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Industrie Natuzzi zu myNews hinzufügen Was ist das?
The Board of Directors of Natuzzi S.p.A. (NYSE:NTZ) ("Natuzzi” or "the Company”), the world leading manufacturer of leather-upholstered furniture, today announced the first quarter fiscal 2009 financial results.
First quarter 2009 Summary:
First Quarter Results
Natuzzi Group Net Sales during the first quarter of 2009 decreased 35,6% to €111,3 million as compared to the same quarter last year. Upholstery sales were € 96,9 million or 87,1% of net sales, compared to €153,7 million or 88,9% of total net sales in the first quarter of 2008. The contribution to the first quarter 2009 of upholstery net sales by geographic area was as follows: Europe 61,0%, Americas 30,4%, and rest of the world 8,6%.
For the first quarter of 2009 the Group reported a Gross Profit of €28,4 million, a decrease of 35,6% as compared to €44,1 million for the same quarter last year. Gross Profit in the first quarter of 2009 was 25,5% flat to the first quarter of 2008. The Gross Profit deleveraging was offset by lower purchasing and labor costs, indeed the total cost of sales decreased 35,6% passing from €128,7 million to €82,9 million in the first quarter of 2009. SG&A expense for the first quarter of 2009 declined 20% to € 45,0 million. Operating loss was €16,6 million in the first quarter of 2009 as compared to a loss of €12,1 million in the same period last year.
Net Group Result was a loss of €10,4 million as compared to a loss of €23,4 million for the same period of 2008.
Pasquale Natuzzi, Chairman and CEO, commented: "The furniture industry continues to be under pressure due to a challenging economic environment; as a result, we were unable to increase gross profit due to the decline in net sales although deleveraging was partially offset by a significant reduction in production costs. In the meantime, we continue, in line with our positive trend already started in the last quarter 2008, to make meaningful progress in certain initiatives to increase efficiencies and reduce costs in our business which should lead to significant operating margin expansion and a stronger cash position longer term.”
At the end of the first quarter 2009, stores worldwide totaled 323 (including Italsofa stores and Divani & Divani stores).
CASH AND SHAREHOLDERS EQUITY
The Natuzzi Group ended the first quarter of 2009 with no debit and a cash of €65 million representing an increase of approximately €18 million as compared to the end of 2008. Shareholder’s equity was €334,1 million.
The Company will host a conference call on Thursday, May 28, 2009 at 10:00 a.m. Eastern Time to discuss first quarter fiscal 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 online approximately 2 hours for a period of 30 days following the live call. To access the telephone replay, participants should dial (888) 203-1112 for domestic calls and (719) 457-0820 for international calls. The access code for the replay is: 2708040.
About Natuzzi
Founded in 1959 by Pasquale Natuzzi, Natuzzi S.p.A. designs and manufactures a broad collection of residential upholstered furniture. With 2008 year end consolidated revenues of EUR 666,0 million, 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.
| Natuzzi S.p.A. and Subsidiaries | |||||||||||||||
| Unaudited Consolidated Profit & Loss | |||||||||||||||
