- Report of Foreign Issuer (6-K)
May 28 2010 - 10:00AM
Edgar (US Regulatory)
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
May 28,
2010
|
|
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:
Form
20-F
⊠
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. Yes
⃞
No
⊠
If "Yes" is
marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b):
Exhibit 99.1
Natuzzi
S.p.A. Reports First Quarter 2010 Financial Results
SANTERAMO IN COLLE, Bari, Italy--(BUSINESS WIRE)--May 28, 2010--Today
the Board of Directors of Natuzzi S.p.A. (NYSE:NTZ) announced the first
quarter 2010 financial results.
-
Total Net Sales of €126.4 million as compared to €111.3 million in 1°Q
2009
-
Industrial Margin of €48.7 million as compared to €28.4 million in 1°Q
2009
-
Operating Income of €0.5 million versus an Operating Loss of €16.6
million in 1° Q 2009
-
Net Group Loss of €1.3 million as compared to a Net Group Loss of
€10.4 million of 1°Q 2009
-
Positive Net Financial Position of €54.9 million as compared to €58.5
million as of December 31, 2009
Total Net Sales
for the first quarter 2010 were €126.4 million
with an improvement of 13.6%. Upholstery Net Sales were €111.3 million
with an increase of 14.9% compared to the same period of 2009. The
contribution by Geographic area was the following: Europe (excluding
Italy) 42.4%, Americas 32.3%, Italy 14.1% and Rest of the World 11.2%.
The significant improvement of the
Industrial Margin
is
fundamentally due to a better product-mix sold, and to a constant cost
control activity, as well as to a positive euro/dollars exchange rate
that affected positively the cost of raw material purchases.
Transportation costs were negatively influenced by a significant
increase of the freight fares recorded in some transportation routes
since January 2010. All the other SG&A costs slightly improved as
compared to the first quarter of 2009.
As a result of these figures, the Company highlights an
Operating
Income
of €0.5 million versus an Operating Loss of €16.6 million in
the first quarter of 2009 with a remarkable improvement with respect to
the same period of the previous year.
Net Group Result
shows a reduced loss of €1.3 million, with
respect to a loss of €10.4 million recorded in the same period of 2009,
mainly due to some improving actions obtained at a production efficiency
level.
Net Financial Position
as of March 31, 2010 remains strongly
positive for €54.9 million notwithstanding the decrease compared to
December 31, 2009.
Pasquale Natuzzi, Chairman and Chief Executive Officer of Natuzzi SpA.,
commented: “In the first quarter of 2010 we finally recorded a net sales
improvement. However, the economic crisis and the worsening market
conditions are not yet over and the Group order flows for the first
months of 2010 with respect to the last months of 2009 confirm a slow
down as compared to the previous positive trend, even if with
diversified trends among the various brands and geographic areas. We
promptly reacted, from a price point of view, introducing in the Natuzzi
Brand new “entry price” products that could stimulate consumer demand
coherently with the brand positioning. The Italsofa and Editions brands
are confirming the success achieved during the Koln, Milan and High
Point fairs and the enormous potential of this new offer .
Along with these commercial initiatives, we have in progress an internal
restructuring plan that aims at simplifying the management of company
activities, at achieving further cost reductions and innovation in order
to improve the quality of products and customer service.
We are confident that the strength of our brands and business model,
based on integration between production and distribution, could help us
face the adverse market situation. Furthermore, thanks to the
perseverance, enthusiasm, ethic values, and commitment of all people
working within our Group, we will be able to achieve our goals in terms
of service, quality, competitiveness and profitability”.
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 130 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.
