☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Ordinary Shares, nominal value €0.02 per share | ZGN | New York Stock Exchange | ||||||||||||
Large accelerated filer | ☒ | Accelerated filer | ☐ | |||||||||||
Non-accelerated filer | ☐ | Emerging growth company | ☐ |
U.S. GAAP ☐ | International Financial Reporting Standards as issued | |||||||||||||
Other ☐ |
Page | ||||||||
A.[Reserved] | ||||||||
MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS | ||||||||
E. Taxation | ||||||||
ITEM 2 OFFER STATISTICS AND EXPECTED TIMETABLE |
28 ITEM 4 INFORMATION ON THE COMPANY |
Increase/(Decrease) | ||||||||||||||||||||
Years ended December 31, | 2021 vs. 2020 | 2020 vs. 2019 | ||||||||||||||||||
( € thousand, except percentages) | 2021 | 2020 | 2019 | % Actual | % Actual | |||||||||||||||
EMEA (1) | 380,325 | 315,879 | 431,384 | 20.4 | % | (26.8 | )% | |||||||||||||
of which Italy | 158,722 | 121,202 | 140,676 | 31.0 | % | (13.8 | )% | |||||||||||||
of which United Kingdom | 37,682 | 32,985 | 58,012 | 14.2 | % | (43.1 | )% | |||||||||||||
North America (2) | 191,283 | 131,049 | 233,327 | 46.0 | % | (43.8 | )% | |||||||||||||
of which United States | 176,059 | 114,818 | 205,744 | 53.3 | % | (44.2 | )% | |||||||||||||
Latin America (3) | 19,971 | 12,915 | 25,404 | 54.6 | % | (49.2 | )% | |||||||||||||
APAC (4) | 696,344 | 551,650 | 626,059 | 26.2 | % | (11.9 | )% | |||||||||||||
of which Greater China Region | 588,876 | 438,193 | 458,294 | 34.4 | % | (4.4 | )% | |||||||||||||
of which Japan | 55,479 | 61,523 | 90,240 | (9.8 | )% | (31.8 | )% | |||||||||||||
Other (5) | 4,479 | 3,240 | 5,153 | 38.2 | % | (37.1 | )% | |||||||||||||
Total | 1,292,402 | 1,014,733 | 1,321,327 | 27.4 | % | (23.2 | )% |
Years ended December 31, | ||||||||||||
( € thousand, except percentages) | 2021 | 2020 | 2019 | |||||||||
Zegna segment | 1,035,175 | 843,318 | 1,165,911 | |||||||||
Thom Browne segment | 264,066 | 179,794 | 161,200 | |||||||||
Eliminations | (6,839 | ) | (8,379 | ) | (5,784 | ) | ||||||
Total | 1,292,402 | 1,014,733 | 1,321,327 |
Product category | Licensee | Start Date | ||||||
Eyewear | Marcolin Group | Since 2013 | ||||||
Cufflings/Jewelry | Tateossian | Since 1999 | ||||||
Underwear and Beachwear | Isaseta | Since 2016 for Underwear Since 2017 for Beachwear |
(€ thousands) | For the years ended December 31, | ||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
Raw materials | (154,858) | (108,442) | (108,130) | ||||||||||||||
Finished goods | (186,876) | (161,731) | (130,006) | ||||||||||||||
Consumables | (8,362) | (12,951) | (10,909) | ||||||||||||||
Change in raw materials, consumables and finished goods | 38,868 | (24,822) | 131 | ||||||||||||||
Other | (92) | (1,663) | (1,655) | ||||||||||||||
Total cost of raw materials and consumables | (311,320) | (309,609) | (250,569) | ||||||||||||||
Total cost of raw materials and consumables as a % of revenues | 20.9 | % | 24.0 | % | 24.7 | % |
For the years ended December 31, | ||||||||||||
( € thousand, except percentages) | 2021 | 2020 | 2019 | |||||||||
Raw materials | (108,442 | ) | (108,130 | ) | (139,965 | ) | ||||||
Finished goods | (161,731 | ) | (130,006 | ) | (141,512 | ) | ||||||
Consumables | (12,951 | ) | (10,909 | ) | (14,067 | ) | ||||||
Change in raw materials, consumables and finished goods | (24,822 | ) | 131 | (9,991 | ) | |||||||
Other | (1,663 | ) | (1,655 | ) | (4,266 | ) | ||||||
Total cost of raw materials and consumables | (309,609 | ) | (250,569 | ) | (309,801 | ) | ||||||
Product category | Licensee | Start Date | ||||||
Eyewear | Marcolin Group | Since 2013 | ||||||
Cufflings/Jewelry | Tateossian | Since 1999 | ||||||
Underwear and Beachwear | Isaseta | Since 2016 for Underwear Since 2017 for Beachwear |
(€ thousands) | For the years ended December 31, | ||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
Raw materials | (154,858) | (108,442) | (108,130) | ||||||||||||||
Finished goods | (186,876) | (161,731) | (130,006) | ||||||||||||||
Consumables | (8,362) | (12,951) | (10,909) | ||||||||||||||
Change in raw materials, consumables and finished goods | 38,868 | (24,822) | 131 | ||||||||||||||
Other | (92) | (1,663) | (1,655) | ||||||||||||||
Total cost of raw materials and consumables | (311,320) | (309,609) | (250,569) | ||||||||||||||
Total cost of raw materials and consumables as a % of revenues | 20.9 | % | 24.0 | % | 24.7 | % |
Product category | Licensee | Start Date | ||||||
Eyewear | Marcolin Group | Since 2013 | ||||||
Cufflings/Jewelry | Tateossian | Since 1999 | ||||||
Underwear and Beachwear | Isaseta | Since 2016 for Underwear Since 2017 for Beachwear |
(€ thousands) | For the years ended December 31, | ||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
Raw materials | (154,858) | (108,442) | (108,130) | ||||||||||||||
Finished goods | (186,876) | (161,731) | (130,006) | ||||||||||||||
Consumables | (8,362) | (12,951) | (10,909) | ||||||||||||||
Change in raw materials, consumables and finished goods | 38,868 | (24,822) | 131 | ||||||||||||||
Other | (92) | (1,663) | (1,655) | ||||||||||||||
Total cost of raw materials and consumables | (311,320) | (309,609) | (250,569) | ||||||||||||||
Total cost of raw materials and consumables as a % of revenues | 20.9 | % | 24.0 | % | 24.7 | % |
Location | Use | Approximate Square Meters | ||||||||||||
Italy, Sagliano Micca, Via della Libertà 16 | Factory, storage and offices | 5,500 | ||||||||||||
Italy, Fossoli di Carpi, Italy, via Budrione Migliarina 2/A | Factory, storage and offices | 11,470 | ||||||||||||
Italy, Novi di Modena, fraz. Rovereto sul Secchia, via Foscolo 11 | Factory, storage and offices | 975 |
For the years ended December 31, | ||||||||||||||||||||||||||
2022 | 2021 | 2020 | ||||||||||||||||||||||||
(€ thousands, except percentages) | Revenues | % of Revenues | Revenues | % of Revenues | Revenues | % of Revenues | ||||||||||||||||||||
Euro | 518,818 | 34.8 | % | 387,251 | 30.0 | % | 344,288 | 33.9 | % | |||||||||||||||||
Chinese Renminbi | 414,579 | 27.8 | % | 501,824 | 38.8 | % | 375,359 | 37.0 | % | |||||||||||||||||
U.S. Dollar | 275,550 | 18.5 | % | 185,944 | 14.4 | % | 114,065 | 11.2 | % | |||||||||||||||||
Japanese Yen | 57,918 | 3.9 | % | 49,966 | 3.9 | % | 48,605 | 4.8 | % | |||||||||||||||||
United Arab Emirates Dirham | 49,324 | 3.3 | % | 31,534 | 2.4 | % | 13,614 | 1.3 | % | |||||||||||||||||
Pound Sterling | 45,834 | 3.1 | % | 30,101 | 2.3 | % | 28,826 | 2.8 | % | |||||||||||||||||
Hong Kong Dollar | 17,272 | 1.2 | % | 17,168 | 1.3 | % | 27,182 | 2.7 | % | |||||||||||||||||
Other currencies | 113,545 | 7.6 | % | 88,614 | 6.9 | % | 62,794 | 6.2 | % | |||||||||||||||||
Total revenues | 1,492,840 | 100.0 | % | 1,292,402 | 100.0 | % | 1,014,733 | 100.0 | % |
(Euro thousands) | For the years ended December 31, | |||||||||||
2021 | 2020 | 2019 | ||||||||||
Euro | 387,251 | 344,288 | 447,231 | |||||||||
Chinese Renminbi | 501,824 | 375,359 | 342,962 | |||||||||
U.S. Dollar | 185,944 | 114,065 | 206,536 | |||||||||
Japanese Yen | 49,966 | 48,605 | 73,490 | |||||||||
Pound Sterling | 30,101 | 28,826 | 50,551 | |||||||||
Hong Kong Dollar | 17,168 | 27,182 | 72,472 | |||||||||
United Arab Emirates Dirham | 31,534 | 13,614 | 18,180 | |||||||||
Other currencies | 88,614 | 62,794 | 109,905 | |||||||||
Total | 1,292,402 | 1,014,733 | 1,321,327 | |||||||||
2022 | 2021 | 2020 | |||||||||||||||||||||||||||||||||
At December 31 | Average | At December 31 | Average | At December 31 | Average | ||||||||||||||||||||||||||||||
U.S. Dollar | 1.067 | 1.053 | 1.133 | 1.183 | 1.227 | 1.142 | |||||||||||||||||||||||||||||
Swiss Franc | 0.985 | 1.005 | 1.033 | 1.081 | 1.080 | 1.070 | |||||||||||||||||||||||||||||
Chinese Renminbi | 7.358 | 7.079 | 7.195 | 7.629 | 8.023 | 7.874 | |||||||||||||||||||||||||||||
Pound Sterling | 0.887 | 0.853 | 0.840 | 0.860 | 0.899 | 0.890 | |||||||||||||||||||||||||||||
Hong Kong Dollar | 8.316 | 8.245 | 8.833 | 9.193 | 9.514 | 8.857 | |||||||||||||||||||||||||||||
Singapore Dollar | 1.430 | 1.451 | 1.528 | 1.589 | 1.622 | 1.574 | |||||||||||||||||||||||||||||
United Arab Emirates Dirham | 3.917 | 3.867 | 4.160 | 4.344 | 4.507 | 4.194 | |||||||||||||||||||||||||||||
Japanese Yen | 140.660 | 138.027 | 130.380 | 129.877 | 126.490 | 121.832 |
2021 | 2020 | 2019 | ||||||||||||||||||||||
At December 31 | Average | At December 31 | Average | At December 31 | Average | |||||||||||||||||||
U.S. Dollar | 1.133 | 1.183 | 1.227 | 1.142 | 1.123 | 1.119 | ||||||||||||||||||
Swiss Franc | 1.033 | 1.081 | 1.080 | 1.070 | 1.085 | 1.113 | ||||||||||||||||||
Chinese Renminbi | 7.195 | 7.629 | 8.023 | 7.874 | 7.821 | 7.735 | ||||||||||||||||||
Pound Sterling | 0.840 | 0.860 | 0.899 | 0.890 | 0.851 | 0.878 | ||||||||||||||||||
Hong Kong Dollar | 8.833 | 9.193 | 9.514 | 8.857 | 8.747 | 8.772 | ||||||||||||||||||
Singapore Dollar | 1.528 | 1.589 | 1.622 | 1.574 | 1.511 | 1.527 | ||||||||||||||||||
United Arab Emirates Dirham | 4.160 | 4.344 | 4.507 | 4.194 | 4.126 | 4.111 | ||||||||||||||||||
Japanese Yen | 130.380 | 129.877 | 126.490 | 121.832 | 121.940 | 122.021 |
(Euro thousands, except percentages) | For the years ended December 31, | (Increase)/Decrease | ||||||||||||||||||||||||||||||||||||||
2021 | As a % of Revenues | 2020 | As a % of Revenues | 2019 | As a % of Revenues | 2021 vs 2020 | % | 2020 vs 2019 | % | |||||||||||||||||||||||||||||||
Raw materials | (108,442 | ) | (8.4 | %) | (108,130 | ) | (10.7 | %) | (139,965 | ) | (10.6 | %) | (312 | ) | (0.3 | %) | 31,835 | 22.7 | % | |||||||||||||||||||||
Finished goods | (161,731 | ) | (12.5 | %) | (130,006 | ) | (12.8 | %) | (141,512 | ) | (10.7 | %) | (31,725 | ) | (24.4 | %) | 11,506 | 8.1 | % | |||||||||||||||||||||
Consumables | (12,951 | ) | (1.0 | %) | (10,909 | ) | (1.1 | %) | (14,067 | ) | (1.1 | %) | (2,042 | ) | (18.7 | %) | 3,158 | 22.4 | % | |||||||||||||||||||||
Change in raw materials, consumables and finished goods | (24,822 | ) | (1.9 | %) | 131 | 0.0 | % | (9,991 | ) | (0.8 | %) | (24,953 | ) | n.m. | (*) | 10,122 | 101.3 | % | ||||||||||||||||||||||
Other | (1,663 | ) | (0.1 | %) | (1,655 | ) | (0.2 | %) | (4,266 | ) | (0.3 | %) | (8 | ) | (0.5 | %) | 2,611 | 61.2 | % | |||||||||||||||||||||
Total cost of raw materials and consumables | (309,609 | ) | (24.0 | %) | (250,569 | ) | (24.7 | %) | (309,801 | ) | (23.4 | %) | (59,040 | ) | (23.6 | %) | 59,232 | 19.1 | % |
For the years ended December 31, | (Increase)/Decrease | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(€ thousands, except percentages) | 2022 | % of Revenues | 2021 | % of Revenues | 2020 | % of Revenues | 2022 vs 2021 | % | 2021 vs 2020 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Raw materials | (154,858) | (10.4) | % | (108,442) | (8.4) | % | (108,130) | (10.7) | % | (46,416) | (42.8) | % | (312) | (0.3) | % | ||||||||||||||||||||||||||||||||||||||||||||
Finished goods | (186,876) | (12.5) | % | (161,731) | (12.5) | % | (130,006) | (12.8) | % | (25,145) | (15.5) | % | (31,725) | (24.4) | % | ||||||||||||||||||||||||||||||||||||||||||||
Consumables | (8,362) | (0.6) | % | (12,951) | (1.0) | % | (10,909) | (1.1) | % | 4,589 | 35.4 | % | (2,042) | (18.7) | % | ||||||||||||||||||||||||||||||||||||||||||||
Change in raw materials, consumables and finished goods | 38,868 | 2.6 | % | (24,822) | (1.9) | % | 131 | — | % | 63,690 | n.m.(*) | (24,953) | n.m. | ||||||||||||||||||||||||||||||||||||||||||||||
Other | (92) | — | % | (1,663) | (0.1) | % | (1,655) | (0.2) | % | 1,571 | 94.5 | % | (8) | (0.5) | % | ||||||||||||||||||||||||||||||||||||||||||||
Total cost of raw materials and consumables | (311,320) | (20.9) | % | (309,609) | (24.0) | % | (250,569) | (24.7) | % | (1,711) | (0.6) | % | (59,040) | (23.6) | % |
For the years ended December 31, | |||||||||||||||||||||||||||||||||||
(€ thousands, except percentages) | 2022 | Percentage of revenues | 2021 | Percentage of revenues | 2020 | Percentage of revenues | |||||||||||||||||||||||||||||
Revenues | 1,492,840 | 100.0 | % | 1,292,402 | 100.0 | % | 1,014,733 | 100.0 | % | ||||||||||||||||||||||||||
Other income | 13,949 | 0.9 | % | 8,260 | 0.6 | % | 5,373 | 0.5 | % | ||||||||||||||||||||||||||
Cost of raw materials and consumables | (311,320) | (20.9 | %) | (309,609) | (24.0 | %) | (250,569) | (24.7 | %) | ||||||||||||||||||||||||||
Purchased, outsourced and other costs | (437,928) | (29.3 | %) | (353,629) | (27.4 | %) | (286,926) | (28.3 | %) | ||||||||||||||||||||||||||
Personnel costs | (395,087) | (26.5 | %) | (367,762) | (28.5 | %) | (282,659) | (27.9 | %) | ||||||||||||||||||||||||||
Depreciation, amortization and impairment of assets | (173,521) | (11.6 | %) | (163,367) | (12.6 | %) | (185,930) | (18.3 | %) | ||||||||||||||||||||||||||
Write downs and other provisions | (14) | — | % | (19,487) | (1.5 | %) | (6,178) | (0.6 | %) | ||||||||||||||||||||||||||
Other operating costs | (41,142) | (2.8 | %) | (180,836) | (14.0 | %) | (30,399) | (3.0 | %) | ||||||||||||||||||||||||||
Operating Profit/(Loss) | 147,777 | 9.9 | % | (94,028) | (7.3 | %) | (22,555) | (2.2 | %) | ||||||||||||||||||||||||||
Financial income | 13,320 | 0.9 | % | 45,889 | 3.6 | % | 34,352 | 3.4 | % | ||||||||||||||||||||||||||
Financial expenses | (54,346) | (3.6 | %) | (43,823) | (3.4 | %) | (48,072) | (4.7 | %) | ||||||||||||||||||||||||||
Foreign exchange (losses)/gains | (7,869) | (0.5 | %) | (7,791) | (0.6 | %) | 13,455 | 1.3 | % | ||||||||||||||||||||||||||
Result from investments accounted for using the equity method | 2,199 | 0.1 | % | 2,794 | 0.2 | % | (4,205) | (0.4 | %) | ||||||||||||||||||||||||||
Impairments of investments accounted for using the equity method | — | — | % | — | — | % | (4,532) | (0.4 | %) | ||||||||||||||||||||||||||
Profit/(Loss) before taxes | 101,081 | 6.8 | % | (96,959) | (7.5 | %) | (31,557) | (3.1 | %) | ||||||||||||||||||||||||||
Income taxes | (35,802) | (2.4 | %) | (30,702) | (2.4 | %) | (14,983) | (1.5 | %) | ||||||||||||||||||||||||||
Profit/(Loss) | 65,279 | 4.4 | % | (127,661) | (9.9 | %) | (46,540) | (4.6 | %) |
(Euro thousands) | For the years ended December 31, | |||||||||||||||||||||||
2021 | Percentage of revenues | 2020 | Percentage of revenues | 2019 | Percentage of revenues | |||||||||||||||||||
Revenues | 1,292,402 | 100.0 | % | 1,014,733 | 100.0 | % | 1,321,327 | 100.0 | % | |||||||||||||||
Other income | 8,260 | 0.6 | % | 5,373 | 0.5 | % | 7,873 | 0.6 | % | |||||||||||||||
Cost of raw materials and consumables | (309,609 | ) | (24.0 | )% | (250,569 | ) | (24.7 | )% | (309,801 | ) | (23.4 | )% | ||||||||||||
Purchased, outsourced and other costs | (353,629 | ) | (27.4 | )% | (286,926 | ) | (28.3 | )% | (371,697 | ) | (28.1 | )% | ||||||||||||
Personnel costs | (367,762 | ) | (28.5 | )% | (282,659 | ) | (27.9 | )% | (331,944 | ) | (25.1 | )% | ||||||||||||
Depreciation, amortization and impairment of assets | (163,367 | ) | (12.6 | )% | (185,930 | ) | (18.3 | )% | (177,068 | ) | (13.4 | )% | ||||||||||||
Write downs and other provisions | (19,487 | ) | (1.5 | )% | (6,178 | ) | (0.6 | )% | (1,017 | ) | (0.1 | )% | ||||||||||||
Other operating costs | (180,836 | ) | (14.0 | )% | (30,399 | ) | (3.0 | )% | (49,034 | ) | (3.7 | )% | ||||||||||||
Operating (Loss)/Profit | (94,028 | ) | (7.3 | )% | (22,555 | ) | (2.2 | )% | 88,639 | 6.7 | % | |||||||||||||
Financial income | 45,889 | 3.6 | % | 34,352 | 3.4 | % | 22,061 | 1.7 | % | |||||||||||||||
Financial expenses | (43,823 | ) | (3.4 | )% | (48,072 | ) | (4.7 | )% | (37,492 | ) | (2.8 | )% | ||||||||||||
Foreign exchange (losses)/gains | (7,791 | ) | (0.6 | )% | 13,455 | 1.3 | % | (2,441 | ) | (0.2 | )% | |||||||||||||
Result from investments accounted for using the equity method | 2,794 | 0.2 | % | (4,205 | ) | (0.4 | )% | (1,534 | ) | (0.1 | )% | |||||||||||||
Impairments of investments accounted for using the equity method | — | 0.0 | % | (4,532 | ) | (0.4 | )% | — | 0.0 | % | ||||||||||||||
(Loss)/Profit before taxes | (96,959 | ) | (7.5 | )% | (31,557 | ) | (3.1 | )% | 69,233 | 5.2 | % | |||||||||||||
Income taxes | (30,702 | ) | (2.4 | )% | (14,983 | ) | (1.5 | )% | (43,794 | ) | (3.3 | )% | ||||||||||||
(Loss)/Profit for the year | (127,661 | ) | (9.9 | )% | (46,540 | ) | (4.6 | )% | 25,439 | 1.9 | % |
( Euro thousands ) | For the years ended December 31, | Increase/(Decrease) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2021 vs 2020 | % | 2020 vs 2019 | % | For the years ended December 31, | Increase/(Decrease) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(€ thousands, except percentages) | (€ thousands, except percentages) | 2022 | 2021 | 2020 | 2022 vs 2021 | % | % at constant currency | 2021 vs 2020 | % | % at constant currency | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Zegna branded products | 847,311 | 636,478 | 919,545 | 210,833 | 33.1 | % | (283,067 | ) | (30.8 | )% | Zegna branded products | 923,942 | 847,311 | 636,478 | 76,631 | 9.0 | % | 4.1 | % | 210,833 | 33.1 | % | 32.9 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Thom Browne | 263,397 | 179,490 | 160,595 | 83,907 | 46.7 | % | 18,895 | 11.8 | % | Thom Browne | 330,014 | 263,397 | 179,490 | 66,617 | 25.3 | % | 20.6 | % | 83,907 | 46.7 | % | 46.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Textile | 102,244 | 87,615 | 108,513 | 14,629 | 16.7 | % | (20,898 | ) | (19.3 | )% | Textile | 136,769 | 102,244 | 87,615 | 34,525 | 33.8 | % | 35.4 | % | 14,629 | 16.7 | % | 17.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Third Party Brands | 74,957 | 82,273 | 91,720 | (7,316 | ) | (8.9 | )% | (9,447 | ) | (10.3 | )% | Third Party Brands | 97,792 | 74,957 | 82,273 | 22,835 | 30.5 | % | 27.9 | % | (7,316) | (8.9 | %) | (7.5 | %) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Agnona | 1,191 | 12,389 | 17,691 | (11,198 | ) | (90.4 | )% | (5,302 | ) | (30.0 | )% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | 3,302 | 16,488 | 23,263 | (13,186 | ) | (80.0 | )% | (6,775 | ) | (29.1 | )% | Other | 4,323 | 4,493 | 28,877 | (170) | (3.8 | %) | (7.5 | %) | (24,384) | (84.4 | %) | (84.4 | %) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total revenues | 1,292,402 | 1,014,733 | 1,321,327 | 277,669 | 27.40 | % | (306,594 | ) | (23.20 | )% | Total revenues | 1,492,840 | 1,292,402 | 1,014,733 | 200,438 | 15.5 | % | 11.0 | % | 277,669 | 27.4 | % | 27.3 | % |
(Euro thousands) | For the years ended December 31, | Increase/(Decrease) | ||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2021 vs 2020 | % | 2020 vs 2019 | % | ||||||||||||||||||||||
Direct to Consumer (DTC) - Zegna branded products | 712,862 | 527,972 | 743,012 | 184,890 | 35.0 | % | (215,040 | ) | (28.9 | )% | ||||||||||||||||||
Direct to Consumer (DTC) - Thom Browne branded products | 138,567 | 85,268 | 61,045 | 53,299 | 62.5 | % | 24,223 | 39.7 | % | |||||||||||||||||||
Total Direct to Customer (DTC) | 851,429 | 613,240 | 804,057 | 238,189 | 38.8 | % | (190,817 | ) | (23.7 | )% | ||||||||||||||||||
Wholesale Zegna branded products | 134,449 | 108,506 | 176,533 | 25,943 | 23.9 | % | (68,027 | ) | (38.5 | )% | ||||||||||||||||||
Wholesale Thom Browne branded products | 124,830 | 94,222 | 99,550 | 30,608 | 32.5 | % | (5,328 | ) | (5.4 | )% | ||||||||||||||||||
Wholesale Third Party Brands and Textile | 177,201 | 169,888 | 200,233 | 7,313 | 4.3 | % | (30,345 | ) | (15.2 | )% | ||||||||||||||||||
Wholesale Agnona | 1,191 | 12,389 | 17,691 | (11,198 | ) | (90.4 | )% | (5,302 | ) | (30.0 | )% | |||||||||||||||||
Total Wholesale | 437,671 | 385,005 | 494,007 | 52,666 | 13.7 | % | (109,002 | ) | (22.1 | )% | ||||||||||||||||||
Other | 3,302 | 16,488 | 23,263 | (13,186 | ) | (80.0 | )% | (6,775 | ) | (29.1 | )% | |||||||||||||||||
Total revenues | 1,292,402 | 1,014,733 | 1,321,327 | 277,669 | 27.4 | % | (306,594 | ) | (23.2 | )% |
(Euro thousands, except percentages) | For the years ended December 31, | Increase/(Decrease) | ||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2021 vs 2020 | % | 2020 vs 2019 | % | ||||||||||||||||||||||
EMEA (1) | 380,325 | 315,879 | 431,384 | 64,446 | 20.4 | % | (115,505 | ) | (26.8 | )% | ||||||||||||||||||
of which Italy | 158,722 | 121,202 | 140,676 | 37,520 | 31.0 | % | (19,474 | ) | (13.8 | )% | ||||||||||||||||||
of which UK | 37,682 | 32,985 | 58,012 | 4,697 | 14.2 | % | (25,027 | ) | (43.1 | )% | ||||||||||||||||||
North America (2) | 191,283 | 131,049 | 233,327 | 60,234 | 46.0 | % | (102,278 | ) | (43.8 | )% | ||||||||||||||||||
of which United States | 176,059 | 114,818 | 205,744 | 61,241 | 53.3 | % | (90,926 | ) | (44.2 | )% | ||||||||||||||||||
Latin America (3) | 19,971 | 12,915 | 25,404 | 7,056 | 54.6 | % | (12,489 | ) | (49.2 | )% | ||||||||||||||||||
APAC (4) | 696,344 | 551,650 | 626,059 | 144,694 | 26.2 | % | (74,409 | ) | (11.9 | )% | ||||||||||||||||||
of which Greater China Region | 588,876 | 438,193 | 458,294 | 150,683 | 34.4 | % | (20,101 | ) | (4.4 | )% | ||||||||||||||||||
of which Japan | 55,479 | 61,523 | 90,240 | (6,044 | ) | (9.8 | )% | (28,717 | ) | (31.8 | )% | |||||||||||||||||
Other (5) | 4,479 | 3,240 | 5,153 | 1,239 | 38.2 | % | (1,913 | ) | (37.1 | )% | ||||||||||||||||||
Total | 1,292,402 | 1,014,733 | 1,321,327 | 277,669 | 27.4 | % | (306,594 | ) | (23.2 | )% |
For the years ended December 31, | Increase/(Decrease) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(€ thousands, except percentages) | 2022 | 2021 | 2020 | 2022 vs 2021 | % | % at constant currency | 2021 vs 2020 | % | % at constant currency | ||||||||||||||||||||||||||||||||||||||||||||
Direct to Consumer (DTC) - Zegna branded products | 772,505 | 712,862 | 527,972 | 59,643 | 8.4 | % | 2.9 | % | 184,890 | 35.0 | % | 34.3 | % | ||||||||||||||||||||||||||||||||||||||||
Direct to Consumer (DTC) - Thom Browne branded products | 145,702 | 138,567 | 85,268 | 7,135 | 5.1 | % | (1.5 | %) | 53,299 | 62.5 | % | 61.3 | % | ||||||||||||||||||||||||||||||||||||||||
Total Direct to Customer (DTC) | 918,207 | 851,429 | 613,240 | 66,778 | 7.8 | % | 2.2 | % | 238,189 | 38.8 | % | 38.0 | % | ||||||||||||||||||||||||||||||||||||||||
Wholesale Zegna branded products | 151,437 | 134,449 | 108,506 | 16,988 | 12.6 | % | 10.6 | % | 25,943 | 23.9 | % | 25.9 | % | ||||||||||||||||||||||||||||||||||||||||
Wholesale Thom Browne branded products | 184,312 | 124,830 | 94,222 | 59,482 | 47.7 | % | 46.6 | % | 30,608 | 32.5 | % | 32.8 | % | ||||||||||||||||||||||||||||||||||||||||
Wholesale Third Party Brands and Textile | 234,561 | 177,201 | 169,888 | 57,360 | 32.4 | % | 32.2 | % | 7,313 | 4.3 | % | 5.1 | % | ||||||||||||||||||||||||||||||||||||||||
Total Wholesale | 570,310 | 436,480 | 372,616 | 133,830 | 30.7 | % | 29.4 | % | 63,864 | 17.1 | % | 18.2 | % | ||||||||||||||||||||||||||||||||||||||||
Other | 4,323 | 4,493 | 28,877 | (170) | (3.8 | %) | (7.5 | %) | (24,384) | (84.4 | %) | (84.4 | %) | ||||||||||||||||||||||||||||||||||||||||
Total revenues | 1,492,840 | 1,292,402 | 1,014,733 | 200,438 | 15.5 | % | 11.0 | % | 277,669 | 27.4 | % | 27.3 | % |
For the years ended December 31, | Increase/(Decrease) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(€ thousands, except percentages) | 2022 | 2021 | 2020 | 2022 vs 2021 | % | % at constant currency | 2021 vs 2020 | % | % at constant currency | ||||||||||||||||||||||||||||||||||||||||||||
EMEA (1) | 520,226 | 380,325 | 315,879 | 139,901 | 36.8 | % | 36.2 | % | 64,446 | 20.4 | % | 20.8 | % | ||||||||||||||||||||||||||||||||||||||||
of which Italy | 224,342 | 158,722 | 121,202 | 65,620 | 41.3 | % | 41.8 | % | 37,520 | 31.0 | % | 30.8 | % | ||||||||||||||||||||||||||||||||||||||||
of which UK | 53,970 | 37,682 | 32,985 | 16,288 | 43.2 | % | 42.2 | % | 4,697 | 14.2 | % | 14.0 | % | ||||||||||||||||||||||||||||||||||||||||
of which MEA (2) | 69,046 | 44,236 | 24,268 | 24,810 | 56.1 | % | 49.6 | % | 19,968 | 82.3 | % | 92.0 | % | ||||||||||||||||||||||||||||||||||||||||
North America (3) | 294,686 | 191,283 | 131,049 | 103,403 | 54.1 | % | 43.2 | % | 60,234 | 46.0 | % | 50.9 | % | ||||||||||||||||||||||||||||||||||||||||
of which United States | 270,312 | 176,059 | 114,818 | 94,253 | 53.5 | % | 42.1 | % | 61,241 | 53.3 | % | 59.4 | % | ||||||||||||||||||||||||||||||||||||||||
Latin America (4) | 29,889 | 19,971 | 12,915 | 9,918 | 49.7 | % | 33.4 | % | 7,056 | 54.6 | % | 57.4 | % | ||||||||||||||||||||||||||||||||||||||||
APAC (5) | 644,802 | 696,344 | 551,650 | (51,542) | (7.4 | %) | (11.6 | %) | 144,694 | 26.2 | % | 25.0 | % | ||||||||||||||||||||||||||||||||||||||||
of which Greater China Region | 494,110 | 588,876 | 438,193 | (94,766) | (16.1 | %) | (20.6 | %) | 150,683 | 34.4 | % | 31.8 | % | ||||||||||||||||||||||||||||||||||||||||
of which Japan | 65,445 | 55,479 | 61,523 | 9,966 | 18.0 | % | 23.7 | % | (6,044) | (9.8 | %) | (5.6 | %) | ||||||||||||||||||||||||||||||||||||||||
Other (6) | 3,237 | 4,479 | 3,240 | (1,242) | n.m. | n.m. | 1,239 | 38.2 | % | 40.1 | % | ||||||||||||||||||||||||||||||||||||||||||
Total revenues | 1,492,840 | 1,292,402 | 1,014,733 | 200,438 | 15.5 | % | 11.0 | % | 277,669 | 27.4 | % | 27.3 | % |
For the years ended December 31, | Increase/(Decrease) | ||||||||||||||||||||||||||||||||||||||||
(€ thousands, except percentages) | 2022 | 2021 | 2020 | 2022 vs 2021 | % | 2021 vs 2020 | % | ||||||||||||||||||||||||||||||||||
Other income | 13,949 | 8,260 | 5,373 | 5,689 | 68.9 | % | 2,887 | 53.7 | % |
For the years ended December 31, | (Increase)/Decrease | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(€ thousands, except percentages) | 2022 | % of Revenues | 2021 | % of Revenues | 2020 | % of Revenues | 2022 vs 2021 | % | 2021 vs 2020 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Raw materials | (154,858) | (10.4 | %) | (108,442) | (8.4 | %) | (108,130) | (10.7 | %) | (46,416) | (42.8 | %) | (312) | (0.3 | %) | ||||||||||||||||||||||||||||||||||||||||||||
Finished goods | (186,876) | (12.5 | %) | (161,731) | (12.5 | %) | (130,006) | (12.8 | %) | (25,145) | (15.5 | %) | (31,725) | (24.4 | %) | ||||||||||||||||||||||||||||||||||||||||||||
Consumables | (8,362) | (0.6 | %) | (12,951) | (1.0 | %) | (10,909) | (1.1 | %) | 4,589 | 35.4 | % | (2,042) | (18.7 | %) | ||||||||||||||||||||||||||||||||||||||||||||
Change in raw materials, consumables and finished goods | 38,868 | 2.6 | % | (24,822) | (1.9 | %) | 131 | — | % | 63,690 | n.m. | (24,953) | n.m. | ||||||||||||||||||||||||||||||||||||||||||||||
Other | (92) | — | % | (1,663) | (0.1 | %) | (1,655) | (0.2 | %) | 1,571 | 94.5 | % | (8) | (0.5 | %) | ||||||||||||||||||||||||||||||||||||||||||||
Total cost of raw materials and consumables | (311,320) | (20.9 | %) | (309,609) | (24.0 | %) | (250,569) | (24.7 | %) | (1,711) | (0.6 | %) | (59,040) | (23.6 | %) |
For the years ended December 31, | (Increase)/Decrease | ||||||||||||||||||||||||||||||||||||||||
(€ thousands, except percentages) | 2022 | 2021 | 2020 | 2022 vs 2021 | % | 2021 vs 2020 | % | ||||||||||||||||||||||||||||||||||
Purchased, outsourced and other costs | (437,928) | (353,629) | (286,926) | (84,299) | (23.8 | %) | (66,703) | (23.2 | %) | ||||||||||||||||||||||||||||||||
Purchased, outsourced and other costs as % of Revenues | (29.3 | %) | (27.4 | %) | (28.3 | %) |
For the years ended December 31, | (Increase)/Decrease | ||||||||||||||||||||||||||||||||||||||||
(€ thousands, except percentages) | 2022 | 2021 | 2020 | 2022 vs 2021 | % | 2021 vs 2020 | % | ||||||||||||||||||||||||||||||||||
Personnel costs | (395,087) | (367,762) | (282,659) | (27,325) | (7.4 | %) | (85,103) | (30.1 | %) | ||||||||||||||||||||||||||||||||
Personnel costs as % of revenues | (26.5 | %) | (28.5 | %) | (27.9 | %) |
For the years ended December 31, | (Increase)/Decrease | ||||||||||||||||||||||||||||||||||||||||
(€ thousands, except percentages) | 2022 | 2021 | 2020 | 2022 vs 2021 | % | 2021 vs 2020 | % | ||||||||||||||||||||||||||||||||||
Depreciation and amortization | (171,882) | (154,195) | (166,205) | (17,687) | (11.5) | % | 12,010 | 7.2 | % | ||||||||||||||||||||||||||||||||
Impairment of assets | (1,639) | (9,172) | (19,725) | 7,533 | 82.1 | % | 10,553 | 53.5 | % | ||||||||||||||||||||||||||||||||
Depreciation, amortization and impairment of assets | (173,521) | (163,367) | (185,930) | (10,154) | (6.2) | % | 22,563 | 12.1 | % | ||||||||||||||||||||||||||||||||
Depreciation and amortization as % of Revenues | (11.5 | %) | (11.9 | %) | (16.4 | %) | |||||||||||||||||||||||||||||||||||
Impairment of assets as % of Revenues | (0.1 | %) | (0.7 | %) | (1.9 | %) | |||||||||||||||||||||||||||||||||||
Depreciation, amortization and impairment of assets as % of Revenues | (11.6 | %) | (12.6 | %) | (18.3 | %) |
For the years ended December 31, | (Increase)/Decrease | ||||||||||||||||||||||||||||||||||||||||
(€ thousands, except percentages) | 2022 | 2021 | 2020 | 2022 vs 2021 | % | 2021 vs 2020 | % | ||||||||||||||||||||||||||||||||||
Write downs and other provisions | (14) | (19,487) | (6,178) | 19,473 | 99.9 | % | (13,309) | (215.4 | %) | ||||||||||||||||||||||||||||||||
Write downs and other provisions as % of revenue | — | % | (1.5 | %) | (0.6 | %) |
For the years ended December 31, | (Increase)/Decrease | ||||||||||||||||||||||||||||||||||||||||
(€ thousands, except percentages) | 2022 | 2021 | 2020 | 2022 vs 2021 | % | 2021 vs 2020 | % | ||||||||||||||||||||||||||||||||||
Operating costs | (41,142) | (180,836) | (30,399) | 139,694 | 77.2 | % | (150,437) | n.m. | |||||||||||||||||||||||||||||||||
Operating costs as % of revenue | (2.8 | %) | (14.0 | %) | (3.0 | %) |
For the years ended December 31, | Increase/(Decrease) | ||||||||||||||||||||||||||||||||||||||||
(€ thousands, except percentages) | 2022 | 2021 | 2020 | 2022 vs 2021 | % | 2021 vs 2020 | % | ||||||||||||||||||||||||||||||||||
Financial income | 13,320 | 45,889 | 34,352 | (32,569) | (71.0 | %) | 11,537 | 33.6 | % | ||||||||||||||||||||||||||||||||
Financial income as a % of revenues | 0.9 | % | 3.6 | % | 3.4 | % |
For the years ended December 31, | (Increase)/Decrease | ||||||||||||||||||||||||||||||||||||||||
(€ thousands, except percentages) | 2022 | 2021 | 2020 | 2022 vs 2021 | % | 2021 vs 2020 | % | ||||||||||||||||||||||||||||||||||
Financial expenses | (54,346) | (43,823) | (48,072) | (10,523) | (24.0 | %) | 4,249 | 8.8 | % | ||||||||||||||||||||||||||||||||
Financial expenses as % of revenues | (3.6 | %) | (3.4 | %) | (4.7 | %) |
For the years ended December 31, | Change | ||||||||||||||||||||||||||||||||||||||||
(€ thousands, except percentages) | 2022 | 2021 | 2020 | 2022 vs 2021 | % | 2021 vs 2020 | % | ||||||||||||||||||||||||||||||||||
Foreign exchange (losses)/gains | (7,869) | (7,791) | 13,455 | (78) | (1.0 | %) | (21,246) | (157.9 | %) | ||||||||||||||||||||||||||||||||
Foreign exchange (losses)/gains as % of revenue | (0.5 | %) | (0.6 | %) | 1.3 | % |
For the years ended December 31, | Increase/(Decrease) | ||||||||||||||||||||||||||||||||||||||||
(€ thousands, except percentages) | 2022 | 2021 | 2020 | 2022 vs 2021 | % | 2021 vs 2020 | % | ||||||||||||||||||||||||||||||||||
Result from investments accounted for using the equity method | 2,199 | 2,794 | (4,205) | (595) | (21.3 | %) | 6,999 | 166.4 | % | ||||||||||||||||||||||||||||||||
Impairments of investments accounted for using the equity method | — | — | (4,532) | — | — | % | 4,532 | 100.0 | % | ||||||||||||||||||||||||||||||||
Result and impairments of investments accounted for using the equity method as % of Revenues | 0.1 | % | 0.2 | % | (0.9 | %) |
For the years ended December 31, | (Increase)/Decrease | ||||||||||||||||||||||||||||||||||||||||
(€ thousands, except percentages) | 2022 | 2021 | 2020 | 2022 vs 2021 | % | 2021 vs 2020 | % | ||||||||||||||||||||||||||||||||||
Income taxes | (35,802) | (30,702) | (14,983) | (5,100) | (16.6 | %) | (15,719) | (104.9 | %) | ||||||||||||||||||||||||||||||||
Income taxes as % of revenue | (2.4 | %) | (2.4 | %) | (1.5 | %) |
(Euro thousands, except percentages) | For the years ended December 31, | Increase/(Decrease) | ||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2021 vs 2020 | % | 2020 vs 2019 | % | ||||||||||||||||||||||
Other income | 8,260 | 5,373 | 7,873 | 2,887 | 53.7 | % | (2,500 | ) | (31.8 | )% |
(Euro thousands, except percentages) | For the years ended December 31, | (Increase)/Decrease | ||||||||||||||||||||||||||||||||||||||
2021 | As a % of Revenues | 2020 | As a % of Revenues | 2019 | As a % of Revenues | 2021 vs 2020 | % | 2020 vs 2019 | % | |||||||||||||||||||||||||||||||
Raw materials | (108,442 | ) | (8.4 | %) | (108,130 | ) | (10.7 | %) | (139,965 | ) | (10.6 | %) | (312 | ) | (0.3 | %) | 31,835 | 22.7 | % | |||||||||||||||||||||
Finished goods | (161,731 | ) | (12.5 | %) | (130,006 | ) | (12.8 | %) | (141,512 | ) | (10.7 | %) | (31,725 | ) | (24.4 | %) | 11,506 | 8.1 | % | |||||||||||||||||||||
Consumables | (12,951 | ) | (1.0 | %) | (10,909 | ) | (1.1 | %) | (14,067 | ) | (1.1 | %) | (2,042 | ) | (18.7 | %) | 3,158 | 22.4 | % | |||||||||||||||||||||
Change in raw materials, consumables and finished goods | (24,822 | ) | (1.9 | %) | 131 | 0.0 | % | (9,991 | ) | (0.8 | %) | (24,953 | ) | n.m. | (*) | 10,122 | 101.3 | % | ||||||||||||||||||||||
Other | (1,663 | ) | (0.1 | %) | (1,655 | ) | (0.2 | %) | (4,266 | ) | (0.3 | %) | (8 | ) | (0.5 | %) | 2,611 | 61.2 | % | |||||||||||||||||||||
Total cost of raw materials and consumables | (309,609 | ) | (24.0 | %) | (250,569 | ) | (24.7 | %) | (309,801 | ) | (23.4 | %) | (59,040 | ) | (23.6 | %) | 59,232 | 19.1 | % |
(Euro thousands, except percentages) | For the years ended December 31, | (Increase)/Decrease | ||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2021 vs 2020 | % | 2020 vs 2019 | % | ||||||||||||||||||||||
Purchased, outsourced and other costs | (353,629 | ) | (286,926 | ) | (371,697 | ) | (66,703 | ) | (23.2 | )% | 84,771 | 22.8 | % | |||||||||||||||
Purchased, outsourced and other costs as % of Revenues | (27.4 | )% | (28.3 | )% | (28.1 | )% |
(Euro thousands, except percentages) | For the years ended December 31, | (Increase)/Decrease | ||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2021 vs 2020 | % | 2020 vs 2019 | % | ||||||||||||||||||||||
Personnel costs | (367,762 | ) | (282,659 | ) | (331,944 | ) | (85,103 | ) | (30.1 | )% | 49,285 | 14.8 | % | |||||||||||||||
Personnel costs as % of revenues | (28.5 | )% | (27.9 | )% | (25.1 | )% |
(Euro thousands, except percentages) | For the years ended December 31, | (Increase)/Decrease | ||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2021 vs 2020 | % | 2020 vs 2019 | % | ||||||||||||||||||||||
Depreciation and amortization | (154,195 | ) | (166,205 | ) | (168,210 | ) | 12,010 | 7.2 | % | 2,005 | 1.2 | % | ||||||||||||||||
Impairment of assets | (9,172 | ) | (19,725 | ) | (8,858 | ) | 10,553 | 53.5 | % | (10,867 | ) | (122.7 | )% | |||||||||||||||
Depreciation, amortization and impairment of assets | (163,367 | ) | (185,930 | ) | (177,068 | ) | 22,563 | 12.1 | % | (8,862 | ) | (5.0 | )% | |||||||||||||||
Depreciation and amortization as % of Revenues | (11.9 | )% | (16.4 | )% | (12.7 | )% | ||||||||||||||||||||||
Impairment of assets as % of Revenues | (0.7 | )% | (1.9 | )% | (0.7 | )% | ||||||||||||||||||||||
Depreciation, amortization and impairment of assets as % of Revenues | (12.6 | )% | (18.3 | )% | (13.4 | )% |
(Euro thousands, except percentages) | For the years ended December 31, | (Increase)/Decrease | ||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2021 vs 2020 | % | 2020 vs 2019 | % | ||||||||||||||||||||||
Write downs and other provisions | (19,487 | ) | (6,178 | ) | (1,017 | ) | (13,309 | ) | (215.4 | )% | (5,161 | ) | (507.5 | )% | ||||||||||||||
Write downs and other provisions as % of revenue | (1.5 | )% | (0.6 | )% | (0.1 | )% |
