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
September
27, 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. Announces Second Quarter and First Six Months 2010 Financial
Results
SANTERAMO IN COLLE, Bari, Italy--(BUSINESS WIRE)--September 27,
2010--The Board of Directors of Natuzzi S.p.A. (NYSE:NTZ), Italy’s
largest furniture manufacturer and world’s leading manufacturer of
leather-upholstered furniture, today announced its financial results for
the second quarter and first six months of 2010.
SECOND QUARTER 2010 SUMMARY:
-
Upholstery Net Sales were €130.9 million, up 12.0% as compared to the
second quarter of 2009
-
Total Net Sales were €145.2 million, up 8.7% as compared to the same
period of 2009
-
Industrial margin was €54.6 million, versus €50.5 million recorded in
the second quarter of 2009
-
Operating Income was €2.2 million, as compared to €1.1 million for the
same period of 2009
-
Net group loss was €2.8 million versus a loss of €3.9 million recorded
in the same quarter of 2009
-
Positive net cash position of €49.0 million
Second Quarter Results 2010
Total Net Sales
(including raw materials and semi-finished
products sold to third parties) were €145.2 million, an increase of 8.7%
as compared to corresponding period of 2009.
Upholstery net sales were €130.9 million, up 12.0% as compared to the
same period of 2009.
The contribution to upholstery net sales by geographic area was as
follows: Europe (excluding Italy) 40.1%, Americas 37.4%, Italy 10.0% and
Rest of the World 12.5%.
The major commercial performances came from North America (+38%),
Asia-Oceania (+42%) and Great Britain (+49%).
Industrial margin
was €54.6 million, showing an increase of 8.1%
versus the same quarter of 2009. The increase of volumes sold and the
major internal efficiencies enabled the group to offset the consequences
of significant increases in raw material costs, in particular leather.
Transportation costs were negatively influenced by a significant
increase in freight fares.
At the same time, an increase in terms of sales commissions was recorded
due to the better performance in terms of sales in those geographical
areas operated by some sales agents who are compensated through
commissions on turnover
In order to reduce the impact generated by the above mentioned
increases, the Group has implemented a further containment plan to its
cost structure.
The EBITDA of the Group recorded an improvement to €8.2 million as
compared to €7.9 over the corresponding period of 2009.
Operating income
also improved to €2.2 million with respect to
€1.1 million recorded at the corresponding period of 2009.
Net Group Result
shows a loss of €2.8 million recovering from the
loss of €3.9 million recorded in the same period of last year despite
the effects of a higher tax burden.
First Six Months Results 2010
Total net sales for the first six months of 2010
were €271.7
million up 10.9% as compared to the same period of 2009.
Upholstery net sales were €242.2 million, an increase of 13.3% with
respect to the same period of 2009.
The contribution to upholstery net sales by geographic area was as
follows: Europe (excluding Italy) 41.2%, Americas 35.1%, Italy 11.8% and
Rest of the World 11.9%.
Industrial margin
considerably improved to 38.0% on net sales
compared to 32.2% thanks to some intense activities initiated in 2009
aimed at obtaining an industrial rationalization.
EBITDA
recorded a profit of
€15.0 million versus a loss of
€1.5 million in the same period of 2009.
Operating income
was €2.7 million as compared to a loss of €15.4
million reported in the first six months of 2009.
Net Group Result
recorded a loss of €4.1 million, an appreciable
improvement as compared to the €14.2 million loss reported in the same
period of last year despite the increase of extraordinary costs tax
burden.
Net Financial Position
as of June 30, 2010 remains positive at
€49.0 million although it decreased compared to December 31, 2009 mainly
due to some major investments in working capital as a consequence of the
increase in volumes of sales.
Pasquale Natuzzi, Chairman and Chief Executive Officer of Natuzzi
S.p.A., commented: “Having recorded an operating income for the fifth
consecutive quarter, despite a general situation which continues to be
very uncertain, is a confirmation of the effectiveness of the work done
so far.
