Full Year 2024:
Highlights
- Total net sales were €318.8 million, compared to €328.6
million in 2023 (-3.0%).
- Branded sales were €287.9 million, compared to €295.9
million in 2023 and €295.9 million in 2019. Branded sales were
92.7% of total sales, compared to 92.5% in 2023 and 80.2% in
2019.
- DOS sales were €76.1 million, up 4.1% from 2023 and up 18.2%
from 2019. 2024 growth was driven mainly by a 14.6% sales increase
from our DOS in the U.S. In the U.S. we opened 1 additional store
in Denver. In 2024, we closed 2 non-performing Natuzzi Italia
stores, 1 in Spain and 1 in Switzerland, and 1 Divani&Divani by
Natuzzi store in Italy, as part of our ongoing effort to
progressively improve the quality of our retail.
- As part of our transformation, in 2024, we accelerated our
restructuring which affected P&L results with (€5.3) million of
one-off severance costs:
- (€4.5) million accrued in Cost of Sales;
- (€0.8) million accrued in Selling and Administrative
expenses.
- In 2024, 638 persons exited our group, of which 331 related
to the planned closure of our Shanghai factory. These exits were
partially offset by hires in strategic areas such as retail,
marketing and merchandising. From 2021 to December 2024, we had a
net reduction of 1,141 Persons, equivalent to a ~26% of
total.
- In 2024, gross margin was 36.3%, improving 2 pp from 34.3%
in 2023. Gross margin was 29.7% in 2019. Excluding (€4.5) million
of one-off severance costs, gross margin would have been 37.7%,
which compares to 36.3% in 2023 and 31.0% in 2019.
- In 2024, we had an operating loss of (€6.3) million,
compared to an operating loss of (€9.5) million in 2023 and an
operating loss of (€22.5) million in 2019. Excluding (€5.3) million
of one-off severance costs in 2024, we would have reported an
operating loss of (€1.0) million, which compares to an operating
loss of (€2.0) million in 2023 and to an operating loss of (€16.9)
million in 2019.
- Net finance costs were (€8.8) million, compared to (€8.5)
million in 2023 and (€9.9) million in 2019, mainly due to
additional €0.7 million of interest expenses on lease liabilities
as we increased the average number of DOS in 2024 compared to
2023.
- During 2024, we invested €7.1 million, primarily to upgrade
our Italian factories and for the DOS located in the U.S. and
Italy.
- We continue the divestment program of non-strategic assets
we announced:
- We completed the sale of the building located in High Point,
NC, to a company owned by the majority shareholder and received the
final payment of $8.3 million in March 2025, therefore not yet
reflected in 2024 consolidated cash flow statement.
- We are progressing in the sale of a land in Romania. The
Group expects to complete this transaction in 2025.
- As of December 31, 2024, we held €20.3 million in cash, from
€33.6 million as of December 31, 2023. In particular, the
difference in cash is determined as follows:
- Net cash provided by operating activities equal to €1.7
million, which includes the impact of (€10.7) million used to
reduce workforce;
- Net cash used in investing activities (€4.3)
million;
- Net cash used in financing activities (€12.8)
million;
- Effect of movements exchange rates on cash +€0.8
million;
- Difference in bank-overdraft repayable on demand +€1.3
million.
4Q 2024: Highlights
- Total net sales amounted to €74.9 million, down 10.9% from
€84.1 million in 4Q 2023, also as a consequence of the planned
changes implemented on the industrial front that took place during
the last quarter. This included the closure of the Shanghai plant
whose production for the local market has been transferred to the
new facility in Quanjiao; the Shanghai plant was no longer
strategic for Natuzzi Editions production for the US market. In 4Q
2024 we also relocated Natuzzi Editions production for the North
American market to our European sites. These changes anticipated
the introduction of new US import duties and are now proving
coherent with the evolving trade framework.
- As of December 31, 2024, the order backlog increased by €6.4
million compared to September 30, 2024, due to the aforementioned
changes on the industrial front.
- In 4Q 2024, gross margin was 38.1%, compared to 30.1% in 4Q
2023 and 31.9% in 4Q 2019. Excluding (€0.4) million of one-off
severance costs, gross margin would have been 38.6%. This compares
to 36.2% in 4Q 2023 and 34.6% in 4Q 2019.
