of all its customers at the start of supply and systemically at least on an annual basis. After this assessment, each customer is assigned a credit limit. The Group factors receivables with factoring companies based on without recourse agreements, thereby transferring the related risk. A credit insurance policy is in place, which guarantees cover for approximately 43% of trade receivables. Credit risk relating to customers operating in emerging economies is generally attenuated by the expectation of revenue through letters of credit. Forex risk management The key currencies other than the euro to which the Group is exposed are the US dollar, the Brazilian real and the Turkish lira, in relation to sales made in dollars (chiefly on some Asian and American markets) and the production units in Brazil and Turkey. Sales in US dollars represented 19.9% of total turnover in 2022, while purchases in dollars represented 5.4% of total turnover. During the year, operations in dollars were partially hedged through forward sales contracts. At 31 December 2022, the Group had in place forward sales contracts of USD 3.5 million, maturing in April 2023 at an average exchange rate of 1.06251. With reference to these contracts, the Group applies hedge accounting, checking compliance with IFRS 9. The table below shows the balance sheet and income statement effects of forward sales contracts recognised under hedge accounting. (amounts in \u20ac/000) 2022 Reduction in financial assets (37) Increase in current financial liabilities (129) Adjustment to the Cash Flow Hedge reserve (equity reserve) 147 Negative impact through profit or loss 899 The following table shows the characteristics of the derivative financial instruments described in the previous paragraph. Exchange rate risk management: cash flow hedge in accordance with IFRS 9 on commercial transactions Company Counterparty Instrument Maturity Value date Notional Fair value hierarchy Sabaf S.p.A. MPS Forward 31/03/2023 USD 1,000,000 2 Faringosi Hinges s.r.l. BPER Banca Forward 30/03/2023 USD 500,000 C.M.I. s.r.l. MPS Forward 05/01/2023 USD 500,000 BPER Banca 05/01/2023 500,000 04/04/2023 1,000,000 Sensitivity analysis With reference to financial assets and liabilities in US dollars at 31 December 2022, a hypothetical and immediate revaluation of 10% of euro against the dollar would have led to a loss of \u20ac1,803 thousand. Net value of assets and liabilities in foreign subsidiaries The net value of assets and liabilities in foreign subsidiaries constitutes an investment in foreign currency, which generates a translation difference on consolidation of the Group, with an impact on the comprehensive income statement and the financial position. The table below shows the impact on the Group's equity of a 10% increase or decrease in the value of each currency against the euro at the end of 2022: Value date Effect on Group Shareholders' Equity Brazilian real +/- 1,613 Turkish lira +/- 8,616 Mexican peso +/- 583 Indian Rupee +/- 375 Chinese renminbi +/- 136 US Dollar +/- 13 Total +/- 11,336 Interest rate risk management Owing to the current trend in interest rates, the Group favours fixed-rate indebtedness: medium to long-term loans originated at a variable rate are converted to a fixed rate by entering into interest rate swaps (IRS) when the loan is opened. At 31 December 2022, IRS totalling \u20ac27.3 million were in place, mirrored in mortgages with the same residual debt, through which the Group transformed the floating rate of the mortgages into fixed rate. The derivative contracts were not designated as a cash flow hedge and were therefore recognised using the \"fair value through profit or loss\" method. The following table shows the characteristics of the derivative financial instruments described in the previous paragraph. Company Counterparty Instrument Maturity Value date Notional Fair value hierarchy Sabaf S.p.A. MPS IRS 30/06/2023 EUR 500,000 2 Intesa Sanpaolo 15/06/2024 3,600,000 Intesa Sanpaolo 15/06/2024 1,110,000 Cr\u00e9dit Agricole 30/06/2025 6,600,000 Mediobanca 28/04/2027 12,830,000 P.G.A. s.r.l. Intesa Sanpaolo 31/03/2023 642,168 Intesa Sanpaolo 29/07/2025 446,684 Sabaf Turkey Intesa Sanpaolo 17/06/2024 2,490,000 Sensitivity analysis Considering the IRS in place, at the end of 2022 almost 81% of the Company's gross financial debt was at a fixed rate. With reference to financial liabilities at variable rate at 31 December 2022, a hypothetical and immediate 1% increase in interest rates would have led to a loss of \u20ac202 thousand. Commodity price risk management A significant portion of the Group\u2019s purchase costs is represented by aluminium, steel and brass. Metal prices rose sharply during 2022, forcing the Group to renegotiate sales prices several times to compensate for the increase in costs. Based on market conditions and contractual agreements, the Group may not be able to pass on changes in raw material prices to customers in a timely and/or complete manner, with consequent effects on margins. The Group also protects itself from the risk of changes in the price of aluminium, steel and brass with supply contracts signed with suppliers for delivery up to twelve months in advance or, alternatively, with derivative financial instruments. In 2022 and 2021, the Group did not use financial derivatives on commodities. Liquidity risk management The Group operates with a debt ratio considered physiological (net financial debt/shareholders' equity at 31 December 2022 of 54.0%, net financial debt/EBITDA of 2.10) and has unused short-term lines of credit. To minimise the risk of liquidity, the Administration and Finance Department: \u25aa maintains a correct balance of net financial debt, financing investments with capital and with medium to long-term debt. \u25aa verifies systematically that the short-term accrued cash flows (amounts received from customers and other income) are expected to accommodate the deferred cash flows (short-term financial debt, payments to suppliers and other outgoings); \u25aa regularly assesses expected financial needs in order to promptly take any corrective measures. An analysis by expiry date of financial payables at 31 December 2022 and 31 December 2021 is shown below: At 31 December 2022 Carrying value Contractual cash flows Within 3 months From 3 months to 1 year From 1 to 5 years More than 5 years Short-term bank loans 6,259 6,259 6,259 - - - Unsecured loans 68,208 72,363 2,544 19,576 49,149 1,094 Bond issue 29,685 33,939 - 563 8,251 25,125 Finance leases 3,088 3,135 326 740 1,880 189 Due to P.G.A. shareholders 546 546 371 - 175 - Total financial payables 107,786 116,242 9,500 20,879 59,455 26,408 Trade payables 39,628 39,628 36,092 3,536 - - Total 147,414 155,870 45,592 24,415 59,455 26,408 At 31 December 2021 Carrying value Contractual cash flows Within 3 months From 3 months to 1 year From 1 to 5 years More than 5 years Short-term bank loans 4,378 4,378 4,378 - - - Unsecured loans 72,957 74,574 1,906 17,720 49,273 5,675 Bond issue 29,649 34,440 - 555 2,220 31,665 Finance leases 4,271 4,766 361 1,058 2,793 554 Payables to C.M.I. shareholders 1,173 1,173 - 1,173 - - Total financial payables 112,428 119,331 6,645 20,506 54,286 37,894 Trade payables 54,837 54,837 51,218 3,619 - - Total 167,265 174,168 57,863 24,125 54,286 37,894 The various due dates are based on the period between the end of the reporting period and the contractual expiry date of the commitments, the values indicated in the table correspond to non-discounted cash flows. Cash flows include the shares of principal and interest; for floating rate liabilities, the shares of interest are determined based on the value of the reference parameter at the end of the reporting period and increased by the spread set forth in each contract. Hierarchical levels of fair value assessment The revised IFRS 7 requires that financial instruments reported in the statement of financial position at fair value be classified based on a hierarchy that reflects the significance of the input used in determining the fair value. IFRS 7 makes a distinction between the following levels: \u25aa Level 1 \u2013 quotations found on an active market for assets or liabilities subject to assessment; \u25aa Level 2 - input other than prices listed in the previous point, which can be observed directly (prices) or indirectly (derived from prices) on the market; \u25aa Level 3 \u2013 input based on observable market data. The following table shows the financial assets and liabilities valued at fair value at 31 December 2022, by hierarchical level of fair value assessment. Level 1 Level 2 Level 3 Total Other financial assets (derivatives on interest rates) - 1,710 - 1,710 Total liabilities - 1,710 - 1,710 39. RELATED PARTY TRANSACTIONS Transactions between consolidated companies were derecognised from the consolidated financial statements and are not reported in these notes. The table below illustrates the impact of all transactions between the Group and other related parties on the balance sheet and income statement. Impact of related-party transactions on balance sheet items Total 2022 Non-consolidated subsidiaries Other related parties Total related parties Impact on the total Trade payables 39,628 - 1 1 0.00% Total 2021 Non-consolidated subsidiaries Other related parties Total related parties Impact on the total Trade payables 54,837 - 4 4 0.01% Impact of related-party transactions on income statement items Total 2022 Non-consolidated subsidiaries Other related parties Total related parties Impact on the total Services (50,180) - (27) (27) 0.05% Total 2021 Non-consolidated subsidiaries Other related parties Total related parties Impact on the total Services (52,377) - (22) (22) 0.04% Transactions are regulated by specific contracts regulated at arm\u2019s length conditions. Fees to directors, statutory auditors and executives with strategic responsibilities Please see the 2022 Report on Remuneration for this information. 40. SHARE-BASED PAYMENTS A plan for the free allocation of shares, approved by the Shareholders' Meeting of 6 May 2021, is in place; The related Regulations were approved by the Board of Directors on 13 May 2021. Purpose The Plan aims to promote and pursue the involvement of the beneficiaries whose activities are considered relevant for the implementation of the contents and the achievement of the objectives set out in the Business Plan, foster loyalty development and motivation of managers, by increasing their entrepreneurial approach as well as align the interests of management with those of the Company's shareholders more closely, with a view to encouraging the achievement of significant results in the economic and asset growth and sustainability of the Company and of the Group. Subject matter The subject-matter of the Plan is the free allocation to the Beneficiaries of a maximum of 260,000 Options, each of which entitles them to receive free of charge, under the terms and conditions provided for by the Regulations of the relevant Plan, 1 Sabaf S.p.A. Share. The free allocation of Sabaf S.p.A. shares is conditional on the achievement, in whole or in part, with progressiveness, of the business targets related to the ROI and EBITDA and social and environmental targets. Beneficiaries The Plan is intended for persons who hold or will hold key positions in the Company and/or its Subsidiaries, with reference to the implementation of the contents and the achievement of the objectives of the 2021 - 2023 Business Plan. A total of 226,000 Rights were allocated to the Beneficiaries already identified. Deadline The 2021 - 2023 Plan expires on 31 December 2024. Accounting impacts and Fair Value measurement methods In connection with this Plan, \u20ac1,134 (Note 28) were recognised in personnel costs during the year, an equity reserve of the same amount (Note 14) was recognised as a balancing entry. In line with the date on which the beneficiaries became aware of the assignment of the rights and terms of the plan, the grant date was set at 13 May 2021. The main assumptions made at the beginning of the vesting period and the methods for determining the fair value at the end of the reporting period are illustrated below. The following economic and financial parameters were taken into account in determining the fair value per share at the start of the vesting period: Share price on grant date adjusted for dividends 23.09 Dividend yield 2.60% Expected volatility per year 28% Interest rate per year -0.40% Based on the exercise right at the different dates established by the Plan Regulations and on the estimate of the expected probability of achieving the objectives for each reference period, the unitary fair value at 31 December 2022 was determined as follows: Rights relating to business objectives measured on ROCE Total value on ROCE 13.74 Fair Value 4.81 Rights on ROCE 35% Rights relating to business objectives measured EBITDA Total value on EBITDA 15.92 Fair Value 6.37 Rights on EBITDA 40% Rights relating to ESG objectives measured on personnel training Total value on \u201cPersonnel training\u201d 20.41 Fair Value 1.02 Rights on \u201cPersonnel training\u201d 5% Rights relating to ESG objectives measured on safety indicator Total value on \u201cSafety indicator\u201d 7.82 Fair Value 0.39 Rights on \u201cSafety indicator\u201d 5% Rights relating to ESG objectives measured on emissions reduction Total value on \u201cEmission reduction\u201d 20.41 Fair Value 3.06 Rights on \u201cEmission reduction\u201d 15% Fair value per share 15.65 41. CAPITAL MANAGEMENT For the purposes of managing the Group's capital, it has been defined that this includes the issued share capital, the share premium reserve and all other capital reserves attributable to the shareholders of the Parent Company. The main objective of capital management is to maximise the value for shareholders. In order to maintain or correct its financial structure, the Group may intervene in dividends paid to shareholders, purchase its own shares, redeem capital to shareholders or issue new shares. The Group controls equity using a gearing ratio consisting of the ratio of net financial debt (as defined in Note 23) to shareholders\u2019 equity. The Group's policy is to keep this ratio below 1. In order to achieve this objective, the management of the Group's capital aims, among other things, to ensure that the covenants, linked to loans, which define the capital structure requirements, are complied with. Violations of covenants would allow the lenders to demand immediate repayment of loans (Note 15). During the current financial year, there were no breaches of the covenants linked to loans. In the years ended 31 December 2022 and 2021, no changes were made to the objectives, policies and procedures for capital management. 42. SIGNIFICANT NON-RECURRING EVENTS AND TRANSACTIONS Pursuant to the Consob memorandum of 28 July 2006, the Group declares that no significant non-recurring events or transactions, as defined by the memorandum, took place in 2022. 43. SIGNIFICANT EVENTS AFTER THE REPORTING PERIOD There were no important events after the 2022 reporting period. 44. ATYPICAL AND/OR UNUSUAL TRANSACTIONS Pursuant to CONSOB memorandum of 28 July 2006, the Group declares that no atypical and/or unusual transactions as defined by the CONSOB memorandum were carried out during 2022. 45. COMMITMENTS Guarantees issued The Sabaf Group has issued sureties to guarantee consumer and mortgage loans granted by banks to Group employees for a total of \u20ac2,855 thousand (\u20ac3,443 thousand at 31 December 2021). 46. SCOPE OF CONSOLIDATION AND SIGNIFICANT EQUITY INVESTMENTS COMPANIES CONSOLIDATED USING THE FULL LINE-BY-LINE CONSOLIDATION METHOD Company name Registered offices Share capital Shareholders % ownership Faringosi Hinges s.r.l. Ospitaletto (BS) EUR 90,000 Sabaf S.p.A. 100% Sabaf do Brasil Ltda Jundia\u00ed - S\u00e3o Paulo (Brazil) BRL 53,348,061 Sabaf S.p.A. 100% Sabaf Beyaz Esya Parcalari Sanayi Ve Ticaret Limited Sirteki (Sabaf Turkey) Manisa (Turkey) TRY 340,000,000 Sabaf S.p.A. 100% Okida Elektronik Sanayi ve Tickaret A.S Istanbul (Turkey) TRY 5,000,000 Sabaf S.p.A. Sabaf Turkey 30% 70% Sabaf Appliance Components Ltd. Kunshan (China) CNY 69,951,149 Sabaf S.p.A. 100% Sabaf US Corp. Plainfield (USA) USD 200,000 Sabaf S.p.A. 100% Sabaf India Private Limited Bangalore (India) INR 224,692,120 Sabaf S.p.A. 100% A.R.C. s.r.l. Campodarsego (PD) EUR 45,000 Sabaf S.p.A. 100% Sabaf Mexico Appliance Components San Louis Potos\u00ec (Mexico) PESOS 141,003,832 Sabaf S.p.A. 100% C.M.I. Cerniere Meccaniche Industriali s.r.l. Valsamoggia (BO) EUR 1,000,000 Sabaf S.p.A. 100% C.G.D. s.r.l. Valsamoggia (BO) EUR 26,000 C.M.I. s.r.l. 100% P.G.A. s.r.l. Fabriano (AN) EUR 100,000 Sabaf S.p.A. 100% PGA2.0 s.r.l. Fabriano (AN) EUR 10,000 P.G.A. s.r.l. 100% 47. GENERAL INFORMATION ON THE PARENT COMPANY Legal status: Domicile of entity: Registered and administrative office:Main place of business:Country of registration: Appendix Information as required by Article 149-duodecies of the CONSOB Issuers\u2019 Regulation The following table, prepared pursuant to Art. 149-duodecies of the CONSOB Issuers\u2019 Regulation, shows fees relating to 2022 for auditing and for services other than auditing provided by the Independent Auditors and their network. (in thousands of Euro)Party providing the service Recipient Fees pertaining to the 2022 financial year Audit EY S.p.A. Parent company 41 EY S.p.A. Italian subsidiaries 39 EY network Foreign subsidiaries 55 Other services EY S.p.A. Parent company (1)35EY S.p.A. Italian subsidiaries (2)5Total 175 (1)Auditing procedures agreement relating to interim management reports; limited review of Disclosure of non-financial information. (2)Certification of tax credit for research and development and training 4.0. Certification of the Consolidated Financial Statements, in accordance with Article 154 bis of Italian Legislative Decree 58/98 Pietro Iotti, the Chief Executive Officer, and Gianluca Beschi, the Financial Reporting Officer of Sabaf S.p.A., have taken into account the requirements of Article 154-bis, paragraphs 3 and 4, of Legislative Decree 58 of 24 February 1998 and can certify: \u2022 the adequacy, in relation to the business characteristics and \u2022 the actual application of the administrative and accounting procedures for the formation of the consolidated financial statements during the 2022 financial year. They also certify that: \u2022 the Consolidated financial statements: - were prepared in accordance with the international accounting policies recognised in the European Community in accordance with EC regulation 1606/2002 of the European Parliament and Council of 19 July 2002 and with the measures issued in implementation of Article 9 of Italian Legislative Decree 38/2005; - are consistent with accounting books and records; - provide a true and fair view of the operating results, financial position and cash flows of the issuer and of the companies included in the consolidation; \u2022 the report on operations contains a reliable analysis of the performance and results of operations and the situation of the issuer and the companies included in the scope of consolidation, along with a description of the key risks and uncertainties to which they are exposed. Ospitaletto, 21 March 2023 Chief Executive Officer Pietro Iotti The Financial Reporting Officer Gianluca Beschi 3. ASSETS HELD FOR SALE This item includes the net carrying value of the Company's former production plant located in Lumezzane (Brescia) amounting to \u20ac526 thousand, the value of which will be recovered through a sale transaction with the characteristics indicated by IFRS 5. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory",
"language": "it",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-23-3": {
"value": " and are considered a going concern. The Group assessed that it is a going concern (as defined by paragraphs 25 and 26 of IAS 1 and by Article 2423 bis of the Italian Civil Code), also due to the strong competitive position, high profitability and solidity of the financial structure. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "it",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-41-3": {
"value": "Scope of consolidation The scope of consolidation at 31 December 2022 comprises the parent company Sabaf S.p.A. and the following companies controlled by Sabaf S.p.A.: \u25aa Faringosi Hinges s.r.l. \u25aa Sabaf do Brasil Ltda. \u25aa Sabaf Beyaz Esya Parcalari Sanayi Ve Ticaret Limited Sirteki (Sabaf Turkey) \u25aa Sabaf Appliance Components (Kunshan) Co., Ltd. \u25aa A.R.C. s.r.l. \u25aa Okida Elektronik Sanayi ve Tickaret A.S \u25aa Sabaf U.S. \u25aa Sabaf India Private Limited \u25aa Sabaf Mexico Appliance Components S.A. de c.v. \u25aa C.M.I. s.r.l. \u25aa C.G.D. s.r.l. \u25aa P.G.A. s.r.l. \u25aa PGA2.0 s.r.l. Compared to the consolidated financial statements at 31 December 2021, Handan ARC Burners Co. Ltd. is no longer consolidated. The 51% stake, which was held indirectly through A.R.C. s.r.l., was sold to a third party during the first quarter of 2022. The plant, equipment and inventories of Handan ARC Burners Co. Ltd. were simultaneously acquired by Sabaf Appliance Components Kunshan Co., Ltd. (Sabaf China). This operation did not have a significant impact on the Group's shareholders' equity. In October 2022, Sabaf S.p.A. completed the purchase of 100% of the share capital of P.G.A. S.r.l. (P.G.A.), a company based in Fabriano (AN) and operating for over 25 years in the field of design and assembly of electronic control boards for the household appliances sector. P.G.A. s.r.l. holds 100% of the share capital of PGA 2.0 s.r.l., a business unit dedicated to the design and prototyping of innovative solutions based on interconnection and the Internet of Things (IoT). 33. PROFITS AND LOSSES FROM EQUITY INVESTMENTS In 2022, the Group recognised losses from equity investments of \u20ac48 thousand. This value refers to the capital loss generated by the deconsolidation of Handan ARC Burners Co. Ltd. The 51% stake, which was held indirectly through A.R.C. s.r.l., was sold to a third party during the first quarter of 2022. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory",
"language": "it",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-73-3": {
"value": "The companies in which Sabaf S.p.A. simultaneously possess the following three elements are considered subsidiaries: (a) power over the company; (b) exposure or rights to variable returns resulting from involvement therein; (c) ability to affect the size of these returns by exercising power. Subsidiaries are consolidated from the date on which control begins until the date on which control ceases. Consolidation criteria The data used for consolidation have been taken from the income statements and statements of financial position prepared by the directors of the individual subsidiary companies. These figures have been appropriately amended and restated, when necessary, to align them with international accounting standards and with uniform group-wide classification criteria. The criteria applied for consolidation are as follows: a) Assets and liabilities, income and costs in financial statements consolidated on a line-by-line basis are incorporated into the Group financial statements, regardless of the entity of the equity interest concerned. Moreover, the carrying value of equity interests is derecognised against the shareholders\u2019 equity relating to investee companies; b) positive differences arising from elimination of equity investments against the carrying value of shareholders\u2019 equity at the date of first-time consolidation are attributed to the higher values of assets and liabilities when possible and, for the remainder, to goodwill. In accordance with the provisions of IFRS 3, since 1 January 2004, the Group has not amortised goodwill and instead subjects it to impairment testing; c) payable/receivable and cost/revenue items between consolidated companies and profits/losses arising from intercompany transactions are derecognised; d) the portion of shareholders\u2019 equity and net profit for the period pertaining to minority shareholders is posted in specific items of the balance sheet and income statement. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "it",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-104-3": {
