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
25, 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 Its Nine Months and Third Quarter 2011 Financial Results
SANTERAMO IN COLLE, Bari, Italy--(BUSINESS WIRE)--November 25, 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 approved its consolidated financial
results for the third quarter and first nine months of 2011.
9 MONTHS 2011 CONSOLIDATED FINANCIAL RESULTS
-
Net Loss of €3.6 million vs. a Net Loss of €9.6 million in 9M 2010
-
Negative EBIT of €17.0 million, vs. a positive EBIT of €0.2 million in
9M 2010
-
Gross profit was €117.2 million as compared to €145.9 million in 9M
2010
-
Total Net Sales were €356.8 million, down 7.7% as compared to 9M 2010
3Q 2011 CONSOLIDATED FINANCIAL RESULTS
-
Net Loss of €10.3 million vs. a Net Loss of €5.5 million in 3Q 2010
-
Negative EBIT of €9.0 million, vs. a negative EBIT of €2.5 million in
3Q 2010
-
Gross profit was €33.9 million as compared to €42.6 million in 3Q 2010
-
Total Net Sales were €114.4 million, down 0.5% as compared to 3Q 2010
-
Positive Net Financial Position of €58.8, with a good improvement as
compared to December 31, 2010.
9 MONTHS 2011 CONSOLIDATED FINANCIAL RESULTS
Total Net
Sales
(including raw materials and semi-finished products sold to
third parties) were €356.8 million, decreasing by 7.7% with respect to
2010.
Total upholstery sales totalled €310.7 million with a decline of 9.9%
over the same period in 2010.
In particular, the Natuzzi brand was down 6.1%, while all other brands
marked a decrease of 12.6%. Within the Natuzzi brand, the decline is
mainly concentrated in Europe, while there is positive performance in
the Rest of the World and a slight improved performance in Americas.
Sales of all other brand (-12.6%) were affected in particular by the
decline in North America (-19.2%), due to the impact of the relocation
of existing production sites in China to a new plant that generated
delays in production, today returned to normal, but whose positive
effects will be visible in subsequent quarters.The Rest of the world
recorded, instead, still a positive performance of 10.5%.
Other sales
have registered a total increase of 10.0% mainly due
to strong sales of accessories.
Gross profit
, 32.8% of sales compared to 37.7% in the first nine
months of 2010, reflects the further increase in prices of raw materials
and labour cost mainly in China and Romania.
Transportation costs
, showed a favourable decline in absolute
terms of €3.8 million and in a percentage of sales that went from 9.7%
in 2010 to 9.4% in the first nine months of 2011.
Commissions, as well as advertising costs, registered a reduction versus
the first nine months of 2010, of €3.8 million (0.6% on sales).
Commercial and administrative costs
(SG&A)
allowed a
significant improvement in absolute terms and amounted to €3.9 million
as compared to the first nine months of 2010, but a slight worsening as
a percentage on net sales (0.7%).
Both
EBITDA
and
EBIT
for the first nine months of 2011
were negative, €2.0 million and €17.0 million, respectively, as a result
of lower sales and, increasing cost of goods sold, partly offset by
commercial and administrative cost reductions.
Finally, the
net consolidated result
for the first nine months of
2011 recorded a loss amounted to €3.6 million as compared to a loss of
€9.6 million in the first 9 months of 2010, thanks to extraordinary
income deriving from the compensation obtained by the Chinese
authorities for the relocation of the major factory of the Group located
in China.
3Q 2011 CONSOLIDATED FINANCIAL RESULTS
Total Net Sales
for €114.4 (including raw materials and
semi-finished products sold to third parties) recorded a marginal
decrease of 0.5% with respect to 3Q 2010.
Total upholstery sales
recorded a decline of 2.8% over the same
period of 2010, but were almost completely offset by growth in other
sales of 18.5% vs. the third quarter of 2010.
The break-down of upholstery net sales by geographic area was as
follows: Europe (excluding Italy) 34.4%, the Americas 41.7%, Italy 8.1%
and Rest of the World 15.8%, emphasizing a continuous and constant
shifting of the Group revenues into the Rest of the World.
