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
March,
2011
|
|
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):
Natuzzi
S.p.A. Announces Fourth Quarter and Full Year 2010 Financial Results
SANTERAMO IN COLLE, Bari, Italy--(BUSINESS WIRE)--March 28, 2011--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 fourth quarter and full year of 2010.
FULL YEAR 2010
-
Total Net Sales were €518.6 million, up 0.6% as compared to FY 2009
-
Industrial Margin was €197.1 million as compared to €185.6 million in
FY 2009
-
Positive EBIT of €0.4 million vs. a negative EBIT of €10.6 million in
FY 2009
-
Net Group Loss of €11.1 million vs. a Net Group Loss of €17.7 million
in FY 2009
FOURTH QUARTER 2010
-
Total Net Sales were €132.0 million, down 13.3% as compared to fourth
quarter 2009
-
Industrial Margin was €51.3 million as compared to €59.3 million in
fourth quarter 2009
-
Positive EBIT of €0.2 million, vs. a positive EBIT of 2.1million in
fourth quarter 2009
-
Net Group Loss of €1.4 million vs. a Net Group Loss of €2.5 million in
fourth quarter 2009
-
Positive Net Financial Position of €45.6 million
FULL YEAR 2010 CONSOLIDATED RESULTS
During 2010
Total Net Sales
(including raw materials and
semi-finished products sold to third parties) were €518.6 million,
increasing by 0,6% with respect to 2009.
Upholstery net sales were at €460.5, up by 2.2% as compared to full year
2009.
The break-down of upholstery net sales by geographic area was as
follows: Europe (excluding Italy) 40.5%, the Americas 35.7%, Italy 11.2%
and Rest of the World 12.6%.
The best commercial performances were reported in the Rest of the World
area with an increase of 23.8% over 2009 (in particular, Australia up by
25.1% and China up by 51.9%), and in the Americas where we recorded a
17.5% increase. In Europe, even if we recorded an overall negative
performance of minus 11.4%, we point out the positive performance of
13.5% from Great Britain.
Industrial Margin
improved in 2010 reaching a 38.0% on sales
versus a 36.0% in full year 2009, thanks to important industrial
rationalization activities started in 2009.
The incidence of
Selling Expenses
on sales
passed
from
29.0%
in full year 2009 to 29.8% in full year 2010 due to a
remarkable increase of shipping costs and commissions, partially
balanced by a reduction both in advertising costs, commercial labour
costs and other commercial costs.
The incidence of General & Administrative Expenses
on sales
,
on the contrary, improved in 2010, passing from 9.0% in 2009 to 8.2% in
full year 2010, thanks to the rationalisation and reorganisation actions
carried out by the Group, that allowed a total saving of €4.1 million.
EBITDA
improved from positive €16.2 million in 2009 to positive
€23.8 million for the full year 2010.
The full year 2010
EBIT
highlighted a return to a positive margin
of €0.4 million vs. a negative EBIT of €10.6 million for the full year
2009.
The full year 2010
Net Group Result
recorded, despite the greater
incidence of extraordinary costs and a lower contribution from forex, a
loss of €11.1 million improving from the €17.7 million loss reported for
the full year 2009.
FOURTH QUARTER 2010 CONSOLIDATED RESULTS
Total Net Sales
(including raw materials and semi-finished
products sold to third parties) were at €132.0 million.
Upholstery net sales were at €115.8 million, down by 13.5% from €133.9
million reported in the same period of 2009.
The break-down of upholstery net sales by geographic area was as
follows: Europe (excluding Italy) 43.3%, the Americas 31.8%, Italy 11.3%
and Rest of the World 13.6%.
Industrial Margin
was at €51,3 million, with an incidence on
sales equal to 38,9% (in line with the 39.0% reported in the last
quarter of 2009).
EBITDA
was at €5,4 million as compared to €8,1 million in the
fourth quarter of 2009.
EBIT
went from positive €2,1 million in fourth quarter 2009 to
positive €0,2 million in the fourth quarter of 2010.
During the fourth quarter of 2010 the Group reported a
Net loss
of €1,4 million as compared to a net loss of €2,5 million in the same
period of last year.
