The Board of Directors of Natuzzi S.p.A. (NYSE: NTZ) (�Natuzzi�,
�the Company� or �the Group�), Italy's largest furniture
manufacturer and one of the world�s leading makers of
leather-upholstered furniture, today presented consolidated
financial results for the third quarter and first nine months of
2008. Aldo Uva, Chief Executive Officer of the Natuzzi Group,
commented: �Despite the 5.8% growth of our net sales reported in
the first nine months of 2008, a highly positive performance in a
singularly downbeat shopping environment, our profitability was by
no means satisfactory. Our operating profitability suffered from
unfavorable exchange rates, with a net impact of nearly EUR 20
million, and from excessively high operational costs. The
improvement of our gross margin is one of the top strategic
priorities of our three-year plan, and we are continuing to see
abundant signs that this business plan is built on the right
assumptions. We are aware that there is a lot of work ahead of us,
but we are confident that we will recover profitability within the
next few quarters.� Mr. Uva added: �In the past few weeks, beyond
the finalization of our business plan, we have considerably
strengthened our managerial base with the arrival of seasoned
professionals as Mariano Domingo, Chief Financial Officer &
IT/Lean, and Umberto Bedini, SVP Operations, who will put their
vast international experience behind the delivery of our targets.
For full year 2008, we are expecting the growth in total sales to
be roughly in line with the level achieved in the first nine
months, while our operating loss should be in the range of EUR 35
to 40 million, as compared to a loss of EUR 49.1 million reported
for full year 2007.� CONSOLIDATED FINANCIAL RESULTS NET SALES In
the third quarter ended September 30, 2008, total net sales of the
Natuzzi Group amounted to EUR 142.3 million, up slightly from EUR
141.3 million reported for the third quarter of 2007. Third quarter
units sold increased by 3.8% compared to the same quarter of the
previous year. In the first nine months ended September 30, 2008,
total net sales of the Natuzzi Group amounted to EUR 483.9 million,
up 5.8% from EUR 457.5 million reported for the same period of
2007. During the first nine months of 2008, units sold increased by
7.5% compared to the same period of the previous year. In the third
quarter of 2008, sales of seats under the Natuzzi brand decreased
by 8.5% reflecting decreases of 9.8% in the Americas and 11.0% in
Europe, whereas unit sales in the Rest of the World rose by 11.4%.
During the same period sales of seats under the Italsofa brand
increased by 12.2% thanks to positive results in the Americas
(+32.4%) and in the Rest of the World (+35.0%), partly off set by a
11.8% decrease in Europe. In the first nine months of 2008, sales
of seats under the Natuzzi brand decreased by 1.5%, reflecting
increases of 0.2% in the Americas and 13.1% in the Rest of the
World, offset by a 5.7% decrease in Europe. During the same period,
sales of seats under the Italsofa brand rose by 15.1%, achieving
positive results in the Americas (+20.0%), Europe (+5.9%) and in
the Rest of the World (+53.4%). During the third quarter, five new
Natuzzi stores were opened (one each in The Netherlands, the US,
Russia, Italy and Qatar), whereas three Natuzzi stores were closed
(one each in Portugal, Switzerland and Russia), bringing the total
number of Natuzzi points of sales to 314 at the end of September
2008. Furthermore, in the quarter, two new Italsofa stores were
opened in China, bringing the total number of Italsofa stores to
12. Finally, two new concessions were opened in the UK, bringing
the total number of concessions operated by the Group to 17. The
total number of Natuzzi Galleries worldwide was 420 at September
30, 2008. GROSS PROFIT AND OPERATING RESULTS During third quarter
2008, Gross Profit amounted to EUR 36.7 million (or EUR 40.5