Net sales for the first six months of the year went up compared to
2009 although the market recovery seems to be slower and below than
originally expected. The strong financial position confirms the solidity
of the Group and its ability to invest in strategic projects. Our focus
remains on product and process innovation, cost reduction in all areas
of business management, with the objective of improving the quality of
our offer and service, recovering competitiveness, returning to
profitability and maintaining the leadership in the field”.
The Company will host a conference call on Tuesday September 28, 2010 at
10:00 a.m. Eastern Time to discuss second quarter and first half 2010
financial results. To participate, dial toll-free 1-877-591-4959 and
dial international 1-719-325-4863. A live web cast of the conference
call will be available online at
http://www.natuzzi.com/
under
the Investor Relations section.
A replay of the call will be available shortly after the completion of
the conference call through October 28, 2010. To access the telephone
replay, participants should dial 1-877-870-5176 for domestic calls and
1-858-384-5517 for international calls. The access code for the replay
is: 2145933
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
|
Natuzzi S.p.A. and Subsidiaries
|
Unaudited Consolidated Profit & Loss for the quarter ended on
June 30, 2010 on the basis of Italian GAAP
|
(expressed in millions Euro except for share data)
|
|
|
|
Three months ended on
|
|
Change
|
|
Percent of Sales
|
|
|
30-Jun-10
|
|
30-Jun-09
|
|
%
|
|
30-Jun-10
|
|
30-Jun-09
|
|
|
|
|
|
|
|
|
|
|
|
Upholstery net sales
|
|
130.9
|
|
116.9
|
|
12.0%
|
|
90.2%
|
|
87.5%
|
Other sales
|
|
14.3
|
|
16.7
|
|
-14.4%
|
|
9.8%
|
|
12.5%
|
Total Net Sales
|
|
145.2
|
|
133.6
|
|
8.7%
|
|
100.0%
|
|
100.0%
|
|
|
|
|
|
|
|
|
|
|
|
Consumption (*)
|
|
(58.9)
|
|
(54.6)
|
|
7.9%
|
|
-40.6%
|
|
-40.9%
|
Labor
|
|
(20.6)
|
|
(20.2)
|
|
2.0%
|
|
-14.2%
|
|
-15.1%
|
Third-party manufacturers
|
|
(0.7)
|
|
(0.6)
|
|
16.7%
|
|
-0.5%
|
|
-0.4%
|
Industrial Costs
|
|
(10.4)
|
|
(7.7)
|
|
35.1%
|
|
-7.2%
|
|
-5.8%
|
of which Depreciation, Amortization
|
|
(2.9)
|
|
(3.5)
|
|
|
|
|
|
|
Cost of Sales
|
|
(90.6)
|
|
(83.1)
|
|
9.0%
|
|
-62.4%
|
|
-62.2%
|
|
|
|
|
|
|
|
|
|
|
|
Industrial Margin
|
|
54.6
|
|
50.5
|
|
8.1%
|
|
37.6%
|
|
37.8%
|
|
|
|
|
|
|
|
|
|
|
|
Selling Expenses
|
|
(41.0)
|
|
(37.2)
|
|
10.2%
|
|
-28.2%
|
|
-27.8%
|
of which Transportation
|
|
(13.5)
|
|
(10.7)
|
|
26.2%
|
|
|
|
|
of which Advertising
|
|
(6.4)
|
|
(8.9)
|
|
-28.1%
|
|
|
|
|