"value": "Information related to IFRS 3 12As at 3 October 2022, the P.G.A. Group, which has been active for more than 25 years in the field of design and assembly of electronic control boards for the household appliances sector, was consolidated. The Report on Operations describes the purpose of the transaction and the expected synergies. The allocation of the price paid for the acquisition of the P.G.A. Group on the net assets acquired (Purchase Price Allocation) was completed during 2022. Specifically, in accordance with IFRS 3 revised, the fair value of assets, liabilities and contingent liabilities was recognised at the acquisition date, the effects of which are shown in the table below: Original values at 03/10/2022 Purchase Price Allocation Fair value of assets and liabilities acquired Assets Property, plant and equipment and intangible assets 3,808 4,541 8,349 Inventories 2,909 (150) 2,759 Trade receivables 1,433 - 1,433 Other receivables 773 848 1,621 Cash and cash equivalents 1,378 - 1,378 Total Assets 10,301 5,239 15,540 Liabilities Post-employment benefit provision (643) - (643) Provisions for risks and charges - (165) (165) Deferred tax liabilities (18) (1,290) (1,308) Financial payables (2,350) - (2,350) Trade payables (1,964) - (1,964) Other payables (1,194) (616) (1,810) Total liabilities (6,169) (2,071) (8,240) Value of net assets acquired (a) 4,132 3,168 7,300 Total cost of acquisition (b) 8,427 8,427 Goodwill deriving from acquisition (c = b-a) 4,295 1,127 Price adjustments (d) 433 Acquired cash and cash equivalents (e) 1,378 Sale of treasury shares in exchange (f) 1,668 Net cash outlay (b-d-e-f) 4,948 The acquisition price was determined based on an Enterprise Value of five times the average annual EBITDA over the three-year period 2020-2022, adjusted for the net financial position at the time of the transaction. The parties agreed that the payment of part of the price will be postponed and, in any case, payable by the first half-year of 2023.THERE is also a possible further price adjustment (\"earn-out\") linked to the achievement of certain targets. As shown in the table, the Purchase Price Allocation, carried out with the support of independent experts, led to the identification and measurement of the fair values of the following acquired intangible assets: - Customer Relationship: fair value of \u20ac4.266 million determined using the \"Multi-period Excess Earnings\" method, taking the following parameters as reference: o revenue relating to customers with whom there is a strong technical and commercial relationship o profitability in line with the historical average o economic useful life of 15 years o discount rate of 11.91% o g growth rate of 1.80% - Patents: fair value of \u20ac0.275 million determined using the \"Relief from Royalty\" method, taking the following parameters as reference: o revenues from products covered by patents at the valuation date o royalty rate equal to 3.5% o economic useful life of 4 years o discount rate of 11.41% o g growth rate of 1.80% The related tax effect was recognised on the fair value of the intangible assets identified above (recognition of deferred taxes of \u20ac1.305 million). The Purchase Price Allocation also led to the recognition of provisions for risks and charges totalling \u20ac0.2 million (Note 18). In the period for which the Group held control (3 October 2022 - 31 December 2022), the P.G.A. Group achieved sales revenue of \u20ac2.9 million and a net profit of \u20ac0.52 million. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
"language": "it",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-265-3": {
"value": "Conversion into euro of foreign-currency income statements and statements of financial position Separate financial statements of each company belonging to the Group are prepared in the currency of the country in which that company operates (functional currency). For the purposes of the consolidated financial statements, the financial statement of each foreign entity is expressed in euro, which is the Group\u2019s functional currency and the reporting currency for the consolidated financial statements. Balance sheet items in accounts expressed in currencies other than euro are converted by applying current end-of-year exchange rates. Income statement items are converted at average exchange rates for the year, with the exception of the financial statements of companies operating in hyperinflationary economies whose income statements are converted by applying the end-of-year exchange rate as required by IAS 21 paragraph 42.b. Foreign exchange differences arising from the comparison between opening shareholders\u2019 equity converted at current exchange rates and at historical exchange rates, together with the difference between the net result expressed at average and current exchange rates, are allocated to \u201cOther Reserves\u201d in shareholders\u2019 equity. The exchange rates used for conversion into euro of the financial statements of the foreign subsidiaries, prepared in local currency, are shown in the following table: Description of currency Exchange rate in effect at 31/12/2022 Average exchange rate 2022 Exchange rate in effect at 31/12/2021 Average exchange rate 2021 Brazilian real 5.6386 5.4399 6.3101 6.3778 Turkish lira 19.9649 n/a 15.233 10.510 Chinese renminbi 7.3582 7.0788 7.1947 7.6271 US Dollar 1.0666 1.05305 1.1326 1.18275 Polish Zloty n/a n/a 4.5969 4.5651 Indian Rupee 88.1710 82.6864 84.229 87.439 Mexican peso 20.8560 21.1869 23.143 23.985 32. EXCHANGE RATE GAINS AND LOSSES In 2022, the Group reported net foreign exchange losses of \u20ac515 thousand, versus net losses of \u20ac7,399 thousand in 2021. The main portion of 2022 foreign exchange losses reflect the devaluation of the Turkish lira and arise from the translation into lira (the currency in which the financial statements of the Group's Turkish companies are prepared) of trade and financial payables denominated in euro. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "it",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-336-3": {
"value": "Segment reporting The Group\u2019s operating segments in accordance with IFRS 8 - Operating Segment are identified in the business segments that generate revenue and costs, whose results are periodically reassessed by top management in order to assess performance and decisions regarding resource allocation. The Group operating segments are the following: \u25aa gas parts (household and professional); \u25aa hinges; \u25aa electronic components for household appliances. 37. INFORMATION BY BUSINESS SEGMENT Information by business segment for 2022 and 2021 is provided below 2022 FY Gas parts (household and professional) Hinges Electronic components Unallocated Revenues and Costs Total Sales 157,365 68,941 25,544 1,203 253,053 Ebit 10,588 6,677 8,723 (4,101) 21,887 2021 FY Gas parts (household and professional) Hinges Electronic components Total Sales 182,618 58,671 21,970 263,259 Ebit 23,649 6,292 7,567 37,508 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "it",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-345-3": {
"value": "Accounting policies The accounting standards and policies applied for the preparation of the consolidated financial statements at 31 December 2022, unchanged versus the previous year, are shown below: Property, plant and equipment These are recognised at purchase or manufacturing cost. The cost includes directly chargeable ancillary costs. These costs also include revaluations undertaken in the past based on monetary revaluation rules or pursuant to company mergers. Depreciation is calculated according to rates deemed appropriate to spread the carrying value of tangible assets over their useful working life. Estimated useful working life in years, unchanged compared to previous financial years, is as follows: Buildings 33 Light constructions 10 General plant 10 Specific plant and machinery 6 \u2013 10 Equipment 4 \u2013 10 Furniture 8 Electronic equipment 5 Vehicles and other transport means 4 \u2013 5 Ordinary maintenance costs are expensed in the year in which they are incurred; costs that increase the asset value or useful working life are capitalised and depreciated according to the residual possibility of utilisation of the assets to which they refer. Land is not depreciated. Leased assets The Group assesses at the time of signing an agreement whether it is, or contains, a lease, or if the contract gives the right to control the use of an identified asset for a period of time in exchange for a consideration. The Group adopts a single recognition and measurement model for all leases according to which the assets acquired relating to the right of use are shown under assets at purchase value less depreciation, any impairment losses and adjusted for any re-measurement of lease liabilities. Assets are depreciated on a straight-line basis from the starting date of the agreement until the end of the useful life of the asset or the end of the lease agreement, whichever comes first. Set against recognition of such assets, the amounts payable to the lessor, are posted among short- and medium-/long-term payables, by measuring them at the present value of the lease payments not yet made. Moreover, financial charges pertaining to the period are charged to the income statement. Adoption of the accounting standard IFRS 16 \u201cLeases\u201d The Group applied IFRS 16 from 1 January 2019 by using the amended retrospective approach. When evaluating the lease liabilities, the Group discounted the payments due for the lease using the incremental borrowing rate, the weighted average of which was 3.29% on 31 December 2022 and 3.86% on 31 December 2021. The rate was defined taking also account of the currency in which the lease agreements are denominated and the country in which the leased asset is located. The lease term is calculated based on the non-cancellable period of the lease, including the periods covered by the option to extend or to terminate the lease if it is reasonably certain that those options will be exercised or not exercised, taking account of all relevant factors that create an economic incentive relating to those decisions. Assets held for sale The Group classifies non-current assets as held for sale if their carrying value will be recovered mainly through a sale transaction, rather than through continuing use. These non-current assets classified as held for sale are measured at the lower of their carrying value and their fair value less costs to sell. Selling costs are the additional costs directly attributable to the sale, excluding financial expenses and taxes. The condition for classification as held for sale is only met when the sale is highly probable and the asset is available for immediate sale in its present condition. The actions required to complete the sale should indicate that significant changes to the sale are unlikely or that the sale will be cancelled. Management must be committed to the sale, which should be completed within one year from the date of classification. Depreciation of property, plant and equipment and amortisation of intangible assets stops when they are classified as available for sale. Assets and liabilities classified as held for sale are presented separately among the items in the financial statements. Goodwill Goodwill is the difference between the purchase price and fair value of investee companies\u2019 identifiable assets and liabilities on the date of acquisition. As regards acquisitions completed prior to the date of IFRS adoption, the Sabaf Group has used the option provided by IFRS 1 to refrain from applying IFRS 3 \u2013 concerning business combinations \u2013 to acquisitions that took place prior to the transition date. Consequently, goodwill arising in relation to past acquisitions has not been recalculated and has been posted in accordance with Italian GAAPs, net of amortisation reported up to 31 December 2003 and any losses caused by a permanent value impairment. After the transition date, goodwill \u2013 as an intangible asset with an indefinite useful life \u2013 is not amortised but subjected annually to impairment testing to check for value loss, or more frequently if there are signs that the asset may have suffered impairment (impairment test). Equity investments in associates and joint venturesAn associated company is a company on which the Group exercises significant influence. Significant influence is the power to participate in determining the financial and operational policies of the associated company without having control or joint control over it. A joint venture is a joint control agreement in which the parties holding the joint control have rights on the net assets of the agreement. The Group's equity investment in associates and joint ventures is measured using the equity method: the equity investment is initially entered at cost, subsequently, the carrying value of the equity investment is increased or decreased to reflect the investor's share of the investee's profits and losses realised after the acquisition date. Goodwill pertaining to the associated company or joint venture is included at the carrying value of the equity investment and is not subject to individual assessment of impairment). Other intangible assets As established by IAS 38, other intangible assets acquired or internally produced are recognised as assets when it is probable that use of the asset will generate future economic benefits and when asset cost can be measured reliably. If it is considered that these future economic benefits will not be generated, the development costs are written down in the year in which this is ascertained. Such assets are measured at purchase or production cost and - if the assets concerned have a finite useful life - are amortised on a straight-line basis over their finite useful life. Estimated useful working life in years, unchanged compared to previous financial years, is as follows: Customer relationship 15 Brand 15 Patents 9 Know-how 7 Development costs 10 Software 3 - 5 Impairment At each end of reporting period, the Group reviews the carrying value of its tangible and intangible assets to determine whether there are signs of impairment losses of these assets. If there is any such indication, the recoverable amount of said assets is estimated so as to determine the total of the write-down. If it is not possible to estimate recoverable amount individually, the Group estimates the recoverable amount of the cash generating unit (CGU) to which the asset belongs. In particular, the recoverable amount of the cash generating units (which generally coincide with the legal entity to which the capitalised assets refer) is verified by determining the value of use. The recoverable amount is the higher of the net selling price and value of use. In measuring the value of use, future cash flows net of taxes, estimated based on past experience, are discounted to their present value using a pre-tax rate that reflects current market valuations of the present cost of money and specific asset risk. The main assumptions used for calculating the value of use concern the discount rate, growth rate, expected changes in selling prices and cost trends during the period used for the calculation. The growth rates adopted are based on future market expectations in the relevant sector. Changes in the sales prices are based on past experience and on the expected future changes in the market. The Group prepares operating cash flow forecasts based on the most recent budgets approved by the Board of Directors of the consolidated companies, draws up the forecasts for the coming years and determines the terminal value (current value of perpetual income), which expresses the medium- and long-term operating flows in the specific sector. If the recoverable amount of an asset (or CGU) is estimated to be lower than its carrying value, the asset\u2019s carrying value is reduced to the lower recoverable amount, recognising impairment in the income statement. When there is no longer any reason for a write-down to be maintained, the carrying value of the asset (or of the cash-generating unit) - with the exception of goodwill - is increased to the new value resulting from the estimate of its recoverable amount, but not beyond the net carrying value that the asset would have had if it had not been written down for impairment. Reversal of impairment loss is recognised in the income statement. Investment property As allowed by IAS 40, non-operating buildings and constructions are assessed at cost net of depreciation and losses due to cumulative impairment. The depreciation criterion applied is the asset\u2019s estimated useful life, which is considered to be 33 years. If the recoverable amount of the investment property \u2013 determined based on the market value of the properties \u2013 is estimated to be lower than its carrying value, the asset\u2019s carrying value is reduced to the lower recoverable amount, recognising impairment in the income statement. When there is no longer any reason for a write-down to be maintained, the carrying value of the asset (or cash generating unit) is increased to the new value stemming from the estimate of its recoverable amount \u2013 but not beyond the net carrying value that the asset would have had if it had not been written down for impairment. Reversal of impairment loss is recognised in the income statement. Equity investments and non-current receivables Equity investments in companies other than subsidiaries, associates and joint ventures are classified as financial assets measured at fair value, which normally corresponds to the transaction price including directly attributable transaction costs. Subsequent changes in fair value are recognised through profit or loss (FVPL) or, if the option is exercised in accordance with the standard, in Other comprehensive income (FVOCI) under the heading \"Instrument reserve at FVOCI\". Non-current receivables are stated at their presumed realisable value. Inventories Inventories are measured at the lower of purchase or production cost \u2013 determined using the weighted average cost method \u2013 and the corresponding fair value represented by the replacement cost for purchased materials and by the presumed realisable value for finished and semi-processed products \u2013 calculated taking into account any manufacturing costs and direct selling costs yet to be incurred. Inventory cost includes accessory costs and the portion of direct and indirect manufacturing costs that can reasonably be assigned to inventory items. Inventories subject to obsolescence and low turnover are written down in relation to their possibility of use or realisation. Inventory write-downs are derecognised in subsequent years if the reasons for such write-downs cease to exist. Trade receivables and other financial assets Initial recognition Upon initial recognition, financial assets are classified, as the case may be, on the basis of subsequent measurement methods, i.e. at amortised cost, at fair value recognised in other comprehensive income (OCI) and at fair value through profit or loss. The classification of financial assets at initial recognition depends on the characteristics of the contractual cash flows of the financial assets and on the business model that the Group uses to manage them. Trade receivables that do not contain a significant financing component are valued at the transaction price determined in accordance with IFRS 15. See the \u201cRevenue from Contracts with Customers\u201d paragraph. Other financial assets are recognised at fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs. For a financial asset to be classified and measured at amortised cost or at fair value recognised in OCI, it must generate cash flows that depend solely on the principal and interest on the amount of principal to be repaid (known as \"solely payments of principal and interest (SPPI)\"). This measurement is referred to as the SPPI test and is carried out at the instrument level. Subsequent measurement The measurement of financial liabilities depends on their classification, as described below. Financial assets at amortised cost (debt instruments) This category is the most important for the Group. The Group measures the financial assets at amortised cost if both of the following requirements are met: \u25aa the financial asset is held as part of a business model whose objective is to hold financial assets for the purpose of collecting contractual cash flows and \u25aa the contractual terms of the financial asset envisage, at certain dates, cash flows represented solely by payments of principal and interest on the amount of principal to be repaid. Financial assets at amortised cost are subsequently measured using the effective interest method and are subject to impairment. Gains and losses are recognised in the income statement when the asset is derecognised, modified or revalued. Financial assets at amortised cost of the Group include trade receivables. Financial assets at fair value through profit or loss This category includes all assets held for trading, assets designated at initial recognition as financial assets measured at fair value with changes recognised in the income statement, or financial assets that must be measured at fair value. Assets held for trading are all those assets acquired for sale or repurchase in the short term. Derivatives, separated or otherwise, are classified as financial instruments held for trading, unless they are designated as effective hedging instruments. Financial assets with cash flows that are not represented solely by principal and interest payments are classified and measured at fair value through profit or loss, regardless of the business model. Financial instruments at fair value with changes recognised in the income statement are recognised in the statement of financial position atfair value and net changes in fair value are recognised in the income statement. This category includes derivative instruments. The Group does not hold financial assets at fair value recognised in other comprehensive income with reclassification of cumulative gains and losses or financial assets recognised in other comprehensive income without reversal of cumulative gains and losses upon derecognition. Derecognition A financial asset (or, if applicable, part of a financial asset or part of a group of similar financial assets) is firstly written off (e.g. removed from the statement of financial position of the Group) when: - the rights to receive cash flows from the asset are extinguished, or - the Group transferred to a third party the right to receive financial flows from the asset or has taken on the contractual obligation to pay them fully and without delay and (a) transferred substantially all the risks and benefits of the ownership of the financial asset or (b) did not substantially transfer or retain all the risks and benefits of the asset, but transferred their control. If the Group has transferred the rights to receive cash flows from an asset or has signed an agreement on the basis of which it retains the contractual rights to receive the cash flows of the financial asset, but assumes a contractual obligation to pay the cash flows to one or more beneficiaries (pass-through), it considers whether or to what extent it has retained the risks and benefits concerning the ownership. If it has not substantially transferred or retained all the risks and benefits or has not lost control over it, the asset continued to be recognised in the financial statements of the Group to the extent of its residual involvement in the asset itself. In this case, the Group also recognises an associated liability. The transferred asset and the associated liability are measured in such a way as to reflect the rights and obligations that pertain to the Group. When the residual involvement of the entity is a guarantee in the transferred asset, the involvement is measured based on the amount of the asset or the maximum amount of the consideration received that the entity could be obliged to pay, whichever lower. Provisions for risks and charges Provisions for risks and charges are provisioned to cover losses and debts, the existence of which is certain or probable, but whose amount or date of occurrence cannot be determined at the end of the year. Provisions are stated in the statement of financial position only when a legal or implicit obligation exists that determines the use of resources with an impact on profit and loss to meet that obligation and the amount can be reliably estimated. If the effect is significant, the provisions are calculated by updating future cash flows estimated at a rate including taxes such as to reflect current market valuations of the current value of the cash and specific risks associated with the liability. Post-employment benefit The post-employment benefit is provisioned to cover the entire liability accruing vis-\u00e0-vis employees in compliance with current legislation and with national and supplementary company collective labour contracts. This liability is subject to revaluation via application of indices fixed by current regulations. Up to 31 December 2006, post-employment benefits were considered defined-benefit plans and accounted for in compliance with IAS 19, using the projected unit-credit method. The regulations of this fund were amended by Italian Law no. 296 of 27 December 2006 and subsequent Decrees and Regulations issued during the first months of 2007. In the light of these changes, and, in particular, for companies with at least 50 employees, post-employment benefits must now be considered a defined-benefit plan only for the portions accruing before 1 January 2007 (and not yet paid as at the end of the reporting period). Conversely, portions accruing after that date are treated as defined-contribution plans. Actuarial gains or losses are recognised immediately under \"Other total profits/(losses)\". Trade payables and other financial liabilities Initial recognition All financial liabilities are initially recognised at fair value, in addition to directly attributable transaction costs in case of mortgages, loans and payables. The Company's financial liabilities include trade payables and other payables, mortgages and loans, including current account overdrafts and derivative financial instruments. Subsequent measurement The measurement of financial liabilities depends on their classification, as described