million at constant exchange rates), as compared to a Gross Profit
of EUR 38.6 million in third quarter 2007. For the third quarter of
2008, the Group reported an operating loss of EUR 12.2 million, as
compared to an operating loss of EUR 11.0 million in the third
quarter of 2007. On a constant exchange rate basis, the Group would
have reported an operating loss for the third quarter of 2008 of
EUR 9.8 million. During the first nine months of 2008, Gross Profit
amounted to EUR 128.9 million (or EUR 147.8 million at constant
exchange rates), as compared to a Gross Profit of EUR 130.6 million
reported for the same period in 2007. For the nine month period
ended September 30, 2008, the Group reported an operating loss of
EUR 29.5 million, as compared to an operating loss of EUR 28.2
million in the same period of 2007. On a constant exchange rate
basis, the Group would have reported an operating loss for the
third quarter of 2008 of EUR 16.3 million. FOREIGN EXCHANGE, NET
During the third quarter of 2008, the Group incurred a net foreign
exchange loss of EUR 3.2 million, as compared to a net foreign
exchange loss of EUR 5.9 million in the prior year�s comparable
quarter. The foreign exchange losses were mainly due to the
following: � � Three months ended � 30-Sep-08 � 30-Sep-07 Gains
(Losses) on mark-to-market (5.2) (2.6) Netting figures on domestic
currency swaps 0.1 1.0 Other, net* � 1.9 � (4.3) Total Foreign
Exchange, Net � (3.2) � (5.9) * deriving from a) the difference
between invoice exchange rates and collection/payment exchange
rates and b) the remeasurement of accounts receivable and payable
at the period-end exchange rates During the first nine months of
2008 the Group incurred a net foreign exchange loss of EUR 8.1
million, as compared to a net foreign exchange loss of EUR 4.8
million in the prior year�s comparable period. The foreign exchange
losses were mainly due to the following: � � Nine Months ended �
30-Sep-08 � 30-Sep-07 Gains (Losses) on mark-to-market (3.0) (5.8)
Netting figures on domestic currency swaps 1.6 6.2 Other, net* �
(6.7) � (5.2) Total Foreign Exchange, Net � (8.1) � (4.8) *
deriving from a) the difference between invoice exchange rates and
collection/payment exchange rates and b) the remeasurement of
accounts receivable and payable at the period-end exchange rates
OTHER INCOME (LOSS), NET During the third quarter of 2008 the Group
reported a loss EUR 0.9 million as compared to a gain of EUR 0.4
million in 2007. During the first nine months of 2008 the Group
reported a loss EUR 2.1 million as compared to a gain of EUR 3.3
million in 2007. The decrease was mainly attributable to
exceptional income such as a refund of tax and write off of a
provision for legal action occurred during the first nine months of
2007. TAXES For the third quarter of 2008 the Group reported EUR
0.1 million of tax benefits as compared to tax benefits of EUR 1.9
million. During the first nine months of 2008 the Group recorded
income taxes for EUR 2.3 million, as compared to EUR 5.2 million of
tax benefits for the same period of 2007. NET RESULT AND GROUP
EARNINGS PER COMPANY�S SHARE For the quarter ended September 30,
2008, the Group reported a net loss of EUR 16.2 million, or EUR
0.30 per share (ADR), compared to a net loss of EUR 14.1 million,
or EUR 0.26 per share, in the third quarter of 2007. For the first
nine months of 2008, the Group reported a net loss of EUR 42.1
million, or EUR 0.77 per share, as compared to a net loss of EUR
23.1 million, or EUR 0.42 per share, for the first nine months of
2007. TOTAL BACK LOG TREND Total Back Log � 31-Dec-07 � 30-Jun-08 �
30-Sep-08 � 9-Nov-08 � million � 99.5 � 88.7 � 109.6 � 99.1 BALANCE
SHEET AND CASH FLOW Cash and cash equivalents were EUR 57.1 million
at September 30, 2008, as compared to EUR 97.7 million at September
30, 2007. The most significant changes in the Group�s cash flows
between the first nine months of 2008 and 2007 are described below.
