The Board of directors of Natuzzi S.p.A. (NYSE:NTZ) ("Natuzzi” or "the
Company”), a world leading manufacturer of leather-upholstered
furniture, today announced the financial results for the third quarter
and first nine months of 2009.
Third Quarter 2009 Summary:
-
Net Sales were €118.3 million as compared to €142.3 million in 3Q 2008;
-
Gross profit was € 47.5 million, an increase of 29.5% as compared to
€36.7 million for the same quarter last year;
-
Operating income was €2.8 million, compared to an operating loss of
€12,3 million in 3Q 2008; and
-
Net group loss was €0.9 million as compared to a loss of €16.2 million
for the same period of 2008.
Third Quarter Results
Natuzzi Group net sales during the third quarter of 2009 totaled
€118.3 million and decreased by 16.8% as compared to the same quarter of
last year. This decrease in sales was primarily due to the world-wide
economic recession that had a negative impact on the consumer sector.
Upholstery net sales were €102.9 million or 87.0% of total net sales,
compared to €125.1 million or 87.9% of total net sales in the third
quarter of 2008. The contribution to upholstery net sales by geographic
area was as follows: Europe 54.5%; Americas 32.6% and rest of the world
12.9%.
Gross profit totaled €47.5 million or 40.1% of net sales versus
25.8% in the same period of 2008. The significant improvement was the
result of internal restructuring processes and a reduction in raw
materials costs.
Pasquale Natuzzi, Chairman and CEO, commented: "Third quarter results
represent the second consecutive quarter during which we achieved
positive operating income, despite the unfavorable economic environment.
The restructuring and rationalization process continue to benefit our
results. During this time we set up various initiatives and processes
such as product standardization and innovation, improvement of the raw
material procurement and reduction in lead times”.
Mr. Natuzzi concluded, "I am confident that all of these activities will
continue to generate positive results.”
Nine months Results 2009
For the first nine months of 2009, net sales were €363.2 million,
a decrease of 24.9% as compared to €483.9 million in the first nine
months of 2008. Upholstery sales were €316.7 million (a decrease of
25.8%) as compared to €426.6 million in the first nine months of 2008.
The contribution of nine months upholstery net sales by geographic area
was as follows: Europe 59.2%; Americas 30.3% and rest of the world 10.5%.
In the first nine months of 2009 the Group reported a gross profit
of €126.3 million or 34.8% on total net sales versus 26.6% in the same
period of 2008. Operating loss was €12.6 million as compared to a
loss of € 29.5 million for the same period of 2008.
Net Group result for the first nine months 2009 shows a loss of
€15.2 million as compared to a loss of €42.1 million in the same period
of 2008.
Balance Sheet Highlights
The Natuzzi Group ended the third quarter of 2009 with cash of €70,4
million. The increase of €23.1 million in net cash as compared to
December, 31 2008 was mainly due to a reduction in working capital. Long
term debt totaled €6.0 million. Shareholder’s equity was €326.4 million
at the end of the third quarter.
The Company will host a conference call on Tuesday, November 24, 2009 at
10:00 a.m. Eastern Time to discuss third quarter and nine months 2009
financial results. A live web cast of the conference call will be
available online at http://www.natuzzi.com/
under the Investor Relations section. A replay will be made available
for a period of 30 days following the live call at 888-203-1112 in North
America and 719-457-0820 International; Pin Number 4291259.
About Natuzzi
Founded in 1959 by Pasquale Natuzzi, Natuzzi S.p.A. designs and
manufactures a broad collection of residential upholstered furniture.
With 2008 consolidated revenues of EUR 666,0 million on, Natuzzi is
Italy's largest furniture manufacturer. The Natuzzi group exports its
innovative high-quality sofas and armchairs to 123 markets on five
continents under two brands, Natuzzi and Italsofa.
Cutting-edge design, superior Italian craftsmanship, and advanced,
vertically integrated manufacturing operations underpin the Company's
market leadership.