Tables follows
Natuzzi S.p.A. and Subsidiaries
|
Unaudited Consolidated Profit & Loss for the quarter ended on
March 31, 2010 on the basis of Italian GAAP
|
(expressed in millions Euro except for share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended on
|
|
Change
|
|
Percent of Sales
|
|
|
31-mars-10
|
|
31-mars-09
|
|
%
|
|
31-mars-10
|
|
31-mars-09
|
|
|
|
|
|
|
|
|
|
|
|
Upholstery net sales
|
|
111.3
|
|
96.9
|
|
14.9%
|
|
88.1%
|
|
87.1%
|
Other sales
|
|
15.1
|
|
14.4
|
|
4.9%
|
|
11.9%
|
|
12.9%
|
Total Net Sales
|
|
126.4
|
|
111.3
|
|
13.6%
|
|
100.0%
|
|
100.0%
|
|
|
|
|
|
|
|
|
|
|
|
Purchases
|
|
(54.8)
|
|
(43.1)
|
|
27.1%
|
|
-43.4%
|
|
-38.7%
|
Labor
|
|
(19.6)
|
|
(19.9)
|
|
-1.5%
|
|
-15.5%
|
|
-17.9%
|
Third-party manufacturers
|
|
(0.9)
|
|
(1.1)
|
|
-18.2%
|
|
-0.7%
|
|
-1.0%
|
Manufacturing costs
|
|
(10.4)
|
|
(11.6)
|
|
-10.3%
|
|
-8.2%
|
|
-10.4%
|
Net Inventoris
|
|
8.0
|
|
(7.2)
|
|
-211.1%
|
|
6.3%
|
|
-6.5%
|
Cost of Sales
|
|
(77.7)
|
|
(82.9)
|
|
-6.3%
|
|
-61.5%
|
|
-74.5%
|
|
|
|
|
|
|
|
|
|
|
|
Industrial Margin
|
|
48.7
|
|
28.4
|
|
71.5%
|
|
38.5%
|
|
25.5%
|
|
|
|
|
|
|
|
|
|
|
|
Selling Expenses
|
|
(37.8)
|
|
(34.1)
|
|
10.9%
|
|
-29.9%
|
|
-30.6%
|
of which Transportation
|
|
(11.6)
|
|
(9.1)
|
|
|
|
|
|
|
of which Advertising
|
|
(6.3)
|
|
(5.7)
|
|
|
|
|
|
|
G&A Expenses
|
|
(10.4)
|
|
(10.9)
|
|
-4.6%
|
|
-8.2%
|
|
-9.8%
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income/(Loss)
|
|
0.5
|
|
(16.6)
|
|
103.0%
|
|
0.4%
|
|
-14.9%
|
|
|
|
|
|
|
|
|
|
|
|
Interest Income/(Costs), Net
|
|
(0.4)
|
|
(0.2)
|
|
100.0%
|
|
-0.3%
|
|
-0.2%
|
Foreign Exchange, Net
|
|
0.9
|
|
6.2
|
|
-85.5%
|
|
0.7%
|
|
5.6%
|
Other Income/(Cost), Net
|
|
0.3
|
|
1.8
|
|
-83.3%
|
|
0.2%
|
|
1.6%
|
|
|
|
|
|
|
|
|
|
|
|
Earning before Income Taxes
|
|
1.3
|
|
(8.8)
|
|
114.8%
|
|
1.0%
|
|
-7.9%
|
|
|
|
|
|
|
|
|
|
|
|
Current taxes
|
|
(2.6)
|
|
(1.5)
|
|
|
|
-2.1%
|
|
-1.3%
|
|
|
|
|
|
|
|
|
|
|
|
Net result
|
|
(1.3)
|
|
(10.3)
|
|
87.4%
|
|
-1.0%
|
|
-9.3%
|
|
|
|
|
|
|
|
|
|
|
|
Minority interest
|
|
0.0
|
|
0.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Group Result
|
|
(1.3)
|
|
(10.4)
|
|
87.4%
|
|
-1.0%
|
|
-9.3%
|
|
|
|
|
|
|
|
|
|
|
|
Net Group Result per Share
|
|
(0.02)
|
|
(0.19)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding Shares
|
|
54,824,277
|
|
54,824,277
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Key Figures in U.S. dollars
|
|
Three months ended on
|
|
Change
|
|
Percent of Sales
|
(millions)
|
|
31-mars-10
|
|
31-mars-09
|
|
%
|
|
31-mars-10
|
|
31-mars-09
|
|
|
|
|