Gross profit
represented 29.6% on sales compared to 37.0% in the
third quarter of 2010, mainly reflects the further increase in prices of
raw materials and the growth of labour cost recorded in China and in
Romania.
Transportation costs
have declined significantly registering a
reduction in absolute term of €0.7 million.
The optimization processes in the of Commercial and Administrative areas
allowed a further improvement in absolute terms amounted to €1.0 million
compared to third quarter 2010. Consequently, the impact of SG&A on net
sales went from 22.0% in the third quarter of 2010 to 21.1% in the third
quarter of 2011.
EBITDA
amounted to a negative €4.2 million in the third quarter
of 2011 versus a positive €3.4 million in the third quarter of 2010, and
EBIT
was negative by €9.0 million in the third quarter of 2011 compared
to a negative margin of €2.5 million in the same period of last year.
Finally, the
net result of the Group
for the third quarter of
2011 recorded a loss amounted to €10.3 million compared to a loss of
€5.5 million in the third quarter of 2010.
BALANCE SHEET
Net financial position rose from €45.6 million at December 31, 2010 to
€58.8 million as at September 30, 2011.
Pasquale Natuzzi
, Chairman and Chief Executive Officer of
Natuzzi SpA, commented: "This third quarter of 2011 was characterized by
uncertain and volatile markets. This condition negatively affects GDP
growth in mature markets and in particular the demand for consumer
durables, which in fact remains weak and volatile. These macroeconomic
results coupled with factors pertaining to the Natuzzi Group, resulted
in an overall drop in sales of 7.7% in the first nine months of 2011. In
line with the macro-economic framework, mature markets suffered the most
while emerging markets continued to show encouraging results.
Specifically, the rest of the world has shown an overall +8.7% over the
same period last year.
The Group’s financial performance was still negatively affected by
delays in Chinese production impacting mainly North America, consequent
to the relocation of the factory in China. This problem has now been
overcome but results won’t be evident until the coming quarters.
We are aware of the continuing difficulties of the Western economies
linked to sovereign debt in Europe and North America. However,
commercial actions, taken to regain share in mature markets such as the
important European and North American markets, the expansion in emerging
markets of China, India and Brazil, and structural actions to increase
internal efficiency, make us confident on a better scenarios for the
near future of the Group”.
The Company will host a conference call on November 28
th
,
2011 at 10:00 a.m. Eastern Time (4.00 pm European Continental time) to
discuss third quarter and nine months 2011 financial results. To
