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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f9729": {
"value": "8325000",
"decimals": -3,
"dimensions": {
"concept": "SAB:AcquisitionOfMansfield",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f9733": {
"value": "-0",
"decimals": -3,
"dimensions": {
"concept": "SAB:AcquisitionOfMansfield",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f9740": {
"value": "783000",
"decimals": -3,
"dimensions": {
"concept": "SAB:AcquisitionOfP.G.A.",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f9744": {
"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"
}
},
"f9751": {
"value": "17312000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProceedsFromIssuingShares",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f9755": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProceedsFromIssuingShares",
"entity": "scheme:815600DC9FA897709242",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f9764": {
"value": "-0",
"decimals": -3,
"dimensions": {
"concept": "SAB:DeconsolidationOfArcHandan",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f9768": {
"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"
}
},
"f9776": {
"value": "-1014000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f9780": {
"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"
}
},
"f9794": {
"value": "15430000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f9798": {
"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"
}
},
"f9813": {
"value": "36353000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:815600DC9FA897709242",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f9817": {
"value": "20923000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"pp-value-2-1": {
"value": "Explanatory Notes ACCOUNTING STANDARDS Statement of compliance and basis of presentation The consolidated financial statements of the Sabaf group for the 2023 financial years 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). The financial statements have been prepared in euro, the current currency in the economies in which the Group mainly operates, rounding amounts to the nearest thousand, and are compared with consolidated financial statements for the previous year, prepared according to the same standards. 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 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": "en",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-2-2": {
"value": "Explanatory Notes ACCOUNTING STANDARDS Statement of compliance and basis of presentation The consolidated financial statements of the Sabaf group for the 2023 financial years 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). The financial statements have been prepared in euro, the current currency in the economies in which the Group mainly operates, rounding amounts to the nearest thousand, and are compared with consolidated financial statements for the previous year, prepared according to the same standards. 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 ",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-2-3": {
"value": "Explanatory Notes ACCOUNTING STANDARDS Statement of compliance and basis of presentation The consolidated financial statements of the Sabaf group for the 2023 financial years 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). The financial statements have been prepared in euro, the current currency in the economies in which the Group mainly operates, rounding amounts to the nearest thousand, and are compared with consolidated financial statements for the previous year, prepared according to the same standards. 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 going concern basis; with reference to the latter principle. the Group assessed that it is a going concern in accordance with paragraphs 25 and 26 of IAS 1 and Art. 2423 bis of the Italian Civil Code, also due to the strong competitive position, positive profitability and solidity of the financial structure. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-20-2": {
"value": "going concern basis; with reference to the latter principle. the Group assessed that it is a going concern in accordance with paragraphs 25 and 26 of IAS 1 and Art. 2423 bis of the Italian Civil Code, also due to the strong competitive position, positive profitability and solidity of the financial structure. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-40-1": {
"value": "Scope of consolidation The scope of consolidation at 31 December 2023, modified from the previous year, 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 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 Sabaf America Inc. \u25aa Mansfield Engineered Components LLC In July 2023, Sabaf S.p.A. finalised the purchase of a 51% stake in the US company Mansfield Engineered Components LLC (MEC) through its subsidiary Sabaf America Inc., a company incorporated on 28 June 2023. MEC's results of operations were consolidated for the second half of 2023 only. In the course of 2023, the merger through incorporation of PGA2.0 s.r.l. into P.G.A. S.r.l. and of Okida Elektronik Sanayi Ve Ticaret A.S. (Okida) into Sabaf Beyaz Esya Parcalari Sanayi Ve Ticaret Limited Sirteki (Sabaf Turkey) took place. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory",
"language": "en",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-68-1": {
"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": "en",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-100-1": {
"value": "Information related to IFRS 3 On 14 July 2023, Sabaf acquired 51% of Mansfield Engineered Components LLC (\"MEC\"), a US company based in Mansfield (Ohio) and the leading North American manufacturer of hinges for household appliances (mainly ovens, washing machines and refrigerators), designed and manufactured to meet the high-quality levels and demanding standards required by the US market. The allocation of the price paid for the acquisition of MEC on the net assets acquired (Purchase Price Allocation), pursuant to IFRS 3 revised, will be completed within twelve months from the date of acquisition. The provisional effects of this operation are shown in the following table: Original values at 14.07.2023 Purchase Price Allocation and Adjustments Fair value of assets and liabilities acquired Assets Property, plant and equipment and intangible assets 4,395 2,473 6,868 Inventories 6,580 - 6,580 Trade receivables 7,909 - 7,909 Other receivables 201 - 201 Cash and cash equivalents 800 - 800 Total Assets 19,886 2,473 22,359 Liabilities Deferred tax liabilities - (692) (692) Financial payables (2,330) - (2,330) Trade payables (1,446) - (1,446) Other payables (1,530) - (1,530) Total liabilities (5,306) (692) (5,999) Value of net assets acquired 14,580 1,780 16,360 % relating to the Sabaf Group (51%) (a) 8,344 Total cost of acquisition (b) (9,125) Goodwill deriving from acquisition (c = b-a) 781 Forex differences 12 Goodwill at 31 December 2023 793 Acquired cash and cash equivalents (d) 800 Total net cash outlay (b-d) (8,325) The acquisition price was determined on the basis of a company appraisal (Enterprise Value) of $21 million. As part of the acquisition, a call option in favour of Sabaf for the remaining 49% of the share capital, exercisable in 2028, and a put option in favour of the minority shareholders, exercisable from 2025 to 2028, were subscribed. The valuation of the residual share will be based on an Enterprise Value equal to 8 times MEC's average EBITDA of the two financial statements preceding the date of exercise of the relevant option, adjusted for the net financial position at that date. Pursuant to the provisions of IAS 32, the assignment of an option to sell (put option) in the terms described above required the initial recognition of a liability corresponding to the estimated redemption value, expected at the time of any exercise of the option: to this end, a financial liability of \u20ac 11.7 million was recognised in the consolidated financial statements. For further details, refer to Note 16. As a result of the line-by-line consolidation of MEC, minority interests totalling \u20ac 8.293 million were recognised in the consolidated shareholders' equity, as illustrated in the statement of changes in consolidated shareholders\u2019 equity. 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: \u25aa Customer Relationship: fair value of \u20ac2.048 million determined using the \"Multi-period Excess Earnings\" method, taking the following parameters as reference: - revenue relating to customers with whom there is a strong technical and commercial relationship - profitability in line with the historical average - economic useful life of 15 years - discount rate of 12.1% - g growth rate of 2.10% \u25aa Know How: fair value of \u20ac 0.425 million determined using the \"Relief from Royalty\" method, taking the following parameters as reference: - revenues from products covered by patents at the valuation date - royalty rate equal to 0.6% - economic useful life of 7 years - discount rate of 12.1% - g growth rate of 2.10% The related tax effect was recognised on the fair value of the intangible assets identified above (recognition of deferred taxes of \u20ac0.692 million). In the period for which the Group held control (14 July 2023 - 31 December 2023), MEC achieved sales revenue of \u20ac 14.6 million and a net profit of \u20ac0.57 million. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-100-2": {
"value": "Information related to IFRS 3 On 14 July 2023, Sabaf acquired 51% of Mansfield Engineered Components LLC (\"MEC\"), a US company based in Mansfield (Ohio) and the leading North American manufacturer of hinges for household appliances (mainly ovens, washing machines and refrigerators), designed and manufactured to meet the high-quality levels and demanding standards required by the US market. The allocation of the price paid for the acquisition of MEC on the net assets acquired (Purchase Price Allocation), pursuant to IFRS 3 revised, will be completed within twelve months from the date of acquisition. The provisional effects of this operation are shown in the following table: Original values at 14.07.2023 Purchase Price Allocation and Adjustments Fair value of assets and liabilities acquired Assets Property, plant and equipment and intangible assets 4,395 2,473 6,868 Inventories 6,580 - 6,580 Trade receivables 7,909 - 7,909 Other receivables 201 - 201 Cash and cash equivalents 800 - 800 Total Assets 19,886 2,473 22,359 Liabilities Deferred tax liabilities - (692) (692) Financial payables (2,330) - (2,330) Trade payables (1,446) - (1,446) Other payables (1,530) - (1,530) Total liabilities (5,306) (692) (5,999) Value of net assets acquired 14,580 1,780 16,360 % relating to the Sabaf Group (51%) (a) 8,344 Total cost of acquisition (b) (9,125) Goodwill deriving from acquisition (c = b-a) 781 Forex differences 12 Goodwill at 31 December 2023 793 Acquired cash and cash equivalents (d) 800 Total net cash outlay (b-d) (8,325) The acquisition price was determined on the basis of a company appraisal (Enterprise Value) of $21 million. As part of the acquisition, a call option in favour of Sabaf for the remaining 49% of the share capital, exercisable in 2028, and a put option in favour of the minority shareholders, exercisable from 2025 to 2028, were subscribed. The valuation of the residual share will be based on an Enterprise Value equal to 8 times MEC's average EBITDA of the two financial statements preceding the date of exercise of the relevant option, adjusted for the net financial position at that date. Pursuant to the provisions of IAS 32, the assignment of an option to sell (put option) in the terms described above required the initial recognition of a liability corresponding to the estimated redemption value, expected at the time of any exercise of the option: to this end, a financial liability of \u20ac 11.7 million was recognised in the consolidated financial statements. For further details, refer to Note 16. As a result of the line-by-line consolidation of MEC, minority interests totalling \u20ac 8.293 million were recognised in the consolidated shareholders' equity, as illustrated in the statement of changes in consolidated shareholders\u2019 equity. 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: \u25aa Customer Relationship: fair value of \u20ac2.048 million determined using the \"Multi-period Excess Earnings\" method, taking the following parameters as reference: - revenue relating to customers with whom there is a strong technical and commercial relationship - profitability in line with the historical average - economic useful life of 15 years - discount rate of 12.1% - g growth rate of 2.10% \u25aa Know How: fair value of \u20ac 0.425 million determined using the \"Relief from Royalty\" method, taking the following parameters as reference: - revenues from products covered by patents at the valuation date - royalty rate equal to 0.6% - economic useful life of 7 years - discount rate of 12.1% - g growth rate of 2.10% The related tax effect was recognised on the fair value of the intangible assets identified above (recognition of deferred taxes of \u20ac0.692 million). In the period for which the Group held control (14 July 2023 - 31 December 2023), MEC achieved sales revenue of \u20ac 14.6 million and a net profit of \u20ac0.57 million. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-264-1": {