|
|
|
|
|
|
|
Total Net Sales
|
|
174.9
|
|
154.0
|
|
13.6%
|
|
100.0%
|
|
100.0%
|
Gross Profit
|
|
67.4
|
|
39.3
|
|
71.5%
|
|
38.5%
|
|
25.5%
|
Operating Income (Loss)
|
|
0.7
|
|
(23.0)
|
|
-103.0%
|
|
0.4%
|
|
-14.9%
|
Net Group Result
|
|
(1.8)
|
|
(14.4)
|
|
87.4%
|
|
-1.0%
|
|
-9.3%
|
Net Group Result per Share
|
|
(0.0)
|
|
(0.3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average exchange rate (U.S.$ per €)
|
|
1.3837
|
|
|
|
|
|
|
|
|
UPHOLSTERY NET SALES BREAKDOWN
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Geographic breakdown
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales million euro
|
|
|
|
|
|
|
|
Net sales seats
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 months ended on
|
|
|
|
|
|
|
|
3 months ended on
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
31-mars-10
|
|
|
|
31-mars-09
|
|
|
|
Change %
|
|
31-mars-10
|
|
|
|
31-mars-09
|
|
|
|
Change %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas
|
|
36.0
|
|
32.3%
|
|
29.4
|
|
30.3%
|
|
22.4%
|
|
197,694
|
|
42.4%
|
|
159,803
|
|
38.7%
|
|
23.7%
|
Natuzzi
|
|
4.4
|
|
4.0%
|
|
4.0
|
|
4.1%
|
|
10.0%
|
|
11,547
|
|
2.5%
|
|
11,116
|
|
2.7%
|
|
3.9%
|
Italsofa
|
|
31.6
|
|
28.3%
|
|
25.4
|
|
26.2%
|
|
24.4%
|
|
186,147
|
|
39.9%
|
|
148,687
|
|
36.0%
|
|
25.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Europe
|
|
47.2
|
|
42.4%
|
|
46.8
|
|
48.3%
|
|
0.9%
|
|
174,757
|
|
37.5%
|
|
179,958
|
|
43.6%
|
|
-2.9%
|
Natuzzi
|
|
24.7
|
|
22.2%
|
|
22.5
|
|
23.2%
|
|
9.8%
|
|
60,103
|
|
12.9%
|
|
54,130
|
|
13.1%
|
|
11.0%
|
Italsofa
|
|
22.5
|
|
20.2%
|
|
24.3
|
|
25.1%
|
|
-7.4%
|
|
114,654
|
|
24.6%
|
|
125,828
|
|
30.5%
|
|
-8.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Italy (Natuzzi)
|
|
15.6
|
|
14.1%
|
|
12.3
|
|
12.7%
|
|
26.8%
|
|
46,494
|
|
10.0%
|
|
37,107
|
|
9.0%
|
|
25.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rest of the world
|
|
12.5
|
|
11.2%
|
|
8.4
|
|
8.7%
|
|
48.8%
|
|
47,368
|
|
10.1%
|
|
35,917
|
|
8.7%
|
|
31.9%
|
Natuzzi
|
|
7.8
|
|
7.0%
|
|
5.0
|
|
5.2%
|
|
56.0%
|
|
18,393
|
|
3.9%
|
|
13,268
|
|
9.0%
|
|
38.6%
|
Italsofa
|
|
4.7
|
|
4.2%
|
|
3.4
|
|
3.5%
|
|
38.2%
|
|
28,975
|
|
6.2%
|
|
22,649
|
|
5.5%
|
|
27.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
111.3
|
|
100.0%
|
|
96.9
|
|
100.0%
|
|
14.9%
|
|
466,313
|
|
100.0%
|
|
412,785
|
|
100.0%
|
|
13.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brands breakdown
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales million euro
|
|
|
|
|
|
|
|
Net sales seats
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 months ended on