participate, dial in toll-free 1-888-312-9849 and toll International
1-719-325-2326. A live web cast of the conference call will be available
online at
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 December 28
th
. 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: 5948061.
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 518.6 million in 2010. 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
Attached Financial Statements
|
|
Natuzzi S.p.A. and Subsidiaries
|
|
|
Unaudited Consolidated Profit & Loss for the quarter ended on
September 30, 2011 on the basis of Italian GAAP
|
|
|
(expressed in millions Euro except for share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended on
|
|
Change
|
|
Percent of Sales
|
|
|
30-Sep-11
|
|
30-Sep-10
|
|
%
|
|
30-Sep-11
|
|
30-Sep-10
|
|
|
|
|
|
|
|
|
|
|
|
Upholstery net sales
|
|
99.7
|
|
102.6
|
|
-2.8%
|
|
87.2%
|
|
89.2%
|
Other sales
|
|
14.7
|
|
12.4
|
|
18.5%
|
|
12.8%
|
|
10.8%
|
Total Net Sales
|
|
114.4
|
|
115.0
|
|
-0.5%
|
|
100.0%
|
|
100.0%
|
|
|
|
|
|
|
|
|
|
|
|
Consumption (*)
|
|
(53.9)
|
|
(48.3)
|
|
11.6%
|
|
-47.1%
|
|
42.0%
|
Labor
|
|
(18.9)
|
|
(16.8)
|
|
12.5%
|
|
-16.5%
|
|
14.6%
|
Industrial Costs
|
|
(7.7)
|
|
(7.3)
|
|
5.5%
|
|
-6.7%
|
|
6.3%
|
of which Depreciation, Amortization
|
|
(2.4)
|
|
(2.9)
|
|
|
|
|
|
|
Cost of Sales
|
|
(80.5)
|
|
(72.4)
|
|
11.2%
|
|
70.4%
|
|
63.0%
|
|
|
|
|
|
|
|
|
|
|
|
Industrial Margin
|
|
33.9
|
|
42.6
|
|
-20.4%
|
|
29.6%
|
|
37.0%
|
|
|
|
|
|
|
|
|
|
|
|
Selling Expenses
|
|
(18.7)
|
|
(19.9)
|
|
|
|
|
|
|
Transportation
|
|
(11.6)
|
|
(12.3)
|
|
|
|
10.1%
|
|
10.7%
|
Commissions
|
|
(2.1)
|
|
(1.9)
|
|
|
|
1.8%
|
|
1.7%
|
Advertising
|
|
(5.0)
|
|
(5.7)
|
|
|
|
4.4%
|
|
5.0%
|
|
|
|
|
|
|
|
|
|
|
|
Other Selling and G&A
|
|
(24.2)
|
|
(25.2)
|
|
|
|
21.1%
|
|
22.0%
|
of which Depreciation, Amortization
|
|
(2.4)
|
|
(3.0)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA
|
|
(4.2)
|
|
3.4
|
|
|
|
-3.7%
|
|
3.0%
|
|
|
|
|
|
|
|
|
|
|
|
EBIT
|
|
(9.0)
|
|
(2.5)
|
|
|
|
-7.9%
|
|
-2.2%
|
|
|
|
|
|
|
|
|
|
|
|
Interest Income/(Costs), Net
|
|
0.1
|
|
(0.3)
|
|
|
|
|
|
|
Foreign Exchange, Net
|
|
(0.9)
|
|
(1.6)
|
|
|
|
|
|
|
Other Income/(Cost), Net
|
|
(0.7)
|
|
(0.8)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earning before Income Taxes
|
|
(10.6)
|
|
(5.2)
|
|
|
|
-9.2%
|
|
-4.5%
|
|
|
|
|
|
|
|
|
|
|
|
Current taxes
|
|
0.3
|
|
(0.4)
|
|
|
|
0.3%
|
|
-0.3%
|
|
|
|
|
|
|
|
|
|
|
|
Net result
|
|
(10.3)
|
|
(5.6)
|
|
|
|
-9.0%
|
|
-4.9%
|
|
|
|
|
|
|
|
|
|
|
|
Minority interest
|
|
0.0
|
|
0.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Group Result
|
|
(10.3)
|
|
(5.5)
|
|
|
|
-9.0%
|
|
-4.8%
|
|
|
|
|
|
|
|
|
|
|
|
Net Group Result per Share
|
|
(0.19)
|
|
(0.10)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Key Figures in U.S. dollars
|
|
Three months ended on
|
|
Change
|
|