Natuzzi S.p.A. has been listed on the New York Stock Exchange since May
1993. The Company is ISO 9001 and 14001 certified.
Forward looking statement
Statements in this press release other than statements of historical
fact are "forward-looking statements”. Forward–looking statements are
based on management’s current expectations and beliefs and therefore you
should not place undue reliance on them. These statements are subject to
a number of risks and uncertainties, including risks that may not be
subject to the Group’s control, that could cause actual results to
differ materially from those contained in any forward-looking statement.
These risks include, but are not limited to, fluctuations in exchange
rates, economic and weather factors affecting consumer spending,
competitive and regulatory environment, as well as other political,
economical and technological factors, and other risks identified from
time to time in the Group’s filings with the Securities and Exchange
Commission, particularly in the Group’s annual report on Form 20-F.
Forward looking statements speak as of the date they were made, and the
Group undertakes no obligation to update publicly any of them in light
of new information or future events.
Tables follow:
|
Natuzzi S.p.A. and Subsidiaries
|
|
Unaudited Consolidated Profit & Loss
|
|
for the quarter ended on September 30, 2009 on the basis of
Italian GAAP
|
|
(expressed in millions Euro except for share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended on
|
|
Change
|
|
Percent of Sales
|
|
|
30 September 09
|
|
30 September 08
|
|
%
|
|
30 September 09
|
|
30 September 08
|
|
|
|
|
|
|
|
|
|
|
|
|
Upholstery net sales
|
102.9
|
|
|
125.1
|
|
|
-17.7
|
%
|
|
87.0
|
%
|
|
87.9
|
%
|
|
Other sales
|
15.4
|
|
|
17.2
|
|
|
-10.4
|
%
|
|
13.0
|
%
|
|
12.1
|
%
|
|
Total Net Sales
|
118.3
|
|
|
142.3
|
|
|
-16.8
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchases
|
(47.9
|
)
|
|
(71.7
|
)
|
|
-33.2
|
%
|
|
-40.5
|
%
|
|
-50.4
|
%
|
|
Labor
|
(17.5
|
)
|
|
(21.7
|
)
|
|
-19.1
|
%
|
|
-14.8
|
%
|
|
-15.2
|
%
|
|
Third-party manufacturers
|
(0.8
|
)
|
|
(2.0
|
)
|
|
-59.6
|
%
|
|
-0.7
|
%
|
|
-1.4
|
%
|
|
Manufacturing costs
|
(9.7
|
)
|
|
(12.6
|
)
|
|
-23.5
|
%
|
|
-8.2
|
%
|
|
-8.9
|
%
|
|
Net Inventoris
|
5.1
|
|
|
2.4
|
|
|
110.2
|
%
|
|
4.3
|
%
|
|
1.7
|
%
|
|
Cost of Sales
|
(70.9
|
)
|
|
(105.6
|
)
|
|
-32.9
|
%
|
|
-59.9
|
%
|
|
-74.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Profit
|
47.5
|
|
|
36.7
|
|
|
29.5
|
%
|
|
40.1
|
%
|
|
25.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling Expenses
|
(33.6
|
)
|
|
(36.7
|
)
|
|
-8.6
|
%
|
|
-28.4
|
%
|
|
-25.8
|
%
|
|
G&A Expenses
|
(11.1
|
)
|
|
(12.2
|
)
|
|
-9.3
|
%
|
|
-9.3
|
%
|
|
-8.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income/(Loss)
|
2.8
|
|
|