below. Financial liabilities at fair value through profit or loss Financial liabilities at fair value with changes recognised in the income statement include liabilities held for trading and financial liabilities initially recognised at fair value, with changes recognised in the income statement. Liabilities held for trading are those liabilities acquired in order to discharge or transfer them in the short term. This category also includes derivative financial instruments subscribed by the Company and not designated as hedging instruments in a hedging relationship pursuant to IFRS 9. Embedded derivatives, separated from the main contract, are classified as financial instruments held for trading, unless they are designated as effective hedging instruments. Gains or losses on liabilities held for trading are recognised in the income statement. Financial liabilities are designated at fair value with changes recognised in the income statement from the date of initial recognition, only if the criteria of IFRS 9 are met. Loans and payables This is the most important category for the Company and includes interest-bearing payables and loans. After initial statement, loans are valued using the amortised cost approach, applying the effective interest rate method. Gains and losses are recognised in the income statement when the liability is discharged, as well as through the amortisation process. Amortised cost is calculated by recognising the discount or premium on the acquisition and the fees or costs that are an integral part of the effective interest rate. Amortisation at the effective interest rate is included in financial expenses in the income statement. Derecognition A financial liability is derecognised when the obligation underlying the liability is discharged, cancelled or fulfilled. If an existing financial liability is replaced by another from the same lender, at substantially different conditions, or if the conditions of an existing liability are substantially changed, this replacement or change is treated as a derecognition of the original liability accompanied by the recognition of a new liability, with any differences between the carrying values recognised in the income statement. Policy for conversion of foreign currency items Receivables and payables originally expressed in foreign currencies are converted into euro at the exchange rates in force on the date of the transactions originating them. Forex differences realised upon collection of receivables and payment of payables in foreign currency are posted in the income statement. Income and costs relating to foreign-currency transactions are converted at the rate in force on the transaction date. At year-end, assets and liabilities expressed in foreign currencies, with the exception of non-current items, are posted at the spot exchange rate in force at the end of the reporting period and related foreign exchange gains and losses are posted in the income statement. If conversion generates a net gain, this value constitutes a non-distributable reserve until it is effectively realised. Derivative instruments and hedge accounting The Group\u2019s business is exposed to financial risks relating to changes in exchange rates, commodity prices and interest rates. The company uses derivative instruments (mainly forward contracts on currencies and commodity options) to hedge risks stemming from changes in foreign currencies relating to irrevocable commitments or to planned future transactions. Derivatives are initially recognised at cost and are then adjusted to fair value on subsequent closing dates. Changes in the fair value of derivatives designated and recognised as effective for hedging future cash flows relating to the Group\u2019s contractual commitments and planned transactions are recognised directly in shareholders' equity, while the ineffective portion is immediately posted in the income statement. If the contractual commitments or planned transactions materialise in the recognition of assets or liabilities, when such assets or liabilities are recognised, the gains or losses on the derivative that were directly recognised in equity are factored back into the initial valuation of the cost of acquisition or carrying value of the asset or liability. For cash flow hedges that do not lead to recognition of assets or liabilities, the amounts that were directly recognised in equity are included in the income statement in the same period when the contractual commitment or planned transaction hedged impacts profit and loss \u2013 for example, when a planned sale actually takes place. For effective hedges of exposure to changes in fair value, the item hedged is adjusted for the changes infair value attributable to the risk hedged and recognised in the income statement. Gains and losses stemming from the derivative\u2019s valuation are also posted in the income statement. Changes in the fair value of derivatives not designated as hedging instruments are recognised in the income statement in the period when they occur. Hedge accounting is discontinued when the hedging instrument expires, is sold or is exercised, or when it no longer qualifies as a hedge. At this time, the cumulative gains or losses of the hedging instrument recognised in equity are kept in the latter until the planned transaction actually takes place. If the transaction hedged is not expected to take place, cumulative gains or losses recognised directly in equity are transferred to the year\u2019s income statement. Embedded derivatives included in other financial instruments or contracts are treated as separate derivatives when their risks and characteristics are not strictly related to those of their host contracts and the latter are not measured atfair value with posting of related gains and losses in the income statement. Revenue from contracts with customers The Group is engaged in the supply of components for household appliances (mainly gas parts, such as valves and burners, hinges and electronic components). Revenue from contracts with customers is recognised when control of the goods is transferred to the customer for an amount that reflects the consideration that the Group expects to receive in exchange for the goods. The control of the goods passes to the customer according to the terms of return defined with the customer. The usual extended payment terms range from 30 to 120 days from shipment; the Group believes that the price does not include significant financing components. The guarantees provided for in the contracts with customers are of a general nature and not extended and are accounted for in accordance with IAS 37. Financial income Finance income includes interest receivable on funds invested and income from financial instruments, when not offset as part of hedging transactions. Interest income is recognised in the income statement at the time of vesting, taking effective output into consideration. Financial expenses Financial expenses include interest payable on financial debt calculated using the effective interest method and bank expenses. All the other financial expenses are recognised as costs for the year in which they are incurred. Income taxes for the year Income taxes include all taxes calculated on the Group\u2019s taxable income. Income taxes are directly recognised in the income statement, with the exception of those concerning items directly debited or credited to shareholders\u2019 equity, in which case the tax effect is recognised directly in shareholders\u2019 equity. Other taxes not relating to income, such as property taxes, are included among operating expenses. Deferred taxes are provisioned in accordance with the global liability provisioning method. They are calculated on all temporary differences emerging between the taxable base of an asset and liability and its carrying value in the consolidated financial statements, with the exception of goodwill that is not tax-deductible and of differences stemming from investments in subsidiaries for which cancellation is not envisaged in the foreseeable future. Deferred tax assets on unused tax losses and tax credits carried forward are recognised to the extent that it is probable that future taxable income will be available against which they can be recovered. Current and deferred tax assets and liabilities are offset when income taxes are levied by the same tax authority and when there is a legal right to settle on a net basis. Deferred tax assets and liabilities are measured using the tax rates that are expected to be applicable, according to the respective regulations of the countries where the Group operates, in the years when temporary differences will be realised or settled. Dividends Dividends are posted on an accrual basis when the right to receive them materialises, i.e. when shareholders approve dividend distribution. Treasury shares Treasury shares are booked as a reduction of shareholders\u2019 equity. The carrying value of treasury shares and revenues from any subsequent sales are recognised in the form of changes in shareholders\u2019 equity. Equity-settled transactions Some Group employees receive part of the remuneration in the form of share-based payments, therefore employees provide services in exchange for shares (\"equity-settled transactions\"). The cost of equity-settled transactions is determined by the fair value at the date on which the assignment is made using an appropriate measurement method, as explained in more detail in Note 40. This cost, together with the corresponding increase in shareholders' equity, is recognised under personnel costs (Note 28) over the period in which the conditions relating to the achievement of objectives and/or the provision of the service are met. The cumulative costs recognised for such transactions at the end of each reporting period up to the vesting date are commensurate with the expiry of the vesting period and the best estimate of the number of equity instruments that will actually vest. Service or performance conditions are not taken into account when defining the fair value of the plan at the assignment date. However, the probability of these conditions being met is taken into account when defining the best estimate of the number of equity instruments that will vest. Market conditions are reflected in the fair value at the assignment date. Any other condition related to the plan that does not involve a service obligation is not considered to be a vesting condition. Non-vesting conditions are reflected in the fair value of the plan and result in the immediate recognition of the cost of the plan, unless there are also service or performance conditions. No cost is recognised for rights that do not vest in that the performance and/or service conditions are not met. When the rights include a market condition or a non-vesting condition, these are treated as if they had vested regardless of whether the market conditions or other non-vesting conditions to which they are subject are met or not, it being understood that all other performance and/or service conditions must be met. If the conditions of the plan are changed, the minimum cost to be recognised is the fair value at the assignment date in the absence of the change in the plan itself, on the assumption that the original conditions of the plan are met. Moreover, a cost is recognised for each change that results in an increase in total fair value of the payment plan, or that is in any case favourable for employees; this cost is measured with reference to the date of change. When a plan is cancelled, any remaining element of the plan's fair value is immediately expensed to the income statement. Earnings per share Basic EPS is calculated by dividing the profit or loss attributable to the direct parent company\u2019s shareholders by the weighted average number of ordinary shares outstanding during the year. Diluted EPS is calculated by dividing the profit or loss attributable to the direct parent company\u2019s shareholders by the weighted average number of shares outstanding, adjusted to take into account the effects of all potential ordinary shares with a dilutive effect. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "it",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-350-4": {
"value": "Property, plant and equipment These are recognised at purchase or manufacturing cost. The cost includes directly chargeable ancillary costs. These costs also include revaluations undertaken in the past based on monetary revaluation rules or pursuant to company mergers. Depreciation is calculated according to rates deemed appropriate to spread the carrying value of tangible assets over their useful working life. Estimated useful working life in years, unchanged compared to previous financial years, is as follows: Buildings 33 Light constructions 10 General plant 10 Specific plant and machinery 6 \u2013 10 Equipment 4 \u2013 10 Furniture 8 Electronic equipment 5 Vehicles and other transport means 4 \u2013 5 Ordinary maintenance costs are expensed in the year in which they are incurred; costs that increase the asset value or useful working life are capitalised and depreciated according to the residual possibility of utilisation of the assets to which they refer. Land is not depreciated. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "it",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-379-4": {
"value": "Leased assets The Group assesses at the time of signing an agreement whether it is, or contains, a lease, or if the contract gives the right to control the use of an identified asset for a period of time in exchange for a consideration. The Group adopts a single recognition and measurement model for all leases according to which the assets acquired relating to the right of use are shown under assets at purchase value less depreciation, any impairment losses and adjusted for any re-measurement of lease liabilities. Assets are depreciated on a straight-line basis from the starting date of the agreement until the end of the useful life of the asset or the end of the lease agreement, whichever comes first. Set against recognition of such assets, the amounts payable to the lessor, are posted among short- and medium-/long-term payables, by measuring them at the present value of the lease payments not yet made. Moreover, financial charges pertaining to the period are charged to the income statement. Adoption of the accounting standard IFRS 16 \u201cLeases\u201d The Group applied IFRS 16 from 1 January 2019 by using the amended retrospective approach. When evaluating the lease liabilities, the Group discounted the payments due for the lease using the incremental borrowing rate, the weighted average of which was 3.29% on 31 December 2022 and 3.86% on 31 December 2021. The rate was defined taking also account of the currency in which the lease agreements are denominated and the country in which the leased asset is located. The lease term is calculated based on the non-cancellable period of the lease, including the periods covered by the option to extend or to terminate the lease if it is reasonably certain that those options will be exercised or not exercised, taking account of all relevant factors that create an economic incentive relating to those decisions. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "it",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-407-4": {
"value": "Assets held for sale The Group classifies non-current assets as held for sale if their carrying value will be recovered mainly through a sale transaction, rather than through continuing use. These non-current assets classified as held for sale are measured at the lower of their carrying value and their fair value less costs to sell. Selling costs are the additional costs directly attributable to the sale, excluding financial expenses and taxes. The condition for classification as held for sale is only met when the sale is highly probable and the asset is available for immediate sale in its present condition. The actions required to complete the sale should indicate that significant changes to the sale are unlikely or that the sale will be cancelled. Management must be committed to the sale, which should be completed within one year from the date of classification. Depreciation of property, plant and equipment and amortisation of intangible assets stops when they are classified as available for sale. Assets and liabilities classified as held for sale are presented separately among the items in the financial statements. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "it",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-422-4": {
"value": "Goodwill Goodwill is the difference between the purchase price and fair value of investee companies\u2019 identifiable assets and liabilities on the date of acquisition. As regards acquisitions completed prior to the date of IFRS adoption, the Sabaf Group has used the option provided by IFRS 1 to refrain from applying IFRS 3 \u2013 concerning business combinations \u2013 to acquisitions that took place prior to the transition date. Consequently, goodwill arising in relation to past acquisitions has not been recalculated and has been posted in accordance with Italian GAAPs, net of amortisation reported up to 31 December 2003 and any losses caused by a permanent value impairment. After the transition date, goodwill \u2013 as an intangible asset with an indefinite useful life \u2013 is not amortised but subjected annually to impairment testing to check for value loss, or more frequently if there are signs that the asset may have suffered impairment (impairment test). ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "it",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-434-4": {
"value": "Equity investments in associates and joint venturesAn associated company is a company on which the Group exercises significant influence. Significant influence is the power to participate in determining the financial and operational policies of the associated company without having control or joint control over it. A joint venture is a joint control agreement in which the parties holding the joint control have rights on the net assets of the agreement. The Group's equity investment in associates and joint ventures is measured using the equity method: the equity investment is initially entered at cost, subsequently, the carrying value of the equity investment is increased or decreased to reflect the investor's share of the investee's profits and losses realised after the acquisition date. Goodwill pertaining to the associated company or joint venture is included at the carrying value of the equity investment and is not subject to individual assessment of impairment). ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "it",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-446-4": {
"value": "Other intangible assets As established by IAS 38, other intangible assets acquired or internally produced are recognised as assets when it is probable that use of the asset will generate future economic benefits and when asset cost can be measured reliably. If it is considered that these future economic benefits will not be generated, the development costs are written down in the year in which this is ascertained. Such assets are measured at purchase or production cost and - if the assets concerned have a finite useful life - are amortised on a straight-line basis over their finite useful life. Estimated useful working life in years, unchanged compared to previous financial years, is as follows: Customer relationship 15 Brand 15 Patents 9 Know-how 7 Development costs 10 Software 3 - 5 ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "it",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-469-4": {
"value": "Impairment At each end of reporting period, the Group reviews the carrying value of its tangible and intangible assets to determine whether there are signs of impairment losses of these assets. If there is any such indication, the recoverable amount of said assets is estimated so as to determine the total of the write-down. If it is not possible to estimate recoverable amount individually, the Group estimates the recoverable amount of the cash generating unit (CGU) to which the asset belongs. In particular, the recoverable amount of the cash generating units (which generally coincide with the legal entity to which the capitalised assets refer) is verified by determining the value of use. The recoverable amount is the higher of the net selling price and value of use. In measuring the value of use, future cash flows net of taxes, estimated based on past experience, are discounted to their present value using a pre-tax rate that reflects current market valuations of the present cost of money and specific asset risk. The main assumptions used for calculating the value of use concern the discount rate, growth rate, expected changes in selling prices and cost trends during the period used for the calculation. The growth rates adopted are based on future market expectations in the relevant sector. Changes in the sales prices are based on past experience and on the expected future changes in the market. The Group prepares operating cash flow forecasts based on the most recent budgets approved by the Board of Directors of the consolidated companies, draws up the forecasts for the coming years and determines the terminal value (current value of perpetual income), which expresses the medium- and long-term operating flows in the specific sector. If the recoverable amount of an asset (or CGU) is estimated to be lower than its carrying value, the asset\u2019s carrying value is reduced to the lower recoverable amount, recognising impairment in the income statement. When there is no longer any reason for a write-down to be maintained, the carrying value of the asset (or of the cash-generating unit) - with the exception of goodwill - is increased to the new value resulting from the estimate of its recoverable amount, but not beyond the net carrying value that the asset would have had if it had not been written down for impairment. Reversal of impairment loss is recognised in the income statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "it",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-499-4": {
"value": "Investment property As allowed by IAS 40, non-operating buildings and constructions are assessed at cost net of depreciation and losses due to cumulative impairment. The depreciation criterion applied is the asset\u2019s estimated useful life, which is considered to be 33 years. If the recoverable amount of the investment property \u2013 determined based on the market value of the properties \u2013 is estimated to be lower than its carrying value, the asset\u2019s carrying value is reduced to the lower recoverable amount, recognising impairment in the income statement. When there is no longer any reason for a write-down to be maintained, the carrying value of the asset (or cash generating unit) is increased to the new value stemming from the estimate of its recoverable amount \u2013 but not beyond the net carrying value that the asset would have had if it had not been written down for impairment. Reversal of impairment loss is recognised in the income statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory",
"language": "it",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-513-4": {
"value": "Equity investments and non-current receivables Equity investments in companies other than subsidiaries, associates and joint ventures are classified as financial assets measured at fair value, which normally corresponds to the transaction price including directly attributable transaction costs. Subsequent changes in fair value are recognised through profit or loss (FVPL) or, if the option is exercised in accordance with the standard, in Other comprehensive income (FVOCI) under the heading \"Instrument reserve at FVOCI\". Non-current receivables are stated at their presumed realisable value. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "it",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-521-4": {
"value": "Inventories Inventories are measured at the lower of purchase or production cost \u2013 determined using the weighted average cost method \u2013 and the corresponding fair value represented by the replacement cost for purchased materials and by the presumed realisable value for finished and semi-processed products \u2013 calculated taking into account any manufacturing costs and direct selling costs yet to be incurred. Inventory cost includes accessory costs and the portion of direct and indirect manufacturing costs that can reasonably be assigned to inventory items. Inventories subject to obsolescence and low turnover are written down in relation to their possibility of use or realisation. Inventory write-downs are derecognised in subsequent years if the reasons for such write-downs cease to exist. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "it",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-531-4": {