(Euro thousands, except percentages) | For the years ended December 31, | (Increase)/Decrease | ||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2021 vs 2020 | % | 2020 vs 2019 | % | ||||||||||||||||||||||
Operating costs | (180,836 | ) | (30,399 | ) | (49,034 | ) | (150,437 | ) | n.m. | 18,635 | 38.0 | % | ||||||||||||||||
Operating costs as % of revenue | (14.0 | )% | (3.0 | )% | (3.7 | )% |
(Euro thousands, except percentages) | For the years ended December 31, | Increase/(Decrease) | ||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2021 vs 2020 | % | 2020 vs 2019 | % | ||||||||||||||||||||||
Financial income | 45,889 | 34,352 | 22,061 | 11,537 | 33.6 | % | 12,291 | 55.7 | % | |||||||||||||||||||
Financial income as a % of revenues | 3.6 | % | 3.4 | % | 1.7 | % | ||||||||||||||||||||||
(Euro thousands, except percentages) | For the years ended December 31, | (Increase)/Decrease | ||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2021 vs 2020 | % | 2020 vs 2019 | % | ||||||||||||||||||||||
Financial expenses | (43,823 | ) | (48,072 | ) | (37,492 | ) | 4,249 | 8.8 | % | (10,580 | ) | (28.2 | )% | |||||||||||||||
Financial expenses as % of revenues | (3.4 | )% | (4.7 | )% | (2.8 | )% |
(Euro thousands, except percentages) | For the years ended December 31, | Increase/(Decrease) | ||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2021 vs 2020 | % | 2020 vs 2019 | % | ||||||||||||||||||||||
Exchange (losses)/gains | (7,791 | ) | 13,455 | (2,441 | ) | (21,246 | ) | (157.9 | )% | 15,896 | 651.2 | % | ||||||||||||||||
Exchange (losses)/gains as % of revenue | (0.6 | )% | 1.3 | % | (0.2 | )% |
(Euro thousands, except percentages) | For the years ended December 31, | Increase/(Decrease) | ||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2021 vs 2020 | % | 2020 vs 2019 | % | ||||||||||||||||||||||
Result from investments accounted for using the equity method | 2,794 | (4,205 | ) | (1,534 | ) | 6,999 | 166.4 | % | (2,671 | ) | (174.1 | )% | ||||||||||||||||
Impairments of investments accounted for using the equity method | — | (4,532 | ) | — | 4,532 | 100.0 | % | (4,532 | ) | 0.0 | % | |||||||||||||||||
Result and impairments of investments accounted for using the equity method as % of Revenues | 0.2 | % | (0.9 | )% | (0.1 | )% |
(Euro thousands, except percentages) | For the years ended December 31, | (Increase)/Decrease | ||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2021 vs 2020 | % | 2020 vs 2019 | % | ||||||||||||||||||||||
Income taxes | (30,702 | ) | (14,983 | ) | (43,794 | ) | (15,719 | ) | (104.9 | )% | 28,811 | 65.8 | % | |||||||||||||||
Income taxes as % of revenue | (2.4 | )% | (1.5 | )% | (3.3 | )% |
(Euro thousands, except percentages) | For the years ended December 31, | Increase/(Decrease) | ||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2021 vs 2020 | % | 2020 vs 2019 | % | ||||||||||||||||||||||
Zegna segment | 1,035,175 | 843,318 | 1,165,911 | 191,857 | 22.8 | % | (322,593 | ) | (27.7 | )% | ||||||||||||||||||
Thom Browne segment | 264,066 | 179,794 | 161,200 | 84,272 | 46.9 | % | 18,594 | 11.5 | % | |||||||||||||||||||
Eliminations | (6,839 | ) | (8,379 | ) | (5,784 | ) | (1,540 | ) | 18.4 | % | (2,595 | ) | 44.9 | % | ||||||||||||||
Total | 1,292,402 | 1,014,733 | 1,321,327 | 277,669 | 27.4 | % | (306,594 | ) | (23.2 | )% |
(Euro thousands, except percentages) | For the years ended December 31, | Increase/(Decrease) | ||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2021 vs 2020 | % | 2020 vs 2019 | % | ||||||||||||||||||||||
Zegna segment | 111,018 | (8,981 | ) | 91,385 | 119,999 | n.m. | (100,366 | ) | (109.8 | )% | ||||||||||||||||||
Thom Browne segment | 38,097 | 28,994 | 15,889 | 9,103 | 31.4 | % | 13,105 | 82.5 | % | |||||||||||||||||||
Total | 149,115 | 20,013 | 107,274 | 129,102 | 645.1 | % | (87,261 | ) | (81.3 | )% |
For the years ended December 31, | Increase/(Decrease) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(€ thousands, except percentages) | 2022 | 2021 | 2020 | 2022 vs 2021 | % | % at constant currency | 2021 vs 2020 | % | % at constant currency | ||||||||||||||||||||||||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Zegna Segment | 1,176,706 | 1,035,175 | 843,318 | 141,531 | 13.7 | % | 9.3 | % | 191,857 | 22.8 | % | 22.8 | % | ||||||||||||||||||||||||||||||||||||||||
Thom Browne Segment | 330,891 | 264,066 | 179,794 | 66,825 | 25.3 | % | 20.6 | % | 84,272 | 46.9 | % | 46.6 | % | ||||||||||||||||||||||||||||||||||||||||
Eliminations | (14,757) | (6,839) | (8,379) | (7,918) | n.m. | n.m. | 1,540 | n.m. | n.m. | ||||||||||||||||||||||||||||||||||||||||||||
Total revenues | 1,492,840 | 1,292,402 | 1,014,733 | 200,438 | 15.5 | % | 11.0 | % | 277,669 | 27.4 | % | 27.3 | % |
For the years ended December 31, | Increase/(Decrease) | ||||||||||||||||||||||||||||||||||||||||
(€ thousands, except percentages) | 2022 | 2021 | 2020 | 2022 vs 2021 | % | 2021 vs 2020 | % | ||||||||||||||||||||||||||||||||||
Adjusted EBIT | |||||||||||||||||||||||||||||||||||||||||
Zegna Segment | 141,513 | 131,929 | (7,243) | 9,584 | 7.3 | % | 139,172 | n.m. | |||||||||||||||||||||||||||||||||
Thom Browne Segment | 48,077 | 38,097 | 28,994 | 9,980 | 26.2 | % | 9,103 | 31.4 | % | ||||||||||||||||||||||||||||||||
Corporate | (31,861) | (20,911) | (1,738) | (10,950) | 52.4 | % | (19,173) | n.m. | |||||||||||||||||||||||||||||||||
Total | 157,729 | 149,115 | 20,013 | 8,614 | 5.8 | % | 129,102 | n.m. | |||||||||||||||||||||||||||||||||
Adjusted EBIT Margin | |||||||||||||||||||||||||||||||||||||||||
Zegna Segment | 12.0 | % | 12.7 | % | (0.9 | %) | |||||||||||||||||||||||||||||||||||
Thom Browne Segment | 14.5 | % | 14.4 | % | 16.1 | % |
For the years ended December 31, | Increase/(Decrease) | ||||||||||||||||||||||||||||||||||||||||
(€ thousands, except percentages) | 2022 | 2021 | 2020 | 2022 vs 2021 | % | 2021 vs 2020 | % | ||||||||||||||||||||||||||||||||||
Revenues | 1,176,706 | 1,035,175 | 843,318 | 141,531 | 13.7 | % | 191,857 | 22.8 | % | ||||||||||||||||||||||||||||||||
Adjusted EBIT | 141,513 | 131,929 | (7,243) | 9,584 | 7.3 | % | 139,172 | n.m. | |||||||||||||||||||||||||||||||||
Adjusted EBIT Margin | 12.0 | % | 12.7 | % | (0.9 | %) |
(Euro thousands, except percentages) | For the years ended December 31, | Increase/(Decrease) | ||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2021 vs 2020 | % | 2020 vs 2019 | % | ||||||||||||||||||||||
Revenues | 1,035,175 | 843,318 | 1,165,911 | 191,857 | 22.8 | % | (322,593 | ) | (27.7 | )% | ||||||||||||||||||
Adjusted EBIT | 111,018 | (8,981 | ) | 91,385 | 119,999 | n.m. | (100,366 | ) | (109.8 | )% |
For the years ended December 31, | Increase/(Decrease) | ||||||||||||||||||||||||||||||||||||||||
(€ thousands, except percentages) | 2022 | 2021 | 2020 | 2022 vs 2021 | % | 2021 vs 2020 | % | ||||||||||||||||||||||||||||||||||
Revenues | 330,891 | 264,066 | 179,794 | 66,825 | 25.3 | % | 84,272 | 46.9 | % | ||||||||||||||||||||||||||||||||
Adjusted EBIT | 48,077 | 38,097 | 28,994 | 9,980 | 26.2 | % | 9,103 | 31.4 | % | ||||||||||||||||||||||||||||||||
Adjusted EBIT Margin | 14.5 | % | 14.4 | % | 16.1 | % |
(Euro thousands, except percentages) | For the years ended December 31, | Increase/(Decrease) | ||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2021 vs 2020 | % | 2020 vs 2019 | % | ||||||||||||||||||||||
Revenues | 264,066 | 179,794 | 161,200 | 84,272 | 46.9 | % | 18,594 | 11.5 | % | |||||||||||||||||||
Adjusted EBIT | 38,097 | 28,994 | 15,889 | 9,103 | 31.4 | % | 13,105 | 82.5 | % |
At December 31, | Increase/(Decrease) | ||||||||||||||||||||||||||||
(€ thousands) | 2022 | 2021 | 2020 | 2022 vs 2021 | 2021 vs 2020 | ||||||||||||||||||||||||
Net cash flows from operating activities | 146,398 | 281,155 | 70,906 | (134,757) | 210,249 | ||||||||||||||||||||||||
Net cash flows (used in)/from investing activities | (57,335) | (82,004) | 92,572 | 24,669 | (174,576) | ||||||||||||||||||||||||
Net cash flows used in financing activities | (296,997) | (64,105) | (49,052) | (232,892) | (15,053) | ||||||||||||||||||||||||
Effects of exchange rate changes on cash and cash equivalents | 2,464 | 7,454 | (7,761) | (4,990) | 15,215 | ||||||||||||||||||||||||
Net (decrease)/increase in cash and cash equivalents | (205,470) | 142,500 | 106,665 | (347,970) | 35,835 | ||||||||||||||||||||||||
Cash and cash equivalents at the beginning of the year | 459,791 | 317,291 | 210,626 | 142,500 | 106,665 | ||||||||||||||||||||||||
Cash and cash equivalents at end of the year | 254,321 | 459,791 | 317,291 | (205,470) | 142,500 |
(Euro thousands, except percentages) | At December 31, | Increase/(Decrease) | ||||||||||||||||||
2021 | 2020 | 2019 | 2021 vs 2020 | 2020 vs 2019 | ||||||||||||||||
Net cash flows from operating activities | 281,155 | 70,906 | 174,122 | 210,249 | (103,216 | ) | ||||||||||||||
Net cash flows (used in)/from investing activities | (82,004 | ) | 92,572 | 83,961 | (174,576 | ) | 8,611 | |||||||||||||
Net cash flows used in financing activities | (64,105 | ) | (49,052 | ) | (267,486 | ) | (15,053 | ) | 218,434 | |||||||||||
Effects of exchange rate changes on cash and cash equivalents | 7,454 | (7,761 | ) | 1,698 | 15,215 | (9,459 | ) | |||||||||||||
Net increase/(decrease) in cash and cash equivalents | 142,500 | 106,665 | (7,705 | ) | 35,835 | 114,370 | ||||||||||||||
Cash and cash equivalents at the beginning of the year | 317,291 | 210,626 | 218,331 | 106,665 | (7,705 | ) | ||||||||||||||
Cash and cash equivalents at end of the year | 459,791 | 317,291 | 210,626 | 142,500 | 106,665 |
( | ||||||||
Proceeds from issuance of ordinary shares upon Business Combination | 310,739 | |||||||
Proceeds from issuance of ordinary shares to PIPE Investors | 331,385 | |||||||
Purchase of own shares from Monterubello | ||||||||
Payments of transaction costs related to the Business Combination | ||||||||
Net cash proceeds from the Business Combination | 138,649 |
For the years ended December 31, | |||||||||||||||||
(€ thousands) | 2022 | 2021 | 2020 | ||||||||||||||
Payments for property, plant and equipment | 49,114 | 79,699 | 27,630 | ||||||||||||||
Payments for intangible assets | 24,185 | 14,627 | 11,524 | ||||||||||||||
Capital expenditure | 73,299 | 94,326 | 39,154 |
(Euro thousands) | At December 31, | |||||||||||
2021 | 2020 | 2019 | ||||||||||
Payments for property, plant and equipment | 79,699 | 27,630 | 46,113 | |||||||||
Payments for intangible assets | 14,627 | 11,524 | 13,392 | |||||||||
Capital expenditure | 94,326 | 39,154 | 59,505 |
For the years ended December 31, | |||||||||||||||||
(€ millions) | 2022 | 2021 | 2020 | ||||||||||||||
Zegna Segment | 35 | 21 | 13 | ||||||||||||||
Thom Browne Segment | 8 | 5 | 6 | ||||||||||||||
Capital expenditure related to the development of the store network | 43 | 26 | 19 |
(Euro thousands) | Contractual cash flows | |||||||||||||||||||
Carrying amount at December 31, 2021 | Within 1 year | Within 2 Years | Within 3 years | Beyond | ||||||||||||||||
Derivative financial instruments | 14,138 | 14,138 | — | — | — | |||||||||||||||
Trade payables and customer advances | 223,037 | 223,037 | — | — | — | |||||||||||||||
Borrowings | 628,938 | 161,550 | 283,736 | 135,541 | 56,414 | |||||||||||||||
Lease liabilities | 438,052 | 112,713 | 98,101 | 69,827 | 186,951 | |||||||||||||||
Other current and non-current financial liabilities | 201,371 | 33,984 | 29,816 | — | 137,571 | |||||||||||||||
Total | 1,505,536 | 545,422 | 411,653 | 205,368 | 380,936 |
At December 31, | |||||||||||
(€ thousands) | 2022 | 2021 | |||||||||
Non-current borrowings | 184,880 | 471,646 | |||||||||
Current borrowings | 286,175 | 157,292 | |||||||||
Derivative financial instruments — Liabilities | 2,362 | 14,138 | |||||||||
Other non-current financial liabilities(1) | — | 7,976 | |||||||||
Total borrowings, other financial liabilities and derivatives | 473,417 | 651,052 | |||||||||
Cash and cash equivalents | (254,321) | (459,791) | |||||||||
Derivative financial instruments — Assets | (22,454) | (1,786) | |||||||||
Other current financial assets(2) | (318,795) | (334,244) | |||||||||
Total cash and cash equivalents, other current financial assets and derivatives | (595,570) | (795,821) | |||||||||
Net Financial Indebtedness/(Cash Surplus) | (122,153) | (144,769) |
(Euro thousands) | At December 31, | |||||||
2021 | 2020 | |||||||
Non-current borrowings | 471,646 | 558,722 | ||||||
Current borrowings | 157,292 | 106,029 | ||||||
Derivative financial instruments - Liabilities | 14,138 | 13,192 | ||||||
Other non-current financial liabilities (bonds and other)(*) | 7,976 | 8,065 | ||||||
Total borrowings, other financial liabilities and derivatives | 651,052 | 686,008 | ||||||
Cash and cash equivalents | (459,791 | ) | (317,291 | ) | ||||
Derivative financial instruments - Assets | (1,786 | ) | (11,848 | ) | ||||
Other current financial assets (securities) ( ** ) | (334,244 | ) | (350,163 | ) | ||||
Total cash and cash equivalents, other current financial assets and derivatives | (795,821 | ) | (679,302 | ) | ||||
Net Financial Indebtedness/(Cash Surplus) | (144,769 | ) | 6,706 |
(€ thousands) | Interest rates (bps) | Amount | 2023 | 2024 | 2025 | 2026 | 2027 | ||||||||||||||||||||||||||||||||||
Fixed | 0.00% - 0.90%(1) | 135,640 | 85,447 | 4,150 | 33,975 | 3,994 | 8,074 | ||||||||||||||||||||||||||||||||||
Variable | 0.60% - 1.48%(1) | 335,415 | 200,728 | 133,267 | 1,420 | — | — | ||||||||||||||||||||||||||||||||||
Total | 471,055 | 286,175 | 137,417 | 35,395 | 3,994 | 8,074 |
(Euro thousands) | Interest rates (bps) | Amount | 2022 | 2023 | 2024 | 2025 | 2026 | |||||||||||||||||||||
Fixed | 0.00% - 1.25% (*) | 210,685 | 75,013 | 85,007 | 4,618 | 33,978 | 12,069 | |||||||||||||||||||||
Variable | 0.60% - 1.75% (*) | 418,253 | 82,279 | 196,041 | 129,934 | 9,999 | — | |||||||||||||||||||||
Total | 628,938 | 157,292 | 281,048 | 134,552 | 43,977 | 12,069 |
(Euro thousands) | At December 31, 2021 | At December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notional Amount | Positive Fair Value | Negative Fair Value | Notional Amount | Positive Fair Value | Negative Fair Value | At December 31, 2022 | At December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(€ thousands) | (€ thousands) | Notional Amount | Positive Fair Value | Negative Fair Value | Notional Amount | Positive Fair Value | Negative Fair Value | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency exchange risk | Foreign currency exchange risk | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Forward contracts | 550,734 | 1,786 | (11,726 | ) | 347,679 | 11,848 | (4,918 | ) | Forward contracts | 481,110 | 13,075 | (2,362) | 550,734 | 1,786 | (11,726) | ||||||||||||||||||||||||||||||||||||||||||||
Deal-Contingent Option | 109,244 | — | — | — | — | — | Deal-Contingent Option | — | — | — | 109,244 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Interest rate risk | Interest rate risk | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps | 323,816 | — | (2,412 | ) | 274,336 | — | (5,515 | ) | Interest rate swaps | 320,000 | 9,379 | — | 323,816 | — | (2,412) | ||||||||||||||||||||||||||||||||||||||||||||
Total derivatives – Hedging | 983,794 | 1,786 | (14,138 | ) | 622,015 | 11,848 | (10,433 | ) | Total derivatives – Hedging | 801,110 | 22,454 | (2,362) | 983,794 | 1,786 | (14,138) | ||||||||||||||||||||||||||||||||||||||||||||
Elah Dufour Option | — | — | — | — | — | (2,759 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total trading derivatives | — | — | — | — | — | (2,759 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total derivatives instruments - Asset/(Liabilities) | 983,794 | 1,786 | (14,138 | ) | 622,015 | 11,848 | (13,192 | ) | Total derivatives instruments - Asset/(Liabilities) | 801,110 | 22,454 | (2,362) | 983,794 | 1,786 | (14,138) |
(Euro thousands, except percentages) | At December 31, | Increase/(Decrease) | |||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 vs 2020 | % | At December 31, | Increase/(Decrease) | ||||||||||||||||||||||||||||||||||
(€ thousands, except percentages) | (€ thousands, except percentages) | 2022 | 2021 | 2022 vs 2021 | % | ||||||||||||||||||||||||||||||||||
Cash on hand | 1,651 | 535 | 1,116 | 208.6 | % | Cash on hand | 2,322 | 1,651 | 671 | 40.6 | % | ||||||||||||||||||||||||||||
Bank balances | 458,140 | 316,756 | 141,384 | 44.6 | % | Bank balances | 251,999 | 458,140 | (206,141) | (45.0 | %) | ||||||||||||||||||||||||||||
Cash and cash equivalents | 459,791 | 317,291 | 142,500 | 44.9 | % | Cash and cash equivalents | 254,321 | 459,791 | (205,470) | (44.7 | %) |
At December 31, | Increase/(Decrease) | ||||||||||||||||||||||
(€ thousands, except percentages) | 2022 | 2021 | 2022 vs 2021 | % | |||||||||||||||||||
Fair value through profit and loss | |||||||||||||||||||||||
Insurance contracts | 114,975 | 113,919 | 1,056 | 0.9 | % | ||||||||||||||||||
Fixed income | 64,017 | 68,947 | (4,930) | (7.2 | %) | ||||||||||||||||||
Hedge funds | 46,761 | 41,483 | 5,278 | 12.7 | % | ||||||||||||||||||
Private equity | 18,311 | 15,925 | 2,386 | 15.0 | % | ||||||||||||||||||
Equity | 14,592 | 25,408 | (10,816) | (42.6 | %) | ||||||||||||||||||
Private debt | 13,644 | 7,945 | 5,699 | 71.7 | % | ||||||||||||||||||
Real estate funds | 12,129 | 32,898 | (20,769) | (63.1 | %) | ||||||||||||||||||
Commodities | 2,727 | — | 2,727 | — | % | ||||||||||||||||||
Money market funds | 2,587 | 2,007 | 580 | 28.9 | % | ||||||||||||||||||
Total fair value through profit and loss | 289,743 | 308,532 | (18,789) | (6.1 | %) | ||||||||||||||||||
Fair value through other comprehensive income/(loss) | |||||||||||||||||||||||
Floating income | 17,742 | 20,687 | (2,945) | (14.2 | %) | ||||||||||||||||||
Fixed income | 9,110 | 5,025 | 4,085 | 81.3 | % | ||||||||||||||||||
Total fair value through other comprehensive income/(loss) | 26,852 | 25,712 | 1,140 | 4.4 | % | ||||||||||||||||||
Securities (recorded within other current financial assets) | 316,595 | 334,244 | (17,649) | (5.3 | %) | ||||||||||||||||||
Financial receivables(1) (recorded within other current financial assets) | 2,224 | — | 2,224 | — | % | ||||||||||||||||||
Total securities and financial receivables (recorded within other current financial assets) | 318,819 | 334,244 | (15,425) | (4.6 | %) |
(Euro thousands, except percentages) | At December 31, | Increase/(Decrease) | ||||||||||||||
2021 | 2020 | 2021 vs 2020 | % | |||||||||||||
Securities | ||||||||||||||||
Fair value through profit and loss | ||||||||||||||||
Insurance contracts | 113,919 | 107,188 | 6,731 | 6.3 | % | |||||||||||
Fixed income | 68,947 | 88,011 | (19,064 | ) | (21.7 | )% | ||||||||||
Real estate funds | 32,898 | 29,073 | 3,825 | 13.2 | % | |||||||||||
Equity | 25,408 | 24,843 | 565 | 2.3 | % | |||||||||||
Hedge funds | 41,483 | 36,511 | 4,972 | 13.6 | % | |||||||||||
Private equity | 15,925 | 10,583 | 5,342 | 50.5 | % | |||||||||||
Private debt | 7,945 | 6,894 | 1,051 | 15.2 | % | |||||||||||
Money market funds | 2,007 | 19,223 | (17,216 | ) | (89.6 | )% | ||||||||||
Total fair value through profit and loss | 308,532 | 322,326 | (13,794 | ) | (4.3 | )% | ||||||||||
Fair value through other comprehensive income | ||||||||||||||||
Floating income | 20,687 | 22,663 | (1,976 | ) | (8.7 | )% | ||||||||||
Fixed income | 5,025 | 5,174 | (149 | ) | (2.9 | )% | ||||||||||
Total fair value through other comprehensive income | 25,712 | 27,837 | (2,125 | ) | (7.6 | )% | ||||||||||
Total securities (recorded within other current financial assets) | 334,244 | 350,163 | (15,919 | ) | (4.5 | )% |
For the year ended December 31, | |||||||||||||||||
(€ thousands, except percentages) | 2022 | 2021 | 2020 | ||||||||||||||
Profit/(Loss) | 65,279 | (127,661) | (46,540) | ||||||||||||||
Income taxes | 35,802 | 30,702 | 14,983 | ||||||||||||||
Financial income | (13,320) | (45,889) | (34,352) | ||||||||||||||
Financial expenses | 54,346 | 43,823 | 48,072 | ||||||||||||||
Foreign exchange losses/(gains) | 7,869 | 7,791 | (13,455) | ||||||||||||||
Result from investments accounted for using the equity method | (2,199) | (2,794) | 4,205 | ||||||||||||||
Impairments of investments accounted for using the equity method | — | — | 4,532 | ||||||||||||||
Legal costs for trademark disputes (1) | 7,532 | — | — | ||||||||||||||
Transaction costs related to acquisitions (2) | 2,289 | — | — | ||||||||||||||
Severance indemnities and provisions for severance expenses (3) | 2,199 | 8,996 | 12,308 | ||||||||||||||
Costs related to the Business Combination (4) | 2,137 | 205,059 | — | ||||||||||||||
Net impairment of leased and owned stores (5) | 1,639 | 8,692 | 19,725 | ||||||||||||||
Special donation to the UNHCR (6) | 1,000 | — | — | ||||||||||||||
Net (income)/costs related to lease agreements (7) | (6,844) | 15,512 | 3,000 | ||||||||||||||
Other (8) | — | 4,884 | 7,535 | ||||||||||||||
Adjusted EBIT | 157,729 | 149,115 | 20,013 | ||||||||||||||
Revenues | 1,492,840 | 1,292,402 | 1,014,733 | ||||||||||||||
Adjusted EBIT Margin (Adjusted EBIT / Revenues) | 10.6 | % | 11.5 | % | 2.0 | % |
(Euro thousands) | For the year ended December 31, | |||||||||||
2021 | 2020 | 2019 | ||||||||||
(Loss)/Profit for the year | (127,661 | ) | (46,540 | ) | 25,439 | |||||||
Income taxes | 30,702 | 14,983 | 43,794 | |||||||||
Financial income | (45,889 | ) | (34,352 | ) | (22,061 | ) | ||||||
Financial expenses | 43,823 | 48,072 | 37,492 | |||||||||
Exchange losses/(gains) | 7,791 | (13,455 | ) | 2,441 | ||||||||
Result from investments accounted for using the equity method | (2,794 | ) | 4,205 | 1,534 | ||||||||
Impairments of investments accounted for using the equity method | — | 4,532 | — | |||||||||
Costs related to the Business Combination (1) | 205,059 | — | — | |||||||||
Costs related to lease agreements (2) | 15,512 | 3,000 | — | |||||||||
Severance indemnities and provision for severance expenses (3) | 8,996 | 12,308 | 9,777 | |||||||||
Impairment of property, plant and equipment and right-of-use (4) | 8,692 | 19,725 | 8,858 | |||||||||
Other (5) | 4,884 | 7,535 | — | |||||||||
Adjusted EBIT | 149,115 | 20,013 | 107,274 |
(Euro thousands) | For the year ended December 31, | ||||||||||||||||||||||||||||
2021 | 2020 | 2019 | For the year ended December 31, | ||||||||||||||||||||||||||
(Loss)/Profit for the year | (127,661 | ) | (46,540 | ) | 25,439 | ||||||||||||||||||||||||
(€ thousands) | (€ thousands) | 2022 | 2021 | 2020 | |||||||||||||||||||||||||
Profit/(Loss) | Profit/(Loss) | 65,279 | (127,661) | (46,540) | |||||||||||||||||||||||||
Income taxes | 30,702 | 14,983 | 43,794 | Income taxes | 35,802 | 30,702 | 14,983 | ||||||||||||||||||||||
Financial income | (45,889 | ) | (34,352 | ) | (22,061 | ) | Financial income | (13,320) | (45,889) | (34,352) | |||||||||||||||||||
Financial expenses | 43,823 | 48,072 | 37,492 | Financial expenses | 54,346 | 43,823 | 48,072 | ||||||||||||||||||||||
Exchange losses/(gains) | 7,791 | (13,455 | ) | 2,441 | |||||||||||||||||||||||||
Foreign exchange losses/(gains) | Foreign exchange losses/(gains) | 7,869 | 7,791 | (13,455) | |||||||||||||||||||||||||
Depreciation, amortization and impairment of assets | 163,367 | 185,930 | 177,068 | Depreciation, amortization and impairment of assets | 173,521 | 163,367 | 185,930 | ||||||||||||||||||||||
Result from investments accounted for using the equity method | (2,794 | ) | 4,205 | 1,534 | Result from investments accounted for using the equity method | (2,199) | (2,794) | 4,205 | |||||||||||||||||||||
Impairments of investments accounted for using the equity method | — | 4,532 | — | Impairments of investments accounted for using the equity method | — | — | 4,532 | ||||||||||||||||||||||
Costs related to the Business Combination (1) | 205,059 | — | — | ||||||||||||||||||||||||||
Costs related to lease agreements (2) | 15,512 | 3,000 | — | ||||||||||||||||||||||||||
Severance indemnities and provision for severance expenses (3) | 8,996 | 12,308 | 9,777 | ||||||||||||||||||||||||||
Other (4) | 4,884 | 7,535 | — | ||||||||||||||||||||||||||
Legal costs for trademark disputes (1) | Legal costs for trademark disputes (1) | 7,532 | — | — | |||||||||||||||||||||||||
Transaction costs related to acquisitions (2) | Transaction costs related to acquisitions (2) | 2,289 | — | — | |||||||||||||||||||||||||
Severance indemnities and provisions for severance expenses (3) | Severance indemnities and provisions for severance expenses (3) | 2,199 | 8,996 | 12,308 | |||||||||||||||||||||||||
Costs related to the Business Combination (4) | Costs related to the Business Combination (4) | 2,137 | 205,059 | — | |||||||||||||||||||||||||
Special donation to the UNHCR (5) | Special donation to the UNHCR (5) | 1,000 | — | — | |||||||||||||||||||||||||
Net (income)/costs related to lease agreements (6) | Net (income)/costs related to lease agreements (6) | (6,844) | 15,512 | 3,000 | |||||||||||||||||||||||||
Other (7) | Other (7) | — | 4,884 | 7,535 | |||||||||||||||||||||||||
Adjusted EBITDA | 303,790 | 186,218 | 275,484 | Adjusted EBITDA | 329,611 | 303,790 | 186,218 |
For the year ended December 31, | |||||||||||||||||
(€ thousands) | 2022 | 2021 | 2020 | ||||||||||||||
Profit/(Loss) | 65,279 | (127,661) | (46,540) | ||||||||||||||
Legal costs for trademark disputes (1) | 7,532 | — | — | ||||||||||||||
Transaction costs related to acquisitions (2) | 2,289 | — | — | ||||||||||||||
Severance indemnities and provisions for severance expenses (3) | 2,199 | 8,996 | 12,308 | ||||||||||||||
Costs related to the Business Combination (4) | 2,137 | 205,332 | — | ||||||||||||||
Net impairment of leased and owned stores (5) | 1,639 | 8,692 | 19,725 | ||||||||||||||
Special donation to the UNHCR (6) | 1,000 | — | — | ||||||||||||||
Net (income)/costs related to lease agreements (7) | (6,844) | 15,512 | 3,000 | ||||||||||||||
Gain on Thom Browne option (8) | — | (20,675) | — | ||||||||||||||
Impairment of investments accounted for using the equity method (9) | — | — | 4,532 | ||||||||||||||
Other (10) | — | 4,884 | 7,535 | ||||||||||||||
Tax effects on adjusting items (11) | (1,602) | (19,758) | (5,312) | ||||||||||||||
Adjusted Profit/(Loss) | 73,629 | 75,322 | (4,752) |
(Euro thousands) | For the year ended December 31, | |||||||||||
2021 | 2020 | 2019 | ||||||||||
(Loss)/Profit for the year | (127,661 | ) | (46,540 | ) | 25,439 | |||||||
Costs related to the Business Combination (1) | 205,332 | — | — | |||||||||
Costs related to lease agreements (2) | 15,512 | 3,000 | — | |||||||||
Severance indemnities and provision for severance expenses (3) | 8,996 | 12,308 | 9,777 | |||||||||
Impairment of property, plant and equipment and right-of-use (4) | 8,692 | 19,725 | 8,858 | |||||||||
Gain on Thom Browne option (5) | (20,675 | ) | — | — | ||||||||
Impairment of investments accounted for using the equity method (6) | — | 4,532 | — | |||||||||
Other (7) | 4,884 | 7,535 | — | |||||||||
Tax effects on adjusting items (8) | (19,758 | ) | (5,312 | ) | (1,027 | ) | ||||||
Adjusted Profit/(Loss) | 75,322 | (4,752 | ) | 43,047 |
(Euro thousands) | For the year ended December 31, | |||||||||||
2021 | 2020 | 2019 | ||||||||||
(Loss)/Profit for the year | (127,661 | ) | (46,540 | ) | 25,439 | |||||||
Costs related to the Business Combination (1) | 205,332 | — | — | |||||||||
Costs related to lease agreements (2) | 15,512 | 3,000 | — | |||||||||
Severance indemnities and provision for severance expenses (3) | 8,996 | 12,308 | 9,777 | |||||||||
Impairment of property, plant and equipment and right-of-use (4) | 8,692 | 19,725 | 8,858 | |||||||||
Gain on Thom Browne option (5) | (20,675 | ) | — | — | ||||||||
Impairment of investments accounted for using the equity method (6) | — | 4,532 | — | |||||||||
Other (7) | 4,884 | 7,535 | — | |||||||||
Tax effects on adjusting items (8) | (19,758 | ) | (5,312 | ) | (1,027 | ) | ||||||
Adjusted Profit/(Loss) | 75,322 | (4,752 | ) | 43,047 | ||||||||
Impact of non-controlling interests(9) | 8,669 | 4,063 | 3,720 | |||||||||
Adjusted Profit/(Loss) attributable to shareholders of the Parent Company | 66,653 | (8,815 | ) | 39,327 | ||||||||
Weighted average number of shares for basic earnings per share | 203,499,933 | 201,489,100 | 201,561,100 | |||||||||
Adjusted Basic Earnings per Share | 0.33 | (0.04 | ) | 0.20 | ||||||||
Weighted average number of shares for diluted earnings per share | 204,917,880 | 201,489,100 | 201,561,100 | |||||||||
Adjusted Diluted Earnings per Share | 0.33 | (0.04 | ) | 0.20 |
For the year ended December 31, | |||||||||||||||||
(€ thousands, except per share data) | 2022 | 2021 | 2020 | ||||||||||||||
Profit/(Loss) | 65,279 | (127,661) | (46,540) | ||||||||||||||
Legal costs for trademark disputes (1) | 7,532 | — | — | ||||||||||||||
Transaction costs related to acquisitions (2) | 2,289 | — | — | ||||||||||||||
Severance indemnities and provisions for severance expenses (3) | 2,199 | 8,996 | 12,308 | ||||||||||||||
Costs related to the Business Combination (4) | 2,137 | 205,332 | — | ||||||||||||||
Net impairment of leased and owned stores (5) | 1,639 | 8,692 | 19,725 | ||||||||||||||
Special donation to the UNHCR (6) | 1,000 | — | — | ||||||||||||||
Net (income)/costs related to lease agreements (7) | (6,844) | 15,512 | 3,000 | ||||||||||||||
Gain on Thom Browne option (8) | — | (20,675) | — | ||||||||||||||
Impairment of investments accounted for using the equity method (9) | — | — | 4,532 | ||||||||||||||
Other (10) | — | 4,884 | 7,535 | ||||||||||||||
Tax effects on adjusting items (11) | (1,602) | (19,758) | (5,312) | ||||||||||||||
Adjusted Profit/(Loss) | 73,629 | 75,322 | (4,752) | ||||||||||||||
Impact of non-controlling interests (12) | 14,460 | 8,669 | 4,063 | ||||||||||||||
Adjusted Profit/(Loss) attributable to shareholders of the Parent Company | 59,169 | 66,653 | (8,815) | ||||||||||||||
Weighted average number of shares for basic earnings per share | 237,545,736 | 203,499,933 | 201,489,100 | ||||||||||||||
Adjusted Basic Earnings per Share | 0.25 | 0.33 | (0.04) | ||||||||||||||
Weighted average number of shares for diluted earnings per share | 240,647,513 | 204,917,880 | 201,489,100 | ||||||||||||||
Adjusted Diluted Earnings per Share | 0.25 | 0.33 | (0.04) |
At December 31, | |||||||||||
(€ thousands) | 2022 | 2021 | |||||||||
Non-current borrowings | 184,880 | 471,646 | |||||||||
Current borrowings | 286,175 | 157,292 | |||||||||
Derivative financial instruments — Liabilities | 2,362 | 14,138 | |||||||||
Other non-current financial liabilities(1) | — | 7,976 | |||||||||
Total borrowings, other financial liabilities and derivatives | 473,417 | 651,052 | |||||||||
Cash and cash equivalents | (254,321) | (459,791) | |||||||||
Derivative financial instruments — Assets | (22,454) | (1,786) | |||||||||
Other current financial assets(2) | (318,795) | (334,244) | |||||||||
Total cash and cash equivalents, other current financial assets and derivatives | (595,570) | (795,821) | |||||||||
Net Financial Indebtedness/(Cash Surplus) | (122,153) | (144,769) |
(Euro thousands) | At December 31, | |||||||
2021 | 2020 | |||||||
Non-current borrowings | 471,646 | 558,722 | ||||||
Current borrowings | 157,292 | 106,029 | ||||||
Derivative financial instruments - Liabilities | 14,138 | 13,192 | ||||||
Other non-current financial liabilities (bonds and other)(*) | 7,976 | 8,065 | ||||||
Total borrowings, other financial liabilities and derivatives | 651,052 | 686,008 | ||||||
Cash and cash equivalents | (459,791 | ) | (317,291 | ) | ||||
Derivative financial instruments - Assets | (1,786 | ) | (11,848 | ) | ||||
Other current financial assets (securities) (**) | (334,244 | ) | (350,163 | ) | ||||
Total cash and cash equivalents, other current financial assets and derivatives | (795,821 | ) | (679,302 | ) | ||||
Net Financial Indebtedness/(Cash Surplus) | (144,769 | ) | 6,706 |
(Euro thousands) | At December 31, | ||||||||||||||||||
2021 | 2020 | At December 31, | |||||||||||||||||
(€ thousands) | (€ thousands) | 2022 | 2021 | ||||||||||||||||
Current assets | 1,384,531 | 1,239,156 | Current assets | 1,285,657 | 1,384,531 | ||||||||||||||
Current liabilities | (702,316 | ) | (535,454 | ) | Current liabilities | (866,984) | (702,316) | ||||||||||||
Working capital | 682,215 | 703,702 | Working capital | 418,673 | 682,215 | ||||||||||||||
Less: | Less: | ||||||||||||||||||
Derivative financial instruments | 1,786 | 11,848 | |||||||||||||||||
Derivative financial instruments - Assets | Derivative financial instruments - Assets | 22,454 | 1,786 | ||||||||||||||||
Tax receivables | 14,966 | 15,611 | Tax receivables | 15,350 | 14,966 | ||||||||||||||
Other current financial assets | 340,380 | 350,163 | Other current financial assets | 320,894 | 340,380 | ||||||||||||||
Other current assets | 68,773 | 66,718 | Other current assets | 84,574 | 68,773 | ||||||||||||||
Cash and cash equivalents | 459,791 | 317,291 | Cash and cash equivalents | 254,321 | 459,791 | ||||||||||||||
Assets held for sale | — | 17,225 | |||||||||||||||||
Current borrowings | (157,292 | ) | (106,029 | ) | Current borrowings | (286,175) | (157,292) | ||||||||||||
Current lease liabilities | (106,643 | ) | (92,842 | ) | Current lease liabilities | (111,457) | (106,643) | ||||||||||||
Derivative financial liabilities | (14,138 | ) | (13,192 | ) | |||||||||||||||
Derivative financial instruments - Liabilities | Derivative financial instruments - Liabilities | (2,362) | (14,138) | ||||||||||||||||
Other current financial liabilities | (33,984 | ) | — | Other current financial liabilities | (37,258) | (33,984) | |||||||||||||
Current provisions for risks and charges | (14,093 | ) | (8,325 | ) | Current provisions for risks and charges | (13,969) | (14,093) | ||||||||||||
Tax liabilities | (28,773 | ) | (33,362 | ) | Tax liabilities | (25,999) | (28,773) | ||||||||||||
Other current liabilities | (124,356 | ) | (76,637 | ) | Other current liabilities | (118,828) | (124,356) | ||||||||||||
Liabilities held for sale | — | (16,725 | ) | ||||||||||||||||
Trade Working Capital | 275,798 | 271,958 | Trade Working Capital | 317,128 | 275,798 | ||||||||||||||
of which trade receivables | 160,360 | 138,829 | of which trade receivables | 177,213 | 160,360 | ||||||||||||||
of which inventories | 338,475 | 321,471 | of which inventories | 410,851 | 338,475 | ||||||||||||||
of which trade payables and customer advances | (223,037 | ) | (188,342 | ) | of which trade payables and customer advances | (270,936) | (223,037) |
ITEM 6 DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES |
Name | Year of Birth | Position | ||||||||||||
Ermenegildo Zegna di Monte Rubello | 1955 | Chairperson, Chief Executive Officer and Executive Director | ||||||||||||
Andrea C. Bonomi | 1965 | Non-Executive Director | ||||||||||||
Angelica Cheung | 1966 | Non-Executive Director | ||||||||||||
Domenico De Sole | 1944 | Non-Executive Director | ||||||||||||
Sergio P. Ermotti | 1960 | Lead Non-Executive Director and Non-Executive Director | ||||||||||||
Ronald B. Johnson | 1958 | Non-Executive Director | ||||||||||||
Valerie A. Mars | 1959 | Non-Executive Director | ||||||||||||
Michele Norsa | 1948 | Non-Executive Director | ||||||||||||
Henry Peter | 1957 | Non-Executive Director | ||||||||||||
Anna Zegna di Monte Rubello | 1957 | Non-Executive Director | ||||||||||||
Paolo Zegna di Monte Rubello | 1956 | Non-Executive Director |
Name | Office Held | Fixed Compensation | Variable Compensation (€) | Stock Awards (€) | Option Awards (€) | Other Compensation (€) | Total (€) | |||||||||||||||||||||||
Annual Fee (€) | Fringe Benefits (€) | |||||||||||||||||||||||||||||
Ermenegildo Zegna di Monte Rubello | Chairperson, Chief Executive Officer and Executive Director | |||||||||||||||||||||||||||||
Realized | 1,863,000 | (1) | 85,000 | (2) | 2,695,000 | (4) | — | 4,114,000 | (7) | — | 8,757,000 | |||||||||||||||||||