Cash flows used in operating activities were EUR 26.2 million in
2008, as compared to cash flows used by operations of EUR 11.1
million in 2007. This decrease of EUR 15.1 million from 2007 to
2008 resulted principally from the Group�s net loss of EUR 42.1
million in 2008, as compared to a net loss of EUR 23.1 million in
2007. In 2008 working capital was affected by the negative impact
of trade receivables, net and accounts payable, partly offset by
positive impact generated by inventories. Cash flows used in
investment activities in 2008 decreased EUR 10.7 million to EUR 8.2
million, due to a lower level of investments for the first nine
months of 2008 as compared to the same period of prior year. Cash
provided by financing activities in 2008 totaled EUR 2.9 million up
from EUR 0.5 million reported one year ago. FIRST NINE MONTHS AND
THIRD QUARTER 2008 CONFERENCE CALL Aldo Uva, Chief Executive
Officer, and Mariano Domingo, Chief Financial Officer, will discuss
financial results, followed by a question and answer session, in a
teleconference at 10:00 a.m. New York time (3:00 p.m. London time �
4:00 p.m. Italian time) on Thursday November 20, 2008. Interested
participants should contact the Company�s Investor Relations
Department at investor_relations@natuzzi.com, or
natuzzi@gavinanderson.co.uk for dial-in details. A copy of the
transcript of the conference can be requested at the above
mentioned e-mail addresses. INVESTOR AND ANALYST PRESENTATIONS The
Company�s Senior Management will meet investors and analysts in
early December to discuss its 2009-2011 Business Plan, outlook and
results. Investors and analysts wishing to meet management
representatives should contact the Investor Relation department,
or, alternatively, the following: Natalie Biasin: +44 20 7554 1400
Angela Tucciarone: +1 212 515 1900 or send an e-mail to:
natuzzi@gavinanderson.co.uk ABOUT NATUZZI S.P.A. Founded in 1959 by
Pasquale Natuzzi, Natuzzi S.p.A. designs and manufactures a broad
collection of residential upholstered furniture. With 2007
consolidated revenues of EUR 634.4 million on, Natuzzi is Italy's
largest furniture manufacturer. The Natuzzi group exports its
innovative high-quality sofas and armchairs to 123 markets on five
continents under two brands, Natuzzi and Italsofa. Cutting-edge
design, superior Italian craftsmanship, and advanced, vertically
integrated manufacturing operations underpin the Company's market
leadership. Natuzzi S.p.A. has been listed on the New York Stock
Exchange since May 1993. The Company is ISO 9001 and 14001
certified.
___________________________________________________________________
FORWARD-LOOKING STATEMENTS Statements in this press release other
than statements of historical fact are �forward-looking
statements�. Forward�looking statements are based on management�s
current expectations and beliefs and therefore you should not place
undue reliance on them. These statements are subject to a number of
risks and uncertainties, including risks that may not be subject to
the Group�s control, that could cause actual results to differ
materially from those contained in any forward-looking statement.