| for the quarter ended on March 31, 2009 on the basis of Italian GAAP | |||||||||||||||
| (expressed in millions Euro except for share data) | |||||||||||||||
| Three months ended on | Change | Percent of Sales | |||||||||||||
| 31 March 09 | 31 March 08 | % | 31 March 09 | 31 March 08 | |||||||||||
| Upholstery net sales | 96.9 | 153.7 | -37.0 | % | 87.1 | % | 88.9 | % | |||||||
| Other sales | 14.4 | 19.1 | -24.7 | % | 12.9 | % | 11.1 | % | |||||||
| Total Net Sales | 111.3 | 172.8 | -35.6 | % | 100.0 | % | 100.0 | % | |||||||
| Purchases | (43.1 | ) | (81.6 | ) | -47.2 | % | -38.7 | % | -47.2 | % | |||||
| Labor | (19.9 | ) | (28.9 | ) | -31.0 | % | -17.9 | % | -16.7 | % | |||||
| Third-party manufacturers | (3.5 | ) | (4.9 | ) | -28.3 | % | -3.2 | % | -2.8 | % | |||||
| Manufacturing costs | (9.1 | ) | (11.6 | ) | -21.5 | % | -8.2 | % | -6.7 | % | |||||
|
Net Inventories |
(7.2 | ) | (1.7 | ) | 332.4 | % | -6.5 | % | -1.0 | % | |||||
| Cost of Sales | (82.9 | ) | (128.7 | ) | -35.6 | % | -74.5 | % | -74.5 | % | |||||
| Gross Profit | 28.4 | 44.1 | -35.6 | % | 25.5 | % | 25.5 | % | |||||||
| Selling Expenses | (34.1 | ) | (44.9 | ) | -24.1 | % | -30.6 | % | -26.0 | % | |||||
| G&A Expenses | (10.9 | ) | (11.3 | ) | -3.8 | % | -9.8 | % | -6.5 | % | |||||
| Operating Income/(Loss) | (16.6 | ) | (12.1 | ) | -36.5 | % | -14.9 | % | -7.0 | % | |||||
| Other Income/(Cost), Net | 7.8 | (10.4 | ) | -175.3 | % | 7.0 | % | -6.0 | % | ||||||
| Earning before Income Taxes | (8.7 | ) | (22.5 | ) | 61.2 | % | -7.9 | % | -13.0 | % | |||||
| Current taxes | (1.6 | ) | (1.0 | ) | 55.9 | % | -1.4 | % | -0.6 | % | |||||
| Net result | (10.3 | ) | (23.5 | ) | 56.2 | % | -9.2 | % | -13.6 | % | |||||
| Minority interest | 0.1 | (0.1 | ) | -235.7 | % | ||||||||||
| Net Group Result | (10.4 | ) | (23.4 | ) | 55.8 | % | -9.3 | % | -13.6 | % | |||||
| Net Group Result per Share | (0.19 | ) | (0.43 | ) | |||||||||||
| Outstanding Shares | 54,824,277 | 54,824,277 | |||||||||||||
| Key Figures in U.S. dollars | Three months ended on | Change | Percent of Sales | ||||||||||||
| (millions) | 31 March 09 | 31 March 08 | % | 31 March 09 | 31 March 08 | ||||||||||
| Total Net Sales | 144.9 | 225.0 | -35.6 | % | 100.0 | % | 100.0 | % | |||||||
| Gross Profit | 37.0 | 57.4 | -35.6 | % | 25.5 | % | 25.5 | % | |||||||
| Operating Income (Loss) | (21.6 | ) | (15.8 | ) | -36.5 | % | -14.9 | % | -7.0 | % | |||||
| Net Group Result | (13.5 | ) | (30.5 | ) | 55.8 | % | -9.3 | % | -13.6 | % | |||||
| Net Group Result per Share | (0.2 | ) | (0.6 | ) | |||||||||||
|
Average exchange rate (U.S. $ per €) |
1.3020 | ||||||||||||||
| UPHOLSTERY NET SALES BREAKDOWN | ||||||||||||||||||||||||||
| Geographic breakdown | ||||||||||||||||||||||||||
| Net sales million euro | Net sales seats | |||||||||||||||||||||||||
|
31 March 09 |
31 March 08 |
Change % |
31 March 09 | 31 March 08 |
Change % |
|||||||||||||||||||||
| Americas | 29.4 | 30.4 | % | 49.6 | 32.3 | % | -40.7 | % | 159,803 | 38.7 | % | 307,881 | 42.8 | % | -48.1 | % | ||||||||||
| Natuzzi | 14.7 | 15.2 | % | 26.8 | 17.4 | % | -45.1 | % | 68,692 | 16.6 | % | 135,194 | 18.8 | % | -49.2 | % | ||||||||||
| Italsofa | 14.7 | 15.2 | % | 22.8 | 14.8 | % | -35.5 | % | 91,111 | 22.1 | % | 172,687 | 24.0 | % | -47.2 | % | ||||||||||
| Europe | 59.1 | 61.0 | % | 89.8 | 58.4 | % | -34.2 | % | 217,066 | 52.6 | % |