"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 period, 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 31/12/2023 Average exchange rate 2023 Exchange rate in effect at 31/12/2022 Average exchange rate 2022 Brazilian real 5.36180 5.40101 5.6386 5.43990 Turkish lira 32.6531 25.75970 19.9649 17.40879 Chinese renminbi 7.85090 7.66002 7.35820 7.07880 US Dollar 1.10500 1.08188 1.06660 1.05305 Indian Rupee 91.90450 89.30011 88.1710 82.68640 Mexican peso 18.72310 19.18301 20.8560 21.18690 With reference to the US dollar, the average exchange rate for the consolidation period of the Group's US companies (1 July - 31 December 2023) was used. 33. EXCHANGE RATE GAINS AND LOSSES In 2023, the Group reported net foreign exchange losses of \u20ac2,359 thousand, versus net losses of \u20ac515 thousand in 2022. The main portion of 2023 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": "en",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-333-1": {
"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 2023 and 2022 is provided below 2023 FY Gas parts (household and professional) Hinges Electronic components Unallocated Revenues and Costs Total Sales 144,010 70,410 24,689 (1,160) 237,949 Ebit 8,942 5,188 3,834 (6,902) 11,062 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 Unallocated revenues and costs refer to auxiliary or common activities, such as overhead costs, which cannot be allocated to individual business segments. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-333-2": {
"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. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-342-1": {
"value": "Accounting policies The accounting standards and policies applied for the preparation of the consolidated financial statements at 31 December 2023, 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 5.15% on 31 December 2023 and 3.29% on 31 December 2022. 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). 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 \u2018solely payments of principal and interest (SPPI)\u2019). 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 at fair 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. Cancellation 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. Cancellation 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 in fair 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 at fair 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 29) 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:DisclosureOfMaterialAccountingPolicyInformationExplanatory",
"language": "en",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-342-2": {
"value": "Accounting policies The accounting standards and policies applied for the preparation of the consolidated financial statements at 31 December 2023, 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 5.15% on 31 December 2023 and 3.29% on 31 December 2022. 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). 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 \u2018solely payments of principal and interest (SPPI)\u2019). 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 at fair 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. Cancellation 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. Cancellation 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 in fair 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 at fair 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 29) 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": "en",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-348-3": {
"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": "en",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-378-3": {
"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 5.15% on 31 December 2023 and 3.29% on 31 December 2022. 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": "en",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-407-3": {
"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": "en",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-423-3": {
"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": "en",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-437-3": {
"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": "en",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-464-3": {
"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": "en",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-498-3": {
"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": "en",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-512-3": {
"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": "en",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-522-3": {
"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": "en",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-534-3": {
"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 \u2018solely payments of principal and interest (SPPI)\u2019). 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 at fair 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. Cancellation 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": "en",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-542-3": {
"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": "en",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-588-4": {
"value": "Cancellation 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. Cancellation 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": "en",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-613-3": {
"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": "en",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-622-3": {
"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": "en",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-636-3": {
"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": "en",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-643-3": {
"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": "en",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-675-3": {
"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": "en",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-686-3": {
"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 in fair 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 at fair value with posting of related gains and losses in the income statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-722-3": {
"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": "en",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-733-3": {
"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": "en",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-743-3": {
"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": "en",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-749-3": {
"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": "en",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-763-3": {
"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": "en",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-767-3": {
"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": "en",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-773-3": {
"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 29) 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": "en",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-807-3": {
"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": "en",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-814-1": {
"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, climate-related issues have not had a significant impact on the opinions and estimates used in preparing these Consolidated Financial Statements. The Group continues to closely monitor ongoing developments and changes, such as new climate-related regulations and legislation. Estimates and assumptions are regularly reviewed and the effects of each change immediately reflected in the income statement. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-889-1": {
"value": "New accounting standards IFRS 17 \u201cInsurance Contracts\u201d In May 2017, the IASB issued IFRS 17 Insurance Contracts (IFRS 17), a new accounting standard on insurance contracts regulating recognition and measurement, presentation and disclosure. IFRS 17 applies to all types of insurance contracts regardless of the type of entity that issues them, and to certain guarantees and financial instruments with discretionary participation features; there are some exceptions to the scope of application. The overall objective of IFRS 17 is to provide an accounting model for insurance contracts that is more useful and consistent for insurers. In contrast to the requirements of IFRS 4, which are largely based on the maintenance of previous local accounting standards, IFRS 17 provides a comprehensive model for insurance contracts, covering all relevant accounting aspects. IFRS 17, effective for financial years beginning on or after 1 January 2023, requires the presentation of comparative balances. Early application is permitted, if the entity also adopted IFRS 9 and IFRS 15 on or before the date of first-time application of IFRS 17. These changes had no impact on the Group\u2019s consolidated financial statements. 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 had no impact on the Group\u2019s consolidated financial statements. Amendments to IAS 1 \"Presentation of Financial Statements\" and IFRS Practice Statement 2 Amendments to IAS 1 and IFRS Practice Statement 2 Making Materiality Judgements, provide guidance to help entities apply significant judgements to the disclosure of accounting standards. The requirement for entities to disclose their \"significant\" accounting standards is replaced by a requirement to disclose their \"material\" accounting standards. The changes had an impact on the Group's disclosure of accounting standards, though not on the measurement, recognition and presentation of items in the Group's consolidated financial statements. Amendments to IAS 12 \"Deferred Taxes on Assets and Liabilities Arising from a Single Transaction\" The amendments to IAS 12 Income Taxes narrow the scope of the exception to initial recognition so that it no longer applies to transactions that give rise to equal taxable and deductible temporary differences, such as leases and decommissioning liabilities. The changes had no impact on the Group\u2019s consolidated financial statements. Amendments to IAS 12 \"International Tax Reform - Pillar Two Model Rules\" On 23 May 2023, the IASB published an amendment called \"Amendments to IAS 12 Income taxes: International Tax Reform - Pillar Two Model Rules\". The document introduces a temporary exception from recognition and disclosure requirements for deferred tax assets and liabilities related to Pillar Two Model Rules and provides for specific disclosure requirements for entities affected by the related International Tax Reform. The document provides for the immediate application of the temporary exception, while the disclosure requirements will only apply to annual financial statements beginning on or after 1 January 2023, but not to interim financial statements ending before 31 December 2023. Since its revenues are lower than \u20ac750 million per year, the Group is excluded from the scope of application of the Pillar Two rules. Therefore, the amendments to IAS 12 have no impact on the Group's consolidated financial statements. Principles enacted but not yet in force Amendments to IFRS 16: \"Lease Liability in a Sale and Leaseback\" In September 2022, the IASB issued an amendment to IFRS 16 to specify the requirements that a seller-lessor uses in measuring the lease liability arising from a sale and leaseback transaction, to ensure that the seller-lessor does not recognise gain or loss with respect to the right of use retained by the lessor. The amendments are effective for financial years beginning on or after 1 January 2024 and are to be applied retrospectively to all sale and leaseback transactions entered into after the first-time application of IFRS 16. Early application is permitted and disclosure of this fact is required. These changes are not expected to have a material impact on the Group's financial statements. Amendments to IAS 1: \"Classification of Liabilities as Current or Non-current\" In January 2020 and October 2022, the IASB issued some 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. 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. In addition, a requirement has been introduced to disclose when a liability arising from a loan agreement is classified as non-current, and the entity's right to postpone is conditional on compliance with covenants within twelve months. The amendments will be effective for financial years beginning on or after 1 January 20234 and must be applied retrospectively. The Group is currently assessing what impact these changes will have on the current situation. Amendments to IAS 7 and IFRS 7 \"Supplier Finance Arrangements\" In May 2023, the IASB issued amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures, to clarify the characteristics of reverse factoring agreements and request further disclosure of such agreements. The disclosure requirements included in the amendments are intended to assist users of financial statements in understanding the effects on an entity's liabilities, cash flows and exposure to liquidity risk of reverse factoring arrangements. The amendments will be effective for financial years beginning on or after 1 January 2024. Early application is permitted and disclosure of this fact is required. These changes are not expected to have a material impact on the Group's financial statements. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-990-1": {