Non-Realized | — | 3,242,000 | (3) | 6,138,000 | (5) | 2,047,000 | (6) | 234,000 | (8) | — | 11,661,000 | |||||||||||||||||||
Total – Sole Executive Director | 1,863,000 | 3,327,000 | 8,833,000 | 2,047,000 | 4,348,000 | — | 20,418,000 | |||||||||||||||||||||||
Andrea C. Bonomi (9) | Non-Executive Director | — | — | — | — | — | — | — | ||||||||||||||||||||||
Angelica Cheung (10) | Senior Non-Executive Director | — | — | — | — | — | 98,000 | (11) | 98,000 | |||||||||||||||||||||
Domenico De Sole | Non-Executive Director | 40,000 | — | — | (812,000 | ) (12) | 155,000 | (13) | 190,000 | (14) | (427,000 | ) | ||||||||||||||||||
Sergio P. Ermotti (15) | Non-Executive Director | — | — | — | — | 155,000 | (13) | — | 155,000 | |||||||||||||||||||||
Ronald B. Johnson | Non-Executive Director | 80,000 | — | — | — | 155,000 | (13) | — | 235,000 | |||||||||||||||||||||
Valerie A. Mars | Non-Executive Director | — | — | — | — | 155,000 | (13) | — | 155,000 | |||||||||||||||||||||
Michele Norsa | Non-Executive Director | 80,000 | — | — | — | 155,000 | (13) | — | 235,000 | |||||||||||||||||||||
Henry Peter | Non-Executive Director | 199,000 | (16) | 9,000 | (17) | — | 186,000 | (18) | 155,000 | (13) | 100,000 | (19) | 649,000 | |||||||||||||||||
Angelo Zegna di Monte Rubello (20) | Non-Executive Director | 6,000 | — | — | — | — | — | 6,000 | ||||||||||||||||||||||
Anna Zegna di Monte Rubello | Non-Executive Director | 189,000 | 43,000 | (17) | 480,000 | — | 155,000 | (13) | — | 867,000 | ||||||||||||||||||||
Paolo Zegna di Monte Rubello (21) | Non-Executive Director | 523,000 | (22) | 27,000 | (17) | 600,000 | — | 155,000 | (13) | — | 1,305,000 | |||||||||||||||||||
Renata Zegna di Monte Rubello | Non-Executive Director | 20,000 | 5,000 | (17) | — | — | — | — | 25,000 | |||||||||||||||||||||
Total – Non-Executive Directors | 1,137,000 | 84,000 | 1,080,000 | (626,000 | ) | 1,240,000 | 388,000 | 3,303,000 |
Fixed Compensation | |||||||||||||||||||||||||||||||||||||||||||||||
Name | Office Held | Annual Fee | Fringe Benefits | Variable Compensation | Stock Awards | Other Compensation | Total | ||||||||||||||||||||||||||||||||||||||||
in € | |||||||||||||||||||||||||||||||||||||||||||||||
Ermenegildo Zegna di Monte Rubello | Chairperson Executive Officer and Executive Director | ||||||||||||||||||||||||||||||||||||||||||||||
Realized | 1,958,303 | (1) | 362,337 | (2) | 2,314,000 | (4) | — | 71,295 | (7) | 4,705,935 | |||||||||||||||||||||||||||||||||||||
Non-Realized | — | (201,315) | (3) | 6,789,080 | (5) | 839,775 | (6) | — | 7,427,540 | ||||||||||||||||||||||||||||||||||||||
Total – Sole Executive Director | 1,958,303 | 161,022 | 9,103,080 | 839,775 | 71,295 | 12,133,475 | |||||||||||||||||||||||||||||||||||||||||
Andrea C. Bonomi | Non-Executive Director | 75,000 | 13,622 | (8) | — | 77,939 | (9) | — | 166,561 | ||||||||||||||||||||||||||||||||||||||
Angelica Cheung | Non-Executive Director | 85,000 | 19,900 | (8) | — | 77,939 | (9) | — | 182,839 | ||||||||||||||||||||||||||||||||||||||
Domenico De Sole | Non-Executive Director | 85,000 | — | — | 77,939 | (9) | (24,000) | 138,939 | |||||||||||||||||||||||||||||||||||||||
Sergio P. Ermotti | Non-Executive Director | 105,000 | 16,294 | (8) | — | 77,939 | (9) | — | 199,233 | ||||||||||||||||||||||||||||||||||||||
Ronald B. Johnson | Non-Executive Director | 100,000 | — | — | 77,939 | (9) | — | 177,939 | |||||||||||||||||||||||||||||||||||||||
Valerie A Mars | Non-Executive Director | 115,000 | — | — | 77,939 | (9) | — | 192,939 | |||||||||||||||||||||||||||||||||||||||
Michele Norsa | Non-Executive Director | 95,000 | — | — | 77,939 | (9) | — | 172,939 | |||||||||||||||||||||||||||||||||||||||
Henry Peter | Non-Executive Director | 201,336 | (10) | 12,960 | (8) | — | 153,496 | (9)(11) | — | 367,792 | |||||||||||||||||||||||||||||||||||||
Anna Zegna di Monte Rubello | Non-Executive Director | 75,000 | 3,193 | (8) | — | 77,939 | (9) | — | 156,132 | ||||||||||||||||||||||||||||||||||||||
Paolo Zegna di Monte Rubello | Non-Executive Director | 105,000 | (12) | 13,193 | (8) | — | 77,939 | (9) | — | 196,132 | |||||||||||||||||||||||||||||||||||||
Total – Non-Executive Directors | 1,041,336 | 79,162 | — | 854,947 | (24,000) | 1,951,445 |
At December 31, | |||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
White Collars | 3,953 | 3,814 | 3,897 | ||||||||||||||
Blue Collars | 2,077 | 2,016 | 2,201 | ||||||||||||||
Temporary employees | 226 | 219 | 151 | ||||||||||||||
Total | 6,256 | 6,049 | 6,249 |
As at December 31, | ||||||||||||
2021 | 2020 | 2019 | ||||||||||
White Collars | 3,814 | 3,897 | 4,095 | |||||||||
Blue Collars | 2,016 | 2,201 | 2,132 | |||||||||
Temporary employees | 219 | 151 | 313 | |||||||||
Total | 6,049 | 6,249 | 6,540 |
At December 31, | |||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
EMEA | 4,159 | 3,957 | 4,217 | ||||||||||||||
North America | 420 | 369 | 327 | ||||||||||||||
Latin America | 118 | 117 | 125 | ||||||||||||||
APAC | 1,559 | 1,606 | 1,580 | ||||||||||||||
Total | 6,256 | 6,049 | 6,249 |
As at December 31, | ||||||||||||
2021 | 2020 | 2019 | ||||||||||
EMEA | 3,957 | 4,217 | 4,347 | |||||||||
North America | 369 | 327 | 366 | |||||||||
Latin America | 117 | 125 | 139 | |||||||||
APAC | 1,606 | 1,580 | 1,688 | |||||||||
Total | 6,049 | 6,249 | 6,540 |
Beneficial Owner | Number of Ordinary Shares | % of Outstanding | ||||||||||||
>5% holders | ||||||||||||||
Monterubello s.s.(1) | 149,734,550 | 60.2 | % | |||||||||||
Strategic Holding Group S.à r.l.(2) | 40,571,634 | (3) | 16.3 | % | ||||||||||
Zegna Directors | ||||||||||||||
Ermenegildo Zegna di Monte Rubello | 6,533,886 | 2.6 | % | |||||||||||
Andrea C. Bonomi | — | — | ||||||||||||
Angelica Cheung | — | — | ||||||||||||
Domenico De Sole | 147,700 | (*) | ||||||||||||
Sergio P. Ermotti | 1,488,759 | (*) | ||||||||||||
Ronald B. Johnson | 147,700 | (*) | ||||||||||||
Valerie A. Mars | 147,700 | (*) | ||||||||||||
Michele Norsa | 147,700 | (*) | ||||||||||||
Henry Peter | 472,700 | (*) | ||||||||||||
Anna Zegna di Monte Rubello | 177,700 | (*) | ||||||||||||
Paolo Zegna di Monte Rubello | 267,700 | (*) | ||||||||||||
Zegna Senior Managers | ||||||||||||||
Gianluca Ambrogio Tagliabue | 80,000 | (*) | ||||||||||||
Rodrigo Bazan | (*) | (*) | ||||||||||||
Thom Browne | 200,000 | (*) | ||||||||||||
Franco Ferraris | — | — | ||||||||||||
Alessandro Sartori | 55,000 | (*) |
Beneficial Owner | Number of Ordinary Shares | % of Outstanding | ||||||
>5% holders | ||||||||
Monterubello s.s.(1) | 149,734,550 | 61.8 | % | |||||
Strategic Holding Group S.à r.l. (2) | 36,184,446 | (3) | 14.6 | % | ||||
Zegna Directors | ||||||||
Ermenegildo Zegna di Monte Rubello | 5,246,800 | (4) | 2.2 | % | ||||
Andrea C. Bonomi | — | — | ||||||
Angelica Cheung | — | — | ||||||
Domenico De Sole | 120,000 | (5) | (*) | |||||
Sergio P. Ermotti | 1,469,688 | (6) | (*) | |||||
Ronald B. Johnson | 120,000 | (7) | (*) | |||||
Valerie A. Mars | 120,000 | (8) | (*) | |||||
Michele Norsa | 120,000 | (9) | (*) | |||||
Henry Peter | 420,000 | (10) | (*) | |||||
Anna Zegna di Monte Rubello | 150,000 | (11) | (*) | |||||
Paolo Zegna di Monte Rubello | 240,000 | (12) | (*) | |||||
Zegna Senior Managers | ||||||||
Gianluca Ambrogio Tagliabue | 30,000 | (13) | (*) | |||||
Rodrigo Bazan | — | — | ||||||
Thom Browne | 200,000 | (14) | (*) | |||||
Franco Ferraris | — | — | ||||||
Alessandro Sartori | 30,000 | (15) | (*) |
ITEM 9 THE OFFER AND LISTING |
incorporation fiction, distributions |
(i)individuals who are resident |
ITEM 11 QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKETS RISKS |
ITEM 16B CODE OF ETHICS |
For the years ended December 31, | |||||||||||
(€ thousands) | 2022 | 2021 | |||||||||
Audit fees (1) | 4,428 | 8,214 | |||||||||
Audit-related fees | 122 | 195 | |||||||||
Tax fees | 190 | 412 | |||||||||
All other fees | 22 | 154 | |||||||||
Total | 4,762 | 8,975 |
(Euro thousands) | For the years ended December 31, | |||||||
2021 | 2020 | |||||||
Audit fees (1) | 8,214 | 1,768 | ||||||
Audit-related fees | 195 | 395 | ||||||
Tax fees | 412 | 308 | ||||||
All other fees | 154 | 669 | ||||||
Total | 8,975 | 3,140 |
ITEM 16E PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS |
ITEM 16H MINE SAFETY DISCLOSURE |
ITEM 16I DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS |
ITEM 17 FINANCIAL STATEMENTS |
ITEM 18 FINANCIAL STATEMENTS |
Exhibit | Description | |||||||
1.1 | ||||||||
1.2 | ||||||||
2.1 | ||||||||
2.2 | ||||||||
2.3 | ||||||||
2.4 | ||||||||
2.5 | ||||||||
4.1 | ||||||||
4.2 | ||||||||
4.3 | ||||||||
4.4 | ||||||||
4.5 | ||||||||
4.6 | ||||||||
4.7 | ||||||||
4.8† | ||||||||
Number | |||||
4.9 | |||||
4.10 | |||||
8.1 | |||||
12.1 | |||||
12.2 | |||||
13.1 | |||||
13.2 | |||||
15.1 | |||||
101 | Interactive Data File | |||||||
104 | ||||||||
Cover Page Interactive Data File |
† | Certain of the exhibits and schedules to this exhibit have been omitted in accordance with the Instructions as to Exhibits of Form 20-F. The Registrant agrees to furnish supplementally a copy of all omitted exhibits and schedules to the SEC upon its request. |
ERMENEGILDO ZEGNA N.V. | |||||||||||||||||
By: | /s/ Ermenegildo Zegna di | ||||||||||||||||
April 6, 2023 | Name: Ermenegildo Zegna di | ||||||||||||||||
Title: Chairperson and Chief Executive Officer |
(Euro thousands) | For the years ended December 31, | |||||||||||||||||||||||||||||||||
Notes | 2021 | 2020 | 2019 | For the years ended December 31, | ||||||||||||||||||||||||||||||
(€ thousands, except per share data) | (€ thousands, except per share data) | Notes | 2022 | 2021 | 2020 | |||||||||||||||||||||||||||||
Revenues | 7 | 1,292,402 | 1,014,733 | 1,321,327 | Revenues | 6 | 1,492,840 | 1,292,402 | 1,014,733 | |||||||||||||||||||||||||
Other income | 8 | 8,260 | 5,373 | 7,873 | Other income | 7 | 13,949 | 8,260 | 5,373 | |||||||||||||||||||||||||
Cost of raw materials and consumables | 9 | (309,609 | ) | (250,569 | ) | (309,801 | ) | Cost of raw materials and consumables | 8 | (311,320) | (309,609) | (250,569) | ||||||||||||||||||||||
Purchased, outsourced and other costs | 10 | (353,629 | ) | (286,926 | ) | (371,697 | ) | Purchased, outsourced and other costs | 9 | (437,928) | (353,629) | (286,926) | ||||||||||||||||||||||
Personnel costs | 11 | (367,762 | ) | (282,659 | ) | (331,944 | ) | Personnel costs | 10 | (395,087) | (367,762) | (282,659) | ||||||||||||||||||||||
Depreciation, amortization and impairment of assets | 12 | (163,367 | ) | (185,930 | ) | (177,068 | ) | Depreciation, amortization and impairment of assets | 11 | (173,521) | (163,367) | (185,930) | ||||||||||||||||||||||
Write downs and other provisions | 13 | (19,487 | ) | (6,178 | ) | (1,017 | ) | Write downs and other provisions | 12 | (14) | (19,487) | (6,178) | ||||||||||||||||||||||
Other operating costs | 14 | (180,836 | ) | (30,399 | ) | (49,034 | ) | Other operating costs | 13 | (41,142) | (180,836) | (30,399) | ||||||||||||||||||||||
Operating (Loss)/Profit | (94,028 | ) | (22,555 | ) | 88,639 | |||||||||||||||||||||||||||||
Operating Profit/(Loss) | Operating Profit/(Loss) | 147,777 | (94,028) | (22,555) | ||||||||||||||||||||||||||||||
Financial income | 15 | 45,889 | 34,352 | 22,061 | Financial income | 14 | 13,320 | 45,889 | 34,352 | |||||||||||||||||||||||||
Financial expenses | 15 | (43,823 | ) | (48,072 | ) | (37,492 | ) | Financial expenses | 14 | (54,346) | (43,823) | (48,072) | ||||||||||||||||||||||
Foreign exchange (losses)/gains | 15 | (7,791 | ) | 13,455 | (2,441 | ) | Foreign exchange (losses)/gains | 14 | (7,869) | (7,791) | 13,455 | |||||||||||||||||||||||
Result from investments accounted for using the equity method | 21 | 2,794 | (4,205 | ) | (1,534 | ) | Result from investments accounted for using the equity method | 20 | 2,199 | 2,794 | (4,205) | |||||||||||||||||||||||
Impairments of investments accounted for using the equity method | 21 | 0 | (4,532 | ) | 0 | Impairments of investments accounted for using the equity method | 20 | — | — | (4,532) | ||||||||||||||||||||||||
(Loss)/Profit before taxes | (96,959 | ) | (31,557 | ) | 69,233 | |||||||||||||||||||||||||||||
Profit/(Loss) before taxes | Profit/(Loss) before taxes | 101,081 | (96,959) | (31,557) | ||||||||||||||||||||||||||||||
Income taxes | 16 | (30,702 | ) | (14,983 | ) | (43,794 | ) | Income taxes | 15 | (35,802) | (30,702) | (14,983) | ||||||||||||||||||||||
(Loss)/Profit for the year | (127,661 | ) | (46,540 | ) | 25,439 | |||||||||||||||||||||||||||||
Profit/(Loss) | Profit/(Loss) | 65,279 | (127,661) | (46,540) | ||||||||||||||||||||||||||||||
Attributable to: | Attributable to: | |||||||||||||||||||||||||||||||||
Shareholders of the Parent Company | (136,001 | ) | (50,577 | ) | 21,749 | Shareholders of the Parent Company | 51,482 | (136,001) | (50,577) | |||||||||||||||||||||||||
Non-controlling interests | 8,340 | 4,037 | 3,690 | Non-controlling interests | 13,797 | 8,340 | 4,037 | |||||||||||||||||||||||||||
Basic earnings per share in Euro | 17 | (0.67 | ) | (0.25 | ) | 0.11 | Basic earnings per share in Euro | 16 | 0.22 | (0.67) | (0.25) | |||||||||||||||||||||||
Diluted earnings per share in Euro | 17 | (0.67 | ) | (0.25 | ) | 0.11 | Diluted earnings per share in Euro | 16 | 0.21 | (0.67) | (0.25) |
(Euro thousands) | For the years ended December 31, | |||||||||||||||
Notes | 2021 | 2020 | 2019 | |||||||||||||
(Loss)/Profit for the year | (127,661 | ) | (46,540 | ) | 25,439 | |||||||||||
Other comprehensive income/(loss): | ||||||||||||||||
Items that will be subsequently reclassified to the statement of profit and loss: | ||||||||||||||||
Foreign currency exchange differences arising from the translation of foreign operations | 40,324 | (36,435 | ) | 11,132 | ||||||||||||
Net (loss)/gain from cash flow hedges | (6,344 | ) | 649 | (1,963 | ) | |||||||||||
Net gain from financial instruments measured at fair value | 444 | 287 | 2,463 | |||||||||||||
Items that will not be subsequently reclassified to the statement of profit and loss: | ||||||||||||||||
Net actuarial (loss)/gain from defined benefit plans | (397 | ) | 499 | (444 | ) | |||||||||||
Total other comprehensive income/(loss) | 31 | 34,027 | (35,000 | ) | 11,188 | |||||||||||
Total comprehensive (loss)/income for the year | (93,634 | ) | (81,540 | ) | 36,627 | |||||||||||
Attributable to: | ||||||||||||||||
Shareholders of the Parent Company | (102,106 | ) | (85,389 | ) | 32,864 | |||||||||||
Non-controlling interests | 8,472 | 3,849 | 3,763 |
For the years ended December 31, | ||||||||||||||||||||
(€ thousands) | Notes | 2022 | 2021 | 2020 | ||||||||||||||||
Profit/(Loss) | 65,279 | (127,661) | (46,540) | |||||||||||||||||
Other comprehensive income/(loss), net of tax: | ||||||||||||||||||||
Items that will be subsequently reclassified to the statement of profit and loss: | ||||||||||||||||||||
Foreign currency exchange differences arising from the translation of foreign operations | 10,098 | 40,324 | (36,435) | |||||||||||||||||
Net gain/(loss) from cash flow hedges | 21,744 | (6,344) | 649 | |||||||||||||||||
Net (loss)/gain from financial instruments measured at fair value | (1,482) | 444 | 287 | |||||||||||||||||
Items that will not be subsequently reclassified to the statement of profit and loss: | ||||||||||||||||||||
Net actuarial gain/(loss) from defined benefit plans | 1,092 | (397) | 499 | |||||||||||||||||
Total other comprehensive income/(loss), net of tax | 28 | 31,452 | 34,027 | (35,000) | ||||||||||||||||
Total comprehensive income/(loss) | 96,731 | (93,634) | (81,540) | |||||||||||||||||
Attributable to: | ||||||||||||||||||||
Shareholders of the Parent Company | 82,908 | (102,106) | (85,389) | |||||||||||||||||
Non-controlling interests | 13,823 | 8,472 | 3,849 |
(Euro thousands) | At December 31 | |||||||||||||||||||||||
Notes | 2021 | 2020 | At December 31, | |||||||||||||||||||||
(€ thousands) | (€ thousands) | Notes | 2022 | 2021 | ||||||||||||||||||||
Assets | Assets | |||||||||||||||||||||||
Non-current assets | Non-current assets | |||||||||||||||||||||||
Intangible assets | 18 | 425,220 | 387,847 | Intangible assets | 17 | 455,908 | 425,220 | |||||||||||||||||
Property, plant and equipment | 19 | 111,474 | 244,127 | Property, plant and equipment | 18 | 126,139 | 111,474 | |||||||||||||||||
Right-of-use | 20 | 370,470 | 351,646 | Right-of-use assets | 19 | 375,508 | 370,470 | |||||||||||||||||
Investments at equity method | 21 | 22,447 | 21,360 | |||||||||||||||||||||
Investments accounted for using the equity method | Investments accounted for using the equity method | 20 | 22,648 | 22,447 | ||||||||||||||||||||
Deferred tax assets | 16 | 108,210 | 71,901 | Deferred tax assets | 15 | 124,627 | 108,210 | |||||||||||||||||
Investment property | 22 | 0 | 49,754 | |||||||||||||||||||||
Other non-current financial assets | 23 | 35,372 | 49,263 | Other non-current financial assets | 21 | 36,240 | 35,372 | |||||||||||||||||
Total non-current assets | 1,073,193 | 1,175,898 | Total non-current assets | 1,141,070 | 1,073,193 | |||||||||||||||||||
Current assets | Current assets | |||||||||||||||||||||||
Inventories | 24 | 338,475 | 321,471 | Inventories | 22 | 410,851 | 338,475 | |||||||||||||||||
Trade receivables | 25 | 160,360 | 138,829 | Trade receivables | 23 | 177,213 | 160,360 | |||||||||||||||||
Derivative financial instruments | 26 | 1,786 | 11,848 | Derivative financial instruments | 24 | 22,454 | 1,786 | |||||||||||||||||
Tax receivables | 14,966 | 15,611 | Tax receivables | 15,350 | 14,966 | |||||||||||||||||||
Other current financial assets | 27 | 340,380 | 350,163 | Other current financial assets | 25 | 320,894 | 340,380 | |||||||||||||||||
Other current assets | 28 | 68,773 | 66,718 | Other current assets | 26 | 84,574 | 68,773 | |||||||||||||||||
Cash and cash equivalents | 29 | 459,791 | 317,291 | Cash and cash equivalents | 27 | 254,321 | 459,791 | |||||||||||||||||
1,384,531 | 1,221,931 | |||||||||||||||||||||||
Assets held for sale | 30 | 0 | 17,225 | |||||||||||||||||||||
Total current assets | 1,384,531 | 1,239,156 | Total current assets | 1,285,657 | 1,384,531 | |||||||||||||||||||
Total assets | 2,457,724 | 2,415,054 | Total assets | 2,426,727 | 2,457,724 | |||||||||||||||||||
Liabilities and Equity | Liabilities and Equity | |||||||||||||||||||||||
Share capital | 31 | 5,939 | 4,300 | Share capital | 28 | 5,939 | 5,939 | |||||||||||||||||
Retained earnings | 31 | 498,592 | 893,236 | Retained earnings | 28 | 528,320 | 498,592 | |||||||||||||||||
Other reserves | 31 | 96,679 | (295,772 | ) | Other reserves | 28 | 144,690 | 96,679 | ||||||||||||||||
Equity attributable to shareholders of the Parent Company | 601,210 | 601,764 | Equity attributable to shareholders of the Parent Company | 678,949 | 601,210 | |||||||||||||||||||
Equity attributable to non-controlling interest | 32 | 43,094 | 43,270 | |||||||||||||||||||||
Equity attributable to non-controlling interests | Equity attributable to non-controlling interests | 29 | 53,372 | 43,094 | ||||||||||||||||||||
Total equity | 644,304 | 645,034 | Total equity | 732,321 | 644,304 | |||||||||||||||||||
Non-current liabilities | Non-current liabilities | |||||||||||||||||||||||
Non-current borrowings | 33 | 471,646 | 558,722 | Non-current borrowings | 30 | 184,880 | 471,646 | |||||||||||||||||
Other non-current financial liabilities | 34 | 167,387 | 220,968 | Other non-current financial liabilities | 31 | 178,793 | 167,387 | |||||||||||||||||
Non-current lease liabilities | 35 | 331,409 | 314,845 | Non-current lease liabilities | 32 | 332,050 | 331,409 | |||||||||||||||||
Non-current provisions for risks and charges | 36 | 44,555 | 39,956 | Non-current provisions for risks and charges | 33 | 19,581 | 44,555 | |||||||||||||||||
Employee benefits | 37 | 42,263 | 29,347 | Employee benefits | 34 | 51,584 | 42,263 | |||||||||||||||||
Deferred tax liabilities | 16 | 53,844 | 70,728 | Deferred tax liabilities | 15 | 60,534 | 53,844 | |||||||||||||||||
Total non-current liabilities | 1,111,104 | 1,234,566 | Total non-current liabilities | 827,422 | 1,111,104 | |||||||||||||||||||
Current liabilities | Current liabilities | |||||||||||||||||||||||
Current borrowings | 33 | 157,292 | 106,029 | Current borrowings | 30 | 286,175 | 157,292 | |||||||||||||||||
Other current financial liabilities | 34 | 33,984 | 0 | Other current financial liabilities | 31 | 37,258 | 33,984 | |||||||||||||||||
Current lease liabilities | 35 | 106,643 | 92,842 | Current lease liabilities | 32 | 111,457 | 106,643 | |||||||||||||||||
Derivative financial instruments | 26 | 14,138 | 13,192 | Derivative financial instruments | 24 | 2,362 | 14,138 | |||||||||||||||||
Current provisions for risks and charges | 36 | 14,093 | 8,325 | Current provisions for risks and charges | 33 | 13,969 | 14,093 | |||||||||||||||||
Trade payables and customer advances | 38 | 223,037 | 188,342 | Trade payables and customer advances | 35 | 270,936 | 223,037 | |||||||||||||||||
Tax liabilities | 28,773 | 33,362 | Tax liabilities | 25,999 | 28,773 | |||||||||||||||||||
Other current liabilities | 39 | 124,356 | 76,637 | Other current liabilities | 36 | 118,828 | 124,356 | |||||||||||||||||
702,316 | 518,729 | |||||||||||||||||||||||
Liabilities held for sale | 30 | 0 | 16,725 | |||||||||||||||||||||
Total current liabilities | 702,316 | 535,454 | Total current liabilities | 866,984 | 702,316 | |||||||||||||||||||
Total equity and liabilities | 2,457,724 | 2,415,054 | Total equity and liabilities | 2,426,727 | 2,457,724 | |||||||||||||||||||
For the years ended December 31, | ||||||||||||||||||||
(€ thousands) | Notes | 2022 | 2021 | 2020 | ||||||||||||||||
Operating activities | ||||||||||||||||||||
Profit/(Loss) | 65,279 | (127,661) | (46,540) | |||||||||||||||||
Income taxes | 15 | 35,802 | 30,702 | 14,983 | ||||||||||||||||
Depreciation, amortization and impairment of assets | 11 | 173,521 | 163,367 | 185,930 | ||||||||||||||||
Financial income | 14 | (13,320) | (45,889) | (34,352) | ||||||||||||||||
Financial expenses | 14 | 54,346 | 43,823 | 48,072 | ||||||||||||||||
Foreign exchange losses/(gains) | 14 | 7,869 | 7,791 | (13,455) | ||||||||||||||||
Write downs and other provisions | 12 | 14 | 19,487 | 6,178 | ||||||||||||||||
Write downs of the provision for obsolete inventory | 22 | 28,561 | 29,600 | 37,735 | ||||||||||||||||
Result from investments accounted for using the equity method | 20 | (2,199) | (2,794) | 4,205 | ||||||||||||||||
Impairments of investments accounted for using the equity method | 20 | — | — | 4,532 | ||||||||||||||||
(Gains)/Losses arising from the disposal of fixed assets | 13 | (1,124) | 1,153 | 1,091 | ||||||||||||||||
Other non-cash expenses/(income), net | 41 | 23,063 | 230,812 | (27,698) | ||||||||||||||||
Change in inventories | (103,112) | (27,554) | (39,486) | |||||||||||||||||
Change in trade receivables | (15,623) | (12,294) | 35,675 | |||||||||||||||||
Change in trade payables including customer advances | 43,511 | 31,426 | (38,485) | |||||||||||||||||
Change in current and non-current provisions for risks and charges | (29,102) | (5,498) | (4,633) | |||||||||||||||||
Change in employee benefits | (8,676) | (13,456) | (2,360) | |||||||||||||||||
Change in other operating assets and liabilities | (38,216) | 38,927 | (3,038) | |||||||||||||||||
Interest paid | (24,938) | (17,487) | (21,023) | |||||||||||||||||
Income taxes paid | (49,258) | (63,300) | (36,425) | |||||||||||||||||
Net cash flows from operating activities | 146,398 | 281,155 | 70,906 | |||||||||||||||||
Investing activities | ||||||||||||||||||||
Payments for property plant and equipment | (49,114) | (79,699) | (27,630) | |||||||||||||||||
Proceeds from disposals of property plant and equipment | — | 3,791 | 1,125 | |||||||||||||||||
Payments for intangible assets | (24,185) | (14,627) | (11,524) | |||||||||||||||||
Proceeds from disposals of non-current financial assets | 2,585 | 1,536 | 45,979 | |||||||||||||||||
Payments for purchases of non-current financial assets | (111) | (4,431) | — | |||||||||||||||||
Proceeds from disposals of current financial assets and derivative instruments | 46,487 | 92,021 | 253,201 | |||||||||||||||||
Payments for acquisitions of current financial assets and derivative instruments | (32,412) | (76,058) | (166,334) | |||||||||||||||||
Business combinations, net of cash acquired | (585) | (4,224) | (2,245) | |||||||||||||||||
Acquisition of investments accounted for using the equity method | 20 | — | (313) | — | ||||||||||||||||
Net cash flows (used in)/from investing activities | (57,335) | (82,004) | 92,572 | |||||||||||||||||
Financing activities | ||||||||||||||||||||
Proceeds from borrowings | 30 | — | 123,570 | 265,352 | ||||||||||||||||
Repayments of borrowings | 30 | (159,719) | (160,210) | (221,029) | ||||||||||||||||
Repayments of other non-current financial liabilities | 31 | (3,919) | (4,287) | — | ||||||||||||||||
Payments of lease liabilities | 32 | (121,633) | (100,611) | (90,699) | ||||||||||||||||
Proceeds from capital contribution from Monterubello | 10,923 | — | — | |||||||||||||||||
Sale of shares held in treasury | 3,390 | 6,343 | — | |||||||||||||||||
Purchase of own shares | — | (384) | (945) | |||||||||||||||||
Dividends to owners of the parent | (21,852) | (102) | — | |||||||||||||||||
Dividends paid to non-controlling interests | (4,187) | (548) | (1,731) | |||||||||||||||||
Purchase of own shares from Monterubello | 1 | — | (455,000) | — | ||||||||||||||||
Proceeds from issuance of ordinary shares upon Business Combination | 1 | — | 310,739 | — | ||||||||||||||||
Proceeds from issuance of ordinary shares to PIPE Investors | 1 | — | 331,385 | — | ||||||||||||||||
Payments of transaction costs related to the Business Combination | 1 | — | (48,475) | — | ||||||||||||||||
Cash distributed as part of the Disposition | — | (26,272) | — | |||||||||||||||||
Payments for acquisition of non-controlling interests | — | (40,253) | — | |||||||||||||||||
Net cash flows used in financing activities | (296,997) | (64,105) | (49,052) | |||||||||||||||||
Effects of exchange rate changes on cash and cash equivalents | 2,464 | 7,454 | (7,761) | |||||||||||||||||
Net (decrease)/increase in cash and cash equivalents | (205,470) | 142,500 | 106,665 | |||||||||||||||||
Cash and cash equivalents at the beginning of the year | 27 | 459,791 | 317,291 | 210,626 | ||||||||||||||||
Cash and cash equivalents at the end of the year | 27 | 254,321 | 459,791 | 317,291 |
(Euro thousands) | For the years ended December 31, | |||||||||||||||
Notes | 2021 | 2020 | 2019 | |||||||||||||
Operating activities | 43 | |||||||||||||||
(Loss)/Profit for the year | (127,661 | ) | (46,540 | ) | 25,439 | |||||||||||
Income taxes | 30,702 | 14,983 | 43,794 | |||||||||||||
Depreciation, amortization and impairment of assets | 163,367 | 185,930 | 177,068 | |||||||||||||
Financial income | (45,889 | ) | (34,352 | ) | (22,061 | ) | ||||||||||
Financial costs | 43,823 | 48,072 | 37,492 | |||||||||||||
Exchange losses/(gains) | 7,791 | (13,455 | ) | 2,441 | ||||||||||||
Write downs and other provisions | 19,487 | 6,178 | 1,017 | |||||||||||||
Write downs of the provision for obsolete inventory | 29,600 | 37,735 | 6,691 | |||||||||||||
Result from investments accounted for using the equity method | (2,794 | ) | 4,205 | 1,534 | ||||||||||||
Impairments of investments accounted for using the equity method | 0 | 4,532 | 0 | |||||||||||||
Losses arising from the sale of fixed assets | 1,153 | 1,091 | 970 | |||||||||||||
Other non-cash expenses/(income), net | 230,812 | (27,698 | ) | (6,420 | ) | |||||||||||
Change in inventories | (27,554 | ) | (39,486 | ) | (5,400 | ) | ||||||||||
Change in trade receivables | (12,294 | ) | 35,675 | (8,377 | ) | |||||||||||
Change in trade payables including customer advances | 31,426 | (38,485 | ) | (11,002 | ) | |||||||||||
Change in other operating assets and liabilities | 19,973 | (10,031 | ) | (11,285 | ) | |||||||||||
Interest paid | (17,487 | ) | (21,023 | ) | (26,872 | ) | ||||||||||
Income taxes paid | (63,300 | ) | (36,425 | ) | (30,907 | ) | ||||||||||
Net cash flows from operating activities | 281,155 | 70,906 | 174,122 | |||||||||||||
Investing activities | 43 | |||||||||||||||
Payments for property plant and equipment | (79,699 | ) | (27,630 | ) | (46,113 | ) | ||||||||||
Proceeds from disposals of property plant and equipment | 3,791 | 1,125 | 0 | |||||||||||||
Payments for intangible assets | (14,627 | ) | (11,524 | ) | (13,392 | ) | ||||||||||
Payments for investment property | 0 | 0 | (325 | ) | ||||||||||||
Proceeds from disposals of non-current financial assets | 1,536 | 45,979 | 0 | |||||||||||||
Payments for purchases of non-current financial assets | (4,431 | ) | 0 | (6,987 | ) | |||||||||||
Proceeds from disposals of current financial assets and derivative instruments | 92,021 | 253,201 | 327,422 | |||||||||||||
Payments for acquisitions of current financial assets and derivative instruments | (76,058 | ) | (166,334 | ) | (167,308 | ) | ||||||||||
Acquisition of Investments at equity method | (313 | ) | 0 | 0 | ||||||||||||
Business combinations, net of cash acquired | (4,224 | ) | (2,245 | ) | (9,336 | ) | ||||||||||
Net cash flows (used in)/from investing activities | (82,004 | ) | 92,572 | 83,961 | ||||||||||||
Financing activities | ||||||||||||||||
Proceeds from borrowings | 123,570 | 265,352 | 130,841 | |||||||||||||
Repayments of borrowings | (160,210 | ) | (221,029 | ) | (272,851 | ) | ||||||||||
Repayments of non-current financial liabilities | (4,287 | ) | 0 | 0 | ||||||||||||
Payments of lease liabilities | (100,611 | ) | (90,699 | ) | (110,460 | ) | ||||||||||
Purchase of own shares from Monterubello | (455,000 | ) | 0 | 0 | ||||||||||||
Proceeds from issuance of ordinary shares upon Business Combination | 310,739 | 0 | 0 | |||||||||||||
Proceeds from issuance of ordinary shares to PIPE Investors | 331,385 | 0 | 0 | |||||||||||||
Payments of transaction costs related to the Business Combination | (48,475 | ) | 0 | 0 | ||||||||||||
Cash distributed as part of the Disposition | (26,272 | ) | 0 | 0 | ||||||||||||
Payments for acquisition of non-controlling interests | (40,253 | ) | 0 | 0 | ||||||||||||
Sale of shares held in treasury/(Purchase of own shares) | 5,959 | (945 | ) | (94 | ) | |||||||||||
Dividends paid to non-controlling interests | (548 | ) | (1,731 | ) | (14,922 | ) | ||||||||||
Dividends to owners of the parent | (102 | ) | 0 | 0 | ||||||||||||
Net cash flows used in financing activities | (64,105 | ) | (49,052 | ) | (267,486 | ) | ||||||||||
Effects of exchange rate changes on cash and cash equivalents | 7,454 | (7,761 | ) | 1,698 | ||||||||||||
Net increase/(decrease) in cash and cash equivalents | 142,500 | 106,665 | (7,705 | ) | ||||||||||||
Cash and cash equivalents at the beginning of the year | 317,291 | 210,626 | 218,331 | |||||||||||||
Cash and cash equivalents at the end of the year | 459,791 | 317,291 | 210,626 | |||||||||||||
(Euro thousands) | Other comprehensive income | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share capital | Retained earnings | Other reserves | Currency translation difference | Cash flow hedge reserve | Remeasurement of defined benefit plans | Financial assets at FVOCI reserve | Total equity attributable to shareholders of the Parent Company | Total equity attributable to non-controlling interests | Total equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
At January 1, 2019 (Restated) | 4,300 | 936,555 | (247,375 | ) | 579 | (872 | ) | 597 | (2,507 | ) | 691,277 | 34,210 | 725,487 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Profit/(Loss) for the year | — | 21,749 | — | — | — | — | — | 21,749 | 3,690 | 25,439 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(€ thousands) | (€ thousands) | Share capital | Retained earnings | Other reserves | Currency translation reserve | Cash flow hedge reserve | Reserve for remeasurement of defined benefit plans | Financial assets at FVOCI reserve | Total equity attributable to shareholders of the Parent Company | Total equity attributable to non-controlling interests | Total equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
At January 1, 2020 | At January 1, 2020 | 4,300 | 944,489 | (268,927) | 11,614 | (2,862) | 202 | (44) | 688,772 | 40,982 | 729,754 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Loss)/Profit | (Loss)/Profit | — | (50,577) | — | — | — | — | — | (50,577) | 4,037 | (46,540) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income/(loss) | — | — | — | 11,035 | (1,990 | ) | (395 | ) | 2,463 | 11,113 | 75 | 11,188 | Other comprehensive income/(loss) | — | — | — | (36,274) | 637 | 539 | 287 | (34,811) | (189) | (35,000) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends | — | (12,731 | ) | — | — | — | — | — | (12,731 | ) | (2,191 | ) | (14,922 | ) | Dividends | — | — | — | — | — | — | — | — | (1,731) | (1,731) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other changes | — | (1,084 | ) | (21,552 | ) | — | — | — | — | (22,636 | ) | 5,198 | (17,438 | ) | Other changes | — | (676) | (944) | — | — | — | — | (1,620) | 171 | (1,449) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
At December 31, 2019 | 4,300 | 944,489 | (268,927 | ) | 11,614 | (2,862 | ) | 202 | (44 | ) | 688,772 | 40,982 | 729,754 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Loss)/Profit for the year | — | (50,577 | ) | — | — | — | — | — | (50,577 | ) | 4,037 | (46,540 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income/(loss) | — | — | — | (36,274 | ) | 637 | 539 | 287 | (34,811 | ) | (189 | ) | (35,000 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends | — | — | — | — | — | — | — | — | (1,731 | ) | (1,731 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other changes | — | (676 | ) | (944 | ) | — | — | — | — | (1,620 | ) | 171 | (1,449 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
At December 31, 2020 | 4,300 | 893,236 | (269,871 | ) | (24,660 | ) | (2,225 | ) | 741 | 243 | 601,764 | 43,270 | 645,034 | At December 31, 2020 | 4,300 | 893,236 | (269,871) | (24,660) | (2,225) | 741 | 243 | 601,764 | 43,270 | 645,034 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Loss)/Profit for the year | — | (136,001 | ) | — | — | — | — | — | (136,001 | ) | 8,340 | (127,661 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Loss)/Profit | (Loss)/Profit | — | (136,001) | — | — | — | — | — | (136,001) | 8,340 | (127,661) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income/(loss) | — | — | — | 40,197 | (6,316 | ) | (430 | ) | 444 | 33,895 | 132 | 34,027 | Other comprehensive income/(loss) | — | — | — | 40,197 | (6,316) | (430) | 444 | 33,895 | 132 | 34,027 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends | — | — | (102 | ) | — | — | — | — | (102 | ) | (548 | ) | (650 | ) | Dividends | — | — | (102) | — | — | — | — | (102) | (548) | (650) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital increase related to the Business Combination | 1,639 | — | 710,264 | — | — | — | — | 711,903 | — | 711,903 | Capital increase related to the Business Combination | 1,639 | — | 710,264 | — | — | — | — | 711,903 | — | 711,903 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase of own shares from Monterubello | — | — | (455,000 | ) | — | — | — | — | (455,000 | ) | — | (455,000 | ) | Purchase of own shares from Monterubello | — | — | (455,000) | — | — | — | — | (455,000) | — | (455,000) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital contribution from Monterubello | — | — | 10,923 | — | — | — | — | 10,923 | — | 10,923 | Capital contribution from Monterubello | — | — | 10,923 | — | — | — | — | 10,923 | — | 10,923 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of shares held in treasury | — | — | 5,959 | — | — | — | — | 5,959 | — | 5,959 | Issuance of shares held in treasury | — | — | 5,959 | — | — | — | — | 5,959 | — | 5,959 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assignment of treasury shares | — | (31,823 | ) | 31,823 | — | — | — | — | — | — | — | Assignment of treasury shares | — | (31,823) | 31,823 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition of non-controlling interests | — | 8,365 | — | — | — | — | — | 8,365 | (8,365 | ) | — | Acquisition of non-controlling interests | — | 8,365 | — | — | — | — | — | 8,365 | (8,365) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition of Ubertino | — | — | — | — | — | — | — | — | 2,854 | 2,854 | Acquisition of Ubertino | — | — | — | — | — | — | — | — | 2,854 | 2,854 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based payments | — | — | 74,978 | — | — | — | — | 74,978 | — | 74,978 | Share-based payments | — | — | 74,978 | — | — | — | — | 74,978 | — | 74,978 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disposition | — | (235,185 | ) | — | (20,465 | ) | 176 | — | — | (255,474 | ) | (2,589 | ) | (258,063 | ) | Disposition | — | (235,185) | — | (20,465) | 176 | — | — | (255,474) | (2,589) | (258,063) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