CONSOLIDATE BALANCE SHEET
Net Financial Position
as of December 31
st
, 2010
remained positive at €45.6 million although the reduction of €13.0
million versus December 31
st
, 2009, mainly due to industrial
investments in fixed assets of €17.7 million.
Pasquale Natuzzi, Chairman and CEO of Natuzzi S.p.A., stated
:
”Despite steady total sales in 2010, we finally reached a positive
operating result after three years of negative EBIT.
Financial figures are encouraging and confirm the good quality of the
work so far undertaken. We believe these results are below our growth
potential, that we expect to reach in the following years considering
the investments made in factories requalification, development and
awareness of the brands, as well as in the expansion of foreign
commercial branches to improve our market presence.
Our Group maintains and strengthens its credibility and leadership
within historical markets such as Europe and the United States, as well
as in emerging markets such as India, China and Brazil.
The re-launch of a company with strong Italian roots like Natuzzi,
goes along with product innovation as well as production processes
improvement.
We have done a good job on brands portfolio and made investments to
give a particular identity to the three brands, “Natuzzi”, “Italsofa”
and “Editons”; each of them addressing different clients.
We are working to integrate brands , markets, distribution channels
and factories to support the three brands
.
We have to further
strengthen the Sales organization to increase the presence in the
markets and will continue to leverage on our high-quality brand by
relying on our management skills and experience”.
The Company will host a conference call on March 30
th
, 2010
at 10:00 a.m. Eastern Time to discuss fourth quarter and full year 2010
financial results. To participate, dial toll-free 1-877-879-6201 and
dial international 1-719-325-4858. 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 April 30
th
2011. 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: 1136006.
Natuzzi S.p.A.
Il Gruppo Natuzzi, fondato nel 1959 da Pasquale Natuzzi, disegna,
produce e vende una vasta collezione di poltrone, divani e complementi
d’arredo. Con un fatturato nel 2010 di 518.6 milioni di euro, Natuzzi è
il più grande produttore italiano nel settore dell’arredamento ed è
leader mondiale nel settore dei divani in pelle. Il Gruppo esporta
divani e poltrone innovativi e di elevata qualità in 130 mercati nei 5
continenti. Design, superiorità artigianale italiana, innovazione ed
un’avanzata struttura verticalmente integrata rappresentano le
caratteristiche che hanno fatto del Gruppo Natuzzi il leader di mercato.
Natuzzi S.p.A. è quotata al New York Stock Exchange dal 13 Maggio 1993.
Il Gruppo Natuzzi è certificato ISO 9001 e 14001.
Natuzzi S.p.A. and Subsidiaries
|