"value": "Hyperinflation - 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, starting with the consolidated financial statements as at 31 December 2022, IAS 29 was applied with reference to the parent company's subsidiaries in Turkey, Sabaf Turkey and Okida. With respect to the consolidated financial statements at 31 December 2023, following the merger by incorporation of Okida into Sabaf Turkey, IAS 29 was only applied with reference to the subsidiary Sabaf Turkey. The cumulative levels of general consumer price indices are shown below: Consumer price index Value at 31/12/2022 Value at 31/12/2023 Change TURKSTAT 1,128.45 1,859.38 +64.77% 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 financial statements of Sabaf Turkey were redetermined before being included in the Group's consolidated financial statements. In particular, the effect related to the re-measurement of non-monetary assets and liabilities, equity items and income statement items, net of the related tax effect, was recognised in a separate item in the income statement under financial income and expenses. The related tax effect was recognised, instead, in taxes for the period. On consolidation, as required by IAS 21, the restated financial statements were converted using the final exchange rate in order to restore the amounts to current values. Effects of the application of the hyperinflation on the Consolidated Statement of Financial Position (\u20ac/000)31/12/2023 Hyperinflation effect 31/12/2023 with Hyperinflation effect Total non-current assets 150,032 31,135 181,167 Total current assets 175,321 1,690 177,011 Total assets 325,353 32,825 358,178 Total shareholders\u2019 equity 137,647 32,741 170,388 Total non-current liabilities 102,661 84 102,745 Total current liabilities 85,045 - 85,045 Total liabilities and shareholders' equity 325,353 32,825 358,178 Effects of the application of the hyperinflation on the consolidated Income Statement (\u20ac/000)12M 2023 Hyperinflation Effect 12m 2023 with hyperinflation effect Operating revenue and income 248,184 (1,179) 247,005 Operating costs (217,786) 393 (217,393) Operating profit before depreciation & amortisation, capital gains/losses and write-downs/write-backs of non-current assets (EBITDA) 30,398 (786) 29,612 EBIT 13,772 (2,710) 11,062 Profit before taxes 8,269 (8,275) (6) Income taxes 2,632 754 3,386 Minority interests 277 - 277 Profit attributable to the Group 10,624 (7,521) 3,103 32. EXPENSES FROM HYPERINFLATION/FINANCIAL EXPENSES 2023 2022 Change Expenses from hyperinflation 5,276 9,023 (3,747) Interest paid to banks 3,453 1,340 2,113 Interest paid on finance lease contracts 219 105 114 Banking expenses 340 222 118 MEC option valuation adjustment (Note 16) 855 - 855 Other financial expense 381 342 39 Financial expenses 5,248 2,009 3,239 As from 2022, the effect of inflation accounting on the Turkish subsidiaries, which impacted some financial statement items and resulted in total expenses of \u20ac 5,276 thousand, was reflected in the financial statements. For an appropriate and thorough analysis, please refer to the specific paragraph in the Explanatory Notes to these Financial Statements. The effects of applying IAS 29 for each item in the consolidated income statement are also shown in the annex to the Report on Operations. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfHyperinflationaryReportingExplanatory",
"language": "en",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-990-2": {
"value": "Hyperinflation - 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, starting with the consolidated financial statements as at 31 December 2022, IAS 29 was applied with reference to the parent company's subsidiaries in Turkey, Sabaf Turkey and Okida. With respect to the consolidated financial statements at 31 December 2023, following the merger by incorporation of Okida into Sabaf Turkey, IAS 29 was only applied with reference to the subsidiary Sabaf Turkey. The cumulative levels of general consumer price indices are shown below: Consumer price index Value at 31/12/2022 Value at 31/12/2023 Change TURKSTAT 1,128.45 1,859.38 +64.77% 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 financial statements of Sabaf Turkey were redetermined before being included in the Group's consolidated financial statements. In particular, the effect related to the re-measurement of non-monetary assets and liabilities, equity items and income statement items, net of the related tax effect, was recognised in a separate item in the income statement under financial income and expenses. The related tax effect was recognised, instead, in taxes for the period. On consolidation, as required by IAS 21, the restated financial statements were converted using the final exchange rate in order to restore the amounts to current values. Effects of the application of the hyperinflation on the Consolidated Statement of Financial Position (\u20ac/000)31/12/2023 Hyperinflation effect 31/12/2023 with Hyperinflation effect Total non-current assets 150,032 31,135 181,167 Total current assets 175,321 1,690 177,011 Total assets 325,353 32,825 358,178 Total shareholders\u2019 equity 137,647 32,741 170,388 Total non-current liabilities 102,661 84 102,745 Total current liabilities 85,045 - 85,045 Total liabilities and shareholders' equity 325,353 32,825 358,178 Effects of the application of the hyperinflation on the consolidated Income Statement (\u20ac/000)12M 2023 Hyperinflation Effect 12m 2023 with hyperinflation effect Operating revenue and income 248,184 (1,179) 247,005 Operating costs (217,786) 393 (217,393) Operating profit before depreciation & amortisation, capital gains/losses and write-downs/write-backs of non-current assets (EBITDA) 30,398 (786) 29,612 EBIT 13,772 (2,710) 11,062 Profit before taxes 8,269 (8,275) (6) Income taxes 2,632 754 3,386 Minority interests 277 - 277 Profit attributable to the Group 10,624 (7,521) 3,103 31. FINANCIAL INCOME 2023 2022 Change Interest from time deposit 1,225 - 1,225 Interest rate derivatives 32 1,753 (1,721) Interest from bank current accounts 260 154 106 Other financial income 298 10 288 Total 1,815 1,917 (102) Interest from time deposit, equal to \u20ac1,225 thousand, refers to interest income accrued on time deposit accounts of some foreign subsidiaries; these are temporary investments of liquidity in excess of normal operations at better yields than ordinary deposits. 32. EXPENSES FROM HYPERINFLATION/FINANCIAL EXPENSES 2023 2022 Change Expenses from hyperinflation 5,276 9,023 (3,747) Interest paid to banks 3,453 1,340 2,113 Interest paid on finance lease contracts 219 105 114 Banking expenses 340 222 118 MEC option valuation adjustment (Note 16) 855 - 855 Other financial expense 381 342 39 Financial expenses 5,248 2,009 3,239 As from 2022, the effect of inflation accounting on the Turkish subsidiaries, which impacted some financial statement items and resulted in total expenses of \u20ac 5,276 thousand, was reflected in the financial statements. For an appropriate and thorough analysis, please refer to the specific paragraph in the Explanatory Notes to these Financial Statements. The effects of applying IAS 29 for each item in the consolidated income statement are also shown in the annex to the Report on Operations. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-1137-1": {
"value": "1. PROPERTY, PLANT AND EQUIPMENT Property Plant and equipment Other assets Assets under construction Total Cost 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 Increases 5,999 7,992 3,345 3,163 20,499 Disposals (450) (2,273) (563) - (3,286) Change in the scope of consolidation 2,330 6,253 586 35 9,204 Reclassifications 3,664 3,383 710 (7,906) (149) Monetary revaluation (IAS 29) 2,497 8,250 2,860 - 13,607 Forex differences (2,217) (6,739) (2,358) (23) (11,337) At 31 December 2023 78,499 268,476 71,238 4,498 422,711 Accumulated amortisation 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 Depreciations for the year 2,720 9,993 4,146 - 16,859 Derecognition due to disposal (295) (2,087) (360) - (2,742) Change in the scope of consolidation - 4,351 457 - 4,808 Reclassifications (54) (5) (114) - (173) Monetary revaluation (IAS 29) 978 3,269 1,410 - 5,657 Forex differences (950) (2,843) (1,214) - (5,007) At 31 December 2023 32,829 220,464 60,677 - 313,970 Net carrying value At 31 December 2022 36,246 43,824 10,306 9,229 99,605 At 31 December 2023 45,670 48,012 10,561 4,498 108,741 The breakdown of the net carrying value of Property was as follows: 31/12/2023 31/12/2022 Change Land 9,560 9,465 95 Industrial buildings 36,110 26,781 9,329 Total 45,670 36,246 9,424 The main investments of the financial year were aimed at: \u25aa expanding the international production footprint; in this respect, in Mexico, the work on the construction of the plant in San Luis de Potosi was completed. \u25aa industrialising new products; \u25aa optimising the efficiency and automation of production processes. 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": "en",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-1396-1": {
"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 2022 1,247 163 800 2,210 Increases 3,085 - 442 3,527 Monetary revaluation (IAS 29) 284 - - 284 Change in the scope of consolidation 2,039 - - 2,039 Depreciations and amortisation (766) (115) (371) (1,252) Decreases (376) - (16) (392) Foreign exchange differences (236) - 1 (235) At 31 December 2023 5,277 48 856 6,181 Changes in investment property resulting from the application of IFRS 16 are shown below: Investment property 1 January 2023 108 Increases 117 Decreases (102) Depreciations and amortisation (43) At 31 December 2023 80 The following table shows the changes in lease liabilities during the year: 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 New agreements signed during 2023 5,283 Repayments during 2023 (1,462) Forex differences (170) Lease liabilities at 31 December 2023 6,739 The value of lease liabilities at 31 December 2023 includes \u20ac6,033 thousand in operating leases and \u20ac706 thousand in finance leases, all recognised in accordance with IFRS16. Note 38 provides information on financial risks, pursuant to IFRS 7. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-1453-1": {
"value": "At 31 December 2023, the Group identified 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, with the exception of assets relating to cash-generating units to which assets with an indefinite useful life are allocated, for which the entire capital employed was submitted to impairment testing. Please refer to Note 4 for further details. At 31 December 2023, 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 2023, 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. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-1459-1": {
"value": "2. INVESTMENT PROPERTY Cost At 31 December 2021 10,177 Increases 144 Disposals (1,381) Reclassifications (6,675) At 31 December 2022 2,265 Increases 117 Disposals (583) Reclassifications (28) At 31 December 2023 1,771 Depreciations and write-downs 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 Increases 105 Disposals (307) Reclassifications - At 31 December 2023 1,080 Net carrying value At 31 December 2022 2,311 At 31 December 2023 691 The item Investment property includes non-operating buildings owned by the Group: these are mainly properties for residential use, held for rental. Disposals during the period, amounting to \u20ac276 thousand, resulted in capital gains totalling \u20ac78 thousand. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory",