Percent of Sales
|
(millions)
|
|
30-Sep-11
|
|
30-Sep-10
|
|
%
|
|
30-Sep-11
|
|
30-Sep-10
|
|
|
|
|
|
|
|
|
|
|
|
Total Net Sales
|
|
161.6
|
|
162.5
|
|
-0.5%
|
|
100.0%
|
|
100.0%
|
Industrial Profit
|
|
47.9
|
|
60.2
|
|
-20.4%
|
|
29.6%
|
|
37.0%
|
EBIT
|
|
(12.7)
|
|
(3.5)
|
|
|
|
-7.9%
|
|
-2.2%
|
Net Group Result
|
|
(14.5)
|
|
(7.8)
|
|
|
|
-9.0%
|
|
-4.8%
|
Net Group Result per Share
|
|
(0.3)
|
|
(0.1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average exchange rate (U.S.$ per €)
|
|
1.4128
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(*) Purchases plus beginning stock minus final stock and leather
processing
|
|
|
|
|
|
|
UPHOLSTERY NET SALES BREAKDOWN
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
Geographic breakdown
|
|
|
|
|
|
|
|
|
|
|
Net sales million euro
|
|
|
|
|
|
Net sales seats
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
three months ended on
|
|
|
|
|
|
three months ended on
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
30/09/2011
|
30/09/2010
|
Change %
|
|
30/09/2011
|
30/09/2010
|
Change %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas
|
|
41.5
|
|
41.7%
|
|
42.6
|
|
41.5%
|
|
-2.6%
|
|
223,058
|
|
50.4%
|
|
222,078
|
|
50.1%
|
|
0.4%
|
Natuzzi
|
|
4.0
|
|
4.0%
|
|
4.4
|
|
4.3%
|
|
-9.1%
|
|
10,958
|
|
2.5%
|
|
10,953
|
|
2.5%
|
|
0.0%
|
All brands (*)
|
|
37.5
|
|
37.6%
|
|
38.2
|
|
37.2%
|
|
-1.8%
|
|
212,100
|
|
47.9%
|
|
211,125
|
|
47.6%
|
|
0.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Europe
|
|
34.3
|
|
34.4%
|
|
36.8
|
|
35.9%
|
|
-6.8%
|
|
132,974
|
|
30.0%
|
|
137,752
|
|
31.1%
|
|
-3.5%
|
Natuzzi
|
|
14.2
|
|
14.2%
|
|
17.5
|
|
17.1%
|
|
-18.9%
|
|
28,801
|
|
6.5%
|
|
36,429
|
|
8.2%
|
|
-20.9%
|
All brands (*)
|
|
20.1
|
|
20.2%
|
|
19.3
|
|
18.8%
|
|
4.1%
|
|
104,173
|
|
23.5%
|
|
101,323
|
|
22.9%
|
|
2.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Italy (Natuzzi)
|
|
8.1
|
|
8.1%
|
|
9.8
|
|
9.5%
|
|
-17.3%
|
|
27,376
|
|
6.2%
|
|
30,930
|
|
7.0%
|
|
-11.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rest of the world
|
|
15.8
|
|
15.8%
|
|
13.4
|
|
13.1%
|
|
17.9%
|
|
59,135
|
|
13.4%
|
|
52,392
|
|
11.8%
|
|
12.9%
|
Natuzzi
|
|
7.9
|
|
7.9%
|
|
6.6
|
|
6.4%
|
|
19.7%
|
|
18,139
|
|
4.1%
|
|
14,508
|
|
7.0%
|
|
25.0%
|
All brands (*)
|
|
7.9
|
|
7.9%
|
|
6.8
|
|
6.6%
|
|
16.2%
|
|
40,996
|
|
9.3%
|
|
37,884
|
|
8.5%
|
|
8.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
99.7
|
|
100.0%
|
|
102.6
|
|
100.0%
|
|
-2.8%
|
|
442,543
|
|
100.0%
|
|
443,152
|
|
100.0%
|
|
-0.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brands breakdown
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales million euro
|
|
|
|
|
|
Net sales seats
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
three months ended on
|
|
|
|
|
|
three months ended on
|
|
|
|
|
|
|
|
|
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|
