The Board of Directors of Natuzzi S.p.A. (NYSE:NTZ), a world
leading furniture Company, today announced the financial results
for the fourth quarter and full year 2009.
Fourth Quarter 2009 Summary
- Total Net Sales of € 152.1
million as compared to € 182.1 million in 4Q 2008;
- Industrial Margin of € 59.3
million from € 58.4 million in the same quarter of 2008;
- Operating income of € 2.1
million, versus an Operating loss of € 5.5 million in 4Q 2008;
- Group Net Loss was € 2.5 million
compared to a net loss of € 19.8 million in the same period of
2008;
- Net Financial Position was €
58.5 million compared to € 33.8 million for full year 2008.
Fourth Quarter 2009 Financial Results
Net sales for the fourth quarter of 2009 totaled € 152.1
million decreasing by 16.5% compared to the same quarter of last
year but a clear recovery with respect to the previous quarters of
2009, that confirms the effectiveness of the actions taken to face
the global economic crisis. Upholstery Net sales were € 133.9
million compared to € 161.1 million in fourth quarter of 2008. The
contribution by geographic area was: Europe 45.6% (excluding
Italy); Americas 32.8%; Italy 11.4% and Rest of the World
10.2%.
Industrial Margin totaled € 59.3 million, increasing from
32.0% in 2008 to 39.0% in 2009 as a percentage of net sales. Such
improvement is mainly due to a raw material price reduction and to
an improvement in materials consumption.
Operating income was € 2.1 million compared to an
operating loss of € 5.5 million in 4Q 2008.
Full Year 2009 Financial Result
Net sales for full year 2009 were € 515.4 million,
decreasing by 22.6% with respect to € 666.0 million reported in
2008. Upholstery Sales were € 450.6 million down by 23.3% from €
587.8 million in 2008. The contribution by geographic area was:
Europe 46.7% (excluding Italy); Americas 31.0%; Italy 11.9% and
Rest of the World 10.4%.
For full year 2009 the Group reported an Industrial
margin of € 185.6 million, or 36.0% on total net sales, up from
28.1% in 2008. Operating Loss was € 10.6 million compared to
an operating loss of € 35.0 million reported in 2008.
The Group reported a Net Result of € 17.7 million for
full year 2009 as compared with a net loss of € 61.9 million for
2008, with an improvement of approximately € 44.2 million.
Balance Sheet Highlights
Natuzzi Group ended Year 2009 with a Net Financial Position of €
58.5 million. Net cash increase of € 24.7 million was mainly due to
a reduction in working capital. Long term debt totaled € 5.9
million. Shareholder’s Equity was € 325.0 million.
Pasquale Natuzzi, Chairman and CEO, commented: “We are very
pleased with the Natuzzi Group positive trend in the key economic
margins occurred during 2009. The 2009 EBIT at Group level,
although still negative, recorded a significant improvement with
respect to the previous year. Such result, achieved despite
decreasing sales as a consequence of the ongoing global crisis, is
mainly due to the deep restructuring process started in 2009 and
still in progress.
We are aware that a strong work must be done to get a positive
EBIT in 2010, considering also the uncertainties of current
economic environment. Bringing the Group back to profitability is
an ambitious but a reachable goal toward which the whole management
is fully committed”.
The Company will host a conference call on Friday March 26, 2010
at 10:00 a.m. Eastern Time to discuss fourth quarter and full year
2009 financial results. A live web cast of the conference call will
be available online at http://www.natuzzi.com/ under the Investor
Relations section. A replay will be available for 30 days following
the live call at 888-203-1112 in North America and 719-457-0820
International; Pin Number 4291259.
About Natuzzi
Founded in 1959 by Pasquale Natuzzi, Natuzzi S.p.A. designs and
manufactures a broad collection of residential upholstered
furniture. With consolidated revenues of EUR 515.4 million in 2009,
Natuzzi is Italy's largest furniture manufacturer. 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
statement
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.