"language": "en",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-1536-1": {
"value": "3. ASSETS HELD FOR SALE This item at 31 December 2022 included the net carrying value of the Parent Company's former production plant located in Lumezzane (Brescia) amounting to \u20ac529 thousand. In July 2023, the property was sold to a third party for a consideration of \u20ac1,950 thousand, realising a capital gain of \u20ac1,421 thousand. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-1536-2": {
"value": "3. ASSETS HELD FOR SALE This item at 31 December 2022 included the net carrying value of the Parent Company's former production plant located in Lumezzane (Brescia) amounting to \u20ac529 thousand. In July 2023, the property was sold to a third party for a consideration of \u20ac1,950 thousand, realising a capital gain of \u20ac1,421 thousand. 6. NON-CURRENT RECEIVABLES 31/12/2023 31/12/2022 Change Tax receivables 287 2,057 (1,770) Guarantee deposits 187 98 89 Receivables from former P.G.A. shareholders 620 597 23 Total 1,094 2,752 (1,658) Tax receivables relate to indirect taxes expected to be recovered after 31 December 2024. Receivables from former P.G.A. Shareholders, already determined by the parties and discounted, refer to compensation obligations envisaged upon the occurrence of certain events (liabilities incurred by P.G.A.) regulated by the acquisition agreement. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-1542-1": {
"value": "4. INTANGIBLE ASSETS Goodwill Patents and software Development costs Other intangible assets Total Cost 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 Increases - 431 2,249 33 2,713 Decreases - - - - - Change in the scope of consolidation 1,564 - - 2,473 4,037 Reclassifications - 147 (337) (178) (368) Monetary revaluation (IAS 29) 6,466 260 - 3,819 10,545 Forex differences (6,648) (242) (3) (3,687) (10,580) At 31 December 2023 33,560 11,444 12,143 31,209 88,356 Amortisation/Write-downs 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 Depreciations for the year - 466 696 2,110 3,272 Decreases - - - - - Change in the scope of consolidation - - - - - Reclassifications - - - - - Monetary revaluation (IAS 29) - 221 - 1,167 1,388 Forex differences - (205) - (1,171) (1,376) At 31 December 2023 4,546 10,254 6,046 10,279 31,125 Net carrying value At 31 December 2022 27,632 1,076 4,884 20,576 54,168 At 31 December 2023 29,014 1,190 6,097 20,930 57,231 Goodwill Pursuant to IAS 36, goodwill is allocated to different cash-generating units (\"CGUs\"), which are identified on the basis of operating segments, according to geographic logics and corresponding to the businesses being acquired. Below are the CGUs to which the goodwill was allocated: CGU 31/12/2022 First consolidation Price adjustments Revaluation IAS29 Forex differences 31/12/2023 Professional burners 1,770 - - - - 1,770 Electronic components 16,641 - - 6,466 (6,660) 16,447 P.G.A. electronic components 1,127 - 783 - - 1,910 Hinges 4,414 - - - - 4,414 C.M.I. hinges 3,680 - - - - 3,680 MEC hinges - 781 - - 12 793 Total 27,632 781 783 6,466 (6,648) 29,014 The relative change in goodwill allocated to the P.G.A. electronic components CGU, equal to \u20ac783 thousand, refers to price adjustments after the completion of acquisition and determined, in accordance with the contract, on the basis of the subsidiary's final results for 2022. The Group verifies the ability to recover goodwill (\"Impairment test\") 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 main assumptions used to determine the value of use of the different CGUs refer a) to the financial flows deriving from company business plans, b) to the discount rate and c) to the long-term growth rate. Determining cash flows The management defined a single plan for each CGU with respect to the 2024-2026 period, which represents the best estimate of the expected trend in operations, based on corporate strategies and the growth indices of the specific sector and reference markets. In particular, the forecasts for the first year of the forecast plan (2024) were developed based on the Group's 2024 budget, approved by the Parent Company's Board of Directors on 19 December 2023; the forecasts for the next two years (2025 and 2026) were determined analytically while preparing the Group's 2024 - 2026 Business Plan, approved by the Parent Company's Board of Directors on 19 March 2024. The multi-year plans of each CGU were submitted for approval to the Boards of Directors of the Group companies to which each CGU belongs. Revenues were estimated on the basis of information obtained from customers and on the basis of management's expectations regarding the trend of the reference market, which expect a moderate recovery from the weak phase that characterised 2023. The contribution from revenues from new products already developed, weighted by the likelihood of their success, was also estimated. The plans were prepared under the assumption of substantially unchanged raw material prices, in view of the proven historical ability of CGUs to pass on changes in material costs to selling prices. Estimates of revenues and profitability incorporate elements of caution to reflect geopolitical and macroeconomic uncertainty. It should be noted that the CGUs to which intangible assets with an indefinite useful life are allocated are not exposed to significant transitional climatic risks, that energy costs have an extremely low incidence compared to the industrial cost of products, and that the related production processes do not directly use fossil fuels (gas) as an energy source. The business plans consider only real growth, do not take into account expected inflation, and have been prepared in Euro, i.e. the currency in which - with the exception of MEC - the sales lists and main operating costs of the CGUs are denominated. The business plan of MEC, which operates in dollars, was prepared under the assumption of a stable euro/dollar exchange rate. Furthermore, with reference to the \"Electronic Components\" CGU, the plan does not take into account the accounting effects of IAS 29 (hyperinflation). Lastly, cash flows for the 2024-2026 period were augmented by the so-called terminal value, which expresses the operating flows that the CGU is expected to generate from the fourth year to infinity and determined based on the perpetual income. Discount rate The discount rate used to discount expected future cash flows was determined for each CGU, just like in the previous year, and is represented by the weighted average cost of capital (WACC), which reflects the current market valuation of the time value of money for the period considered and the specific risks of the Group companies and their reference sectors. Long-term growth rate In addition to the flows expected for the 2024-2026 period, which are explicitly forecasted, there is also the so-calledPerpetuity, representing the Terminal Value. This was determined, according to the same logics adopted in the previous year, using a long-term growth rate (g-rate), specific to each CGU, reflecting the growth potential of the area in question. The table below shows the main basic assumptions used in performing the impairment test. CGU Discount rate (WACC) % Long-term growth rate (g-rate) Cash flow horizon Terminal Value calculation method Professional burners 11.09% 2.00% 3 years old Perpetual instalment Electronic components 15.69% 2.50% 3 years old Perpetual instalment P.G.A. electronic components 10.94% 2.50% 3 years old Perpetual instalment Hinges 11.84% 2.00% 3 years old Perpetual instalment C.M.I. hinges 11.45% 2.00% 3 years old Perpetual instalment MEC hinges 10.99% 2.30% 3 years old Perpetual instalment Please find below the main changes in the discount rate compared to the impairment carried out when preparing the consolidated financial statements at 31 December 2022: \u25aa Professional burners: WACC is 11.09% (11.19% at 31 December 2022), the change from the previous year is mainly due to the reduction in the risk-free rate and the equity market risk premium; \u25aa Electronic components: WACC is 15.69% (16.81% at 31 December 2022), the change from the previous year is mainly due to the reduction in the cost of debt, the risk-free rate and the equity market risk premium; \u25aa P.G.A. electronic components: WACC is 10.94% (10.88% at 31 December 2022), essentially unchanged from the previous year; \u25aa Hinges: WACC is 11.84% (11.65% at 31 December 2022), the change from the previous year is mainly due to the increase in the cost of debt and the risk-free rate; \u25aa C.M.I. hinges: WACC is 11.45% (11.66% at 31 December 2022), the change from the previous year is mainly due to the reduction in the risk-free rate and the equity market risk premium; The impairment tests carried out according to the methods described above and approved by the Board of Directors on 20 February 2024, with the opinion of the Control, Risk and Sustainability Committee, did not reveal any impairment losses, as the recoverable value of the CGUs at 31 December 2023 was higher than the corresponding net invested capital (carrying amount). To complete the analysis, the following activities were carried out: \u25aa a sensitivity analysis aimed at verifying the recoverability of goodwill against changes in the basic assumptions used to determine discounted cash flows. In particular, the following table shows the WACC, g-rateand EBITDA that would lead to an impairment loss, keeping all other basic assumptions unchanged: Break-even values in a \"steady case\" situation Sensitivity analysis WACC g-rate EBITDA Professional burners 18.2% n/a -38.4% Electronic components 16.6% 1.25% -6.9% P.G.A. electronic components 13.2% 0% -22.6% Hinges 22.9% n/a -46.0% C.M.I. hinges 28.0% n/a -52.0% MEC hinges 12.8% 0.2% -10.5% \u25aa the verification of the recoverability of goodwill against possible upward and downward 50 bps changes in WACC and 25 bps changes in the g-rate; \u25aa the verification of the recoverability of goodwill against possible 10% and 20% downward changes in EBITDA. With reference to the \"Electronic components\" CGU, sensitivity analyses show a delta between recoverable value and net invested capital ranging from +\u20ac6.3 million to -\u20ac4.9 million. For the \"MEC Hinges\" CGU, the difference between recoverable value and net invested capital ranges from +\u20ac 6.4 million to -\u20ac3.4 million. With reference to the other CGUs submitted to impairment testing,none of the scenarios covered by the sensitivity analysis showed a recoverable value lower than the carrying value. Lastly, in examining possible indicators of impairment, the Group also took into consideration the relationship between stock market capitalisation (\u20ac218.3 million) and the carrying value of the Group's equity at 31 December 2023 (\u20ac162.1 million), which shows a largely positive difference. Patents and software The main software investments are related to the extension of the application and corporate scope of the Group management system (SAP) and to the implementation of a management system in the HR field. 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. Sales are scheduled to start in 2024. 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 derive from the Purchase Price Allocation carried out following the acquisition of Okida Elektronik in September 2018, of C.M.I. S.r.l. in July 2019, of P.G.A. in October 2022 and of MEC in July 2023. The net carrying value of other intangible assets is broken down as follows: 31/12/2023 31/12/2022 Change Customer Relationship 15,090 13,000 2,090 Brand 2,947 3,807 (860) Know-how 400 577 (177) Patents 2,306 2,835 (529) Other 187 357 (170) Total 20,930 20,576 354 At 31 December 2023, 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. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-1542-2": {