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|
|
|
|
|
|
30/09/2011
|
30/09/2010
|
Change %
|
|
30/09/2011
|
30/09/2010
|
Change %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natuzzi
|
|
34.2
|
|
34.3%
|
|
38.3
|
|
37.3%
|
|
-10.7%
|
|
85,274
|
|
19.3%
|
|
92,820
|
|
20.9%
|
|
-8.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
All brands (*)
|
|
65.5
|
|
65.7%
|
|
64.3
|
|
62.7%
|
|
1.9%
|
|
357,269
|
|
80.7%
|
|
350,332
|
|
79.1%
|
|
2.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
99.7
|
|
100.0%
|
|
102.6
|
|
100.0%
|
|
-2.8%
|
|
442,543
|
|
100.0%
|
|
443,152
|
|
100.0%
|
|
-0.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(*) Italsofa, Natuzzi Editions, Editions and unbranded
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natuzzi S.p.A. and Subsidiaries
|
|
|
|
|
Unaudited Consolidated Profit & Loss for the quarter ended on
September 30, 2011 on the basis of Italian GAAP
|
|
|
(expressed in millions Euro except for share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended on
|
|
Change
|
|
Percent of Sales
|
|
|
30-Sep-11
|
|
30-Sep-10
|
|
%
|
|
30-Sep-11
|
|
30-Sep-10
|
|
|
|
|
|
|
|
|
|
|
|
Upholstery net sales
|
|
310.7
|
|
344.8
|
|
-9.9%
|
|
87.1%
|
|
89.2%
|
Other sales
|
|
46.1
|
|
41.9
|
|
10.0%
|
|
12.9%
|
|
10.8%
|
Total Net Sales
|
|
356.8
|
|
386.7
|
|
-7.7%
|
|
100.0%
|
|
100.0%
|
|
|
|
|
|
|
|
|
|
|
|
Consumption (*)
|
|
(157.0)
|
|
(160.4)
|
|
-2.1%
|
|
44.0%
|
|
41.5%
|
Labor
|
|
(59.0)
|
|
(56.9)
|
|
3.7%
|
|
16.5%
|
|
14.7%
|
Industrial Costs
|
|
(23.6)
|
|
(23.5)
|
|
0.4%
|
|
6.6%
|
|
6.1%
|
of which Depreciation, Amortization
|
|
(7.5)
|
|
(8.8)
|
|
|
|
|
|
|
Cost of Sales
|
|
(239.6)
|
|
(240.8)
|
|
-0.5%
|
|
67.2%
|
|
62.3%
|
|
|
|
|
|
|
|
|
|
|
|
Industrial Margin
|
|
117.2
|
|
145.9
|
|
-19.7%
|
|
32.8%
|
|
37.7%
|
|
|
|
|
|
|
|
|
|
|
|
Selling Expenses
|
|
(55.7)
|
|
(63.3)
|
|
|
|
|
|
|
Transportation
|
|
(33.6)
|
|
(37.4)
|
|
|
|
9.4%
|
|
9.7%
|
Commissions
|
|
(6.3)
|
|
(7.5)
|
|
|
|
1.8%
|
|
2.0%
|
Advertising
|
|
(15.8)
|
|
(18.4)
|
|
|
|
4.4%
|
|
4.8%
|
|
|
|
|
|
|
|
|
|
|
|
Other Selling and G&A
|
|
(78.5)
|
|
(82.4)
|
|
|
|
22.0%
|
|
21.3%
|
of which Depreciation, Amortization
|
|
(7.5)
|
|
(9.3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA
|
|
(2.0)
|
|
18.3
|
|
|
|
-0.6%
|
|
4.7%
|
|
|
|
|
|
|
|
|
|
|
|
EBIT
|
|
(17.0)
|
|
0.2
|
|
|
|
-4.8%
|
|
0.1%
|
|
|
|
|
|
|
|
|
|
|
|
Interest Income/(Costs), Net
|
|
(0.3)
|
|
(0.9)
|
|
|
|
|
|
|
Foreign Exchange, Net
|
|
(1.2)
|
|
0.5
|
|
|
|
|
|
|
Other Income/(Cost), Net
|
|
16.7
|
|
(3.2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earning before Income Taxes
|
|
(1.8)
|
|
(3.4)
|
|
|
|
-0.5%
|
|
-0.9%
|
|
|
|
|
|
|
|
|
|
|
|
Current taxes
|
|
(0.9)
|
|
(6.2)
|
|
|
|
-0.3%
|
|
-1.6%
|
|
|
|
|
|
|
|
|
|
|
|
Net result
|
|
(2.7)
|
|
(9.6)
|
|
|
|
-0.8%
|
|