These risks include, but are not limited to, fluctuations in
exchange rates, economic and weather factors affecting consumer
spending, competitive and regulatory environment, as well as other
political, economical and technological factors, and other risks
identified from time to time in the Group�s filings with the
Securities and Exchange Commission, particularly in the Group�s
annual report on Form 20-F. Forward looking statements speak as of
the date they were made, and the Group undertakes no obligation to
update publicly any of them in light of new information or future
events. NATUZZI S.P.A. AND SUBSIDIARIES Unaudited Consolidated
Statement of Earnings for the quarters ended on September 30, 2008
and 2007 on the basis of Italian GAAP (Expressed in millions of EUR
except per share data) � � � � � � � � � � � � 3Q08 � � � � � �
Actual � % on sales � constant fx* � % on sales � 3Q07 � % on sales
Upholstery net sales 125.1 � 87.9 % 130.6 � 88.3 % 125.3 88.7 %
Other sales 17.2 12.1 % 17.2 11.6 % 16.0 11.3 % Total Net Sales �
142.3 � � 100.0 % 147.8 � � 100.0 % � 141.3 � � 100.0 % Purchases
(71.7 ) (50.4 )% (73.1 ) (49.5 )% (65.0 ) (46.0 )% Labor (21.7 )
(15.2 )% (21.9 ) (14.8 )% (21.9 ) (15.5 )% Third-party
Manufacturers (4.2 ) (3.0 )% (4.2 ) (2.8 )% (3.3 ) (2.3 )%
Manufacturing Costs (10.5 ) (7.4 )% (10.5 ) (7.1 )% (9.9 ) (7.0 )%
Inventories, net 2.5 1.8 % 2.4 1.6 % (2.6 ) (1.8 )% Cost of Sales �
(105.6 ) � (74.2 )% (107.3 ) � (72.6 )% � (102.7 ) � (72.7 )% Gross
Profit � 36.7 � � 25.8 % 40.5 � � 27.4 % � 38.6 � � 27.3 % Selling
Expenses (36.7 ) (25.8 )% (38.0 ) (25.7 )% (38.3 ) (27.1 )% General
and Administrative Expenses (12.2 ) (8.6 )% (12.3 ) (8.3 )% (11.3 )
(8.0 )% Operating Income (Loss) � (12.2 ) � (8.6 )% (9.8 ) � (6.6
)% � (11.0 ) � (7.8 )% Interest Income, net (0.1 ) (0.1 )% 0.4 0.3
% Foreign Exchange, net (3.2 ) (2.2 )% (5.9 ) (4.2 )% Other Income,
net (0.9 ) (0.6 )% 0.4 0.3 % Earnings (Losses) before taxes and
minority interest � (16.4 ) � (11.5 )% (16.1 ) � (11.4 )% Income
taxes 0.1 0.1 % 1.9 1.3 % Earnings (Losses) before minority
interest � (16.3 ) � (11.5 )% (14.2 ) � (10.0 )% Minority Interest
(0.1 ) (0.1 ) Net Earnings (Losses) � (16.2 ) � (11.4 )% (14.1 ) �
(10.0 )% Earnings (Losses) Per Share � (0.30 ) � (0.26 ) Average
Number of Shares Outstanding � 54,853,045 � � � 54,824,227 � * at
3Q07 exchange rates � � � � � � � � � � � � Key Figures in U.S.
dollars (millions) 3Q08 3Q07 � � � � � � � � � � � Total Net Sales
213.9 194.2 Gross Profit 55.2 53.1 Operating Income (Loss) (18.3 )
(15.1 ) Net Earnings (Losses) (24.3 ) (19.4 ) Earnings (Losses) per
Share (0.45 ) (0.36 ) Average exchange rate (U.S. dollar per Euro)
� 1.5030 � � � � � � � � 1.3746 � NATUZZI S.P.A. AND SUBSIDIARIES
Unaudited Consolidated Statement of Earnings for nine months ended