"value": "4. INTANGIBLE ASSETS Goodwill Patents and software Development costs Other intangible assets Total Cost 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 Increases - 431 2,249 33 2,713 Decreases - - - - - Change in the scope of consolidation 1,564 - - 2,473 4,037 Reclassifications - 147 (337) (178) (368) Monetary revaluation (IAS 29) 6,466 260 - 3,819 10,545 Forex differences (6,648) (242) (3) (3,687) (10,580) At 31 December 2023 33,560 11,444 12,143 31,209 88,356 Amortisation/Write-downs 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 Depreciations for the year - 466 696 2,110 3,272 Decreases - - - - - Change in the scope of consolidation - - - - - Reclassifications - - - - - Monetary revaluation (IAS 29) - 221 - 1,167 1,388 Forex differences - (205) - (1,171) (1,376) At 31 December 2023 4,546 10,254 6,046 10,279 31,125 Net carrying value At 31 December 2022 27,632 1,076 4,884 20,576 54,168 At 31 December 2023 29,014 1,190 6,097 20,930 57,231 Patents and software The main software investments are related to the extension of the application and corporate scope of the Group management system (SAP) and to the implementation of a management system in the HR field. Other intangible assets The other intangible assets recognised in these consolidated financial statements mainly derive from the Purchase Price Allocation carried out following the acquisition of Okida Elektronik in September 2018, of C.M.I. S.r.l. in July 2019, of P.G.A. in October 2022 and of MEC in July 2023. The net carrying value of other intangible assets is broken down as follows: 31/12/2023 31/12/2022 Change Customer Relationship 15,090 13,000 2,090 Brand 2,947 3,807 (860) Know-how 400 577 (177) Patents 2,306 2,835 (529) Other 187 357 (170) Total 20,930 20,576 354 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-1779-2": {
"value": "Goodwill Pursuant to IAS 36, goodwill is allocated to different cash-generating units (\"CGUs\"), which are identified on the basis of operating segments, according to geographic logics and corresponding to the businesses being acquired. Below are the CGUs to which the goodwill was allocated: CGU 31/12/2022 First consolidation Price adjustments Revaluation IAS29 Forex differences 31/12/2023 Professional burners 1,770 - - - - 1,770 Electronic components 16,641 - - 6,466 (6,660) 16,447 P.G.A. electronic components 1,127 - 783 - - 1,910 Hinges 4,414 - - - - 4,414 C.M.I. hinges 3,680 - - - - 3,680 MEC hinges - 781 - - 12 793 Total 27,632 781 783 6,466 (6,648) 29,014 The relative change in goodwill allocated to the P.G.A. electronic components CGU, equal to \u20ac783 thousand, refers to price adjustments after the completion of acquisition and determined, in accordance with the contract, on the basis of the subsidiary's final results for 2022. The Group verifies the ability to recover goodwill (\"Impairment test\") 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 main assumptions used to determine the value of use of the different CGUs refer a) to the financial flows deriving from company business plans, b) to the discount rate and c) to the long-term growth rate. Determining cash flows The management defined a single plan for each CGU with respect to the 2024-2026 period, which represents the best estimate of the expected trend in operations, based on corporate strategies and the growth indices of the specific sector and reference markets. In particular, the forecasts for the first year of the forecast plan (2024) were developed based on the Group's 2024 budget, approved by the Parent Company's Board of Directors on 19 December 2023; the forecasts for the next two years (2025 and 2026) were determined analytically while preparing the Group's 2024 - 2026 Business Plan, approved by the Parent Company's Board of Directors on 19 March 2024. The multi-year plans of each CGU were submitted for approval to the Boards of Directors of the Group companies to which each CGU belongs. Revenues were estimated on the basis of information obtained from customers and on the basis of management's expectations regarding the trend of the reference market, which expect a moderate recovery from the weak phase that characterised 2023. The contribution from revenues from new products already developed, weighted by the likelihood of their success, was also estimated. The plans were prepared under the assumption of substantially unchanged raw material prices, in view of the proven historical ability of CGUs to pass on changes in material costs to selling prices. Estimates of revenues and profitability incorporate elements of caution to reflect geopolitical and macroeconomic uncertainty. It should be noted that the CGUs to which intangible assets with an indefinite useful life are allocated are not exposed to significant transitional climatic risks, that energy costs have an extremely low incidence compared to the industrial cost of products, and that the related production processes do not directly use fossil fuels (gas) as an energy source. The business plans consider only real growth, do not take into account expected inflation, and have been prepared in Euro, i.e. the currency in which - with the exception of MEC - the sales lists and main operating costs of the CGUs are denominated. The business plan of MEC, which operates in dollars, was prepared under the assumption of a stable euro/dollar exchange rate. Furthermore, with reference to the \"Electronic Components\" CGU, the plan does not take into account the accounting effects of IAS 29 (hyperinflation). Lastly, cash flows for the 2024-2026 period were augmented by the so-called terminal value, which expresses the operating flows that the CGU is expected to generate from the fourth year to infinity and determined based on the perpetual income. Discount rate The discount rate used to discount expected future cash flows was determined for each CGU, just like in the previous year, and is represented by the weighted average cost of capital (WACC), which reflects the current market valuation of the time value of money for the period considered and the specific risks of the Group companies and their reference sectors. Long-term growth rate In addition to the flows expected for the 2024-2026 period, which are explicitly forecasted, there is also the so-calledPerpetuity, representing the Terminal Value. This was determined, according to the same logics adopted in the previous year, using a long-term growth rate (g-rate), specific to each CGU, reflecting the growth potential of the area in question. The table below shows the main basic assumptions used in performing the impairment test. CGU Discount rate (WACC) % Long-term growth rate (g-rate) Cash flow horizon Terminal Value calculation method Professional burners 11.09% 2.00% 3 years old Perpetual instalment Electronic components 15.69% 2.50% 3 years old Perpetual instalment P.G.A. electronic components 10.94% 2.50% 3 years old Perpetual instalment Hinges 11.84% 2.00% 3 years old Perpetual instalment C.M.I. hinges 11.45% 2.00% 3 years old Perpetual instalment MEC hinges 10.99% 2.30% 3 years old Perpetual instalment Please find below the main changes in the discount rate compared to the impairment carried out when preparing the consolidated financial statements at 31 December 2022: \u25aa Professional burners: WACC is 11.09% (11.19% at 31 December 2022), the change from the previous year is mainly due to the reduction in the risk-free rate and the equity market risk premium; \u25aa Electronic components: WACC is 15.69% (16.81% at 31 December 2022), the change from the previous year is mainly due to the reduction in the cost of debt, the risk-free rate and the equity market risk premium; \u25aa P.G.A. electronic components: WACC is 10.94% (10.88% at 31 December 2022), essentially unchanged from the previous year; \u25aa Hinges: WACC is 11.84% (11.65% at 31 December 2022), the change from the previous year is mainly due to the increase in the cost of debt and the risk-free rate; \u25aa C.M.I. hinges: WACC is 11.45% (11.66% at 31 December 2022), the change from the previous year is mainly due to the reduction in the risk-free rate and the equity market risk premium; The impairment tests carried out according to the methods described above and approved by the Board of Directors on 20 February 2024, with the opinion of the Control, Risk and Sustainability Committee, did not reveal any impairment losses, as the recoverable value of the CGUs at 31 December 2023 was higher than the corresponding net invested capital (carrying amount). To complete the analysis, the following activities were carried out: \u25aa a sensitivity analysis aimed at verifying the recoverability of goodwill against changes in the basic assumptions used to determine discounted cash flows. In particular, the following table shows the WACC, g-rateand EBITDA that would lead to an impairment loss, keeping all other basic assumptions unchanged: Break-even values in a \"steady case\" situation Sensitivity analysis WACC g-rate EBITDA Professional burners 18.2% n/a -38.4% Electronic components 16.6% 1.25% -6.9% P.G.A. electronic components 13.2% 0% -22.6% Hinges 22.9% n/a -46.0% C.M.I. hinges 28.0% n/a -52.0% MEC hinges 12.8% 0.2% -10.5% \u25aa the verification of the recoverability of goodwill against possible upward and downward 50 bps changes in WACC and 25 bps changes in the g-rate; \u25aa the verification of the recoverability of goodwill against possible 10% and 20% downward changes in EBITDA. With reference to the \"Electronic components\" CGU, sensitivity analyses show a delta between recoverable value and net invested capital ranging from +\u20ac6.3 million to -\u20ac4.9 million. For the \"MEC Hinges\" CGU, the difference between recoverable value and net invested capital ranges from +\u20ac 6.4 million to -\u20ac3.4 million. With reference to the other CGUs submitted to impairment testing,none of the scenarios covered by the sensitivity analysis showed a recoverable value lower than the carrying value. Lastly, in examining possible indicators of impairment, the Group also took into consideration the relationship between stock market capitalisation (\u20ac218.3 million) and the carrying value of the Group's equity at 31 December 2023 (\u20ac162.1 million), which shows a largely positive difference. ",
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"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. Sales are scheduled to start in 2024. Increases in development costs include projects in progress and therefore not subject to amortisation. ",
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"pp-value-2044-3": {
"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. Sales are scheduled to start in 2024. Increases in development costs include projects in progress and therefore not subject to amortisation. 27. PURCHASES OF MATERIALS 2023 2022 Change Commodities and outsourced components 103,486 115,410 (11,924) Consumables 9,198 8,921 277 Total 112,684 124,331 (11,647) The reduction in purchases is related both to the decrease in business volumes and to the reduction in the unit prices of the main raw materials (aluminium alloys, steel and brass). 28. COSTS FOR SERVICES 2023 2022 Change Outsourced processing 9,513 13,680 (4,167) Natural gas and power 7,762 11,359 (3,597) Maintenance 6,879 7,040 (161) Transport 4,328 4,433 (105) Advisory services 4,109 3,232 877 Travel expenses and allowances 946 700 246 Commissions 1,183 994 189 Directors\u2019 fees 1,161 861 300 Insurance 1,135 864 271 Canteen 1,000 796 204 Other costs 6,907 6,221 686 Total 44,923 50,180 (5,257) The main outsourced processing includes hot moulding of brass and steel blanking as well as some mechanical processing and assembly. Energy and gas costs are posted net of tax benefits related to public contributions for electricity and gas consumption, amounting to \u20ac675 thousand. The increase in costs for advisory services is related to the extraordinary transactions (acquisition of MEC and capital increase) carried out during the year. Other costs included expenses for the registration of patents, waste disposal, cleaning, leasing third-party assets and other minor charges. 29. PERSONNEL COSTS 2023 2022 Change Salaries and wages 38,959 31,750 7,209 Social Security costs 11,442 9,685 1,757 Temporary agency workers 4,196 5,617 (1,421) Post-employment benefit and other costs 3,020 1,740 1,280 Stock grant plan 543 1,134 (591) Total 58,160 49,926 8,234 30. OTHER OPERATING COSTS 2023 2022 Change Non-income taxes 603 729 (126) Other operating expenses 598 614 (16) Contingent liabilities 407 238 169 Losses and write-downs of trade receivables 34 1 33 Provisions for risks 20 21 (1) Other provisions 73 28 45 Total 1,735 1,631 104 Non-income taxes chiefly relate to property tax. ",
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"value": "5. EQUITY INVESTMENTS 31/12/2023 31/12/2022 Change Other equity investments 95 97 (2) Total 95 97 (2) ",
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"value": "6. NON-CURRENT RECEIVABLES 31/12/2023 31/12/2022 Change Tax receivables 287 2,057 (1,770) Guarantee deposits 187 98 89 Receivables from former P.G.A. shareholders 620 597 23 Total 1,094 2,752 (1,658) Tax receivables relate to indirect taxes expected to be recovered after 31 December 2024. Receivables from former P.G.A. Shareholders, already determined by the parties and discounted, refer to compensation obligations envisaged upon the occurrence of certain events (liabilities incurred by P.G.A.) regulated by the acquisition agreement. ",