At December 31, 2021 | At December 31, 2021 | 5,939 | 498,592 | 108,974 | (4,928) | (8,365) | 311 | 687 | 601,210 | 43,094 | 644,304 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Profit | Profit | — | 51,482 | — | — | — | — | — | 51,482 | 13,797 | 65,279 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income/(loss) | Other comprehensive income/(loss) | — | — | — | 10,223 | 21,744 | 941 | (1,482) | 31,426 | 26 | 31,452 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends | Dividends | — | (21,852) | — | — | — | — | — | (21,852) | (4,187) | (26,039) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sale of treasury shares, net | Sale of treasury shares, net | — | — | 3,826 | — | — | — | — | 3,826 | — | 3,826 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based payments | Share-based payments | — | — | 13,579 | — | — | — | — | 13,579 | — | 13,579 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
At December 31, 2021 | 5,939 | 498,592 | 108,974 | (4,928 | ) | (8,365 | ) | 311 | 687 | 601,210 | 43,094 | 644,304 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other changes | Other changes | — | 98 | (820) | — | — | — | — | (722) | 642 | (80) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
At December 31, 2022 | At December 31, 2022 | 5,939 | 528,320 | 125,559 | 5,295 | 13,379 | 1,252 | (795) | 678,949 | 53,372 | 732,321 |
( | ||||||||
Proceeds from issuance of ordinary shares upon Business Combination | 310,739 | |||||||
Proceeds from issuance of ordinary shares to PIPE Investors | 331,385 | |||||||
Purchase of own shares from Monterubello | ||||||||
Payments of transaction costs related to the Business Combination | ||||||||
Net cash proceeds from the Business Combination | 138,649 |
2022 | 2021 | 2020 | |||||||||||||||||||||||||||||||||
At December 31, | Average | At December 31, | Average | At December 31, | Average | ||||||||||||||||||||||||||||||
U.S. Dollar | 1.067 | 1.053 | 1.133 | 1.183 | 1.227 | 1.142 | |||||||||||||||||||||||||||||
Swiss Franc | 0.985 | 1.005 | 1.033 | 1.081 | 1.080 | 1.070 | |||||||||||||||||||||||||||||
Chinese Renminbi | 7.358 | 7.079 | 7.195 | 7.629 | 8.023 | 7.874 | |||||||||||||||||||||||||||||
Pound Sterling | 0.887 | 0.853 | 0.840 | 0.860 | 0.899 | 0.890 | |||||||||||||||||||||||||||||
Hong Kong Dollar | 8.316 | 8.245 | 8.833 | 9.193 | 9.514 | 8.857 | |||||||||||||||||||||||||||||
Singapore Dollar | 1.430 | 1.451 | 1.528 | 1.589 | 1.622 | 1.574 | |||||||||||||||||||||||||||||
United Arab Emirates Dirham | 3.917 | 3.867 | 4.160 | 4.344 | 4.507 | 4.194 | |||||||||||||||||||||||||||||
Japanese Yen | 140.660 | 138.027 | 130.380 | 129.877 | 126.490 | 121.832 |
2021 | 2020 | 2019 | ||||||||||||||||||||||
At December 31 | Average | At December 31 | Average | At December 31 | Average | |||||||||||||||||||
U.S. Dollar | 1.133 | 1.183 | 1.227 | 1.142 | 1.123 | 1.119 | ||||||||||||||||||
Swiss Franc | 1.033 | 1.081 | 1.080 | 1.070 | 1.085 | 1.113 | ||||||||||||||||||
Chinese Renminbi | 7.195 | 7.629 | 8.023 | 7.874 | 7.821 | 7.735 | ||||||||||||||||||
Pound Sterling | 0.840 | 0.860 | 0.899 | 0.890 | 0.851 | 0.878 | ||||||||||||||||||
Hong Kong Dollar | 8.833 | 9.193 | 9.514 | 8.857 | 8.747 | 8.772 | ||||||||||||||||||
Singapore Dollar | 1.528 | 1.589 | 1.622 | 1.574 | 1.511 | 1.527 | ||||||||||||||||||
United Arab Emirates Dirham | 4.160 | 4.344 | 4.507 | 4.194 | 4.126 | 4.111 | ||||||||||||||||||
Japanese Yen | 130.380 | 129.877 | 126.490 | 121.832 | 121.940 | 122.021 |
Company | Registered office | Share capital (functional currency) | Held directly by | % Group | ||||||||||||
At December 31, | ||||||||||||||||
2021 | 2020 | |||||||||||||||
Companies consolidated on a line-by-line | ||||||||||||||||
Parent company | ||||||||||||||||
Ermenegildo Zegna N.V. | Amsterdam (Netherlands) | 5,938,873 | ||||||||||||||
Italian subsidiaries | ||||||||||||||||
In.co. S.p.A. | Biella | 4,050,000 | Ermenegildo Zegna N.V. | 100 | 100 | |||||||||||
Lanificio Ermenegildo Zegna e Figli S.p.A. | Valdilana (BI) | 3,100,000 | Ermenegildo Zegna N.V. | 100 | 90 | |||||||||||
Ezi S.p.A. | Milan | 5,750,000 | Ermenegildo Zegna N.V. | 100 | 100 | |||||||||||
EZ Real Estate S.r.l. (*) | Valdilana (BI) | 2,000,000 | Ermenegildo Zegna N.V. | 0 | 100 | |||||||||||
EZ Service S.r.l. | Valdilana (BI) | 500,000 | Ermenegildo Zegna N.V. | 100 | 0 | |||||||||||
Agnona S.r.l. (**) | Milan | 200,000 | Ermenegildo Zegna N.V. | 0 | 100 | |||||||||||
Bonotto S.p.A. | Colceresa (VI) | 1,239,600 | Ermenegildo Zegna N.V. | 60 | 60 | |||||||||||
Cappellificio Cervo S.r.l. | Biella | 300,000 | Ermenegildo Zegna N.V. | 51 | 51 | |||||||||||
Thom Browne Services Italy S.r.l. | Milan | 10,000 | Thom Browne Trading SA | 90 | 85 | |||||||||||
Thom Browne Retail Italy S.r.l. | Milan | 10,000 | Thom Browne Services Italy S.r.l. | 90 | 85 | |||||||||||
Gruppo Dondi S.p.A. | Carpi (MO) | 1,502,800 | Ermenegildo Zegna N.V. | 65 | 65 | |||||||||||
Tessitura Ubertino S.r.l. | Valdilana (BI) | 100,000 | Ermenegildo Zegna N.V. | 60 | 0 | |||||||||||
Foreign subsidiaries | ||||||||||||||||
Investindustrial Acquisition Corp. (“IIAC”) | Cayman Islands | 4,944,366 | Ermenegildo Zegna N.V. | 100 | 0 | |||||||||||
Ermenegildo Zegna Giyim Sanayi ve Tic. A. S. | Istanbul (Turkey) | 32,291,439 | Ermenegildo Zegna N.V. | 100 | 100 | |||||||||||
Ermenegildo Zegna H.m.b.H. | Wien (Austria) | 610,000 | Ermenegildo Zegna N.V. | 100 | 100 | |||||||||||
Société de Textiles Astrum France S.à.r.l. | Paris (France) | 500,000 | Ermenegildo Zegna N.V. | 100 | 100 | |||||||||||
Ermenegildo Zegna GmbH | Munich (Germany) | 6,577,421 | Ermenegildo Zegna N.V. | 100 | 100 | |||||||||||
Zegna Japan Co., LTD | Minato-Ku-Tokyo | 100,000,000 | Ermenegildo Zegna N.V. | 100 | 100 | |||||||||||
Fantasia (London) Limited | London (UK) | 7,000,000 | Ermenegildo Zegna N.V. | 100 | 100 | |||||||||||
Ermenegildo Zegna S.A. de C.V. | Ciudad de Mexico (Mexico) | 459,600,000 | Ermenegildo Zegna N.V. | 100 | 100 | |||||||||||
Ezeti Portugal. S.A. | Lisbon (Portugal) | 800,000 | Ermenegildo Zegna N.V. | 100 | 100 | |||||||||||
Ermenegildo Zegna Madrid S.A. | Barcelona (Spain) | 901,500 | Ezeti S.L. | 70 | 70 | |||||||||||
Ezeti S.L. | Barcelona (Spain) | 500,032 | Italco S.A. | 100 | 100 | |||||||||||
Italco S.A. | Sant Quirze (Spain) | 1,911,300 | Ermenegildo Zegna N.V. | 100 | 100 | |||||||||||
Ermenegildo Zegna Czech s.r.o | Prague (Czech Republic) | 1,350,000 | Ermenegildo Zegna N.V. | 100 | 0 | |||||||||||
Co.Ti. Service S.A. | Stabio (Switzerland) | 27,940,000 | Ermenegildo Zegna N.V. | 100 | 100 | |||||||||||
Consitex S.A. | Stabio (Switzerland) | 15,000,000 | Ermenegildo Zegna N.V. | 100 | 100 | |||||||||||
Ermenegildo Zegna Corporation | New York, NY | 500,000 | Ermenegildo Zegna N.V. | 100 | 100 | |||||||||||
Zegna (China) Enterprise Management Co., Ltd. | Shanghai (China) | 58,309,140 | Ermenegildo Zegna N.V. | 100 | 100 | |||||||||||
Ermenegildo Zegna (China) Co., LTD | Shanghai (China) | 50,000,000 | Ermenegildo Zegna N.V. | 100 | 100 | |||||||||||
Ismaco Amsterdam B. V. | Amsterdam (Netherlands) | 226,890 | Ermenegildo Zegna N.V. | 100 | 100 | |||||||||||
Ermenegildo Zegna Korea LTD (**) | Seoul (Korea) | 6.876.000.000 | E.Z. Holditalia | 0 | 100 | |||||||||||
Alan Real Estate S.A.(*) | Stabio (Switzerland) | 9,200,000 | EZ Real Estate S.r.l. (*) | 0 | 100 | |||||||||||
Ermenegildo Zegna Far-East Pte LTD | Singapore | 21,776,432 | Consitex S.A. | 100 | 100 | |||||||||||
Ermenegildo Zegna Hong Kong LTD | Hong Kong | 238,240,000 | Ermenegildo Zegna N.V. | 100 | 100 | |||||||||||
E. Zegna Trading Hong Kong LTD Taiwan Branch | Hong Kong | 233,659,800 | Ermenegildo Zegna Hong Kong LTD | 100 | 100 | |||||||||||
Ermenegildo Zegna Canada Inc. | Toronto (Canada) | 700,000 | Consitex S.A. | 100 | 100 | |||||||||||
Ermenegildo Zegna Australia PTY LTD | Sydney (Australia) | 18,000,000 | Ermenegildo Zegna Far-East Pte LTD | 100 | 100 | |||||||||||
E. Z. New Zealand LTD | Auckland (New Zealand) | 3,300,000 | Ermenegildo Zegna N.V. | 100 | 100 | |||||||||||
Ezesa Argentina S.A. | Buenos Aires (Argentina) | 27,246,979 | Ermenegildo Zegna N.V.; Italco S.A. | 100 | 100 | |||||||||||
E. Z. Thai Holding Ltd | Bangkok (Thailand) | 3,000,000 | Ermenegildo Zegna N.V. | 49 | 49 | |||||||||||
The Italian Fashion Co. LTD | Bangkok (Thailand) | 16,000,000 | E. Z. Thai Holding Ltd; Ermenegildo Zegna Far-East Pte LTD | 65 | 65 | |||||||||||
Zegna South Asia Private LTD | Mumbai (India) | 902,316,770 | Ermenegildo Zegna N.V. | 51 | 51 | |||||||||||
ISMACO TEKSTİL LİMİTED ŞİRKETİ | Istanbul (Turkey) | 10,000,000 | Ermenegildo Zegna N.V., Ismaco | 100 | 100 | |||||||||||
Ezesa Brasil Participacoes LTDA | San Paolo (Brazil) | 77,481,487 | Ermenegildo Zegna N.V. | 100 | 100 | |||||||||||
Ermenegildo Zegna (Macau) LTD | Kowloon Bay (Hong Kong) | 4,650,000 | Consitex S.A. | 100 | 100 | |||||||||||
Ermenegildo Zegna Malaysia Sdn. Bhd. | Kuala Lumpur (Malaysia) | 3,000,000 | Ermenegildo Zegna Far-East Pte LTD | 100 | 100 | |||||||||||
Ermenegildo Zegna Maroc S.A.R.L.A.U. | Casablanca (Morocco) | 530,000 | Ermenegildo Zegna N.V. | 100 | 100 |
Company | Registered office | Share capital (functional currency) | Held directly by | % Group | ||||||||||||||||||||||||||||
At December 31, | ||||||||||||||||||||||||||||||||
2022 | 2021 | |||||||||||||||||||||||||||||||
Companies consolidated on a line-by-line basis | ||||||||||||||||||||||||||||||||
Parent company | ||||||||||||||||||||||||||||||||
Ermenegildo Zegna N.V. | Amsterdam (Netherlands) | 5,938,873 | ||||||||||||||||||||||||||||||
Italian subsidiaries | ||||||||||||||||||||||||||||||||
In.co. S.p.A. | Biella | 4,050,000 | Ermenegildo Zegna N.V. | 100 | % | 100 | % | |||||||||||||||||||||||||
Lanificio Ermenegildo Zegna e Figli S.p.A. | Valdilana (BI) | 3,100,000 | Ermenegildo Zegna N.V. | 100 | % | 100 | % | |||||||||||||||||||||||||
Ezi S.p.A. | Milan | 5,750,000 | Ermenegildo Zegna N.V. | 100 | % | 100 | % | |||||||||||||||||||||||||
EZ Service S.r.l. | Valdilana (BI) | 500,000 | Ermenegildo Zegna N.V. | 100 | % | 100 | % | |||||||||||||||||||||||||
Bonotto S.p.A. | Colceresa (VI) | 1,239,600 | Ermenegildo Zegna N.V. | 60 | % | 60 | % | |||||||||||||||||||||||||
Cappellificio Cervo S.r.l. | Biella | 300,000 | Ermenegildo Zegna N.V. | 51 | % | 51 | % | |||||||||||||||||||||||||
Thom Browne Services Italy S.r.l. | Milan | 10,000 | Thom Browne Trading SA | 90 | % | 90 | % | |||||||||||||||||||||||||
Thom Browne Retail Italy S.r.l. | Milan | 10,000 | Thom Browne Services Italy S.r.l. | 90 | % | 90 | % | |||||||||||||||||||||||||
Gruppo Dondi S.p.A. | Carpi (MO) | 1,502,800 | Ermenegildo Zegna N.V. | 65 | % | 65 | % | |||||||||||||||||||||||||
Tessitura Ubertino S.r.l. | Valdilana (BI) | 100,000 | Ermenegildo Zegna N.V. | 60 | % | 60 | % | |||||||||||||||||||||||||
Foreign subsidiaries | ||||||||||||||||||||||||||||||||
Investindustrial Acquisition Corp. (“IIAC”) | Cayman Islands | 5,614 | Ermenegildo Zegna N.V. | 100 | % | 100 | % | |||||||||||||||||||||||||
Ermenegildo Zegna Giyim Sanayi ve Tic. A. S. | Istanbul (Turkey) | 32,291,439 | Ermenegildo Zegna N.V. | 100 | % | 100 | % | |||||||||||||||||||||||||
Ermenegildo Zegna H.m.b.H. | Wien (Austria) | 610,000 | Ermenegildo Zegna N.V. | 100 | % | 100 | % | |||||||||||||||||||||||||
Société de Textiles Astrum France S.à.r.l. | Paris (France) | 500,000 | Ermenegildo Zegna N.V. | 100 | % | 100 | % | |||||||||||||||||||||||||
Ermenegildo Zegna GmbH | Munich (Germany) | 6,577,421 | Ermenegildo Zegna N.V. | 100 | % | 100 | % | |||||||||||||||||||||||||
Zegna Japan Co., LTD | Minato-Ku-Tokyo (Japan) | 100,000,000 | Ermenegildo Zegna N.V. | 100 | % | 100 | % | |||||||||||||||||||||||||
Fantasia (London) Limited | London (UK) | 7,000,000 | Ermenegildo Zegna N.V. | 100 | % | 100 | % | |||||||||||||||||||||||||
Ermenegildo Zegna S.A. de C.V. | Ciudad de Mexico (Mexico) | 459,600,000 | Ermenegildo Zegna N.V. | 100 | % | 100 | % | |||||||||||||||||||||||||
Ezeti Portugal. S.A. | Lisbon (Portugal) | 800,000 | Ermenegildo Zegna N.V. | 100 | % | 100 | % | |||||||||||||||||||||||||
Ermenegildo Zegna Madrid S.A. | Barcelona (Spain) | 901,500 | Ezeti S.L. | 70 | % | 70 | % | |||||||||||||||||||||||||
Ezeti S.L. | Barcelona (Spain) | 500,032 | Italco S.A. | 100 | % | 100 | % | |||||||||||||||||||||||||
Italco S.A. | Sant Quirze (Spain) | 1,911,300 | Ermenegildo Zegna N.V. | 100 | % | 100 | % | |||||||||||||||||||||||||
Ermenegildo Zegna Czech s.r.o | Prague (Czech Republic) | 1,350,000 | Ermenegildo Zegna N.V. | 100 | % | 100 | % | |||||||||||||||||||||||||
Co.Ti. Service S.A. | Stabio (Switzerland) | 27,940,000 | Ermenegildo Zegna N.V. | 100 | % | 100 | % | |||||||||||||||||||||||||
Consitex S.A. | Stabio (Switzerland) | 15,000,000 | Ermenegildo Zegna N.V. | 100 | % | 100 | % | |||||||||||||||||||||||||
Ermenegildo Zegna Corporation | New York, NY | 500,000 | Ermenegildo Zegna N.V. | 100 | % | 100 | % | |||||||||||||||||||||||||
Zegna (China) Enterprise Management Co., Ltd. | Shanghai (China) | 58,309,140 | Ermenegildo Zegna N.V. | 100 | % | 100 | % | |||||||||||||||||||||||||
Ermenegildo Zegna (China) Co., LTD | Shanghai (China) | 50,000,000 | Ermenegildo Zegna N.V. | 100 | % | 100 | % |
Company | Registered office | Share capital (functional currency) | Held directly by | % Group | ||||||||||||
At December 31, | ||||||||||||||||
2021 | 2020 | |||||||||||||||
61 West 23rd Street LLC (*) | New York, NY | 12,637,342 | Alan Real Estate S.A. | 0 | 100 | |||||||||||
Ermenegildo Zegna Vietnam LLC | Hanoi City (Vietnam) | 53,567,900,000 | Ermenegildo Zegna N.V. | 77 | 77 | |||||||||||
Achill Land Pty Ltd. (*) | Armidale NSW (Australia) | 10,200,000 | Alan Real Estate S.A. | 0 | 60 | |||||||||||
Zegna Gulf Trading LLC | Dubai (UAE) | 300,000 | Consitex S.A. | 49 | 49 | |||||||||||
EZ US Holding Inc. | Wilmington (U.S.A.) | 1,000,099 | Consitex S.A. | 100 | 100 | |||||||||||
E.Zegna Attica Single Member Société Anonyme | Athens (Greece) | 650,000 | Ermenegildo Zegna N.V. | 100 | 100 | |||||||||||
Thom Browne Inc. | Wilmington (U.S.A.) | 5,510 | Ermenegildo Zegna N.V. | 90 | 85 | |||||||||||
Thom Browne Japan Inc. | Tokyo (Japan) | 1,000,000 | Thom Browne Inc. | 90 | 85 | |||||||||||
Thom Browne Trading SA | Stabio (Switzerland) | 100,000 | Thom Browne Inc. | 90 | 85 | |||||||||||
Thom Browne France Services | Paris (France) | 50,000 | Thom Browne Trading SA | 90 | 85 | |||||||||||
Thom Browne UK Limited | Beckenham (UK) | 1 | Thom Browne Trading SA | 90 | 85 | |||||||||||
Tailoring Luxury Co., Ltd. | Shanghai (China) | 900,000 | Thom Browne Trading SA | 90 | 85 | |||||||||||
Thom Browne (Macau) Limited | Hong Kong | 500,000 | Thom Browne Trading SA | 90 | 85 | |||||||||||
Thom Browne Canada | Vancouver (Canada) | 1 | Thom Browne Trading SA | 90 | 85 | |||||||||||
Thom Browne Hong Kong Limited | Hong Kong | 500,000 | Thom Browne Trading SA | 90 | 0 | |||||||||||
Investments valued using the equity method of accounting | ||||||||||||||||
Italian associates and joint arrangements | ||||||||||||||||
Pelletteria Tizeta S.r.l. | Sesto Fiorentino (FI) | 206,816 | Ermenegildo Zegna N.V. | 50 | 50 | |||||||||||
Filati Biagioli Modesto S.p.A. | Montale (PT) | 7,900,000 | Ermenegildo Zegna N.V. | 40 | 0 | |||||||||||
Foreign associates and joint arrangements | ||||||||||||||||
Achill Station Pty Ltd. | Armidale NSW (Australia) | 2,239,127 | Alan Real Estate S.A. | 0 | 60 | |||||||||||
Tom Ford International LLC | Delaware (U.S.A.) | 82,366,000 | EZ US Holding Inc. | 15 | 15 | |||||||||||
Other investments valued at fair value | ||||||||||||||||
Acquedotto Piancone S.r.l. | Valdilana (BI) | 42,000 | Lanificio Ermenegildo Zegna e Figli S.p.A. | 67 | 67 | |||||||||||
Pettinatura di Verrone S.r.l. | Verrone (BI) | 3,000,000 | Lanificio Ermenegildo Zegna e Figli S.p.A. | 15 | 15 | |||||||||||
Consorzio Turistico Alpi Biellesi (*) | Valdilana (BI) | 33,750 | EZ Real Estate S.r.l. (*) | 0 | 44 | |||||||||||
Sharmoon.EZ.Garments Co. Ltd | Wenzhou (China) | 100,000,000 | Ermenegildo Zegna N.V. | 50 | 50 | |||||||||||
F2 S.r.l. | Schio (VI) | 90,000 | Bonotto S.p.A. | 49 | 49 | |||||||||||
Elah Dufour S.p.A. (*) | Genova (GE) | 26,650,000 | E.Z. Holditalia | 0 | 10 | |||||||||||
Bea Biella S.r.l. (*) | Busalla (GE) | 130,000 | EZ Real Estate S.r.l. (*) | 0 | 22 | |||||||||||
Future 101 Design Private Ltd | New Delhi (India) | 100,000 | E.Z. Holditalia | 0 | 18 |
Company | Registered office | Share capital (functional currency) | Held directly by | % Group | ||||||||||||||||||||||||||||
At December 31, | ||||||||||||||||||||||||||||||||
2022 | 2021 | |||||||||||||||||||||||||||||||
Ismaco Amsterdam B.V. | Amsterdam (Netherlands) | 226,890 | Ermenegildo Zegna N.V. | 100 | % | 100 | % | |||||||||||||||||||||||||
Ermenegildo Zegna Far-East Pte LTD | Singapore | 21,776,432 | Consitex S.A. | 100 | % | 100 | % | |||||||||||||||||||||||||
Ermenegildo Zegna Hong Kong LTD | Hong Kong | 538,240,000 | Ermenegildo Zegna N.V. | 100 | % | 100 | % | |||||||||||||||||||||||||
E.Z. Trading (Hong Kong) LTD | Hong Kong | 58,620,000 | Ermenegildo Zegna N.V. | 100 | % | 100 | % | |||||||||||||||||||||||||
Ermenegildo Zegna Canada Inc. | Toronto (Canada) | 700,000 | Consitex S.A. | 100 | % | 100 | % | |||||||||||||||||||||||||
Ermenegildo Zegna Australia PTY LTD | Sydney (Australia) | 18,000,000 | Ermenegildo Zegna Far-East Pte LTD | 100 | % | 100 | % | |||||||||||||||||||||||||
E. Z. New Zealand LTD | Auckland (New Zealand) | 3,300,000 | Ermenegildo Zegna N.V. | 100 | % | 100 | % | |||||||||||||||||||||||||
Ezesa Argentina S.A. | Buenos Aires (Argentina) | 9,421,014 | Ermenegildo Zegna N.V. / Italco S.A. | 100 | % | 100 | % | |||||||||||||||||||||||||
E. Z. Thai Holding Ltd | Bangkok (Thailand) | 3,000,000 | Ermenegildo Zegna N.V. | 49 | % | 49 | % | |||||||||||||||||||||||||
The Italian Fashion Co. LTD | Bangkok (Thailand) | 16,000,000 | E. Z. Thai Holding Ltd / Ermenegildo Zegna Far-East Pte LTD | 65 | % | 65 | % | |||||||||||||||||||||||||
Zegna South Asia Private LTD | Mumbai (India) | 902,316,770 | Ermenegildo Zegna N.V. | 51 | % | 51 | % | |||||||||||||||||||||||||
ISMACO TEKSTİL LİMİTED ŞİRKETİ | Istanbul (Turkey) | 10,000,000 | Ermenegildo Zegna N.V. / Ismaco Amsterdam B.V. | 100 | % | 100 | % | |||||||||||||||||||||||||
Ezesa Brasil Participacoes LTDA | San Paolo (Brazil) | 77,481,487 | Ermenegildo Zegna N.V. | 100 | % | 100 | % | |||||||||||||||||||||||||
Ermenegildo Zegna (Macau) LTD | Kowloon Bay (Hong Kong) | 4,650,000 | Consitex S.A. | 100 | % | 100 | % | |||||||||||||||||||||||||
Ermenegildo Zegna Malaysia Sdn. Bhd. | Kuala Lumpur (Malaysia) | 3,000,000 | Ermenegildo Zegna Far-East Pte LTD | 100 | % | 100 | % | |||||||||||||||||||||||||
Ermenegildo Zegna Maroc S.A.R.L.A.U. | Casablanca (Morocco) | 530,000 | Ermenegildo Zegna N.V. | 100 | % | 100 | % | |||||||||||||||||||||||||
Ermenegildo Zegna Vietnam LLC | Hanoi City (Vietnam) | 132,294,900,000 | Ermenegildo Zegna N.V. | 90 | % | 77 | % | |||||||||||||||||||||||||
Zegna Gulf Trading LLC | Dubai (UAE) | 300,000 | Consitex S.A. | 49 | % | 49 | % | |||||||||||||||||||||||||
EZ US Holding Inc. | Wilmington (U.S.A.) | 1,000,099 | Consitex S.A. | 100 | % | 100 | % | |||||||||||||||||||||||||
E.Zegna Attica Single Member Societé Anonyme | Athens (Greece) | 650,000 | Ermenegildo Zegna N.V. | 100 | % | 100 | % | |||||||||||||||||||||||||
Zegna for Retail of Readymade and Novelty Clothes W.L.L. | Kuwait City (Kuwait) | 125,000 | Zegna Gulf Trading LLC | 49 | % | — | % | |||||||||||||||||||||||||
Thom Browne Inc. | Wilmington (U.S.A.) | 5,510 | Ermenegildo Zegna N.V. | 90 | % | 90 | % | |||||||||||||||||||||||||
Thom Browne Japan Inc. | Tokyo (Japan) | 1,000,000 | Thom Browne Inc. | 90 | % | 90 | % | |||||||||||||||||||||||||
Thom Browne Trading SA | Stabio (Switzerland) | 100,000 | Thom Browne Inc. | 90 | % | 90 | % | |||||||||||||||||||||||||
Thom Browne France Services | Paris (France) | 50,000 | Thom Browne Trading SA | 90 | % | 90 | % | |||||||||||||||||||||||||
Thom Browne UK Limited | Beckenham (UK) | 1 | Thom Browne Trading SA | 90 | % | 90 | % | |||||||||||||||||||||||||
Thom Browne (China) Co., Ltd.(*) | Shanghai (China) | 900,000 | Thom Browne Trading SA | 90 | % | 90 | % | |||||||||||||||||||||||||
Thom Browne (Macau) Limited | Hong Kong | 500,000 | Thom Browne Trading SA | 90 | % | 90 | % | |||||||||||||||||||||||||
Thom Browne Canada | Vancouver (Canada) | 100 | Thom Browne Trading SA | 90 | % | 90 | % | |||||||||||||||||||||||||
Thom Browne Hong Kong Limited | Hong Kong | 500,000 | Thom Browne Trading SA | 90 | % | 90 | % | |||||||||||||||||||||||||
Thom Browne Eyewear (T.B.E.) SA | Stabio (Switzerland) | 1,000,000 | Thom Browne Trading SA | 90 | % | — | % | |||||||||||||||||||||||||
Thom Browne Eyewear France SAS | Paris (France) | 40,000 | Thom Browne Eyewear SA | 90 | % | — | % | |||||||||||||||||||||||||
Investments accounted for using the equity method | ||||||||||||||||||||||||||||||||
Italian associates and joint arrangements | ||||||||||||||||||||||||||||||||
Pelletteria Tizeta S.r.l. | Sesto Fiorentino (FI) | 206,816 | Ermenegildo Zegna N.V. | 50 | % | 50 | % | |||||||||||||||||||||||||
Filati Biagioli Modesto S.r.l. | Montale (PT) | 7,900,000 | Ermenegildo Zegna N.V. | 40 | % | 40 | % | |||||||||||||||||||||||||
Foreign associates and joint arrangements | ||||||||||||||||||||||||||||||||
Tom Ford International LLC | Delaware (U.S.A.) | 82,366,000 | EZ US Holding Inc. | 15 | % | 15 | % | |||||||||||||||||||||||||
Other investments valued at fair value |
(*) Formerly known as Tailoring Luxury Co. Ltd. |
Category of Property, Plant and Equipment | Depreciation | Rate | ||||||
Buildings | 3% - | |||||||
Plants and machinery | 12.5% - | |||||||
Industrial and commercial equipment | 20% - | |||||||
Other tangible assets | 12% - |
Category of Intangible | Depreciation | Rate | ||||||
Concessions, licenses, trademarks and patents | 2.5% - | |||||||
Software | 10% - | |||||||
Know how | ||||||||
Development costs and other intangibles | 10% - |
b.hedges |
(Euro thousands) | For the year ended December 31, 2021 | |||||||||||||||
Zegna | Thom Browne | Intercompany eliminations | Group Consolidated | |||||||||||||
Revenues with third parties | 1,029,005 | 263,397 | — | 1,292,402 | ||||||||||||
Inter-segment revenues | 6,170 | 669 | (6,839 | ) | — | |||||||||||
Revenues | 1,035,175 | 264,066 | (6,839 | ) | 1,292,402 | |||||||||||
Depreciation and amortization | (137,502 | ) | (17,173 | ) | 0 | (154,675 | ) | |||||||||
Adjusted EBIT | 111,018 | 38,097 | — | 149,115 | ||||||||||||
Costs related to the Business Combination (1) | (205,059 | ) | ||||||||||||||
Costs related to lease agreements (2) | (15,512 | ) | ||||||||||||||
Severance indemnities and provision for severance expenses | (8,996 | ) | ||||||||||||||
Impairment of property, plant and equipment and right-of-use (3) | (8,692 | ) | ||||||||||||||
Other adjustments ( 4 ) | (4,884 | ) | ||||||||||||||
Financial income | 45,889 | |||||||||||||||
Financial expenses | (43,823 | ) | ||||||||||||||
Foreign exchange gains/(losses) | (7,791 | ) | ||||||||||||||
Result from investments accounted for using the equity method | 2,794 | |||||||||||||||
Loss before taxes | (96,959 | ) |
For the year ended December 31, 2022 | |||||||||||||||||||||||||||||
(€ thousands) | Zegna | Thom Browne | Corporate | Intercompany Eliminations | Group Consolidated | ||||||||||||||||||||||||
Revenues with third parties | 1,162,826 | 330,014 | — | — | 1,492,840 | ||||||||||||||||||||||||
Inter-segment revenues | 13,880 | 877 | — | (14,757) | — | ||||||||||||||||||||||||
Revenues | 1,176,706 | 330,891 | — | (14,757) | 1,492,840 | ||||||||||||||||||||||||
Depreciation and amortization | (148,747) | (23,129) | (6) | — | (171,882) | ||||||||||||||||||||||||
Adjusted EBIT | 141,513 | 48,077 | (31,861) | — | 157,729 | ||||||||||||||||||||||||
Legal costs for trademark disputes (1) | (7,532) | ||||||||||||||||||||||||||||
Transaction costs related to acquisitions (2) | (2,289) | ||||||||||||||||||||||||||||
Severance indemnities and provisions for severance expenses (3) | (2,199) | ||||||||||||||||||||||||||||
Costs related to the Business Combination (4) | (2,137) | ||||||||||||||||||||||||||||
Net impairment of leased and owned stores (5) | (1,639) | ||||||||||||||||||||||||||||
Special donation to the UNHCR (6) | (1,000) | ||||||||||||||||||||||||||||
Net income related to lease agreements (7) | 6,844 | ||||||||||||||||||||||||||||
Financial income | 13,320 | ||||||||||||||||||||||||||||
Financial expenses | (54,346) | ||||||||||||||||||||||||||||
Foreign exchange losses | (7,869) | ||||||||||||||||||||||||||||
Result from investments accounted for using the equity method | 2,199 | ||||||||||||||||||||||||||||
Profit before taxes | 101,081 |
(Euro thousands) | For the year ended December 31, 2020 | |||||||||||||||
Zegna | Thom Browne | Intercompany eliminations | Group Consolidated | |||||||||||||
Revenues with third parties | 835,244 | 179,489 | 0 | 1,014,733 | ||||||||||||
Inter-segment revenues | 8,074 | 305 | (8,379 | ) | — | |||||||||||
Revenues | 843,318 | 179,794 | (8,379 | ) | 1,014,733 | |||||||||||
Depreciation and amortization | (153,962 | ) | (12,243 | ) | — | (166,205 | ) | |||||||||
Adjusted EBIT | (8,981 | ) | 28,994 | 0 | 20,013 | |||||||||||
Donations related to the COVID-19 pandemic | (4,482 | ) | ||||||||||||||
Costs related to lease agreements | (3,000 | ) | ||||||||||||||
Impairment of property, plant and equipment and right-of-use | (19,725 | ) | ||||||||||||||
Severance indemnities and provision for severance expenses | (12,308 | ) | ||||||||||||||
Impairment on held for sale assets | (3,053 | ) | ||||||||||||||
Financial income | 34,352 | |||||||||||||||
Financial expenses | (48,072 | ) | ||||||||||||||
Foreign exchange gains/(losses) | 13,455 | |||||||||||||||
Result from investments accounted for using the equity method | (4,205 | ) | ||||||||||||||
Impairments of investments accounted for using the equity method | (4,532 | ) | ||||||||||||||
Loss before taxes | (31,557 | ) |
For the year ended December 31, 2021 | |||||||||||||||||||||||||||||
(€ thousands) | Zegna | Thom Browne | Corporate | Intercompany Eliminations | Group Consolidated | ||||||||||||||||||||||||
Revenues with third parties | 1,029,005 | 263,397 | — | — | 1,292,402 | ||||||||||||||||||||||||
Inter-segment revenues | 6,170 | 669 | — | (6,839) | — | ||||||||||||||||||||||||
Revenues | 1,035,175 | 264,066 | — | (6,839) | 1,292,402 | ||||||||||||||||||||||||
Depreciation and amortization | (137,500) | (17,173) | (2) | — | (154,675) | ||||||||||||||||||||||||
Adjusted EBIT | 131,929 | 38,097 | (20,911) | — | 149,115 | ||||||||||||||||||||||||
Costs related to the Business Combination (1) | (205,059) | ||||||||||||||||||||||||||||
Net costs related to lease agreements (2) | (15,512) | ||||||||||||||||||||||||||||
Severance indemnities and provisions for severance expenses (3) | (8,996) | ||||||||||||||||||||||||||||
Net impairment of leased and owned stores (4) | (8,692) | ||||||||||||||||||||||||||||
Other adjustments (5) | (4,884) | ||||||||||||||||||||||||||||
Financial income | 45,889 | ||||||||||||||||||||||||||||
Financial expenses | (43,823) | ||||||||||||||||||||||||||||
Foreign exchange losses | (7,791) | ||||||||||||||||||||||||||||
Result from investments accounted for using the equity method | 2,794 | ||||||||||||||||||||||||||||
Loss before taxes | (96,959) |
(Euro thousands) | For the year ended December 31, 2019 | |||||||||||||||
Zegna | Thom Browne | Intercompany eliminations | Group Consolidated | |||||||||||||
Revenues with third parties | 1,160,731 | 160,596 | — | 1,321,327 | ||||||||||||
Inter-segment revenues | 5,180 | 604 | (5,784 | ) | — | |||||||||||
Revenues | 1,165,911 | 161,200 | (5,784 | ) | 1,321,327 | |||||||||||
Depreciation and amortization | (160,381 | ) | (7,829 | ) | — | (168,210 | ) | |||||||||
Adjusted EBIT | 91,385 | 15,889 | 0 | 107,274 | ||||||||||||
Impairment of property, plant and equipment and right-of-use | (8,858 | ) | ||||||||||||||
Severance indemnities and provision for severance expenses | (9,777 | ) | ||||||||||||||
Financial income | 22,061 | |||||||||||||||
Financial expenses | (37,492 | ) | ||||||||||||||
Foreign exchange gains/(losses) | (2,441 | ) | ||||||||||||||
Result from investments accounted for using the equity method | (1,534 | ) | ||||||||||||||
Profit before taxes | 69,233 |
For the year ended December 31, 2020 | |||||||||||||||||||||||||||||
(€ thousands) | Zegna | Thom Browne | Corporate | Intercompany Eliminations | Group Consolidated | ||||||||||||||||||||||||
Revenues with third parties | 835,244 | 179,489 | — | — | 1,014,733 | ||||||||||||||||||||||||
Inter-segment revenues | 8,074 | 305 | — | (8,379) | — | ||||||||||||||||||||||||
Revenues | 843,318 | 179,794 | — | (8,379) | 1,014,733 | ||||||||||||||||||||||||
Depreciation and amortization | (153,962) | (12,243) | — | — | (166,205) | ||||||||||||||||||||||||
Adjusted EBIT | (7,243) | 28,994 | (1,738) | — | 20,013 | ||||||||||||||||||||||||
Donations related to the COVID-19 pandemic (1) | (4,482) | ||||||||||||||||||||||||||||
Net costs related to lease agreements (2) | (3,000) | ||||||||||||||||||||||||||||
Net impairment of leased and owned stores (3) | (19,725) | ||||||||||||||||||||||||||||
Severance indemnities and provisions for severance expenses (4) | (12,308) | ||||||||||||||||||||||||||||
Impairment on held for sale assets (5) | (3,053) | ||||||||||||||||||||||||||||
Financial income | 34,352 | ||||||||||||||||||||||||||||
Financial expenses | (48,072) | ||||||||||||||||||||||||||||
Foreign exchange gains | 13,455 | ||||||||||||||||||||||||||||
Result from investments accounted for using the equity method | (4,205) | ||||||||||||||||||||||||||||
Impairments of investments accounted for using the equity method | (4,532) | ||||||||||||||||||||||||||||
Loss before taxes | (31,557) |
At December 31, | |||||||||||
(€ thousands) | 2022 | 2021 | |||||||||
EMEA (1) | 281,749 | 273,926 | |||||||||
of which Italy | 178,714 | 166,467 | |||||||||
North America (2) | 549,634 | 507,379 | |||||||||
of which United States (3) | 546,362 | 503,496 | |||||||||
Latin America (4) | 5,147 | 4,690 | |||||||||
APAC (5) | 143,673 | 143,616 | |||||||||
of which Greater China Region | 103,621 | 70,828 | |||||||||
of which Japan | 21,339 | 22,387 | |||||||||
Total non-current assets (other than financial instruments and deferred tax assets) | 980,203 | 929,611 |
(Euro thousands) | At December 31, | |||||||
2021 | 2020 | |||||||
EMEA (1) | 273,926 | 355,668 | ||||||
of which Italy | 166,467 | 185,085 | ||||||
North America (2) | 507,379 | 572,384 | ||||||
of which United States | 503,496 | 534,472 | ||||||
Latin America (3) | 4,690 | 5,625 | ||||||
APAC (4) | 143,616 | 121,057 | ||||||
of which Greater China Region | 70,828 | 93,225 | ||||||
of which Japan | 22,387 | 6,219 | ||||||
Total non-current assets (other than financial instruments and deferred tax assets) | 929,611 | 1,054,734 |
6. Revenues |
For the years ended December 31, | |||||||||||||||||
(€ thousands) | 2022 | 2021 | 2020 | ||||||||||||||
Zegna branded products(1) | 923,942 | 847,311 | 636,478 | ||||||||||||||
Thom Browne | 330,014 | 263,397 | 179,490 | ||||||||||||||
Textile | 136,769 | 102,244 | 87,615 | ||||||||||||||
Third Party Brands | 97,792 | 74,957 | 82,273 | ||||||||||||||
Other(2) | 4,323 | 4,493 | 28,877 | ||||||||||||||
Total revenues | 1,492,840 | 1,292,402 | 1,014,733 |
(Euro thousands) | For the years ended December 31, | |||||||||||
2021 | 2020 | 2019 | ||||||||||
Zegna branded products | 847,311 | 636,478 | 919,545 | |||||||||
Thom Browne | 263,397 | 179,490 | 160,595 | |||||||||
Textile | 102,244 | 87,615 | 108,513 | |||||||||
Third Party Brands | 74,957 | 82,273 | 91,720 | |||||||||
Agnona | 1,191 | 12,389 | 17,691 | |||||||||
Other | 3,302 | 16,488 | 23,263 | |||||||||
Total revenues | 1,292,402 | 1,014,733 | 1,321,327 |
For the years ended December 31, | |||||||||||||||||
(€ thousands) | 2022 | 2021 | 2020 | ||||||||||||||
Direct to Consumer (DTC) - Zegna branded products | 772,505 | 712,862 | 527,972 | ||||||||||||||
Direct to Consumer (DTC) - Thom Browne branded products | 145,702 | 138,567 | 85,268 | ||||||||||||||
Total Direct to Customer (DTC) | 918,207 | 851,429 | 613,240 | ||||||||||||||
Wholesale Zegna branded products | 151,437 | 134,449 | 108,506 | ||||||||||||||
Wholesale Thom Browne branded products | 184,312 | 124,830 | 94,222 | ||||||||||||||
Wholesale Third Party Brands and Textile | 234,561 | 177,201 | 169,888 | ||||||||||||||
Total Wholesale | 570,310 | 436,480 | 372,616 | ||||||||||||||
Other(1) | 4,323 | 4,493 | 28,877 | ||||||||||||||
Total revenues | 1,492,840 | 1,292,402 | 1,014,733 |
(Euro thousands) | For the years ended December 31, | |||||||||||
2021 | 2020 | 2019 | ||||||||||
Direct to Consumer (DTC) - Zegna branded products | 712,862 | 527,972 | 743,012 | |||||||||
Direct to Consumer (DTC) - Thom Browne branded products | 138,567 | 85,268 | 61,045 | |||||||||
Total Direct to Customer (DTC) | 851,429 | 613,240 | 804,057 | |||||||||
Wholesale Zegna branded products | 134,449 | 108,506 | 176,533 | |||||||||
Wholesale Thom Browne branded products | 124,830 | 94,222 | 99,550 | |||||||||
Wholesale Third Party Brands and Textile | 177,201 | 169,888 | 200,233 | |||||||||
Wholesale Agnona | 1,191 | 12,389 | 17,691 | |||||||||
Total Wholesale | 437,671 | 385,005 | 494,007 | |||||||||
Other | 3,302 | 16,488 | 23,263 | |||||||||
Total revenues | 1,292,402 | 1,014,733 | 1,321,327 |
For the years ended December 31, | |||||||||||||||||
(€ thousands) | 2022 | 2021 | 2020 | ||||||||||||||
EMEA (1) | 520,226 | 380,325 | 315,879 | ||||||||||||||
of which Italy | 224,342 | 158,722 | 121,202 | ||||||||||||||
of which UK | 53,970 | 37,682 | 32,985 | ||||||||||||||
of which MEA (2) | 69,046 | 44,236 | 24,268 | ||||||||||||||
North America (3) | 294,686 | 191,283 | 131,049 | ||||||||||||||
of which United States | 270,312 | 176,059 | 114,818 | ||||||||||||||
Latin America (4) | 29,889 | 19,971 | 12,915 | ||||||||||||||
APAC (5) | 644,802 | 696,344 | 551,650 | ||||||||||||||
of which Greater China Region | 494,110 | 588,876 | 438,193 | ||||||||||||||
of which Japan | 65,445 | 55,479 | 61,523 | ||||||||||||||
Other (6) | 3,237 | 4,479 | 3,240 | ||||||||||||||