(12.3
|
)
|
|
123.1
|
%
|
|
2.4
|
%
|
|
-8.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Income/(Cost), Net
|
(0.9
|
)
|
|
(4.2
|
)
|
|
-77.9
|
%
|
|
-0.8
|
%
|
|
-2.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Earning before Income Taxes
|
1.9
|
|
|
(16.4
|
)
|
|
111.7
|
%
|
|
1.6
|
%
|
|
-11.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Current taxes
|
(2.7
|
)
|
|
0.1
|
|
|
-2814.4
|
%
|
|
-2.3
|
%
|
|
0.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Net result
|
(0.8
|
)
|
|
(16.3
|
)
|
|
95.1
|
%
|
|
-0.7
|
%
|
|
-11.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Minority interest
|
0.1
|
|
|
(0.1
|
)
|
|
-243.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Group Result
|
(0.9
|
)
|
|
(16.2
|
)
|
|
94.2
|
%
|
|
-0.8
|
%
|
|
-11.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Group Result per Share
|
(0.02
|
)
|
|
(0.30
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding Shares
|
54,824,277
|
|
|
54,824,277
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Key Figures in U.S. dollars
|
Three months ended on
|
|
Change
|
|
Percent of Sales
|
|
(millions)
|
30 September 09
|
|
30 September 08
|
|
%
|
|
30 September 09
|
|
30 September 08
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Net Sales
|
169.4
|
|
|
203.6
|
|
|
-16.8
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Gross Profit
|
67.9
|
|
|
52.5
|
|
|
29.5
|
%
|
|
40.1
|
%
|
|
25.8
|
%
|
|
Operating Income (Loss)
|
4.1
|
|
|
(17.5
|
)
|
|
123.1
|
%
|
|
2.4
|
%
|
|
-8.6
|
%
|
|
Net Group Result
|
(1.4
|
)
|
|
(23.2
|
)
|
|
94.2
|
%
|
|
-0.8
|
%
|
|
-11.4
|
%
|
|
Net Group Result per Share
|
(0.0
|
)
|
|
(0.4
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average exchange rate (U.S.$ per €)
|
1.4311
|
|
|
|
|
|
|
|
|
|
|
UPHOLSTERY NET SALES BREAKDOWN
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Geographic breakdown
|
|
|
Net sales million euro
|
|
Net sales seats
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 months ended on
|
|
3 months ended on
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
30 September 09
|
|
30 September 08
|
|
Change %
|
|
30 September 09
|
|
30 September 08
|
|
Change %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas
|
33.6
|
32.6%
|
|
51.0
|
40.8%
|
|
-34.2%
|
|
197,506
|
43.3%
|
|
326,795
|
52.9%
|
|
-39.6%
|
|
Natuzzi
|
17.4
|
16.9%
|
|
22.9
|
18.3%
|
|
-24.0%
|
|
82,768
|
18.1%
|
|
115,139
|
18.6%
|
|
-28.1%
|
|
Italsofa
|
16.1
|
15.7%
|
|
28.1
|
22.5%
|
|
-42.5%
|
|
114,737
|
25.2%
|
|
211,655
|
34.3%
|
|
-45.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Europe
|
56.1
|
54.5%
|
|
60.1
|
48.1%
|
|
-6.8%
|
|
204,695
|
44.9%
|
|
227,741
|
36.9%
|
|
-10.1%
|
|
Natuzzi
|
34.0
|
33.0%
|
|
33.5
|
26.7%
|
|
1.6%
|
|
91,073
|
20.0%
|
|
83,888
|
13.6%
|
|
8.6%
|
|
Italsofa
|
22.1
|
21.4%
|