Unaudited Consolidated Profit & Loss for the quarter ended on
December 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-déc-10
|
|
31-déc-09
|
|
%
|
|
31-déc-10
|
|
30-déc-09
|
|
|
|
|
|
|
|
|
|
|
|
Upholstery net sales
|
|
115.8
|
|
133.9
|
|
-13.5%
|
|
87.7%
|
|
88.0%
|
Other sales
|
|
16.2
|
|
18.3
|
|
-11.5%
|
|
12.3%
|
|
12.0%
|
Total Net Sales
|
|
132.0
|
|
152.2
|
|
-13.3%
|
|
100.0%
|
|
100.0%
|
|
|
|
|
|
|
|
|
|
|
|
Consumption (*)
|
|
(53.2)
|
|
(61.4)
|
|
-13.4%
|
|
-40.3%
|
|
-40.3%
|
Labor
|
|
(18.9)
|
|
(20.8)
|
|
-9.1%
|
|
-14.3%
|
|
-13.7%
|
Industrial Costs (**)
|
|
(8.6)
|
|
(10.7)
|
|
-19.6%
|
|
-6.5%
|
|
-7.0%
|
of which Depreciation, Amortization
|
|
(2.6)
|
|
(3.4)
|
|
|
|
|
|
|
Cost of Sales
|
|
(80.7)
|
|
(92.9)
|
|
-13.1%
|
|
-61.1%
|
|
-61.0%
|
|
|
|
|
|
|
|
|
|
|
|
Industrial Margin
|
|
51.3
|
|
59.3
|
|
-13.5%
|
|
38.9%
|
|
39.0%
|
|
|
|
|
|
|
|
|
|
|
|
Selling Expenses
|
|
(40.0)
|
|
(44.7)
|
|
-10.5%
|
|
30.3%
|
|
29.4%
|
of which Transportation
|
|
(13.3)
|
|
(13.8)
|
|
|
|
10.1%
|
|
9.1%
|
of which Advertising
|
|
(9.6)
|
|
(12.2)
|
|
|
|
7.3%
|
|
8.0%
|
of which Depreciation, Amortization
|
|
(1.6)
|
|
(1.5)
|
|
|
|
|
|
|
G&A Expenses
|
|
(11.1)
|
|
(12.5)
|
|
-11.2%
|
|
8.4%
|
|
8.2%
|
of which Depreciation, Amortization
|
|
(1.0)
|
|
(1.1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA
|
|
5.4
|
|
8.1
|
|
-33.3%
|
|
4.1%
|
|
5.3%
|
|
|
|
|
|
|
|
|
|
|
|
EBIT
|
|
0.2
|
|
2.1
|
|
-90.5%
|
|
0.2%
|
|
1.4%
|
|
|
|
|
|
|
|
|
|
|
|
Interest Income/(Costs), Net
|
|
(0.1)
|
|
(0.3)
|
|
|
|
|
|
|
Foreign Exchange, Net
|
|
0.6
|
|
1.2
|
|
|
|
|
|
|
Other Income/(Cost), Net
|
|
(1.3)
|
|
(2.1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earning before Income Taxes
|
|
(0.6)
|
|
0.9
|
|
|
|
-0.4%
|
|
0.6%
|
|
|
|
|
|
|
|
|
|
|
|
Current taxes
|
|
(0.8)
|
|
(3.3)
|
|
|
|
-0.6%
|
|
-2.2%
|
|
|
|
|
|
|
|
|
|
|
|
Net result
|
|
(1.4)
|
|
(2.4)
|
|
-42.5%
|
|
-1.0%
|
|
-1.6%
|
|
|
|
|
|
|
|
|
|
|
|
Minority interest
|
|
(0.0)
|
|
(0.1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Group Result
|
|
(1.4)
|
|
(2.5)
|
|
43.5%
|
|
-1.1%
|
|
-1.6%
|
|
|
|
|
|
|
|
|
|
|
|
Net Group Result per Share
|
|
(0.03)
|
|
(0.05)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Key Figures in U.S. dollars
|
|
Three months ended on
|
|
Change
|
|
Percent of Sales
|
(millions)
|
|
31-déc-10
|
|
31-déc-09
|
|
%
|
|
31-déc-10
|
|
30-déc-09
|
|
|
|
|
|
|
|
|
|
|
|
Total Net Sales
|
|
179.2
|
|
206.7
|
|
-13.3%
|
|
100.0%
|
|
100.0%
|
Gross Profit
|
|
69.7
|
|
80.5
|
|
-13.5%
|
|
38.9%
|
|
39.0%
|
Operating Income (Loss)
|
|
0.3
|
|
2.9
|
|
-90.5%
|
|
0.2%
|
|
1.4%
|
Net Group Result
|
|
(1.9)
|
|
(3.4)
|
|
43.5%
|
|
-1.1%
|
|
-1.6%
|
Net Group Result per Share
|
|
(0.0)
|
|
(0.1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average exchange rate (U.S.$ per €)
|
|
1.3579