of which Depreciation, Amortization
|
|
(2.0)
|
|
(2.2)
|
|
|
|
|
|
|
G&A Expenses
|
|
(11.4)
|
|
(12.2)
|
|
-6.6%
|
|
-7.9%
|
|
-9.1%
|
of which Depreciation, Amortization
|
|
(1.1)
|
|
(1.1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA
|
|
8.2
|
|
7.9
|
|
3.8%
|
|
5.6%
|
|
5.9%
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income/(Loss) (EBIT)
|
|
2.2
|
|
1.1
|
|
100.0%
|
|
1.5%
|
|
0.8%
|
|
|
|
|
|
|
|
|
|
|
|
Interest Income/(Costs), Net
|
|
(0.3)
|
|
(0.3)
|
|
|
|
|
|
|
Foreign Exchange, Net
|
|
1.2
|
|
(0.6)
|
|
|
|
|
|
|
Other Income/(Cost), Net
|
|
(2.6)
|
|
(1.7)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earning before Income Taxes
|
|
0.5
|
|
(1.5)
|
|
|
|
0.3%
|
|
-1.1%
|
|
|
|
|
|
|
|
|
|
|
|
Current taxes
|
|
(3.2)
|
|
(2.3)
|
|
|
|
-2.2%
|
|
-1.7%
|
|
|
|
|
|
|
|
|
|
|
|
Net result
|
|
(2.7)
|
|
(3.8)
|
|
28.9%
|
|
-1.9%
|
|
-2.8%
|
|
|
|
|
|
|
|
|
|
|
|
Minority interest
|
|
0.1
|
|
0.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Group Result
|
|
(2.8)
|
|
(3.9)
|
|
28.2%
|
|
-1.9%
|
|
-2.9%
|
|
|
|
|
|
|
|
|
|
|
|
Net Group Result per Share
|
|
(0.05)
|
|
(0.07)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Key Figures in U.S. dollars
|
|
Three months ended on
|
|
Change
|
|
Percent of Sales
|
(millions)
|
|
30-Jun-10
|
|
30-Jun-09
|
|
%
|
|
30-Jun-10
|
|
30-Jun-09
|
|
|
|
|
|
|
|
|
|
|
|
Total Net Sales
|
|
184.9
|
|
170.1
|
|
8.7%
|
|
100.0%
|
|
100.0%
|
Gross Profit
|
|
69.5
|
|
64.3
|
|
8.1%
|
|
37.6%
|
|
37.8%
|
Operating Income (Loss)
|
|
2.8
|
|
1.4
|
|
100.0%
|
|
1.5%
|
|
0.8%
|
Net Group Result
|
|
(3.6)
|
|
(5.0)
|
|
28.2%
|
|
-1.9%
|
|
-2.9%
|
Net Group Result per Share
|
|
(0.1)
|
|
(0.1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average exchange rate (U.S.$ per €)
|
|
1.2734
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(*) Purchases plus beginning stock minus final stock
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UPHOLSTERY NET SALES BREAKDOWN
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Geographic breakdown
|
|
|
Net sales million euro
|
|
Net sales seats
|
|
|
|
three months ended on
|
|
three months ended on
|
|
|
|
30-Jun-10
|
|
|
|
30-Jun-09
|
|
|
|
Change %
|
|
30-Jun-10
|
|
|
|
30-Jun-09
|
|
|
|
Change %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas
|
|
48.9
|
|
37.4%
|
|
33.0
|
|
28.2%
|
|
48.2%
|
|
259,429
|
|
47.5%
|
|
182,269
|
|
37.4%
|
|
42.3%
|
Natuzzi
|
|
3.2
|
|
2.5%
|
|
4.1
|
|
3.5%
|
|
-22.0%
|
|
8,234
|
|
1.5%
|
|
11,226
|
|
2.3%
|
|
-26.7%
|
All brands (*)
|
|
45.7
|
|
34.9%
|
|
28.9
|
|
24.7%
|
|
58.1%
|
|
251,195
|