|
26.7
|
21.3%
|
|
-17.4%
|
|
113,622
|
24.9%
|
|
143,853
|
23.3%
|
|
-21.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rest of the world
|
13.3
|
12.9%
|
|
13.9
|
11.1%
|
|
-4.2%
|
|
53,861
|
11.8%
|
|
62,848
|
10.2%
|
|
-14.3%
|
|
Natuzzi
|
8.2
|
7.9%
|
|
8.2
|
6.5%
|
|
-0.1%
|
|
20,522
|
4.5%
|
|
22,619
|
3.7%
|
|
-9.3%
|
|
Italsofa
|
5.2
|
5.0%
|
|
5.7
|
4.6%
|
|
-10.0%
|
|
33,339
|
7.3%
|
|
40,230
|
6.5%
|
|
-17.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
102.9
|
100.0%
|
|
125.1
|
100.0%
|
|
-17.7%
|
|
456,061
|
100.0%
|
|
617,384
|
100.0%
|
|
-26.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brands breakdown
|
|
|
Net sales million euro
|
|
Net sales seats
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 months ended on
|
|
3 months ended on
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
30 September 09
|
|
30 September 08
|
|
Change %
|
|
30 September 09
|
|
30 September 08
|
|
Change %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natuzzi
|
59.6
|
57.9%
|
|
64.5
|
51.6%
|
|
-7.7%
|
|
194,363
|
42.6%
|
|
221,646
|
35.9%
|
|
-12.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Italsofa
|
43.4
|
42.1%
|
|
60.5
|
48.4%
|
|
-28.4%
|
|
261,698
|
57.4%
|
|
395,738
|
64.1%
|
|
-33.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
102.9
|
100.0%
|
|
125.1
|
100.0%
|
|
-17.7%
|
|
456,061
|
100.0%
|
|
617,384
|
100.0%
|
|
-26.1%
|
|
Natuzzi S.p.A. and Subsidiaries
|
|
Unaudited Consolidated Profit & Loss
|
|
for the quarter ended on September 30, 2009 on the basis of
Italian GAAP
|
|
(expressed in millions Euro except for share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended on
|
Change
|
|
Percent of Sales
|
|
|
30 September 09
|
|
30 September 08
|
%
|
|
30 September 09
|
|
30 September 08
|
|
|
|
|
|
|
|
|
|
|
|
Upholstery net sales
|
316.7
|
|
426.6
|
-25.8%
|
|
87.2%
|
|
88.2%
|
|
Other sales
|
46.5
|
|
57.2
|
-18.7%
|
|
12.8%
|
|
11.8%
|
|
Total Net Sales
|
363.2
|
|
483.9
|
-24.9%
|
|
100.0%
|
|
100.0%
|
|
|
|
|
|
|
|
|
|
|
|
Purchases
|
(141.7)
|
|
(227.6)
|
-37.7%
|
|
-39.0%
|
|
-47.0%
|
|
Labor
|
(57.7)
|
|
(77.0)
|
-25.0%
|
|
-15.9%
|
|
-15.9%
|
|
Third-party manufacturers
|
(2.7)
|
|
(6.9)
|
-61.0%
|
|
-0.7%
|
|
-1.4%
|
|
Manufacturing costs
|
(28.7)
|
|
(39.8)
|
-27.8%
|
|
-7.9%
|
|
-8.2%
|
|
Net Inventoris
|
(6.1)
|
|
(3.7)
|
64.2%
|
|
-1.7%
|
|
-0.8%
|
|
Cost of Sales
|
(236.9)
|
|
(355.0)
|
-33.3%
|
|
-65.2%
|
|
-73.4%
|
|
|
|
|
|
|
|
|
|
|
|
Gross Profit
|
126.3
|
|
128.9
|
-2.0%
|
|
34.8%
|
|
26.6%
|
|
|
|
|
|
|
|
|
|
|
|
Selling Expenses
|
(104.9)
|
|
(123.4)
|
-15.1%
|
|
-28.9%
|
|
-25.5%
|
|
G&A Expenses
|
(34.1)
|
|
(35.0)
|
-2.5%
|
|
-9.4%
|
|
-7.2%
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income/(Loss)
|
(12.6)
|
|
(29.5)
|
57.2%
|
|
-3.5%
|
|
-6.1%
|
|
|
|
|
|
|
|
|
|
|
|