September 30, 2008 and 2007 on the basis of Italian GAAP (Expressed
in millions of EUR except per share data) � � Nine months ended on
30-Sep-08 � 30-Sep-07 � % on sales � � Actual � % on sales �
constant fx* � % on sales � � � � Upholstery net sales 426.7 � 88.2
% 450.9 � 88.7 % 406.3 88.8 % Other sales 57.2 11.8 % 57.2 11.3 %
51.2 11.2 % Total Net Sales � 483.9 � � 100.0 % 508.1 � � 100.0 % �
457.5 � � 100.0 % Purchases (227.6 ) (47.0 )% (232.3 ) (45.7 )%
(223.7 ) (48.9 )% Labor (77.0 ) (15.9 )% (77.5 ) (15.3 )% (73.3 )
(16.0 )% Third-party Manufacturers (13.8 ) (2.9 )% (13.8 ) (2.7 )%
(11.1 ) (2.4 )% Manufacturing Costs (32.9 ) (6.8 )% (33.0 ) (6.5 )%
(29.0 ) (6.3 )% Inventories, net (3.7 ) (0.8 )% (3.7 ) (0.7 )% 10.2
2.2 % Cost of Sales � (355.1 ) � (73.4 )% (360.3 ) � (70.9 )% �
(326.9 ) � (71.5 )% Gross Profit � 128.9 � � 26.6 % 147.8 � � 29.1
% � 130.6 � � 28.5 % Selling Expenses (123.4 ) (25.5 )% (128.6 )
(25.3 )% (123.9 ) (27.1 )% General and Administrative Expenses
(35.0 ) (7.2 )% (35.5 ) (7.0 )% (34.9 ) (7.6 )% Operating Income
(Loss) � (29.5 ) � (6.1 )% (16.3 ) � (3.2 )% � (28.2 ) � (6.2 )%
Interest Income, net (0.3 ) (0.1 )% 1.2 0.3 % Foreign Exchange, net
(8.1 ) (1.7 )% (4.8 ) (1.0 )% Other Income, net (2.1 ) (0.4 )% 3.3
0.7 % Earnings (Losses) before taxes and minority interest � (40.0
) � (8.3 )% (28.5 ) � (6.2 )% Income taxes (2.3 ) (0.5 )% 5.2 1.1 %
Earnings (Losses) before minority interest � (42.3 ) � (8.7 )%
(23.3 ) � (5.1 )% Minority Interest (0.2 ) (0.2 ) Net Earnings
(Losses) � (42.1 ) � (8.7 )% (23.1 ) � (5.0 )% Earnings (Losses)
Per Share � (0.77 ) � (0.42 ) � Average Number of Shares
Outstanding � 54,853,045 � � � � 54,824,227 � � * average first
nine months of 2007 � � � � � � � � � � � � � Key Figures in U.S.
dollars (millions) Nine months ended on � � 30-Sep-08 � � � � � � �
30-Sep-07 � Total Net Sales 736.7 615.2 Gross Profit 196.2 175.6
Operating Income (Loss) (44.9 ) (37.9 ) Net Earnings (Losses) (64.1
) (31.1 ) Earnings (Losses) per Share (1.17 ) (0.56 ) Average
exchange rate (U.S. dollar per Euro) � 1.5223 � � � � � � � �
1.3447 � � � UPHOLSTERY NET SALES BREAKDOWN � Sales* � Seat Units
Three months ended on � % Over Three months ended on � % Over �
30-Sep-08 � 30-Sep-08 (Under) � 30-Sep-08 � 30-Sep-08 (Under)
Americas 51.0 � 40.8 % 48.7 � 38.9 % 4.7 % 326,795 � 52.9 % 287,502
� 48.3 % 13.7 % Natuzzi 22.9 18.3 % 26.7 21.3 % (14.2 %) 115,139
18.6 % 127,692 21.5 % (9.8 %) Italsofa 28.1 22.5 % 22.0 17.6 % 27.7
% 211,656 34.3 % 159,810 26.9 % 32.4 % Europe 60.2 48.1 % 64.6 51.5
% (6.8 %) 227,741 36.9 % 257,271 43.3 % (11.5 %) Natuzzi 33.6 26.9
% 34.9 27.8 % (3.7 %) 83,888 13.6 % 94,215 15.9 % (11.0 %) Italsofa
26.6 21.3 % 29.7 23.7 % (10.4 %) 143,853 23.3 % 163,056 27.4 %
(11.8 %) Rest of the world 13.9 11.1 % 12.0 9.6 % 15.8 % 62,848
10.2 % 50,115 8.4 % 25.4 % Natuzzi 8.2 6.6 % 7.3 5.8 % 12.3 %