"value": "Trade receivables and other financial assets Initial recognition Upon initial recognition, financial assets are classified, as the case may be, on the basis of subsequent measurement methods, i.e. at amortised cost, at fair value recognised in other comprehensive income (OCI) and at fair value through profit or loss. The classification of financial assets at initial recognition depends on the characteristics of the contractual cash flows of the financial assets and on the business model that the Group uses to manage them. Other financial assets are recognised at fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs. For a financial asset to be classified and measured at amortised cost or at fair value recognised in OCI, it must generate cash flows that depend solely on the principal and interest on the amount of principal to be repaid (known as \"solely payments of principal and interest (SPPI)\"). This measurement is referred to as the SPPI test and is carried out at the instrument level. Subsequent measurement The measurement of financial liabilities depends on their classification, as described below. Financial assets at amortised cost (debt instruments) This category is the most important for the Group. The Group measures the financial assets at amortised cost if both of the following requirements are met: \u25aa the financial asset is held as part of a business model whose objective is to hold financial assets for the purpose of collecting contractual cash flows and \u25aa the contractual terms of the financial asset envisage, at certain dates, cash flows represented solely by payments of principal and interest on the amount of principal to be repaid. Financial assets at amortised cost are subsequently measured using the effective interest method and are subject to impairment. Gains and losses are recognised in the income statement when the asset is derecognised, modified or revalued. Financial assets at amortised cost of the Group include trade receivables. Financial assets at fair value through profit or loss This category includes all assets held for trading, assets designated at initial recognition as financial assets measured at fair value with changes recognised in the income statement, or financial assets that must be measured at fair value. Assets held for trading are all those assets acquired for sale or repurchase in the short term. Derivatives, separated or otherwise, are classified as financial instruments held for trading, unless they are designated as effective hedging instruments. Financial assets with cash flows that are not represented solely by principal and interest payments are classified and measured at fair value through profit or loss, regardless of the business model. Financial instruments at fair value with changes recognised in the income statement are recognised in the statement of financial position atfair value and net changes in fair value are recognised in the income statement. This category includes derivative instruments. The Group does not hold financial assets at fair value recognised in other comprehensive income with reclassification of cumulative gains and losses or financial assets recognised in other comprehensive income without reversal of cumulative gains and losses upon derecognition. Derecognition A financial asset (or, if applicable, part of a financial asset or part of a group of similar financial assets) is firstly written off (e.g. removed from the statement of financial position of the Group) when: - the rights to receive cash flows from the asset are extinguished, or - the Group transferred to a third party the right to receive financial flows from the asset or has taken on the contractual obligation to pay them fully and without delay and (a) transferred substantially all the risks and benefits of the ownership of the financial asset or (b) did not substantially transfer or retain all the risks and benefits of the asset, but transferred their control. If the Group has transferred the rights to receive cash flows from an asset or has signed an agreement on the basis of which it retains the contractual rights to receive the cash flows of the financial asset, but assumes a contractual obligation to pay the cash flows to one or more beneficiaries (pass-through), it considers whether or to what extent it has retained the risks and benefits concerning the ownership. If it has not substantially transferred or retained all the risks and benefits or has not lost control over it, the asset continued to be recognised in the financial statements of the Group to the extent of its residual involvement in the asset itself. In this case, the Group also recognises an associated liability. The transferred asset and the associated liability are measured in such a way as to reflect the rights and obligations that pertain to the Group. When the residual involvement of the entity is a guarantee in the transferred asset, the involvement is measured based on the amount of the asset or the maximum amount of the consideration received that the entity could be obliged to pay, whichever lower. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "it",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-539-4": {
"value": "Trade receivables that do not contain a significant financing component are valued at the transaction price determined in accordance with IFRS 15. See the \u201cRevenue from Contracts with Customers\u201d paragraph. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "it",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-609-4": {
"value": "Provisions for risks and charges Provisions for risks and charges are provisioned to cover losses and debts, the existence of which is certain or probable, but whose amount or date of occurrence cannot be determined at the end of the year. Provisions are stated in the statement of financial position only when a legal or implicit obligation exists that determines the use of resources with an impact on profit and loss to meet that obligation and the amount can be reliably estimated. If the effect is significant, the provisions are calculated by updating future cash flows estimated at a rate including taxes such as to reflect current market valuations of the current value of the cash and specific risks associated with the liability. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "it",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-618-4": {
"value": "Post-employment benefit The post-employment benefit is provisioned to cover the entire liability accruing vis-\u00e0-vis employees in compliance with current legislation and with national and supplementary company collective labour contracts. This liability is subject to revaluation via application of indices fixed by current regulations. Up to 31 December 2006, post-employment benefits were considered defined-benefit plans and accounted for in compliance with IAS 19, using the projected unit-credit method. The regulations of this fund were amended by Italian Law no. 296 of 27 December 2006 and subsequent Decrees and Regulations issued during the first months of 2007. In the light of these changes, and, in particular, for companies with at least 50 employees, post-employment benefits must now be considered a defined-benefit plan only for the portions accruing before 1 January 2007 (and not yet paid as at the end of the reporting period). Conversely, portions accruing after that date are treated as defined-contribution plans. Actuarial gains or losses are recognised immediately under \"Other total profits/(losses)\". ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "it",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-632-4": {
"value": "Trade payables and other financial liabilities Initial recognition All financial liabilities are initially recognised at fair value, in addition to directly attributable transaction costs in case of mortgages, loans and payables. The Company's financial liabilities include trade payables and other payables, mortgages and loans, including current account overdrafts and derivative financial instruments. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "it",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-640-4": {
"value": "Subsequent measurement The measurement of financial liabilities depends on their classification, as described below. Financial liabilities at fair value through profit or loss Financial liabilities at fair value with changes recognised in the income statement include liabilities held for trading and financial liabilities initially recognised at fair value, with changes recognised in the income statement. Liabilities held for trading are those liabilities acquired in order to discharge or transfer them in the short term. This category also includes derivative financial instruments subscribed by the Company and not designated as hedging instruments in a hedging relationship pursuant to IFRS 9. Embedded derivatives, separated from the main contract, are classified as financial instruments held for trading, unless they are designated as effective hedging instruments. Gains or losses on liabilities held for trading are recognised in the income statement. Financial liabilities are designated at fair value with changes recognised in the income statement from the date of initial recognition, only if the criteria of IFRS 9 are met. Loans and payables This is the most important category for the Company and includes interest-bearing payables and loans. After initial statement, loans are valued using the amortised cost approach, applying the effective interest rate method. Gains and losses are recognised in the income statement when the liability is discharged, as well as through the amortisation process. Amortised cost is calculated by recognising the discount or premium on the acquisition and the fees or costs that are an integral part of the effective interest rate. Amortisation at the effective interest rate is included in financial expenses in the income statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "it",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-666-4": {
"value": "Derecognition A financial liability is derecognised when the obligation underlying the liability is discharged, cancelled or fulfilled. If an existing financial liability is replaced by another from the same lender, at substantially different conditions, or if the conditions of an existing liability are substantially changed, this replacement or change is treated as a derecognition of the original liability accompanied by the recognition of a new liability, with any differences between the carrying values recognised in the income statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
"language": "it",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-674-4": {
"value": "Policy for conversion of foreign currency items Receivables and payables originally expressed in foreign currencies are converted into euro at the exchange rates in force on the date of the transactions originating them. Forex differences realised upon collection of receivables and payment of payables in foreign currency are posted in the income statement. Income and costs relating to foreign-currency transactions are converted at the rate in force on the transaction date. At year-end, assets and liabilities expressed in foreign currencies, with the exception of non-current items, are posted at the spot exchange rate in force at the end of the reporting period and related foreign exchange gains and losses are posted in the income statement. If conversion generates a net gain, this value constitutes a non-distributable reserve until it is effectively realised. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "it",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-686-4": {
"value": "Derivative instruments and hedge accounting The Group\u2019s business is exposed to financial risks relating to changes in exchange rates, commodity prices and interest rates. The company uses derivative instruments (mainly forward contracts on currencies and commodity options) to hedge risks stemming from changes in foreign currencies relating to irrevocable commitments or to planned future transactions. Derivatives are initially recognised at cost and are then adjusted to fair value on subsequent closing dates. Changes in the fair value of derivatives designated and recognised as effective for hedging future cash flows relating to the Group\u2019s contractual commitments and planned transactions are recognised directly in shareholders' equity, while the ineffective portion is immediately posted in the income statement. If the contractual commitments or planned transactions materialise in the recognition of assets or liabilities, when such assets or liabilities are recognised, the gains or losses on the derivative that were directly recognised in equity are factored back into the initial valuation of the cost of acquisition or carrying value of the asset or liability. For cash flow hedges that do not lead to recognition of assets or liabilities, the amounts that were directly recognised in equity are included in the income statement in the same period when the contractual commitment or planned transaction hedged impacts profit and loss \u2013 for example, when a planned sale actually takes place. For effective hedges of exposure to changes in fair value, the item hedged is adjusted for the changes infair value attributable to the risk hedged and recognised in the income statement. Gains and losses stemming from the derivative\u2019s valuation are also posted in the income statement. Changes in the fair value of derivatives not designated as hedging instruments are recognised in the income statement in the period when they occur. Hedge accounting is discontinued when the hedging instrument expires, is sold or is exercised, or when it no longer qualifies as a hedge. At this time, the cumulative gains or losses of the hedging instrument recognised in equity are kept in the latter until the planned transaction actually takes place. If the transaction hedged is not expected to take place, cumulative gains or losses recognised directly in equity are transferred to the year\u2019s income statement. Embedded derivatives included in other financial instruments or contracts are treated as separate derivatives when their risks and characteristics are not strictly related to those of their host contracts and the latter are not measured atfair value with posting of related gains and losses in the income statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "it",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-722-4": {
"value": "Revenue from contracts with customers The Group is engaged in the supply of components for household appliances (mainly gas parts, such as valves and burners, hinges and electronic components). Revenue from contracts with customers is recognised when control of the goods is transferred to the customer for an amount that reflects the consideration that the Group expects to receive in exchange for the goods. The control of the goods passes to the customer according to the terms of return defined with the customer. The usual extended payment terms range from 30 to 120 days from shipment; the Group believes that the price does not include significant financing components. The guarantees provided for in the contracts with customers are of a general nature and not extended and are accounted for in accordance with IAS 37. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "it",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-733-4": {
"value": "Financial income Finance income includes interest receivable on funds invested and income from financial instruments, when not offset as part of hedging transactions. Interest income is recognised in the income statement at the time of vesting, taking effective output into consideration. Financial expenses Financial expenses include interest payable on financial debt calculated using the effective interest method and bank expenses. All the other financial expenses are recognised as costs for the year in which they are incurred. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "it",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-743-4": {
"value": "Income taxes for the year Income taxes include all taxes calculated on the Group\u2019s taxable income. Income taxes are directly recognised in the income statement, with the exception of those concerning items directly debited or credited to shareholders\u2019 equity, in which case the tax effect is recognised directly in shareholders\u2019 equity. Other taxes not relating to income, such as property taxes, are included among operating expenses. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "it",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-749-4": {
"value": "Deferred taxes are provisioned in accordance with the global liability provisioning method. They are calculated on all temporary differences emerging between the taxable base of an asset and liability and its carrying value in the consolidated financial statements, with the exception of goodwill that is not tax-deductible and of differences stemming from investments in subsidiaries for which cancellation is not envisaged in the foreseeable future. Deferred tax assets on unused tax losses and tax credits carried forward are recognised to the extent that it is probable that future taxable income will be available against which they can be recovered. Current and deferred tax assets and liabilities are offset when income taxes are levied by the same tax authority and when there is a legal right to settle on a net basis. Deferred tax assets and liabilities are measured using the tax rates that are expected to be applicable, according to the respective regulations of the countries where the Group operates, in the years when temporary differences will be realised or settled. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "it",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-763-4": {
"value": "Dividends Dividends are posted on an accrual basis when the right to receive them materialises, i.e. when shareholders approve dividend distribution. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "it",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-767-4": {
"value": "Treasury shares Treasury shares are booked as a reduction of shareholders\u2019 equity. The carrying value of treasury shares and revenues from any subsequent sales are recognised in the form of changes in shareholders\u2019 equity. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
"language": "it",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-772-4": {
"value": "Equity-settled transactions Some Group employees receive part of the remuneration in the form of share-based payments, therefore employees provide services in exchange for shares (\"equity-settled transactions\"). The cost of equity-settled transactions is determined by the fair value at the date on which the assignment is made using an appropriate measurement method, as explained in more detail in Note 40. This cost, together with the corresponding increase in shareholders' equity, is recognised under personnel costs (Note 28) over the period in which the conditions relating to the achievement of objectives and/or the provision of the service are met. The cumulative costs recognised for such transactions at the end of each reporting period up to the vesting date are commensurate with the expiry of the vesting period and the best estimate of the number of equity instruments that will actually vest. Service or performance conditions are not taken into account when defining the fair value of the plan at the assignment date. However, the probability of these conditions being met is taken into account when defining the best estimate of the number of equity instruments that will vest. Market conditions are reflected in the fair value at the assignment date. Any other condition related to the plan that does not involve a service obligation is not considered to be a vesting condition. Non-vesting conditions are reflected in the fair value of the plan and result in the immediate recognition of the cost of the plan, unless there are also service or performance conditions. No cost is recognised for rights that do not vest in that the performance and/or service conditions are not met. When the rights include a market condition or a non-vesting condition, these are treated as if they had vested regardless of whether the market conditions or other non-vesting conditions to which they are subject are met or not, it being understood that all other performance and/or service conditions must be met. If the conditions of the plan are changed, the minimum cost to be recognised is the fair value at the assignment date in the absence of the change in the plan itself, on the assumption that the original conditions of the plan are met. Moreover, a cost is recognised for each change that results in an increase in total fair value of the payment plan, or that is in any case favourable for employees; this cost is measured with reference to the date of change. When a plan is cancelled, any remaining element of the plan's fair value is immediately expensed to the income statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "it",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-806-4": {
"value": "Earnings per share Basic EPS is calculated by dividing the profit or loss attributable to the direct parent company\u2019s shareholders by the weighted average number of ordinary shares outstanding during the year. Diluted EPS is calculated by dividing the profit or loss attributable to the direct parent company\u2019s shareholders by the weighted average number of shares outstanding, adjusted to take into account the effects of all potential ordinary shares with a dilutive effect. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "it",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-814-3": {
"value": "Use of estimates Preparation of the financial statements and notes in accordance with IFRS requires management to make estimates and assumptions that affect the carrying values of assets and liabilities and the disclosures on contingent assets and liabilities as of the end of the reporting period. Actual results might differ from these estimates. Estimates are used to measure tangible and intangible assets subject to impairment testing, as described earlier, as well as to measure provisions for bad debts, for inventory obsolescence, depreciation and amortisation, asset write-downs, employee benefits, taxes, and other provisions. Specifically: Recoverable amount of tangible and intangible assets The procedure for determining impairment losses of tangible and intangible assets described in \u201cImpairment\u201d implies \u2013 in estimating the value of use \u2013 the use of the Business Plans of investees, which are based on a series of assumptions relating to future events and actions of the investees\u2019 management bodies, which may not necessarily come about. In estimating market value, however, assumptions are made on the expected trend in trading between third parties based on historical trends, which may not actually be repeated. Provisions for bad debts Receivables are adjusted by the related bad debt provision to take into account their recoverable amount. To determine the size of the write-downs, management must make subjective assessments based on the documentation and information available regarding, among other things, the customer\u2019s solvency, as well as experience and historical payment trends. Provisions for inventory obsolescence and inventory write-downs at their expected sale value Inventories subject to obsolescence and slow turnover are systematically measured and written down if their recoverable value is less than their carrying value. Write-downs are calculated based on management assumptions and estimates, resulting from experience and historical results. If the expected sale value is less than the purchase or production cost, inventories of finished goods are written down to market value, estimated on the basis of current selling prices. Employee benefits The current value of liabilities for employee benefits depends on a series of factors determined using actuarial techniques based on certain assumptions. Assumptions concern the discount rate, estimates of future salary increases, and mortality and resignation rates. Any change in the above-mentioned assumptions might have significant effects on liabilities for pension benefits. Share-based payments Estimating the fair value of share-based payments requires the determination of the most appropriate valuation model, which depends on the terms and conditions under which these instruments are granted. This also requires the identification of data to feed into the valuation model, including assumptions about the exercise period of the options, volatility and dividend yield. The Group uses a binomial model for the initial measurement of the fair value of share-based payments with employees. Income taxes The Group is subject to different bodies of tax legislation on income. Determining liabilities for Group taxes requires the use of management valuations in relation to transactions whose tax implications are not certain at the end of the reporting period. Furthermore, the valuation of deferred taxes is based on income expectations for future years; the valuation of expected income depends on factors that might change over time and have a significant effect on the valuation of deferred tax assets. Other provisions When estimating the risk of potential liabilities from disputes, the Directors rely on communications regarding the status of recovery procedures and disputes from the lawyers who represent the Group in litigation. These estimates are determined taking into account the gradual development of the disputes, considering existing exemptions. Climate change With reference to the potential impact of climate change on the Group's activities, the Management carries out targeted analyses to identify and manage the main risks and uncertainties to which the Group is exposed, adapting the corporate strategy accordingly. To date, these factors have not had a significant impact on the opinions and estimates used in preparing these Consolidated Financial Statements. Estimates and assumptions are regularly reviewed and the effects of each change immediately reflected in the income statement. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "it",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-888-3": {