- In 4Q 2024, we had an operating loss of (€2.6) million,
compared to a loss of (€7.3) million in 4Q 2023 and a loss of
(€3.0) million in 4Q 2019.
- Net finance costs were (€1.4) million, compared to net
finance costs of (€2.8) million in 4Q 2023 and (€2.2) million in 4Q
2019.
- During 4Q 2024, we invested €1.7 million, primarily to
upgrade our Italian factories and for the DOS located in the U.S.
and Italy.
***
Natuzzi S.p.A. (NYSE: NTZ) (“we”, “Natuzzi” or the “Company”
and, together with its subsidiaries, the “Group”), one of the most
renowned brands in the production and distribution of design and
luxury furniture, today reported its unaudited financial
information for the fourth quarter and full year ended December 31,
2024.
Pasquale Natuzzi, Executive Chairman of the Group, commented:
“2024 — a year that marked the 66th anniversary of our Group — was
characterized by a still challenging and volatile market
environment. Throughout the year, we remained firmly focused on
advancing our brand and retail transformation journey.
We have made significant progress in retail management, covering
both directly operated and franchised stores, as well as our
reimagined galleries. We finalized a customer experience model
designed to ensure a compelling and commercially effective
presentation of our collections. We are now able to manage our
retail operations with agility, making fast, data-driven decisions
across key areas such as merchandising and team management. What
once took weeks can now be analyzed and diagnosed at the store
level in a matter of hours, thanks to automation and improved
analytics.
At the same time, our marketing has taken important steps to
enhance customer engagement in a more targeted and measurable
way—another milestone in Natuzzi’s transformation into a truly
customer-centric organization.
The Natuzzi Italia collections we presented during 2024 have
already become an architectural reference that blends aesthetics
with functionality in a truly Natuzzi way. This is the case with
the 2024 ‘Uragano’ table project, entirely designed by our Natuzzi
Design Center, which won the MUSE Creative Award. It is also the
case with the ‘Mirai’ collection, designed in collaboration with
Andrea Steidl, which has received several global design awards,
including the European Product Design Award, Elle Decor China’s
Best of 2024, the Archiproducts Award and the Good Design Award,
one of the oldest and most prestigious design awards in the world,
established in 1950 in Chicago and founded by Edgar Kaufmann Jr.,
curator of the Museum of Modern Art (MoMA) in New York.
Each of our collections, including those just presented at the
Milan Design Week 2025, is designed to offer the full versatility
of a project, allowing customization of sofas in terms of shape,
colors, and coverings. This makes us an ideal partner for
developing total living solutions for individual homes as well as
large-scale residential projects.
As in 2024, our collaborations with top design talents have
continued into 2025, including a renewed partnership with Karim
Rashid — the eclectic, Egyptian-born artist based in New York.
Rashid collaborated with us in 2024 on the ‘Memoria’ project, which
will be extended this year into a new bedroom collection.
Andrea Steidl, one of the most promising upcoming Italian design
talents, who collaborated with us in 2024 on the ‘Mirai’
collection, designed a revolutionary project aimed at re-imagining
the living space.
Mauro Lipparini, one of the most authoritative voices in the
Italian architectural scene and a long-time collaborator of
Natuzzi, has worked to strengthen our dining and living
collections.
Lastly, Marcantonio Malerba, a designer and artist known for
merging art, design, and nature into functional yet sculptural
pieces, has contributed to the development of a project with great
artistic sensitivity.
The launch of Natuzzi Harmony Residence marked a key milestone
in our strategic journey, confirming both its relevance and growth
potential. It also signaled our entry into the contract segment—an
area poised to become an increasingly important part of our overall
business.
We remain committed to investing in product innovation, digital
transformation, and operational excellence. Looking ahead, we are
confident in the long-term potential of our strategic vision. We
thank our team, partners, customers, and investors for their
continued support and trust—as we work together to build a strong
foundation for Natuzzi’s future success”.
Antonio Achille, CEO of the Group, commented: “In 2024, we
continued to invest in the Group’s future, confident in its
long-term potential. Our disciplined management approach is
reflected in the improvement in margins: in 2024, gross margin was
36.3%, improving 2 pp from 34.3% in 2023, and from 29.7% in 2019.