22,619 3.7 % 20,313 3.4 % 11.4 % Italsofa 5.7 � 4.6 % 4.7 � 3.8 %
21.3 % � 40,229 � 6.5 % 29,802 � 5.0 % 35.0 % TOTAL � 125.1 � 100.0
% � 125.3 � 100.0 % � (0.2 %) � 617,384 � 100.0 % � 594,888 � 100.0
% � 3.8 % � � � � � � � � � � � � � � � � � � � � � Break down by
brand Sales* Seat Units Three months ended on % Over Three months
ended on % Over � 30-Sep-08 30-Sep-08 (Under) � 30-Sep-08 30-Sep-08
(Under) Natuzzi 64.7 51.7 % 68.9 55.0 % (6.1 %) 221,646 35.9 %
242,220 40.7 % (8.5 %) Italsofa 60.4 � 48.3 % 56.4 � 45.0 % 7.1 % �
395,738 � 64.1 % 352,668 � 59.3 % 12.2 % TOTAL � 125.1 � 100.0 % �
125.3 � 100.0 % � (0.2 %) � 617,384 � 100.0 % � 594,888 � 100.0 % �
3.8 % * Expressed in millions of EUR � Sales* � Seat Units Nine
months ended on � % Over Nine months ended on � % Over � 30-Sep-08
� 30-Sep-07 (Under) � 30-Sep-08 � 30-Sep-07 (Under) Americas 145.9
� 34.2 % 144.1 � 35.5 % 1.2 % 920,085 � 46.2 % 832,657 � 45.0 %
10.5 % Natuzzi 77.9 18.3 % 83.3 20.5 % (6.5 %) 401,666 20.2 %
400,819 21.7 % 0.2 % Italsofa 68.0 15.9 % 60.8 15.0 % 11.8 %
518,419 26.0 % 431,838 23.3 % 20.0 % Europe 239.9 56.2 % 230.2 56.6
% 4.2 % 896,174 45.0 % 888,829 48.0 % 0.8 % Natuzzi 141.8 33.2 %
139.5 34.3 % 1.6 % 366,188 18.4 % 388,161 21.0 % (5.7 %) Italsofa
98.1 23.0 % 90.7 22.3 % 8.2 % 529,986 26.6 % 500,668 27.0 % 5.9 %
Rest of the world 40.9 9.6 % 32.0 7.9 % 27.8 % 173,343 8.8 %
129,902 7.0 % 33.4 % Natuzzi 25.7 6.0 % 21.8 5.4 % 17.9 % 72,727
3.7 % 64,291 3.5 % 13.1 % Italsofa 15.2 � 3.6 % 10.2 � 2.5 % 49.0 %
� 100,616 � 5.1 % 65,611 � 3.5 % 53.4 % TOTAL � 426.7 � 100.0 % �
406.3 � 100.0 % � 5.0 % � 1,989,602 � 100.0 % � 1,851,388 � 100.0 %
� 7.5 % � � � � � � � � � � � � � � � � � � � � � Break down by
brand Sales* Seat Units Nine months ended on % Over Nine months
ended on % Over � � 30-Sep-08 � 30-Sep-07 � (Under) � 30-Sep-08 �
30-Sep-07 � (Under) Natuzzi 245.4 57.5 % 244.6 60.2 % 0.3 % 840,581
42.2 % 853,271 46.1 % (1.5 %) Italsofa 181.3 � 42.5 % 161.7 � 39.8
% 12.1 % � 1,149,021 � 57.8 % 998,117 � 53.9 % 15.1 % TOTAL � 426.7
� 100.0 % � 406.3 � 100.0 % � 5.0 % � 1,989,602 � 100.0 % �
1,851,388 � 100.0 % � 7.5 % * Expressed in millions of EUR NATUZZI
S.P.A. AND SUBSIDIARIES Unaudited Consolidated Balance Sheet as
of�� September 30, 2008 and December 31, 2007��(Expressed in
millions of EUR) � � � 30-Sep-08 31-Dec-07 ASSETS Current Assets:
Cash and cash equivalents 57.1 87.5 Marketable debt securities 0.0
0.0 Trade receivables, net 111.1 117.7 Other receivables 47.6 47.8
Inventories 103.6 107.3 Unrealized foreign exchange gains 0.0 0.9
Prepaid expenses and accrued income 1.8 1.8 Deferred income taxes
2.0 1.1 Total current assets 323.2 364.1 � Non-Current Assets: Net
property, plant and equipment 225.2 235.9 Treasury shares 0.0 0.0
Other assets 13.3 17.3 Deferred income taxes 0.0 0.2 TOTAL ASSETS