Total revenues | 1,492,840 | 1,292,402 | 1,014,733 |
(Euro thousands) | For the years ended December 31, | |||||||||||
2021 | 2020 | 2019 | ||||||||||
EMEA (1) | 380,325 | 315,879 | 431,384 | |||||||||
of which Italy | 158,722 | 121,202 | 140,676 | |||||||||
of which UK | 37,682 | 32,985 | 58,012 | |||||||||
North America (2) | 191,283 | 131,049 | 233,327 | |||||||||
of which United States | 176,059 | 114,818 | 205,744 | |||||||||
Latin America (3) | 19,971 | 12,915 | 25,404 | |||||||||
APAC (4) | 696,344 | 551,650 | 626,059 | |||||||||
of which Greater China Region | 588,876 | 438,193 | 458,294 | |||||||||
of which Japan | 55,479 | 61,523 | 90,240 | |||||||||
Other (5) | 4,479 | 3,240 | 5,153 | |||||||||
Total revenues | 1,292,402 | 1,014,733 | 1,321,327 |
(6)Other mainly includes royalties. Revenues in the Netherlands, the Company’s country of domicile, amounted to €8,701 thousand, €6,320 thousand and €5,248 thousand for the years ended December 31, 2022, 2021 and 2020, respectively. |
7. Other income |
8. Cost of raw materials and consumables |
For the years ended December 31, | |||||||||||||||||
(€ thousands) | 2022 | 2021 | 2020 | ||||||||||||||
Raw materials | (154,858) | (108,442) | (108,130) | ||||||||||||||
Finished goods | (186,876) | (161,731) | (130,006) | ||||||||||||||
Consumables | (8,362) | (12,951) | (10,909) | ||||||||||||||
Change in raw materials, consumables and finished goods | 38,868 | (24,822) | 131 | ||||||||||||||
Other | (92) | (1,663) | (1,655) | ||||||||||||||
Total cost of raw materials and consumables | (311,320) | (309,609) | (250,569) |
(Euro thousands) | For the years ended December 31, | |||||||||||
2021 | 2020 | 2019 | ||||||||||
Raw materials | (108,442 | ) | (108,130 | ) | (139,965 | ) | ||||||
Finished goods | (161,731 | ) | (130,006 | ) | (141,512 | ) | ||||||
Consumables | (12,951 | ) | (10,909 | ) | (14,067 | ) | ||||||
Change in raw materials, consumables and finished goods | (24,822 | ) | 131 | (9,991 | ) | |||||||
Other | (1,663 | ) | (1,655 | ) | (4,266 | ) | ||||||
Total cost of raw materials and consumables | (309,609 | ) | (250,569 | ) | (309,801 | ) |
9. Purchased, outsourced and other costs |
For the years ended December 31, | |||||||||||||||||
(€ thousands) | 2022 | 2021 | 2020 | ||||||||||||||
Outsourcing of production | (85,763) | (53,402) | (59,411) | ||||||||||||||
Advertising and marketing expenses | (76,618) | (57,224) | (47,467) | ||||||||||||||
Freight, insurance and selling expenses | (74,161) | (49,241) | (55,905) | ||||||||||||||
Lease expenses | (61,730) | (56,345) | (32,755) | ||||||||||||||
Consultancy fees and corporate bodies fees | (60,633) | (75,737) | (33,706) | ||||||||||||||
Utilities | (33,288) | (26,710) | (22,423) | ||||||||||||||
Maintenance costs | (19,822) | (14,610) | (14,993) | ||||||||||||||
Royalties | (4,158) | (4,258) | (5,982) | ||||||||||||||
Other services | (21,755) | (16,102) | (14,284) | ||||||||||||||
Total purchased, outsourced and other costs | (437,928) | (353,629) | (286,926) |
(Euro thousands) | For the years ended December 31, | |||||||||||
2021 | 2020 | 2019 | ||||||||||
Consultancy fees and corporate bodies fees | (75,737 | ) | (33,706 | ) | (38,460 | ) | ||||||
Advertising and marketing expenses | (57,224 | ) | (47,467 | ) | (60,789 | ) | ||||||
Lease expenses | (56,345 | ) | (32,755 | ) | (68,248 | ) | ||||||
Outsourcing of production | (53,402 | ) | (59,411 | ) | (74,829 | ) | ||||||
Freight, insurance and selling expenses | (49,241 | ) | (55,905 | ) | (67,477 | ) | ||||||
Utilities | (26,710 | ) | (22,423 | ) | (26,063 | ) | ||||||
Maintenance costs | (14,610 | ) | (14,993 | ) | (12,672 | ) | ||||||
Royalties | (4,258 | ) | (5,982 | ) | (4,880 | ) | ||||||
Other services | (16,102 | ) | (14,284 | ) | (18,279 | ) | ||||||
Total purchased, outsourced and other costs | (353,629 | ) | (286,926 | ) | (371,697 | ) |
For the years ended December 31, | |||||||||||||||||
(€ thousands) | 2022 | 2021 | 2020 | ||||||||||||||
Rent reductions | 7,194 | 12,877 | 24,931 | ||||||||||||||
Variable lease payments | (61,099) | (63,421) | (54,665) | ||||||||||||||
Expenses relating to short-term leases | (7,715) | (5,697) | (2,260) | ||||||||||||||
Expenses relating to low value leases | (110) | (104) | (761) | ||||||||||||||
Total lease expenses | (61,730) | (56,345) | (32,755) |
(Euro thousands) | For the years ended December 31, | |||||||||||
2021 | 2020 | 2019 | ||||||||||
Rent reductions | 12,877 | 24,931 | — | |||||||||
Variable lease payments | (63,421 | ) | (54,665 | ) | (63,361 | ) | ||||||
Expenses relating to short-term leases | (5,697 | ) | (2,260 | ) | (4,029 | ) | ||||||
Expenses relating to low value leases | (104 | ) | (761 | ) | (858 | ) | ||||||
Total lease expenses | (56,345 | ) | (32,755 | ) | (68,248 | ) |
10. Personnel costs |
For the years ended December 31, | |||||||||||||||||
(€ thousands) | 2022 | 2021 | 2020 | ||||||||||||||
Wages and salaries | (279,508) | (271,767) | (209,965) | ||||||||||||||
Social contributions, pension plans and indemnities | (59,054) | (51,725) | (50,750) | ||||||||||||||
Other long-term benefits | (16,153) | (8,702) | — | ||||||||||||||
Share-based payments | (13,579) | (16,290) | — | ||||||||||||||
Insurances and other benefits | (13,111) | (2,455) | (3,142) | ||||||||||||||
Uniforms | (4,185) | (4,434) | (5,013) | ||||||||||||||
Severance indemnities | (2,199) | (8,996) | (12,308) | ||||||||||||||
Other payroll expenses | (7,298) | (3,393) | (1,481) | ||||||||||||||
Total personnel costs | (395,087) | (367,762) | (282,659) |
(Euro thousands) | For the years ended December 31, | |||||||||||
2021 | 2020 | 2019 | ||||||||||
Wages and salaries | (271,767 | ) | (209,965 | ) | (250,196 | ) | ||||||
Social contributions, pension plans and indemnities | (51,725 | ) | (50,750 | ) | (61,156 | ) | ||||||
Share-based payments | (16,290 | ) | — | — | ||||||||
Severance indemnities | (8,996 | ) | (12,308 | ) | (9,778 | ) | ||||||
Other long-term benefits | (8,702 | ) | — | — | ||||||||
Uniforms | (4,434 | ) | (5,013 | ) | (8,481 | ) | ||||||
Insurances and other benefits | (2,455 | ) | (3,142 | ) | (1,460 | ) | ||||||
Other payroll expenses | (3,393 | ) | (1,481 | ) | (873 | ) | ||||||
Total personnel costs | (367,762 | ) | (282,659 | ) | (331,944 | ) |
11. Depreciation, amortization and impairment of assets |
For the years ended December 31, | |||||||||||||||||
(€ thousands) | 2022 | 2021 | 2020 | ||||||||||||||
Depreciation and amortization | (171,882) | (154,195) | (166,205) | ||||||||||||||
of which: | |||||||||||||||||
Right-of-use assets | (119,297) | (105,779) | (108,510) | ||||||||||||||
Property, plant and equipment and investment property | (40,202) | (37,919) | (46,280) | ||||||||||||||
Intangible assets with a finite useful life | (12,383) | (10,497) | (11,415) | ||||||||||||||
Impairment | (1,639) | (9,172) | (19,725) | ||||||||||||||
of which: | |||||||||||||||||
Right-of-use assets | (2,369) | (6,486) | (15,716) | ||||||||||||||
Property, plant and equipment and investment property | 756 | (2,647) | (4,011) | ||||||||||||||
Intangible assets with a finite useful life | (26) | (39) | 2 | ||||||||||||||
Total depreciation, amortization and impairment of assets | (173,521) | (163,367) | (185,930) |
(Euro thousands) | For the years ended December 31, | |||||||||||
2021 | 2020 | 2019 | ||||||||||
Depreciation and amortization | (154,195 | ) | (166,205 | ) | (168,210 | ) | ||||||
Of which: | ||||||||||||
Right-of-use | (105,779 | ) | (108,510 | ) | (110,166 | ) | ||||||
Property, plant and equipment and investment property | (37,919 | ) | (46,280 | ) | (45,773 | ) | ||||||
Intangible assets with a finite useful life | (10,497 | ) | (11,415 | ) | (12,271 | ) | ||||||
Impairment | (9,172 | ) | (19,725 | ) | (8,858 | ) | ||||||
Of which: | ||||||||||||
Right-of-use | (6,486 | ) | (15,716 | ) | (7,980 | ) | ||||||
Property, plant and equipment | (2,647 | ) | (4,011 | ) | (817 | ) | ||||||
Intangible assets | (39 | ) | 2 | (61 | ) | |||||||
Total depreciation, amortization and impairment of assets | (163,367 | ) | (185,930 | ) | (177,068 | ) |
For the years ended December 31, | |||||||||||||||||
(€ thousands) | 2022 | 2021 | 2020 | ||||||||||||||
Provision for legal expenses | 895 | (12,257) | (2,484) | ||||||||||||||
Provision for Agnona disposal and write downs | — | (6,150) | (988) | ||||||||||||||
Provision for restoration obligations for leased stores | 374 | (349) | (1,992) | ||||||||||||||
Reversal/(Loss) allowance on trade receivables | (30) | 498 | (3,636) | ||||||||||||||
Other provisions | (1,253) | (1,229) | 2,922 | ||||||||||||||
Total write downs and other provisions | (14) | (19,487) | (6,178) |
(Euro thousands) | For the years ended December 31, | |||||||||||
2021 | 2020 | 2019 | ||||||||||
Provision for legal expenses | (12,257 | ) | (2,484 | ) | 409 | |||||||
Agnona disposal and write downs | (6,150 | ) | (988 | ) | — | |||||||
Provision for restoration obligations for leased stores | (349 | ) | (1,992 | ) | (2,331 | ) | ||||||
Reversal/(Loss) allowance on trade receivables | 498 | (3,636 | ) | (727 | ) | |||||||
Other provisions | (1,229 | ) | 2,922 | 1,632 | ||||||||
Total write downs and other provisions | (19,487 | ) | (6,178 | ) | (1,017 | ) |
For the years ended December 31, | |||||||||||||||||
(€ thousands) | 2022 | 2021 | 2020 | ||||||||||||||
Costs related to the Business Combination | — | (152,869) | — | ||||||||||||||
Travel expenses | (14,247) | (7,919) | (5,886) | ||||||||||||||
Bank fees | (10,979) | (8,939) | (6,665) | ||||||||||||||
Indirect taxes | (4,694) | (3,327) | (3,541) | ||||||||||||||
Gifts, associations and donations | (3,255) | (2,891) | (10,834) | ||||||||||||||
Stationary and other materials | (2,093) | (1,766) | (1,904) | ||||||||||||||
Gains/(Losses) on disposals of assets | 1,124 | (1,153) | (1,091) | ||||||||||||||
Other operating costs | (6,998) | (1,972) | (478) | ||||||||||||||
Total other operating costs | (41,142) | (180,836) | (30,399) |
(Euro thousands) | For the years ended December 31, | |||||||||||
2021 | 2020 | 2019 | ||||||||||
Costs related to the Business Combination | (152,869 | ) | — | — | ||||||||
Bank fees | (8,939 | ) | (6,665 | ) | (10,046 | ) | ||||||
Travel expenses | (7,919 | ) | (5,886 | ) | (17,117 | ) | ||||||
Indirect taxes | (3,327 | ) | (3,541 | ) | (6,459 | ) | ||||||
Gifts, associations and donations | (2,891 | ) | (10,834 | ) | (12,338 | ) | ||||||
Stationary and other materials | (1,766 | ) | (1,904 | ) | (1,502 | ) | ||||||
Losses on disposals of assets | (1,153 | ) | (1,091 | ) | (970 | ) | ||||||
Other operating co s ts | (1,972 | ) | (478 | ) | (602 | ) | ||||||
Total other operating costs | (180,836 | ) | (30,399 | ) | (49,034 | ) |
For the years ended December 31, | |||||||||||||||||
(€ thousands) | 2022 | 2021 | 2020 | ||||||||||||||
Financial income | |||||||||||||||||
Options - Changes in fair value | 470 | 20,675 | 17,743 | ||||||||||||||
Securities | 8,154 | 17,845 | 10,812 | ||||||||||||||
Hedging operations | 241 | 661 | 358 | ||||||||||||||
Interest on financial other assets | 1,226 | 1,881 | 2,462 | ||||||||||||||
Interest on financial receivables/loans | 501 | 583 | 1,391 | ||||||||||||||
Derivative financial instruments | 1,022 | 2,760 | — | ||||||||||||||
Other financial income | 1,706 | 1,484 | 1,586 | ||||||||||||||
Total financial income | 13,320 | 45,889 | 34,352 | ||||||||||||||
Financial expenses | |||||||||||||||||
Options - Changes in fair value | (11,426) | (13,391) | (15,729) | ||||||||||||||
Hedging operations | (11,701) | (7,044) | (6,716) | ||||||||||||||
Interest and financial charges for lease liabilities | (9,882) | (8,982) | (10,615) | ||||||||||||||
Warrants - Changes in fair value | (1,171) | (4,137) | — | ||||||||||||||
Securities | (13,426) | (3,902) | (8,272) | ||||||||||||||
Interest on bank loans and overdrafts | (4,785) | (2,845) | (3,765) | ||||||||||||||
Interest expenses on interest rate swaps | (1,356) | (2,076) | (2,002) | ||||||||||||||
Derivative financial instruments | — | — | (380) | ||||||||||||||
Other financial expenses | (599) | (1,446) | (593) | ||||||||||||||
Total financial expenses | (54,346) | (43,823) | (48,072) | ||||||||||||||
Foreign exchange (losses)/gains | (7,869) | (7,791) | 13,455 |
(Euro thousands) | For the years ended December 31, | |||||||||||
2021 | 2020 | 2019 | ||||||||||
Financial income | ||||||||||||
Options - Changes in fair value | 20,675 | 17,743 | 0 | |||||||||
Fixed-income securities | 17,845 | 10,812 | 11,364 | |||||||||
Hedging operations | 661 | 358 | 843 | |||||||||
Interest on financial other assets | 1,881 | 2,462 | 3,665 | |||||||||
Interest on financial receivables/loans | 583 | 1,391 | 2,494 | |||||||||
Derivative financial instruments | 2,760 | 0 | 2,986 | |||||||||
Other financial income | 1,484 | 1,586 | 709 | |||||||||
Total financial income | 45,889 | 34,352 | 22,061 | |||||||||
Financial expenses | ||||||||||||
Options - Changes in fair value | (13,391 | ) | (15,729 | ) | (4,154 | ) | ||||||
Hedging operations | (7,044 | ) | (6,716 | ) | (11,386 | ) | ||||||
Interest and financial charges for lease liabilities | (8,982 | ) | (10,615 | ) | (11,522 | ) | ||||||
Warrants - Changes in fair value | (4,137 | ) | — | — | ||||||||
Fixed-income securities | (3,902 | ) | (8,272 | ) | (2,346 | ) | ||||||
Interest on bank loans and overdrafts | (2,845 | ) | (3,765 | ) | (5,248 | ) | ||||||
Interest expenses on interest rate swaps | (2,076 | ) | (2,002 | ) | (1,987 | ) | ||||||
Derivative financial instruments | 0 | (380 | ) | 0 | ||||||||
Other financial exp e nses | (1,446 | ) | (593 | ) | (849 | ) | ||||||
Total financial expenses | (43,823 | ) | (48,072 | ) | (37,492 | ) | ||||||
Foreign exchange (losses)/gains | (7,791 | ) | 13,455 | (2,441 | ) |
For the years ended December 31, | |||||||||||||||||
(€ thousands) | 2022 | 2021 | 2020 | ||||||||||||||
Current taxes | (47,355) | (47,882) | (24,928) | ||||||||||||||
Deferred taxes | 11,553 | 17,180 | 9,945 | ||||||||||||||
Income taxes | (35,802) | (30,702) | (14,983) |
(Euro thousands) | For the years ended December 31, | |||||||||||
2021 | 2020 | 2019 | ||||||||||
Current taxes | (47,882 | ) | (24,928 | ) | (31,557 | ) | ||||||
Deferred taxes | 17,180 | 9,945 | (12,237 | ) | ||||||||
Income taxes | (30,702 | ) | (14,983 | ) | (43,794 | ) |
For the years ended December 31, | |||||||||||||||||
(€ thousands, except percentages) | 2022 | 2021 | 2020 | ||||||||||||||
Profit/(Loss) before taxes | 101,081 | (96,959) | (31,557) | ||||||||||||||
Theoretical income tax (expense)/benefit - tax rate 24% | (24,259) | 23,270 | 7,574 | ||||||||||||||
Tax effect on: | |||||||||||||||||
Non-deductible costs | (8,256) | (23,863) | (10,353) | ||||||||||||||
Patent box impact | — | — | 1,497 | ||||||||||||||
Differences between foreign tax rates and the theoretical applicable tax rate | 10,829 | (2,849) | 20,321 | ||||||||||||||
Taxes relating to prior years | (96) | (2,668) | (197) | ||||||||||||||
Deferred tax assets not recognized | 1,876 | (14,978) | (25,727) | ||||||||||||||
Tax on dividends and earnings | (5,366) | (9,027) | (6,221) | ||||||||||||||
Other tax items | (6,934) | 449 | (727) | ||||||||||||||
Total tax expense, excluding IRAP | (32,206) | (29,666) | (13,833) | ||||||||||||||
Effective tax rate, excluding IRAP | 31.9 | % | (30.6 | %) | (43.8 | %) | |||||||||||
Italian regional income tax expense (IRAP) | (3,596) | (1,036) | (1,150) | ||||||||||||||
Total income tax | (35,802) | (30,702) | (14,983) | ||||||||||||||
Effective tax rate | 35.4 | % | (31.7 | %) | (47.5 | %) |
(Euro thousands) | For the years ended December 31, | |||||||||||
2021 | 2020 | 2019 | ||||||||||
(Loss)/Profit before taxes | (96,959 | ) | (31,557 | ) | 69,233 | |||||||
Theoretical income tax benefit/(expense) - tax rate 24% | 23,270 | 7,574 | (16,616 | ) | ||||||||
Tax effect on: | ||||||||||||
Non-deductible costs | (23,863 | ) | (10,353 | ) | (7,349 | ) | ||||||
Patent box impact | — | 1,497 | 1,545 | |||||||||
Differences between foreign tax rates and the theoretical applicable tax rate and tax holidays | (2,849 | ) | 20,321 | (3,177 | ) | |||||||
Taxes relating to prior years | (2,668 | ) | (197 | ) | 192 | |||||||
Deferred tax assets not recognized | (14,978 | ) | (25,727 | ) | (9,386 | ) | ||||||
Withholding tax on earnings | (9,027 | ) | (6,221 | ) | (5,366 | ) | ||||||
Other tax items | 449 | (727 | ) | (1,482 | ) | |||||||
Total tax expense, excluding IRAP | (29,666 | ) | (13,833 | ) | (41,639 | ) | ||||||
Effective tax rate, excluding IRAP | (30.6 | )% | (43.8 | )% | 60.1 | % | ||||||
Italian regional income tax expense (IRAP) | (1,036 | ) | (1,150 | ) | (2,155 | ) | ||||||
Total income tax | (30,702 | ) | (14,983 | ) | (43,794 | ) |
(€ thousands) | At December 31, 2021 | Recognized in profit and loss | Recognized in comprehensive income/(loss) | Exchange differences and other | At December 31, 2022 | ||||||||||||||||||||||||
Deferred tax assets arising on: | |||||||||||||||||||||||||||||
Employee benefits | 4,665 | 352 | (85) | (138) | 4,794 | ||||||||||||||||||||||||
Property plant and equipment | 11,107 | (1,668) | — | 439 | 9,878 | ||||||||||||||||||||||||
Right-of-use assets | 2,585 | 722 | — | (43) | 3,264 | ||||||||||||||||||||||||
Intangible assets | 3,246 | (85) | — | 68 | 3,229 | ||||||||||||||||||||||||
Provision for obsolete inventory | 42,772 | 11,095 | — | 2,227 | 56,094 | ||||||||||||||||||||||||
Tax provisions | 2,851 | 1,463 | — | (667) | 3,647 | ||||||||||||||||||||||||
Financial assets | 1,533 | (84) | — | 147 | 1,596 | ||||||||||||||||||||||||
Tax losses | 36,766 | 100 | — | 4,756 | 41,622 | ||||||||||||||||||||||||
Other | 2,685 | 688 | (18) | (2,852) | 503 | ||||||||||||||||||||||||
Total deferred tax assets | 108,210 | 12,583 | (103) | 3,937 | 124,627 | ||||||||||||||||||||||||
Deferred tax liabilities arising on: | |||||||||||||||||||||||||||||
Property plant and equipment | — | 452 | — | (4) | 448 | ||||||||||||||||||||||||
Right-of-use assets | 19 | 420 | — | 18 | 457 | ||||||||||||||||||||||||
Intangible assets | 45,420 | (202) | — | 83 | 45,301 | ||||||||||||||||||||||||
Financial assets fair value | 2,461 | (1,423) | 1,158 | 186 | 2,382 | ||||||||||||||||||||||||
Other | 5,944 | 1,783 | 2,278 | 1,941 | 11,946 | ||||||||||||||||||||||||
Total deferred tax liabilities | 53,844 | 1,030 | 3,436 | 2,224 | 60,534 |
(Euro thousands) | At December 31, 2020 | Recognized in profit and loss | Recognized in comprehensive income | Exchange differences and other | Disposition | At December 31, 2021 | ||||||||||||||||||
Deferred tax assets arising on: | ||||||||||||||||||||||||
Employee benefits | 3,900 | 626 | — | 142 | (3 | ) | 4,665 | |||||||||||||||||
Property plant and equipment | 10,124 | 1,245 | — | — | (262 | ) | 11,107 | |||||||||||||||||
Right-of-use | 2,289 | 121 | — | 175 | — | 2,585 | ||||||||||||||||||
Intangible assets | 3,297 | (51 | ) | — | — | — | 3,246 | |||||||||||||||||
Provision for obsolete inventory | 33,793 | 6,082 | — | 2,897 | — | 42,772 | ||||||||||||||||||
Tax provisions | 4,114 | (1,360 | ) | — | 97 | — | 2,851 | |||||||||||||||||
Financial assets | 1,477 | 56 | — | — | — | 1,533 | ||||||||||||||||||
Tax losses | 9,794 | 26,972 | — | — | — | 36,766 | ||||||||||||||||||
Other | 3,113 | (428 | ) | — | — | — | 2,685 | |||||||||||||||||
Total deferred tax assets | 71,901 | 33,263 | — | 3,311 | (265 | ) | 108,210 | |||||||||||||||||
Deferred tax liabilities arising on: | ||||||||||||||||||||||||
Property plant and equipment | 23,391 | 9,288 | — | 1,844 | (34,523 | ) | — | |||||||||||||||||
Right-of-use | 1,195 | 183 | — | (1,359 | ) | 19 | ||||||||||||||||||
Intangible assets | 40,039 | 4,246 | — | 1,135 | — | 45,420 | ||||||||||||||||||
Financial assets fair value | 1,776 | 683 | 2 | — | — | 2,461 | ||||||||||||||||||
Other | 4,327 | 1,683 | (66 | ) | — | — | 5,944 | |||||||||||||||||
Total deferred tax liabilities | 70,728 | 16,083 | (64 | ) | 2,979 | (35,882 | ) | 53,844 |
(€ thousands) | At December 31, 2020 | Recognized in profit and loss | Recognized in comprehensive income/(loss) | Exchange differences and other | Disposition | At December 31, 2021 | |||||||||||||||||||||||||||||
Deferred tax assets arising on: | |||||||||||||||||||||||||||||||||||
Employee benefits | 3,900 | 626 | — | 142 | (3) | 4,665 | |||||||||||||||||||||||||||||
Property plant and equipment | 10,124 | 1,245 | — | — | (262) | 11,107 | |||||||||||||||||||||||||||||
Right-of-use assets | 2,289 | 121 | — | 175 | — | 2,585 | |||||||||||||||||||||||||||||
Intangible assets | 3,297 | (51) | — | — | — | 3,246 | |||||||||||||||||||||||||||||
Provision for obsolete inventory | 33,793 | 6,082 | — | 2,897 | — | 42,772 | |||||||||||||||||||||||||||||
Tax provisions | 4,114 | (1,360) | — | 97 | — | 2,851 | |||||||||||||||||||||||||||||
Financial assets | 1,477 | 56 | — | — | — | 1,533 | |||||||||||||||||||||||||||||
Tax losses | 9,794 | 26,972 | — | — | — | 36,766 | |||||||||||||||||||||||||||||
Other | 3,113 | (428) | — | — | — | 2,685 | |||||||||||||||||||||||||||||
Total deferred tax assets | 71,901 | 33,263 | — | 3,311 | (265) | 108,210 | |||||||||||||||||||||||||||||
Deferred tax liabilities arising on: | |||||||||||||||||||||||||||||||||||
Property plant and equipment | 23,391 | 9,288 | — | 1,844 | (34,523) | — | |||||||||||||||||||||||||||||
Right-of-use assets | 1,195 | 183 | — | — | (1,359) | 19 | |||||||||||||||||||||||||||||
Intangible assets | 40,039 | 4,246 | — | 1,135 | — | 45,420 | |||||||||||||||||||||||||||||
Financial assets fair value | 1,776 | 683 | 2 | — | — | 2,461 | |||||||||||||||||||||||||||||
Other | 4,327 | 1,683 | (66) | — | — | 5,944 | |||||||||||||||||||||||||||||
Total deferred tax liabilities | 70,728 | 16,083 | (64) | 2,979 | (35,882) | 53,844 |
(Euro thousands) | At December 31, 2019 | Recognized in profit and loss | Recognized in comprehensive income | Exchange differences and other | At December 31, 2020 | |||||||||||||||
Deferred tax assets arising on: | ||||||||||||||||||||
Employee benefits | 5,104 | (1,169 | ) | (61 | ) | 26 | 3,900 | |||||||||||||
Property plant and equipment | 2,514 | 7,773 | — | (163 | ) | 10,124 | ||||||||||||||
right-of-use | 1,944 | 394 | — | (49 | ) | 2,289 | ||||||||||||||
Intangible assets | 1,811 | 1,486 | — | — | 3,297 | |||||||||||||||
Provision for obsolete inventory | 26,579 | 7,073 | — | 141 | 33,793 | |||||||||||||||
Tax provisions | 1,384 | 2,730 | — | — | 4,114 | |||||||||||||||
Financial assets | 1,448 | 29 | — | — | 1,477 | |||||||||||||||
Tax losses | 9,750 | 893 | — | (849 | ) | 9,794 | ||||||||||||||
Other | 9,077 | (7,678 | ) | — | 1,714 | 3,113 | ||||||||||||||
Total deferred tax assets | 59,611 | 11,531 | (61 | ) | 820 | 71,901 | ||||||||||||||
Deferred tax liabilities arising on: | ||||||||||||||||||||
Property plant and equipment | 25,233 | (3,535 | ) | — | 1,693 | 23,391 | ||||||||||||||
Right-of-use | 1,008 | 187 | — | — | 1,195 | |||||||||||||||
Intangible assets | 44,495 | (1,063 | ) | — | (3,393 | ) | 40,039 | |||||||||||||
Financial assets fair value | 2,173 | (397 | ) | — | — | 1,776 | ||||||||||||||
Other | 3,243 | 6,394 | — | (5,310 | ) | 4,327 | ||||||||||||||
Total deferred tax liabilities | 76,152 | 1,586 | — | (7,010 | ) | 70,728 |
At December 31, | |||||||||||
(€ thousands) | 2022 | 2021 | |||||||||
Expiry within 1 year | 9,936 | 4,587 | |||||||||
Expiry 1-5 years | 35,927 | 33,108 | |||||||||
Expiry over 5 years | 86,433 | 73,856 | |||||||||
No expiration | 321,389 | 188,922 | |||||||||
Total tax losses carried forward | 453,685 | 300,473 |
(Euro thousands) | At December 31, | |||||||
2021 | 2020 | |||||||
Expiry within 1 year | 4,587 | 5,320 | ||||||
Expiry 1-5 years | 33,108 | 37,855 | ||||||
Expiry over 5 years | 73,856 | 61,406 | ||||||
No expiration | 188,922 | 119,733 | ||||||
Total tax losses carried forward | 300,473 | 224,314 |
16. Earnings per share |
For the years ended December 31, | |||||||||||||||||
(€ thousands, except per share data ) | 2022 | 2021 | 2020 | ||||||||||||||
Profit/(Loss) attributable to shareholders of the Parent Company | 51,482 | (136,001) | (50,577) | ||||||||||||||
Weighted average number of shares for basic earnings per share | 237,545,736 | 203,499,933 | 201,489,100 | ||||||||||||||
Adjustments for calculation of diluted earnings per share: | |||||||||||||||||
CEO remuneration in shares (1) | 1,081,513 | — | — | ||||||||||||||
CEO 2022-2024 PSUs (2) | 1,031,673 | — | — | ||||||||||||||
Long-Term Incentive Awards 2022-2025 (3) | 946,990 | — | — | ||||||||||||||
Non-executive directors remuneration in shares (4) | 41,601 | — | — | ||||||||||||||
Weighted average number of shares for diluted earnings per share | 240,647,513 | 203,499,933 | 201,489,100 | ||||||||||||||
Basic earnings per share in Euro | 0.22 | (0.67) | (0.25) | ||||||||||||||
Diluted earnings per share in Euro | 0.21 | (0.67) | (0.25) |
(Euro thousands) | For the years ended December 31, | |||||||||||
2021 | 2020 | 2019 | ||||||||||
(Loss)/Profit for the year attributable to shareholders of the Parent Company | (136,001 | ) | (50,577 | ) | 21,749 | |||||||
Weighted average number of shares for basic earnings per share | 203,499,933 | 201,489,100 | 201,561,100 | |||||||||
Weighted average number of shares for diluted earnings per share | 203,499,933 | 201,489,100 | 201,561,100 | |||||||||
Basic earnings per share in Euro | (0.67 | ) | (0.25 | ) | 0.11 | |||||||
Diluted earnings per share in Euro | (0.67 | ) | (0.25 | ) | 0.11 |
(€ thousands) | Goodwill | Brands with an indefinite useful life | Concessions, licenses, trademarks and patents | Other intangible assets | Intangible assets in progress | Total | |||||||||||||||||||||||||||||
Historical cost at January 1, 2021 | 208,881 | 146,633 | 46,815 | 118,653 | 2,546 | 523,528 | |||||||||||||||||||||||||||||
Additions | — | — | 2,895 | 10,712 | 4,508 | 18,115 | |||||||||||||||||||||||||||||
Disposals | — | — | (6,572) | (6,556) | (19) | (13,147) | |||||||||||||||||||||||||||||
Exchange differences | 15,529 | 12,231 | 476 | 1,715 | 61 | 30,012 | |||||||||||||||||||||||||||||
Business combinations | 2,820 | — | — | 4,200 | — | 7,020 | |||||||||||||||||||||||||||||
Disposition | — | — | (18) | (2,656) | (915) | (3,589) | |||||||||||||||||||||||||||||
Other movements and reclassifications | — | — | 1,407 | 593 | (2,000) | — | |||||||||||||||||||||||||||||
Balance at December 31, 2021 | 227,230 | 158,864 | 45,003 | 126,661 | 4,181 | 561,939 | |||||||||||||||||||||||||||||
Additions | — | — | 1,620 | 23,474 | 164 | 25,258 | |||||||||||||||||||||||||||||
Disposals | — | — | (3,164) | (4,651) | (3,199) | (11,014) | |||||||||||||||||||||||||||||
Exchange differences | 12,479 | 9,830 | 82 | 518 | — | 22,909 | |||||||||||||||||||||||||||||
Other movements and reclassifications | — | — | (1,202) | 1,202 | — | — | |||||||||||||||||||||||||||||
Balance at December 31, 2022 | 239,709 | 168,694 | 42,339 | 147,204 | 1,146 | 599,092 | |||||||||||||||||||||||||||||
Accumulated amortization at January 1, 2021 | — | — | (39,178) | (96,503) | — | (135,681) | |||||||||||||||||||||||||||||
Amortization | — | — | (2,045) | (8,452) | — | (10,497) | |||||||||||||||||||||||||||||
Disposals | — | — | 2,314 | 7,547 | — | 9,861 | |||||||||||||||||||||||||||||
Impairment | — | — | (3) | (36) | — | (39) | |||||||||||||||||||||||||||||
Exchange differences | — | — | (228) | (1,346) | — | (1,574) | |||||||||||||||||||||||||||||
Disposition | — | — | 8 | 1,203 | — | 1,211 | |||||||||||||||||||||||||||||
Balance at December 31, 2021 | — | — | (39,132) | (97,587) | — | (136,719) | |||||||||||||||||||||||||||||
Amortization | — | — | (1,457) | (10,926) | — | (12,383) | |||||||||||||||||||||||||||||
Disposals | — | — | 2,761 | 4,122 | — | 6,883 | |||||||||||||||||||||||||||||
Impairment | — | — | 1 | (27) | — | (26) | |||||||||||||||||||||||||||||
Exchange differences | — | — | 838 | (1,777) | — | (939) | |||||||||||||||||||||||||||||
Balance at December 31, 2022 | — | — | (36,989) | (106,195) | — | (143,184) | |||||||||||||||||||||||||||||
Carrying amount at: | |||||||||||||||||||||||||||||||||||
January 1, 2021 | 208,881 | 146,633 | 7,637 | 22,150 | 2,546 | 387,847 | |||||||||||||||||||||||||||||
December 31, 2021 | 227,230 | 158,864 | 5,871 | 29,074 | 4,181 | 425,220 | |||||||||||||||||||||||||||||
December 31, 2022 | 239,709 | 168,694 | 5,350 | 41,009 | 1,146 | 455,908 |
(Euro thousands) | Goodwill | Brands with an indefinite useful life | Concessions, licenses, trademarks and patents | Other intangible assets | Intangible assets in progress | Total | ||||||||||||||||||
Historical cost at January 1, 2020 | 226,062 | 160,164 | 45,928 | 119,096 | 296 | 551,546 | ||||||||||||||||||
Additions | — | — | 1,658 | 7,398 | 2,468 | 11,524 | ||||||||||||||||||
Disposals | — | — | — | (4,319 | ) | — | (4,319 | ) | ||||||||||||||||
Exchange differences | (17,181 | ) | (13,531 | ) | (327 | ) | (1,666 | ) | — | (32,705 | ) | |||||||||||||
Reclassifications to assets held for sale | — | — | (629 | ) | (1,889 | ) | — | (2,518 | ) | |||||||||||||||
Other movements and reclassifications | — | — | 185 | 33 | (218 | ) | — | |||||||||||||||||
Balance at December 31, 2020 | 208,881 | 146,633 | 46,815 | 118,653 | 2,546 | 523,528 | ||||||||||||||||||
Additions | — | — | 2,895 | 10,712 | 4,508 | 18,115 | ||||||||||||||||||
Disposals | — | — | (6,572 | ) | (6,556 | ) | (19 | ) | (13,147 | ) | ||||||||||||||
Exchange differences | 15,529 | 12,231 | 476 | 1,715 | 61 | 30,012 | ||||||||||||||||||
Business combinations | 2,820 | — | — | 4,200 | — | 7,020 | ||||||||||||||||||
Disposition | — | — | (18 | ) | (2,656 | ) | (915 | ) | (3,589 | ) | ||||||||||||||
Other movements and reclassifications | — | — | 1,407 | 593 | (2,000 | ) | 0 | |||||||||||||||||
Balance at December 31, 2021 | 227,230 | 158,864 | 45,003 | 126,661 | 4,181 | 561,939 | ||||||||||||||||||
Accumulated amortization at January 1, 2020 | — | — | (37,719 | ) | (93,845 | ) | — | (131,564 | ) | |||||||||||||||
Amortization | — | — | (1,863 | ) | (9,552 | ) | — | (11,415 | ) | |||||||||||||||
Disposals | — | — | — | 4,316 | — | 4,316 | ||||||||||||||||||
Exchange differences | — | — | 20 | 1,100 | — | 1,120 | ||||||||||||||||||
Reclassifications to assets held for sale | — | — | 384 | 1,478 | — | 1,862 | ||||||||||||||||||
Balance at December 31, 2020 | — | — | (39,178 | ) | (96,503 | ) | — | (135,681 | ) | |||||||||||||||
Amortization | — | — | (2,045 | ) | (8,452 | ) | — | (10,497 | ) | |||||||||||||||
Disposals | — | — | 2,314 | 7,547 | — | 9,861 | ||||||||||||||||||
Impairment | — | — | (3 | ) | (36 | ) | — | (39 | ) | |||||||||||||||
Exchange differences | — | — | (228 | ) | (1,346 | ) | — | (1,574 | ) | |||||||||||||||
Disposition | — | — | 8 | 1,203 | — | 1,211 | ||||||||||||||||||
Balance at December 31, 2021 | — | — | (39,132 | ) | (97,587 | ) | — | (136,719 | ) | |||||||||||||||
Carrying amount at: | ||||||||||||||||||||||||
January 1, 2020 | 226,062 | 160,164 | 8,209 | 25,251 | 296 | 419,982 | ||||||||||||||||||
December 31, 2020 | 208,881 | 146,633 | 7,637 | 22,150 | 2,546 | 387,847 | ||||||||||||||||||
December 31, 2021 | 227,230 | 158,864 | 5,871 | 29,074 | 4,181 | 425,220 |
At December 31, | |||||||||||
(€ thousands) | 2022 | 2021 | |||||||||
Zegna | 25,568 | 25,568 | |||||||||
Thom Browne | 214,141 | 201,662 | |||||||||
Total goodwill | 239,709 | 227,230 |
(Euro thousands) | At December 31, | |||||||
2021 | 2020 | |||||||
Zegna | 25,568 | 22,748 | ||||||
Thom Browne | 201,662 | 186,133 | ||||||
Total goodwill | 227,230 | 208,881 |
(Euro millions) | Existing assumption | Sensitivity effects on headroom | ||||||||||||||||||||||||||
Headroom | Discount rate (bps) | Growth rate (bps) | EBITDA CAGR (%) vs. 2021 | WACC +/-100 bps | Growth rate +/- 50 bps | EBITDA +/-500 bps | ||||||||||||||||||||||
Thom Browne Group | 327 | 773 | 200 | +15.3 | % | 211/493 | 395/270 | 379/276 | ||||||||||||||||||||
Gruppo Dondi S.p.A. | 62 | 640 | 150 | +18.6 | % | 47/84 | 71/54 | 67/57 | ||||||||||||||||||||
Bonotto S.p.A. | 5 | 640 | 150 | +65.8 | % | 1/11 | 8/3 | 7/3 | ||||||||||||||||||||
In.Co. S.p.A. | 78 | 640 | 150 | +57.6 | % | 58/107 | 90/68 | 87/69 | ||||||||||||||||||||
Tessitura Ubertino S.r.l. | 24 | 640 | 150 | +21.4 | % | 19/33 | 28/22 | 36/23 |
2022 | |||||||||||||||||||||||||||||||||||||||||
Existing assumption | Sensitivity effects on headroom | ||||||||||||||||||||||||||||||||||||||||
(€ millions, except percentages and basis points) | Headroom | Discount rate (bps) | Growth rate (bps) | EBITDA CAGR (%) vs. 2022 | WACC +/-100 bps | Growth rate +/- 50 bps | EBITDA +/-500 bps | ||||||||||||||||||||||||||||||||||
CGU Thom Browne Group | 454 | 841 | 300 | +20.8% | 362 / 563 | 552 / 372 | 526 / 381 | ||||||||||||||||||||||||||||||||||
CGU Gruppo Dondi S.p.A. | 66 | 878 | 300 | +7.0% | 52 /87 | 75 / 59 | 72 / 61 | ||||||||||||||||||||||||||||||||||
CGU Bonotto S.p.A. | 3 | 878 | 300 | -1.0% | 0 / 8 | 5 / 2 | 5 / 2 | ||||||||||||||||||||||||||||||||||
CGU In.Co. S.p.A. | 110 | 878 | 300 | +2.2% | 85 / 147 | 125 / 98 | 123 / 98 | ||||||||||||||||||||||||||||||||||
CGU Tessitura Ubertino S.r.l. | 22 | 878 | 300 | +6.6% | 18 / 29 | 25 / 20 | 24 / 21 |
2021 | |||||||||||||||||||||||||||||||||||||||||
Existing assumption | Sensitivity effects on headroom | ||||||||||||||||||||||||||||||||||||||||
(€ millions, except percentages and basis points) | Headroom | Discount rate (bps) | Growth rate (bps) | EBITDA CAGR (%) vs. 2021 | WACC +/-100 bps | Growth rate +/- 50 bps | EBITDA +/-500 bps | ||||||||||||||||||||||||||||||||||
CGU Thom Browne Group | 327 | 773 | 200 | +15.3% | 211 / 493 | 395 / 270 | 379 / 276 | ||||||||||||||||||||||||||||||||||
CGU Gruppo Dondi S.p.A. | 62 | 640 | 150 | +18.6% | 47 / 84 | 71 / 54 | 67 / 57 | ||||||||||||||||||||||||||||||||||
CGU Bonotto S.p.A. | 5 | 640 | 150 | +65.8% | 1 / 11 | 8 / 3 | 7 / 3 | ||||||||||||||||||||||||||||||||||
CGU In.Co. S.p.A. | 78 | 640 | 150 | +57.6% | 58 / 107 | 90 / 68 | 87 / 69 | ||||||||||||||||||||||||||||||||||
CGU Tessitura Ubertino S.r.l. | 24 | 640 | 150 | +21.4% | 19 / 33 | 28 / 22 | 36 / 23 |
(€ thousands) | Land and buildings | Plant and machinery | Industrial and commercial equipment | Leasehold improvements | Other tangible assets | Tangible assets under construction and advances | Total | ||||||||||||||||||||||||||||||||||
Historical cost at January 1, 2021 | 185,611 | 191,911 | 146,260 | 206,642 | 9,487 | 13,330 | 753,241 | ||||||||||||||||||||||||||||||||||
Additions | 51,296 | 4,571 | 10,252 | 24,506 | 360 | 5,221 | 96,206 | ||||||||||||||||||||||||||||||||||
Disposals | (720) | (2,150) | (12,630) | (21,812) | (403) | (512) | (38,227) | ||||||||||||||||||||||||||||||||||
Exchange differences | 4,483 | 222 | 4,756 | 14,516 | 51 | 650 | 24,678 | ||||||||||||||||||||||||||||||||||
Disposition | (232,705) | (30,448) | (4,384) | (34) | (860) | (9,159) | (277,590) | ||||||||||||||||||||||||||||||||||
Business combinations | 245 | 315 | 6 | — | 75 | — | 641 | ||||||||||||||||||||||||||||||||||
Reclassifications | 327 | 118 | 571 | 5,086 | — | (6,102) | — | ||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | 8,537 | 164,539 | 144,831 | 228,904 | 8,710 | 3,428 | 558,949 | ||||||||||||||||||||||||||||||||||
Additions | 11 | 6,171 | 11,121 | 27,081 | 153 | 3,637 | 48,174 | ||||||||||||||||||||||||||||||||||
Disposals | — | (17,130) | (12,341) | (18,874) | (200) | — | (48,545) | ||||||||||||||||||||||||||||||||||
Exchange differences | — | (37) | 5,117 | (2,353) | 24 | (30) | 2,721 | ||||||||||||||||||||||||||||||||||
Reclassifications | — | 320 | (769) | 3,432 | (947) | (2,036) | — | ||||||||||||||||||||||||||||||||||