|
46.0%
|
|
171,043
|
|
35.1%
|
|
46.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Europe
|
|
52.5
|
|
40.1%
|
|
58.2
|
|
49.8%
|
|
-9.8%
|
|
186,053
|
|
34.0%
|
|
213,498
|
|
43.8%
|
|
-12.9%
|
Natuzzi
|
|
26.5
|
|
20.2%
|
|
31.0
|
|
26.5%
|
|
-14.5%
|
|
53,882
|
|
9.9%
|
|
74,554
|
|
15.3%
|
|
-27.7%
|
All brands (*)
|
|
26.0
|
|
19.9%
|
|
27.2
|
|
23.3%
|
|
-4.4%
|
|
132,171
|
|
24.1%
|
|
138,944
|
|
28.5%
|
|
-4.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Italy (Natuzzi)
|
|
13.1
|
|
10.0%
|
|
14.1
|
|
12.1%
|
|
-7.1%
|
|
40,462
|
|
7.4%
|
|
43,655
|
|
9.0%
|
|
-7.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rest of the world
|
|
16.4
|
|
12.5%
|
|
11.6
|
|
9.9%
|
|
41.4%
|
|
60,505
|
|
11.1%
|
|
48,094
|
|
9.9%
|
|
25.8%
|
Natuzzi
|
|
8.9
|
|
6.8%
|
|
6.6
|
|
5.6%
|
|
34.8%
|
|
20,790
|
|
3.8%
|
|
16,934
|
|
9.0%
|
|
22.8%
|
All brands (*)
|
|
7.5
|
|
5.7%
|
|
5.0
|
|
4.3%
|
|
50.0%
|
|
39,715
|
|
7.3%
|
|
31,160
|
|
6.4%
|
|
27.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
130.9
|
|
100.0%
|
|
116.9
|
|
100.0%
|
|
12.0%
|
|
546,449
|
|
100.0%
|
|
487,516
|
|
100.0%
|
|
12.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brands breakdown
|
|
|
Net sales million euro
|
|
Net sales seats
|
|
|
|
three months ended on
|
|
three months ended on
|
|
|
|
30-Jun-10
|
|
|
|
30-Jun-09
|
|
|
|
Change %
|
|
30-Jun-10
|
|
|
|
30-Jun-09
|
|
|
|
Change %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natuzzi
|
|
51.7
|
|
39.5%
|
|
55.8
|
|
47.7%
|
|
-7.3%
|
|
123,368
|
|
22.6%
|
|
146,369
|
|
30.0%
|
|
-15.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
All brands (*)
|
|
79.2
|
|
60.5%
|
|
61.1
|
|
52.3%
|
|
29.6%
|
|
423,081
|
|
77.4%
|
|
341,147
|
|
70.0%
|
|
24.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
130.9
|
|
100.0%
|
|
116.9
|
|
100.0%
|
|
12.0%
|
|
546,449
|
|
100.0%
|
|
487,516
|
|
100.0%
|
|
12.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(*) Italsofa, Natuzzi Editions, Editions and unbranded
|
|
|
Natuzzi S.p.A. and Subsidiaries
|
Unaudited Consolidated Profit & Loss for six months ended on June
30, 2010 on the basis of Italian GAAP
|
(expressed in millions Euro except for share data)
|
|
|
|
Six months ended on
|
|
Change
|
|
Percent of Sales
|
|
|
30-Jun-10
|
|
30-Jun-09
|
|
%
|
|
30-Jun-10
|
|
30-Jun-09
|
|
|
|
|
|
|
|
|
|
|
|
Upholstery net sales
|
|
242.2
|
|
213.8
|
|
13.3%
|
|
89.1%
|
|
87.3%
|
Other sales
|
|
29.5
|
|
31.1
|
|
-5.1%
|
|
10.9%
|
|
12.7%
|
Total Net Sales
|
|
271.7
|
|
244.9
|
|
10.9%
|
|
100.0%
|
|
100.0%
|
|
|
|
|
|
|
|
|
|
|
|
Consumption (*)