"value": "New accounting standards Amendments to IAS 37 \u201cProvisions, Contingent Liabilities and Contingent Assets\u201d The amendment clarifies that all costs directly attributable to the contract must be taken into account when estimating the possible onerousness of a contract. Accordingly, the assessment of whether a contract is onerous includes not only incremental costs (such as the cost of direct materials used in the process) but also all costs directly attributable to the contractual activities (such as depreciation of equipment used to perform the contract and costs of contract management and control). General and administrative expenses are not directly related to a contract and are excluded unless they are specifically charged to the other party under the contract. These changes had no impact on the Group\u2019s consolidated financial statements. Amendments to IAS 16 \u201cProperty, Plant and Equipment\u201dThe purpose of the amendments is not to allow the deduction from the cost of property, plant and equipment of the amount received from the sale of goods produced in the test phase of the asset. These sales revenues and related production costs will therefore be recognised in the income statement. These changes had no impact on the Group\u2019s consolidated financial statements. Amendments to IFRS 1 \u201cFirst-time Adoption of International Financial Reporting Standards \u2013 Subsidiary as a first-time adopter\u201dThe amendment allows a subsidiary that chooses to apply paragraph D16(a) of IFRS 1 to account for cumulative translation differences on the basis of the amounts recognised by the parent company, taking into account the parent's date of transition to IFRSs. This amendment had no impact on the Group's consolidated financial statements as the Group is not a first-time adopter. Amendments to IFRS 3 \u201cReference to the Conceptual Framework\u201d The amendments are intended to replace references to the Framework for the Preparation and Presentation of Financial Statements with the references to the Conceptual Framework for Financial Reporting published in March 2018 without a significant change to the requirements of the standard. The Board also added an exception to the measurement principles of IFRS 3 to avoid the risk of potential \"day-after\" losses or gains arising from liabilities and contingent liabilities that would fall within the scope of IAS 37 or IFRIC 21 Levies, if incurred separately. The exemption requires entities to apply the requirements of IAS 37 or IFRIC 21, rather than the Conceptual Framework, to determine whether an obligation exists at the date of acquisition. The amendment also added a new paragraph to IFRS 3 to clarify that contingent assets do not qualify as recognisable assets at the date of acquisition. These amendments had no impact on the Group's consolidated financial statements in that no contingent assets, liabilities or contingent liabilities were recognised in the year for the purpose of these amendments. Amendments to IFRS 9 \u201cFinancial Instruments\u201d the amendments clarify what fees can be included in measuring whether the terms of a new financial liability (or changes to an existing financial liability) are materially different from the terms of the original financial liability. This amendment had no impact on the Group's consolidated financial statements in that there were no changes in the Group's financial liabilities during the year. Amendments to IAS 41 \u201cAgriculture\u201dThe amendment removes the requirement to exclude cash flows arising from taxation when measuring the fair value of assets within the scope of IAS 41. This amendment had no impact on the Group's consolidated financial statements in that the Group does not have any assets to which IAS 41 applies. IFRS and IFRIC accounting standard, amendments approved by the European Union, not yet universally applicable and not adopted early by the Group at 31 December 2022 IFRS 17 \u201cInsurance Contracts\u201d In May 2017, the IASB issued IFRS 17 Insurance Contracts (IFRS 17), a comprehensive new standard on insurance contracts covering recognition and measurement, presentation and disclosure. IFRS 17 applies to all types of insurance contracts regardless of the type of entity that issues them, as well as to certain guarantees and financial instruments with discretionary participation features. IFRS 17 will be effective for financial years beginning on or after 1 January 2023, and will require the presentation of comparative balances. early application is permitted, in which case the entity must also have adopted IFRS 9 and IFRS 15 on or before the date of first-time application of IFRS 17. This principle does not apply to the Group. Amendments to IAS 1 \u201cClassification of Liabilities as Current or Non-current\u201dIn January 2020, the IAS issued amendments to paragraphs 69-76 of IAS 1 to specify the requirements for classifying liabilities as current or non-current. The amendments clarify what is meant by the right to postpone an expiry, that the right to postpone must exist at the end of the reporting period, that the classification is not affected by the likelihood that the entity will exercise its right to postpone, that only if a derivative embedded in a convertible liability is itself an equity instrument does the maturity of the liability have no impact on classification. The amendments will be effective for financial years beginning on or after 1 January 2023 and must be applied retrospectively. The Group is assessing the impact the changes will have on the current situation. Amendments to IAS 8 \u201cDefinition of accounting estimates\u201d In February 2021, the IASB issued amendments to IAS 8, in which it introduces a definition of \"accounting estimates\". The amendments clarify the distinction between changes in accounting standards and changes in accounting policies and corrections of errors. They also clarify how entities use measurement techniques and inputs to develop accounting estimates. The amendments are effective for financial years beginning on or after 1 January 2023 and apply to changes in accounting standards and changes in accounting estimates that occur on or after the beginning of that period. Early application is permitted provided that this fact is disclosed. The changes are not expected to have a significant impact on the Group. Amendments to IAS 1 and IFRS Practice Statement 2 \"Disclosure of Accounting Standards\" In February 2021, the IASB issued amendments to IAS 1 and IFRS Practice Statement 2 Making Materiality Judgements, in which it provides guidance and examples to help entities apply materiality judgements to the disclosure of accounting standards. The amendments to IAS 1 are effective for annual periods beginning on or after 1 January 2023. Earlier application is permitted. Since the amendments to PS 2 provide non-mandatory guidance on the application of the definition of materiality to the disclosure of accounting standards, there is no need for an effective date for these amendments. The Group is currently assessing the impact of the amendments to determine the effect they will have on the Group's disclosure of accounting standards. Amendments to IAS 12 \"Deferred Taxes on Assets and Liabilities Arising from a Single Transaction\" In May 2021, the IASB issued amendments to IAS 12 that narrow the scope of the initial recognition exception in IAS 12, which no longer applies to transactions that give rise to both taxable and deductible temporary differences. Amendments are to be applied to transactions occurring after or at the beginning of the comparative period presented. In addition, deferred tax assets (if sufficient taxable income is available) and deferred tax liabilities are recognised at the beginning of the comparative period for all deductible and taxable temporary differences relating to leases and provisions for restoration. The Group is currently assessing the impact of these changes. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "it",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-1007-2": {
"value": "Hyperinflation \u2013 Turkey: application of IAS 29 As from 1 April 2022, the Turkish economy is considered and hyperinflationary economy in accordance with the criteria set out in \"IAS 29 - Financial Reporting in Hyperinflationary Economies\", i.e. following the assessment of qualitative and quantitative elements including the presence of a cumulative inflation rate greater than 100% over the previous three years. Therefore, as from these financial statements, IAS 29 is concretely applied with reference to the parent company's subsidiaries in Turkey: Sabaf Turkey (Sabaf Beyaz Esya Parcalari Sanayi Ve Ticaret Limited Sirteki) and Okida (Okida Elektronik Sanayi Ve Ticaret A.S.). In order to reflect the changes in the purchasing power of the Turkish lira at the end of this reporting period, the Group restated the value of non-monetary items, shareholders' equity and income statement account items of the investee companies in Turkey to the extent of their recoverable amount, applying the change in the general consumer price index to historical data. The value of the general consumer price index at the end of the reporting period and the changes in the index during the current and previous financial year are shown below: Consumer price index Value at 31/12/2021 Value at 31/12/2022 Change TURKSTAT 686.95 1,128.45 +64.27% Consumer price index Value at 01/01/2003 Value at 31/12/2021 Change TURKSTAT 100 686.95 +586.95% Accounting effects The accounting effects of the restatement were recognised as follows. 1) The financial statements of the Turkish subsidiaries were restated before being included in the consolidated financial statements of the Group: \u25aa the effect of the inflation adjustment until 31 December 2021 of non-monetary assets and liabilities and of shareholders' equity, net of the related tax effect, was recognised as a balancing entry to Other Reserves in shareholders' equity; \u25aa the effect related to the re-measurement of the same non-monetary items, shareholders' equity items and income statement items recognised in 2022 was recognised in a separate item in the income statement under financial income and expenses. The related tax effect was recognised in taxes for the period. 2) On consolidation, as required by IAS 21, these restated financial statements were converted using the final exchange rate in order to restore the amounts to current values. In accordance with IAS 21 (paragraph 42.b), it was not necessary to restate the financial and economic data for the year 2021 for comparative purposes only, as the Group's functional currency does not belong to a hyperinflationary economy. The first-time adoption of IAS 29 generated a positive adjustment (net of the related tax effect) recognised in shareholders' equity reserves in the consolidated financial statements at 1 January 2022 of \u20ac11,402 thousand. Moreover, during 2022, the application of IAS 29 resulted in the recognition of a net financial expense (before tax) of \u20ac9,023 thousand. The effects of the application of hyperinflation on the Consolidated Statement of Financial Position and Consolidated Income Statement are shown below. Consolidated statement of financial position (\u20ac/000)31/12/2022 Hyperinflation effect 31/12/2022 with Hyperinflation effect Total non-current assets 145,930 24,820 170,750 Total current assets 156,713 1,416 158,129 Available-for-sale non-current assets 526 - 526 Total Assets 303,169 26,236 329,405 Total shareholders\u2019 equity 130,433 25,729 156,162 Total non-current liabilities 87,957 507 88,464 Total current liabilities 84,779 - 84,779 Total liabilities and shareholders' equity 303,169 26,236 329,405 Consolidated income statement (\u20ac/000)12M 2022 Hyperinflation effect 12m 2022 with Hyperinflation effect Operating revenue and income 262,092 1,149 263,241 Operating costs (226,469) 3,320 (223,149) Operating profit before depreciation & amortisation, capital gains/losses and write-downs/write-backs of non-current assets (EBITDA) 35,623 4,469 40,092 EBIT 19,049 2,838 21,887 Result before taxes 18,570 (6,361) 12,209 Income taxes 2,756 284 3,040 Profit for the year 21,326 (6,077) 15,249 31. EXPENSES FROM HYPERINFLATION/FINANCIAL EXPENSES 2022 2021 Change Expenses from hyperinflation 9,023 - 9,023 Interest paid to banks 1,340 598 742 Interest paid on finance lease contracts 105 138 (33) Banking expenses 222 302 (80) Exercise of A.R.C. option - 69 (69) Other financial expense 342 72 270 Financial expenses 2,009 1,179 830 As from 2022, the effect of inflation accounting on the Turkish subsidiaries, which impacted some financial statement items and resulted in total expenses of \u20ac9,023 thousand, was reflected in the financial statements. For an appropriate and detailed analysis, please refer to the specific paragraph in the Explanatory Notes to these Financial Statements. Other financial expenses include \u20ac140 thousand related to the discounting of long-term receivables from former shareholders of P.G.A. (Note 6). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfHyperinflationaryReportingExplanatory",
"language": "it",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-1007-3": {
"value": "Hyperinflation \u2013 Turkey: application of IAS 29 As from 1 April 2022, the Turkish economy is considered and hyperinflationary economy in accordance with the criteria set out in \"IAS 29 - Financial Reporting in Hyperinflationary Economies\", i.e. following the assessment of qualitative and quantitative elements including the presence of a cumulative inflation rate greater than 100% over the previous three years. Therefore, as from these financial statements, IAS 29 is concretely applied with reference to the parent company's subsidiaries in Turkey: Sabaf Turkey (Sabaf Beyaz Esya Parcalari Sanayi Ve Ticaret Limited Sirteki) and Okida (Okida Elektronik Sanayi Ve Ticaret A.S.). In order to reflect the changes in the purchasing power of the Turkish lira at the end of this reporting period, the Group restated the value of non-monetary items, shareholders' equity and income statement account items of the investee companies in Turkey to the extent of their recoverable amount, applying the change in the general consumer price index to historical data. The value of the general consumer price index at the end of the reporting period and the changes in the index during the current and previous financial year are shown below: Consumer price index Value at 31/12/2021 Value at 31/12/2022 Change TURKSTAT 686.95 1,128.45 +64.27% Consumer price index Value at 01/01/2003 Value at 31/12/2021 Change TURKSTAT 100 686.95 +586.95% Accounting effects The accounting effects of the restatement were recognised as follows. 1) The financial statements of the Turkish subsidiaries were restated before being included in the consolidated financial statements of the Group: \u25aa the effect of the inflation adjustment until 31 December 2021 of non-monetary assets and liabilities and of shareholders' equity, net of the related tax effect, was recognised as a balancing entry to Other Reserves in shareholders' equity; \u25aa the effect related to the re-measurement of the same non-monetary items, shareholders' equity items and income statement items recognised in 2022 was recognised in a separate item in the income statement under financial income and expenses. The related tax effect was recognised in taxes for the period. 2) On consolidation, as required by IAS 21, these restated financial statements were converted using the final exchange rate in order to restore the amounts to current values. In accordance with IAS 21 (paragraph 42.b), it was not necessary to restate the financial and economic data for the year 2021 for comparative purposes only, as the Group's functional currency does not belong to a hyperinflationary economy. The first-time adoption of IAS 29 generated a positive adjustment (net of the related tax effect) recognised in shareholders' equity reserves in the consolidated financial statements at 1 January 2022 of \u20ac11,402 thousand. Moreover, during 2022, the application of IAS 29 resulted in the recognition of a net financial expense (before tax) of \u20ac9,023 thousand. The effects of the application of hyperinflation on the Consolidated Statement of Financial Position and Consolidated Income Statement are shown below. Consolidated statement of financial position (\u20ac/000)31/12/2022 Hyperinflation effect 31/12/2022 with Hyperinflation effect Total non-current assets 145,930 24,820 170,750 Total current assets 156,713 1,416 158,129 Available-for-sale non-current assets 526 - 526 Total Assets 303,169 26,236 329,405 Total shareholders\u2019 equity 130,433 25,729 156,162 Total non-current liabilities 87,957 507 88,464 Total current liabilities 84,779 - 84,779 Total liabilities and shareholders' equity 303,169 26,236 329,405 Consolidated income statement (\u20ac/000)12M 2022 Hyperinflation effect 12m 2022 with Hyperinflation effect Operating revenue and income 262,092 1,149 263,241 Operating costs (226,469) 3,320 (223,149) Operating profit before depreciation & amortisation, capital gains/losses and write-downs/write-backs of non-current assets (EBITDA) 35,623 4,469 40,092 EBIT 19,049 2,838 21,887 Result before taxes 18,570 (6,361) 12,209 Income taxes 2,756 284 3,040 Profit for the year 21,326 (6,077) 15,249 30. FINANCIAL INCOME 2022 2021 Change Exercise of the C.M.I. put option (Note 15) - 507 (507) Interest rate derivatives 1,753 - 1,753 Interest from bank current accounts 154 227 (73) Other financial income 10 16 (6) Total 1,917 750 1,167 31. EXPENSES FROM HYPERINFLATION/FINANCIAL EXPENSES 2022 2021 Change Expenses from hyperinflation 9,023 - 9,023 Interest paid to banks 1,340 598 742 Interest paid on finance lease contracts 105 138 (33) Banking expenses 222 302 (80) Exercise of A.R.C. option - 69 (69) Other financial expense 342 72 270 Financial expenses 2,009 1,179 830 As from 2022, the effect of inflation accounting on the Turkish subsidiaries, which impacted some financial statement items and resulted in total expenses of \u20ac9,023 thousand, was reflected in the financial statements. For an appropriate and detailed analysis, please refer to the specific paragraph in the Explanatory Notes to these Financial Statements. Other financial expenses include \u20ac140 thousand related to the discounting of long-term receivables from former shareholders of P.G.A. (Note 6). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "it",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-1170-2": {
"value": "1. PROPERTY, PLANT AND EQUIPMENT Property Plant and equipment Other assets Assets under construction Total Cost At 31 December 2020 57,226 219,592 55,877 4,535 337,230 Increases 1,589 11,097 4,421 5,120 22,227 Disposals (48) (1,366) (398) (596) (2,408) Change in the scope of consolidation 942 83 - 1,531 2,556 Reclassifications 375 2,092 18 (3,480) (995) Forex differences (654) (3,201) (1,089) (474) (5,418) At 31 December 2021 59,430 228,297 58,829 6,636 353,192 Increases 331 3,513 3,699 12,141 19,684 Disposals - (2,958) (479) - (3,437) Change in the scope of consolidation 2,337 3,732 869 - 6,938 Reclassifications 300 8,527 376 (9,432) (229) Monetary revaluation (IAS 29) 4,503 10,921 3,518 - 18,942 Forex differences (225) (422) (154) (116) (917) At 31 December 2022 66,676 251,610 66,658 9,229 394,173 Accumulated depreciations At 31 December 2020 24,147 188,938 47,638 - 260,723 Depreciations for the year 2,367 8,457 3,290 - 14,114 Derecognition due to disposal (14) (1,462) (319) - (1,795) Reclassifications - (116) 3 - (113) Forex differences (297) (1,287) (560) - (2,144) At 31 December 2021 26,203 194,530 50,052 - 270,785 Depreciations for the year 2,323 9,049 3,945 - 15,317 Derecognition due to disposal - (2,807) (216) - (3,023) Change in the scope of consolidation 248 2,321 657 - 3,226 Reclassifications 3 (1) 135 - 137 Monetary revaluation (IAS 29) 1,734 4,752 1,748 - 8,234 Forex differences (81) (58) 31 - (108) At 31 December 2022 30,430 207,786 56,352 - 294,568 Net carrying value At 31 December 2022 36,246 43,824 10,306 9,229 99,605 At 31 December 2021 33,227 33,767 8,777 6,636 82,407 The breakdown of the net carrying value of Property was as follows: 31/12/2022 31/12/2021 Change Land 9,465 8,613 852 Industrial buildings 26,781 24,614 2,167 Total 36,246 33,227 3,019 The main investments in the year were aimed at expanding the international production footprint: - in Turkey, where an integrated production line of hinges for dishwashers was started; - in India, where the production of gas components (valves and burners) was started); - in Mexico, where work on the construction of the plant in San Luis de Potosi continued. Decreases mainly relate to the disposal of machinery no longer in use. Assets under construction include machinery under construction and advance payments to suppliers of capital equipment. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "it",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-1406-2": {
"value": "Changes in property, plant and equipment resulting from the application of IFRS 16 are shown below: Property Plant and equipment Other assets Total At 31 December 2021 2,221 203 932 3,356 Increases - - 187 187 Depreciations and amortisation (695) (185) (340) (1,220) Decreases - - - - Foreign exchange differences (413) 196 (31) (248) At 31 December 2022 1,113 214 748 2,075 Changes in investment property resulting from the application of IFRS 16 are shown below: Investment property 1 January 2022 3 Increases 144 Decreases - Depreciations and amortisation (39) Foreign exchange differences - At 31 December 2022 108 The following table shows the changes in lease liabilities during the year: Lease liabilities at 31 December 2020 4,896 New agreements signed during 2021 954 Repayments during 2021 (1,581) Forex differences 2 Lease liabilities at 31 December 2021 4,271 New agreements signed during 2022 331 Repayments during 2022 (1,409) Forex differences (105) Lease liabilities at 31 December 2022 3,088 Financial liabilities related to the application of IFRS 16 at 31 December 2022 amounted to \u20ac2,917 thousand. Note 38 provides information on financial risks, pursuant to IFRS 7. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "it",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-1454-2": {
"value": "At 31 December 2022, the Group found no endogenous or exogenous indicators of impairment of its property, plant and equipment. As a result, the value of property, plant and equipment was not submitted to impairment testing. At 31 December 2022, the Group found no other endogenous or exogenous indicators of impairment of its investment property. As a result, the value of investment property was not submitted to impairment testing. With regard to patents, software and development costs, no internal and external indicators that would necessitate an impairment test were identified. At 31 December 2022, the recoverability of the amount of other intangible assets was verified as part of the impairment test of the related goodwill described in the previous paragraph. Internal and external indicators that would necessitate an impairment test on equity investments were not identified. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "it",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-1458-2": {
"value": "2. INVESTMENT PROPERTY Cost At 31 December 2020 11,284 Increases - Disposals (1,107) At 31 December 2021 10,177 Increases 144 Disposals (1,381) Reclassifications (6,675) At 31 December 2022 2,265 Depreciations and write-downs At 31 December 2020 8,031 Depreciations for the year 369 Write-downs for the year - Derecognition due to disposal (534) At 31 December 2021 7,866 Depreciations for the year 299 Derecognition due to disposal (734) Reclassifications (6,149) At 31 December 2022 1,282 Net carrying value At 31 December 2021 983 At 31 December 2022 2,311 The item Investment property includes non-operating buildings owned by the Group: these are mainly properties for residential use, held for rental or sale. Disposals during the period resulted in capital gains totalling \u20ac243 thousand. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory",
"language": "it",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-1510-2": {