Excluding €4.5 million in non-recurring severance costs, our 2024
gross margin would have reached 37.7%, up from 36.3% in 2023 and
well above the 31.0% recorded in 2019. Notably, in the fourth
quarter of 2024, gross margin would have been 38.6% of revenues,
excluding workforce reduction costs.
A key driver of these results has been the ongoing streamlining
of our organizational structure, with a focus on cost optimization
across factories and offices, in Italy and internationally. In
2024, 638 employees exited the Group, partially offset by strategic
hires in retail, advertising, and merchandising. These reductions
mainly involved factory workers in China, and Italy, as well as
employees at the Group level. Since the beginning of 2021, we have
achieved a net reduction of 1,141 positions—representing a 26%
decrease. This workforce rebalancing is part of our broader
strategy to transition Natuzzi from a volume-driven to a
value-driven organization.
The commercial model we have been developing is proving highly
effective — it now integrates design, merchandising, retail, and
commercial execution into a single, data-driven platform that
provides execution guidelines for all our DTC channels: DOS, FOS,
and Galleries.
Our focus is now on scaling up our business. Future growth will
benefit from the increased efficiency of our operating platform -
this is the value creation equation we are working hard on.
The new trade tariffs introduced by the U.S. Administration
represent a challenge for the entire industry and for a company
like ours, with a long-standing commercial relationship with the
U.S. market.
The changes we made in the last quarter of 2024 to our
industrial allocation — dedicating the Quanjiao production to the
local market and transferring Natuzzi Editions production for the
US market from China to our European sites — anticipated the
introduction of new US import duties and are now proving coherent
with the evolving trade framework.
Thanks to our global manufacturing platform, we are
well-positioned to respond with flexibility to potential further
changes. In addition to Italy—where we primarily produce our
high-end branded collections—we operate manufacturing facilities in
Romania (with a surface of over 1 million square feet), China,
Vietnam, and Brazil. This diversified footprint enables us to
navigate the evolving tariff context by evaluating alternative
solutions that take into account tariffs, production costs, and
local expertise — with the goal of mitigating the impact of
geopolitical tensions on our clients and partners.
*****
2024 FULL YEAR
CONSOLIDATED REVENUE
Consolidated revenue for 2024 amounted to €318.8 million,
compared to €328.6 million in 2023. 2024 performance was impacted
by ongoing macroeconomic, geopolitical, and industry-specific
challenges, which continued to dampen consumer spending capacity
and delay purchases of durable goods. This led to a
lower-than-expected order intake in the second half of the year,
which adversely impacted invoiced sales, particularly in the fourth
quarter of 2024.
Excluding “other sales” of €8.3 million, 2024 invoiced sales
from upholstered and other home furnishings products amounted to
€310.5 million, compared to €319.8 million in 2023.
Revenues from upholstered and other home furnishings products
are hereafter described according to the main dimensions of the
Group’s business:
- A: Branded/Unbranded Business
- B: Key Markets
- C: Distribution
A. Branded/Unbranded business
The Group operates in the branded business (with Natuzzi Italia,
Natuzzi Editions and Divani&Divani by Natuzzi) and unbranded
business, the latter with collections dedicated to large-scale
distribution.
A1. Branded business. Within the branded business,
Natuzzi is pursuing a dual-brand strategy:
i) Natuzzi Italia, our luxury
furniture brand, offers products entirely designed and manufactured
in Italy and targets an affluent and more sophisticated global
consumer with a highly inspirational collection that is largely the
same across all our global stores to best represent our Brand.
Natuzzi Italia products are almost exclusively sold in mono-brand
stores (directly operated or franchises).
ii) Natuzzi Editions, our contemporary
collection, offers products entirely designed in Italy and produced
in different plants strategically located to best serve individual
markets (mainly China, Romania and Brazil). Natuzzi Editions
products are distributed in Italy under the brand
“Divani&Divani by Natuzzi”, which is manufactured in Italy to
shorten the lead time to serve the Italian market where the brand
is distributed. The store merchandising of Natuzzi Editions,
starting from a common collection, is tailored to best fit the
opportunities of each market. The Natuzzi Editions products are
sold primarily through galleries and selected mono-brand franchise
stores.
In 2024, Natuzzi’s branded invoiced sales amounted to €287.9
million, compared to €295.9 million in 2023.
The following is the contribution of each Brand in terms of
invoiced sales for 2024:
─ Natuzzi Italia invoiced sales amounted to €120.5
million, compared to €119.3 million in 2023.