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"value": "7. INVENTORIES 31/12/2023 31/12/2022 Change Raw Materials 29,084 31,068 (1,984) Semi-processed goods 15,410 16,403 (993) Finished products 22,920 23,771 (851) Provision for inventory write-downs (5,429) (6,816) 1,387 Total 61,985 64,426 (2,441) The value of final inventories at 31 December 2023 was lower than the previous year as a result of lower average costs and a decrease in the volume of stock. At 31 December 2023, 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: 31/12/2022 6,816 Provisions 914 Utilisation (1,512) Monetary revaluation (IAS 29) 48 Change in the scope of consolidation 7 Forex differences (844) 31/12/2023 5,429 ",
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"value": "8. TRADE RECEIVABLES 31/12/2023 31/12/2022 Change Total trade receivables 56,661 59,999 (3,338) Bad debt provision (835) (840) 5 Net total 55,826 59,159 (3,333) The amount of trade receivables at 30 December 2023 was lower than the balance at the end of 2022 as a result of the reduction in the average collection period, which was also achieved due to an increased assignment without recourse of receivables to factors. There were no significant changes in the payment terms agreed with customers. The amount of trade receivables recognised in the financial statements includes approximately \u20ac26.8 million in insured receivables (\u20ac25.7 million at 31 December 2022). The breakdown of trade receivables by past due period is shown below: 31/12/2023 31/12/2022 Change Current receivables (not past due) 42,395 45,199 (2,804) Outstanding up to 30 days 8,356 6,947 1,409 Outstanding from 30 to 60 days 3,099 4,020 (921) Outstanding from 60 to 90 days 911 1,416 (505) Outstanding for more than 90 days 1,900 2,417 (517) Total 56,661 59,999 (3,338) 10. OTHER CURRENT RECEIVABLES 31/12/2023 31/12/2022 Change Advances to suppliers 1,866 1,376 490 Credits to be received from suppliers 943 706 237 Accrued income and prepaid expenses 858 660 198 Other 201 168 33 Total 3,868 2,910 958 Credits to be received from suppliers mainly refer to bonuses paid to the Group for the attainment of purchasing objectives. ",
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"value": "The bad debt provision was adjusted to the better estimate of the credit risk and expected loss at the end of the reporting period, also carried out by analysing each expired item. Changes during the year were as follows: 31/12/2022 840 Provisions 34 Utilisation (34) Change in the scope of consolidation - Forex differences (5) 31/12/2023 835 ",
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"value": "9. TAX RECEIVABLES 31/12/2023 31/12/2022 Change For income tax 7,186 5,061 2,125 For VAT and other sales taxes 4,536 3,144 1,392 Other tax credits 0 9 (9) Total 11,722 8,214 3,508 At 31 December 2023 income tax receivables mainly include: \u25aa \u20ac3,119 thousand relating to the tax credit for investments in capital goods; \u25aa \u20ac482 thousand relating to the tax credit for research and development; \u25aa \u20ac635 thousand related to the \"Patent Box\" tax credit for the years 2020 and 2021, following the prior agreement signed with the Tax Authorities during the year; \u25aa payments on account paid during 2023: IRES for \u20ac521 thousand and IRAP for \u20ac75 thousand. 21. TAX PAYABLES 31/12/2023 31/12/2022 Change For income tax 704 235 469 Withholding taxes 968 1,059 (91) Other tax payables 1,352 1,251 101 Total 3,025 2,545 480 ",
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"value": "11. FINANCIAL ASSETS 31/12/2023 31/12/2022 Current Non-current Current Non-current Time deposit accounts 6,254 - 786 - Derivative instruments 1,003 - 1,711 - Total 7,257 - 2,497 - The change in time deposit accounts relates to the taking out of time deposits by certain foreign subsidiaries; these are temporary investments of liquidity in excess of normal operations at better yields than ordinary deposits. ",
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"value": "Derivatives refer, for \u20ac126 thousand, to forward sales contracts in US dollars recognised using hedge accounting- the details of which are illustrated in Note 38 \"Foreign exchange risk management\" - and, for \u20ac877 thousand, to six interest rate swap (IRS) contracts for amounts and maturities coinciding with six unsecured loans that are being amortised, whose residual value at 31 December 2023 is \u20ac17,339 thousand. The interest rate swap 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 \u20ac37,737 thousand at 31 December 2023) are either fixed-rate or hedged by IRS. On the other hand, the residual value of unsecured loans taken out at a variable rate and not covered by the IRS was \u20ac30,272 thousand. ",
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"value": "12. CASH AND CASH EQUIVALENTS The item Cash and cash equivalents, equal to \u20ac36,353 thousand at 31 December 2023 (\u20ac20,923 thousand at 31 December 2022), refers to cash and bank current account balances. Changes in the cash and cash equivalents are analysed in the statement cash flows. ",
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"value": "13. SHARE CAPITAL In connection with the acquisition of Mansfield (MEC), on 14 July 2023, Sabaf's Board of Directors exercised the proxy granted by the Shareholders' Meeting on 4 May 2020, resolving on a reserved capital increase, through splitting shares and against payment, for a nominal amount of \u20ac1,153,345, corresponding to 10% of the share capital, with the exclusion of the right of option pursuant to Article 2441, fourth paragraph, second sentence of the Italian Civil Code, through the issue of 1,153,345 new ordinary shares with a par value of \u20ac1.00. The newly issued shares were offered for subscription as part of a reserved placement. The issue price of the new shares, including the share premium, was determined at \u20ac15.01 per share, equal to the average stock market price of Sabaf share recorded in June, increased by a premium of \u20ac0.52 per share (and therefore for a total value of \u20ac17,311,708.45). The capital increase took place on 20 July 2023. Following the full subscription of the new shares, the post-capital increase share capital amounts to \u20ac12,686,795. At 31 December 2023, the structure of the share capital is shown in the table below. No. of shares % of share capital Rights and obligations Ordinary shares 6,559,278 51.70% - Ordinary shares with increased vote 6,127,518 48.30% Two voting rights per share TOTAL12,686,795100% 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. ",
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"value": "Treasury shares In the course of the year, 27,100 treasury shares were acquired at an average unit price of \u20ac17.05, while none were sold. At 31 December 2023, Sabaf S.p.A. held 241,963 treasury shares (1.907% of the share capital), reported in the financial statements as an adjustment to shareholders\u2019 equity at a weighted average unit value of \u20ac15.22 (the closing stock market price of the Share at 31 December 2023 was \u20ac17.36). There were 12,444,832 outstanding shares at 31 December 2023. ",
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"value": "Stock grant reserve Items \"Retained earnings, other reserves\" of \u20ac146,303 thousand included, at 31 December 2023, the stock grant reserve of \u20ac2,481 thousand, which included the measurement at 31 December 2023 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 2022 (2) Change during the period 76 Value at 31 December 2023 74 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. ",
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"value": "15. LOANS 31/12/2023 31/12/2022 Current Non-current Total Current Non-current Total Bond issue - 29,720 29,720 - 29,685 29,685 Unsecured loans 21,261 46,748 68,009 21,613 46,595 68,208 Short-term bank loans - - - 5,308 - 5,308 Advances on bank receipts or invoices 155 - 155 921 - 921 Leases 1,660 5,079 6,739 1,032 2,056 3,088 Interest payable 241 - 241 2 - 2 Total 23,317 81,547 104,864 28,876 78,336 107,212 In 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 some covenants, defined with reference to the consolidated financial statements at the end of each reporting period, all complied with at 31 December 2023 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 no more than 1.5; \u25aa commitment to maintain a ratio of net financial debt to EBITDA of no more 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 \u20ac23 million to finance the investments made. All loans were signed with an original maturity of 4 or 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 no more than 1 (residual amount of the loans at 31 December 2023 equal to \u20ac48 million); \u25aa commitment to maintain a ratio of net financial debt to EBITDA of no more than 3 (residual amount of the loans at 31 December 2023 equal to \u20ac59.4 million); \u25aa commitment to maintain a ratio of net financial debt to EBITDA of no more than 2.5 (residual amount of the loans at 31 December 2023 equal to \u20ac0.8 million); complied with at 31 December 2023 and for which, according to the Group's business plan, compliance is also expected in subsequent years. All bank loans are denominated in euro. ",
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"value": "16. OTHER FINANCIAL LIABILITIES 31/12/2023 31/12/2022 Current Non-current Current Non-current Option on MEC minorities - 11,721 - - Payables to former P.G.A. shareholders 175 - 546 - Currency derivatives - - 28 - Total 175 11,721 574 - As part of the acquisition of MEC, a call option in favour of Sabaf for the remaining 49% of the share capital, exercisable from 2028, and a put option in favour of the minority shareholders, exercisable from 2025 to 2028, were subscribed. The valuation of the residual share will be based on an Enterprise Value equal to 8 times MEC's average EBITDA of the two financial statements preceding the date of exercise of the relevant option, adjusted for the net financial position at that date. The assignment of an option to sell (put option) in the terms described above required the recognition of a liability corresponding to the estimated redemption value, expected at the time of any exercise of the option. To this end, a financial liability of \u20ac11,721 million was recognised in the consolidated financial statements, of which \u25aa \u20ac10,866 thousand deriving from the recognition of the financial liability at the time of the acquisition; an equity reserve was recognised as a balancing entry; \u25aa \u20ac855 thousand deriving from the updated valuation of the outlay estimate, based on MEC's results forecast in the subsidiary's business plan drawn up at the beginning of 2024. Financial expenses were recognised as a balancing entry. Payables to former P.G.A. shareholders, amounting to \u20ac175 thousand, refer to price adjustments after the completion of acquisition, linked to the achievement of certain targets in accordance with the contract (\"earn-out\"). 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: 31/12/2023 31/12/2022 Financial assets Amortised cost Cash and cash equivalents 36,353 20,923 Term bank deposits 6,254 786 Trade receivables and other receivables 59,694 64,821 Fair value through profit or loss Derivatives to hedge cash flows 877 1,710 Hedge accounting Derivatives to hedge cash flows 126 - Financial liabilities Amortised cost Loans 104,864 107,212 Other financial liabilities 175 546 Trade payables 42,521 39,628 Fair value through profit or loss Derivatives to hedge cash flows 11,721 - Hedge accounting Derivatives to hedge cash flows - 28 ",
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"pp-value-2591-2": {
"value": "As part of the acquisition of MEC, a call option in favour of Sabaf for the remaining 49% of the share capital, exercisable from 2028, and a put option in favour of the minority shareholders, exercisable from 2025 to 2028, were subscribed. The valuation of the residual share will be based on an Enterprise Value equal to 8 times MEC's average EBITDA of the two financial statements preceding the date of exercise of the relevant option, adjusted for the net financial position at that date. The assignment of an option to sell (put option) in the terms described above required the recognition of a liability corresponding to the estimated redemption value, expected at the time of any exercise of the option. To this end, a financial liability of \u20ac11,721 million was recognised in the consolidated financial statements, of which \u25aa \u20ac10,866 thousand deriving from the recognition of the financial liability at the time of the acquisition; an equity reserve was recognised as a balancing entry; \u25aa \u20ac855 thousand deriving from the updated valuation of the outlay estimate, based on MEC's results forecast in the subsidiary's business plan drawn up at the beginning of 2024. Financial expenses were recognised as a balancing entry. Payables to former P.G.A. shareholders, amounting to \u20ac175 thousand, refer to price adjustments after the completion of acquisition, linked to the achievement of certain targets in accordance with the contract (\"earn-out\"). ",