-2.5%
|
|
|
|
|
|
|
|
|
|
|
|
Minority interest
|
|
(0.9)
|
|
(0.0)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Group Result
|
|
(3.6)
|
|
(9.6)
|
|
|
|
-1.0%
|
|
-2.5%
|
|
|
|
|
|
|
|
|
|
|
|
Net Group Result per Share
|
|
(0.07)
|
|
(0.18)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Key Figures in U.S. dollars
|
|
Nine months ended on
|
|
Change
|
|
Percent of Sales
|
(millions)
|
|
30-Sep-11
|
|
30-Sep-10
|
|
%
|
|
30-Sep-11
|
|
30-Sep-10
|
|
|
|
|
|
|
|
|
|
|
|
Total Net Sales
|
|
502.2
|
|
544.3
|
|
-7.7%
|
|
100.0%
|
|
100.0%
|
Industrial Profit
|
|
165.0
|
|
205.4
|
|
-19.7%
|
|
32.8%
|
|
37.7%
|
EBIT
|
|
(23.9)
|
|
0.3
|
|
|
|
-4.8%
|
|
0.1%
|
Net Group Result
|
|
(5.1)
|
|
(13.5)
|
|
|
|
-1.0%
|
|
-2.5%
|
Net Group Result per Share
|
|
(0.1)
|
|
(0.2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average exchange rate (U.S.$ per €)
|
|
1.4075
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(*) Purchases plus beginning stock minus final stock and leather
processing
|
|
|
|
|
|
|
|
|
|
|
UPHOLSTERY NET SALES BREAKDOWN
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Geographic breakdown
|
|
|
|
|
|
|
|
|
|
|
Net sales million euro
|
|
|
|
|
|
Net sales seats
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended on
|
|
|
|
|
|
|
|
Nine months ended on
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
30/09/2011
|
30/09/2010
|
Change %
|
|
30/09/2011
|
30/09/2010
|
Change %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas
|
|
105.3
|
|
33.9%
|
|
127.4
|
|
36.9%
|
|
-17.3%
|
|
576,081
|
|
44.0%
|
|
679,201
|
|
46.7%
|
|
-15.2%
|
Natuzzi
|
|
12.1
|
|
3.9%
|
|
12.0
|
|
3.5%
|
|
0.8%
|
|
35,328
|
|
2.7%
|
|
30,734
|
|
2.1%
|
|
14.9%
|
All brands (*)
|
|
93.2
|
|
30.0%
|
|
115.4
|
|
33.5%
|
|
-19.2%
|
|
540,753
|
|
41.3%
|
|
648,467
|
|
44.5%
|
|
-16.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Europe
|
|
124.7
|
|
40.1%
|
|
136.5
|
|
39.6%
|
|
-8.6%
|
|
452,617
|
|
34.6%
|
|
498,711
|
|
34.3%
|
|
-9.2%
|
Natuzzi
|
|
62.0
|
|
20.0%
|
|
68.6
|
|
19.9%
|
|
-9.6%
|
|
133,647
|
|
10.2%
|
|
150,415
|
|
10.3%
|
|
-11.1%
|
All brands (*)
|
|
62.7
|
|
20.1%
|
|
67.9
|
|
19.7%
|
|
-7.7%
|
|
318,970
|
|
24.4%
|
|
348,296
|
|
23.9%
|
|
-8.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Italy (Natuzzi)
|
|
34.7
|
|
11.2%
|
|
38.6
|
|
11.2%
|
|
-10.1%
|
|
109,383
|
|
8.4%
|
|
117,887
|
|
8.1%
|
|
-7.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rest of the world
|
|
46.0
|
|
14.8%
|
|
42.3
|
|
12.3%
|
|
8.7%
|
|
171,534
|
|
13.1%
|
|
160,115
|
|
11.0%
|
|
7.1%
|
Natuzzi
|
|
25.0
|
|
8.0%
|
|
23.3
|
|
6.8%
|
|
7.3%
|
|
59,296
|
|
4.5%
|
|
53,691
|
|
8.1%
|
|
10.4%
|
All brands (*)
|
|
21.0
|
|
6.1%
|
|
19.0
|
|
5.5%
|
|
10.5%
|
|
112,238
|
|
8.6%
|
|
106,424
|
|
7.3%
|
|
5.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
310.7
|
|
100.0%
|
|
344.8
|
|
100.0%