─ Natuzzi Editions invoiced sales (including invoiced
sales from “Divani&Divani by Natuzzi”) amounted to €167.4
million, compared to €176.6 million in 2023.
Specifically, Natuzzi Editions invoiced sales were €133.3
million, compared to €143.3 million in 2023. Invoiced sales for
Divani&Divani by Natuzzi were €34.1 million, compared to €33.3
million in 2023.
The decrease in invoiced revenue for Natuzzi Editions, almost
entirely concentrated in 4Q 2024, partly reflects the industrial
reorganization carried out during the quarter. This included the
closure of the Shanghai plant, executed in parallel with the
ramp-up of our new facility in Quanjiao, as well as the relocation
of Natuzzi Editions production for the North American market to the
Group’s European sites.
A2. Unbranded business. Invoiced sales from our unbranded
business amounted to €22.6 million, compared to €23.9 million in
2023. The Company’s strategy is to focus on selected large accounts
and serve them with a more efficient go-to-market model.
B. Key Markets
Below is a breakdown of upholstery and home-furnishings invoiced
sales for 2024, compared to 2023, according to the following
geographic areas.
2024
2023
Delta €
Delta %
North America
98.2
95.4
2.8
3.0%
Greater China
22.7
26.5
(3.8)
(14.6%)
West & South Europe
100.9
104.7
(3.8)
(3.6%)
Emerging Markets
43.8
46.1
(2.3)
(4.8%)
Rest of the World*
44.9
47.1
(2.2)
(4.7%)
Total
310.5
319.8
(9.3)
(2.9%)
Figures in €/million, except
percentage.
*Include South and Central America, Rest
of APAC.
In North America, the sales increase is primarily driven by the
extension of the Natuzzi Italia DOS network in the U.S., which more
than counterbalanced the decrease in Natuzzi Editions sales.
In Greater China, the majority of the revenue decline is
attributed to Natuzzi Editions, partially reflecting the industrial
reorganization undertaken during the fourth quarter of 2024. This
included the closure of the Shanghai plant, which was executed in
parallel with the ramp-up of our new facility in Quanjiao. This
restructuring of our Asian operations initially led to temporary
production imbalances, resulting in lower invoiced sales in China,
particularly in the fourth quarter. Management is now focused on
ramping up capacity in China to properly support the local
market.
C. Distribution
During 2024, the Group distributed its branded collections in
107 countries, according to the following table.
Direct Retail
FOS
Total retail stores
(Dec. 31, 2024)
North America
22(1)
10
32
West & South Europe
30
100
130
Greater China
16(2)
282
298
Emerging Markets
─
77
77
Rest of the World
4
89
93
Total
72
558
630
(1) Included 3 DOS in the U.S. managed in
joint venture with a local partner. As the Natuzzi Group does not
exert full control in each of these DOS, we consolidate only the
sell-in from such DOS.
(2) All directly operated by our joint
venture in China. As the Natuzzi Group owns a 49% stake in the
joint venture and does not control it, we consolidate only the
sell-in from such DOS.
FOS = Franchise stores managed by
independent partners.
The Group also sells its branded products by means of 650
galleries (including 4 Natuzzi Italia and 9 Natuzzi Editions
‘Concessions’, i.e., store-in-store points of sale directly managed
by the Mexican subsidiary of the Group).
During 2024, the Group's invoiced sales from DOS and Concessions
operated by the Group, were €76.1 million, up 4.1% compared to
2023. This growth was primarily driven by the 14.6% increase in
sales from our US-based DOS, thanks to the gradual ramping up of
the DOS opened during the second half of 2023 (San Diego,
Manhasset, Houston, Atlanta) and in 2024 (Denver).
In 2024 we also closed 2 non-performing Natuzzi Italia stores, 1
in Zurich, Switzerland, and 1 in Madrid, Spain, as well as 1
Divani&Divani by Natuzzi store in the Milan area, Italy.
During 2024, invoiced sales from franchise stores (FOS)
amounted to €125.0 million, compared to €132.0 million in 2023,
mainly due to the decrease in Natuzzi Editions delivered sales as
explained above.
We continue executing our strategy to evolve into a
Brand/Retailer and improve the quality of our distribution network.