Tables follows
Natuzzi S.p.A. and Subsidiaries
Consolidated Profit & Loss for year ended on December 31,
2009 and 2008 on the basis of Italian GAAP (expressed in
millions Euro except for share data)
Three months ended on
Change Percent of Sales 31 December 09
31 December 08
% 31 December 09 31 Dcember 08
Upholstery net sales 133,9 161,1 -16,9% 88,0% 88,5% Other sales
18,2 21,0 -13,4% 12,0% 11,5%
Total Net Sales 152,1
182,1 -16,5% 100,0% 100,0%
Purchases (57,4) (74,2) -22,7% -37,7% -40,8% Labor (20,8) (20,8)
0,2% -13,7% -11,4% Third-party manufacturers (4,6) (4,6) -1,0%
-3,0% -2,6% Manufacturing costs (8,9) (12,6) -29,3% -5,9% -6,9% Net
Inventoris (1,1) (11,6) -90,5% -0,7% -6,3%
Cost of Sales
(92,8) (123,8) -25,0% -61,0%
-68,0%
Industrial Margin 59,3 58,4 1,5%
39,0% 32,0% Selling Expenses (44,7) (48,9)
-8,6% -29,4% -26,8% G&A Expenses (12,5) (14,9) -16,3% -8,2%
-8,2%
Operating
Income/(Loss) 2,1 (5,5) -137,6%
1,4% -3,0% Interest Income/(Costs), Net (0,3)
0,1 -400,0% -0,2% 0,1% Foreign Exchange, Net 1,1 (2,9) -137,9% 0,7%
-1,6% Other Income/(Cost), Net (2,0) (12,5) -84,0% -1,3% -6,9%
Earning before Income
Taxes 0,9 (20,8) 104,1% 0,6%
-11,4% Current taxes (3,3) 0,7 -2,2% 0,4%
Net result (2,4)
(20,0) 87,8% -1,6% -11,0%
Minority interest 0,1 (0,2)
Net Group Result (2,5) (19,8)
87,2% -1,7% -10,9%
Net Group Result per Share (0,05)
(0,36) Outstanding Shares
54 824 277 54 824 277
Key Figures in U.S. dollars Three months
ended on Change Percent of Sales (millions)
31
December 09 31 Dcember 08 % 31 December 09
31 Dcember 08 Total Net Sales 224,5
269,0
-16,5% 100,0% 100,0% Gross Profit
87,5 86,2
1,5% 39,0% 32,0% Operating
Income (Loss) 3,0 (8,1)
-137,6% 1,4%
-3,0% Net Group Result (3,8) (29,3)
87,2% -1,7% -10,9% Net Group Result per
Share (0,1) (0,5)
Average exchange rate (U.S.$
per €) 1,4766
UPHOLSTERY NET SALES BREAKDOWN
Geographic breakdown Net sales million euro Net
sales seats
3
months ended on 3 months ended on
31-déc-09
31-déc-08 Change %
31-déc-09 31-déc-08
Change % Americas 43,9 32,8%
62,7 38,9% -29,9% 245 578 43,3%
352 475 48,1% -30,3% Natuzzi 22,4 16,7% 32,5
20,1% -31,0% 104 441 18,4% 152 827 20,9% -31,7% Italsofa 21,5 16,1%
30,2 18,7% -28,8% 141 137 24,9% 199 648 27,2% -29,3%
Europe 61,0 45,6% 67,9 42,1%
-10,2% 216 769 38,2% 263 237
35,9% -17,7% Natuzzi 30,1 22,5% 33,5 20,8% -10,2% 62
820 11,1% 79 312 10,8% -20,8% Italsofa 30,9 23,1% 34,4 21,3% -10,1%
153 949 27,2% 183 925 25,1% -16,3%
Italy (Natuzzi)
15,2 11,4% 15,9 9,9% -4,4% 47
421 8,4% 52 528 7,2% -9,7%
Rest of the world 13,7 10,2% 14,6
9,1% -6,1% 57 090 10,1% 64 466
8,8% -11,4% Natuzzi 8,1 6,0% 7,1 4,4% 13,5% 20 132
3,6% 17 703 2,4% 13,7% Italsofa 5,6 4,2% 7,5 4,7% -24,6% 36 959
6,5% 46 763 6,4% -21,0%
Total 133,9 100,0% 161,1
100,0% -16,9% 566 858 100,0% 732
705 100,0% -22,6%
Brands breakdown
Net sales million euro
Net sales seats
3 months ended
on 3 months ended on
31-déc-09
31-déc-08 Change %
31-déc-09 31-déc-08
Change % Natuzzi 75,8 56,6%
89,0 55,3% -14,9% 234 814 41,4%
302 370 41,3% -22,3% Italsofa
58,1 43,4% 72,1 44,7% -19,4%
332 044 58,6% 430 335 58,7%
-22,8%
Total 133,9 100,0% 161,1 100,0%
-16,9% 566 858 100,0% 732 705
100,0% -22,6% Natuzzi S.p.A.