Other Income/(Cost), Net
|
4.3
|
|
(10.5)
|
-140.7%
|
|
1.2%
|
|
-2.2%
|
|
|
|
|
|
|
|
|
|
|
|
Earning before Income Taxes
|
(8.3)
|
|
(40.1)
|
79.2%
|
|
-2.3%
|
|
-8.3%
|
|
|
|
|
|
|
|
|
|
|
|
Current taxes
|
(6.6)
|
|
(2.3)
|
186.0%
|
|
-1.8%
|
|
-0.5%
|
|
|
|
|
|
|
|
|
|
|
|
Net result
|
(14.9)
|
|
(42.4)
|
64.9%
|
|
-4.1%
|
|
-8.8%
|
|
|
|
|
|
|
|
|
|
|
|
Minority interest
|
0.3
|
|
(0.3)
|
-219.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Group Result
|
(15.2)
|
|
(42.1)
|
63.9%
|
|
-4.2%
|
|
-8.7%
|
|
|
|
|
|
|
|
|
|
|
|
Net Group Result per Share
|
(0.28)
|
|
(0.77)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding Shares
|
54,824,277
|
|
54,824,277
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Key Figures in U.S. dollars
|
Three months ended on
|
Change
|
|
Percent of Sales
|
|
(millions)
|
30 September 09
|
|
30 September 08
|
%
|
|
30 September 09
|
|
30 September 08
|
|
|
|
|
|
|
|
|
|
|
|
Total Net Sales
|
496.3
|
|
661.2
|
-24.9%
|
|
100.0%
|
|
100.0%
|
|
Gross Profit
|
172.6
|
|
176.1
|
-2.0%
|
|
34.8%
|
|
26.6%
|
|
Operating Income (Loss)
|
(17.3)
|
|
(40.3)
|
57.2%
|
|
-3.5%
|
|
-6.1%
|
|
Net Group Result
|
(20.7)
|
|
(57.5)
|
63.9%
|
|
-4.2%
|
|
-8.7%
|
|
Net Group Result per Share
|
(0.4)
|
|
(1.0)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average exchange rate (U.S.$ per €)
|
1.3664
|
|
|
|
|
|
|
|
|
UPHOLSTERY NET SALES BREAKDOWN
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Geographic breakdown
|
|
|
Net sales million euro
|
|
|
|
Net sales seats
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9 months ended on
|
|
|
|
9 months ended on
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
30 September 09
|
|
30 September 08
|
|
Change %
|
|
30 September 09
|
|
30 September 08
|
|
Change %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas
|
95.97
|
30.3%
|
|
145.9
|
34.2%
|
|
-34.2%
|
|
539,578
|
39.8%
|
|
920,085
|
46.2%
|
|
-41.4%
|
|
Natuzzi
|
49.34
|
15.6%
|
|
77.9
|
18.3%
|
|
-36.7%
|
|
228,469
|
16.8%
|
|
401,666
|
20.2%
|
|
-43.1%
|
|
Italsofa
|
46.63
|
14.7%
|
|
68.0
|
15.9%
|
|
-31.4%
|
|
311,109
|
22.9%
|
|
518,419
|
26.1%
|
|
-40.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Europe
|
187.41
|
59.2%
|
|
239.9
|
56.2%
|
|
-21.9%
|
|
678,913
|
50.1%
|
|
896,174
|
45.0%
|
|
-24.2%
|
|
Natuzzi
|
111.16
|
35.1%
|
|
141.7
|
33.2%
|
|
-21.6%
|
|
286,458
|
21.1%
|
|
366,188
|
18.4%
|
|
-21.8%
|
|
Italsofa
|
76.25
|
24.1%
|
|
98.1
|
23.0%
|
|
-22.3%
|
|
392,456
|
28.9%
|
|
529,986
|
26.6%
|
|
-25.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rest of the world
|
33.32
|
10.5%
|
|
40.9
|
9.6%
|
|
-18.5%
|
|
137,871
|
10.2%
|
|
173,343
|
8.7%
|
|
-20.5%
|
|
Natuzzi
|
19.76
|
6.2%
|
|
25.7
|
6.0%
|
|
-23.2%
|
|
50,723
|
3.7%
|
|
72,728
|
3.7%
|
|
-30.3%
|
|
Italsofa
|
13.56
|
4.3%
|
|
