CONFORMED
Securities
and Exchange Commission
Washington,
D.C. 20549
FORM
6-K
Report
of Foreign Issuer
Pursuant
To Rule 13a-16 Or 15d-16
Of
The
Securities
Exchange Act of 1934
For the month of November 2008
|
|
Commission File Number 1-11854
|
NATUZZI
S.p.A.
(Translation
of Registrant's name into English)
Via Iazzitiello
47
70029
Santeramo, Italy
(Address
of principal office)
(Indicate by
check mark whether the registrant files or will file annual reports
under cover of Form 20-F or Form 40-F.)
(Check
One) Form 20-F
X
Form 40-F
(Indicate by
check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act
of 1934.)
(Check One)
Yes
No
X
(If "Yes" is
marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b). 82-___)
Natuzzi
SpA Third Quarter and First Nine Months 2008 Consolidated Financial
Results
Third
Quarter 2008 Financial Highlights
-
Total
Net Sales up 0.7% to EUR 142.3 Million (or up 4.6% at Constant
Exchange Rate) Units Sold up 3.8% over 3Q07
-
Operating
Loss at EUR 12.2 Million (or EUR 9.8 at Constant Exchange Rate) vs.
Operating Loss of EUR 11.0 Million in 3Q07
-
Net
Loss at EUR 16.2 Million, vs. Net Loss of EUR 14.1 Million Reported in
3Q07
First
Nine Months 2008 Financial Highlights
-
Total
Net Sales up 5.8% to EUR 483.9 Million (or up 11.1% at Constant
Exchange Rate) Units Sold up 7.5% over the Same Period in 07
-
Operating
Loss at EUR 29.5 Million (or EUR 16.3 at Constant Exchange Rate) vs.
Operating Loss of EUR 28.2 Million Reported in the Same Period in 07
-
Net
Loss at EUR 42.1 Million vs. Net Loss of EUR 23.1 Reported in the Same
Period in 07
-
Expected
Full Year 2008 Operating Loss in the EUR 35-40 Million Range vs.
Operating Loss of EUR 49.1 Million in FY 2007
SANTERAMO IN COLLE, Bari, Italy--(BUSINESS WIRE)--November 19, 2008--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
|
|
CONTACT:
Investor Relations Dept.
Tel.:
+39-080-8820-812
Fax: +39-080-8820-241
investor_relations@natuzzi.com
or
Corporate
Press Office
Tel.: +39-080-8820-124
Fax: +39-080-8820-508
relazioni.esterne@natuzzi.com
CONFORMED
SIGNATURES
Pursuant to
the requirements of the Securities Exchange Act of 1934, the registrant
has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
|
|
|
NATUZZI S.p.A.
|
|
|
|
(Registrant)
|
|
|
|
|
|
|
|
|
|
|
|
|
Date:
|
November 19, 2008
|
|
|
|
|
|
|
|
|
By:
|
/s/ ALDO UVA
|
|
|
|
Aldo Uva
|
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