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(*) Purchases plus beginning stock minus final stock
|
|
|
|
|
|
|
|
|
(**) Including Third-party manufacturers
|
|
|
|
|
|
|
|
|
|
|
UPHOLSTERY NET SALES BREAKDOWN
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Geographic breakdown
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales million euro
|
|
|
|
|
|
Net sales seats
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
three months ended on
|
|
|
|
|
|
three months ended on
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
31 December 2010
|
|
31 December 2009
|
|
Change %
|
|
31 December 2010
|
|
31 December 2009
|
|
Change %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas
|
|
36.8
|
|
31.8%
|
|
|
|
43.8
|
|
32.7%
|
|
|
|
-16.0%
|
|
207,270
|
|
41.6%
|
|
|
|
245,578
|
|
43.3%
|
|
|
|
-15.6%
|
Natuzzi
|
|
3.5
|
|
2.5%
|
|
|
|
3.6
|
|
2.7%
|
|
|
|
-2.8%
|
|
9,378
|
|
1.9%
|
|
|
|
6,951
|
|
1.2%
|
|
|
|
34.9%
|
All brands (*)
|
|
33.3
|
|
28.8%
|
|
|
|
40.2
|
|
30.0%
|
|
|
|
-17.2%
|
|
197,892
|
|
39.7%
|
|
|
|
238,627
|
|
42.1%
|
|
|
|
-17.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Europe
|
|
50.1
|
|
43.3%
|
|
|
|
61.0
|
|
45.6%
|
|
|
|
-17.9%
|
|
186,996
|
|
37.5%
|
|
|
|
216,769
|
|
38.2%
|
|
|
|
-13.7%
|
Natuzzi
|
|
24.7
|
|
21.3%
|
|
|
|
29.9
|
|
22.3%
|
|
|
|
-17.4%
|
|
57,785
|
|
11.6%
|
|
|
|
62,210
|
|
11.0%
|
|
|
|
-7.1%
|
All brands (*)
|
|
25.4
|
|
21.9%
|
|
|
|
31.1
|
|
23.2%
|
|
|
|
-18.3%
|
|
129,211
|
|
|
|
|
|
154,559
|
|
27.3%
|
|
|
|
-16.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Italy (Natuzzi)
|
|
13.2
|
|
11.3%
|
|
|
|
15.3
|
|
11.4%
|
|
|
|
-13.7%
|
|
44,441
|
|
8.9%
|
|
|
|
47,421
|
|
8.4%
|
|
|
|
-6.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rest of the world
|
|
15.7
|
|
13.6%
|
|
|
|
13.8
|
|
10.3%
|
|
|
|
13.8%
|
|
59,972
|
|
12.0%
|
|
|
|
57,090
|
|
10.1%
|
|
|
|
5.0%
|
Natuzzi
|
|
8.3
|
|
7.2%
|
|
|
|
8.1
|
|
6.0%
|
|
|
|
2.5%
|
|
19,359
|
|
3.9%
|
|
|
|
20,132
|
|
8.4%
|
|
|
|
-3.8%
|
All brands (*)
|
|
7.4
|
|
6.4%
|
|
|
|
5.7
|
|
4.3%
|
|
|
|
29.8%
|
|
40,613
|
|
8.1%
|
|
|
|
36,959
|
|
6.5%
|
|
|
|
9.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
115.8
|
|
100.0%
|
|
|
|
133.9
|
|
100.0%
|
|
|
|
-13.5%
|
|
498,679
|
|
100.0%
|
|
|
|
566,858
|
|
100.0%
|
|
|
|
-12.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brands breakdown
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales million euro
|
|
|
|
|
|
Net sales seats
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
three months ended on
|
|
|
|
|
|
three months ended on
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
31 December 2010
|
|
31 December 2009
|
|
Change %
|
|
31 December 2010
|
|
31 December 2009
|
|
Change %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natuzzi
|
|
49.7
|
|
42.9%
|
|
|
|
56.9
|
|
42.5%
|
|
|
|
-12.7%
|
|
130,963
|
|
26.3%
|
|
|
|
136,713
|
|
24.1%
|