|
|
(105.8)
|
|
(105.0)
|
|
0.8%
|
|
-38.9%
|
|
-42.9%
|
Labor
|
|
(40.2)
|
|
(40.1)
|
|
0.2%
|
|
-14.8%
|
|
-16.4%
|
Third-party manufacturers
|
|
(1.6)
|
|
(1.9)
|
|
-15.8%
|
|
-0.6%
|
|
-0.8%
|
Industrial Costs
|
|
(20.8)
|
|
(19.0)
|
|
9.6%
|
|
-7.7%
|
|
-7.8%
|
of which Depreciation, Amortization
|
|
(6.0)
|
|
(7.4)
|
|
|
|
|
|
|
Cost of Sales
|
|
(168.4)
|
|
(166.0)
|
|
1.5%
|
|
-62.0%
|
|
-67.8%
|
|
|
|
|
|
|
|
|
|
|
|
Industrial Margin
|
|
103.3
|
|
78.9
|
|
30.9%
|
|
38.0%
|
|
32.2%
|
|
|
|
|
|
|
|
|
|
|
|
Selling Expenses
|
|
(78.7)
|
|
(71.3)
|
|
10.4%
|
|
-29.0%
|
|
-29.1%
|
of which Transportation
|
|
(25.1)
|
|
(19.7)
|
|
|
|
|
|
|
of which Advertising
|
|
(12.7)
|
|
(14.6)
|
|
|
|
|
|
|
of which Depreciation, Amortization
|
|
(4.1)
|
|
(4.4)
|
|
|
|
|
|
|
G&A Expenses
|
|
(21.8)
|
|
(23.0)
|
|
-5.2%
|
|
-8.0%
|
|
-9.4%
|
of which Depreciation, Amortization
|
|
(2.2)
|
|
(2.1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA
|
|
15.0
|
|
(1.5)
|
|
1102.0%
|
|
5.5%
|
|
-0.6%
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income/(Loss) (EBIT)
|
|
2.7
|
|
(15.4)
|
|
117.7%
|
|
1.0%
|
|
-6.3%
|
|
|
|
|
|
|
|
|
|
|
|
Interest Income/(Costs), Net
|
|
(0.6)
|
|
(0.6)
|
|
|
|
|
|
|
Foreign Exchange, Net
|
|
2.0
|
|
5.7
|
|
|
|
|
|
|
Other Income/(Cost), Net
|
|
(2.3)
|
|
0.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earning before Income Taxes
|
|
1.8
|
|
(10.2)
|
|
117.9%
|
|
0.7%
|
|
-4.2%
|
|
|
|
|
|
|
|
|
|
|
|
Current taxes
|
|
(5.8)
|
|
(3.8)
|
|
|
|
-2.1%
|
|
-1.6%
|
|
|
|
|
|
|
|
|
|
|
|
Net result
|
|
(4.0)
|
|
(14.0)
|
|
71.7%
|
|
-1.5%
|
|
-5.7%
|
|
|
|
|
|
|
|
|
|
|
|
Minority interest
|
|
0.1
|
|
0.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Group Result
|
|
(4.1)
|
|
(14.2)
|
|
71.4%
|
|
-1.5%
|
|
-5.8%
|
|
|
|
|
|
|
|
|
|
|
|
Net Group Result per Share
|
|
(0.07)
|
|
(0.26)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Key Figures in U.S. dollars
|
|
Six months ended on
|
|
Change
|
|
Percent of Sales
|
(millions)
|
|
30-Jun-10
|
|
30-Jun-09
|
|
%
|
|
30-Jun-10
|
|
30-Jun-09
|
|
|
|
|
|
|
|
|
|
|
|
Total Net Sales
|
|
360.9
|
|
325.3
|
|
10.9%
|
|
100.0%
|
|
100.0%
|
Gross Profit
|
|
137.2
|
|
104.8
|
|
30.9%
|
|
38.0%
|
|
32.2%
|
Operating Income (Loss)
|
|
3.6
|
|
(20.5)
|
|
-117.7%
|
|
1.0%
|
|
-6.3%
|
Net Group Result
|
|
(5.4)
|
|
(18.9)
|
|
71.4%
|
|
-1.5%
|
|
-5.8%
|
Net Group Result per Share
|
|
(0.1)
|
|
(0.3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average exchange rate (U.S.$ per €)
|
|
1.3283
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(*) Purchases plus beginning stock minus final stock