"value": "During the year, property with a net carrying value of \u20ac526 thousand was reclassified under Available-for-sale non-current assets (Note 3). 3. ASSETS HELD FOR SALE This item includes the net carrying value of the Parent Company's former production plant located in Lumezzane (Brescia) amounting to \u20ac526 thousand, the value of which will be recovered through a sale transaction with the characteristics indicated by IFRS 5. 3. ASSETS HELD FOR SALE This item includes the net carrying value of the Company's former production plant located in Lumezzane (Brescia) amounting to \u20ac526 thousand, the value of which will be recovered through a sale transaction with the characteristics indicated by IFRS 5. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "it",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-1510-3": {
"value": "During the year, property with a net carrying value of \u20ac526 thousand was reclassified under Available-for-sale non-current assets (Note 3). 3. ASSETS HELD FOR SALE This item includes the net carrying value of the Parent Company's former production plant located in Lumezzane (Brescia) amounting to \u20ac526 thousand, the value of which will be recovered through a sale transaction with the characteristics indicated by IFRS 5. 6. NON-CURRENT RECEIVABLES 31/12/2022 31/12/2021 Change Tax receivables 2,057 985 1,072 Guarantee deposits 98 115 (17) Receivables from former P.G.A. shareholders 597 - 597 Total 2,752 1,100 1,652 Tax receivables relate to indirect taxes expected to be recovered after 31 December 2023. Receivables from former P.G.A. shareholders to Sabaf S.p.A. refer to compensation obligations envisaged upon the occurrence of certain events (liabilities incurred by P.G.A.) regulated by the acquisition agreement. These receivables, already accrued and agreed upon between the parties, were discounted and the effect was recognised under Financial Expenses (Note 31). 3. ASSETS HELD FOR SALE This item includes the net carrying value of the Company's former production plant located in Lumezzane (Brescia) amounting to \u20ac526 thousand, the value of which will be recovered through a sale transaction with the characteristics indicated by IFRS 5. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory",
"language": "it",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-1541-2": {
"value": "4. INTANGIBLE ASSETS Goodwill Patents and software Development costs Other intangible assets Total Cost At 31 December 2020 27,114 9,401 6,586 21,599 64,700 Increases - 420 1,770 44 2,234 Decreases - (2) - (3) (5) Reclassifications - (70) (58) - (128) Forex differences (4,978) (164) - (2,939) (8,081) At 31 December 2021 22,136 9,585 8,298 18,701 58,720 Increases - 591 2,506 56 3,153 Decreases - 1 (16) (7) (22) Change in the scope of consolidation 1,127 263 - 4,568 5,958 Reclassifications - 77 (554) 17 (460) Monetary revaluation (IAS 29) 10,671 385 - 6,453 17,509 Forex differences (1,756) (54) - (1,039) (2,849) At 31 December 2022 32,178 10,848 10,234 28,749 82,009 Amortisation/Write-downs At 31 December 2020 4,546 8,573 4,425 4,139 21,683 Depreciations for the year - 419 375 1,553 2,347 Decreases - - - - - Reclassifications - (93) - - (93) Forex differences - (112) - (658) (770) At 31 December 2021 4,546 8,787 4,800 5,034 23,167 Depreciations for the year - 479 376 1,797 2,652 Decreases - 2 - - 2 Change in the scope of consolidation - 226 - 10 236 Reclassifications - 13 174 24 211 Monetary revaluation (IAS 29) - 303 - 1,566 1,869 Forex differences - (38) - (258) (296) At 31 December 2022 4,546 9,772 5,350 8,173 27,841 Net carrying value At 31 December 2022 27,632 1,076 4,884 20,576 54,168 At 31 December 2021 17,590 798 3,498 13,667 35,553 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "it",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-1541-3": {
"value": "4. INTANGIBLE ASSETS Goodwill Patents and software Development costs Other intangible assets Total Cost At 31 December 2020 27,114 9,401 6,586 21,599 64,700 Increases - 420 1,770 44 2,234 Decreases - (2) - (3) (5) Reclassifications - (70) (58) - (128) Forex differences (4,978) (164) - (2,939) (8,081) At 31 December 2021 22,136 9,585 8,298 18,701 58,720 Increases - 591 2,506 56 3,153 Decreases - 1 (16) (7) (22) Change in the scope of consolidation 1,127 263 - 4,568 5,958 Reclassifications - 77 (554) 17 (460) Monetary revaluation (IAS 29) 10,671 385 - 6,453 17,509 Forex differences (1,756) (54) - (1,039) (2,849) At 31 December 2022 32,178 10,848 10,234 28,749 82,009 Amortisation/Write-downs At 31 December 2020 4,546 8,573 4,425 4,139 21,683 Depreciations for the year - 419 375 1,553 2,347 Decreases - - - - - Reclassifications - (93) - - (93) Forex differences - (112) - (658) (770) At 31 December 2021 4,546 8,787 4,800 5,034 23,167 Depreciations for the year - 479 376 1,797 2,652 Decreases - 2 - - 2 Change in the scope of consolidation - 226 - 10 236 Reclassifications - 13 174 24 211 Monetary revaluation (IAS 29) - 303 - 1,566 1,869 Forex differences - (38) - (258) (296) At 31 December 2022 4,546 9,772 5,350 8,173 27,841 Net carrying value At 31 December 2022 27,632 1,076 4,884 20,576 54,168 At 31 December 2021 17,590 798 3,498 13,667 35,553 Patents and software Software investments are related to the extension of the application and corporate scope of the Group management system (SAP). Other intangible assets The other intangible assets recognised in these consolidated financial statements mainly result from the Purchase Price Allocation carried out following the acquisition of Okida Elektronik in September 2018, the acquisition of C.M.I. S.r.l. in July 2019 and P.G.A. in October 2022. The net carrying value of other intangible assets is broken down as follows: 31/12/2022 31/12/2021 Change Customer Relationship 13,000 6,301 6,699 Brand 3,807 3,877 (70) Know-how 577 236 341 Patents 2,835 3,038 (203) Other 357 215 142 Total 20,576 13,667 6,909 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "it",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-1753-2": {
"value": "Goodwill Goodwill recognised at 31 December 2022 is allocated: - to the \u201cHinges\u201d (CGU) cash generating units of \u20ac4.414 million; - to the \u201cProfessional burners\u201d CGU of \u20ac1.770 million; - for \u20ac16.641 million to the \u201cElectronic components\u201d CGU; - for \u20ac1.127 million to the \u201cP.G.A. Electronic components\u201d CGU; - to the \u201cC.M.I. hinges\u201d CGU of \u20ac3.680 million. The Group verifies the ability to recover goodwill at least once a year or more frequently if there are indications of impairment. Recoverable amount is determined through value of use, by discounting expected cash flows. The management defined a single plan for each CGU that represents the normal and expected scenario, with reference to the period from 2023 to 2027, and which was used to develop the impairment tests. The development of forward plans and the calculation of the value in use were carried out following an in-depth analysis that also considered the impact on profitability of the increase in purchase costs and the possibility of transferring this increase to sales prices. The recoverable amount of each CGU, determined on the basis of this plan, was subjected to stress tests and sensitivity analyses. Goodwill allocated to the Hinges CGU In 2022, the Hinges CGU achieved positive results - in terms of sales and profitability - both compared to the previous year and compared to the budget. The 2023-2027 forward plan envisages a decline in sales in 2023, a gradual recovery in the following years and the maintenance of a good level of profitability. At 31 December 2022, the Group tested - with the support of independent experts - the carrying value of its CGU Hinges for impairment, determining its recoverable amount, considered to be equivalent to its usable value, by discounting expected future cash flow in the forward plan drafted by the management. Cash flows for the period from 2023 to 2027 were augmented by the terminal value, which expresses the operating flows that the CGU is expected to generate from the sixth year to infinity and determined based on the perpetual income. The value of use was calculated based on a discount rate (wacc) of 11.65% (10.11% in the impairment test carried out while preparing the consolidated financial statements at 31 December 2021) and a growth rate (g) of 2%, unchanged from the 2021 impairment test. The recoverable amount calculated on the basis of the above-mentioned assumptions and valuation techniques is \u20ac16.245 million, compared with a carrying value of the assets allocated to the Hinges unit of \u20ac10.301 million; consequently, the value recognised for goodwill at 31 December 2022 was deemed recoverable. Goodwill allocated to the Professional burners CGU The Professional Burners CGU performed very well during the 2022 financial year in terms of both turnover and profitability. The 2023-2027 forward plan envisages a decline in sales in 2023, a gradual recovery in the following years and the maintenance of a good level of profitability. At 31 December 2022, the Group tested - with the support of independent experts - the carrying value of its Professional burners CGU for impairment, determining its recoverable amount, considered to be equivalent to its usable value, by discounting expected future cash flow in the forward plan drafted at the beginning of 2023. Cash flows for the period from 2023 to 2027 were augmented by the terminal value, which expresses the operating flows that the CGU is expected to generate from the sixth year to infinity and determined based on the perpetual income. The value of use was calculated based on a discount rate (wacc) of 11.19% (6.93% in the impairment test carried out while preparing the consolidated financial statements at 31 December 2021) and a growth rate (g) of 2%, unchanged with respect to the 2021 impairment test, considered by management to be the best estimate of the CGU's growth assumptions, considering the sector in which it operates and in line with the growth rate of other Italian CGUs. The recoverable amount calculated on the basis of the above-mentioned assumptions and valuation techniques is \u20ac6.743 million, compared with a carrying value of the assets allocated to the Professional burners unit of \u20ac5.373 million (including minority interests); consequently, the value recognised for goodwill at 31 December 2022 was deemed recoverable. Goodwill allocated to the Electronic components CGU The Electronic Components CGU performed extremely well in 2022. At 31 December 2022, the Group tested - with the support of independent experts - the carrying value of its CGU Electronic components for impairment, determining its recoverable amount, considered to be equivalent to its usable value, by discounting expected future cash flow in the forward plan drafted by the management. Cash flows for the period from 2023 to 2027 were augmented by the terminal value, which expresses the operating flows that the CGU is expected to generate from the fifth year to infinity and determined based on the perpetual income. The value of use was calculated based on a discount rate (wacc) of 16.81% (15.21% in the impairment test carried out while preparing the consolidated financial statements at 31 December 2021) and a growth rate (g) of 2.50%, unchanged from the 2021 impairment test. The recoverable amount calculated on the basis of the above-mentioned assumptions and valuation techniques is \u20ac44.400 million, compared with a carrying value of the assets allocated to the Electronic components unit of \u20ac36.660 million; consequently, the value recognised for goodwill at 31 December 2022 was deemed recoverable. Goodwill allocated to the C.M.I. Hinges CGU The Hinges C.M.I. CGU recognised a strong increase in turnover in 2022 and a good level of profitability. The 2023-2027 forward plan envisages a decline in sales in 2023, a gradual recovery in the following years and the maintenance of a good level of profitability. At 31 December 2022, the Group tested - with the support of independent experts - the carrying value of its CGU Hinges C.M.I. for impairment, determining its recoverable amount, considered to be equivalent to its usable value, by discounting expected future cash flow in the forward plan drafted by the management. Cash flows for the period from 2023 to 2027 were augmented by the terminal value, which expresses the operating flows that the CGU is expected to generate from the third year to infinity and determined based on the perpetual income. The value of use was calculated based on a discount rate (wacc) of 11.66% (11.31% in the impairment test carried out while preparing the consolidated financial statements at 31 December 2021) and a growth rate (g) of 2%, unchanged with respect to the 2021 impairment test, considered by management to be the best estimate of the CGU's growth assumptions, considering the sector in which it operates and in line with the growth rate of other Italian CGUs. The recoverable amount calculated on the basis of the above-mentioned assumptions and valuation techniques is \u20ac50.590 million, compared with a carrying value of the assets allocated to the C.M.I. Hinges unit of \u20ac25.734 million; consequently, the value recognised for goodwill at 31 December 2022 was deemed recoverable. Sensitivity analysis The table below shows the changes in recoverable amount depending on changes in the WACC discount rate and growth factor g: (\u20ac/000) growth rate discount rate 1.50% 1.75% 2.00% 2.25% 2.50% 10.66% 54,242 55,340 56,501 57,732 59,037 11.16% 51,395 52,363 53,384 54,462 55,602 11.66% 48,829 49,687 50,590 51,541 52,544 12.16% 46,505 47,270 48,072 48,916 49,802 12.66% 44,390 45,075 45,792 46,543 47,332 The table below shows the change in recoverable amount as EBITDA changes according to the plan. EBITDA According to the plan -10% -20% (\u20ac/000) 50,590 46,152 38,885 Goodwill allocated to the \"P.G.A. Electronic components\u201d CGU At 31 December 2022, the Group tested the carrying value of its P.G.A. Electronic components for impairment, determining its recoverable amount, considered to be equivalent to its value of use, by discounting expected future cash flows in the forward plan prepared by the management. Cash flows for the period from 2023 to 2025 were augmented by the terminal value, which expresses the operating flows that the CGU is expected to generate from the third year to infinity and determined based on the perpetual income. The value of use was calculated based on a discount rate (WACC) of 10.88% and a growth rate (g) of 2%, representative of expected future growth rates for the reference market. The recoverable amount calculated on the basis of the above-mentioned assumptions and valuation techniques is \u20ac15.569 million, compared with a carrying value of the assets allocated to the P.G.A. Electronic components of \u20ac10.222 million; consequently, the value recognised for goodwill at 31 December 2022 was deemed recoverable. Sensitivity analysis The table below shows the changes in recoverable amount depending on changes in the WACC discount rate and growth factor g: (\u20ac/000) growth rate discount rate 1.50% 1.75% 2.00% 2.25% 2.50% 9.88% 16,651 17,090 17,558 18,056 18,588 10.38% 15,707 16,094 16,504 16,940 17,403 10.88% 14,863 15,206 15,569 15,953 16,359 11.38% 14,105 14,411 14,734 15,074 15,433 11.88% 13,420 13,694 13,983 14,286 14,606 The table below shows the change in recoverable amount as EBITDA changes according to the plan. EBITDA According to the plan -10% -20% (\u20ac/000) 15,569 13,658 11,745 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationForIndividualAssetOrCashgeneratingUnitWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesExplanatory",
"language": "it",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-1792-2": {
"value": "Sensitivity analysis The table below shows the changes in recoverable amount depending on changes in the WACC discount rate and growth factor g: (\u20ac/000) growth rate discount rate 1.50% 1.75% 2.00% 2.25% 2.50% 10.65% 17,328 17,645 17,981 18,337 18,715 11.15% 16,491 16,771 17,066 17,378 17,708 11.65% 15,735 15,984 16,245 16,520 16,810 12.15% 15,050 15,272 15,504 15,748 16,004 12.65% 14,426 14,624 14,831 15,049 15,277 The table below shows the change in recoverable amount as EBITDA changes according to the plan. EBITDA According to the plan -10% -20% (\u20ac/000) 16,245 14,441 12,637 It was determined that the recoverable amount of the CGU exceeds its carrying value under all of the above assumptions, taking into account changes in discount rate, growth rate and EBITDA. Sensitivity analysis The table below shows the changes in recoverable amount depending on changes in the WACC discount rate and growth factor g: (\u20ac/000) growth rate discount rate 1.50% 1.75% 2.00% 2.25% 2.50% 10.19% 7,270 7,435 7,610 7,796 5,635 10.69% 6,854 6,999 7,151 7,314 7,485 11.19% 6,481 6,608 6,743 6,885 7,035 11.69% 6,145 6,258 6,377 6,502 6,634 12.19% 5,840 5,941 6,047 6,158 6,275 The table below shows the change in recoverable amount as EBITDA changes according to the plan. EBITDA According to the plan -10% -20% (\u20ac/000) 6,743 5,823 4,903 Sensitivity analysis The table below shows the changes in recoverable amount depending on changes in the WACC discount rate and growth factor g: (\u20ac/000) growth rate discount rate 2.00% 2.25% 2.50% 2.75% 3.00% 15.81% 46,646 47,160 47,694 48,248 48,824 16.31% 45,029 45,500 45,987 46,493 47,018 16.81% 43,521 43,953 44,400 44,863 45,342 17.31% 42,112 42,509 42,920 43,344 43,783 17.81% 40,793 41,159 41,536 41,926 42,330 The table below shows the change in recoverable amount as EBITDA changes according to the plan. EBITDA According to the plan -10% -20% (\u20ac/000) 44,400 39,801 34,906 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationForEachMaterialImpairmentLossRecognisedOrReversedForIndividualAssetOrCashgeneratingUnitExplanatory",
"language": "it",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-2211-2": {
"value": "Development costs Development costs are mainly related to the decision to extend the product range to include induction cooking. To this end, a dedicated project team was set up to develop the project know-how in-house, with patents, proprietary software and hardware. The first prototypes were presented in 2022, with production starting in 2023. Increases in development costs include projects in progress and therefore not subject to amortisation. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory",
"language": "it",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-2211-3": {
"value": "Development costs Development costs are mainly related to the decision to extend the product range to include induction cooking. To this end, a dedicated project team was set up to develop the project know-how in-house, with patents, proprietary software and hardware. The first prototypes were presented in 2022, with production starting in 2023. Increases in development costs include projects in progress and therefore not subject to amortisation. 26. PURCHASES OF MATERIALS 2022 2021 Change Commodities and outsourced components 115,410 132,143 (16,733) Consumables 8,921 10,212 (1,291) Total 124,331 142,355 (18,024) The reduction in purchases is related to the decrease in business volumes, while the unit prices of the main raw materials (aluminium alloys, steel and brass) increased significantly and on average by about 20% compared to the previous year. 27. COSTS FOR SERVICES 2022 2021 Change Outsourced processing 13,680 18,689 (5,009) Natural gas and power 11,359 8,536 2,823 Maintenance 7,040 7,972 (932) Transport 4,433 4,658 (225) Advisory services 3,232 2,856 376 Travel expenses and allowances 700 292 408 Commissions 994 1,144 (150) Directors\u2019 fees 861 829 32 Insurance 864 727 137 Canteen 796 797 (1) Other costs 6,221 5,877 344 Total 50,180 52,377 (2,197) The main outsourced processing include aluminium die-casting, hot moulding of brass and steel blanking as well as some mechanical processing and assembly. As a result of lower activity levels compared to the previous year, some production stages that had been outsourced to external suppliers in 2021 to cope with peaks in demand were internalised. The increase in energy costs was due to the exceptional increase in electricity and gas prices. On a like-for-like basis, the effect of this increase is estimated to be \u20ac 5.3 million in higher charges compared to the previous year. Energy and gas costs are posted net of tax benefits related to public contributions for electricity and gas consumption, amounting to \u20ac515 thousand. Other costs included expenses for the registration of patents, waste disposal, cleaning, leasing third-party assets and other minor charges. 28. PERSONNEL COSTS 2022 2021 Change Salaries and wages 31,750 32,749 (999) Social Security costs 9,685 10,175 (490) Temporary agency workers 5,617 7,596 (1,979) Post-employment benefit and other costs 1,740 2,639 (899) Stock grant plan1,134 805 329 Total 49,926 53,964 (4,038) 29. OTHER OPERATING COSTS 2022 2021 Change Non-income taxes 729 651 78 Other operating expenses 614 694 (80) Contingent liabilities 238 54 184 Losses and write-downs of trade receivables 1 103 (102) Provisions for risks 21 - 21 Other provisions 28 29 (1) Total 1,631 1,531 100 Non-income taxes chiefly relate to property tax. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "it",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-2266-2": {
"value": "5. EQUITY INVESTMENTS 31/12/2021 Change scope of consolidation 31/12/2022 Other equity investments 83 14 97 Total 83 14 97 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory",
"language": "it",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-2284-3": {
"value": "6. NON-CURRENT RECEIVABLES 31/12/2022 31/12/2021 Change Tax receivables 2,057 985 1,072 Guarantee deposits 98 115 (17) Receivables from former P.G.A. shareholders 597 - 597 Total 2,752 1,100 1,652 Tax receivables relate to indirect taxes expected to be recovered after 31 December 2023. Receivables from former P.G.A. shareholders to Sabaf S.p.A. refer to compensation obligations envisaged upon the occurrence of certain events (liabilities incurred by P.G.A.) regulated by the acquisition agreement. These receivables, already accrued and agreed upon between the parties, were discounted and the effect was recognised under Financial Expenses (Note 31). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory",
"language": "it",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-2315-2": {
"value": "7. INVENTORIES 31/12/2022 31/12/2021 Change Raw Materials 31,068 26,771 4,297 Semi-processed goods 16,403 15,133 1,270 Finished products 23,771 25,646 (1,875) Provision for inventory write-downs (6,816) (3,397) (3,419) Total 64,426 64,153 273 The value of final inventories at 31 December 2022 increased compared to the previous year due to the inflationary effect caused by the increase in the prices of raw materials and as a result of the monetary revaluation carried out in application of IAS 29 for hyperinflation in Turkey (of \u20ac1,416 thousand). On the other hand, the volumes of products in stock showed a decline. At 31 December 2022, the value of inventories was adjusted based on an improved estimate of the idle capacity and obsolescence risk, measured by analysing slow and non-moving inventory. The following table shows the changes in the Provision for inventory write-downs during the current financial year: 31/12/2021 3,397 Provisions 3,018 Utilisation (164) Monetary revaluation (IAS 29) 323 Change in the scope of consolidation 300 Forex differences (58) 31/12/2022 6,816 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "it",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-2367-2": {
"value": "8. TRADE RECEIVABLES 31/12/2022 31/12/2021 Change Total trade receivables 59,999 69,139 (9,140) Bad debt provision (840) (1,099) 259 Net total 59,159 68,040 (8,881) Trade receivables at 31 December 2022 were lower than the balance at the end of 2021 as a result of the decline in sales in the last part of the year. There were no significant changes in the payment terms agreed with customers. The amount of trade receivables recognised in the financial statements includes approximately \u20ac25.7 million in insured receivables (\u20ac24.3 million at 31 December 2021). The breakdown of trade receivables by past due period is shown below: 31/12/2022 31/12/2021 Change Current receivables (not past due) 45,199 60,358 (15,159) Outstanding up to 30 days 6,947 4,132 2,815 Outstanding from 30 to 60 days 4,020 1,290 2,730 Outstanding from 60 to 90 days 1,416 794 622 Outstanding for more than 90 days 2,417 2,565 (148) Total 59,999 69,139 (9,140) 10. OTHER CURRENT RECEIVABLES 31/12/2022 31/12/2021 Change Credits to be received from suppliers 706 1,267 (561) Advances to suppliers 1,376 859 517 Accrued income and prepaid expenses 660 476 184 Other 168 534 (366) Total 2,910 3,136 (226) Credits to be received from suppliers mainly refer to bonuses paid to the Group for the attainment of purchasing objectives. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "it",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-2424-2": {
"value": "The bad debt provision was adjusted to the better estimate of the credit risk and expected losses at the end of the reporting period, also carried out by analysing each expired item. Changes during the year were as follows: 31/12/2021 1,099 Provisions - Utilisation (296) Change in the scope of consolidation 23 Forex differences 14 31/12/2022 840 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "it",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-2445-2": {