|
|
|
-4.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
All brands (*)
|
|
66.1
|
|
57.1%
|
|
|
|
77.0
|
|
57.5%
|
|
|
|
-14.2%
|
|
367,716
|
|
73.7%
|
|
|
|
430,144
|
|
75.9%
|
|
|
|
-14.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
115.8
|
|
100.0%
|
|
|
|
133.9
|
|
100.0%
|
|
|
|
-13.5%
|
|
498,679
|
|
100.0%
|
|
|
|
566,858
|
|
100.0%
|
|
|
|
-12.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(*) Italsofa, Natuzzi Editions, Editions and unbranded
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natuzzi S.p.A. and Subsidiaries
|
Unaudited Consolidated Profit & Loss for the quarter ended on
December 31, 2010 on the basis of Italian GAAP
|
(expressed in millions Euro except for share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve months ended on
|
|
Change
|
|
Percent of Sales
|
|
|
31-déc-10
|
|
31-déc-09
|
|
%
|
|
31-déc-10
|
|
31-déc-09
|
|
|
|
|
|
|
|
|
|
|
|
Upholstery net sales
|
|
460.5
|
|
450.6
|
|
2.2%
|
|
88.8%
|
|
87.4%
|
Other sales
|
|
58.1
|
|
64.8
|
|
-10.3%
|
|
11.2%
|
|
12.6%
|
Total Net Sales
|
|
518.6
|
|
515.4
|
|
0.6%
|
|
100.0%
|
|
100.0%
|
|
|
|
|
|
|
|
|
|
|
|
Consumption (*)
|
|
(213.6)
|
|
(212.5)
|
|
0.5%
|
|
-41.2%
|
|
-41.2%
|
Labor
|
|
(75.8)
|
|
(78.5)
|
|
-3.4%
|
|
-14.6%
|
|
-15.2%
|
Industrial Costs (**)
|
|
(32.1)
|
|
(38.8)
|
|
17.3%
|
|
-6.2%
|
|
-7.5%
|
of which Depreciation, Amortization
|
|
(11.5)
|
|
(14.5)
|
|
|
|
|
|
|
Cost of Sales
|
|
(321.5)
|
|
(329.8)
|
|
-2.5%
|
|
-62.0%
|
|
-64.0%
|
|
|
|
|
|
|
|
|
|
|
|
Industrial Margin
|
|
197.1
|
|
185.6
|
|
6.2%
|
|
38.0%
|
|
36.0%
|
|
|
|
|
|
|
|
|
|
|
|
Selling Expenses
|
|
(154.3)
|
|
(149.6)
|
|
3.1%
|
|
29.8%
|
|
29.0%
|
of which Transportation
|
|
(50.7)
|
|
(42.5)
|
|
|
|
9.8%
|
|
8.2%
|
of which Advertising
|
|
(28.1)
|
|
(31.9)
|
|
|
|
5.4%
|
|
6.2%
|
of which Depreciation, Amortization
|
|
(7.6)
|
|
(7.9)
|
|
|
|
|
|
|
G&A Expenses
|
|
(42.4)
|
|
(46.6)
|
|
-9.0%
|
|
8.2%
|
|
9.0%
|
of which Depreciation, Amortization
|
|
(4.3)
|
|
(4.4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA
|
|
23.8
|
|
16.2
|
|
46.9%
|
|
4.6%
|
|
3.1%
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income/(Loss) (EBIT)
|
|
0.4
|
|
(10.6)
|
|
103.8%
|
|
0.1%
|
|
-2.1%
|
|
|
|
|
|
|
|
|
|
|
|
Interest Income/(Costs), Net
|
|
(1.0)
|
|
(1.1)
|
|
|
|
|
|
|
Foreign Exchange, Net
|
|
1.1
|
|
6.9
|
|
|
|
|
|
|
Other Income/(Cost), Net
|
|
(4.5)
|
|
(2.6)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earning before Income Taxes
|
|
(4.0)
|
|
(7.4)
|
|
45.9%
|
|
-0.8%
|
|
-1.4%
|
|
|
|
|
|
|
|
|
|
|
|
Current taxes
|
|
(7.0)
|
|
(9.9)
|
|
|
|
-1.3%
|
|
-1.9%
|
|
|
|
|
|
|
|
|
|
|
|
Net result
|
|
(11.0)
|
|
(17.3)
|
|
36.4%
|
|
-2.1%
|
|
-3.4%
|
|
|
|
|
|
|
|
|
|
|
|
Minority interest
|
|
0.1
|
|
0.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Group Result
|
|
(11.1)
|
|
(17.7)
|
|
37.3%
|
|