and Subsidiaries Consolidated Profit & Loss for year
ended on December 31, 2009 and 2008 on the basis of Italian
GAAP (expressed in millions Euro except for share data)
Twelve
months ended on Change Percent of Sales
31 December 09
31 December 08
% 31 December 09
31 December 08
Upholstery net sales 450,6 587,8 -23,3% 87,4% 88,3% Other
sales 64,8 78,2 -17,2% 12,6% 11,7%
Total Net Sales
515,4 666,0 -22,6% 100,0%
100,0% Purchases (195,8) (301,8) -35,1% -38,0% -45,3%
Labor (78,5) (97,7) -19,7% -15,2% -14,7% Third-party manufacturers
(10,6) (18,5) -42,6% -2,1% -2,8% Manufacturing costs (34,4) (45,5)
-24,4% -6,7% -6,8% Net Inventoris (10,4) (15,3) -31,6% -2,0%
-2,3%
Cost of Sales (329,7) (478,8)
-31,1% -64,0% -71,9%
Industrial Margin
185,6 187,3 -0,9% 36,0%
28,1% Selling Expenses (149,6) (172,3) -13,2% -29,0%
-25,9% G&A Expenses (46,6) (49,9) -6,6% -9,0% -7,5%
Operating
Income/(Loss) (10,6) (35,0) -69,8%
-2,1% -5,3% Interest Income/(Costs), Net (1,1)
(0,2) 356,4% -0,2% 0,0% Foreign Exchange, Net 6,9 (11,1) -162,4%
1,3% -1,7% Other Income/(Cost), Net (2,7) (14,5) -81,4% -0,5% -2,2%
Earning before
Income Taxes (7,5) (60,8) -87,7%
-1,5% -9,1% Current taxes (9,8) (1,6) -1,9%
-0,2%
Net
result (17,3) (62,4) -72,3%
-3,4% -9,4% Minority interest 0,4 (0,5)
Net Group Result
(17,7) (61,9) -71,4% -3,4%
-9,3%
Net Group Result per Share (0,32) (1,13)
Outstanding Shares 54
824 277 54 824 277
Key Figures in U.S. dollars Twelve months
ended on Change Percent of Sales (millions)
31
December 09
31 December 08
% 31 December 09
31 December 08
Total Net Sales 718,8 929,0
-22,6%
100,0% 100,0% Gross Profit 258,9 261,2
-0,9% 36,0% 28,1% Operating Income
(Loss) (14,8) (48,8)
69,8% -2,1%
-5,3% Net Group Result (24,7) (86,3)
71,4% -3,4% -9,3% Net Group Result per
Share (0,4) (1,6)
Average exchange rate (U.S.$
per €) 1,3948
UPHOLSTERY NET SALES BREAKDOWN
Geographic breakdown Net sales million euro Net
sales seats
12 months ended on 12 months ended on
31-déc-09
31-déc-08 Change %
31-déc-09 31-déc-08
Change % Americas 139,9 31,0%
208,6 35,5% -32,9% 785 156 40,8%
1 272 560 46,7% -38,3% Natuzzi & Editions
71,7 15,9% 110,4 18,8% -35,1% 332 910 17,3% 554 493 20,4% -40,0%
Italsofa 68,2 15,1% 98,2 16,7% -30,6% 452 246 23,5% 718 067 26,4%
-37,0%
Europe 210,2 46,7% 258,0
43,9% -18,5% 776 057 40,4% 1 006
316 37,0% -22,9% Natuzzi 106,6 23,7% 131,1 22,3%
-18,7% 248 536 12,9% 323 422 11,9% -23,2% Italsofa 103,6 23,0%
126,9 21,6% -18,3% 527 521 27,4% 682 895 25,1% -22,8%
Italy (Natuzzi) 53,5 11,9% 65,7
11,2% -18,7% 167 046 8,7% 205
623 7,6% -18,8% Rest of the world
47,0 10,4% 55,5 9,4% -15,2%
194 961 10,1% 237 809 8,7%
-18,0% Natuzzi 27,8 6,2% 32,9 5,6% -15,4% 70 855 3,7% 90 430
3,3% -21,6% Italsofa 19,2 4,3% 22,6 3,8% -15,0% 124 106 6,5% 147
379 5,4% -15,8%
Total 450,6 100,0% 587,8 100,0%
-23,3% 1 923 220 100,0% 2 722 307
100,0% -29,4%
Brands breakdown Net sales million
euro Net sales seats
12 months ended on 12 months ended on
31-déc-09 31-déc-08
Change % 31-déc-09
31-déc-08 Change %
Natuzzi 259,6 57,6% 340,2 57,9%
-23,7% 819 347 42,6% 1 173 967
43,1% -30,2% Italsofa 191,0
42,4% 247,6 42,1% -22,9% 1 103
873 57,4% 1 548 340 56,9% -28,7%
Total
450,6 100,0% 587,8 100,0% -23,3%
1 923 220 100,0% 2 722 307 100,0%
-29,4% Natuzzi S.p.A. and Subsidiaries