"value": "9. TAX RECEIVABLES 31/12/2022 31/12/2021 Change For income tax 5,061 1,395 3,666 For VAT and other sales taxes 3,144 4,751 (1,607) Other tax credits 9 19 (10) Total 8,214 6,165 2,049 At 31 December 2022, income tax receivables mainly include: \u25aa \u20ac2,014 thousand relating to the tax credit for investments in capital goods; \u25aa \u20ac148 thousand relating to the tax credit for research and development; \u25aa \u20ac741 thousand related to the unused tax credit for contributions related to the increase in gas and electricity costs; \u25aa payments on account paid in 2022: IRES for \u20ac900 thousand and IRAP for \u20ac94 thousand. 20. TAX PAYABLES 31/12/2022 31/12/2021 Change For income tax 235 3,450 (3,215) Withholding taxes 1,059 954 105 Other tax payables 1,251 547 704 Total 2,545 4,951 (2,406) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
"language": "it",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-2504-2": {
"value": "11. FINANCIAL ASSETS 31/12/2022 31/12/2021 Current Non-current Current Non-current Restricted bank accounts 786 - 1,172 - Derivative instruments on interest rates 1,711 - - - Total 2,497 - 1,172 0 At 31 December 2022, there were short-term term deposits of \u20ac786 thousand. In 2022, the term deposit of \u20ac1.172 million for the portion of the price not yet paid to the sellers of the C.M.I. equity investment and deposited as collateral in accordance with the terms of the C.M.I. acquisition agreement (Note 16) was paid. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory",
"language": "it",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-2535-2": {
"value": "At 31 December 2022, the Group has in place eight interest rate swap (IRS) contracts for amounts and maturities coinciding with six unsecured loans that are being amortised, whose residual value at 31 December 2022 is \u20ac27,130 thousand. The contracts have not been designated as capital flow hedges and are therefore at their fair value through profit and loss, and recognised in the items \u201cFair Value through profit or loss\u201d, with \"Financial income\" as a balancing entry. To manage interest rate risk, some unsecured loans (with a total residual value of \u20ac55.808 million at 31 December 2022) are either fixed-rate or hedged by IRS. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "it",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-2541-2": {
"value": "12. CASH AND CASH EQUIVALENTS Cash and cash equivalents, which amounted to \u20ac20,923 thousand at 31 December 2022 (\u20ac43,649 thousand at 31 December 2021) consisted of bank current account balances of \u20ac20.8 million (\u20ac43.2 million at 31 December 2021) and investments in liquidity of \u20ac91 thousand (\u20ac432 thousand at 31 December 2021). Changes in the cash and cash equivalents are analysed in the statement cash flows. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "it",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-2548-2": {
"value": "13. SHARE CAPITAL The parent company\u2019s share capital consists of 11,533,450 shares with a par value of \u20ac1.00 each. The share capital paid in and subscribed did not change during the year. At 31 December 2022, the structure of the share capital is shown in the table below. No. of shares % of share capital Rights and obligations Ordinary shares 7,915,422 68.63% - Ordinary shares with increased vote 3,618,028 31.37% Two voting rights per share TOTAL11,533,450100% With the exception of the right to increased vote, there are no rights, privileges or restrictions on the shares of the Parent Company. The availability of the Parent Company's reserves is indicated in the separate financial statements of Sabaf S.p.A. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "it",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-2575-2": {
"value": "14. TREASURY SHARES Treasury shares With regard to the 2018 - 2020 Stock Grant Plan, following the expiry of the three-year vesting period, during the first half of 2022, 79,128 ordinary shares of the Company were allocated and transferred to the beneficiaries of Cluster 2, through the use of shares already available to the issuer. During the financial year, the following occurred: \u25aa 81,321 treasury shares were purchased at an average price of \u20ac22.89 per share; \u25aa 99,132 treasury shares were sold as part of the acquisition of 100% of the capital of P.G.A. s.r.l. on 3 October 2022, for which 25% of the price was paid in shares. At 31 December 2022, Sabaf S.p.A. held 214,863 treasury shares (1.863% of the share capital), reported in the financial statements as an adjustment to shareholders\u2019 equity at a weighted average unit value of \u20ac14.99 (the closing stock market price of the Share at 31 December 2022 was \u20ac16.69). There were 11,318,587 outstanding shares at 31 December 2022. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "it",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-2576-2": {
"value": " AND OTHER RESERVES Stock grant reserve Items \"Retained earnings, other reserves\" of \u20ac129,380 thousand included, at 31 December 2022, the stock grant reserve of \u20ac1,939 thousand, which included the measurement at 31 December 2022 of the fair value of rights assigned to receive shares of the Parent Company relating to the 2021 \u2013 2023 Stock Grant Plan, medium- and long-term incentive plan for directors and employees of the Sabaf Group, for the details of which reference is made to Note 40. Cash Flow Hedge reserve The following table shows the change in the Cash Flow Hedge reserve related to the application of IFRS 9 on derivative contracts and referring to the recognition in net equity of the effective part of the derivative contracts signed to hedge the foreign exchange rate risk for which the Group applies hedge accounting. Value at 31 December 2021 (151) Change during the period 149 Value at 31 December 2022 (2) The characteristics of the derivative financial instruments that gave rise to the Cash Flow Hedge reserve and the accounting effects on other items in the financial statements are broken down in Note 38, in the paragraph Foreign exchange risk management. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "it",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-2614-2": {
"value": "15. LOANS 31/12/2022 31/12/2021 Current Non-current Total Current Non-current Total Bond issue - 29,685 29,685 - 29,649 29,649 Unsecured loans 21,613 46,595 68,208 19,044 53,913 72,957 Short-term bank loans 5,308 - 5,308 1,769 - 1,769 Advances on bank receipts or invoices 921 - 921 2,263 - 2,263 Leases 1,032 2,056 3,088 1,329 2,942 4,271 Interest payable 2 - 2 - - - Total 28,876 78,336 107,212 24,405 86,504 110,909 During the year, the Group took out new unsecured loans for a total of \u20ac13 million to finance the investments made. All loans are signed with an original maturity of 5 years and are repayable in instalments. Some of the outstanding unsecured loans have covenants, defined with reference to the consolidated financial statements at the end of the reporting period, as specified below: \u25aa commitment to maintain a ratio of net financial debt to shareholders\u2019 equity of less than 1 (residual amount of the loans at 31 December 2022 equal to \u20ac49.9 million); \u25aa commitment to maintain a ratio of net financial debt to EBITDA of less than 2.5 (residual amount of the loans at 31 December 2022 equal to \u20ac40.4 million); \u25aa commitment to maintain a ratio of net financial debt to EBITDA of less than 3 (residual amount of the loans at 31 December 2022 equal to \u20ac16.1 million); widely complied with at 31 December 2022 and for which, according to the Group's business plan, compliance is also expected in subsequent years. All bank loans are denominated in euro. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "it",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-2676-2": {
"value": "In December 2021, Sabaf S.p.A. issued a \u20ac30 million bond fully subscribed by PRICOA with a maturity of 10 years, an average life of 8 years and a fixed coupon of 1.85% per year. The loan has the following covenants, defined with reference to the consolidated financial statements at the end of each reporting period, widely complied with at 31 December 2022 and for which, according to the Group's business plan, compliance is also expected in subsequent years: \u25aa commitment to maintain a ratio of net financial debt to shareholders\u2019 equity of less than 1.5; \u25aa commitment to maintain a ratio of net financial debt to EBITDA of less than 3; \u25aa commitment to maintain a ratio of EBITDA to net financial position of more than 4. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory",
"language": "it",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-2726-2": {
"value": "16. OTHER FINANCIAL LIABILITIES 31/12/2022 31/12/2021 Current Non-current Current Non-current Payables to former P.G.A. shareholders 546 - - - Payables to C.M.I. shareholders - - 1,173 - Derivative instruments on interest rates - - 190 - Currency derivatives 28 - 156 - Total 574 - 1,519 - Currency derivatives refer to forward sales contracts recognised using hedge accounting. These financial instruments are broken down in Note 38 - Forex risk management. The payable to former P.G.A. shareholders refers to price adjustments following the completion of the acquisition and determined in accordance with contractual provisions. The payable to C.M.I. shareholders, which amounted to \u20ac1,173 thousand at 31 December 2021 and related to the portion of the price not yet paid to the sellers of the C.M.I. shareholding, was paid in 2022. 38. INFORMATION ON FINANCIAL RISK Categories of financial instruments In accordance with IFRS 7, a breakdown of the financial instruments is shown below, among the categories set forth in IAS 39: 31/12/2022 31/12/2021 Financial assets Amortised cost Cash and cash equivalents 20,923 43,649 Term bank deposits 786 1,172 Trade receivables and other receivables 64,821 72,276 Fair Value through profit or loss Derivatives to hedge cash flows 1,710 - Hedge accounting Derivatives to hedge cash flows - 262 Financial liabilities Amortised cost Loans 107,212 110,909 Other financial liabilities 546 1,173 Trade payables 39,628 54,837 Fair Value through profit or loss Derivatives to hedge cash flows - 190 Hedge accounting Derivatives to hedge cash flows 28 156 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "it",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-2771-2": {
"value": "17. POST-EMPLOYMENT BENEFIT AND RETIREMENT PROVISIONS Post-employment benefit At 31 December 2021 3,408 Provisions 340 Financial expenses 66 Payments made (499) Tax effect (254) Change in the scope of consolidation 643 Forex differences (43) At 31 December 2022 3,661 Following the revision of IAS 19 - Employee benefits, from 1 January 2013, all actuarial gains or losses are recognised immediately in the comprehensive income statement (\"Other comprehensive income\") under the item \"Actuarial income and losses\". Post-employment benefits are calculated as follows: Financial assumptions 31/12/2022 31/12/2021 Discount rate 3% - 3.7% 0.40% Inflation 3% 1.30% Demographic theory 31/12/2022 31/12/2021 Mortality rate IPS 55 ANIA IPS 55 ANIA Disability rate INPS 2000 INPS 2000 Staff turnover 3% - 10% 3% - 8% Advance payouts 1% - 5% 2% - 4% Retirement age Pursuant to legislation in force at 31 December 2022 Pursuant to legislation in force at 31 December 2021 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "it",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-2832-2": {
"value": "18. PROVISIONS FOR RISKS AND CHARGES 31/12/2021 Provi sions Utilisation Change in the scope of consolidation Forex differences 31/12/2022 Provision for agents\u2019 indemnities 249 8 (5) - - 252 Product guarantee fund 60 23 (23) - - 60 Provision for legal risks 416 13 (358) - 6 77 Provision for tax risks 500 - (500) - - - Other provisions for risks and charges 109 - - 165 (24) 250 Total 1,334 21 (863) 165 (18) 639 The provision for agents\u2019 indemnities covers amounts payable to agents if the Group terminates the agency relationship. The product guarantee fund covers the risk of returns or charges by customers for products already sold. Uses of the provision for legal risks refer, for \u20ac328 thousand, to the settlement of a legal dispute of the C.M.I. Group. The relevant provision was recognised as part of the Purchase Price Allocation process carried out following the acquisition of C.M.I. Following the settlement of a tax dispute, in 2022, the provision for tax risks in which a specific provision of the same amount was recognised, was used in the amount of \u20ac500 thousand. Other provisions for risks and charges, recognised as part of the Purchase Price Allocation following the acquisitions of Okida Elektronik and of the P.G.A. Group, reflect the fair value of the potential liabilities of the acquired entities. The provisions for risks, which represent the estimate of future payments made based on historical experience, have not been discounted because the effect is considered negligible. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "it",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-2913-2": {
"value": "19. TRADE PAYABLES 31/12/2022 31/12/2021 Change Total 39,628 54,837 (15,209) The decrease in trade payables is related to the decline in production volumes in the second half of the year. Average payment terms did not change versus the previous year. At 31 December 2022, there were no overdue payables of a significant amount and the Group did not receive any injunctions for overdue payables. 21. OTHER CURRENT PAYABLES 31/12/2022 31/12/2021 Change To employees 5,553 6,706 (1,153) To social security institutions 2,781 2,844 (63) To agents 164 283 (119) Advances from customers 522 1,694 (1,172) Other current payables 4,136 1,548 2,588 Total 13,156 13,075 81 At the beginning of 2022, payables due to employees and social security institutions were paid in accordance with the scheduled expiry dates. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "it",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-2985-2": {
"value": "Other current payables include accrued liabilities and deferred income totalling \u20ac3,882 thousand. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory",
"language": "it",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-2987-2": {
"value": "22. DEFERRED TAX ASSETS AND LIABILITIES 31/12/2022 31/12/2021 Change Deferred tax assets 13,145 8,639 4,506 Deferred tax liabilities (5,828) (3,939) (1,889) Net position 7,317 4,700 2,617 The table below analyses the nature of the temporary differences that determine the recognition of deferred tax liabilities and assets and their changes during the year and the previous year. Non-current tangible and intangible assets Provisions , value adjustments Fair value of derivative instruments Good will Tax incentives Tax losses Actuarial evaluation of post-employment benefit Hyperinflation effects Other temporary differences Total 31/12/2021 (1,912) 1,278 35 1,063 2,586 744 192 0 714 4,700 Through profit or loss 2,983 302 (420) (177) 1,459 649 0 284 (148) 4,932 In shareholders' equity (1,290) 0 3 0 0 0 (81) (261) 0 (1,629) Forex differences 30 10 0 0 (613) (133) 0 0 20 (686) 31/12/2022 (188) 1,590 (382) 886 3,432 1,260 111 23 586 7,317 Deferred tax assets recognised in the income statement in respect of \"Non-current tangible and intangible assets\" included \u20ac3,734 thousand in these consolidated financial statements as a result of the revaluation for tax purposes of the tangible assets of the Group's Turkish companies. The exercise of the revaluation option resulted in a substitute tax of approximately \u20ac69 thousand, which is accounted for in current taxes for the year. Deferred tax assets relating to goodwill refer to the exemption of the value of the investment in Faringosi Hinges s.r.l. made in 2011 pursuant to Italian law Decree 98/2011, deductible in ten instalments starting in 2018. Deferred tax assets relating to tax incentives are commensurate to investments made in Turkey, for which the Group will benefit from a direct tax deduction. At the end of the financial year, the taxation of the Group's Turkish companies was adjusted to 20% tax rate, recognising tax expenses of \u20ac391 thousand in profit or loss. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "it",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-3114-1": {
"value": "23. TOTAL FINANCIAL DEBT As required by the CONSOB memorandum of 28 July 2006, we disclose that the Group\u2019s net financial debt is as follows: 31/12/2022 31/12/2021 Change A. Cash 20,832 43,217 (22,385) B. Cash equivalents 91 432 (341) C. Other current financial assets 2,497 1,172 1,325 D. Liquidity (A+B+C) 23,420 44,821 (21,401) E. Current financial payable 8,098 5,551 2,547 F. Current portion of non-current financial debt 21,352 20,373 979 G. Current financial debt (E+F) 29,450 25,924 3,526 H. Net current financial debt (G-D) 6,030 (18,897) 24,927 I. Non-current financial payable 48,651 56,855 (8,204) J. Debt instruments 29,685 29,649 36 K. Trade payables and other non-current payables - - - L. Non-current financial debt (I+J+K) 78,336 86,504 (8,168) M. Total financial debt (H+L) 84,366 67,607 16,759 The consolidated statement of cash flows, which shows the changes in cash and cash equivalents (sum of letters A. and B. of this statement), describes in detail the cash flows that led to the change in the net financial debt. In particular, as can be seen from the Consolidated Statement of Cash Flows, the increase in net financial debt in the period is mainly attributable to: - the change in net working capital - the investments made - profits distributed to shareholders - acquisition of P.G.A. S.r.l. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAdditionalInformationAboutUnderstandingFinancialPositionsAndLiquidityOfEntityExplanatory",
"language": "it",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-3200-2": {
"value": "Comments on key income statement items 24. REVENUE In 2022, sales revenue totalled \u20ac253,053 thousand, down by \u20ac10,206 thousand (-3.9%) compared with 2021 (-4.9% on a like-for-like basis). Revenue by geographical area 2022 % 2021 %% change Europe (excluding Turkey) 87,281 34.5% 92,935 35.3% -6.1% Turkey 66,845 26.4% 65,526 24.9% 2.0% North America 39,800 15.7% 30,472 11.6% 30.6% South America 28,503 11.3% 39,589 15.0% -28.0% Africa and Middle East 19,098 7.5% 19,614 7.5% -2.6% Asia and Oceania 11,525 4.6% 15,123 5.7% -23.8% 253,053 100% 263,259 100% -3.9% Revenue by product family 2022 % 2021 %% change Gas parts 158,340 62.6% 182,468 69.3% -13.2% Hinges 68,627 27.1% 58,375 22.2% 17.6% Electronic components 26,086 10.3% 22,416 8.5% 16.4% Total 253,053 100% 263,259 100% -3.9% After an exceptionally positive 2021 for the Group and its market, demand gradually deteriorated in 2022, with the downturn becoming more pronounced in the second half of the year. The only geographical areas that maintained a positive revenue trend were Turkey and North America partly due to the development of business relations with major industry players. Average sales prices in 2022 were 8.4% higher than in 2021, largely offsetting considerable increases in the purchase prices of the raw materials, electricity and gas. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "it",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-3298-2": {
"value": "25. OTHER INCOME 2022 2021 Change Sale of trimmings 5,711 5,546 165 Contingent income 554 374 180 Rental income 122 123 (1) Use of provisions for risks and charges 6 12 (6) Other income 3,795 2,606 1,189 Total 10,188 8,661 1,527 In 2022, other income mainly included: tax credits for investments in capital goods and for research and development of \u20ac1,229 thousand, the favourable settlement of a tax dispute in favour of the Brazilian company of \u20ac700 thousand, proceeds from the sale of moulds and equipment of \u20ac223 thousand,and the production of energy through photovoltaic plants of \u20ac52 thousand. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
"language": "it",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-3298-3": {
"value": "25. OTHER INCOME 2022 2021 Change Sale of trimmings 5,711 5,546 165 Contingent income 554 374 180 Rental income 122 123 (1) Use of provisions for risks and charges 6 12 (6) Other income 3,795 2,606 1,189 Total 10,188 8,661 1,527 In 2022, other income mainly included: tax credits for investments in capital goods and for research and development of \u20ac1,229 thousand, the favourable settlement of a tax dispute in favour of the Brazilian company of \u20ac700 thousand, proceeds from the sale of moulds and equipment of \u20ac223 thousand,and the production of energy through photovoltaic plants of \u20ac52 thousand. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "it",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-3334-2": {
"value": " Turkish government grants of \u20ac304 thousand, referring to incentives for hiring personnel, ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory",
"language": "it",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-3462-2": {
"value": "The number of Group employees was 1,238 at 31 December 2022 (1,278 at 31 December 2021). The number of temporary staff was 115 at 31 December 2022 (198 at 31 December 2021). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "it",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-3465-2": {
"value": "The item \"Stock Grant Plan\" included the measurement at 31 December 2022 of the fair value of options to the allocation of shares of the Parent Company assigned to Group employees. For details of the Stock Grant Plan, refer to Note 40. 40. SHARE-BASED PAYMENTS A plan for the free allocation of shares, approved by the Shareholders' Meeting of 6 May 2021, is in place; The related Regulations were approved by the Board of Directors on 13 May 2021. Purpose The Plan aims to promote and pursue the involvement of the beneficiaries whose activities are considered relevant for the implementation of the contents and the achievement of the objectives set out in the Business Plan, foster loyalty development and motivation of managers, by increasing their entrepreneurial approach as well as align the interests of management with those of the Company's shareholders more closely, with a view to encouraging the achievement of significant results in the economic and asset growth and sustainability of the Company and of the Group. Subject matter The subject-matter of the Plan is the free allocation to the Beneficiaries of a maximum of 260,000 Options, each of which entitles them to receive free of charge, under the terms and conditions provided for by the Regulations of the relevant Plan, 1 Sabaf S.p.A. Share. The free allocation of Sabaf S.p.A. shares is conditional on the achievement, in whole or in part, with progressiveness, of the business targets related to the ROI and EBITDA and social and environmental targets. Beneficiaries The Plan is intended for persons who hold or will hold key positions in the Company and/or its Subsidiaries, with reference to the implementation of the contents and the achievement of the objectives of the 2021 - 2023 Business Plan. A total of 226,000 Rights were allocated to the Beneficiaries already identified. Deadline The 2021 - 2023 Plan expires on 31 December 2024. Accounting impacts and Fair Value measurement methods In connection with this Plan, \u20ac1,134 (Note 28) were recognised in personnel costs during the year, an equity reserve of the same amount (Note 14) was recognised as a balancing entry. In line with the date on which the beneficiaries became aware of the assignment of the rights and terms of the plan, the grant date was set at 13 May 2021. The main assumptions made at the beginning of the vesting period and the methods for determining the fair value at the end of the reporting period are illustrated below. The following economic and financial parameters were taken into account in determining the fair value per share at the start of the vesting period: Share price on grant date adjusted for dividends 23.09 Dividend yield 2.60% Expected volatility per year 28% Interest rate per year -0.40% Based on the exercise right at the different dates established by the Plan Regulations and on the estimate of the expected probability of achieving the objectives for each reference period, the unitary fair value at 31 December 2022 was determined as follows: Rights relating to business objectives measured on ROCE Total value on ROCE 13.74 Fair Value 4.81 Rights on ROCE 35% Rights relating to business objectives measured EBITDA Total value on EBITDA 15.92 Fair Value 6.37 Rights on EBITDA 40% Rights relating to ESG objectives measured on personnel training Total value on \u201cPersonnel training\u201d 20.41 Fair Value 1.02 Rights on \u201cPersonnel training\u201d 5% Rights relating to ESG objectives measured on safety indicator Total value on \u201cSafety indicator\u201d 7.82 Fair Value 0.39 Rights on \u201cSafety indicator\u201d 5% Rights relating to ESG objectives measured on emissions reduction Total value on \u201cEmission reduction\u201d 20.41 Fair Value 3.06 Rights on \u201cEmission reduction\u201d 15% Fair value per share 15.65 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "it",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-3468-3": {