-2.1%
|
|
-3.4%
|
|
|
|
|
|
|
|
|
|
|
|
Net Group Result per Share
|
|
(0.20)
|
|
(0.32)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Key Figures in U.S. dollars
|
|
Twelve months ended on
|
|
Change
|
|
Percent of Sales
|
(millions)
|
|
31-déc-10
|
|
31-déc-09
|
|
%
|
|
31-déc-10
|
|
31-déc-09
|
|
|
|
|
|
|
|
|
|
|
|
Total Net Sales
|
|
688.1
|
|
683.8
|
|
0.6%
|
|
100.0%
|
|
100.0%
|
Gross Profit
|
|
261.5
|
|
246.3
|
|
6.2%
|
|
38.0%
|
|
36.0%
|
Operating Income (Loss)
|
|
0.5
|
|
(14.1)
|
|
103.8%
|
|
0.1%
|
|
-2.1%
|
Net Group Result
|
|
(14.7)
|
|
(23.5)
|
|
37.3%
|
|
-2.1%
|
|
-3.4%
|
Net Group Result per Share
|
|
(0.3)
|
|
(0.4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average exchange rate (U.S.$ per €)
|
|
1.3268
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(*) Purchases plus beginning stock minus final stock
|
|
|
|
|
|
|
(**) Including Third-party manufacturers
|
|
|
|
|
|
|
|
|
UPHOLSTERY NET SALES BREAKDOWN
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Geographic breakdown
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales million euro
|
|
|
|
|
|
|
|
Net sales seats
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve months ended on
|
|
|
|
|
|
Twelve months ended on
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
31 December 2010
|
|
31 December 2009
|
|
Change %
|
|
31 December 2010
|
|
31 December 2009
|
|
Change %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas
|
|
164.2
|
|
35.7%
|
|
|
|
139.8
|
|
31.0%
|
|
|
|
17.5%
|
|
|
|
886,471
|
|
45.4%
|
|
|
|
785,156
|
|
40.8%
|
|
|
|
12.9%
|
Natuzzi
|
|
15.5
|
|
3.4%
|
|
|
|
15.3
|
|
3.4%
|
|
|
|
1.3%
|
|
|
|
40,112
|
|
2.1%
|
|
|
|
43,520
|
|
2.3%
|
|
|
|
-7.8%
|
All brands (*)
|
|
148.7
|
|
32.3%
|
|
|
|
124.5
|
|
27.6%
|
|
|
|
19.4%
|
|
|
|
846,359
|
|
43.3%
|
|
|
|
741,636
|
|
38.6%
|
|
|
|
14.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Europe
|
|
186.4
|
|
40.5%
|
|
|
|
210.3
|
|
47.2%
|
|
|
|
-11.4%
|
|
|
|
685,124
|
|
35.1%
|
|
|
|
776,057
|
|
40.4%
|
|
|
|
-11.7%
|
Natuzzi
|
|
93.3
|
|
20.3%
|
|
|
|
106.5
|
|
23.6%
|
|
|
|
-12.4%
|
|
|
|
208,298
|
|
10.7%
|
|
|
|
247,831
|
|
12.9%
|
|
|
|
-16.0%
|
All brands (*)
|
|
93.1
|
|
20.2%
|
|
|
|
103.8
|
|
23.0%
|
|
|
|
-10.3%
|
|
|
|
476,826
|
|
24.4%
|
|
|
|
528,227
|
|
27.5%
|
|
|
|
-9.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Italy (Natuzzi)
|
|
51.7
|
|
11.2%
|
|
|
|
53.5
|
|
11.9%
|
|
|
|
-3.4%
|
|
|
|
162,328
|
|
8.3%
|
|
|
|
167,046
|
|
8.7%
|
|
|
|
-2.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rest of the world
|
|
58.2
|
|
12.6%
|
|
|
|
47.0
|
|
10.4%
|
|
|
|
23.8%
|
|
|
|
220,670
|
|
11.3%
|
|
|
|
194,961
|
|
10.1%
|
|
|
|
13.2%
|
Natuzzi
|
|
31.6
|
|
6.9%
|
|
|
|
27.8
|
|
6.2%
|
|
|
|
13.7%
|
|
|
|
73,050
|
|
3.7%
|
|
|
|
70,855
|
|
3.7%
|
|
|
|
3.1%
|
All brands (*)
|
|
26.6
|
|
5.8%
|
|
|
|
19.2
|
|
4.3%
|
|