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UPHOLSTERY NET SALES BREAKDOWN
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Geographic breakdown
|
|
|
Net sales million euro
|
|
Net sales seats
|
|
|
|
six months ended on
|
|
six months ended on
|
|
|
|
30-Jun-10
|
|
|
|
30-Jun-09
|
|
|
|
Change %
|
|
30-Jun-10
|
|
|
|
30-Jun-09
|
|
|
|
Change %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas
|
|
84.9
|
|
35.1%
|
|
62.4
|
|
29.2%
|
|
36.1%
|
|
457,123
|
|
45.1%
|
|
342,073
|
|
38.0%
|
|
33.6%
|
Natuzzi
|
|
7.6
|
|
3.1%
|
|
7.8
|
|
3.6%
|
|
-2.6%
|
|
19,781
|
|
2.0%
|
|
22,343
|
|
2.5%
|
|
-11.5%
|
All brands (*)
|
|
77.3
|
|
31.9%
|
|
54.6
|
|
25.5%
|
|
41.6%
|
|
437,342
|
|
43.2%
|
|
319,730
|
|
35.5%
|
|
36.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Europe
|
|
99.7
|
|
41.2%
|
|
105.0
|
|
49.1%
|
|
-5.0%
|
|
360,810
|
|
35.6%
|
|
393,457
|
|
43.7%
|
|
-8.3%
|
Natuzzi
|
|
51.1
|
|
21.1%
|
|
53.5
|
|
25.0%
|
|
-4.5%
|
|
113,986
|
|
11.3%
|
|
128,684
|
|
14.3%
|
|
-11.4%
|
All brands (*)
|
|
48.6
|
|
20.1%
|
|
51.5
|
|
24.1%
|
|
-5.6%
|
|
246,824
|
|
24.4%
|
|
264,773
|
|
29.4%
|
|
-6.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Italy (Natuzzi)
|
|
28.7
|
|
11.8%
|
|
26.4
|
|
12.3%
|
|
8.7%
|
|
86,956
|
|
8.6%
|
|
80,762
|
|
9.0%
|
|
7.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rest of the world
|
|
28.9
|
|
11.9%
|
|
20.0
|
|
9.4%
|
|
44.5%
|
|
107,873
|
|
10.7%
|
|
84,010
|
|
9.3%
|
|
28.4%
|
Natuzzi
|
|
16.7
|
|
6.9%
|
|
11.6
|
|
5.4%
|
|
44.0%
|
|
39,183
|
|
3.9%
|
|
30,201
|
|
9.0%
|
|
-51.5%
|
All brands (*)
|
|
12.2
|
|
5.0%
|
|
8.4
|
|
3.9%
|
|
45.2%
|
|
68,690
|
|
6.8%
|
|
53,809
|
|
6.0%
|
|
27.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
242.2
|
|
100.0%
|
|
213.8
|
|
100.0%
|
|
13.3%
|
|
1,012,762
|
|
100.0%
|
|
900,302
|
|
100.0%
|
|
12.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brands breakdown
|
|
|
Net sales million euro
|
|
Net sales seats
|
|
|
|
six months ended on
|
|
six months ended on
|
|
|
|
30-Jun-10
|
|
|
|
30-Jun-09
|
|
|
|
Change %
|
|
30-Jun-10
|
|
|
|
30-Jun-09
|
|
|
|
Change %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natuzzi
|
|
104.1
|
|
43.0%
|
|
99.3
|
|
46.4%
|
|
4.8%
|
|
259,906
|
|
25.7%
|
|
261,990
|
|
29.1%
|
|
-0.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
All brands (*)
|
|
138.1
|
|
57.0%
|
|
114.5
|
|
53.6%
|
|
20.6%
|
|
752,856
|
|
74.3%
|
|
638,312
|
|
70.9%
|
|
17.9%
|
|
Total
|
|
242.2
|
|
100.0%
|
|
213.8
|
|
100.0%
|
|
13.3%
|
|
1,012,762
|
|
100.0%
|
|
900,302
|