Balance at December 31, 2022 | 8,548 | 153,863 | 147,959 | 238,190 | 7,740 | 4,999 | 561,299 | ||||||||||||||||||||||||||||||||||
Accumulated depreciation at January 1, 2021 | (63,077) | (161,298) | (118,649) | (158,798) | (7,292) | — | (509,114) | ||||||||||||||||||||||||||||||||||
Depreciation | (478) | (7,827) | (11,693) | (16,490) | (1,167) | — | (37,655) | ||||||||||||||||||||||||||||||||||
Disposals | — | 2,164 | 11,522 | 19,305 | 292 | — | 33,283 | ||||||||||||||||||||||||||||||||||
Impairment | — | (84) | (595) | (1,488) | — | (480) | (2,647) | ||||||||||||||||||||||||||||||||||
Exchange differences | (1,816) | (267) | (6,066) | (12,362) | (13) | — | (20,524) | ||||||||||||||||||||||||||||||||||
Disposition | 61,473 | 24,798 | 2,307 | 7 | 597 | — | 89,182 | ||||||||||||||||||||||||||||||||||
Reclassifications | 163 | 45 | 2,575 | (3,525) | 742 | — | — | ||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | (3,735) | (142,469) | (120,599) | (173,351) | (6,841) | (480) | (447,475) | ||||||||||||||||||||||||||||||||||
Depreciation | (296) | (6,879) | (11,504) | (20,356) | (1,167) | — | (40,202) | ||||||||||||||||||||||||||||||||||
Disposals | — | 17,048 | 12,262 | 18,747 | 193 | — | 48,250 | ||||||||||||||||||||||||||||||||||
Impairment | — | (23) | (438) | 1,217 | — | — | 756 | ||||||||||||||||||||||||||||||||||
Exchange differences | — | (71) | (1,437) | 4,139 | 880 | — | 3,511 | ||||||||||||||||||||||||||||||||||
Reclassifications | 6 | 71 | (1,443) | 17 | 869 | 480 | — | ||||||||||||||||||||||||||||||||||
Balance at December 31, 2022 | (4,025) | (132,323) | (123,159) | (169,587) | (6,066) | — | (435,160) | ||||||||||||||||||||||||||||||||||
Carrying amount at: | |||||||||||||||||||||||||||||||||||||||||
January 1, 2021 | 122,534 | 30,613 | 27,611 | 47,844 | 2,195 | 13,330 | 244,127 | ||||||||||||||||||||||||||||||||||
December 31, 2021 | 4,802 | 22,070 | 24,232 | 55,553 | 1,869 | 2,948 | 111,474 | ||||||||||||||||||||||||||||||||||
December 31, 2022 | 4,523 | 21,540 | 24,800 | 68,603 | 1,674 | 4,999 | 126,139 |
(Euro thousands) | Land and buildings | Plant and machinery | Industrial and commercial equipment | Leasehold improvements | Other tangible assets | Tangible assets under construction and advances | Total | |||||||||||||||||||||
Historical cost at January 1, 2020 | 183,836 | 188,869 | 158,374 | 236,071 | 10,947 | 6,640 | 784,737 | |||||||||||||||||||||
Additions | 1,834 | 4,115 | 6,537 | 7,316 | 1,075 | 6,753 | 27,630 | |||||||||||||||||||||
Disposals | — | (682 | ) | (8,751 | ) | (23,513 | ) | (1,951 | ) | — | (34,897 | ) | ||||||||||||||||
Exchange differences | (59 | ) | (40 | ) | (6,798 | ) | (9,775 | ) | (132 | ) | (61 | ) | (16,865 | ) | ||||||||||||||
Reclassifications to assets held for sale | — | (351 | ) | (3,102 | ) | (3,457 | ) | (452 | ) | (2 | ) | (7,364 | ) | |||||||||||||||
Balance at December 31, 2020 | 185,611 | 191,911 | 146,260 | 206,642 | 9,487 | 13,330 | 753,241 | |||||||||||||||||||||
Additions | 51,296 | 4,571 | 10,252 | 24,506 | 360 | 5,221 | 96,206 | |||||||||||||||||||||
Disposals | (720 | ) | (2,150 | ) | (12,630 | ) | (21,812 | ) | (403 | ) | (512 | ) | (38,227 | ) | ||||||||||||||
Exchange differences | 4,483 | 222 | 4,756 | 14,516 | 51 | 650 | 24,678 | |||||||||||||||||||||
Disposition | (232,705 | ) | (30,448 | ) | (4,384 | ) | (34 | ) | (860 | ) | (9,159 | ) | (277,590 | ) | ||||||||||||||
Business combinations | 245 | 315 | 6 | — | 75 | — | 641 | |||||||||||||||||||||
Reclassifications | 327 | 118 | 571 | 5,086 | — | (6,102 | ) | — | ||||||||||||||||||||
Balance at December 31, 2021 | 8,537 | 164,539 | 144,831 | 228,904 | 8,710 | 3,428 | 558,949 | |||||||||||||||||||||
Accumulated depreciation at January 1, 2020 | (60,621 | ) | (153,057 | ) | (119,368 | ) | (168,276 | ) | (7,776 | ) | — | (509,098 | ) | |||||||||||||||
Depreciation | (2,353 | ) | (9,166 | ) | (13,977 | ) | (19,346 | ) | (636 | ) | — | (45,478 | ) | |||||||||||||||
Impairment | — | 23 | (342 | ) | (3,153 | ) | (539 | ) | — | (4,011 | ) | |||||||||||||||||
Disposals | — | 682 | 8,448 | 22,943 | 1,160 | — | 33,233 | |||||||||||||||||||||
Exchange differences | (103 | ) | (25 | ) | 4,579 | 6,170 | 56 | — | 10,677 | |||||||||||||||||||
Reclassifications to assets held for sale | — | 245 | 2,011 | 2,864 | 443 | — | 5,563 | |||||||||||||||||||||
Balance at December 31, 2020 | (63,077 | ) | (161,298 | ) | (118,649 | ) | (158,798 | ) | (7,292 | ) | — | (509,114 | ) | |||||||||||||||
Depreciation | (478 | ) | (7,827 | ) | (11,693 | ) | (16,490 | ) | (1,167 | ) | — | (37,655 | ) | |||||||||||||||
Disposals | — | 2,164 | 11,522 | 19,305 | 292 | — | 33,283 | |||||||||||||||||||||
Impairment | 0 | (84 | ) | (595 | ) | (1,488 | ) | — | (480 | ) | (2,647 | ) | ||||||||||||||||
Exchange differences | (1,816 | ) | (267 | ) | (6,066 | ) | (12,362 | ) | (13 | ) | — | (20,524 | ) | |||||||||||||||
Disposition | 61,473 | 24,798 | 2,307 | 7 | 597 | — | 89,182 | |||||||||||||||||||||
Reclassifications | 163 | 45 | 2,575 | (3,525 | ) | 742 | — | — | ||||||||||||||||||||
Balance at December 31, 2021 | (3,735 | ) | (142,469 | ) | (120,599 | ) | (173,351 | ) | (6,841 | ) | (480 | ) | (447,475 | ) | ||||||||||||||
Carrying amount at: | ||||||||||||||||||||||||||||
January 1, 2020 | 123,215 | 35,812 | 39,006 | 67,795 | 3,171 | 6,640 | 275,639 | |||||||||||||||||||||
December 31, 2020 | 122,534 | 30,613 | 27,611 | 47,844 | 2,195 | 13,330 | 244,127 | |||||||||||||||||||||
December 31, 2021 | 4,802 | 22,070 | 24,232 | 55,553 | 1,869 | 2,948 | 111,474 |
2022 | |||||||||||||||||||||||||||||||||||||||||
Existing assumption | Sensitivity effects on impairment | ||||||||||||||||||||||||||||||||||||||||
(€ thousands, except percentages) | Impairment(1) | WACC (%) | Growth rate (%) | Revenues CAGR (%) vs. 2022 | WACC +/-100 bps | Growth rate +/- 50 bps | Revenues +/-250 bps | ||||||||||||||||||||||||||||||||||
Zegna Segment DOS | (2,231) | 8.84% - 17.20% | 1.50%/ 5.00% | 7.6% | (2,413) / (2,038) | (2,203) / (2,258) | (1,864) / (2,714) |
2021 | |||||||||||||||||||||||||||||||||||||||||
Existing assumption | Sensitivity effects on impairment | ||||||||||||||||||||||||||||||||||||||||
(€ thousands, except percentages) | Impairment | WACC (%) | Growth rate (%) | Revenues CAGR (%) vs. 2021 | WACC +/-100 bps | Growth rate +/- 50 bps | Revenues +/-250 bps | ||||||||||||||||||||||||||||||||||
Zegna Segment DOS | (8,692) | 4.99% / 21.63% | 1.50% | +9.7% | (8,994) / (8,344) | (8,692) / (8,692) | (8,320) / (9,048) |
(Euro thousand) | Existing assumption | Sensitivity effects on impairment | ||||||||||||||||||||||||||
Impairment | WACC (%) | Growth rate (%) | Revenues CAGR (%) vs. 2021 | WACC +/-100 bps | Growth rate +/-50 bps | Revenues +/-250 bps | ||||||||||||||||||||||
Zegna Segment DOS | (8,692 | ) | 4.99% - 21.63 | % | 1.50 | % | +9.7 | % | (8,994) / (8,344 | ) | (8,692) / (8,692 | ) | (8,320) / (9,048 | ) | ||||||||||||||
The following table details the sensitivity of the 2021 impairment testing to reasonably possible changes in assumptions previous detailed related to the Thom Browne Segment: | ||||||||||||||||||||||||||||
(Euro thousand) | Existing assumption | Sensitivity effects on impairment | ||||||||||||||||||||||||||
Impairment | WACC (%) | Growth rate (%) | Revenues CAGR (%) vs. 2021 | WACC +/-100 bps | Growth rate +/-50 bps | Revenues +/-250 bps | ||||||||||||||||||||||
Thom Browne Segment DOS | — | 7.13% - 10.33 | % | 2.00 | % | +6.9 | % | (95) / - | - / (58 | ) | - / (235 | ) |
2022 | |||||||||||||||||||||||||||||||||||||||||
Existing assumption | Sensitivity effects on impairment | ||||||||||||||||||||||||||||||||||||||||
(€ thousands, except percentages) | Impairment | WACC (%) | Growth rate (%) | Revenues CAGR (%) vs. 2022 | WACC +/-100 bps | Growth rate +/- 50 bps | Revenues +/-250 bps | ||||||||||||||||||||||||||||||||||
Thom Browne Segment DOS | (820) | 8.84% / 11.59% | 1.50% / 3.00% | 9.5% | (1,003) / (700) | (800) / (848) | (641) / (1,120) |
2021 | |||||||||||||||||||||||||||||||||||||||||
Existing assumption | Sensitivity effects on impairment | ||||||||||||||||||||||||||||||||||||||||
(€ thousands, except percentages) | Impairment | WACC (%) | Growth rate (%) | Revenues CAGR (%) vs. 2021 | WACC +/-100 bps | Growth rate +/- 50 bps | Revenues +/-250 bps | ||||||||||||||||||||||||||||||||||
Thom Browne Segment DOS | — | 7.13% / 10.33% | 2.00% | +6.9% | (95) / — | — / (58) | — / — |
2022 | |||||||||||||||||||||||||||||||||||||||||
Existing assumption | Sensitivity effects on headroom | ||||||||||||||||||||||||||||||||||||||||
(€ millions, except percentages and basis points) | Headroom | Discount rate (bps) | Growth rate (bps) | EBITDA CAGR (%) vs 2022 | WACC +/-100 bps | Growth rate +/- 50 bps | EBITDA +/-500 bps | ||||||||||||||||||||||||||||||||||
CGU Zegna Segment | 1,590 | 855 | 300 | +16.3% | 1,196 / 2,158 | 1,818 / 1,399 | 1,843 / 1,337 | ||||||||||||||||||||||||||||||||||
CGU Thom Browne Segment | 454 | 841 | 300 | +20.8% | 362 / 563 | 552 / 372 | 526 / 381 |
2021 | |||||||||||||||||||||||||||||||||||||||||
Existing assumption | Sensitivity effects on headroom | ||||||||||||||||||||||||||||||||||||||||
(€ millions, except percentages and basis points) | Headroom | Discount rate (bps) | Growth rate (bps) | EBITDA CAGR (%) vs 2021 | WACC +/-100 bps | Growth rate +/- 50 bps | EBITDA +/-500 bps | ||||||||||||||||||||||||||||||||||
CGU Zegna Segment | 1,277 | 669 | 150 | +13.2% | 931 / 1,790 | 1,485 / 1,106 | 1,506 / 1,048 | ||||||||||||||||||||||||||||||||||
CGU Thom Browne Segment | 325 | 773 | 200 | +15.3% | 209 / 491 | 393 / 269 | 376 / 274 |
CAGR (%) | ||||||||||||||||||||||||||||
(€ thousands) | Land and buildings | Industrial and commercial equipment | Plant and machinery | Other right-of-use assets | Total | ||||||||||||||||||||||||
Historical cost at January 1, 2021 | 636,332 | 705 | 326 | 6,399 | 643,762 | ||||||||||||||||||||||||
Additions | 147,372 | 18 | — | 909 | 148,299 | ||||||||||||||||||||||||
Disposals | (86,612) | (151) | (158) | (1,381) | (88,302) | ||||||||||||||||||||||||
Exchange differences | 37,071 | — | — | (143) | 36,928 | ||||||||||||||||||||||||
Disposition | (18,838) | — | — | — | (18,838) | ||||||||||||||||||||||||
Balance at December 31, 2021 | 715,325 | 572 | 168 | 5,784 | 721,849 | ||||||||||||||||||||||||
Additions | 135,933 | 32 | — | 1,816 | 137,781 | ||||||||||||||||||||||||
Disposals | (101,692) | (80) | — | (1,789) | (103,561) | ||||||||||||||||||||||||
Exchange differences | 9,357 | — | — | (18) | 9,339 | ||||||||||||||||||||||||
Balance at December 31, 2022 | 758,923 | 524 | 168 | 5,793 | 765,408 | ||||||||||||||||||||||||
Accumulated amortization at January 1, 2021 | (288,455) | (437) | (162) | (3,062) | (292,116) | ||||||||||||||||||||||||
Amortization | (103,908) | (132) | (73) | (1,666) | (105,779) | ||||||||||||||||||||||||
Impairments | (6,486) | — | — | — | (6,486) | ||||||||||||||||||||||||
Disposals | 73,546 | 151 | 155 | 1,295 | 75,147 | ||||||||||||||||||||||||
Exchange differences | (21,123) | (31) | (1) | (13) | (21,168) | ||||||||||||||||||||||||
Disposition | 2,233 | — | — | — | 2,233 | ||||||||||||||||||||||||
Reclassifications and other | (3,210) | — | — | — | (3,210) | ||||||||||||||||||||||||
Balance at December 31, 2021 | (347,403) | (449) | (81) | (3,446) | (351,379) | ||||||||||||||||||||||||
Amortization | (117,488) | (117) | (34) | (1,658) | (119,297) | ||||||||||||||||||||||||
Impairments | (2,369) | — | — | — | (2,369) | ||||||||||||||||||||||||
Disposals | 82,858 | 80 | — | 1,694 | 84,632 | ||||||||||||||||||||||||
Exchange differences | (1,494) | — | — | 7 | (1,487) | ||||||||||||||||||||||||
Balance at December 31, 2022 | (385,896) | (486) | (115) | (3,403) | (389,900) | ||||||||||||||||||||||||
Carrying amount at: | |||||||||||||||||||||||||||||
January 1, 2021 | 347,877 | 268 | 164 | 3,337 | 351,646 | ||||||||||||||||||||||||
December 31, 2021 | 367,922 | 123 | 87 | 2,338 | 370,470 | ||||||||||||||||||||||||
December 31, 2022 | 373,027 | 38 | 53 | 2,390 | 375,508 |
(Euro thousands) | Land and buildings | Industrial and commercial equipment | Plant and machinery | Other tangible assets | Total | |||||||||||||||
Historical cost at January 1, 2020 | 665,738 | 616 | 326 | 6,396 | 673,076 | |||||||||||||||
Additions | 52,051 | 96 | — | 1,637 | 53,784 | |||||||||||||||
Disposals | (48,392 | ) | (7 | ) | — | (1,446 | ) | (49,845 | ) | |||||||||||
Exchange differences | (32,985 | ) | — | — | (32 | ) | (33,017 | ) | ||||||||||||
Reclassifications to assets held for sale | (80 | ) | — | — | (156 | ) | (236 | ) | ||||||||||||
Balance at December 31, 2020 | 636,332 | 705 | 326 | 6,399 | 643,762 | |||||||||||||||
Additions | 147,372 | 18 | 909 | 148,299 | ||||||||||||||||
Disposals | (86,612 | ) | (151 | ) | (158 | ) | (1,381 | ) | (88,302 | ) | ||||||||||
Exchange differences | 37,071 | — | — | (143 | ) | 36,928 | ||||||||||||||
Disposition | (18,838 | ) | — | — | — | (18,838 | ) | |||||||||||||
Balance at December 31, 2021 | 715,325 | 572 | 168 | 5,784 | 721,849 | |||||||||||||||
Accumulated amortization at January 1, 2020 | (210,713 | ) | (278 | ) | (40 | ) | (2,704 | ) | (213,735 | ) | ||||||||||
Amortization | (106,340 | ) | (166 | ) | (122 | ) | (1,882 | ) | (108,510 | ) | ||||||||||
Impairments | (15,716 | ) | — | — | — | (15,716 | ) | |||||||||||||
Disposals | 36,925 | 7 | — | 1,431 | 38,363 | |||||||||||||||
Exchange differences | 7,309 | — | — | 20 | 7,329 | |||||||||||||||
Reclassifications to assets held for sale | 80 | — | — | 73 | 153 | |||||||||||||||
Balance at December 31, 2020 | (288,455 | ) | (437 | ) | (162 | ) | (3,062 | ) | (292,116 | ) | ||||||||||
Amortization | (103,908 | ) | (132 | ) | (73 | ) | (1,666 | ) | (105,779 | ) | ||||||||||
Impairments | (6,486 | ) | — | — | — | (6,486 | ) | |||||||||||||
Disposals | 73,546 | 151 | 155 | 1,295 | 75,147 | |||||||||||||||
Exchange differences | (21,123 | ) | (31 | ) | (1 | ) | (13 | ) | (21,168 | ) | ||||||||||
Disposition | 2,233 | — | — | — | 2,233 | |||||||||||||||
Reclassifications and other | (3,210 | ) | — | — | — | (3,210 | ) | |||||||||||||
Balance at December 31, 2021 | (347,403 | ) | (449 | ) | (81 | ) | (3,446 | ) | (351,379 | ) | ||||||||||
Carrying amount at: | ||||||||||||||||||||
January 1, 2020 | 455,025 | 338 | 286 | 3,692 | 459,341 | |||||||||||||||
December 31, 2020 | 347,877 | 268 | 164 | 3,337 | 351,646 | |||||||||||||||
December 31, 2021 | 367,922 | 123 | 87 | 2,338 | 370,470 |
(€ thousands, except percentages) | Tom Ford International LLC | Pelletteria Tizeta S.r.l. | Filati Biagioli Modesto S.p.A. | Achill Station Pty Ltd | Total investments accounted for using the equity method | |||||||||||||||||||||
Group’s percentage interest at December 31, 2022 | 15 | % | 50 | % | 40 | % | — | |||||||||||||||||||
Group’s percentage interest at December 31, 2021 | 15 | % | 50 | % | 40 | % | — | |||||||||||||||||||
At January 1, 2021 | 18,000 | 2,888 | — | 472 | 21,360 | |||||||||||||||||||||
Additions | — | — | 313 | — | 313 | |||||||||||||||||||||
Disposition | — | — | — | (472) | (472) | |||||||||||||||||||||
Net income | 1,893 | 528 | 373 | — | 2,794 | |||||||||||||||||||||
Translation differences | (1,548) | — | — | — | (1,548) | |||||||||||||||||||||
At December 31, 2021 | 18,345 | 3,416 | 686 | — | 22,447 | |||||||||||||||||||||
Disposal | — | — | (2) | — | (2) | |||||||||||||||||||||
Net income | 76 | 1,292 | 831 | — | 2,199 | |||||||||||||||||||||
Translation differences | (1,996) | — | — | — | (1,996) | |||||||||||||||||||||
At December 31, 2022 | 16,425 | 4,708 | 1,515 | — | 22,648 |
(Euro thousands) | Pelletteria Tizeta S.r.l. | Tom Ford International LLC | Achill Station Pty Ltd | Filati Biagioli Modesto S.p.A. | Total investments at equity method | |||||||||||||||
At January 1, 2019 | 2,651 | 27,255 | — | — | 29,906 | |||||||||||||||
Net income /(loss) | 368 | (1,902 | ) | — | — | (1,534 | ) | |||||||||||||
Dividends | (225 | ) | — | — | — | (225 | ) | |||||||||||||
Translation differences | — | (353 | ) | — | — | (353 | ) | |||||||||||||
At December 31, 2019 | 2,794 | 25,000 | — | — | 27,794 | |||||||||||||||
Additions | 2 | — | 530 | — | 532 | |||||||||||||||
Impairment | — | (4,532 | ) | — | — | (4,532 | ) | |||||||||||||
Net income /(loss) | 92 | (4,232 | ) | (65 | ) | — | (4,205 | ) | ||||||||||||
Dividends | — | — | — | — | — | |||||||||||||||
Translation differences | — | 1,764 | 7 | — | 1,771 | |||||||||||||||
At December 31, 2020 | 2,888 | 18,000 | 472 | — | 21,360 | |||||||||||||||
Additions | — | — | — | 313 | 313 | |||||||||||||||
Disposition | — | — | (472 | ) | — | (472 | ) | |||||||||||||
Net income /(loss) | 528 | 1,893 | — | 373 | 2,794 | |||||||||||||||
Translation differences | — | (1,548 | ) | — | — | (1,548 | ) | |||||||||||||
At December 31, 2021 | 3,416 | 18,345 | — | 686 | 22,447 |
(€ thousands) | Pelletteria Tizeta S.r.l. | Tom Ford International LLC | Filati Biagioli Modesto S.p.A. | ||||||||||||||
Total assets | 33,267 | 355,183 | 45,544 | ||||||||||||||
Total liabilities | 9,415 | 492,184 | 41,729 | ||||||||||||||
Total equity | 23,852 | (137,001) | 3,815 | ||||||||||||||
Net revenues | 44,436 | 311,720 | 49,496 | ||||||||||||||
Net income/(loss) | 2,330 | 509 | 1,837 |
(Euro thousands) | Pelletteria Tizeta S.r.l. | Tom Ford | Filati Biagioli Modesto S.p.A. | |||||||||
Total assets | 29,311 | 318,667 | 37,707 | |||||||||
Total liabilities | 22,340 | 444,006 | 35,992 | |||||||||
Total equity | 6,971 | (125,339 | ) | 1,715 | ||||||||
Net revenues | 28,329 | 221,480 | 30,766 | |||||||||
Net income/(loss) | 1,055 | 12,620 | (333 | ) |
At December 31, | |||||||||||
(€ thousands) | 2022 | 2021 | |||||||||
Guarantee deposits | 26,814 | 29,399 | |||||||||
Financial loans to related parties | 2,240 | 2,219 | |||||||||
Financial loans to TFI | 1,862 | 1,497 | |||||||||
Lease receivables from sublease | 1,366 | — | |||||||||
Other | 3,958 | 2,257 | |||||||||
Total other non-current financial assets | 36,240 | 35,372 |
(Euro thousands) | At December 31, | |||||||
2021 | 2020 | |||||||
Guarantee deposits | 29,399 | 27,379 | ||||||
Investment held in Elah Dufour S.p.A. | 0 | 17,119 | ||||||
Financial loans to related parties | 2,219 | 0 | ||||||
Financial loans to Tom Ford | 1,497 | 1,198 | ||||||
Other | 2,257 | 3,567 | ||||||
Total other non-current financial assets | 35,372 | 49,263 |
At December 31, | |||||||||||
(€ thousands) | 2022 | 2021 | |||||||||
Raw materials, ancillary materials and consumables | 61,822 | 42,255 | |||||||||
Work-in-progress and semi-finished products | 63,019 | 50,703 | |||||||||
Finished goods | 286,010 | 245,517 | |||||||||
Total inventories | 410,851 | 338,475 |
(Euro thousands) | At December 31, | |||||||
2021 | 2020 | |||||||
Raw materials, ancillary materials and consumables | 42,255 | 38,127 | ||||||
Work-in-progress | 50,703 | 42,466 | ||||||
Finished goods | 245,517 | 240,878 | ||||||
Total inventories | 338,475 | 321,471 |
2022 | 2021 | ||||||||||
At January 1, | (136,822) | (120,098) | |||||||||
Provisions | (28,561) | (29,600) | |||||||||
Utilizations and releases | 22,707 | 17,618 | |||||||||
Exchange differences and other changes | (5,143) | (4,742) | |||||||||
At December 31, | (147,819) | (136,822) |
At December 31, | |||||||||||
(€ thousands) | 2022 | 2021 | |||||||||
Trade receivables | 183,725 | 167,003 | |||||||||
Loss allowance | (6,512) | (6,643) | |||||||||
Total trade receivables | 177,213 | 160,360 |
(Euro thousands) | At December 31, | |||||||
2021 | 2020 | |||||||
Trade receivables | 167,003 | 147,546 | ||||||
Loss allowance | (6,643 | ) | (8,717 | ) | ||||
Total trade receivables | 160,360 | 138,829 |
Loss allowance | |||||||||||
(€ thousands) | 2022 | 2021 | |||||||||
At January 1, | (6,643) | (8,717) | |||||||||
Provisions | (806) | (496) | |||||||||
Utilizations | 131 | 71 | |||||||||
Releases | 645 | 923 | |||||||||
Disposition | — | 207 | |||||||||
Exchange differences and other | 161 | 1,369 | |||||||||
At December 31, | (6,512) | (6,643) |
At December 31, | |||||||||||
(€ thousands) | 2022 | 2021 | |||||||||
EMEA (1) | 77,817 | 62,412 | |||||||||
of which Italy | 50,897 | 32,089 | |||||||||
North America (2) | 24,523 | 18,061 | |||||||||
of which United States | 20,669 | 16,883 | |||||||||
Latin America (3) | 5,770 | 4,437 | |||||||||
APAC (4) | 69,103 | 75,450 | |||||||||
of which Greater China Region | 47,924 | 54,978 | |||||||||
Total trade receivables | 177,213 | 160,360 |
(Euro thousands) | For the years ended December 31, | |||||||
2021 | 2020 | |||||||
EMEA (1) | 62,412 | 51,102 | ||||||
of which Italy | 32,089 | 28,847 | ||||||
North America (2) | 18,061 | 28,940 | ||||||
of which United States | 16,883 | 27,329 | ||||||
Latin America (3) | 4,437 | 1,436 | ||||||
APAC (4) | 75,450 | 57,351 | ||||||
of which Greater China Region | 54,978 | 42,830 | ||||||
Total trade receivables | 160,360 | 138,829 |
At December 31, 2022 | At December 31, 2021 | ||||||||||||||||||||||||||||||||||
(€ thousands) | Notional Amount | Positive Fair Value | Negative Fair Value | Notional Amount | Positive Fair Value | Negative Fair Value | |||||||||||||||||||||||||||||
Foreign currency exchange risk | |||||||||||||||||||||||||||||||||||
Forward contracts | 481,110 | 13,075 | (2,362) | 550,734 | 1,786 | (11,726) | |||||||||||||||||||||||||||||
Deal-Contingent Option | — | — | — | 109,244 | — | — | |||||||||||||||||||||||||||||
Interest rate risk | |||||||||||||||||||||||||||||||||||
Interest rate swaps | 320,000 | 9,379 | — | 323,816 | — | (2,412) | |||||||||||||||||||||||||||||
Total derivatives – Hedging | 801,110 | 22,454 | (2,362) | 983,794 | 1,786 | (14,138) | |||||||||||||||||||||||||||||
Total derivatives instruments - Asset/(Liabilities) | 801,110 | 22,454 | (2,362) | 983,794 | 1,786 | (14,138) |
(Euro thousands) | At December 31, 2021 | At December 31, 2020 | ||||||||||||||||||||||
Notional Amount | Positive Fair Value | Negative Fair Value | Notional Amount | Positive Fair Value | Negative Fair Value | |||||||||||||||||||
Foreign currency exchange risk | ||||||||||||||||||||||||
Forward contracts | 550,734 | 1,786 | (11,726 | ) | 347,679 | 11,848 | (4,918 | ) | ||||||||||||||||
Deal-Contingent Option | 109,244 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Interest rate risk | ||||||||||||||||||||||||
Interest rate swaps | 323,816 | 0 | (2,412 | ) | 274,336 | 0 | (5,515 | ) | ||||||||||||||||
Total derivatives – Hedging | 983,794 | 1,786 | (14,138 | ) | 622,015 | 11,848 | (10,433 | ) | ||||||||||||||||
Elah Dufour Option | 0 | 0 | 0 | 0 | 0 | (2,759 | ) | |||||||||||||||||
Total trading derivatives | 0 | 0 | 0 | 0 | 0 | (2,759 | ) | |||||||||||||||||
Total derivatives instruments - Asset/(Liabilities) | 983,794 | 1,786 | (14,138 | ) | 622,015 | 11,848 | (13,192 | ) |
For the years ended December 31, | |||||||||||
(€ thousands) | 2022 | 2021 | |||||||||
USD | 203,611 | 194,097 | |||||||||
CHF | 8,145 | 4,792 | |||||||||
CNY | 94,203 | 191,936 | |||||||||
GBP | 36,984 | 25,012 | |||||||||
HKD | 59,160 | 46,883 | |||||||||
JPY | 35,119 | 51,075 | |||||||||
Other | 43,888 | 36,939 | |||||||||
Total notional amount | 481,110 | 550,734 |
(Euro thousands) | For the years ended December 31, | |||||||
2021 | 2020 | |||||||
USD | 194,097 | 144,569 | ||||||
CHF | 4,792 | 24,810 | ||||||
CNY | 191,936 | 20,318 | ||||||
GBP | 25,012 | 19,226 | ||||||
HKD | 46,883 | 12,613 | ||||||
JPY | 51,075 | 52,407 | ||||||
Other | 36,939 | 73,736 | ||||||
Total notional amount | 550,734 | 347,679 |
(€ thousands, except percentages) | Notional amount at December 31, | Fair value at December 31, | ||||||||||||||||||||||||||||||||||||
Contract | Maturity date | Fixed interest rate | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||
IRS 1 | 1/27/2023 | 0.27% | 20,000 | 20,000 | 67 | (192) | ||||||||||||||||||||||||||||||||
IRS 2 | 2/8/2023 | 0.17% | 20,000 | 20,000 | 45 | (144) | ||||||||||||||||||||||||||||||||
IRS 3 | 4/27/2023 | 0.26% | 50,000 | 50,000 | 428 | (523) | ||||||||||||||||||||||||||||||||
IRS 4 | 8/3/2023 | 0.28% | 40,000 | 40,000 | 676 | (483) | ||||||||||||||||||||||||||||||||
IRS 5 | 11/17/2023 | 0.34% | 60,000 | 60,000 | 1,564 | (801) | ||||||||||||||||||||||||||||||||
IRS 6 | 4/15/2024 | (0.24%) | 80,000 | 80,000 | 3,775 | (109) | ||||||||||||||||||||||||||||||||
IRS 7 | 12/20/2024 | 0.01% | 50,000 | 50,000 | 2,824 | 72 | ||||||||||||||||||||||||||||||||
IRS 8(*) | 7/29/2027 | 0.80% | — | 1,996 | — | (57) | ||||||||||||||||||||||||||||||||
IRS 9(*) | 12/18/2031 | 1.94% | — | 1,820 | — | (175) | ||||||||||||||||||||||||||||||||
Total | 320,000 | 323,816 | 9,379 | (2,412) |
(Euro thousands, except percentages) | Notional amount at December 31, | Fair value at December 31, | ||||||||||||||||||||||
Contract | Maturity date | Fixed interest rate | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||
IRS 1 | 2/17/2021 | 0.47 | % | 0 | 80,000 | 0 | (1,031 | ) | ||||||||||||||||
IRS 2 | 1/27/2023 | 0.27 | % | 20,000 | 20,000 | (192 | ) | (366 | ) | |||||||||||||||
IRS 3 | 2/8/2023 | 0.17 | % | 20,000 | 20,000 | (144 | ) | (309 | ) | |||||||||||||||
IRS 4 | 4/27/2023 | 0.26 | % | 50,000 | 50,000 | (523 | ) | (988 | ) | |||||||||||||||
IRS 5 | 8/3/2023 | 0.28 | % | 40,000 | 40,000 | (483 | ) | (898 | ) | |||||||||||||||
IRS 6 | 11/17/2023 | 0.34 | % | 60,000 | 60,000 | (801 | ) | (1,549 | ) | |||||||||||||||
IRS 7 | 4/15/2024 | (0.24 | %) | 80,000 | 0 | (109 | ) | 0 | ||||||||||||||||
IRS 8 | 12/20/2024 | 0.01 | % | 50,000 | 0 | 72 | 0 | |||||||||||||||||
IRS 9 | 7/29/2027 | 0.80 | % | 1,996 | 2,334 | (57 | ) | (108 | ) | |||||||||||||||
IRS 10 | 12/18/2031 | 1.94 | % | 1,820 | 2,002 | (175 | ) | (266 | ) | |||||||||||||||
Total | 323,816 | 274,336 | (2,412 | ) | (5,515 | ) |
At December 31, | |||||||||||
(€ thousands) | 2022 | 2021 | |||||||||
Securities | 316,595 | 334,244 | |||||||||
Guarantee deposits | 2,075 | 6,136 | |||||||||
Financial receivables | 2,224 | — | |||||||||
Total other current financial assets | 320,894 | 340,380 |
(Euro thousands) | At December 31, | |||||||
2021 | 2020 | |||||||
Securities | 334,244 | 350,163 | ||||||
Guarantee deposits and others | 6,136 | 0 | ||||||
Total other current financial assets | 340,380 | 350,163 |
(€ thousands) | At December 31, 2021 | Investments | Disposals | Fair value adjustments | Realized gains/(losses) | Exchange rate gains/(losses) | At December 31, 2022 | ||||||||||||||||||||||||||||||||||
FVPL | |||||||||||||||||||||||||||||||||||||||||
Insurance contracts | 113,919 | — | — | 1,056 | — | — | 114,975 | ||||||||||||||||||||||||||||||||||
Fixed income | 68,947 | — | — | (4,930) | — | — | 64,017 | ||||||||||||||||||||||||||||||||||
Hedge funds | 41,483 | 7,304 | — | (2,631) | — | 605 | 46,761 | ||||||||||||||||||||||||||||||||||
Private equity | 15,925 | 6,230 | (7,533) | 3,282 | 17 | 390 | 18,311 | ||||||||||||||||||||||||||||||||||
Equity | 25,408 | — | (7,101) | (3,354) | (590) | 229 | 14,592 | ||||||||||||||||||||||||||||||||||
Private debt | 7,945 | 5,201 | — | 498 | — | — | 13,644 | ||||||||||||||||||||||||||||||||||
Real estate funds | 32,898 | 2,496 | (24,633) | 248 | 800 | 320 | 12,129 | ||||||||||||||||||||||||||||||||||
Commodities | — | 2,991 | — | (264) | — | — | 2,727 | ||||||||||||||||||||||||||||||||||
Money market funds | 2,007 | 966 | (370) | 77 | — | (93) | 2,587 | ||||||||||||||||||||||||||||||||||
Total FVPL | 308,532 | 25,188 | (39,637) | (6,018) | 227 | 1,451 | 289,743 | ||||||||||||||||||||||||||||||||||
FVOCI | |||||||||||||||||||||||||||||||||||||||||
Floating income | 20,687 | — | (2,500) | (445) | — | — | 17,742 | ||||||||||||||||||||||||||||||||||
Fixed income | 5,025 | 5,000 | — | (915) | — | — | 9,110 | ||||||||||||||||||||||||||||||||||
Total FVOCI | 25,712 | 5,000 | (2,500) | (1,360) | — | — | 26,852 | ||||||||||||||||||||||||||||||||||
Total securities | 334,244 | 30,188 | (42,137) | (7,378) | 227 | 1,451 | 316,595 |
At December 31, 2020 | Investments | Disposals | Fair value adjustments | Realized gains/(losses) | Exchange rate gains/(losses) | At December 31, 2021 | ||||||||||||||||||||||
(Euro thousands) | ||||||||||||||||||||||||||||
FVPL | ||||||||||||||||||||||||||||
Insurance contracts | 107,188 | 6,232 | 0 | 499 | 0 | 0 | 113,919 | |||||||||||||||||||||
Fixed income | 88,011 | 24,756 | (44,713 | ) | 1,271 | (380 | ) | 2 | 68,947 | |||||||||||||||||||
Hedge funds | 36,511 | 10,396 | (7,861 | ) | 1,153 | 572 | 712 | 41,483 | ||||||||||||||||||||
Real estate funds | 29,073 | 3,826 | (2,060 | ) | 1,316 | 109 | 634 | 32,898 | ||||||||||||||||||||
Equity | 24,843 | 8,327 | (10,236 | ) | 1,224 | 1,011 | 239 | 25,408 | ||||||||||||||||||||
Private equity | 10,583 | 4,505 | (3,036 | ) | 3,486 | 0 | 387 | 15,925 | ||||||||||||||||||||
Private debt | 6,894 | 401 | 0 | 650 | 0 | 0 | 7,945 | |||||||||||||||||||||
Money market funds | 19,223 | 11,479 | (30,978 | ) | 20 | 279 | 1,984 | 2,007 | ||||||||||||||||||||
Total FVPL | 322,326 | 69,922 | (98,884 | ) | 9,619 | 1,591 | 3,958 | 308,532 | ||||||||||||||||||||
FVOCI | ||||||||||||||||||||||||||||
Floating income | 22,663 | 0 | (2,284 | ) | 252 | 56 | 0 | 20,687 | ||||||||||||||||||||
Fixed income | 5,174 | 0 | (416 | ) | 267 | 0 | 0 | 5,025 | ||||||||||||||||||||
Total FVOCI | 27,837 | 0 | (2,700 | ) | 519 | 56 | 0 | 25,712 | ||||||||||||||||||||
Total securities | 350,163 | 69,922 | (101,584 | ) | 10,138 | 1,647 | 3,958 | 334,244 |
(€ thousands) | At December 31, 2020 | Investments | Disposals | Fair value adjustments | Realized gains/(losses) | Exchange rate gains/(losses) | At December 31, 2021 | ||||||||||||||||||||||||||||||||||
FVPL | |||||||||||||||||||||||||||||||||||||||||
Insurance contracts | 107,188 | 6,232 | — | 499 | — | — | 113,919 | ||||||||||||||||||||||||||||||||||
Fixed income | 88,011 | 24,756 | (44,713) | 1,271 | (380) | 2 | 68,947 | ||||||||||||||||||||||||||||||||||
Hedge funds | 36,511 | 10,396 | (7,861) | 1,153 | 572 | 712 | 41,483 | ||||||||||||||||||||||||||||||||||
Real estate funds | 29,073 | 3,826 | (2,060) | 1,316 | 109 | 634 | 32,898 | ||||||||||||||||||||||||||||||||||
Equity | 24,843 | 8,327 | (10,236) | 1,224 | 1,011 | 239 | 25,408 | ||||||||||||||||||||||||||||||||||
Private equity | 10,583 | 4,505 | (3,036) | 3,486 | — | 387 | 15,925 | ||||||||||||||||||||||||||||||||||
Private debt | 6,894 | 401 | — | 650 | — | — | 7,945 | ||||||||||||||||||||||||||||||||||
Money market funds | 19,223 | 11,479 | (30,978) | 20 | 279 | 1,984 | 2,007 | ||||||||||||||||||||||||||||||||||
Total FVPL | 322,326 | 69,922 | (98,884) | 9,619 | 1,591 | 3,958 | 308,532 | ||||||||||||||||||||||||||||||||||
FVOCI | |||||||||||||||||||||||||||||||||||||||||
Floating income | 22,663 | — | (2,284) | 252 | 56 | — | 20,687 | ||||||||||||||||||||||||||||||||||
Fixed income | 5,174 | — | (416) | 267 | — | — | 5,025 | ||||||||||||||||||||||||||||||||||
Total FVOCI | 27,837 | — | (2,700) | 519 | 56 | — | 25,712 | ||||||||||||||||||||||||||||||||||
Total securities | 350,163 | 69,922 | (101,584) | 10,138 | 1,647 | 3,958 | 334,244 |
At December 31, 2019 | Investments | Disposals | Fair value adjustments | Realized gains/(losses) | Exchange rate gains/(losses) | At December 31, 2020 | ||||||||||||||||||||||
(Euro thousands) | ||||||||||||||||||||||||||||
FVPL | ||||||||||||||||||||||||||||
Insurance contracts | 176,575 | 7,500 | (78,897 | ) | 1,984 | 26 | 0 | 107,188 | ||||||||||||||||||||
Fixed income | 122,070 | 38,580 | (72,752 | ) | 920 | (798 | ) | (9 | ) | 88,011 | ||||||||||||||||||
Hedge funds | 50,471 | 20,198 | (35,408 | ) | 420 | 1,299 | (469 | ) | 36,511 | |||||||||||||||||||
Real estate funds | 24,807 | 21,023 | (15,788 | ) | (884 | ) | 604 | (689 | ) | 29,073 | ||||||||||||||||||
Equity | 15,261 | 27,834 | (18,024 | ) | (80 | ) | (124 | ) | (24 | ) | 24,843 | |||||||||||||||||
Money market funds | 10,254 | 37,222 | (28,253 | ) | 0 | 0 | 0 | 19,223 | ||||||||||||||||||||
Private equity | 8,256 | 2,845 | (548 | ) | 201 | 0 | (171 | ) | 10,583 | |||||||||||||||||||
Private debt | 2,006 | 4,802 | 0 | 86 | 0 | 0 | 6,894 | |||||||||||||||||||||
Total FVPL | 409,700 | 160,004 | (249,670 | ) | 2,647 | 1,007 | (1,362 | ) | 322,326 | |||||||||||||||||||
FVOCI | ||||||||||||||||||||||||||||
Floating income | 19,879 | 5,425 | (2,938 | ) | 295 | 2 | 0 | 22,663 | ||||||||||||||||||||
Fixed in c ome | 5,326 | 167 | (303 | ) | (12 | ) | (4 | ) | 0 | 5,174 | ||||||||||||||||||
Total FVOCI | 25,205 | 5,592 | (3,241 | ) | 283 | (2 | ) | 0 | 27,837 | |||||||||||||||||||
Total securities | 434,905 | 165,596 | (252,911 | ) | 2,930 | 1,005 | (1,362 | ) | 350,163 |
At December 31, | |||||||||||
(€ thousands) | 2022 | 2021 | |||||||||
Cash on hand | 2,322 | 1,651 | |||||||||
Bank balances | 251,999 | 458,140 | |||||||||
Total cash and cash equivalents | 254,321 | 459,791 |
(Euro thousands) | At December 31, | |||||||
2021 | 2020 | |||||||
Cash on hand | 1,651 | 535 | ||||||
Bank balances | 458,140 | 316,756 | ||||||
Total cash and cash equivalents | 459,791 | 317,291 |
At December 31, | |||||||||||
(€ thousands) | 2022 | 2021 | |||||||||
Legal and statutory reserves | 8,056 | 860 | |||||||||
Share premium | 721,187 | 721,187 | |||||||||
Reserve for treasury shares | (451,174) | (455,000) | |||||||||
Other comprehensive income/(loss) reserve (OCI) | 19,131 | (12,295) | |||||||||
Share-based payments reserve | 88,557 | 74,978 | |||||||||
Non-controlling interests options reserve | (183,525) | (196,691) | |||||||||
Other reserves | (57,542) | (36,360) | |||||||||
Other reserves, including OCI | 144,690 | 96,679 |
(Euro thousands) | At December 31, | |||||||
2021 | 2020 | |||||||
Italian statutory reserve | 860 | 860 | ||||||
Addition paid-in capital | 721,187 | — | ||||||
Reserve for treasury shares | (455,000 | ) | (76,624 | ) | ||||
Other comprehensive income reserve (OCI) | (12,295 | ) | (25,901 | ) | ||||
Share-based payments reserve | 74,978 | — | ||||||
Non-controlling interests options reserve | (196,691 | ) | (196,691 | ) | ||||
Other reserves | (36,360 | ) | 2,584 | |||||
Other reserves, including OCI | 96,679 | (295,772 | ) |
At and for the year ended December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(Functional currency thousands) | Country | Group’s percentage interest | Non- controlling interest percentage | Functional currency | Total assets | Total equity | Net revenues | Net income / (loss) | Dividends paid to non- controlling shareholders | ||||||||||||||||||||||||||||||||||||||||||||
Company | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Thom Browne Inc. | U.S.A. | 90 | % | 10 | % | USD | 298,901 | 146,879 | 348,445 | 43,277 | (2,000) | ||||||||||||||||||||||||||||||||||||||||||
Ermenegildo Zegna Vietnam LLC | Vietnam | 90 | % | 10 | % | VTD | 59,373,311 | 21,638,614 | 45,647,540 | 7,913,295 | — | ||||||||||||||||||||||||||||||||||||||||||
Ermenegildo Zegna Madrid S.A. | Spain | 70 | % | 30 | % | EUR | 3,718 | 1,741 | 3,838 | 120 | (90) | ||||||||||||||||||||||||||||||||||||||||||
Gruppo Dondi S.p.A. | Italy | 65 | % | 35 | % | EUR | 39,469 | 20,507 | 47,655 | 4,901 | (1,113) | ||||||||||||||||||||||||||||||||||||||||||
E. Z. Thai Holding Ltd | Thailand | 49 | % | 51 | % | THB | 12,669 | 19 | — | (309) | — | ||||||||||||||||||||||||||||||||||||||||||
Bonotto S.p.A. | Italy | 60 | % | 40 | % | EUR | 23,739 | 9,431 | 24,552 | 2,075 | (797) | ||||||||||||||||||||||||||||||||||||||||||
Tessitura Ubertino S.r.l. | Italy | 60 | % | 40 | % | EUR | 8,351 | 4,921 | 10,245 | 983 | (312) | ||||||||||||||||||||||||||||||||||||||||||
Cappellificio Cervo S.r.l. | Italy | 51 | % | 49 | % | EUR | 1,630 | 864 | 2,371 | 85 | — | ||||||||||||||||||||||||||||||||||||||||||
Zegna South Asia Private LTD | India | 51 | % | 49 | % | INR | 590,989 | 199,864 | 395,827 | 76,155 | — | ||||||||||||||||||||||||||||||||||||||||||