15.1
|
3.5%
|
|
-10.5%
|
|
87,148
|
6.4%
|
|
100,616
|
5.1%
|
|
-13.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
316.70
|
100.0%
|
|
426.6
|
100.0%
|
|
-25.8%
|
|
1,356,363
|
100.0%
|
|
1,989,602
|
100.0%
|
|
-31.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brands breakdown
|
|
|
Net sales million euro
|
|
Net sales seats
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9 months ended on
|
|
9 months ended on
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
30 September 09
|
|
30 September 08
|
|
Change %
|
|
30 September 09
|
|
30 September 08
|
|
Change %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natuzzi
|
180.3
|
56.9%
|
|
245.4
|
57.5%
|
|
-26.5%
|
|
565,650
|
41.7%
|
|
840,581
|
42.2%
|
|
-32.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Italsofa
|
136.4
|
43.1%
|
|
181.2
|
42.5%
|
|
-24.7%
|
|
790,713
|
58.3%
|
|
1,149,021
|
57.8%
|
|
-31.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
316.7
|
100.0%
|
|
426.6
|
100.0%
|
|
-25.8%
|
|
1,356,362
|
100.0%
|
|
1,989,602
|
100.0%
|
|
-31.8%
|
|
Natuzzi S.p.A. and Subsidiaries
|
|
Unaudited Consolidated Balance Sheets
|
|
(Expressed in millions of euro)
|
|
|
|
|
|
|
ASSETS
|
30 September 09
|
|
31 Dec 08
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
Cash and cash equivalents
|
70.4
|
|
47.3
|
|
Marketable debt securities
|
0.0
|
|
0.0
|
|
Trade receivables, net
|
93.9
|
|
122.8
|
|
Other receivables
|
49.8
|
|
46.2
|
|
Inventories
|
82.6
|
|
92.0
|
|
Unrealized foreign exchange gains
|
0.0
|
|
4.7
|
|
Prepaid expenses and accrued income
|
1.2
|
|
1.3
|
|
Deferred income taxes
|
2.4
|
|
4.2
|
|
|
|
|
|
|
Total current assets
|
300.4
|
|
318.5
|
|
|
|
|
|
|
Non current assets:
|
|
|
|
|
Net property, plant and equipment
|
196.4
|
|
211.8
|
|
Other assets
|
12.8
|
|
13.3
|
|
Deferred income taxes
|
0.2
|
|
0.2
|
|
Total current assets
|
209.3
|
|
225.3
|
|
|
|
|
|
|
TOTAL ASSETS
|
509.7
|
|
543.8
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
Short-term borrowings
|
8.3
|
|
9.7
|
|
Current portion of long-term debt
|
1.1
|
|
0.5
|
|
Accounts payable-trade
|
58.3
|
|
68.6
|
|
Accounts payable-other
|
28.9
|
|
29.2
|
|
Unrealized foreign exchange losses
|
1.3
|
|
9.2
|
|
Accounts payable-shareholders for dividends
|
0.0
|
|
0.6
|
|
Income taxes
|
2.0
|
|
1.8
|
|
Salaries, wages and related liabilities
|
17.3
|
|
16.8
|
|
|
|
|
|
|
Total current liabilities
|
117.2
|
|
136.3
|
|
|
|
|
|
|
Long-term liabilities:
|
|
|
|
|
Employees' leaving entitlement
|
30.2
|
|
31.7
|
|
Long-term debt
|
6.0
|
|
3.3
|
|
Deferred income for capital grants
|
11.3
|
|
12.1
|
|
Other liabilities
|
16.8
|
|
14.4
|
|
|
|
|
|
|
Total current liabilities
|
64.4
|
|
61.4
|
|
|
|
|
|
|
Minority interest
|
1.7
|
|
0.8
|
|
|
|
|
|
|
Shareholders' equity:
|
|
|
|
|
Share capital
|
54.9
|
|