|
100.0%
|
|
12.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(*) Italsofa, Natuzzi Editions, Editions and unbranded
|
|
|
Natuzzi S.p.A. and Subsidiaries
|
Unaudited Consolidated Balance Sheets as at June 30, 2010 on the
basis of Italian GAAP
|
(Expressed in millions of euro)
|
|
|
|
|
|
ASSETS
|
|
30 June 10
|
|
31 Dec 09
|
|
|
|
|
|
Current assets:
|
|
|
|
|
Cash and cash equivalents
|
|
58.9
|
|
66.3
|
Marketable debt securities
|
|
0.0
|
|
0.0
|
Trade receivables, net
|
|
102.6
|
|
97.1
|
Other receivables
|
|
58.1
|
|
54.5
|
Inventories
|
|
87.6
|
|
81.6
|
Unrealized foreign exchange gains
|
|
0.1
|
|
0.3
|
Prepaid expenses and accrued income
|
|
1.2
|
|
1.4
|
Deferred income taxes
|
|
0.7
|
|
0.7
|
|
|
|
|
|
Total current assets
|
|
309.2
|
|
301.9
|
|
|
|
|
|
Non current assets:
|
|
|
|
|
Net property, plant and equipment
|
|
194.3
|
|
193.9
|
Other assets
|
|
11.0
|
|
12.9
|
|
|
|
|
|
Total non current assets
|
|
205.3
|
|
206.8
|
|
|
|
|
|
TOTAL ASSETS
|
|
514.5
|
|
508.7
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
Short-term borrowings
|
|
3.3
|
|
0.8
|
Current portion of long-term debt
|
|
1.3
|
|
1.1
|
Accounts payable-trade
|
|
58.9
|
|
66.5
|
Accounts payable-other
|
|
29.2
|
|
29.3
|
Unrealized foreign exchange losses
|
|
2.8
|
|
0.4
|
Accounts payable-shareholders for dividends
|
|
0.0
|
|
0.0
|
Income taxes
|
|
4.0
|
|
3.7
|
Salaries, wages and related liabilities
|
|
14.6
|
|
15.0
|
|
|
|
|
|
Total current liabilities
|
|
114.1
|
|
116.8
|
|
|
|
|
|
Long-term liabilities:
|
|
|
|
|
Employees' leaving entitlement
|
|
28.9
|
|
29.6
|
Long-term debt
|
|
5.3
|
|
5.9
|
Deferred income for capital grants
|
|
10.6
|
|
11.2
|
Other liabilities
|
|
18.8
|
|
18.2
|
|
|
|
|
|
Total long-term liabilities
|
|
63.6
|
|
64.9
|
|
|
|
|
|
Minority interest
|
|
2.3
|
|
1.9
|
|
|
|
|
|
Shareholders' equity:
|
|
|
|
|
Share capital
|
|
54.9
|
|
54.9
|
Reserves
|
|
12.0
|
|
12.0
|
Additional paid-in capital
|
|
9.3
|
|
9.3
|
Retained earnings
|
|
258.3
|
|
248.9
|
|
|
|
|
|
Total shareholders' equity
|
|
334.5
|
|
325.1
|
|
|
|
|
|
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
514.5
|
|
508.7
|
|
|
|
|
|
|
Natuzzi S.p.A. and Subsidiaries
|
Consolidated Statements of Cash Flows
|
(Expressed in million of euro)
|
|
|
30 June 10
|
|
31 Dec 09
|
|
Cash flows from operating activities:
|
|
|
|
|
|
Net earnings (loss)
|
|
(4.1
|
)
|
|
(17.7
|
)
|
|
|
|
|
|
|
|
Adjustments to reconcile net income to net cash
|
|
|
|
|
|
provided by operating activities:
|
|
|
|
|
|
Depreciation and amortization
|
|
12.2
|
|
|
26.8
|
|
|