"value": "29. OTHER OPERATING COSTS 2022 2021 Change Non-income taxes 729 651 78 Other operating expenses 614 694 (80) Contingent liabilities 238 54 184 Losses and write-downs of trade receivables 1 103 (102) Provisions for risks 21 - 21 Other provisions 28 29 (1) Total 1,631 1,531 100 Non-income taxes chiefly relate to property tax. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "it",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-3505-3": {
"value": "30. FINANCIAL INCOME 2022 2021 Change Exercise of the C.M.I. put option (Note 15) - 507 (507) Interest rate derivatives 1,753 - 1,753 Interest from bank current accounts 154 227 (73) Other financial income 10 16 (6) Total 1,917 750 1,167 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "it",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-3595-2": {
"value": "34. INCOME TAXES 2022 2021 Change Current taxes for the year 2,080 7,617 (5,537) Deferred tax assets and liabilities (4,932) (2,967) (1,965) Taxes related to previous financial years (188) 347 (535) Total (3,040) 4,997 (8,037) Reconciliation between the tax burden booked in the financial statements and the theoretical tax burden calculated according to the statutory tax rates currently in force in Italy is shown in the following table: 2022 2021 Theoretical income tax 2,909 7,411 Permanent tax differences 18 113 Taxes related to previous financial years (158) (151) Tax effect from different foreign tax rates (112) 227 Effect of non-recoverable tax losses 324 105 \u201cEnergy intensive contribution\u201d tax benefit (515) - \u201cSuper and Iperammortamento\u201d tax benefit (749) (844) ACE tax benefit (285) (375) Revaluation of fixed assets in Turkey (3,661) (1,161) Tax incentives for investments in Turkey (1,839) (1,963) Other differences 479 (164) Income taxes booked in the accounts, excluding IRAP and withholding taxes (current and deferred) (3,589) 3,198 IRAP (current and deferred) 480 1,211 Substitute tax on realignment of property values 69 106 Provision for tax risks - 500 Tax credit on sanitisation costs - (18) Total 3,040 4,997 Theoretical taxes were calculated applying the current corporate income tax (IRES) rate, i.e. 24%, to the pre-tax result. IRAP is not taken into account for the purpose of reconciliation because, as it is a tax with a different assessment basis from pre-tax profit, it would generate distorting effects. In these consolidated financial statements, the Group recognised: \u25aa the tax benefits relating to \"Superammortamento\" (Super amortisation) and \"Iperammortamento\" (Hyper amortisation), related to the investments made in Italy, amounting to \u20ac749 thousand (\u20ac844 thousand in 2021); \u25aa the tax benefits deriving from the investments made in Italy amounting to \u20ac1,491 thousand (\u20ac1,963 thousand in 2021); \u25aa the tax benefit from untaxed government grants to the Group's Italian companies for electricity and gas consumption amounted to \u20ac515 thousand; ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "it",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-3690-2": {
"value": "35. EARNINGS PER SHARE Basic and diluted EPS are calculated based on the following data: Earnings (\u20ac/000) 2022 2021 Profit for the year 15,249 23,903 Number of shares 2022 2021 Weighted average number of ordinary shares for determining basic earnings per share 11,255,384 11,209,078 Dilutive effect from potential ordinary shares - - Weighted average number of ordinary shares for determining diluted earnings per share 11,255,384 11,209,078 Earnings per share (in \u20ac)2022 2021 Basic earnings per share 1.355 2.132 Diluted earnings per share 1.355 2.132 Basic earnings per share are calculated on the average number of outstanding shares minus treasury shares, equal to 278,066 in 2022 (324,372 in 2021). Diluted earnings per share are calculated taking into account any shares approved but not yet subscribed. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "it",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-3733-2": {
"value": "36. DIVIDENDS On 1 June 2022, shareholders were paid an ordinary dividend of \u20ac0.60 per share (total dividends of \u20ac6,616 thousand in implementation of the shareholders' resolution of 28 April 2022. For the current financial year, the Directors have proposed not to distribute dividends to shareholders. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "it",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-3872-2": {
"value": "The Group is exposed to financial risks related to its operations, mainly: \u25aa credit risk, with special reference to normal trade relations with customers; \u25aa market risk, relating to the volatility of prices of commodities, foreign exchange and interest rates; \u25aa liquidity risk, which can be expressed by the inability to find financial resources necessary to ensure Group operations. It is part of the Sabaf Group\u2019s policies to hedge exposure to changes in prices and in fluctuations in exchange and interest rates via derivative financial instruments. Hedging is done using forward contracts, options or combinations of these instruments. Generally speaking, the maximum duration covered by such hedging does not exceed 18 months. The Group does not enter into speculative transactions. When the derivatives used for hedging purposes meet the necessary requisites, hedge accounting rules are followed. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "it",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-3885-2": {
"value": "Credit risk management Trade receivables involve producers of domestic appliances, multinational groups and smaller manufacturers in a few or single markets. The Group assesses the creditworthiness of all its customers at the start of supply and systemically at least on an annual basis. After this assessment, each customer is assigned a credit limit. The Group factors receivables with factoring companies based on without recourse agreements, thereby transferring the related risk. A credit insurance policy is in place, which guarantees cover for approximately 43% of trade receivables. Credit risk relating to customers operating in emerging economies is generally attenuated by the expectation of revenue through letters of credit. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "it",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-3897-2": {
"value": "Forex risk management The key currencies other than the euro to which the Group is exposed are the US dollar, the Brazilian real and the Turkish lira, in relation to sales made in dollars (chiefly on some Asian and American markets) and the production units in Brazil and Turkey. Sales in US dollars represented 19.9% of total turnover in 2022, while purchases in dollars represented 5.4% of total turnover. The following table shows the characteristics of the derivative financial instruments described in the previous paragraph. Exchange rate risk management: cash flow hedge in accordance with IFRS 9 on commercial transactions Company Counterparty Instrument Maturity Value date Notional Fair value hierarchy Sabaf S.p.A. MPS Forward 31/03/2023 USD 1,000,000 2 Faringosi Hinges s.r.l. BPER Banca Forward 30/03/2023 USD 500,000 C.M.I. s.r.l. MPS Forward 05/01/2023 USD 500,000 BPER Banca 05/01/2023 500,000 04/04/2023 1,000,000 Sensitivity analysis With reference to financial assets and liabilities in US dollars at 31 December 2022, a hypothetical and immediate revaluation of 10% of euro against the dollar would have led to a loss of \u20ac1,803 thousand. Net value of assets and liabilities in foreign subsidiaries The net value of assets and liabilities in foreign subsidiaries constitutes an investment in foreign currency, which generates a translation difference on consolidation of the Group, with an impact on the comprehensive income statement and the financial position. The table below shows the impact on the Group's equity of a 10% increase or decrease in the value of each currency against the euro at the end of 2022: Value date Effect on Group Shareholders' Equity Brazilian real +/- 1,613 Turkish lira +/- 8,616 Mexican peso +/- 583 Indian Rupee +/- 375 Chinese renminbi +/- 136 US Dollar +/- 13 Total +/- 11,336 Interest rate risk management Owing to the current trend in interest rates, the Group favours fixed-rate indebtedness: medium to long-term loans originated at a variable rate are converted to a fixed rate by entering into interest rate swaps (IRS) when the loan is opened. At 31 December 2022, IRS totalling \u20ac27.3 million were in place, mirrored in mortgages with the same residual debt, through which the Group transformed the floating rate of the mortgages into fixed rate. The derivative contracts were not designated as a cash flow hedge and were therefore recognised using the \"fair value through profit or loss\" method. The following table shows the characteristics of the derivative financial instruments described in the previous paragraph. Company Counterparty Instrument Maturity Value date Notional Fair value hierarchy Sabaf S.p.A. MPS IRS 30/06/2023 EUR 500,000 2 Intesa Sanpaolo 15/06/2024 3,600,000 Intesa Sanpaolo 15/06/2024 1,110,000 Cr\u00e9dit Agricole 30/06/2025 6,600,000 Mediobanca 28/04/2027 12,830,000 P.G.A. s.r.l. Intesa Sanpaolo 31/03/2023 642,168 Intesa Sanpaolo 29/07/2025 446,684 Sabaf Turkey Intesa Sanpaolo 17/06/2024 2,490,000 Sensitivity analysis Considering the IRS in place, at the end of 2022 almost 81% of the Company's gross financial debt was at a fixed rate. With reference to financial liabilities at variable rate at 31 December 2022, a hypothetical and immediate 1% increase in interest rates would have led to a loss of \u20ac202 thousand. Commodity price risk management A significant portion of the Group\u2019s purchase costs is represented by aluminium, steel and brass. Metal prices rose sharply during 2022, forcing the Group to renegotiate sales prices several times to compensate for the increase in costs. Based on market conditions and contractual agreements, the Group may not be able to pass on changes in raw material prices to customers in a timely and/or complete manner, with consequent effects on margins. The Group also protects itself from the risk of changes in the price of aluminium, steel and brass with supply contracts signed with suppliers for delivery up to twelve months in advance or, alternatively, with derivative financial instruments. In 2022 and 2021, the Group did not use financial derivatives on commodities. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "it",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-3903-2": {
"value": "During the year, operations in dollars were partially hedged through forward sales contracts. At 31 December 2022, the Group had in place forward sales contracts of USD 3.5 million, maturing in April 2023 at an average exchange rate of 1.06251. With reference to these contracts, the Group applies hedge accounting, checking compliance with IFRS 9. The table below shows the balance sheet and income statement effects of forward sales contracts recognised under hedge accounting. (amounts in \u20ac/000) 2022 Reduction in financial assets (37) Increase in current financial liabilities (129) Adjustment to the Cash Flow Hedge reserve (equity reserve) 147 Negative impact through profit or loss 899 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRepurchaseAndReverseRepurchaseAgreementsExplanatory",
"language": "it",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-4063-2": {
"value": "Liquidity risk management The Group operates with a debt ratio considered physiological (net financial debt/shareholders' equity at 31 December 2022 of 54.0%, net financial debt/EBITDA of 2.10) and has unused short-term lines of credit. To minimise the risk of liquidity, the Administration and Finance Department: \u25aa maintains a correct balance of net financial debt, financing investments with capital and with medium to long-term debt. \u25aa verifies systematically that the short-term accrued cash flows (amounts received from customers and other income) are expected to accommodate the deferred cash flows (short-term financial debt, payments to suppliers and other outgoings); \u25aa regularly assesses expected financial needs in order to promptly take any corrective measures. An analysis by expiry date of financial payables at 31 December 2022 and 31 December 2021 is shown below: At 31 December 2022 Carrying value Contractual cash flows Within 3 months From 3 months to 1 year From 1 to 5 years More than 5 years Short-term bank loans 6,259 6,259 6,259 - - - Unsecured loans 68,208 72,363 2,544 19,576 49,149 1,094 Bond issue 29,685 33,939 - 563 8,251 25,125 Finance leases 3,088 3,135 326 740 1,880 189 Due to P.G.A. shareholders 546 546 371 - 175 - Total financial payables 107,786 116,242 9,500 20,879 59,455 26,408 Trade payables 39,628 39,628 36,092 3,536 - - Total 147,414 155,870 45,592 24,415 59,455 26,408 At 31 December 2021 Carrying value Contractual cash flows Within 3 months From 3 months to 1 year From 1 to 5 years More than 5 years Short-term bank loans 4,378 4,378 4,378 - - - Unsecured loans 72,957 74,574 1,906 17,720 49,273 5,675 Bond issue 29,649 34,440 - 555 2,220 31,665 Finance leases 4,271 4,766 361 1,058 2,793 554 Payables to C.M.I. shareholders 1,173 1,173 - 1,173 - - Total financial payables 112,428 119,331 6,645 20,506 54,286 37,894 Trade payables 54,837 54,837 51,218 3,619 - - Total 167,265 174,168 57,863 24,125 54,286 37,894 The various due dates are based on the period between the end of the reporting period and the contractual expiry date of the commitments, the values indicated in the table correspond to non-discounted cash flows. Cash flows include the shares of principal and interest; for floating rate liabilities, the shares of interest are determined based on the value of the reference parameter at the end of the reporting period and increased by the spread set forth in each contract. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "it",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-4248-2": {
"value": "Hierarchical levels of fair value assessment The revised IFRS 7 requires that financial instruments reported in the statement of financial position at fair value be classified based on a hierarchy that reflects the significance of the input used in determining the fair value. IFRS 7 makes a distinction between the following levels: \u25aa Level 1 \u2013 quotations found on an active market for assets or liabilities subject to assessment; \u25aa Level 2 - input other than prices listed in the previous point, which can be observed directly (prices) or indirectly (derived from prices) on the market; \u25aa Level 3 \u2013 input based on observable market data. The following table shows the financial assets and liabilities valued at fair value at 31 December 2022, by hierarchical level of fair value assessment. Level 1 Level 2 Level 3 Total Other financial assets (derivatives on interest rates) - 1,710 - 1,710 Total liabilities - 1,710 - 1,710 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "it",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-4276-2": {
"value": "39. RELATED PARTY TRANSACTIONS Transactions between consolidated companies were derecognised from the consolidated financial statements and are not reported in these notes. The table below illustrates the impact of all transactions between the Group and other related parties on the balance sheet and income statement. Impact of related-party transactions on balance sheet items Total 2022 Non-consolidated subsidiaries Other related parties Total related parties Impact on the total Trade payables 39,628 - 1 1 0.00% Total 2021 Non-consolidated subsidiaries Other related parties Total related parties Impact on the total Trade payables 54,837 - 4 4 0.01% Impact of related-party transactions on income statement items Total 2022 Non-consolidated subsidiaries Other related parties Total related parties Impact on the total Services (50,180) - (27) (27) 0.05% Total 2021 Non-consolidated subsidiaries Other related parties Total related parties Impact on the total Services (52,377) - (22) (22) 0.04% Transactions are regulated by specific contracts regulated at arm\u2019s length conditions. Fees to directors, statutory auditors and executives with strategic responsibilities Please see the 2022 Report on Remuneration for this information. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "it",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-4480-2": {
"value": "41. CAPITAL MANAGEMENT For the purposes of managing the Group's capital, it has been defined that this includes the issued share capital, the share premium reserve and all other capital reserves attributable to the shareholders of the Parent Company. The main objective of capital management is to maximise the value for shareholders. In order to maintain or correct its financial structure, the Group may intervene in dividends paid to shareholders, purchase its own shares, redeem capital to shareholders or issue new shares. The Group controls equity using a gearing ratio consisting of the ratio of net financial debt (as defined in Note 23) to shareholders\u2019 equity. The Group's policy is to keep this ratio below 1. In order to achieve this objective, the management of the Group's capital aims, among other things, to ensure that the covenants, linked to loans, which define the capital structure requirements, are complied with. Violations of covenants would allow the lenders to demand immediate repayment of loans (Note 15). During the current financial year, there were no breaches of the covenants linked to loans. In the years ended 31 December 2022 and 2021, no changes were made to the objectives, policies and procedures for capital management. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "it",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-4513-2": {
"value": "45. COMMITMENTS Guarantees issued The Sabaf Group has issued sureties to guarantee consumer and mortgage loans granted by banks to Group employees for a total of \u20ac2,855 thousand (\u20ac3,443 thousand at 31 December 2021). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "it",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-4513-3": {
"value": "45. COMMITMENTS Guarantees issued The Sabaf Group has issued sureties to guarantee consumer and mortgage loans granted by banks to Group employees for a total of \u20ac2,855 thousand (\u20ac3,443 thousand at 31 December 2021). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "it",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-4519-2": {
"value": "46. SCOPE OF CONSOLIDATION AND SIGNIFICANT EQUITY INVESTMENTS COMPANIES CONSOLIDATED USING THE FULL LINE-BY-LINE CONSOLIDATION METHOD Company name Registered offices Share capital Shareholders % ownership Faringosi Hinges s.r.l. Ospitaletto (BS) EUR 90,000 Sabaf S.p.A. 100% Sabaf do Brasil Ltda Jundia\u00ed - S\u00e3o Paulo (Brazil) BRL 53,348,061 Sabaf S.p.A. 100% Sabaf Beyaz Esya Parcalari Sanayi Ve Ticaret Limited Sirteki (Sabaf Turkey) Manisa (Turkey) TRY 340,000,000 Sabaf S.p.A. 100% Okida Elektronik Sanayi ve Tickaret A.S Istanbul (Turkey) TRY 5,000,000 Sabaf S.p.A. Sabaf Turkey 30% 70% Sabaf Appliance Components Ltd. Kunshan (China) CNY 69,951,149 Sabaf S.p.A. 100% Sabaf US Corp. Plainfield (USA) USD 200,000 Sabaf S.p.A. 100% Sabaf India Private Limited Bangalore (India) INR 224,692,120 Sabaf S.p.A. 100% A.R.C. s.r.l. Campodarsego (PD) EUR 45,000 Sabaf S.p.A. 100% Sabaf Mexico Appliance Components San Louis Potos\u00ec (Mexico) PESOS 141,003,832 Sabaf S.p.A. 100% C.M.I. Cerniere Meccaniche Industriali s.r.l. Valsamoggia (BO) EUR 1,000,000 Sabaf S.p.A. 100% C.G.D. s.r.l. Valsamoggia (BO) EUR 26,000 C.M.I. s.r.l. 100% P.G.A. s.r.l. Fabriano (AN) EUR 100,000 Sabaf S.p.A. 100% PGA2.0 s.r.l. Fabriano (AN) EUR 10,000 P.G.A. s.r.l. 100% ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "it",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f39169": {
"value": "Sabaf S.p.A. ",
"dimensions": {
"concept": "ifrs-full:NameOfUltimateParentOfGroup",
"language": "it",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f39177": {
"value": "Joint-stock company (S.p.A.) ",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "it",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f39185": {
"value": "Italy ",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "it",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-4629-1": {
"value": "Via dei Carpini, 1 \u2013 25035 Ospitaletto ( BS) - Italy ",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "it",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-4631-1": {
"value": "Via dei Carpini, 1 \u2013 25035 Ospitaletto ( BS) - Italy ",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
"language": "it",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f39354": {
"value": "Italy ",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "it",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-4634-1": {
"value": "The purpose of the company is the design, production and sale of gas fittings and burners, thermostats, safety valves, other components and accessories for household appliances, as well as sanitary and plumbing fittings in general. The purpose of the company is also the design, construction and trade of machine tools, automation systems in general and related equipment, tools, as well as the provision of related maintenance, repair, support and business organisation services. The company, within the limits set by the relevant regulations in force, may carry out any other security, property, industrial and commercial transaction that is deemed necessary, appropriate or useful for the achievement of the company purpose. It may acquire shareholdings in other companies whose purpose is similar or related to its own as well as provide personal guarantees or collaterals including mortgages also for third parties' obligations provided that such activities do not take precedence over the company's business and are not carried out vis-\u00e0-vis the public and therefore within the limits and in the manner provided for by Legislative Decree No. 385/93; the company can perform the management and coordination function with regard to its subsidiaries, providing the organisational, technical, managerial and financial support and coordination deemed appropriate. However, the activities reserved to investment companies under Legislative Decree No. 41 5/96, and pursuant to the relevant provisions in force, are excluded. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "it",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-4652-2": {
"value": "Appendix Information as required by Article 149-duodecies of the CONSOB Issuers\u2019 Regulation The following table, prepared pursuant to Art. 149-duodecies of the CONSOB Issuers\u2019 Regulation, shows fees relating to 2022 for auditing and for services other than auditing provided by the Independent Auditors and their network. (in thousands of Euro)Party providing the service Recipient Fees pertaining to the 2022 financial year Audit EY S.p.A. Parent company 41 EY S.p.A. Italian subsidiaries 39 EY network Foreign subsidiaries 55 Other services EY S.p.A. Parent company (1)35EY S.p.A. Italian subsidiaries (2)5Total 175 (1)Auditing procedures agreement relating to interim management reports; limited review of Disclosure of non-financial information. (2)Certification of tax credit for research and development and training 4.0. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "it",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-4694-2": {
"value": "Certification of the Consolidated Financial Statements, in accordance with Article 154 bis of Italian Legislative Decree 58/98 Pietro Iotti, the Chief Executive Officer, and Gianluca Beschi, the Financial Reporting Officer of Sabaf S.p.A., have taken into account the requirements of Article 154-bis, paragraphs 3 and 4, of Legislative Decree 58 of 24 February 1998 and can certify: \u2022 the adequacy, in relation to the business characteristics and \u2022 the actual application of the administrative and accounting procedures for the formation of the consolidated financial statements during the 2022 financial year. They also certify that: \u2022 the Consolidated financial statements: - were prepared in accordance with the international accounting policies recognised in the European Community in accordance with EC regulation 1606/2002 of the European Parliament and Council of 19 July 2002 and with the measures issued in implementation of Article 9 of Italian Legislative Decree 38/2005; - are consistent with accounting books and records; - provide a true and fair view of the operating results, financial position and cash flows of the issuer and of the companies included in the consolidation; \u2022 the report on operations contains a reliable analysis of the performance and results of operations and the situation of the issuer and the companies included in the scope of consolidation, along with a description of the key risks and uncertainties to which they are exposed. Ospitaletto, 21 March 2023 Chief Executive Officer Pietro Iotti The Financial Reporting Officer Gianluca Beschi ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory",
"language": "it",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
}
}
}