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"concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-2610-1": {
"value": "17. POST-EMPLOYMENT BENEFIT AND RETIREMENT PROVISIONS Post-employment benefit At 31 December 2022 3,661 Provisions 389 Financial expenses 107 Payments made (269) Tax effect 48 Forex differences (131) At 31 December 2023 3,805 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 31/12/2023 31/12/2022 Discount rate 3% - 3.2% 3% - 3.7% Inflation 2.5% 3% Demographic theory31/12/2023 31/12/2022 Mortality rate IPS55 ANIA IPS55 ANIA Disability rate INPS 2000 INPS 2000 Staff turnover 4% - 10% 3% - 10% Advance payouts 1% - 3% 1% - 5% Retirement age Pursuant to legislation in force at 31 December 2023 Pursuant to legislation in force at 31 December 2022 The sensitivity analyses performed to account for any changes in actuarial assumptions did not reveal any significant changes in the liability. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-2668-1": {
"value": "18. PROVISIONS FOR RISKS AND CHARGES 31/12/2022 Provisions Utilisation Forex differences 31/12/2023 Provision for agents\u2019 indemnities 252 1 (57) - 196 Product guarantee fund 60 72 (72) - 60 Provision for legal risks 77 20 (3) 3 97 Other provisions for risks and charges 250 - (216) (34) - Total 639 93 (348) (31) 353 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. In 2023, a competitor filed a lawsuit against Sabaf S.p.A. for alleged patent infringement. The litigation is at a preliminary stage, and based on an initial analysis, the Directors believe that the competitor's claims are groundless and therefore no provisions for risks have been recognised in these consolidated financial statements. Utilisations of other provisions for risks refer, for \u20ac51 thousand, to the elimination of contingent liabilities recognised as part of the Purchase Price Allocation following the acquisition of Okida Elektronik and, for \u20ac165 thousand, to the elimination of contingent liabilities recognised as part of the Purchase Price Allocation following the acquisition of P.G.A., as a result of the settlement agreement. 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": "en",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-2730-1": {
"value": "19. OTHER NON-CURRENT LIABILITIES 31/12/2023 31/12/2022 Change Total 183 - 183 Other non-current liabilities refer to payables to the tax authorities, to be paid in 2025 and 2026. 20. TRADE PAYABLES 31/12/2023 31/12/2022 Change Total 42,521 39,628 2,893 Average payment terms did not change versus the previous year. At 31 December 2023, there were no overdue payables of a significant amount and the Group did not receive any injunctions for overdue payables. 22. OTHER CURRENT PAYABLES 31/12/2023 31/12/2022 Change To employees 6,452 5,553 899 To social security institutions 3,430 2,781 649 To agents 158 164 (6) Advances from customers 385 522 (137) Other current payables 5,584 4,136 1,446 Total 16,007 13,156 2,851 At the beginning of 2023, payables due to employees and social security institutions were paid in accordance with the scheduled expiry dates. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-2815-1": {
"value": "Other current payables include accrued liabilities and deferred income totalling \u20ac5,479 thousand. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory",
"language": "en",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-2817-1": {
"value": "23. DEFERRED TAX ASSETS AND LIABILITIES 31/12/2023 31/12/2022 Change Deferred tax assets 13,315 13,145 170 Deferred tax liabilities (5,136) (5,828) 692 Net position 8,179 7,317 862 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 Goodwill Tax incentives Tax losses Actuarial evaluation of post-employment benefit Hyperinflation effects Other temporary differences Total 31/12/2022 (188) 1,590 (382) 886 3,432 1,260 111 23 585 7,317 Through profit or loss 1,858 (200) 178 (177) 1,182 (451) 0 1,512 469 4,371 In shareholders' equity (718) 0 (18) 0 0 0 10 0 0 (726) Forex differences (1,092) 5 0 0 (1,333) (342) 0 (2) (19) (2,783) 31/12/2023 (140) 1,395 (222) 709 3,281 467 121 1,533 1,035 8,179 Deferred tax assets recognised in the income statement in respect of \"Non-current tangible and intangible assets\" included \u20ac1,617 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. 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 the 2018 financial year. 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. The reduction in deferred tax assets related to tax losses is the result of their offsetting against tax profits for the year. At the end of the financial year, the taxation of the Group's Turkish companies was adjusted to 22.5% tax rate, recognising tax income of \u20ac868 thousand in profit or loss. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-2946-1": {
"value": "24. 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: 31/12/2023 31/12/2022 Change A. Cash 36,353 20,832 15,401 B. Cash equivalents - 91 (91) C. Other current financial assets 7,257 2,497 4,760 D. Liquidity (A+B+C) 43,610 23,420 20,070 E. Current financial payable 1,799 8,098 (6,299) F. Current portion of non-current financial debt 21,693 21,352 341 G. Current financial debt (E+F) 23,492 29,450 (5,958) H. Net current financial debt (G-D) (20,118) 6,030 (26,028) I. Non-current financial payable 63,548 48,651 14,897 J. Debt instruments 29,720 29,685 35 K. Trade payables and other non-current payables - - - L. Non-current financial debt (I+J+K) 93,268 78,336 14,932 M. Total financial debt (H+L) 73,150 84,366 (11,096) 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 decrease in net financial debt in the period is mainly attributable to the cash flows generated by operations, also through the reduction in net working capital. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAdditionalInformationAboutUnderstandingFinancialPositionsAndLiquidityOfEntityExplanatory",
"language": "en",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-3028-1": {
"value": "Comments on key income statement items The income statement items discussed below, as already indicated in the \"Scope of Consolidation\" paragraph of these Notes, include the contribution of Mansfield Engineered Components LLC as of 1 July 2023, the accounting reference date closest to the acquisition date (14 July 2023). 25. REVENUE In 2023, sales revenue totalled \u20ac237,949 thousand, down by \u20ac15,104 thousand (-6%) compared with 2022 (-13.8% on a like-for-like basis). Revenue by geographical area Revenue 2023 % 2022 %% change Europe (excluding Turkey) 71,636 30.1%87,282 34.5% -17.9% Turkey 62,439 26.2%66,845 26.4% -6.6% North America 47,607 20.0%39,800 15.7% +19.6% South America 27,874 11.7%28,503 11.3% -2.2% Africa and Middle East 17,718 7.4%19,098 7.5% -7.2% Asia and Oceania 10,675 4.5%11,525 4.6% -7.4% Total 237,949 100% 253,053 100% -6.0% Revenue by product family Revenue 2023 % 2022 % % change Gas parts 143,224 60.2% 158,340 62.6% -9.5% Hinges 70,418 29.6% 68,627 27.1% +2.6% Electronic components 24,307 10.25% 26,086 10.3% -6.8% Total 237,949 100% 253,053 100% -6.0% The year 2023 was characterised by marked economic weakness in the household appliance sector, which was most evident in European markets. Geographical diversification and the contribution of recent acquisitions limited the decline in sales compared with 2022, which was characterised by a dynamic first half-year and a sudden drop in demand in the second half-year. The average sales prices of 2023 remained essentially in line with those of 2022. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-3132-1": {
"value": "26. OTHER INCOME 2023 2022 Change Sale of trimmings 4,921 5,711 (790) Contingent income 971 554 417 Rental income 78 122 (44) Use of provisions for risks and charges 130 6 124 Other income 2,956 3,795 (839) Total 9,056 10,188 (1,132) In 2023, other income mainly included: tax credits for investments in capital goods and for research and development of \u20ac1,150 thousand, proceeds from the sale of moulds and equipment of \u20ac782 thousand,he production of energy through photovoltaic plants of \u20ac33 thousand. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
"language": "en",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-3132-2": {
"value": "26. OTHER INCOME 2023 2022 Change Sale of trimmings 4,921 5,711 (790) Contingent income 971 554 417 Rental income 78 122 (44) Use of provisions for risks and charges 130 6 124 Other income 2,956 3,795 (839) Total 9,056 10,188 (1,132) In 2023, other income mainly included: tax credits for investments in capital goods and for research and development of \u20ac1,150 thousand, proceeds from the sale of moulds and equipment of \u20ac782 thousand,he production of energy through photovoltaic plants of \u20ac33 thousand. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-3167-1": {
"value": " Turkish government grants of \u20ac344 thousand referring to incentives for hiring personnel, insurance compensation of \u20ac68 thousand and t",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory",
"language": "en",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-3290-1": {
"value": "The number of Group employees at 31.12.2023 was 1,641 (1,238 at 31.12.2022) and the number of temporary agency workers was 117 (115 at 31.12.2022). The increase in the number of employees compared to the previous year was 402, of which 180 following the acquisition of MEC. The increase in personnel costs, compared to the previous year, is mainly due to the change in the scope of consolidation, as well as the inflationary dynamics in 2023, with particular reference to the Turkish subsidiary. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-3296-1": {
"value": "The item \"Stock Grant Plan\" included the measurement at 31 December 2023 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 free stock grant plan is in place, which was approved by the Shareholders' Meeting on 6 May 2021; the relevant 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, \u20ac543 (Note 29) 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 2023 was determined as follows: Rights relating to objectives measured on ROI Total value on ROI 10.89 Fair Value 3.81 Rights on ROI 35% Rights relating to objectives measured on EBITDA Total value on EBITDA 12.75 Fair Value 5.10 Rights on EBITDA 40% Rights relating to ESG objectives measured on personal training Total value on \"Personal training\u201d 20.41 Fair Value 1.02 Rights on \"Personal training\u201d 5% Rights relating to ESG objectives measured on safety indicator Total value on \"Safety indicator\u201d 7.82 Fair Value 0.39 Rights on \"Safety indicator\u201d 5% Rights relating to ESG objectives measured on reduction of emissions. Total value on \"Reduction of emissions\u201d 20.41 Fair Value 3.06 Rights on \"Reduction of emissions\u201d 15% Fair Value per share 15.65 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-3301-2": {
"value": "30. OTHER OPERATING COSTS 2023 2022 Change Non-income taxes 603 729 (126) Other operating expenses 598 614 (16) Contingent liabilities 407 238 169 Losses and write-downs of trade receivables 34 1 33 Provisions for risks 20 21 (1) Other provisions 73 28 45 Total 1,735 1,631 104 Non-income taxes chiefly relate to property tax. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-3338-2": {
"value": "31. FINANCIAL INCOME 2023 2022 Change Interest from time deposit 1,225 - 1,225 Interest rate derivatives 32 1,753 (1,721) Interest from bank current accounts 260 154 106 Other financial income 298 10 288 Total 1,815 1,917 (102) Interest from time deposit, equal to \u20ac1,225 thousand, refers to interest income accrued on time deposit accounts of some foreign subsidiaries; these are temporary investments of liquidity in excess of normal operations at better yields than ordinary deposits. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-3425-1": {