The weight of the invoiced sales generated by the retail network
(DOS, Concessions and FOS) on total upholstered and home
furnishings business in 2024 was 64.8% compared to 64.1% in 2023
and compared to 46.1% in 2019.
The Group also sells its products through the wholesale
channel, consisting primarily of Natuzzi-branded galleries in
multi-brand stores, as well as mass distributors selling mainly
unbranded products. During 2024, invoiced sales from the wholesale
channel amounted to €109.4 million, compared to €114.7 million in
2023.
GROSS MARGIN
In 2024, Gross margin was 36.3%, which compares to 34.3%
in 2023 and 29.7% in 2019, mainly due to a better brand and channel
mix, a more efficient consumption of raw materials, and despite the
decreased revenue compared to 2023.
Net of the (€4.5) million related to one-off severance costs
included in cost of sales, gross margin for 2024 would have
been 37.7%. This would compare to 36.3% in 2023 and 31.0% in 2019,
when we accounted for, respectively, (€6.3) million and (€5.1)
million of severance costs.
During 2024, consumption of raw materials was (36.0%) of
revenue, improving from (37.1%) in 2023.
During 2024, industrial labor cost was (€69.8) million, or
(21.9%) of revenue, compared to (€72.9) million, or (22.2%) of
revenue, in 2023. Labor cost includes (€4.5) million in one-off
severance-related expenses, primarily in China and Italy,
reflecting our ongoing efforts to optimize workforce levels across
the Group's facilities. In 2023, severance costs included in the
cost of labor were €6.3 million.
In 2024, we experienced labor costs increase in Romania, as part
of the Government plan to increase the minimum wage, then in Italy,
due to the renegotiation of national collective bargaining
agreements, and in China, following a government saving program
(compulsory also for employers) aimed at helping employees afford
housing.
OPERATING EXPENSES
During 2024, operating expenses, which includes selling
expenses, administrative expenses, other operating income/expenses,
and the impairment of trade receivables, totaled (€122.0) million,
or (38.3%) of revenue, compared to (€122.4) million, or (37.2%) of
revenue in 2023.
Lower invoiced sales in the period resulted in a less efficient
absorption of fixed costs.
In 2024, selling and administrative expenses were affected by
additional €1.5 million of fixed costs compared to 2023, mainly
related to the extension of the DOS network as well as closure of
non-performing stores.
During 2024, we accrued (€0.8) million, to reduce the number of
employees in Italy and in some of the Group’s subsidiaries.
During 2024, transportation costs as a percentage of revenue
decreased to (7.8%) from (8.0%) in 2023. However, in 4Q 2024, they
rose to (7.7%) from (7.2%) in 4Q 2023, primarily due to the Suez
Canal crisis, which required rerouting shipments from China and
Vietnam. To counter this inflationary pressure, the Company has
implemented freight surcharges starting in August 2024, included in
Revenue.
Selling expenses also include impairment losses for
non-financial assets related to our retail operations principally
in Europe, for a total of (€0.4) million, accounted for in the
fourth quarter of 2024.
Lastly, within “Other income”, in 2023 we benefitted from €2.2
million of extraordinary income mainly related to freight
surcharges. In 2024, the benefits of similar extraordinary income
were not significant.
NET FINANCE INCOME/(COSTS)
During 2024, the Company accounted for a total of (€8.8) million
of Net Finance costs, compared to a total of (€8.5) million of Net
Finance costs in 2023, mainly due to additional €0.7 million of
interest expenses on lease liabilities (within “Finance costs”), as
we increased the average number of DOS in 2024 compared to
2023.
2024 FOURTH QUARTER: KEY RESULTS
During 4Q 2024, the Company reported the following results:
- Total revenue of €74.9 million, compared to €84.1 million in 4Q
2023. The €9.2 million difference in invoiced revenue relates to a
€9.6 million decrease in Natuzzi Editions, mainly in North America
and China, partly reflecting the industrial reorganization carried
out during the quarter. This included the closure of the Shanghai
plant, executed in parallel with the ramp-up of our new facility in
Quanjiao, as well as the relocation of Natuzzi Editions production
for the North American market to European sites.
- We had a gross margin of 38.1% which compares to 30.1% in 4Q
2023 and 31.9% in 4Q 2019. Excluding (€0.4) million of one-off
severance-related costs to reduce workforce mainly at our Italian
and Chinese factories, 4Q 2024 gross margin would have been 38.6%,
which compares to 36.2% in 4Q 2023 and to 34.6% in 4Q 2019.