Zegna Gulf Trading LLC | UAE | 49 | % | 51 | % | AED | 140,841 | 53,895 | 191,749 | 52,806 | — | ||||||||||||||||||||||||||||||||||||||||||
The Italian Fashion Co. LTD | Thailand | 65 | % | 35 | % | THB | 198,556 | (16,584) | 190,048 | 11,015 | — |
At and for the year ended December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(Functional currency thousands) | Country | Group’s percentage interest | Non- controlling interest percentage | Functional currency | Total assets | Total equity | Net revenues | Net income / (loss) | Dividends paid to non- controlling shareholders | ||||||||||||||||||||||||||||||||||||||||||||
Company | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Thom Browne Inc. | U.S.A. | 90 | % | 10 | % | USD | 233,472 | 129,244 | 312,311 | 35,703 | — | ||||||||||||||||||||||||||||||||||||||||||
Ermenegildo Zegna Vietnam LLC | Vietnam | 77 | % | 23 | % | VTD | 59,619,650 | (65,153,441) | 34,267,609 | (3,987,259) | — | ||||||||||||||||||||||||||||||||||||||||||
Ermenegildo Zegna Madrid S.A. | Spain | 70 | % | 30 | % | EUR | 3,627 | 1,925 | 2,241 | (96) | — | ||||||||||||||||||||||||||||||||||||||||||
Gruppo Dondi S.p.A. | Italy | 65 | % | 35 | % | EUR | 33,459 | 18,475 | 37,617 | 4,783 | (182) | ||||||||||||||||||||||||||||||||||||||||||
E. Z. Thai Holding Ltd | Thailand | 49 | % | 51 | % | THB | 12,979 | 328 | — | (121) | — | ||||||||||||||||||||||||||||||||||||||||||
Bonotto S.p.A. | Italy | 60 | % | 40 | % | EUR | 21,482 | 9,030 | 17,674 | 1,840 | — | ||||||||||||||||||||||||||||||||||||||||||
Tessitura Ubertino S.r.l. | Italy | 60 | % | 40 | % | EUR | 12,221 | 8,786 | 5,625 | 561 | — | ||||||||||||||||||||||||||||||||||||||||||
Cappellificio Cervo S.r.l. | Italy | 51 | % | 49 | % | EUR | 1,498 | 757 | 1,315 | (35) | — | ||||||||||||||||||||||||||||||||||||||||||
Zegna South Asia Private LTD | India | 51 | % | 49 | % | INR | 871,210 | 123,709 | 281,592 | 21,891 | — | ||||||||||||||||||||||||||||||||||||||||||
Zegna Gulf Trading LLC | UAE | 49 | % | 51 | % | AED | 125,086 | 921 | 137,355 | 30,783 | — | ||||||||||||||||||||||||||||||||||||||||||
The Italian Fashion Co. LTD | Thailand | 65 | % | 35 | % | THB | 171,771 | (28,094) | 91,848 | (51,149) | — |
At and for the year ended December 31, 2021 | ||||||||||||||||||||||||||||||||
(Functional currency thousands) | Group’s percentage interest | Non- controlling interest percentage | Functional currency | Total assets | Total equity | Net revenues | Net income / (loss) | Dividends paid to non- controlling shareholders | ||||||||||||||||||||||||
Company | ||||||||||||||||||||||||||||||||
Thom Browne Inc. | 90 | % | 10 | % | USD | 233,472 | 129,244 | 312,311 | 35,703 | 0 | ||||||||||||||||||||||
Ermenegildo Zegna Vietnam LLC | 77 | % | 23 | % | VTD | 59,619,650 | (65,153,441 | ) | 34,267,609 | (3,987,259 | ) | 0 | ||||||||||||||||||||
Ermenegildo Zegna Madrid S.A. | 70 | % | 30 | % | EUR | 3,627 | 1,925 | 2,241 | (96 | ) | 0 | |||||||||||||||||||||
Gruppo Dondi S.p.A. | 65 | % | 35 | % | EUR | 33,459 | 18,475 | 37,617 | 4,783 | (182 | ) | |||||||||||||||||||||
E. Z. Thai Holding Ltd | 49 | % | 51 | % | THB | 12,979 | 328 | 0 | (121 | ) | 0 | |||||||||||||||||||||
Bonotto S.p.A. | 60 | % | 40 | % | EUR | 21,482 | 9,030 | 17,674 | 1,840 | 0 | ||||||||||||||||||||||
Tessitura Ubertino S.r.l. | 60 | % | 40 | % | EUR | 12,221 | 8,786 | 5,625 | 561 | 0 | ||||||||||||||||||||||
Cappellificio Cervo S.r.l. | 51 | % | 49 | % | EUR | 1,498 | 757 | 1,315 | (35 | ) | 0 | |||||||||||||||||||||
Zegna South Asia Private LTD | 51 | % | 49 | % | INR | 871,210 | 123,709 | 281,592 | 21,891 | 0 | ||||||||||||||||||||||
Zegna Gulf Trading LLC | 49 | % | 51 | % | AED | 125,086 | 921 | 137,355 | 30,783 | 0 |
At and for the year ended December 31, 2020 | ||||||||||||||||||||||||||||||||
(Functional currency thousands) | Group’s percentage interest | Non- controlling interest percentage | Functional currency | Total assets | Total equity | Net revenues | Net income / (loss) | Dividends paid to non- controlling shareholders | ||||||||||||||||||||||||
Company | ||||||||||||||||||||||||||||||||
Thom Browne Inc. | 85 | % | 15 | % | USD | 157,679 | 105,890 | 203,859 | 24,275 | 0 | ||||||||||||||||||||||
Gruppo Dondi S.p.A. | 65 | % | 35 | % | EUR | 24,590 | 21,321 | 27,199 | 1,147 | (354 | ) | |||||||||||||||||||||
Bonotto S.p.A. | 60 | % | 40 | % | EUR | 22,345 | 7,143 | 20,526 | (366 | ) | (216 | ) | ||||||||||||||||||||
Lanificio Ermenegildo Zegna e Figli S.p.A. | 90 | % | 10 | % | EUR | 42,855 | 27,077 | 52,945 | 6,048 | (1,116 | ) | |||||||||||||||||||||
Ermenegildo Zegna Madrid S.A. | 70 | % | 30 | % | EUR | 2,935 | 2,935 | 2,051 | (29 | ) | (45 | ) | ||||||||||||||||||||
Zegna South Asia Private LTD | 51 | % | 49 | % | INR | 654,611 | 103,020 | 216,675 | (13,372 | ) | 0 | |||||||||||||||||||||
Ermenegildo Zegna Vietnam LLC | 77 | % | 23 | % | VTD | 36,801,969 | (61,223,291 | ) | 28,519,833 | (2,520,357 | ) | 0 | ||||||||||||||||||||
Zegna Gulf Trading LLC | 49 | % | 51 | % | AED | 91,261 | (29,810 | ) | 57,826 | (9,600 | ) | 0 | ||||||||||||||||||||
Achill Land Pty Ltd. | 60 | % | 40 | % | AUD | 11,749 | 10,200 | n.a. | n.a. | 0 |
2022 | 2021 | ||||||||||||||||||||||||||||||||||
(€ thousands) | Committed Loans | Other financial loans | Total borrowings | Committed Loans | Other financial loans | Total borrowings | |||||||||||||||||||||||||||||
At January 1, | 578,213 | 50,725 | 628,938 | 613,415 | 51,336 | 664,751 | |||||||||||||||||||||||||||||
Repayments | (109,422) | (50,297) | (159,719) | (56,029) | (104,181) | (160,210) | |||||||||||||||||||||||||||||
Proceeds | — | — | — | 20,000 | 103,570 | 123,570 | |||||||||||||||||||||||||||||
Other | 1,836 | — | 1,836 | 827 | — | 827 | |||||||||||||||||||||||||||||
At December 31, | 470,627 | 428 | 471,055 | 578,213 | 50,725 | 628,938 | |||||||||||||||||||||||||||||
Of which: | |||||||||||||||||||||||||||||||||||
Non-current | 184,661 | 219 | 184,880 | 470,934 | 712 | 471,646 | |||||||||||||||||||||||||||||
Current | 285,966 | 209 | 286,175 | 107,279 | 50,013 | 157,292 |
(Euro thousands) | 2021 | 2020 | ||||||||||||||||||||||
Committed Loans | Other financial loans | Total borrowings | Committed Loans | Other financial loans | Total borrowings | |||||||||||||||||||
At January 1, | 613,415 | 51,336 | 664,751 | 619,308 | 984 | 620,292 | ||||||||||||||||||
Repayments | (56,029 | ) | (104,181 | ) | (160,210 | ) | (221,029 | ) | — | (221,029 | ) | |||||||||||||
Proceeds | 20,000 | 103,570 | 123,570 | 215,000 | 50,352 | 265,352 | ||||||||||||||||||
Other | 827 | — | 827 | 136 | — | 136 | ||||||||||||||||||
At December 31, | 578,213 | 50,725 | 628,938 | 613,415 | 51,336 | 664,751 | ||||||||||||||||||
Of which: | ||||||||||||||||||||||||
Non-current | 470,934 | 712 | 471,646 | 557,386 | 1,336 | 558,722 | ||||||||||||||||||
Current | 107,279 | 50,013 | 157,292 | 56,029 | 50,000 | 106,029 |
(€ thousands) | At December 31, 2022 | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 and beyond | |||||||||||||||||||||||||||||
Committed loans | 470,627 | 285,966 | 137,206 | 35,387 | 3,994 | 8,074 | |||||||||||||||||||||||||||||
Other financial liabilities | 428 | 209 | 211 | 8 | — | — | |||||||||||||||||||||||||||||
Total borrowings | 471,055 | 286,175 | 137,417 | 35,395 | 3,994 | 8,074 |
(Euro thousands) | At December 31, 2021 | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 and beyond | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(€ thousands) | (€ thousands) | At December 31, 2021 | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 and beyond | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Committed loans | 578,213 | 107,279 | 281,028 | 133,872 | 43,965 | 12,069 | Committed loans | 578,213 | 107,279 | 281,028 | 133,872 | 43,965 | 12,069 | ||||||||||||||||||||||||||||||||||||||||||||||
Other financial liabilities | 50,725 | 50,013 | 20 | 680 | 12 | — | Other financial liabilities | 50,725 | 50,013 | 20 | 680 | 12 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Total borrowings | 628,938 | 157,292 | 281,048 | 134,552 | 43,977 | 12,069 | Total borrowings | 628,938 | 157,292 | 281,048 | 134,552 | 43,977 | 12,069 |
(Euro thousands) | At December 31, 2020 | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 and beyond | ||||||||||||||||||
Committed loans | 613,415 | 56,029 | 107,500 | 281,250 | 130,000 | 38,636 | ||||||||||||||||||
Other financial liabilities | 51,336 | 50,000 | — | — | 874 | 462 | ||||||||||||||||||
Total borrowings | 664,751 | 106,029 | 107,500 | 281,250 | 130,874 | 39,098 |
At December 31, 2022 | ||||||||||||||||||||||||||||||||
Borrower | Interest rate | Interest rate terms | Expiry date | of which current portion | of which non-current portion | |||||||||||||||||||||||||||
(€ thousands) | ||||||||||||||||||||||||||||||||
Ermenegildo Zegna N.V. | Variable | IRS + 1.48% | January 2023 | 20,099 | — | |||||||||||||||||||||||||||
Ermenegildo Zegna N.V. | Variable | IRS + 0.80% | February 2023 | 20,000 | — | |||||||||||||||||||||||||||
Ermenegildo Zegna N.V. | Fixed | 0.77% | March 2023 | 15,000 | — | |||||||||||||||||||||||||||
Ermenegildo Zegna N.V. | Fixed | 0.49% | April 2023 | 50,042 | — | |||||||||||||||||||||||||||
Ermenegildo Zegna N.V. | Variable | Euribor 6m + 0.75% | May 2023 | 45,139 | — | |||||||||||||||||||||||||||
Ermenegildo Zegna N.V. | Variable | Euribor 6m + 0.86% | June 2023 | 6,250 | — | |||||||||||||||||||||||||||
Ermenegildo Zegna N.V. | Variable | IRS + 1.05% | August 2023 | 40,168 | — | |||||||||||||||||||||||||||
Ermenegildo Zegna N.V. | Variable | IRS + 0.78% | November 2023 | 60,139 | — | |||||||||||||||||||||||||||
Ermenegildo Zegna N.V. | Variable | Euribor 6m + 0.78% | November 2023 | 5,000 | — | |||||||||||||||||||||||||||
Ermenegildo Zegna N.V. | Fixed | 1.22% | November 2023 | 20,000 | — | |||||||||||||||||||||||||||
Ermenegildo Zegna N.V. | Variable | IRS + 0.81% | April 2024 | 409 | 79,986 | |||||||||||||||||||||||||||
Lanificio Ermenegildo Zegna e Figli S.p.A. | Fixed | 1.35% | June 2024 | 194 | 195 | |||||||||||||||||||||||||||
Ermenegildo Zegna N.V. | Variable | IRS + 0.60% | December 2024 | 200 | 49,951 | |||||||||||||||||||||||||||
Co.Ti Service S.A. | Fixed | 0.75% | March 2025 | — | 20,000 | |||||||||||||||||||||||||||
Co.Ti Service S.A. | Fixed | 0.75% | April 2025 | — | 10,000 | |||||||||||||||||||||||||||
Ermenegildo Zegna N.V. | Variable | Euribor 1m + 0.77% | May 2025 | 3,324 | 4,750 | |||||||||||||||||||||||||||
Ermenegildo Zegna N.V. | Fixed | 0.73% | September 2028 | 33 | 19,973 | |||||||||||||||||||||||||||
Other borrowings | Fixed | 0.05% - 0.49% | Up to 2029 | 178 | 25 | |||||||||||||||||||||||||||
Total | 286,175 | 184,880 | ||||||||||||||||||||||||||||||
of which fixed | 85,447 | 50,193 | ||||||||||||||||||||||||||||||
of which variable | 200,728 | 134,687 |
At December 31, 2021 | ||||||||||||||||
Borrower | Interest rate | Terms | Expiry date | of which current portion | of which non-current portion | |||||||||||
(Euro thousands) | ||||||||||||||||
Co.Ti Service S.A. | Fixed | 0.79% | February 2022 | 10,000 | — | |||||||||||
Co.Ti Service S.A. | Fixed | 0.79% | March 2022 | 5,000 | — | |||||||||||
Ermenegildo Zegna N.V. | Fixed | 0.00% | March 2022 | 15,000 | — | |||||||||||
Ermenegildo Zegna N.V. | Fixed | 0.00% | March 2022 | 35,000 | — | |||||||||||
Ermenegildo Zegna N.V. | Variable | Euribor 3m + 0.69% | September 2022 | 9,998 | — | |||||||||||
Ermenegildo Zegna N.V. | Fixed | 1.25% | December 2022 | 10,000 | — | |||||||||||
Ermenegildo Zegna N.V. | Variable | IRS + 1.48% | January 2023 | — | 19,999 | |||||||||||
Ermenegildo Zegna N.V. | Variable | IRS + 0.80% | February 2023 | — | 20,000 | |||||||||||
Ermenegildo Zegna N.V. | Fixed | 0.77% | March 2023 | — | 15,000 | |||||||||||
Ermenegildo Zegna N.V. | Fixed | 0.49% | April 2023 | — | 49,993 | |||||||||||
Ermenegildo Zegna N.V. | Variable | | Euribor 6m + 0.75% | | May 2023 | — | 44,991 | |||||||||
Ermenegildo Zegna N.V. | Variable | Euribor 6m + 0.83% | June 2023 | 12,485 | 6,247 | |||||||||||
Ermenegildo Zegna N.V. | Variable | IRS + 1.05% | August 2023 | — | 39,993 | |||||||||||
Ermenegildo Zegna N.V. | Variable | Euribor 6m + 0.80% | September 2023 | 49,836 | — | |||||||||||
Ermenegildo Zegna N.V. | Variable | IRS + 0.75% | November 2023 | — | 59,948 | |||||||||||
Ermenegildo Zegna N.V. | Variable | Euribor 6m + 0.75% | November 2023 | 9,960 | 4,966 | |||||||||||
Ermenegildo Zegna N.V. | Fixed | 1.22% | November 2023 | — | 20,000 | |||||||||||
Ermenegildo Zegna N.V. | Variable | IRS + 0.81% | April 2024 | — | 79,936 | |||||||||||
Lanificio Ermenegildo Zegna e Figli S.p.A. | Fixed | 1.35% | June 2024 | — | 655 | |||||||||||
Ermenegildo Zegna N.V. | Variable | IRS + 0.60% | December 2024 | — | 49,901 | |||||||||||
Co.Ti Service S.A. | Fixed | 0.75% | March 2025 | — | 20,000 | |||||||||||
Co.Ti Service S.A. | Fixed | 0.75% | April 2025 | — | 10,000 | |||||||||||
Ermenegildo Zegna N.V. | Variable | Euribor 1m + 0.76% | May 2025 | — | 9,993 | |||||||||||
Ermenegildo Zegna N.V. | Fixed | 0.73% | September 2028 | — | 19,967 | |||||||||||
Other | Fixed | 0.05% | June 2025 | 13 | 57 | |||||||||||
Total | 157,292 | 471,646 | ||||||||||||||
of which fixed | 75,013 | 135,672 | ||||||||||||||
of which variable | 82,279 | 335,974 |
At December 31, 2021 | ||||||||||||||||||||||||||||||||
Borrower | Interest rate | Interest rate terms | Expiry date | of which current portion | of which non-current portion | |||||||||||||||||||||||||||
(€ thousands) | ||||||||||||||||||||||||||||||||
Co.Ti Service S.A. | Fixed | 0.79% | February 2022 | 10,000 | — | |||||||||||||||||||||||||||
Co.Ti Service S.A. | Fixed | 0.79% | March 2022 | 5,000 | — | |||||||||||||||||||||||||||
Ermenegildo Zegna N.V. | Fixed | 0.00% | March 2022 | 15,000 | — | |||||||||||||||||||||||||||
Ermenegildo Zegna N.V. | Fixed | 0.00% | March 2022 | 35,000 | — | |||||||||||||||||||||||||||
Ermenegildo Zegna N.V. | Variable | Euribor 3m + 0.69% | September 2022 | 9,998 | — | |||||||||||||||||||||||||||
Ermenegildo Zegna N.V. | Fixed | 1.25% | December 2022 | 10,000 | — | |||||||||||||||||||||||||||
Ermenegildo Zegna N.V. | Variable | IRS + 1.48% | January 2023 | — | 19,999 | |||||||||||||||||||||||||||
Ermenegildo Zegna N.V. | Variable | IRS + 0.80% | February 2023 | — | 20,000 | |||||||||||||||||||||||||||
Ermenegildo Zegna N.V. | Fixed | 0.77% | March 2023 | — | 15,000 | |||||||||||||||||||||||||||
Ermenegildo Zegna N.V. | Fixed | 0.49% | April 2023 | — | 49,993 | |||||||||||||||||||||||||||
Ermenegildo Zegna N.V. | Variable | Euribor 6m + 0.75% | May 2023 | — | 44,991 | |||||||||||||||||||||||||||
Ermenegildo Zegna N.V. | Variable | Euribor 6m + 0.83% | June 2023 | 12,485 | 6,247 | |||||||||||||||||||||||||||
Ermenegildo Zegna N.V. | Variable | IRS + 1.05% | August 2023 | — | 39,993 | |||||||||||||||||||||||||||
Ermenegildo Zegna N.V. | Variable | Euribor 6m + 0.80% | September 2023 | 49,836 | — | |||||||||||||||||||||||||||
Ermenegildo Zegna N.V. | Variable | IRS + 0.75% | November 2023 | — | 59,948 | |||||||||||||||||||||||||||
Ermenegildo Zegna N.V. | Variable | Euribor 6m + 0.75% | November 2023 | 9,960 | 4,966 | |||||||||||||||||||||||||||
Ermenegildo Zegna N.V. | Fixed | 1.22% | November 2023 | — | 20,000 | |||||||||||||||||||||||||||
Ermenegildo Zegna N.V. | Variable | IRS + 0.81% | April 2024 | — | 79,936 | |||||||||||||||||||||||||||
Lanificio Ermenegildo Zegna e Figli S.p.A. | Fixed | 1.35% | June 2024 | — | 655 | |||||||||||||||||||||||||||
Ermenegildo Zegna N.V. | Variable | IRS + 0.60% | December 2024 | — | 49,901 | |||||||||||||||||||||||||||
Co.Ti Service S.A. | Fixed | 0.75% | March 2025 | — | 20,000 | |||||||||||||||||||||||||||
Co.Ti Service S.A. | Fixed | 0.75% | April 2025 | — | 10,000 | |||||||||||||||||||||||||||
Ermenegildo Zegna N.V. | Variable | Euribor 1m + 0.76% | May 2025 | — | 9,993 | |||||||||||||||||||||||||||
Ermenegildo Zegna N.V. | Fixed | 0.73% | September 2028 | — | 19,967 | |||||||||||||||||||||||||||
Other | Fixed | 0.05% | June 2025 | 13 | 57 | |||||||||||||||||||||||||||
Total | 157,292 | 471,646 | ||||||||||||||||||||||||||||||
of which fixed | 75,013 | 135,672 | ||||||||||||||||||||||||||||||
of which variable | 82,279 | 335,974 |
At December 31, 2020 | ||||||||||||||
Borrower | Interest rate | Terms | Expiry date | of which current portion | of which non-current portion | |||||||||
(Euro thousands) | ||||||||||||||
Ermenegildo Zegna N.V. | Fixed | 0.00% | April 2021 | 15,000 | — | |||||||||
Ermenegildo Zegna N.V. | Fixed | 0.73% | October 2021 | 17,500 | — | |||||||||
Ermenegildo Zegna N.V. | Variable | Euribor 3m + 0.73% | October 2021 | 17,500 | — | |||||||||
Ermenegildo Zegna N.V. | Fixed | 0.80% | December 2021 | 3,529 | — | |||||||||
Co.Ti Service S.A. | Fixed | 0.79% | February 2022 | — | 10,000 | |||||||||
Co.Ti Service S.A. | Fixed | 0.79% | March 2022 | — | 5,000 | |||||||||
Ermenegildo Zegna N.V. | Variable | Euribor 3m + 0.69% | September 2022 | — | 10,000 | |||||||||
Ermenegildo Zegna N.V. | Variable | Euribor 6m + 0.80% | September 2022 | 30,000 | 50,000 | |||||||||
Ermenegildo Zegna N.V. | Fixed | 1.25% | December 2022 | — | 10,000 | |||||||||
Ermenegildo Zegna N.V. | Variable | IRS + 1.48% | January 2023 | — | 20,000 | |||||||||
Ermenegildo Zegna N.V. | Variable | IRS + 0.80% | February 2023 | — | 20,000 | |||||||||
Ermenegildo Zegna N.V. | Fixed | 0.77% | March 2023 | — | 15,000 | |||||||||
Ermenegildo Zegna N.V. | Fixed | 0.49% | April 2023 | — | 50,000 | |||||||||
Ermenegildo Zegna N.V. | Variable | Euribor 6m + 0.75% | May 2023 | — | 45,000 | |||||||||
Ermenegildo Zegna N.V. | Variable | Euribor 6m + 0.83% | June 2023 | 12,500 | 18,750 | |||||||||
Ermenegildo Zegna N.V. | Variable | IRS + 1.05% | August 2023 | — | 40,000 | |||||||||
Ermenegildo Zegna N.V. | Fixed | 1.22% | November 2023 | — | 20,000 | |||||||||
Ermenegildo Zegna N.V. | Fixed | 1.09% | November 2023 | — | 60,000 | |||||||||
Ermenegildo Zegna N.V. | Variable | IRS + 0.75% | November 2023 | 10,000 | 14,972 | |||||||||
Ermenegildo Zegna N.V. | Variable | IRS + 0.81% | April 2024 | — | 80,000 | |||||||||
Ermenegildo Zegna N.V. | Variable | IRS + 0.60% | December 2024 | — | 50,000 | |||||||||
Co.Ti Service S.A. | Fixed | 0.75% | March 2025 | — | 20,000 | |||||||||
Co.Ti Service S.A. | Fixed | 0.75% | April 2025 | — | 10,000 | |||||||||
E.Z. Holditalia | Variable | Euribor 1m + 0.76% | May 2025 | — | 10,000 | |||||||||
Total | 106,029 | 558,722 | ||||||||||||
of which fixed | 36,029 | 200,000 | ||||||||||||
of which variable | 70,000 | 358,722 |
At December 31, | |||||||||||
(€ thousands) | 2022 | 2021 | |||||||||
Written put options on non-controlling interests | 178,766 | 159,411 | |||||||||
of which Thom Browne option | 155,551 | 135,726 | |||||||||
of which Dondi option | 23,215 | 23,685 | |||||||||
Other | 27 | 7,976 | |||||||||
Other non-current financial liabilities | 178,793 | 167,387 | |||||||||
Warrant liabilities | 37,258 | 33,984 | |||||||||
Other current financial liabilities | 37,258 | 33,984 | |||||||||
Total | 216,051 | 201,371 |
(Euro thousands) | At December 31, | |||||||
2021 | 2020 | |||||||
Written put options on non-controlling interests | 159,411 | 196,783 | ||||||
Cash-settled share-based payments | 0 | 16,120 | ||||||
Bonds | 0 | 4,287 | ||||||
Other | 7,976 | 3,778 | ||||||
Other non-current financial liabilities | 167,387 | 220,968 | ||||||
Warrant liabilities | 33,984 | 0 | ||||||
Other current financial liabilities | 33,984 | 0 | ||||||
Total | 201,371 | 220,968 |
32. Lease liabilities |
(€ thousands) | 2022 | 2021 | |||||||||
At January 1, | 438,052 | 407,687 | |||||||||
Interest expense | 9,882 | 9,351 | |||||||||
Repayment of lease liabilities (including interest expense) | (124,321) | (109,962) | |||||||||
IFRS 16 lease amendment: lease renegotiation | (7,194) | (12,416) | |||||||||
Additions due to new leases and store renewals | 140,875 | 150,648 | |||||||||
Decrease of lease liabilities due to store closures | (21,726) | (16,485) | |||||||||
Disposition | — | (11,508) | |||||||||
Translation differences | 7,939 | 20,737 | |||||||||
At December 31, | 443,507 | 438,052 | |||||||||
Of which: | |||||||||||
Non-current | 332,050 | 331,409 | |||||||||
Current | 111,457 | 106,643 |
(Euro thousands) | 2021 | 2020 | ||||||
At January 1, | 407,687 | 508,153 | ||||||
Interest expense | 9,351 | 10,285 | ||||||
Repayment of lease liabilities (including interest expense) | (109,962 | ) | (100,984 | ) | ||||
IFRS 16 lease amendment: lease renegotiation | (12,416 | ) | (24,931 | ) | ||||
Additions due to new leases and store renewals | 150,648 | 54,303 | ||||||
Decrease of lease liabilities due to store closures | (16,485 | ) | (14,084 | ) | ||||
Reclassifications to liabilities held for sale | — | (83 | ) | |||||
Disposition | (11,508 | ) | — | |||||
Translation differences | 20,737 | (24,972 | ) | |||||
At December 31, | 438,052 | 407,687 | ||||||
Of which: | ||||||||
Non-current | 331,409 | 314,845 | ||||||
Current | 106,643 | 92,842 |
(€ thousands) | At December 31, | Year 1 | Year 2 | Year 3 | Year 4 | Beyond | |||||||||||||||||||||||||||||
2022 | 443,507 | 111,457 | 91,081 | 62,502 | 46,528 | 131,939 | |||||||||||||||||||||||||||||
2021 | 438,052 | 106,643 | 92,344 | 65,610 | 38,898 | 134,557 |
(Euro thousands) | At December 31, | Year 1 | Year 2 | Year 3 | Year 4 | Beyond | ||||||||||||||||||
2021 | 438,052 | 106,643 | 92,344 | 65,610 | 38,898 | 134,557 | ||||||||||||||||||
2020 | 407,687 | 92,842 | 79,604 | 60,281 | 47,107 | 127,853 |
33. Provisions for risks and charges |
(€ thousands) | Legal and fiscal risks | Leased store restoration | Refund liability returns | Other provision | Total provisions | ||||||||||||||||||||||||
At January 1, 2022 | 28,656 | 14,293 | 10,049 | 5,650 | 58,648 | ||||||||||||||||||||||||
of which current | — | 2,288 | 10,049 | 1,756 | 14,093 | ||||||||||||||||||||||||
of which non-current | 28,656 | 12,005 | — | 3,894 | 44,555 | ||||||||||||||||||||||||
Provisions | 91 | 2,770 | 2,240 | 2,425 | 7,526 | ||||||||||||||||||||||||
Releases | (986) | (3,144) | (174) | (1,172) | (5,476) | ||||||||||||||||||||||||
Utilizations | (26,780) | (116) | (1,578) | (628) | (29,102) | ||||||||||||||||||||||||
Exchange differences | 2,088 | (58) | (94) | (44) | 1,892 | ||||||||||||||||||||||||
Reclassifications and other | (2,405) | 1,063 | (897) | 2,301 | 62 | ||||||||||||||||||||||||
At December 31, 2022 | 664 | 14,808 | 9,546 | 8,532 | 33,550 | ||||||||||||||||||||||||
of which current | — | 909 | 9,546 | 3,514 | 13,969 | ||||||||||||||||||||||||
of which non-current | 664 | 13,899 | — | 5,018 | 19,581 |
(Euro thousands) | Legal and fiscal risks | Leased store restoration | Refund liability returns | Other provision | Total provisions | |||||||||||||||
At January 1, 2020 | 17,256 | 14,064 | 6,744 | 6,759 | 44,823 | |||||||||||||||
Of which current | — | — | 6,744 | 3,852 | 10,596 | |||||||||||||||
Of which non-current | 17,256 | 14,064 | — | 2,907 | 34,227 | |||||||||||||||
Provisions | 902 | 2,396 | 2,044 | 8,122 | 13,464 | |||||||||||||||
Releases | (1,752 | ) | — | (2,062 | ) | (1,559 | ) | (5,373 | ) | |||||||||||
Utilizations | (30 | ) | (2,581 | ) | (694 | ) | (1,328 | ) | (4,633 | ) | ||||||||||
At December 31, 2020 | 16,376 | 13,879 | 6,032 | 11,994 | 48,281 | |||||||||||||||
Of which current | — | — | 6,032 | 2,293 | 8,325 | |||||||||||||||
Of which non-current | 16,376 | 13,879 | — | 9,701 | 39,956 | |||||||||||||||
Provisions | 12,521 | 979 | 491 | 2,594 | 16,585 | |||||||||||||||
Releases | (264 | ) | (630 | ) | — | (1,365 | ) | (2,259 | ) | |||||||||||
Utilizations | (1,168 | ) | — | (351 | ) | (3,979 | ) | (5,498 | ) | |||||||||||
Exchange differences | 1,191 | (110 | ) | 178 | — | 1,259 | ||||||||||||||
Reclassifications and other | — | 175 | 3,699 | (3,594 | ) | 280 | ||||||||||||||
At December 31, 2021 | 28,656 | 14,293 | 10,049 | 5,650 | 58,648 | |||||||||||||||
Of which current | — | 2,288 | 10,049 | 1,756 | 14,093 | |||||||||||||||
Of which non-current | 28,656 | 12,005 | — | 3,894 | 44,555 |
34. Employee benefits |
At December 31, | |||||||||||
(€ thousands) | 2022 | 2021 | |||||||||
Italian leaving indemnities (TFR) | 7,613 | 9,784 | |||||||||
Other leaving indemnities | 10,486 | 15,237 | |||||||||
Post-employment benefits | 5,675 | 5,280 | |||||||||
Other long-term employee benefits | 1,469 | 1,362 | |||||||||
Termination benefits | 311 | 366 | |||||||||
Total defined benefit obligations | 25,554 | 32,029 | |||||||||
Other long-term payables to employees | 26,030 | 10,234 | |||||||||
Total employee benefits | 51,584 | 42,263 |
(Euro thousands) | At December 31, | |||||||
2021 | 2020 | |||||||
Italian leaving indemnities (TFR) | 9,784 | 11,596 | ||||||
Other leaving indemnities | 15,237 | 16,073 | ||||||
Post-employment benefits | 5,280 | 590 | ||||||
Other long-term employee benefits | 1,362 | 561 | ||||||
Termination benefits | 366 | 396 | ||||||
Total defined benefit obligations | 32,029 | 29,216 | ||||||
Other long-term payables to employees | 10,234 | 131 | ||||||
Total employee benefits | 42,263 | 29,347 |
(€ thousands) | 2022 | 2021 | |||||||||
At January 1, | 32,029 | 29,216 | |||||||||
Changes through statement of profit and loss | 3,280 | 14,365 | |||||||||
- of which: Service cost | 3,018 | 14,169 | |||||||||
- of which: Financial charges | 262 | 196 | |||||||||
Changes through statement of comprehensive income and loss | (755) | 1,562 | |||||||||
- of which: Actuarial (gain)/loss | (1,220) | 563 | |||||||||
- of which: Translation differences | 465 | 999 | |||||||||
Benefits paid | (8,676) | (13,456) | |||||||||
Change in scope of consolidation and reclassifications | (324) | 342 | |||||||||
At December 31, | 25,554 | 32,029 |
(Euro thousands) | 2021 | 2020 | ||||||
At January 1, | 29,216 | 30,573 | ||||||
Changes through statement of profit and loss | 14,365 | 2,591 | ||||||
- of which: Service cost | 14,169 | 2,335 | ||||||
- of which: Financial charges | 196 | 256 | ||||||
Changes through statement of comprehensive income | 1,562 | (930 | ) | |||||
- of which: Actuarial loss/(gain) | 563 | (523 | ) | |||||
- of which: Translation differences | 999 | (407 | ) | |||||
Benefits paid | (13,456 | ) | (2,360 | ) | ||||
Change in scope of consolidation and reclassifications to assets held for sale | 342 | (658 | ) | |||||
At December 31, | 32,029 | 29,216 |
At December 31, 2022 | At December 31, 2021 | ||||||||||||||||||||||||||||||||||
Italy | Spain | China | Italy | Spain | China | ||||||||||||||||||||||||||||||
Discount rate | 3.60% / 3.80% | 3.70% / 3.80% | 2.80% / 2.90% | 0.183% / 0.757% | 0.60% / 0.70% | 2.80% | |||||||||||||||||||||||||||||
Inflation rate | 2.00% / 3.00% | 1.00% | 5.50% / 8.00% | 1.50% | 1.00% | 5.50% | |||||||||||||||||||||||||||||
Turn-over rate | 0.50% / 7.90% | 2.50% / 4.00% | 3.50% / 5.50% | 0.50% / 7.90% | 2.50% / 4.00% | 3.50% / 5.50% |
At December 31, 2021 | At December 31, 2020 | |||||||||||
Italy | Spain | China | Italy | Spain | China | |||||||
Discount rate | 0.183% / 0.757% | 0.60 / 0.70% | 2.80% | -0.204% / 0.246% | -0.440 / 0.283% | 3.05% | ||||||
Inflation rate | 1.50% | 1.00% | 5.50% | 1.50% | 0.80% | 4.41% | ||||||
Salary increase rate | 1.0% / 2.2% | 1.00% | 5.50% | 0.5% / 2.3% | 0.80% | 4.41% |
At December 31, 2022 | At December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||
+50 bps | -50 bps | +50 bps | -50 bps | +50 bps | -50 bps | +50 bps | -50 bps | ||||||||||||||||||||||||||||||||||||||||
(€ thousands) | Employee benefit obligations | Service costs | Employee benefit obligations | Service costs | |||||||||||||||||||||||||||||||||||||||||||
Discount rate | (720) | 770 | (109) | 60 | (714) | 765 | (39) | 42 | |||||||||||||||||||||||||||||||||||||||
Inflation rate | 680 | (645) | 61 | (111) | 601 | (572) | 38 | (36) | |||||||||||||||||||||||||||||||||||||||
Turn-over rate | 2,511 | (3,708) | 372 | (582) | 1,155 | (1,864) | 92 | (156) |
(Euro thousands) | At December 31, 2021 | At December 31, 2020 | ||||||||||||||||||||||||||||||
+50 bps | -50 bps | +50 bps | -50 bps | +50 bps | -50 bps | +50 bps | -50 bps | |||||||||||||||||||||||||
Employee benefit obligations | Service costs | Employee benefit obligations | Service costs | |||||||||||||||||||||||||||||
Discount rate | (714 | ) | 765 | (39 | ) | 42 | (793 | ) | 850 | (75 | ) | 79 | ||||||||||||||||||||
Inflation rate | 601 | (572 | ) | 38 | (36 | ) | 630 | (598 | ) | 46 | (43 | ) | ||||||||||||||||||||
Turn-over rate | 1,155 | (1,864 | ) | 92 | (156 | ) | 570 | (1 | ) | 61 | (109 | ) |
35. Trade payables and customer advances |
At December 31, | |||||||||||
(€ thousands) | 2022 | 2021 | |||||||||
Trade payables | 220,789 | 177,801 | |||||||||
Customer advances | 50,147 | 45,236 | |||||||||
Total trade payables including customer advances | 270,936 | 223,037 |
(Euro thousands) | At December 31, | |||||||
2021 | 2020 | |||||||
Trade payables | 177,801 | 150,257 | ||||||
Customer advances | 45,236 | 38,085 | ||||||
Total trade payables including customer advances | 223,037 | 188,342 |
36. Other current liabilities |
At December 31, | |||||||||||
(€ thousands) | 2022 | 2021 | |||||||||
Due to employees | 44,705 | 51,847 | |||||||||
VAT and other taxes | 15,102 | 28,609 | |||||||||
Accrued expenses | 23,162 | 15,319 | |||||||||
Social security institutions | 11,660 | 8,683 | |||||||||
Deferred income | 7,650 | 3,591 | |||||||||
Other current liabilities | 16,549 | 16,307 | |||||||||
Total other current liabilities | 118,828 | 124,356 |
(Euro thousands) | At December 31, | |||||||
2021 | 2020 | |||||||
Due to employees | 51,847 | 26,134 | ||||||
VAT and other taxes | 28,609 | 19,993 | ||||||
Accrued expenses | 15,319 | 19,739 | ||||||
Social security institutions | 8,683 | 9,147 | ||||||
Deferred income | 3,591 | 1,624 | ||||||
Other current liabilities | 16,307 | — | ||||||
Total other current liabilities | 124,356 | 76,637 |
37. Fair value measurement |
At December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||
Financial assets | Fair value Level | ||||||||||||||||||||||||||||||||||||||||||||||
(€ thousands) | FVPL | FVOCI | Amortized cost | Total | Note | 1 | 2 | 3 | |||||||||||||||||||||||||||||||||||||||
Derivative financial instruments | — | 22,454 | — | 22,454 | 24 | — | 22,454 | — | |||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | — | — | 254,321 | 254,321 | 27 | — | 254,321 | — | |||||||||||||||||||||||||||||||||||||||
Trade receivables | — | — | 177,213 | 177,213 | 23 | — | 177,213 | — | |||||||||||||||||||||||||||||||||||||||
Other non-current financial assets | 3,958 | — | 32,282 | 36,240 | 21 | — | 32,861 | 3,379 | |||||||||||||||||||||||||||||||||||||||
Other current financial assets | 289,743 | 26,852 | 4,299 | 320,894 | 25 | 30,076 | 78,470 | 212,348 | |||||||||||||||||||||||||||||||||||||||
Financial assets | 293,701 | 49,306 | 468,115 | 811,122 | 30,076 | 565,319 | 215,727 |
At December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||
Financial assets | Fair value Level | ||||||||||||||||||||||||||||||||||||||||
(€ thousands) | FVPL | FVOCI | Amortized cost | Total | 1 | 2 | 3 | ||||||||||||||||||||||||||||||||||
Insurance contracts | 114,975 | — | — | 114,975 | — | — | 114,975 | ||||||||||||||||||||||||||||||||||
Fixed income | 64,017 | 9,110 | — | 73,127 | 9,110 | 47,114 | 16,903 | ||||||||||||||||||||||||||||||||||
Hedge funds | 46,761 | — | — | 46,761 | — | 10,116 | 36,645 | ||||||||||||||||||||||||||||||||||
Equity | 14,592 | — | — | 14,592 | 497 | 14,095 | — | ||||||||||||||||||||||||||||||||||
Money market funds and floating income | 2,587 | 17,742 | — | 20,329 | 17,742 | 2,587 | — | ||||||||||||||||||||||||||||||||||
Private equity | 18,311 | — | — | 18,311 | — | — | 18,311 | ||||||||||||||||||||||||||||||||||
Real estate funds | 12,129 | — | — | 12,129 | — | — | 12,129 | ||||||||||||||||||||||||||||||||||
Private debt | 13,644 | — | — | 13,644 | — | 259 | 13,385 | ||||||||||||||||||||||||||||||||||
Commodities | 2,727 | — | — | 2,727 | 2,727 | — | — | ||||||||||||||||||||||||||||||||||
Guarantee deposits | — | — | 2,075 | 2,075 | — | 2,075 | — | ||||||||||||||||||||||||||||||||||
Financial receivables | — | — | 2,224 | 2,224 | — | 2,224 | — | ||||||||||||||||||||||||||||||||||
Total other current financial assets | 289,743 | 26,852 | 4,299 | 320,894 | 30,076 | 78,470 | 212,348 |
(Euro thousands) | At December 31, 2021 | |||||||||||||||||||||||||||||||
Financial assets | Fair value Level | |||||||||||||||||||||||||||||||
FVPL | FVOCI | Amortized cost | Total | Note | 1 | 2 | 3 | |||||||||||||||||||||||||
Derivative financial instruments | 0 | 1,786 | 0 | 1,786 | 26 | 0 | 1,786 | 0 | ||||||||||||||||||||||||
Cash and cash equivalents | 0 | 0 | 459,791 | 459,791 | 29 | 0 | 459,791 | 0 | ||||||||||||||||||||||||
Trade receivables | 0 | 0 | 160,360 | 160,360 | 25 | 0 | 160,360 | 0 | ||||||||||||||||||||||||
Other non-current financial assets | 2,257 | 0 | 33,115 | 35,372 | 23 | 0 | 33,115 | 2,257 | ||||||||||||||||||||||||
Other current financial assets (*) | 308,532 | 25,712 | 6,136 | 340,380 | 27 | 53,164 | 88,183 | 199,033 | ||||||||||||||||||||||||
Financial assets | 310,789 | 27,498 | 659,402 | 997,689 | 53,164 | 743,235 | 201,290 |
(Euro thousands) | At December 31, 2021 | |||||||||||||||||||||||||||
Financial assets | Fair value Level | |||||||||||||||||||||||||||
FVPL | FVOCI | Amortized cost | Total | 1 | 2 | 3 | ||||||||||||||||||||||
Insurance contracts | 113,919 | 0 | 0 | 113,919 | 0 | 0 | 113,919 | |||||||||||||||||||||
Fixed income | 68,947 | 5,025 | 0 | 73,972 | 29,764 | 26,700 | 17,508 | |||||||||||||||||||||
Hedge funds | 41,483 | 0 | 0 | 41,483 | 0 | 11,243 | 30,240 | |||||||||||||||||||||
Real estate funds | 32,898 | 0 | 0 | 32,898 | 0 | 19,100 | 13,798 | |||||||||||||||||||||
Equity | 25,408 | 0 | 0 | 25,408 | 2,713 | 22,695 | 0 | |||||||||||||||||||||
Money market funds and floating income | 2,007 | 20,687 | 0 | 22,694 | 20,687 | 2,007 | 0 | |||||||||||||||||||||
Private equity | 15,925 | 0 | 0 | 15,925 | 0 | 0 | 15,925 | |||||||||||||||||||||
Private debt | 7,945 | 0 | 0 | 7,945 | 0 | 302 | 7,643 | |||||||||||||||||||||
Guarantee deposits and others | 0 | 0 | 6,136 | 6,136 | 0 | 6,136 | 0 | |||||||||||||||||||||
Total other current financial assets | 308,532 | 25,712 | 6,136 | 340,380 | 53,164 | 88,183 | 199,033 |
(€ thousands) | Fair value Level 3 | ||||||||||
2022 | 2021 | ||||||||||
At January 1 | 201,290 | 197,840 | |||||||||
Investments | 21,343 | 19,516 | |||||||||
Disposals | (12,529) | (24,211) | |||||||||
Fair value adjustments | 4,355 | 6,673 | |||||||||
Realized gains | 254 | 69 | |||||||||
Exchange rate gains | 1,014 | 1,403 | |||||||||
At December 31 | 215,727 | 201,290 |
At December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
Financial assets | Fair value Level | ||||||||||||||||||||||||||||||||||||||||||||||
(€ thousands) | FVPL | FVOCI | Amortized cost | Total | Note | 1 | 2 | 3 | |||||||||||||||||||||||||||||||||||||||
Derivative financial instruments | — | 1,786 | — | 1,786 | 24 | — | 1,786 | — | |||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | — | — | 459,791 | 459,791 | 27 | — | 459,791 | — | |||||||||||||||||||||||||||||||||||||||
Trade receivables | — | — | 160,360 | 160,360 | 23 | — | 160,360 | — | |||||||||||||||||||||||||||||||||||||||
Other non-current financial assets | 2,257 | — | 33,115 | 35,372 | 21 | — | 33,115 | 2,257 | |||||||||||||||||||||||||||||||||||||||
Other current financial assets | 308,532 | 25,712 | 6,136 | 340,380 | 25 | 53,164 | 88,183 | 199,033 | |||||||||||||||||||||||||||||||||||||||
Financial assets | 310,789 | 27,498 | 659,402 | 997,689 | 53,164 | 743,235 | 201,290 |
(Euro thousands) | At December 31, 2020 | |||||||||||||||||||||||||||||||