|
|
38.5%
|
|
|
|
147,620
|
|
7.6%
|
|
|
|
124,106
|
|
6.5%
|
|
|
|
18.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
460.5
|
|
100.0%
|
|
|
|
450.6
|
|
100.5%
|
|
|
|
2.2%
|
|
|
|
1,954,592
|
|
100.0%
|
|
|
|
1,923,220
|
|
100.0%
|
|
|
|
1.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brands breakdown
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales million euro
|
|
|
|
|
|
Net sales seats
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended on
|
|
|
|
|
|
Nine months ended on
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
31 December 2010
|
|
31 December 2009
|
|
Change %
|
|
31 December 2010
|
|
31 December 2009
|
|
Change %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natuzzi
|
|
192.1
|
|
41.7%
|
|
|
|
203.1
|
|
45.1%
|
|
|
|
-5.4%
|
|
|
|
483,788
|
|
24.8%
|
|
|
|
529,251
|
|
27.5%
|
|
|
|
-8.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
All brands (*)
|
|
268.4
|
|
58.3%
|
|
|
|
247.5
|
|
54.9%
|
|
|
|
8.4%
|
|
|
|
1,470,805
|
|
75.2%
|
|
|
|
1,393,969
|
|
72.5%
|
|
|
|
5.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
460.5
|
|
100.0%
|
|
|
|
450.6
|
|
100.0%
|
|
|
|
2.2%
|
|
|
|
1,954,592
|
|
100.0%
|
|
|
|
1,923,220
|
|
100.0%
|
|
|
|
1.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(*) Italsofa, Natuzzi Editions, Editions and unbranded
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natuzzi S.p.A. and Subsidiaries
|
Unaudited Consolidated Balance Sheets as at December 31, 2010
on the basis of Italian GAAP
|
(Expressed in millions of euro)
|
|
|
|
|
|
ASSETS
|
|
31-déc-10
|
|
31 Dec 09
|
|
|
|
|
|
Current assets:
|
|
|
|
|
Cash and cash equivalents
|
|
61.1
|
|
66.3
|
Marketable debt securities
|
|
0.0
|
|
0.0
|
Trade receivables, net
|
|
95.8
|
|
97.1
|
Other receivables
|
|
51.7
|
|
54.5
|
Inventories
|
|
87.4
|
|
81.6
|
Unrealized foreign exchange gains
|
|
0.2
|
|
0.3
|
Prepaid expenses and accrued income
|
|
1.3
|
|
1.4
|
Deferred income taxes
|
|
1.1
|
|
0.7
|
|
|
|
|
|
Total current assets
|
|
298.6
|
|
301.9
|
|
|
|
|
|
Non current assets:
|
|
|
|
|
Net property, plant and equipment
|
|
196
|
|
193.9
|
Other assets
|
|
9.3
|
|
12.8
|
|
|
|
|
|
Total non current assets
|
|
205.3
|
|
206.7
|
|
|
|
|
|
TOTAL ASSETS
|
|
503.9
|
|
508.6
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
Short-term borrowings
|
|
0.1
|
|
0.8
|
Current portion of long-term debt
|
|
2.6
|
|
1.1
|
Accounts payable-trade
|
|
64.3
|
|
66.5
|
Accounts payable-other
|
|
27.9
|
|
29.3
|
Unrealized foreign exchange losses
|
|
1.1
|
|
0.4
|
Accounts payable-shareholders for dividends
|
|
0.0
|
|
0.0
|
Income taxes
|
|
2.9
|
|
3.7
|
Salaries, wages and related liabilities
|
|
9.9
|
|
15.0
|
|
|
|
|
|
Total current liabilities
|
|
108.8
|
|
116.8
|
|
|
|
|
|
Long-term liabilities:
|
|
|
|
|
Employees' leaving entitlement
|
|
28.4
|
|
29.6
|
Long-term debt
|
|
12.8