- Operating expenses, which include selling expenses,
administrative expenses, other operating income/expenses, and the
impairment of trade receivables, totaled (€31.2) million, or
(41.6%) of revenue, compared to (€32.6) million, or (38.8%) of
revenue in 4Q 2023. Lower invoiced sales in the period resulted in
a less efficient absorption of fixed costs, notwithstanding the
reduction in Euro terms.
- Depreciation and amortization, which include also the
depreciation charge of right-of-use assets related to the operating
leases and accounted for in the cost of sales, selling and
administrative expenses, amounted to €5.6 million in 4Q 2024,
compared to €5.8 million in 4Q 2023 and €7.4 million in 4Q
2019.
- In 4Q 2024 operating loss was (€2.6) million, which compares to
a loss of (€7.3) million in 4Q 2023, and a loss of (€3.0) million
in 4Q 2019. Net of the (€0.5) million of one-off severance costs,
4Q 2024 would have reported an operating loss of (€2.1)
million.
- Total Net Finance costs were (€1.4) million, compared to total
Net Finance costs of (€2.8) million in 4Q 2023, mainly as a result
of a €0.3 million increase in finance costs mainly due to interests
on lease contracts and third-party financing, and a €1.7 million
positive difference from net currency movements, mainly on trade
payables and receivables.
- We had a loss after tax for the period of (€3.9) million,
primarily driven by the factors outlined above. This compares to a
loss after tax of (€9.8) million in 4Q 2023 and to a loss after tax
of (€6.9) million in 4Q 2019.
CASH FLOW AND BALANCE SHEET
As of December 31, 2024, we held €20.3 million in cash, from
€33.6 million as of December 31, 2023, representing a decrease of
€13.3 million.
The difference in cash is determined as follows:
- Net cash provided by operating activities €1.7 million. Of
this, (€10.7) million to reduce workforce;
- Net cash used in investing in activities (€4.3) million;
- Net cash used in financing activities (€12.8) million;
- Effect of movements exchange rates on cash +€0.8 million;
- Net cash from increased bank-overdraft repayable on demand
+€1.3 million.
As of December 31, 2024, we had a net financial position before
lease liabilities (cash and cash equivalents minus long-term
borrowings minus bank overdraft and short-term borrowings minus
current portion of long-term borrowings) of (€21.7) million,
compared to (€6.6) million as of December 31, 2023, indicating a
deterioration of €15.1 million in the period.
*******
Natuzzi S.p.A. and Subsidiaries Unaudited consolidated
statement of profit or loss for the fourth quarter of 2024 and 2023
on the basis of IFRS-IAS (expressed in millions Euro, except as
otherwise indicated)
Fourth quarter ended on
Change Percentage of revenue 31-Dec-24
31-Dec-23 % 31-Dec-24 31-Dec-23 Revenue
74.9
84.1
-10.9
%
100.0
%
100.0
%
Cost of Sales
(46.4
)
(58.8
)
-21.0
%
-61.9
%
-69.9
%
Gross profit
28.5
25.4
12.5
%
38.1
%
30.1
%
Other income
1.0
1.1
1.3
%
1.3
%
Selling expenses
(23.0
)
(23.2
)
-0.8
%
-30.7
%
-27.5
%
Administrative expenses
(9.0
)
(10.4
)
-12.7
%
-12.1
%
-12.3
%
Impairment on trade receivables
0.0
0.1
0.0
%
0.1
%
Other expenses
(0.2
)
(0.3
)
-0.2
%
-0.3
%
Operating profit/(loss)
(2.6
)
(7.3
)
-3.5
%
-8.6
%
Finance income
0.2
0.2
0.3
%
0.3
%
Finance costs
(2.9
)
(2.6
)
-3.8
%
-3.1
%