Consolidated Balance Sheets (Expressed in millions of euro)
ASSETS 31 Dec 09 31 Dec 08
Current assets: Cash and cash equivalents 66,3 47,3
Marketable debt securities 0,0 0,0 Trade receivables, net 97,1
122,8 Other receivables 54,4 46,2 Inventories 81,6 92,0 Unrealized
foreign exchange gains 0,3 4,7 Prepaid expenses and accrued income
1,4 1,3 Deferred income taxes 0,7 4,2
Total current assets 301,8 318,5
Non current assets: Net property, plant and equipment 193,8
211,8 Other assets 12,7 13,5
Total
current assets 206,5 225,3 TOTAL
ASSETS 508,3 543,8 LIABILITIES
AND SHAREHOLDERS' EQUITY Current
liabilities: Short-term borrowings 0,8 9,7 Current portion of
long-term debt 1,1 0,5 Accounts payable-trade 66,5 68,6 Accounts
payable-other 29,3 29,2 Unrealized foreign exchange losses 0,4 9,2
Accounts payable-shareholders for dividends 0,0 0,5 Income taxes
3,7 1,8 Salaries, wages and related liabilities 12,5 16,8
Total current liabilities 114,3
136,3 Long-term liabilities: Employees'
leaving entitlement 29,6 31,7 Long-term debt 5,9 3,3 Deferred
income for capital grants 11,2 12,1 Other liabilities 20,4 14,4
Total long-term liabilities
67,1 61,5
Minority interest 1,9 0,8
Shareholders' equity: Share capital 54,9 54,9 Reserves 42,8
42,8 Additional paid-in capital 8,3 8,3 Retained earnings 219,0
239,2
Total shareholders' equity
325,0 345,2 TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY 508,3 543,8
Natuzzi S.p.A. and Subsidiaries
Consolidated Statements
of Cash Flows (Expressed in million of euro)
31 Dec
09 31 Dec 08 Cash flows from operating
activities: Net earnings (loss) (17,7)
(61,9) Adjustments to reconcile net income to net
cash provided by operating activities: Depreciation and
amortization 26,8 30,5 Employees' leaving entitlement (2,1) (1,7)
Deferred income taxes 3,7 (3,1) Minority interest 0,4 (0,4) (Gain)
loss on disposal of assets (0,1) 2,1 Unrealized foreign exchange
losses and gains (4,4) 5,4 Impairment of long lived assets - 5,3
Deferred income for capital grants (1,0) (1,0)
Non monetary
operating costs 23,3 37,1 Change in
assets and liabilities: Receivables, net 25,7 (5,1) Inventories
10,4 15,3 Prepaid expenses and accrued income (0,2) 0,6 Other
assets (8,2) 1,7 Accounts payable (2,1) (20,7) Income taxes 1,9 0,2
Salaries, wages and related liabilities (4,3) (0,7) Other
liabilities 3,2 0,4
Net working capital 26,4
(8,3) Net cash provided by operating
activities 32,0 (33,1) Cash
flows from investing activities: Property, plant and equipment:
Additions (9,2) (15,2) Disposals 0,2 0,2 Government grants received
1,9 1,4 Marketable debt securities: Proceeds from sales - -
Purchase of business, net of cash acquired - - Disposal of business
- 1,1
Net cash used in investing activities
(7,1) (12,5) Cash flows from
financing activities: Long-term debt: Proceeds 3,9 2,0
Repayments (0,7) (0,7) Short-term borrowings (8,9) 2,1 Capital
injection - 0,5 Dividends paid to minority interests - -
Net cash used in financing activities (5,7)
4,0 Effect of translation adjustments on cash (0,2)
1,4
Increase (decrease) in cash and cash equivalents
19,0 (40,2) Cash and cash equivalents,
beginning of the year 47,3 87,5 Cash
and cash equivalents, end of the year 66,3
47,3
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