"value": "34. INCOME TAXES 2023 2022 Change Current taxes for the year 690 2,080 (1,390) Deferred tax assets and liabilities (4,371) (4,932) 561 Taxes related to previous financial years 295 (188) 483 Total (3,386) (3,040) (346) 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: 2023 2022 Theoretical income tax 136 2,909 Permanent tax differences (268) 18 Taxes related to previous financial years (15) (158) Tax effect from different foreign tax rates 169 (112) Effect of non-recoverable tax losses 959 324 \u201cEnergy intensive contribution\u201d tax benefit (165) (515) \u201cSuper and Iperammortamento\u201d tax benefit (631) (749) ACE tax benefit (75) (285) Patent Box benefit (635) - Revaluation of fixed assets in Turkey (975) (3,661) Tax incentives for investments in Turkey (1,182) (1,839) Other differences (946) 479 Income taxes booked in the accounts, excluding IRAP and withholding taxes (current and deferred) (3,628) (3,589) IRAP (current and deferred) 242 480 Substitute tax on realignment of property values - 69 Total 3,386 3,040 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 \u20ac631 thousand (\u20ac749 thousand in 2022); \u25aa the tax benefits deriving from the investments made in Italy amounting to \u20ac1,182 thousand (\u20ac1,839 thousand in 2022); \u25aa the tax benefits deriving from the Patent Box for the years 2020 and 2021, amounting to \u20ac635 thousand, following the prior agreement signed with the Tax Authorities in 2023; \u25aa the tax benefits deriving from the tax exemption on government grants for electricity and gas consumption, amounting to \u20ac165 thousand (\u20ac515 thousand in 2022). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-3525-1": {
"value": "35. EARNINGS PER SHARE Basic and diluted EPS are calculated based on the following data: Earnings (\u20ac/000) 2023 2022 Profit for the year 3,103 15,249 Number of shares 2023 2022 Weighted average number of ordinary shares for determining basic earnings per share 11,812,152 11,255,384 Dilutive effect from potential ordinary shares - - Weighted average number of ordinary shares for determining diluted earnings per share 11,812,152 11,255,384 Earnings per share (in \u20ac)2023 2022 Basic earnings per share 0.263 1.355 Diluted earnings per share 0.263 1.355 Basic earnings per share are calculated on the average number of outstanding shares minus the average number of treasury shares, equal to 238,941 in 2023 (278,066 in 2022). Diluted earnings per share are calculated taking into account any shares approved but not yet subscribed. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-3569-1": {
"value": "36. DIVIDENDS No dividends were paid out during 2023. With regard to the current year, the Directors have recommended payment of a dividend of \u20ac0.54 per share, subject to approval of shareholders in the annual Shareholders' Meeting and therefore not included under liabilities in these financial statements. The dividend proposed is scheduled for payment on 29 May 2024 (ex-date 27 May and record date 28 May). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-3722-1": {
"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 engage in speculative transactions. When the derivatives used for hedging purposes meet the necessary requisites, hedge accounting rules are followed. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-3736-1": {
"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. The procedure adopted for credit management includes, inter alia: \u25aa the assignment of a specific credit limit for each customer; \u25aa weekly verification of receivables overdue; \u25aa the sending of payment reminders on a monthly basis; \u25aa the definition of a time limit after credit expiry beyond which deliveries are blocked (no deliveries and no confirmation of new orders). 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 50% 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": "en",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-3753-1": {
"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. The sales prices of the Turkish subsidiary are exclusively denominated in euro or US dollars; those of the Brazilian subsidiary are denominated in Brazilian real for domestic sales and in US dollars for exports. Sales in US dollars represented 25% of total turnover in 2023, while purchases in dollars represented 7% 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 Faringosi Hinges s.r.l. BPER Banca Forward 28/03/2024 USD 500,000 2 27/06/2024 500,000 30/09/2024 500,000 31/12/2024 500,000 C.M.I. S.r.l. BPER Banca Forward 03/01/2024 USD 750,000 03/04/2024 750,000 Sensitivity analysis With reference to financial assets and liabilities in US dollars at 31 December 2023, a hypothetical and immediate revaluation of 10% of euro against the dollar would have led to a loss of \u20ac1,843 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 2023: Value date Effect on Group Shareholders' Equity Brazilian real +/- 1,796 Turkish lira +/- 6,428 Mexican peso +/- 1,094 Indian Rupee +/- 574 Chinese renminbi +/- 45 US Dollar +/- 1,112 Total +/- 11,049 Interest rate risk management Excluding the financial liabilities related to the put option on minorities and leases, at the end of 2023, approximately 68% of the Group's gross financial debt was at a fixed rate or converted to a fixed rate by entering into interest rate swaps (IRS) when the loan was opened. As 31 December 2023, IRS totalling \u20ac17.3 million were in place, mirrored in loans with the same residual debt. 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. Intesa Sanpaolo IRS 15/06/2024 EUR 1,200,000 2 Intesa Sanpaolo 15/06/2024 370,000 Cr\u00e9dit Agricole 30/06/2025 4,200,000 Mediobanca 28/04/2027 10,660,000 P.G.A. S.r.l. Intesa Sanpaolo 29/07/2025 78,743 Sabaf Turkey Intesa Sanpaolo 17/06/2024 830,000 Sensitivity analysis With reference to financial liabilities at variable rate at 31 December 2023, a hypothetical and immediate 1% increase in interest rates would have led to a loss of \u20ac374 thousand. Commodity price risk management A significant portion of the Group\u2019s purchase costs is represented by aluminium, steel and brass. 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 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 2023 and 2022, the Group did not use financial derivatives on commodities. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-3761-1": {
"value": "During the year, operations in dollars were partially hedged through forward sales contracts. At 31 December 2023, the Group had in place forward sales contracts of USD 3.5 million, maturing in December 2024 at an average exchange rate of 1.06721. 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) 2023 Increase in financial assets 90 Reduction in financial liabilities 28 Adjustment to the Cash Flow Hedge reserve (equity reserve) 76 Positive impact through profit or loss 29 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRepurchaseAndReverseRepurchaseAgreementsExplanatory",
"language": "en",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-3909-1": {
"value": "Liquidity risk management The Group operates with a debt ratio considered physiological (net financial debt/shareholders' equity at 31 December 2023 of 42.9%, net financial debt/EBITDA of 2.47) 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 2023 and 31 December 2022 is shown below: At 31 December 2023 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 396 396 396 - - - Unsecured loans 68,009 73,234 2,370 21,158 49,574 131 Bond issue 29,720 34,680 - 780 14,964 18,936 Finance leases 6,739 7,539 493 1,454 5,298 294 MEC option 11,721 11,721 - - 11,721 - Due to P.G.A. shareholders 175 175 - - 175 - Total financial payables 116,760 127,745 3,259 23,392 81,732 19,361 Trade payables 42,521 42,521 36,999 5,516 5 - Total 159,281 170,266 40,258 28,908 81,737 19,361 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 Payables to C.M.I. 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 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": "en",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-4101-1": {
"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 2023, by hierarchical level of fair value assessment. Level 1 Level 2 Level 3 Total Other financial assets (derivatives on interest rates) - 877 - 877 Total assets - 877 - 877 Other financial liabilities (MEC put option) - - 11,721 11,721 Total liabilities - - 11,721 11,721 With reference to the financial liability related to the put option in favor of the minority shareholders of MEC, a sensitivity analysis was carried out aimed at verifying the impacts deriving from any changes in the discount rate and in the exchange rate. In particular, following increases/decreases of 0.5% in the discount rate and increases/decreases of 10% in the exchange rate, the value of the put option is subject to variations of between +\u20ac1.7 million and -\u20ac1.4 million. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-4145-1": {
"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 2023 Non-consolidated subsidiaries Other related parties Total related parties Impact on the total Trade payables 42,521 - 4 4 0.00% Total 2022 Non-consolidated subsidiaries Other related parties Total related parties Impact on the total Trade payables (39,628) - (29) (29) 0.07% Impact of related-party transactions on income statement items Total 2023 Non-consolidated subsidiaries Other related parties Total related parties Impact on the total Services (44,923) - (27) (27) 0.05% Total 2022 Non-consolidated subsidiaries Other related parties Total related parties Impact on the total Services (50,180) - (27) (27) 0.05% 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 2023 Report on Remuneration for this information. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-4346-1": {
"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 24) 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 2023 and 2022, no changes were made to the objectives, policies and procedures for capital management. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-4364-1": {
"value": "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 2023. 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 2023. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAdditionalInformationExplanatory",
"language": "en",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-4370-1": {
"value": "43. SIGNIFICANT EVENTS AFTER THE REPORTING PERIOD There were no important events after the 2023 reporting period. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-4380-1": {
"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 \u20ac2,293 thousand (\u20ac2,855 thousand at 31 December 2022). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-4380-2": {
"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 \u20ac2,293 thousand (\u20ac2,855 thousand at 31 December 2022). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-4386-1": {
"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\u00ec - 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 733,204,951 Sabaf S.p.A. 100% 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% Sabaf America Inc. Delaware (USA) USD 4,000,000 Sabaf S.p.A. 100% Mansfield Engineered Components LLC (MEC) Mansfield (USA) USD Sabaf A2,823,248 merica 51% ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-4488-1": {
"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 2023 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 2023 financial year Audit EY S.p.A. Parent company 59 EY S.p.A. Italian subsidiaries 33 EY network Foreign subsidiaries 65 Other services EY S.p.A. Parent company (1)83EY S.p.A. Italian subsidiaries - Total 240 (1)Auditing procedures agreement relating to interim management reports; limited review of Disclosure of non-financial information, fairness opinion for capital increase of 2023. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-4488-2": {
"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 2023 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 2023 financial year Audit EY S.p.A. Parent company 59 EY S.p.A. Italian subsidiaries 33 EY network Foreign subsidiaries 65 Other services EY S.p.A. Parent company (1)83EY S.p.A. Italian subsidiaries - Total 240 (1)Auditing procedures agreement relating to interim management reports; limited review of Disclosure of non-financial information, fairness opinion for capital increase of 2023. 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 2023 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, 19 March 2024 Chief Executive Officer Pietro Iotti The Financial Reporting Officer Gianluca Beschi ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory",
"language": "en",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-4534-2": {
"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 2023 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, 19 March 2024 Chief Executive Officer Pietro Iotti The Financial Reporting Officer Gianluca Beschi ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:815600DC9FA897709242",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
}
}
}