Net exchange rate gains/(losses)
1.3
(0.5
)
1.7
%
-0.5
%
Net finance income/(costs)
(1.4
)
(2.8
)
-1.8
%
-3.4
%
Share of profit/(loss) of equity-method investees
0.3
0.5
0.4
%
0.6
%
Profit/(Loss) before tax
(3.7
)
(9.6
)
-5.0
%
-11.4
%
Income tax expense/(benefit)
(0.2
)
(0.2
)
-0.2
%
-0.3
%
Profit/(Loss) for the period
(3.9
)
(9.8
)
-5.2
%
-11.6
%
Profit/(Loss) attributable to: Owners of the Company
(3.3
)
(9.8
)
Non-controlling interests
(0.6
)
—
Natuzzi S.p.A. and Subsidiaries Unaudited
consolidated statement of profit or loss for the twelve months of
2024 and 2023 on the basis of IFRS-IAS (expressed in millions Euro,
except as otherwise indicated)
Twelve months ended on
Change Percentage of revenue 31-Dec-24
31-Dec-23 % 31-Dec-24 31-Dec-23 Revenue
318.8
328.6
-3.0
%
100.0
%
100.0
%
Cost of Sales
(203.1
)
(215.8
)
-5.9
%
-63.7
%
-65.7
%
Gross profit
115.7
112.9
2.5
%
36.3
%
34.3
%
Other income
4.8
7.1
1.5
%
2.2
%
Selling expenses
(90.2
)
(91.4
)
-1.3
%
-28.3
%
-27.8
%
Administrative expenses
(36.0
)
(37.6
)
-4.3
%
-11.3
%
-11.4
%
Impairment on trade receivables
(0.3
)
(0.0
)
-0.1
%
0.0
%
Other expenses
(0.3
)
(0.5
)
-0.1
%
-0.1
%
Operating profit/(loss)
(6.3
)
(9.5
)
-2.0
%
-2.9
%
Finance income
0.8
0.9
0.3
%
0.3
%
Finance costs
(10.2
)
(9.3
)
-3.2
%
-2.8
%
Net exchange rate gains/(losses)
0.6
(0.1
)
0.2
%
0.0
%
Net finance income/(costs)
(8.8
)
(8.5
)
-2.8
%
-2.6
%
Share of profit/(loss) of equity-method investees
0.4
2.9
0.1
%
0.9
%
Profit/(Loss) before tax
(14.7
)
(15.1
)
-4.6
%
-4.6
%
Income tax expense
(0.7
)
(1.1
)
-0.2
%
-0.3
%
Profit/(Loss) for the period
(15.4
)
(16.2
)
-4.8
%
-4.9
%
Profit/(Loss) attributable to: Owners of the Company
(15.2
)
(16.1
)
Non-controlling interests
(0.2
)
(0.1
)
Natuzzi S.p.A. and Subsidiaries Unaudited
consolidated statements of financial position (condensed)on the
basis of IFRS-IAS(Expressed in millions of Euro)
31-Dec-24 31-Dec-23 ASSETS Non-current assets
175.6
188.6
Current assets
143.4
149.7
TOTAL ASSETS
319.0
338.3
EQUITY AND LIABILITIES Equity attributable to Owners
of the Company
54.0
68.9
Non-controlling interests
4.2
4.3
Non-current liabilities
102.5
110.4
Current liabilities
158.3
154.7
TOTAL EQUITY AND LIABILITIES
319.0
338.3
Natuzzi S.p.A. and Subsidiaries Unaudited
consolidated statements of cash flows (condensed) (Expressed in
millions of Euro)
31-Dec-24 31-Dec-23 Net cash
provided by (used in) operating activities
1.7
3.2
Net cash provided by (used in) investing activities
(4.3
)
(7.9
)
Net cash provided by (used in) financing activities
(12.8
)
(15.7
)
Increase (decrease) in cash and cash equivalents
(15.4
)
(20.4
)
Cash and cash equivalents, beginning of the year
31.6
52.7
Effect of movements in exchange rates on cash held
0.8
(0.8
)
Cash and cash equivalents, end of the period
17.0
31.6
For the purpose of the statements of cash flow, cash and
cash equivalents comprise the following: (Expressed in millions
of Euro)
31-Dec-24 31-Dec-23 Cash and cash
equivalents in the statement of financial position
20.3
33.6
Bank overdrafts repayable on demand
(3.3
)
(2.0
)
Cash and cash equivalents in the statement of cash flows
17.0
31.6
CONFERENCE CALL
The Company will host a conference call on Thursday, April
24, 2025, at 12:00 p.m. (noon) U.S. Eastern time (6.00
p.m. Italy time, or 5.00 p.m. UK time) to discuss financial
information.