Financial assets | Fair value Level | |||||||||||||||||||||||||||||||
FVPL | FVOCI | Amortized cost | Total | Note | 1 | 2 | 3 | |||||||||||||||||||||||||
Derivative financial instruments | 0 | 11,848 | 0 | 11,848 | 26 | 0 | 11,848 | 0 | ||||||||||||||||||||||||
Cash and cash equivalents | 0 | 0 | 317,291 | 317,291 | 29 | 0 | 317,291 | 0 | ||||||||||||||||||||||||
Trade receivables | 0 | 0 | 138,829 | 138,829 | 25 | 0 | 138,829 | 0 | ||||||||||||||||||||||||
Other non-current financial assets | 20,686 | 0 | 28,577 | 49,263 | 23 | 0 | 0 | 20,686 | ||||||||||||||||||||||||
Other current financial assets (*) | 322,326 | 27,837 | 0 | 350,163 | 27 | 32,217 | 140,792 | 177,154 | ||||||||||||||||||||||||
Financial assets | 343,012 | 39,685 | 484,697 | 867,394 | 32,217 | 608,760 | 197,840 |
At December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||
Financial assets | Fair value Level | ||||||||||||||||||||||||||||||||||||||||
(€ thousands) | FVPL | FVOCI | Amortized cost | Total | 1 | 2 | 3 | ||||||||||||||||||||||||||||||||||
Insurance contracts | 113,919 | — | — | 113,919 | — | — | 113,919 | ||||||||||||||||||||||||||||||||||
Fixed income | 68,947 | 5,025 | — | 73,972 | 29,764 | 26,700 | 17,508 | ||||||||||||||||||||||||||||||||||
Hedge funds | 41,483 | — | — | 41,483 | — | 11,243 | 30,240 | ||||||||||||||||||||||||||||||||||
Real estate funds | 32,898 | — | — | 32,898 | — | 19,100 | 13,798 | ||||||||||||||||||||||||||||||||||
Equity | 25,408 | — | — | 25,408 | 2,713 | 22,695 | — | ||||||||||||||||||||||||||||||||||
Money market funds and floating income | 2,007 | 20,687 | — | 22,694 | 20,687 | 2,007 | — | ||||||||||||||||||||||||||||||||||
Private equity | 15,925 | — | — | 15,925 | — | — | 15,925 | ||||||||||||||||||||||||||||||||||
Private debt | 7,945 | — | — | 7,945 | — | 302 | 7,643 | ||||||||||||||||||||||||||||||||||
Guarantee deposits and others | — | — | 6,136 | 6,136 | — | 6,136 | — | ||||||||||||||||||||||||||||||||||
Total other current financial assets | 308,532 | 25,712 | 6,136 | 340,380 | 53,164 | 88,183 | 199,033 |
(Euro thousands) | At December 31, 2020 | |||||||||||||||||||||||||||
Financial assets | Fair value Level | |||||||||||||||||||||||||||
FVPL | FVOCI | Amortized cost | Total | 1 | 2 | 3 | ||||||||||||||||||||||
Insurance contracts | 107,188 | 0 | 0 | 107,188 | 0 | 0 | 107,188 | |||||||||||||||||||||
Fixed income | 88,011 | 5,174 | 0 | 93,185 | 7,201 | 68,570 | 17,414 | |||||||||||||||||||||
Money market funds and floating income | 19,223 | 22,663 | 0 | 41,886 | 22,662 | 19,224 | 0 | |||||||||||||||||||||
Hedge funds | 36,511 | 0 | 0 | 36,511 | 0 | 8,549 | 27,962 | |||||||||||||||||||||
Real estate funds | 29,073 | 0 | 0 | 29,073 | 0 | 17,607 | 11,466 | |||||||||||||||||||||
Equity | 24,843 | 0 | 0 | 24,843 | 2,354 | 22,489 | 0 | |||||||||||||||||||||
Private equity | 10,583 | 0 | 0 | 10,583 | 0 | 0 | 10,583 | |||||||||||||||||||||
Private debt | 6,894 | 0 | 0 | 6,894 | 0 | 4,353 | 2,541 | |||||||||||||||||||||
Total other current financial assets | 322,326 | 27,837 | 0 | 350,163 | 32,217 | 140,792 | 177,154 |
At December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||
Financial liabilities | Fair value Level | ||||||||||||||||||||||||||||||||||||||||||||||
(€ thousands) | FVPL | FVOCI | Amortized cost | Total | Note | 1 | 2 | 3 | |||||||||||||||||||||||||||||||||||||||
Derivative financial instruments | — | 2,362 | — | 2,362 | 24 | — | 2,362 | — | |||||||||||||||||||||||||||||||||||||||
Non-current borrowings | — | — | 184,880 | 184,880 | 30 | — | 184,880 | — | |||||||||||||||||||||||||||||||||||||||
Current borrowings | — | — | 286,175 | 286,175 | 30 | — | 286,175 | — | |||||||||||||||||||||||||||||||||||||||
Other non-current financial liabilities | 178,766 | — | 27 | 178,793 | 31 | — | 178,766 | 27 | |||||||||||||||||||||||||||||||||||||||
Other current financial liabilities | 37,258 | — | — | 37,258 | 31 | — | 37,258 | — | |||||||||||||||||||||||||||||||||||||||
Trade payables and customer advances | — | — | 270,936 | 270,936 | 35 | — | 270,936 | — | |||||||||||||||||||||||||||||||||||||||
Lease liabilities – Current / Non-current | — | — | 443,507 | 443,507 | 32 | — | — | 443,507 | |||||||||||||||||||||||||||||||||||||||
Financial liabilities | 216,024 | 2,362 | 1,185,525 | 1,403,911 | — | 960,377 | 443,534 |
At December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
Financial liabilities | Fair value Level | ||||||||||||||||||||||||||||||||||||||||||||||
(€ thousands) | FVPL | FVOCI | Amortized cost | Total | Note | 1 | 2 | 3 | |||||||||||||||||||||||||||||||||||||||
Derivative financial instruments | — | 14,138 | — | 14,138 | 24 | — | 14,138 | — | |||||||||||||||||||||||||||||||||||||||
Non-current borrowings | — | — | 471,646 | 471,646 | 30 | — | 471,646 | — | |||||||||||||||||||||||||||||||||||||||
Current borrowings | — | — | 157,292 | 157,292 | 30 | — | 157,292 | — | |||||||||||||||||||||||||||||||||||||||
Other non-current financial liabilities | 159,411 | — | 7,976 | 167,387 | 31 | — | 159,411 | 7,976 | |||||||||||||||||||||||||||||||||||||||
Other current financial liabilities | 33,984 | — | — | 33,984 | 31 | 23,810 | 10,174 | — | |||||||||||||||||||||||||||||||||||||||
Trade payables and customer advances | — | — | 223,037 | 223,037 | 35 | — | 223,037 | — | |||||||||||||||||||||||||||||||||||||||
Lease liabilities – Current / Non-current | — | — | 438,052 | 438,052 | 32 | — | — | 438,052 | |||||||||||||||||||||||||||||||||||||||
Financial liabilities | 193,395 | 14,138 | 1,298,003 | 1,505,536 | 23,810 | 1,035,698 | 446,028 |
(Euro thousands) | At December 31, 2021 | |||||||||||||||||||||||||||||||
Financial liabilities | Fair value Level | |||||||||||||||||||||||||||||||
FVPL | FVOCI | Amortized cost | Total | Note | 1 | 2 | 3 | |||||||||||||||||||||||||
Derivative financial instruments | 0 | 14,138 | 0 | 14,138 | 26 | 0 | 14,138 | 0 | ||||||||||||||||||||||||
Non-current borrowings | 0 | 0 | 471,646 | 471,646 | 33 | 0 | 471,646 | 0 | ||||||||||||||||||||||||
Current borrowings | 0 | 0 | 157,292 | 157,292 | 33 | 0 | 157,292 | 0 | ||||||||||||||||||||||||
Other non-current financial liabilities | 159,411 | 0 | 7,976 | 167,387 | 34 | 0 | 159,411 | 7,976 | ||||||||||||||||||||||||
Other current financial liabilities | 33,984 | 0 | 0 | 33,984 | 35 | 23,810 | 10,174 | 0 | ||||||||||||||||||||||||
Trade payables and customer advances | 0 | 0 | 223,037 | 223,037 | 38 | 0 | 223,037 | 0 | ||||||||||||||||||||||||
Lease liabilities – Current / Non-current | 0 | 0 | 438,052 | 438,052 | 35 | 0 | 0 | 438,052 | ||||||||||||||||||||||||
Financial liabilities | 193,395 | 14,138 | 1,298,003 | 1,505,536 | 23,810 | 1,035,698 | 446,028 |
(Euro thousands) | At December 31, 2020 | |||||||||||||||||||||||||||||||
Financial liabilities | Fair value Level | |||||||||||||||||||||||||||||||
FVPL | FVOCI | Amortized cost | Total | Note | 1 | 2 | 3 | |||||||||||||||||||||||||
Derivative financial instruments | 0 | 13,192 | 0 | 13,192 | 26 | 0 | 13,192 | 0 | ||||||||||||||||||||||||
Non-current borrowings | 0 | 0 | 558,722 | 558,722 | 33 | 0 | 558,722 | 0 | ||||||||||||||||||||||||
Current borrowings | 0 | 0 | 106,029 | 106,029 | 33 | 0 | 106,029 | 0 | ||||||||||||||||||||||||
Other non-current financial liabilities | 212,903 | 0 | 8,065 | 220,968 | 34 | 0 | 0 | 220,968 | ||||||||||||||||||||||||
Trade payables and customer advances | 0 | 0 | 188,342 | 188,342 | 38 | 0 | 188,342 | 0 | ||||||||||||||||||||||||
Lease liabilities – Current / Non-current | 0 | 0 | 407,687 | 407,687 | 35 | 0 | 0 | 407,687 | ||||||||||||||||||||||||
Financial liabilities | 212,903 | 13,192 | 1,268,845 | 1,494,940 | 0 | 866,285 | 628,655 |
At December 31, 2022 | At December 31, 2021 | ||||||||||||||||||||||||||||||||||
(€ thousands) | Trade receivables and trade payables | +500 bps | -500 bps | Trade receivables and trade payables | +500 bps | -500 bps | |||||||||||||||||||||||||||||
Currency | Impact on profit before tax | Impact on profit before tax | |||||||||||||||||||||||||||||||||
USD | 59,523 | (2,834) | 3,133 | 96,885 | (4,614) | 5,099 | |||||||||||||||||||||||||||||
JPY | 17,055 | (812) | 898 | 20,481 | (975) | 1,078 | |||||||||||||||||||||||||||||
CNY | 43,398 | (2,067) | 2,284 | 21,084 | (1,004) | 1,110 | |||||||||||||||||||||||||||||
HKD | 19,139 | (911) | 1,007 | 27,452 | (1,307) | 1,445 | |||||||||||||||||||||||||||||
GBP | (2,227) | 106 | (117) | (5,974) | 284 | (314) | |||||||||||||||||||||||||||||
SGD | 9,496 | (452) | 500 | 8,220 | (391) | 433 | |||||||||||||||||||||||||||||
CHF | (9,285) | 442 | (489) | (18,158) | 865 | (956) | |||||||||||||||||||||||||||||
Total | 137,099 | (6,528) | 7,216 | 149,990 | (7,142) | 7,895 |
At December 31, 2022 | At December 31, 2021 | ||||||||||||||||||||||||||||||||||
(€ thousands) | Notional amount | +500 bps | -500 bps | Notional amount | +500 bps | -500 bps | |||||||||||||||||||||||||||||
Currency | Impact on profit before tax | Impact on profit before tax | |||||||||||||||||||||||||||||||||
USD | 53,320 | 2,539 | (2,806) | 81,725 | 3,892 | (4,301) | |||||||||||||||||||||||||||||
JPY | 15,979 | 761 | (841) | 20,692 | 985 | (1,089) | |||||||||||||||||||||||||||||
CNY | 42,817 | 2,039 | (2,254) | 11,464 | 546 | (603) | |||||||||||||||||||||||||||||
GBP | (816) | (39) | 43 | (12,660) | (603) | 666 | |||||||||||||||||||||||||||||
HKD | 19,940 | 950 | (1,049) | 28,054 | 1,336 | (1,477) | |||||||||||||||||||||||||||||
CHF | — | — | — | — | — | — | |||||||||||||||||||||||||||||
SGD | 9,463 | 451 | (498) | 8,158 | 388 | (429) | |||||||||||||||||||||||||||||
Total | 140,703 | 6,701 | (7,405) | 137,433 | 6,544 | (7,233) |
At December 31, 2022 | At December 31, 2021 | ||||||||||||||||||||||||||||||||||
(€ thousands) | Notional amount | +500 bps | -500 bps | Notional amount | +500 bps | -500 bps | |||||||||||||||||||||||||||||
Currency | Impact on hedge reserve | Impact on hedge reserve | |||||||||||||||||||||||||||||||||
USD | 61,821 | 2,944 | (3,254) | 80,155 | 3,817 | (4,219) | |||||||||||||||||||||||||||||
CHF | (8,272) | (394) | 435 | (4,792) | (228) | 252 | |||||||||||||||||||||||||||||
JPY | 10,433 | 497 | (549) | 10,360 | 493 | (545) | |||||||||||||||||||||||||||||
HKD | 6,153 | 293 | (324) | 16,097 | 767 | (847) | |||||||||||||||||||||||||||||
GBP | 8,280 | 394 | (436) | 12,659 | 603 | (666) | |||||||||||||||||||||||||||||
CNY | 48,918 | 2,329 | (2,575) | 178,537 | 8,502 | (9,397) | |||||||||||||||||||||||||||||
SGD | 5,206 | 248 | (274) | 1,947 | 93 | (102) | |||||||||||||||||||||||||||||
Total | 132,539 | 6,311 | (6,977) | 294,963 | 14,047 | (15,524) |
At December 31, 2022 | At December 31, 2021 | ||||||||||||||||||||||||||||||||||
(€ thousands) | Notional amount | +500 bps | -500 bps | Notional amount | +500 bps | -500 bps | |||||||||||||||||||||||||||||
Currency | Impact on profit before tax | Impact on profit before tax | |||||||||||||||||||||||||||||||||
USD | (155,551) | 7,407 | (8,187) | (135,726) | 6,463 | (7,143) | |||||||||||||||||||||||||||||
Total | (155,551) | 7,407 | (8,187) | (135,726) | 6,463 | (7,143) |
At December 31, 2022 | ||||||||||||||||||||||||||||||||||||||
Amount | Total interest rate (*) | Interest expense | -20% | Impact on profit before tax | +20% | Impact on profit before tax | ||||||||||||||||||||||||||||||||
(€ thousands, except percentages) | ||||||||||||||||||||||||||||||||||||||
5,000 | 3.091% | 155 | 2.629% | 131 | 3.553% | 178 | ||||||||||||||||||||||||||||||||
6,250 | 3.620% | 226 | 2.760% | 173 | 3.928% | 246 | ||||||||||||||||||||||||||||||||
8,080 | 2.690% | 217 | 2.304% | 186 | 3.064% | 248 | ||||||||||||||||||||||||||||||||
45,000 | 3.090% | 1,391 | 2.622% | 1,180 | 3.558% | 1,601 | ||||||||||||||||||||||||||||||||
64,330 | 1,989 | 1,670 | 2,273 |
At December 31, 2021 | ||||||||||||||||||||||||||||||||||||||
Amount | Total interest rate (*) | Interest expense | -20% | Impact on profit before tax | +20% | Impact on profit before tax | ||||||||||||||||||||||||||||||||
(€ thousands, except percentages) | ||||||||||||||||||||||||||||||||||||||
10,000 | 0.115% | 12 | 0.006% | 1 | 0.224% | 22 | ||||||||||||||||||||||||||||||||
15,000 | 0.112% | 17 | 0.004% | 1 | 0.220% | 33 | ||||||||||||||||||||||||||||||||
18,750 | 0.284% | 53 | 0.175% | 33 | 0.393% | 74 | ||||||||||||||||||||||||||||||||
50,000 | —% | — | —% | — | 0.100% | 50 | ||||||||||||||||||||||||||||||||
10,000 | 0.186% | 19 | 0.077% | 8 | 0.295% | 30 | ||||||||||||||||||||||||||||||||
45,000 | 0.167% | 75 | 0.060% | 27 | 0.274% | 123 | ||||||||||||||||||||||||||||||||
148,750 | 175 | 69 | 332 |
(Euro thousands) | Not yet due | 0-90 days overdue | 90-180 days overdue | >180 days overdue | Total | |||||||||||||||
Trade receivables, gross | 136,648 | 21,957 | 5,018 | 3,380 | 167,003 | |||||||||||||||
Loss allowance | (1,575 | ) | (696 | ) | (992 | ) | (3,380 | ) | (6,643 | ) | ||||||||||
Total trade receivables at December 31, 2021 | 135,073 | 21,261 | 4,026 | 0 | 160,360 | |||||||||||||||
Trade receivables, gross | 106,659 | 23,172 | 2,509 | 15,206 | 147,546 | |||||||||||||||
Loss allowance | (549 | ) | (1,876 | ) | (480 | ) | (5,812 | ) | (8,717 | ) | ||||||||||
Total trade receivables at December 31, 2020 | 106,110 | 21,296 | 2,029 | 9,394 | 138,829 |
Contractual cash flows | |||||||||||||||||||||||||||||
(€ thousands) | Carrying amount at December 31, 2022 | Within 1 year | Within 2 Years | Within 3 years | Beyond | ||||||||||||||||||||||||
Derivative financial instruments | 2,362 | 2,362 | — | — | — | ||||||||||||||||||||||||
Trade payables and customer advances | 270,936 | 270,936 | — | — | — | ||||||||||||||||||||||||
Borrowings | 471,055 | 290,470 | 139,257 | 36,536 | 16,650 | ||||||||||||||||||||||||
Lease liabilities | 443,507 | 119,287 | 97,148 | 66,812 | 193,368 | ||||||||||||||||||||||||
Other current and non-current financial liabilities | 216,051 | 37,258 | 23,632 | — | 155,161 | ||||||||||||||||||||||||
Total | 1,403,911 | 720,313 | 260,037 | 103,348 | 365,179 |
(Euro thousands) | Contractual cash flows | ||||||||||||||||||||||||||||||||||||||||||||||||
Carrying amount at December 31, 2021 | Within 1 year | Within 2 Years | Within 3 years | Beyond | Contractual cash flows | ||||||||||||||||||||||||||||||||||||||||||||
(€ thousands) | (€ thousands) | Carrying amount at December 31, 2021 | Within 1 year | Within 2 Years | Within 3 years | Beyond | |||||||||||||||||||||||||||||||||||||||||||
Derivative financial instruments | 14,138 | 14,138 | 0 | 0 | 0 | Derivative financial instruments | 14,138 | 14,138 | — | — | — | ||||||||||||||||||||||||||||||||||||||
Trade payables and customer advances | 223,037 | 223,037 | 0 | 0 | 0 | Trade payables and customer advances | 223,037 | 223,037 | — | — | — | ||||||||||||||||||||||||||||||||||||||
Borrowings | 628,938 | 161,550 | 283,736 | 135,541 | 56,414 | Borrowings | 628,938 | 161,550 | 283,736 | 135,541 | 56,414 | ||||||||||||||||||||||||||||||||||||||
Lease liabilities | 438,052 | 112,713 | 98,101 | 69,827 | 186,951 | Lease liabilities | 438,052 | 112,713 | 98,101 | 69,827 | 186,951 | ||||||||||||||||||||||||||||||||||||||
Other current and non-current financial liabilities | 201,371 | 33,984 | 29,816 | 0 | 137,571 | Other current and non-current financial liabilities | 201,371 | 33,984 | 29,816 | — | 137,571 | ||||||||||||||||||||||||||||||||||||||
Total | 1,505,536 | 545,422 | 411,653 | 205,368 | 380,936 | Total | 1,505,536 | 545,422 | 411,653 | 205,368 | 380,936 |
(Euro thousands) | Contractual cash flows | |||||||||||||||||||||
Carrying amount at December 31, 2020 | Within 1 year | Within 2 Years | Within 3 years | Beyond | ||||||||||||||||||
Derivative financial instruments | 13,192 | 13,192 | 0 | 0 | — | |||||||||||||||||
Trade payables and customer advances | 188,342 | 188,342 | 0 | 0 | — | |||||||||||||||||
Borrowings | 664,751 | 106,029 | 107,500 | 281,250 | 169,972 | |||||||||||||||||
Lease liabilities | 407,687 | 102,092 | 82,489 | 67,137 | 187,771 | |||||||||||||||||
Other non-current financial liabilities | 220,968 | 0 | 25,976 | 71,924 | 123,068 | |||||||||||||||||
Total | 1,494,940 | 409,655 | 215,965 | 420,311 | 480,811 |
(€ thousands) | Not yet due | 0-90 days overdue | 90-180 days overdue | >180 days overdue | Total | ||||||||||||||||||||||||
Trade receivables, gross | 146,486 | 29,372 | 2,277 | 5,590 | 183,725 | ||||||||||||||||||||||||
Loss allowance | (894) | (1,210) | (355) | (4,053) | (6,512) | ||||||||||||||||||||||||
Total trade receivables at December 31, 2022 | 145,592 | 28,162 | 1,922 | 1,537 | 177,213 | ||||||||||||||||||||||||
Trade receivables, gross | 136,648 | 21,957 | 5,018 | 3,380 | 167,003 | ||||||||||||||||||||||||
Loss allowance | (1,575) | (696) | (992) | (3,380) | (6,643) | ||||||||||||||||||||||||
Total trade receivables at December 31, 2021 | 135,073 | 21,261 | 4,026 | — | 160,360 |
(Euro thousands) | At December 31, 2021 | At December 31, 2020 | ||||||||||||||||||||||
Trade receivables and trade payables in functional currency | +500 bps | -500 bps | Trade receivables and trade payables in functional currency | +500 bps | -500 bps | |||||||||||||||||||
Currency | Impact on profit before tax | Impact on profit before tax | ||||||||||||||||||||||
USD | 96,885 | (4,614 | ) | 5,099 | 112,850 | (5,374 | ) | 5,939 | ||||||||||||||||
JPY | 20,481 | (975 | ) | 1,078 | 41,757 | (1,988 | ) | 2,198 | ||||||||||||||||
CNY | 21,084 | (1,004 | ) | 1,110 | 35,083 | (1,671 | ) | 1,846 | ||||||||||||||||
HKD | 27,452 | (1,307 | ) | 1,445 | 11,235 | (535 | ) | 591 | ||||||||||||||||
GBP | (5,974 | ) | 284 | (314 | ) | 4,923 | (234 | ) | 259 | |||||||||||||||
SGD | 8,220 | (391 | ) | 433 | 3,120 | (149 | ) | 164 | ||||||||||||||||
CHF | (18,158 | ) | 865 | (956 | ) | (16,552 | ) | 788 | (871 | ) | ||||||||||||||
Total | 149,990 | (7,142 | ) | 7,895 | 192,416 | (9,163 | ) | 10,126 |
(Euro thousands) | At December 31, 2021 | At December 31, 2020 | ||||||||||||||||||||||
Notional amount | +500 bps | -500 bps | Notional amount | +500 bps | -500 bps | |||||||||||||||||||
Currency | Impact on profit before tax | Impact on profit before tax | ||||||||||||||||||||||
USD | 81,725 | 3,892 | (4,301 | ) | 119,214 | 5,677 | (6,274 | ) | ||||||||||||||||
JPY | 20,692 | 985 | (1,089 | ) | 45,658 | 2,174 | (2,403 | ) | ||||||||||||||||
CNY | 11,464 | 546 | (603 | ) | 20,318 | 968 | (1,069 | ) | ||||||||||||||||
GBP | (12,660 | ) | (603 | ) | 666 | 16,464 | 784 | (867 | ) | |||||||||||||||
HKD | 28,054 | 1,336 | (1,477 | ) | 9,460 | 450 | (498 | ) | ||||||||||||||||
CHF | 0 | 0 | 0 | 6,295 | (300 | ) | 331 | |||||||||||||||||
SGD | 8,158 | 388 | (429 | ) | 3,083 | 147 | (162 | ) | ||||||||||||||||
Total | 137,433 | 6,544 | (7,233 | ) | 220,492 | 9,900 | (10,942 | ) |
(Euro thousands) | At December 31, 2021 | At December 31, 2020 | ||||||||||||||||||||||
Notional amount | +500 bps | -500 bps | Notional amount | +500 bps | -500 bps | |||||||||||||||||||
Currency | Impact on hedge reserve | Impact on hedge reserve | ||||||||||||||||||||||
USD | 80,155 | 3,817 | (4,219 | ) | 25,355 | 1,207 | (1,334 | ) | ||||||||||||||||
CHF | (4,792 | ) | (228 | ) | 252 | 18,515 | (882 | ) | 974 | |||||||||||||||
JPY | 10,360 | 493 | (545 | ) | 6,749 | 321 | (355 | ) | ||||||||||||||||
HKD | 16,097 | 767 | (847 | ) | 3,153 | 150 | (166 | ) | ||||||||||||||||
GBP | 12,659 | 603 | (666 | ) | 2,762 | 132 | (145 | ) | ||||||||||||||||
CNY | 178,537 | 8,502 | (9,397 | ) | 0 | 0 | 0 | |||||||||||||||||
SGD | 1,947 | 93 | (102 | ) | 0 | 0 | 0 | |||||||||||||||||
Total | 294,963 | 14,047 | (15,524 | ) | 56,534 | 928 | (1,026 | ) |
(Euro thousands) | At December 31, 2021 | At December 31, 2020 | ||||||||||||||||||||||
Notional amount | +500 bps | -500 bps | Notional amount | +500 bps | -500 bps | |||||||||||||||||||
Currency | Impact on profit before tax | Impact on profit before tax | ||||||||||||||||||||||
USD | (135,726 | ) | (7,143 | ) | 6,463 | (169,055 | ) | (8,897 | ) | 8,050 | ||||||||||||||
Total | (135,726 | ) | (7,143 | ) | 6,463 | (169,055 | ) | (8,897 | ) | 8,050 |
(Euro thousands, except percentages) | ||||||||||||||||||||||||||
At December 31, 2021 | ||||||||||||||||||||||||||
Amount | Total interest rate (*) | Interest expense | -20% | Impact on profit before tax | +20% | Impact on profit before tax | ||||||||||||||||||||
10,000 | 0.115 | % | 12 | 0.006 | % | 1 | 0.224 | % | 22 | |||||||||||||||||
15,000 | 0.112 | % | 17 | 0.004 | % | 1 | 0.220 | % | 33 | |||||||||||||||||
18,750 | 0.284 | % | 53 | 0.175 | % | 33 | 0.393 | % | 74 | |||||||||||||||||
50,000 | 0.000 | % | 0 | 0.000 | % | 0 | 0.100 | % | 50 | |||||||||||||||||
10,000 | 0.186 | % | 19 | 0.077 | % | 8 | 0.295 | % | 30 | |||||||||||||||||
45,000 | 0.167 | % | 75 | 0.060 | % | 27 | 0.274 | % | 123 | |||||||||||||||||
148,750 | 175 | 69 | 332 |
(Euro thousands, except percentages) | ||||||||||||||||||||||||||
At December 31, 2020 | ||||||||||||||||||||||||||
Amount | Total interest rate (*) | Interest expense | -20% | Impact on profit before tax | +20% | Impact on profit before tax | ||||||||||||||||||||
Non-current | ||||||||||||||||||||||||||
80,000 | 0.349 | % | 279 | 0.259 | % | 207 | 0.439 | % | 351 | |||||||||||||||||
10,000 | 0.195 | % | 20 | 0.097 | % | 10 | 0.293 | % | 30 | |||||||||||||||||
45,000 | 0.238 | % | 107 | 0.136 | % | 61 | 0.340 | % | 153 | |||||||||||||||||
31,250 | 0.300 | % | 94 | 0.194 | % | 61 | 0.406 | % | 127 | |||||||||||||||||
10,000 | 0.184 | % | 18 | 0.069 | % | 7 | 0.299 | % | 30 | |||||||||||||||||
176,250 | 518 | 346 | 691 | |||||||||||||||||||||||
Current | ||||||||||||||||||||||||||
17,500 | 0.183 | % | 32 | 0.074 | % | 13 | 0.292 | % | 51 | |||||||||||||||||
17,500 | 32 | 13 | 51 |
For the year ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(€ thousands) | Revenues | Other income | Costs (1) (2) | Personnel costs | Other operating costs | Depreciation, amortization and impairment of assets | Financial income (expenses) | Revenues | Costs (1) (2) | Personnel costs | Write downs and other provisions (3) | Depreciation, amortization and impairment of assets | Financial income (expenses) | Revenues | Costs (1) (2) | Personnel costs | Financial income (expenses) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Associates | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
TFI Group | 35,525 | 46 | 6,194 | 5 | 243 | — | 136 | 23,047 | 7,730 | — | — | — | 596 | 25,088 | 7,673 | — | 471 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Filati Biagioli Modesto S.p.A. | — | — | 3,365 | — | — | — | — | 49 | 177 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pelletteria Tizeta S.r.l. | 1 | — | — | — | — | — | — | — | — | — | — | — | — | 4 | 2 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total associates | 35,526 | 46 | 9,559 | 5 | 243 | — | 136 | 23,096 | 7,907 | — | — | — | 596 | 25,092 | 7,675 | — | 471 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Companies controlled by Monterubello or its shareholders, Zegna directors or senior management | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EZ Real Estate(4) | 8 | — | 50 | (1) | 24 | 6,110 | (490) | 58 | 1,178 | — | — | 1,395 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schneider Group | 23 | — | 14,837 | — | — | — | — | 20 | 5,623 | — | — | — | — | 217 | 6,683 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Alan Real Estate S.A.(4) | — | — | (30) | 35 | 580 | 2,522 | (13) | — | 402 | — | — | 392 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Agnona S.r.l. | 195 | 14 | 228 | 109 | 20 | — | — | 373 | (485) | — | 6,150 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
61 West 23rd Street LLC(4) | — | — | (16) | — | — | — | — | — | (14) | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other companies controlled by Monterubello or its shareholders, Zegna directors or senior management(5) | 1 | 97 | 6,205 | (1) | 12 | — | (8) | 9 | 491 | — | — | — | (40) | 13 | 450 | — | (44) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other related parties connected to directors and shareholders | — | — | — | 2,563 | — | — | — | — | — | 1,284 | — | — | (20,675) | — | 33 | 860 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total transactions with related parties | 35,753 | 157 | 30,833 | 2,710 | 879 | 8,632 | (375) | 23,556 | 15,102 | 1,284 | 6,150 | 1,787 | (20,119) | 25,322 | 14,841 | 860 | 427 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total for Zegna Group | 1,492,840 | 13,949 | 749,248 | 395,087 | 41,142 | 173,521 | (41,026) | 1,292,402 | 663,238 | 367,762 | 19,487 | 163,367 | 2,066 | 1,014,733 | 537,495 | 282,659 | (13,720) |
(Euro thousands) | For the year ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues | Costs (1) (2) | Personnel costs | Write down and other provisions (3) | Financial income (expenses) | Revenues | Costs (1) (2) | Personnel costs | Financial income (expenses) | Revenues | Costs (1) (2) | Personnel costs | Financial income (expenses) | ||||||||||||||||||||||||||||||||||||||||
Associates | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Tom Ford | 23,047 | 7,730 | — | — | 596 | 25,088 | 7,673 | — | 471 | 29,499 | 8,958 | — | 1,847 | |||||||||||||||||||||||||||||||||||||||
Filati Biagioli Modesto S.p.A. | 49 | 177 | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Pelletteria Tizeta S.r.l. | — | — | — | — | — | 4 | 2 | — | — | 4 | 2 | — | — | |||||||||||||||||||||||||||||||||||||||
Total associates | 23,096 | 7,907 | — | — | 596 | 25,092 | 7,675 | — | 471 | 29,503 | 8,960 | — | 1,847 | |||||||||||||||||||||||||||||||||||||||
Companies controlled by Monterubello or its shareholders, Zegna directors or senior management | ||||||||||||||||||||||||||||||||||||||||||||||||||||
G. Schneider S.p.A. | 20 | 5,623 | — | — | — | 217 | 6,683 | — | — | 10 | 9,815 | — | — | |||||||||||||||||||||||||||||||||||||||
Agnona S.r.l. | 373 | (485 | ) | — | 6,150 | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Disposition entities (4) | 58 | 1,566 | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Other companies controlled by Monterubello or its shareholders, Zegna directors or senior management (5) | 9 | 491 | — | — | (40 | ) | 13 | 450 | — | (44 | ) | 11 | 1,364 | — | (44 | ) | ||||||||||||||||||||||||||||||||||||
Total companies controlled by Monterubello or its shareholders, Zegna directors or senior management | 460 | 7,195 | — | 6,150 | (40 | ) | 230 | 7,133 | — | (44 | ) | 21 | 11,179 | — | (44 | ) | ||||||||||||||||||||||||||||||||||||
Other related parties connected to directors and shareholders | — | — | 1,284 | — | (20,675 | ) | — | 33 | 860 | — | — | 39 | 1,014 | — | ||||||||||||||||||||||||||||||||||||||
Total transactions with related parties | 23,556 | 15,102 | 1,284 | 6,150 | (20,119 | ) | 25,322 | 14,841 | 860 | 427 | 29,524 | 20,178 | 1,014 | 1,803 | ||||||||||||||||||||||||||||||||||||||
Total for Zegna Group | 1,292,402 | 663,238 | 367,762 | 19,487 | 2,066 | 1,014,733 | 537,495 | 282,659 | (13,720 | ) | 1,321,327 | 681,498 | 331,944 | (15,431 | ) |
At December 31, 2022 | At December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(€ thousands) | Trade receivables | Other financial assets | Other current assets | Right of use assets | Other liabilities(1) | Lease liabilities | Trade receivables | Other financial assets | Other current assets(2) | Right of use assets | Financial liabilities(3) | Other liabilities(1) | Lease liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Associates | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
TFI Group | 9,946 | — | 1,862 | — | 366 | — | 20,939 | 1,497 | — | — | — | 344 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Filati Biagioli Modesto S.p.A. | — | 2,200 | — | — | 2,830 | — | 59 | — | — | — | — | 63 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pelletteria Tizeta S.r.l. | 1 | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total associates | 9,947 | 2,200 | 1,862 | — | 3,196 | — | 20,998 | 1,497 | — | — | — | 407 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Monterubello and Companies controlled by Monterubello or its shareholders, Zegna directors or senior management | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Monterubello | — | — | — | — | — | — | — | — | 10,923 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Agnona S.r.l. | 32 | — | — | — | 67 | — | 642 | — | — | — | — | 122 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schneider Group | 4 | — | — | — | 4,102 | — | 12 | — | — | — | — | 516 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EZ Real Estate (4) | 69 | — | — | 41,671 | 617 | 41,635 | 238 | — | — | 44,499 | — | 1,248 | 44,039 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
61 West 23rd Street LLC(4) | 24 | — | — | — | — | — | 7 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Alan Real Estate S.A.(4) | — | — | — | 9,875 | 27 | 10,009 | 3 | — | — | 4,917 | — | — | 4,760 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other companies controlled by Monterubello or its shareholders, Zegna directors or senior management(5) | 22 | — | 218 | — | 2,204 | — | 13 | — | — | — | 5,000 | 242 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other related parties connected to directors and shareholders | — | — | — | — | 384 | — | 500 | — | — | — | — | 171 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total transactions with related parties | 10,098 | 2,200 | 2,080 | 51,546 | 10,597 | 51,644 | 22,413 | 1,497 | 10,923 | 49,416 | 5,000 | 2,706 | 48,799 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total for Zegna Group | 177,213 | 357,134 | 84,574 | 375,508 | 441,348 | 443,507 | 160,360 | 375,752 | 68,773 | 370,470 | 639,033 | 389,656 | 438,052 |
(Euro thousands) | At December 31, 2021 | At December 31, 2020 | ||||||||||||||||||||||||||||||||||
Trade receivables | Other financial assets | Other current assets (1) | Financial liabilities (2) | Other liabilities (3) | Trade receivables | Other financial assets | Financial liabilities (2) | Other liabilities (3) | ||||||||||||||||||||||||||||
Associates | ||||||||||||||||||||||||||||||||||||
Tom Ford | 20,939 | 1,497 | — | — | 344 | 23,453 | 1,198 | — | 136 | |||||||||||||||||||||||||||
Filati Biagioli Modesto S.p.A. | 59 | — | — | — | 63 | — | — | — | — | |||||||||||||||||||||||||||
Total associates | 20,998 | 1,497 | — | — | 407 | 23,453 | 1,198 | — | 136 | |||||||||||||||||||||||||||
Monterubello and companies controlled by Monterubello or its shareholders, Zegna directors or senior management | ||||||||||||||||||||||||||||||||||||
Monterubello | — | — | 10,923 | — | — | — | — | — | — | |||||||||||||||||||||||||||
G. Schneider S.p.A. | 12 | — | — | — | 516 | 18 | — | — | 323 | |||||||||||||||||||||||||||
Agnona S.r.l. | 642 | — | — | — | 122 | — | — | — | — | |||||||||||||||||||||||||||
PKB Privatbank AG | — | — | — | 5,000 | — | — | — | 5,000 | — | |||||||||||||||||||||||||||
Disposition entities (4) | 248 | — | — | — | 1,248 | — | — | — | — | |||||||||||||||||||||||||||
Other companies controlled by Monterubello or its shareholders, Zegna directors or senior management (5) | 13 | — | — | — | 242 | 2 | 94 | — | 51 | |||||||||||||||||||||||||||
Total Monterubello and companies controlled by Monterubello or its shareholders, Zegna directors or senior management | 915 | — | 10,923 | 5,000 | 2,128 | 20 | 94 | 5,000 | 374 | |||||||||||||||||||||||||||
Other related parties connected to directors and shareholders | 500 | — | — | — | 171 | — | — | 2,146 | 61 | |||||||||||||||||||||||||||
Total originating from related parties | 22,413 | 1,497 | 10,923 | 5,000 | 2,706 | 23,473 | 1,292 | 7,146 | 571 | |||||||||||||||||||||||||||
Total for Zegna Group | 160,360 | 375,752 | 68,773 | 639,033 | 389,656 | 138,829 | 399,426 | 779,690 | 294,326 |
Key Management Personnel | Outstanding Balance | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Euro thousands) | Short-term employee benefits(1) | Post- employment benefits | Other long-term benefits | Share-based payments | Dividends | Financial Income | Employee benefits | Other non-current financial liabilities(2) | Other current liabilities | Non-current financial assets | |||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 17,337 | 1,015 | 13,623 | 9,358 | — | (24) | 28,648 | 156,782 | 6,861 | 2,240 | |||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 16,853 | 4,012 | 8,702 | 14,012 | — | — | 12,865 | 135,726 | 7,990 | 2,219 | |||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 9,414 | 736 | — | (9,975) | 1,116 | — | 538 | 198,046 | 991 | — |
(Euro thousands) | Key Management Personnel | Outstanding Balance | ||||||||||||||||||||||||||||||||||||||
Short-term employee benefits (1) | Post- employment benefits | Other long- term benefits | Share-based payments | Dividends | Purchase of investments (2) | Employee benefits | Other non- current financial liabilities(3) | Other current liabilities | Non-current financial assets | |||||||||||||||||||||||||||||||
2021 | 16,853 | 4,012 | 8,702 | 14,012 | 0 | 0 | 12,865 | 135,726 | 7,990 | 2,219 | ||||||||||||||||||||||||||||||
2020 | 9,414 | 736 | 0 | (9,975 | ) | 1,116 | 0 | 538 | 198,046 | 991 | 0 | |||||||||||||||||||||||||||||
2019 | 11,790 | 956 | 0 | 1,016 | 1,465 | 1,762 | 526 | 214,389 | 1,193 | 0 |
2022-2024 PSUs | 2022-2025 RSUs | ||||||||||
Fair value | €8.68 - €9.69 | €8.62 - €9.56 | |||||||||
Grant date share | €9.71 - €10.47 | ||||||||||
Expected volatility based on the historical and implied volatility of a group of comparable companies | 35.0% - 37.5% | ||||||||||
Dividend yield | 0.90% - 0.98% | ||||||||||
Risk-free rate | 1.96% - 4.13% | 2.07% - 4.05% |
2022-2024 PSUs | 2022-2025 RSUs | Total Awards | |||||||||||||||
Outstanding at December 31, 2021 | — | — | — | ||||||||||||||
Granted | 1,461,950 | 626,550 | 2,088,500 | ||||||||||||||
Forfeited | (95,900) | (41,100) | (137,000) | ||||||||||||||
Outstanding at December 31, 2022 | 1,366,050 | 585,450 | 1,951,500 |
Management IPO PSUs | ||||||||
Outstanding at December 31, 2020 | — | |||||||
Granted | 900,000 | |||||||
Outstanding at December 31, 2021 | 900,000 | |||||||
Forfeited | (20,000) | |||||||
Outstanding at December 31, 2022 | 880,000 |
non-executive director provided their services. The shares will be delivered to the recipients two years following the grant date, which for the 2022 remuneration was in June. For the year ended December 31, 2022, the Group recognized €791 thousand as share-based compensation expense within personnel costs and an offsetting increase to other reserves within equity. A total of 78,460 ordinary shares of the Company were earned by the non-executive directors for 50% of their annual base remuneration for services provided in 2022 and will be delivered to the recipients in June 2024. 41. Notes to consolidated cash flow statement |
(€ thousands) | At acquisition date | ||||
Consideration paid | 5,880 | ||||
Contingent consideration | 1,170 | ||||
Total consideration | 7,050 |
(€ thousands) | Fair value at acquisition date | ||||
Cash and cash equivalents | 2,366 | ||||
Trade receivables | 1,681 | ||||
Inventories | 1,564 | ||||
Other current assets | 626 | ||||
Property, plant and equipment | 641 | ||||
Intangible assets | 4,200 | ||||
Account payables | (1,872) | ||||
Other current liabilities | (712) | ||||
Employee benefits | (272) | ||||
Deferred tax liabilities | (1,172) | ||||
Net identifiable assets acquired | 7,050 | ||||
Less: Non-controlling interests | (2,820) | ||||
Goodwill | 2,820 | ||||
Net assets acquired including goodwill | 7,050 |
(€ thousands) | At acquisition date | ||||
Consideration paid | (5,880) | ||||
Cash and cash equivalents acquired | 2,366 | ||||
Net cash outflow - Investing activities | (3,514) |
43. Subsequent events |