54.9
|
|
Reserves
|
42.8
|
|
42.3
|
|
Additional paid-in capital
|
8.3
|
|
8.3
|
|
Retained earnings
|
220.5
|
|
239.8
|
|
|
|
|
|
|
Total shareholders' equity
|
326.4
|
|
345.2
|
|
|
|
|
|
|
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
|
509.7
|
|
543.8
|
|
|
|
|
|
|
Natuzzi S.p.A. and Subsidiaries
|
|
Unaudited Consolidated Statements of Cash Flows
|
|
|
|
|
|
|
(Expressed in million of euro)
|
|
|
|
|
|
30 September 09
|
|
31 Dec 08
|
|
Cash flows from operating activities:
|
|
|
|
|
Net earnings (loss)
|
(15.2
|
)
|
|
(61.9
|
)
|
|
|
|
|
|
|
Adjustments to reconcile net income to net cash
|
|
|
|
|
provided by operating activities:
|
|
|
|
|
Depreciation and amortization
|
20.7
|
|
|
30.5
|
|
|
Employees' leaving entitlement
|
(1.5
|
)
|
|
(1.7
|
)
|
|
Deferred income taxes
|
1.8
|
|
|
(3.1
|
)
|
|
Minority interest
|
0.3
|
|
|
(0.4
|
)
|
|
(Gain) loss on disposal of assets
|
(0.2
|
)
|
|
2.1
|
|
|
Unrealized foreign exchange losses and gains
|
(3.2
|
)
|
|
5.4
|
|
|
Impairment of long lived assets
|
-
|
|
|
5.3
|
|
|
Deferred income for capital grants
|
(0.7
|
)
|
|
(1.0
|
)
|
|
|
|
|
|
|
Change in assets and liabilities:
|
|
|
|
|
Receivables, net
|
28.8
|
|
|
(5.1
|
)
|
|
Inventories
|
9.4
|
|
|
15.3
|
|
|
Prepaid expenses and accrued income
|
0.1
|
|
|
0.6
|
|
|
Other assets
|
(3.6
|
)
|
|
1.7
|
|
|
Accounts payable
|
(10.3
|
)
|
|
(20.7
|
)
|
|
Income taxes
|
0.2
|
|
|
0.2
|
|
|
Salaries, wages and related liabilities
|
0.5
|
|
|
(0.7
|
)
|
|
Other liabilities
|
(1.3
|
)
|
|
0.4
|
|
|
|
|
|
|
|
Total adjustments
|
41.1
|
|
|
28.9
|
|
|
|
|
|
|
|
Net cash provided by operating activities
|
26.0
|
|
|
(33.1
|
)
|
|
|
|
|
|
|
Cash flows from investing activities:
|
|
|
|
|
Property, plant and equipment:
|
|
|
|
|
Additions
|
(6.2
|
)
|
|
(15.2
|
)
|
|
Disposals
|
0.1
|
|
|
0.2
|
|
|
Government grants received
|
1.9
|
|
|
1.4
|
|
|
Marketable debt securities:
|
|
|
|
|
Proceeds from sales
|
-
|
|
|
-
|
|
|
Purchase of business, net of cash acquired
|
-
|
|
|
-
|
|
|
Disposal of business
|
-
|
|
|
1.1
|
|
|
|
|
|
|
|
Net cash used in investing activities
|
(4.2
|
)
|
|
(12.5
|
)
|
|
|
|
|
|
|
Cash flows from financing activities:
|
|
|
|
|
Long-term debt:
|
|
|
|
|
Proceeds
|
3.9
|
|
|
2.0
|
|
|
Repayments
|
(0.5
|
)
|
|
(0.7
|
)
|
|
Short-term borrowings
|
(1.4
|
)
|
|
2.1
|
|
|
Capital injection
|
-
|
|
|
0.5
|
|
|
Dividends paid to minority interests
|
-
|
|
|
-
|
|
|
|
|
|
|
|
Net cash used in financing activities
|
2.0
|
|
|
4.0
|
|
|
|
|
|
|
|
Effect of translation adjustments on cash
|
(0.6
|
)
|
|
1.4
|
|
|
|
|
|
|
|
Increase (decrease) in cash and cash equivalents
|
23.1
|
|
|
(40.2
|
)
|
|
|
|
|
|
|
Cash and cash equivalents, beginning of the year
|
47.3
|
|
|
87.5
|
|
|
|
|
|
|
|
Cash and cash equivalents, end of the year
|
70.4
|
|
|
47.3
|
|