To join live the conference call, interested persons will need
to either:
i) dial-in the following number:
Toll/International: +1-412-717-9633, then passcode
39252103#,
or
ii) click on the following link:
https://www.c-meeting.com/web3/join/3PQUFXRW48XTKQ to join via
video. Participants also have the option to listen via phone after
registering to the link.
*****
CAUTIONARY STATEMENT CONCERNING
FORWARD-LOOKING STATEMENTS
Certain statements included in this press release constitute
forward-looking statements within the meaning of the safe harbor
provisions of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934, as amended. These
statements may be expressed in a variety of ways, including the use
of future or present tense language. Words such as “estimate,”
“forecast,” “project,” “anticipate,” “likely,” “target,” “expect,”
“intend,” “continue,” “seek,” “believe,” “plan,” “goal,” “could,”
“should,” “would,” “may,” “might,” “will,” “strategy,” “synergies,”
“opportunities,” “trends,” “ambition,” “objective,” “aim,”
“future,” “potentially,” “outlook” and words of similar meaning may
signify forward-looking statements. These statements involve
inherent risks and uncertainties, as well as other factors that may
be beyond our control. The Company cautions readers that a number
of important factors could cause actual results to differ
materially from those contained in any forward-looking statement.
Such factors include, but are not limited to: effects on the Group
from competition with other furniture producers, material changes
in consumer demand or preferences, significant economic
developments in the Group’s primary markets, the Group’s execution
of its reorganization plans for its manufacturing facilities,
significant changes in labor, material and other costs affecting
the construction of new plants, significant changes in the costs of
principal raw materials and in energy costs, significant exchange
rate movements or changes in the Group’s legal and regulatory
environment, including developments related to the Italian
Government’s investment incentive or similar programs, the
duration, severity and geographic spread of any public health
outbreaks (including the spread of any future epidemic), consumer
demand, our supply chain and the Company’s financial condition,
business operations and liquidity, the geopolitical tensions and
market uncertainties resulting from the ongoing armed conflict
between Russia and Ukraine and the Israel-Hamas war, the
inflationary environment and potential increases in interest rates,
as well as protectionist trade policies, tariffs and related
retaliatory measures. The Company cautions readers that the
foregoing list of important factors is not exhaustive. When relying
on forward-looking statements to make decisions with respect to the
Company, investors and others should carefully consider the
foregoing factors and other uncertainties and events. Additional
information about potential factors that could affect the Company’s
business and financial results is included in the Company’s filings
with the U.S. Securities and Exchange Commission, including the
Company’s most recent Annual Report on Form 20-F. The Company
undertakes no obligation to update any of the forward-looking
statements after the date of this press release.
Use of Non-GAAP Measures
This press release discusses Net Financial Position, which is a
non-IFRS measure used by management internally and constitutes a
non-GAAP financial measure defined in accordance with US Securities
and Exchange Commission rules and regulations. We believe that Net
Financial Position provides useful and relevant information
regarding our performance and our ability to assess our financial
performance and financial position.
About Natuzzi S.p.A.
Founded in 1959 by Pasquale Natuzzi, Natuzzi S.p.A. is one of
the most renowned brands in the production and distribution of
design and luxury furniture. As of December 31, 2024, Natuzzi
distributes its collections worldwide through a global retail
network of 630 monobrand stores and 650 galleries. Natuzzi products
embed the finest spirit of Italian design and the unique
craftmanship details of the “Made in Italy”, where a predominant
part of its production takes place. Natuzzi has been listed on the
New York Stock Exchange since May 13, 1993. Committed to social
responsibility and environmental sustainability, Natuzzi S.p.A. is
ISO 9001 and 14001 certified (Quality and Environment), ISO 45001
certified (Safety on the Workplace) and FSC® Chain of Custody, CoC
(FSC-C131540).
View source
version on businesswire.com: https://www.businesswire.com/news/home/20250423681473/en/
Natuzzi Investor Relations Piero Direnzo | tel. +39
080-8820-812 | pdirenzo@natuzzi.com Natuzzi Corporate
Communication Giancarlo Renna (Communication Manager) | tel.
+39. 342.3412261 | grenna@natuzzi.com Barbara Colapinto | tel. +39
331 6654275 | bcolapinto@natuzzi.com
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