|
|
-9.9%
|
|
1,309,615
|
|
100.0%
|
|
1,455,914
|
|
100.0%
|
|
-10.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brands breakdown
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales million euro
|
|
|
|
|
|
Net sales seats
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended on
|
|
|
|
|
|
|
|
Nine months ended on
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
30/09/2011
|
30/09/2010
|
Change %
|
|
30/09/2011
|
30/09/2010
|
Change %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natuzzi
|
|
133.8
|
|
43.1%
|
|
142.5
|
|
41.3%
|
|
-6.1%
|
|
337,654
|
|
25.8%
|
|
352,727
|
|
24.2%
|
|
-4.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
All brands (*)
|
|
176.9
|
|
56.9%
|
|
202.3
|
|
58.7%
|
|
-12.6%
|
|
971,961
|
|
74.2%
|
|
1,103,187
|
|
75.8%
|
|
-11.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
310.7
|
|
100.0%
|
|
344.8
|
|
100.0%
|
|
-9.9%
|
|
1,309,615
|
|
100.0%
|
|
1,455,914
|
|
100.0%
|
|
-10.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(*) Italsofa, Natuzzi Editions, Editions and unbranded
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natuzzi S.p.A. and Subsidiaries
|
|
|
|
|
Unaudited Consolidated Balance Sheets at September 30, 2011 on
the basis of Italian GAAP
|
(Expressed in millions of euro)
|
|
|
|
|
|
|
|
ASSETS
|
|
30-Sep-11
|
|
31-Dec-10
|
|
|
|
|
|
Current assets:
|
|
|
|
|
Cash and cash equivalents
|
|
98.6
|
|
61.1
|
Marketable debt securities
|
|
0.0
|
|
0.0
|
Trade receivables, net
|
|
88.4
|
|
95.8
|
Other receivables
|
|
56.3
|
|
51.7
|
Inventories
|
|
90.2
|
|
87.4
|
Unrealized foreign exchange gains
|
|
0.0
|
|
0.2
|
Prepaid expenses and accrued income
|
|
2.3
|
|
1.3
|
Deferred income taxes
|
|
1.7
|
|
1.1
|
|
|
|
|
|
Total current assets
|
|
337.5
|
|
298.6
|
|
|
|
|
|
Non current assets:
|
|
|
|
|
Net property, plant and equipment
|
|
169.7
|
|
196
|
Other assets
|
|
5.9
|
|
9.3
|
|
|
|
|
|
Total non current assets
|
|
175.6
|
|
205.3
|
|
|
|
|
|
TOTAL ASSETS
|
|
513.1
|
|
503.9
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
Short-term borrowings
|
|
24.4
|
|
0.1
|
Current portion of long-term debt
|
|
3.7
|
|
2.6
|
Accounts payable-trade
|
|
63.4
|
|
64.3
|
Accounts payable-other
|
|
23
|
|
27.9
|
Unrealized foreign exchange losses
|
|
0.3
|
|
1.1
|
Income taxes
|
|
1.1
|
|
2.9
|
Salaries, wages and related liabilities
|
|
10.2
|
|
9.9
|
|
|
|
|
|
Total current liabilities
|
|
126.1
|
|
108.8
|
|
|
|
|
|
Long-term liabilities:
|
|
|
|
|
Employees' leaving entitlement
|
|
27.4
|
|
28.4
|
Long-term debt
|
|
11.7
|
|
12.8
|
Deferred income for capital grants
|
|
10
|
|
10.4
|
Other liabilities
|
|
14
|
|
18.2
|
|
|
|
|
|
Total long-term liabilities
|
|
63.1
|
|
69.8
|
|
|
|
|
|
Minority interest
|
|
3.1
|
|
2.1
|
|
|
|
|
|
Shareholders' equity:
|
|
|
|
|
Share capital
|
|
54.8
|
|
54.9
|
Reserves
|
|
12.0
|
|
12.0
|