|
|
|
|
|
|
|
|
3 months ended on
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
31-mars-10
|
|
|
|
31-mars-09
|
|
|
|
Change %
|
|
31-mars-10
|
|
|
|
31-mars-09
|
|
|
|
Change %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natuzzi
|
|
52.5
|
|
47.2%
|
|
43.8
|
|
45.2%
|
|
19.9%
|
|
136,537
|
|
29.3%
|
|
115,621
|
|
28.0%
|
|
18.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Italsofa
|
|
58.8
|
|
52.8%
|
|
53.1
|
|
54.8%
|
|
10.7%
|
|
329,776
|
|
70.7%
|
|
297,164
|
|
72.0%
|
|
11.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
111.3
|
|
100.0%
|
|
96.9
|
|
100.0%
|
|
14.9%
|
|
466,313
|
|
100.0%
|
|
412,785
|
|
100.0%
|
|
13.0%
|
Natuzzi S.p.A. and Subsidiaries
|
Consolidated Balance Sheets
|
(Expressed in millions of euro)
|
|
|
|
|
|
ASSETS
|
|
31-mars-10
|
|
31 Dec 09
|
|
|
|
|
|
Current assets:
|
|
|
|
|
Cash and cash equivalents
|
|
64.2
|
|
66.3
|
Marketable debt securities
|
|
0.0
|
|
0.0
|
Trade receivables, net
|
|
92.9
|
|
97.1
|
Other receivables
|
|
56.2
|
|
54.4
|
Inventories
|
|
89.5
|
|
81.6
|
Unrealized foreign exchange gains
|
|
0.5
|
|
0.3
|
Prepaid expenses and accrued income
|
|
1.2
|
|
1.4
|
Deferred income taxes
|
|
0.7
|
|
0.7
|
|
|
|
|
|
Total current assets
|
|
305.2
|
|
301.8
|
|
|
|
|
|
Non current assets:
|
|
|
|
|
Net property, plant and equipment
|
|
193.6
|
|
193.8
|
Other assets
|
|
11.8
|
|
12.7
|
|
|
|
|
|
Total current assets
|
|
205.4
|
|
206.5
|
|
|
|
|
|
TOTAL ASSETS
|
|
510.6
|
|
508.3
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
Short-term borrowings
|
|
2.2
|
|
0.8
|
Current portion of long-term debt
|
|
1.3
|
|
1.1
|
Accounts payable-trade
|
|
60.8
|
|
66.5
|
Accounts payable-other
|
|
29.8
|
|
29.3
|
Unrealized foreign exchange losses
|
|
1.4
|
|
0.4
|
Accounts payable-shareholders for dividends
|
|
0.0
|
|
0.0
|
Income taxes
|
|
5.2
|
|
3.7
|
Salaries, wages and related liabilities
|
|
14.1
|
|
12.5
|
|
|
|
|
|
Total current liabilities
|
|
114.8
|
|
114.3
|
|
|
|
|
|
Long-term liabilities:
|
|
|
|
|
Employees' leaving entitlement
|
|
29.3
|
|
29.6
|
Long-term debt
|
|
5.8
|
|
5.9
|
Deferred income for capital grants
|
|
10.8
|
|
11.2
|
Other liabilities
|
|
18.3
|
|
20.4
|
|
|
|
|
|
Total long-term liabilities
|
|
64.2
|
|
67.1
|
|
|
|
|
|
Minority interest
|
|
2.0
|
|
1.9
|
|
|
|
|
|
Shareholders' equity:
|
|
|
|
|
Share capital
|
|
54.9
|
|
54.9
|
Reserves
|
|
42.8
|
|
42.8
|
Additional paid-in capital
|
|
8.3
|
|
8.3
|
Retained earnings
|
|
223.6
|
|
219.0
|
|
|
|
|
|
Total shareholders' equity
|
|
329.6
|
|
325.0
|
|
|
|
|
|