|
|
5.9
|
Deferred income for capital grants
|
|
10.4
|
|
11.2
|
Other liabilities
|
|
18.2
|
|
18.2
|
|
|
|
|
|
Total long-term liabilities
|
|
69.8
|
|
64.9
|
|
|
|
|
|
Minority interest
|
|
2.1
|
|
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
|
|
247.0
|
|
248.8
|
|
|
|
|
|
Total shareholders' equity
|
|
323.2
|
|
325.0
|
|
|
|
|
|
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
503.9
|
|
508.6
|
Natuzzi S.p.A. and Subsidiaries
|
Consolidated Statements of Cash Flows
|
|
|
|
|
|
(Expressed in million of euro)
|
|
|
31 Dec 10
|
|
31 Dec 09
|
Cash flows from operating activities:
|
|
|
|
|
Net earnings (loss)
|
|
(11.1)
|
|
(17.7)
|
|
|
|
|
|
Adjustments to reconcile net income to net cash
|
|
|
|
|
provided by operating activities:
|
|
|
|
|
Depreciation and amortization
|
|
23.4
|
|
26.8
|
Employees' leaving entitlement
|
|
(1.2)
|
|
(2.1)
|
Deferred income taxes
|
|
(0.4)
|
|
3.7
|
Minority interest
|
|
0.1
|
|
0.4
|
(Gain) loss on disposal of assets
|
|
0.6
|
|
(0.1)
|
Unrealized foreign exchange losses and gains
|
|
0.8
|
|
(4.4)
|
Impairment of long lived assets
|
|
(0.7)
|
|
-
|
Deferred income for capital grants
|
|
|
|
(1.0)
|
Non monetary operating costs
|
|
22.6
|
|
23.3
|
|
|
|
|
|
Change in assets and liabilities:
|
|
|
|
|
Receivables, net
|
|
1.2
|
|
25.7
|
Inventories
|
|
(5.8)
|
|
10.5
|
Prepaid expenses and accrued income
|
|
0.1
|
|
(0.2)
|
Other assets
|
|
2.8
|
|
(8.3)
|
Accounts payable
|
|
(2.2)
|
|
(2.1)
|
Income taxes
|
|
(0.7)
|
|
1.9
|
Salaries, wages and related liabilities
|
|
(5.1)
|
|
(1.8)
|
Other liabilities
|
|
(0.2)
|
|
2.6
|
|
|
|
|
|
Net working capital
|
|
(9.9)
|
|
28.3
|
|
|
|
|
|
Net cash provided by operating activities
|
|
1.6
|
|
33.9
|
|
|
|
|
|
Cash flows from investing activities:
|
|
|
|
|
Property, plant and equipment:
|
|
|
|
|
Additions
|
|
(17.9)
|
|
(9.2)
|
Disposals
|
|
0.2
|
|
0.2
|
Marketable debt securities:
|
|
-
|
|
-
|
|
|
|
|
|
Net cash used in investing activities
|
|
(17.7)
|
|
(9.0)
|
|
|
|
|
|
Cash flows from financing activities:
|
|
|
|
|
Long-term debt:
|
|
|
|
|
Proceeds
|
|
9.8
|
|
3.9
|
Repayments
|
|
(1.3)
|
|
(0.7)
|
Short-term borrowings
|
|
(0.7)
|
|
(8.9)
|
Capital injection
|
|
-
|
|
-
|
Dividends paid to minority interests
|
|
-
|
|
-
|
|
|
|
|
|
Net cash used in financing activities
|
|
7.8
|
|
(5.7)
|
|
|
|
|
|
Effect of translation adjustments on cash
|
|
3.1
|
|
(0.2)
|
|
|
|
|
|
Increase (decrease) in cash and cash equivalents
|
|
(5.2)
|
|
19.0
|
|
|
|
|
|
Cash and cash equivalents, beginning of the year
|
|
66.3
|
|
47.3
|
|
|
|
|
|
Cash and cash equivalents, end of the year
|
|
61.1
|
|
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
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:
|
March 28, 2011
|
By:
|
/s/ Pasquale Natuzzi
|
|
|
|
Pasquale Natuzzi
|
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