Additional paid-in capital
|
|
9.3
|
|
9.3
|
Retained earnings
|
|
244.7
|
|
247.0
|
|
|
|
|
|
Total shareholders' equity
|
|
320.8
|
|
323.2
|
|
|
|
|
|
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
513.1
|
|
503.9
|
Natuzzi S.p.A. and Subsidiaries
|
|
|
|
|
Consolidated Statements of Cash Flows
|
|
|
|
|
|
|
|
(Expressed in million of euro)
|
|
|
|
|
|
|
30-Sep-11
|
|
31-Dec-10
|
Cash flows from operating activities:
|
|
|
|
|
Net earnings (loss)
|
|
(3.6)
|
|
(11.1)
|
|
|
|
|
|
Adjustments to reconcile net income to net cash
|
|
|
|
|
provided by operating activities:
|
|
|
|
|
Depreciation and amortization
|
|
15.0
|
|
23.4
|
Employees' leaving entitlement
|
|
4.0
|
|
(1.2)
|
Deferred income taxes
|
|
(0.6)
|
|
(0.4)
|
Minority interest
|
|
0.9
|
|
0.1
|
(Gain) loss on disposal of assets
|
|
(24.6)
|
|
0.6
|
Unrealized foreign exchange losses and gains
|
|
(0.6)
|
|
0.8
|
Impairment of long lived assets
|
|
-
|
|
-
|
Deferred income for capital grants
|
|
(0.4)
|
|
(0.7)
|
Non monetary operating costs
|
|
(6.3)
|
|
22.6
|
|
|
|
|
|
Change in assets and liabilities:
|
|
|
|
|
Receivables, net
|
|
7.4
|
|
1.2
|
Inventories
|
|
(2.8)
|
|
(5.8)
|
Prepaid expenses and accrued income
|
|
(0.9)
|
|
0.1
|
Other assets
|
|
(4.6)
|
|
2.8
|
Accounts payable
|
|
(1.0)
|
|
(2.2)
|
Income taxes
|
|
(1.8)
|
|
(0.7)
|
Salaries, wages and related liabilities
|
|
0.2
|
|
(5.1)
|
Other liabilities
|
|
(4.0)
|
|
(0.2)
|
|
|
|
|
|
Net working capital
|
|
(7.5)
|
|
(9.9)
|
|
|
|
|
|
Net cash provided by operating activities
|
|
(17.4)
|
|
1.6
|
|
|
|
|
|
Cash flows from investing activities:
|
|
|
|
|
Property, plant and equipment:
|
|
|
|
|
Additions
|
|
(14.7)
|
|
(17.9)
|
Disposals
|
|
0.1
|
|
0.2
|
Proceeds from sales
|
|
45.0
|
|
|
Marketable debt securities:
|
|
|
|
-
|
|
|
|
|
|
Net cash used in investing activities
|
|
30.4
|
|
(17.7)
|
|
|
|
|
|
Cash flows from financing activities:
|
|
|
|
|
Long-term debt:
|
|
|
|
|
Proceeds
|
|
1.0
|
|
9.8
|
Repayments
|
|
(1.0)
|
|
(1.3)
|
Short-term borrowings
|
|
24.4
|
|
(0.7)
|
Capital injection
|
|
-
|
|
-
|
Dividends paid to minority interests
|
|
-
|
|
-
|
|
|
|
|
|
Net cash used in financing activities
|
|
24.4
|
|
7.8
|
|
|
|
|
|
Effect of translation adjustments on cash
|
|
0.2
|
|
3.1
|
|
|
|
|
|
Increase (decrease) in cash and cash equivalents
|
|
37.5
|
|
(5.2)
|
|
|
|
|
|
Cash and cash equivalents, beginning of the year
|
|
61.1
|
|
66.3
|
|
|
|
|
|
Cash and cash equivalents, end of the year
|
|
98.6
|
|
61.1
|
CONTACT:
Natuzzi Investor Relations
Silvia Di Rosa
cell
+39 335 78 64 209
sdirosa@natuzzi.com
or
Natuzzi
Corporate Communication
Cell.: +39 347 2380064 Renèe Bernhard
rbernhard@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:
|
November 25, 2011
|
By:
|
/s/ Pasquale Natuzzi
|
|
|
|
Pasquale Natuzzi
|
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