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
510.6
|
|
508.3
|
Natuzzi S.p.A. and Subsidiaries
|
Consolidated Statements of Cash Flows
|
|
|
|
|
|
(Expressed in million of euro)
|
|
|
|
|
|
|
31-mars-10
|
|
31 Dec 09
|
Cash flows from operating activities:
|
|
|
|
|
Net earnings (loss)
|
|
(1.3)
|
|
(17.7)
|
|
|
|
|
|
Adjustments to reconcile net income to net cash
|
|
|
provided by operating activities:
|
|
|
|
|
Depreciation and amortization
|
|
6.3
|
|
26.8
|
Employees' leaving entitlement
|
|
(0.3)
|
|
(2.1)
|
Deferred income taxes
|
|
(0.0)
|
|
3.7
|
Minority interest
|
|
0.1
|
|
0.4
|
(Gain) loss on disposal of assets
|
|
(0.0)
|
|
(0.1)
|
Unrealized foreign exchange losses and gains
|
|
0.8
|
|
(4.4)
|
Deferred income for capital grants
|
|
(0.2)
|
|
(1.0)
|
Non monetary operating costs
|
|
6.6
|
|
23.3
|
|
|
|
|
|
Change in assets and liabilities:
|
|
|
|
|
Receivables, net
|
|
4.2
|
|
25.7
|
Inventories
|
|
(8.0)
|
|
10.4
|
Prepaid expenses and accrued income
|
|
0.3
|
|
(0.2)
|
Other assets
|
|
(1.6)
|
|
(8.2)
|
Accounts payable
|
|
(5.7)
|
|
(2.1)
|
Income taxes
|
|
1.4
|
|
1.9
|
Salaries, wages and related liabilities
|
|
(0.9)
|
|
(1.8)
|
Other liabilities
|
|
0.2
|
|
2.5
|
|
|
|
|
|
Net working capital
|
|
(10.1)
|
|
28.2
|
|
|
|
|
|
Net cash provided by operating activities
|
|
(4.8)
|
|
33.8
|
|
|
|
|
|
Cash flows from investing activities:
|
|
|
|
|
Property, plant and equipment:
|
|
|
|
|
Additions
|
|
(1.0)
|
|
(9.1)
|
Disposals
|
|
0.0
|
|
0.2
|
Government grants received
|
|
|
|
|
Net cash used in investing activities
|
|
(1.0)
|
|
(8.9)
|
|
|
|
|
|
Cash flows from financing activities:
|
|
|
|
|
Long-term debt:
|
|
|
|
|
Proceeds
|
|
0.6
|
|
3.9
|
Repayments
|
|
(0.4)
|
|
(0.7)
|
Short-term borrowings
|
|
1.4
|
|
(8.9)
|
|
|
|
|
|
Net cash used in financing activities
|
|
1.6
|
|
(5.7)
|
|
|
|
|
|
Effect of translation adjustments on cash
|
|
2.1
|
|
(0.2)
|
|
|
|
|
|
Increase (decrease) in cash and cash equivalents
|
|
(2.1)
|
|
19.0
|
|
|
|
|
|
Cash and cash equivalents, beginning of the year
|
|
66.3
|
|
47.3
|
|
|
|
|
|
Cash and cash equivalents, end of the year
|
|
64.2
|
|
66.3
|
CONTACT:
Natuzzi Investor Relations
Silvia Di Rosa cell +39
335 78 64 209
sdirosa@natuzzi.com
or
Natuzzi
Corporate Communication
Cell.: +39 335 7276939 Giacomo Ventolone
gventolone@natuzzi.com
or
Tel.:
+ 39 080 8820676 Vito Basile (Ufficio Stampa)
vbasile@natuzzi.com
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: May 28, 2010
|
|
|
|
|
|
|
|
|
By:
|
/s/ Pasquale Natuzzi
|
|
|
|
Pasquale Natuzzi
|
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