561.7 617.5 � LIABILITIES AND SHAREHOLDERS' EQUITY Current
Liabilities: Short-term borrowings 8.4 7.6 Current portion of
long-term debt 0.5 0.3 Accounts payable-trade 66.0 89.3 Accounts
payable-other 29.8 29.2 Accounts payable shareholders for dividends
0.6 0.6 Unrealized foreign exchange losses 2.1 0.0 Income taxes 1.0
1.6 Salaries, wages and related liabilities 18.9 17.5 Total current
liabilities 127.3 146.1 � Long-Term Liabilities: Employees� leaving
entitlement 32.5 33.3 Long-term debt 3.4 2.1 Deferred income taxes
0.0 0.0 Deferred income for capital grants 12.3 13.3 Other
liabilities 10.7 10.9 Minority Interest 0.9 0.2 � Shareholders�
Equity: Share capital 54.9 54.8 Reserves 42.3 42.3 Additional
paid-in capital 8.3 8.3 Retained earnings 269.1 306.2 Total
shareholders� equity 374.6 411.6 TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY 561.7 617.5 NATUZZI S.P.A. AND SUBSIDIARIES
Unaudited Consolidated Statement of Cash Flows for the nine-month
period ended September 30, 2008 and 2007 (Expressed in millions of
EUR) � � 30-Sep-08 30-Sep-07 Cash flows from operating activities:
Net earnings (losses) (42.1 ) (23.1 ) Adjustments to reconcile net
income to net cash provided by operating activities: Depreciation
and amortization 22.5 22.4 Employees' leaving entitlement (0.8 )
(1.9 ) Deferred income taxes (0.7 ) (8.5 ) Minority interest (0.3 )
(0.2 ) (Gain) loss on disposal of assets 1.2 0.1 Unrealized foreign
exchange (losses) / gain 3.0 5.8 Deferred income for capital grants
(0.7 ) (0.8 ) � Change in assets and liabilities: Receivables, net
6.6 17.3 Inventories 3.7 (10.2 ) Prepaid expenses and accrued
income 0.0 (0.4 ) Other assets 0.3 3.2 Accounts payable (23.2 )
(12.9 ) Income taxes (0.6 ) (3.8 ) Salaries, wages and related
liabilities 1.3 (1.0 ) Other liabilities 3.6 2.9 � Total
adjustments 15.9 12.0 � NET CASH PROVIDED (USED) BY OPERATING
ACTIVITIES (26.2 ) (11.1 ) � Cash flows from investing activities:
Property, plant and equipment: Additions (10.8 ) (19.2 ) Disposals
0.1 0.4 Government grants received 1.4 0.0 Marketable debt
securities: Proceeds from sales 0.0 0.0 Purchase of business, net
of cash acquired 0.0 (0.1 ) Disposal of business 1.1 0.0 NET CASH
USED BY INVESTING ACTIVITIES (8.2 ) (18.9 ) Cash flows from
financing activities: Long term debt: Proceeds 2.0 0.0 Repayments
(0.5 ) (0.3 ) Short-term borrowings 0.9 0.8 Capital Injection 0.5
0.0 Dividends paid to shareholders 0.0 0.0 Dividends paid to
minority shareholders 0.0 0.0 NET CASH PROVIDED (USED) BY FINANCING
ACTIVITIES 2.9 � 0.5 � Effect of translation adjustments on cash
1.1 (0.9 ) INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (30.4 )
(30.4 ) Cash and cash equivalents, beginning of the year 87.5 128.1
CASH AND CASH EQUIVALENTS, END OF THE PERIOD 57.1 � � 97.7 �
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