Employees' leaving entitlement
|
|
(0.7
|
)
|
|
(2.1
|
)
|
|
Deferred income taxes
|
|
(0.0
|
)
|
|
3.7
|
|
|
Minority interest
|
|
0.1
|
|
|
0.4
|
|
|
(Gain) loss on disposal of assets
|
|
(0.1
|
)
|
|
(0.1
|
)
|
|
Unrealized foreign exchange losses and gains
|
|
2.7
|
|
|
(4.4
|
)
|
|
Impairment of long lived assets
|
|
-
|
|
|
-
|
|
|
Deferred income for capital grants
|
|
(0.4
|
)
|
|
(1.0
|
)
|
|
Non monetary operating costs
|
|
13.8
|
|
|
23.3
|
|
|
|
|
|
|
|
|
Change in assets and liabilities:
|
|
|
|
|
|
Receivables, net
|
|
(5.6
|
)
|
|
25.7
|
|
|
Inventories
|
|
(6.0
|
)
|
|
10.4
|
|
|
Prepaid expenses and accrued income
|
|
0.2
|
|
|
(0.2
|
)
|
|
Other assets
|
|
(3.5
|
)
|
|
(8.2
|
)
|
|
Accounts payable
|
|
(7.6
|
)
|
|
(2.1
|
)
|
|
Income taxes
|
|
0.3
|
|
|
1.9
|
|
|
Salaries, wages and related liabilities
|
|
(0.4
|
)
|
|
(4.3
|
)
|
|
Other liabilities
|
|
1.0
|
|
|
3.2
|
|
|
|
|
|
|
|
|
Net working capital
|
|
(21.6
|
)
|
|
26.4
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities
|
|
(11.9
|
)
|
|
32.0
|
|
|
|
|
|
|
|
|
Cash flows from investing activities:
|
|
|
|
|
|
Property, plant and equipment:
|
|
|
|
|
|
Additions
|
|
(3.1
|
)
|
|
(9.2
|
)
|
|
Disposals
|
|
0.1
|
|
|
0.2
|
|
|
Government grants received
|
|
|
|
1.9
|
|
|
Marketable debt securities:
|
|
-
|
|
|
-
|
|
|
|
|
|
|
|
|
Net cash used in investing activities
|
|
(3.0
|
)
|
|
(7.1
|
)
|
|
|
|
|
|
|
|
Cash flows from financing activities:
|
|
|
|
|
|
Long-term debt:
|
|
|
|
|
|
Proceeds
|
|
0.6
|
|
|
3.9
|
|
|
Repayments
|
|
(0.9
|
)
|
|
(0.7
|
)
|
|
Short-term borrowings
|
|
2.5
|
|
|
(8.9
|
)
|
|
Capital injection
|
|
-
|
|
|
-
|
|
|
Dividends paid to minority interests
|
|
-
|
|
|
-
|
|
|
|
|
|
|
|
|
Net cash used in financing activities
|
|
2.2
|
|
|
(5.7
|
)
|
|
|
|
|
|
|
|
Effect of translation adjustments on cash
|
|
5.3
|
|
|
(0.2
|
)
|
|
|
|
|
|
|
|
Increase (decrease) in cash and cash equivalents
|
|
(7.4
|
)
|
|
19.0
|
|
|
|
|
|
|
|
|
Cash and cash equivalents, beginning of the year
|
|
66.3
|
|
|
47.3
|
|
|
|
|
|
|
|
|
Cash and cash equivalents, end of the year
|
|
58.9
|
|
|
66.3
|
|
|
|
|
|
|
|
|
CONTACT:
Natuzzi Investor Relations
Silvia Di Rosa, +39 335
78 64 209 (cell)
sdirosa@natuzzi.com
or
Natuzzi
Corporate Communication
Giacomo Ventolone, +39 335 7276939 (cell)
gventolone@natuzzi.com
or
Vito
Basile (Ufficio Stampa), + 39 080 8820676
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: September 27, 2010
|
|
|
|
|
|
|
|
|
By:
|
/s/ Pasquale Natuzzi
|
|
|
|
Pasquale Natuzzi
|
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