352,623 |
49.1 | % | -38.4 | % | ||||||||||
| Natuzzi | 33.4 | 34.5 | % | 49.9 | 32.5 | % | -33.1 | % | 83,613 | 20.3 | % | 142,507 | 19.8 | % | -41.3 | % | ||||||||||
| Italsofa | 25.7 | 26.6 | % | 39.9 | 26.0 | % | -35.5 | % | 133,452 | 32.3 | % | 210,116 | 29.2 | % | -36.5 | % | ||||||||||
| Rest of the world | 8.3 | 8.6 | % | 14.3 | 9.3 | % | -41.6 | % | 35,917 | 8.7 | % | 58,121 | 8.1 | % | -38.2 | % | ||||||||||
| Natuzzi | 5.0 | 5.1 | % | 9.5 | 6.2 | % | -47.7 | % | 13,268 | 3.2 | % | 27,184 | 3.8 | % | -51.2 | % | ||||||||||
| Italsofa | 3.4 | 3.5 | % | 4.8 | 3.1 | % | -29.5 | % | 22,649 | 5.5 | % | 30,937 | 4.3 | % | -26.8 | % | ||||||||||
| Total | 96.9 | 100.0 | % | 153.7 | 100.0 | % | -37.0 | % | 412,786 | 100.0 | % | 718,625 | 100.0 | % | -42.6 | % | ||||||||||
| Brands breakdown | ||||||||||||||||||||||||||
| Net sales million euro | Net sales seats | |||||||||||||||||||||||||
| 31 March 09 | 31 March 08 |
Change % |
|
31 March 09 | 31 March 08 |
Change % |
||||||||||||||||||||
| Natuzzi | 53.1 | 54.8 | % | 86.2 | 56.1 | % | -38.4 | % | 165,573 | 40.1 | % | 304,885 | 42.4 | % | -45.7 | % | ||||||||||
| Italsofa | 43.8 | 45.2 | % | 67.5 | 43.9 | % | -35.1 | % | 247,213 | 59.9 | % | 413,740 | 57.6 | % | -40.2 | % | ||||||||||
| Total | 96.9 | 100.0 | % | 153.7 | 100.0 | % | -37.0 | % | 412,785 | 100.0 | % | 718,625 | 100.0 | % | -42.6 | % | ||||||||||
| Natuzzi S.p.A. and Subsidiaries | ||||
| Unaudited Consolidated Balance Sheets | ||||
| (Expressed in millions of euro) | ||||
| ASSETS | 31 March 09 | 31 Dec 08 | ||
| Current assets: | ||||
| Cash and cash equivalents | 65.0 | 47.3 | ||
| Marketable debt securities | 0.0 | 0.0 | ||
| Trade receivables, net | 96.5 | 122.8 | ||
| Other receivables | 46.7 | 46.2 | ||
| Inventories | 84.8 | 92.0 | ||
| Unrealized foreign exchange gains | 1.0 | 4.7 | ||
| Prepaid expenses and accrued income | 1.8 | 1.3 | ||
| Deferred income taxes | 3.8 | 4.2 | ||
| Total current assets | 299.6 | 318.5 | ||
| Non current assets: | ||||
| Net property, plant and equipment | 206.9 | 211.8 | ||
| Other assets | 13.1 | 13.3 | ||
| Deferred income taxes | 0.2 | 0.2 | ||
| Total current assets | 220.1 | 225.3 | ||
| TOTAL ASSETS | 519.8 | 543.8 | ||
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||||
| Current liabilities: | ||||
| Short-term borrowings | 9.4 | 9.7 | ||
| Current portion of long-term debt | 0.7 | 0.5 | ||
| Accounts payable-trade | 58.1 | 68.6 | ||
| Accounts payable-other | 30.4 | 29.2 | ||
| Unrealized foreign exchange losses | 5.9 | 9.2 | ||
| Accounts payable-shareholders for dividends | 0.6 | 0.6 | ||
| Income taxes | 2.7 | 1.8 | ||
| Salaries, wages and related liabilities | 16.3 | 16.8 | ||
| Total current liabilities | 124.2 | 136.3 | ||
| Long-term liabilities: | ||||
| Employees' leaving entitlement | 31.7 | 31.7 | ||
| Long-term debt | 3.1 | 3.3 | ||
| Deferred income for capital grants | 11.9 | 12.1 | ||
| Other liabilities | 13.8 | 14.4 | ||
| Total current liabilities | 60.5 | 61.4 | ||
| Minority interest | 0.9 | 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 | 228.2 | 239.8 | ||
| Total shareholders' equity | 334.1 | 345.2 | ||
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 519.8 | 543.8 | ||
| Natuzzi S.p.A. and Subsidiaries | ||||||
| Unaudited Consolidated Statements of Cash Flows | ||||||
| (Expressed in million of euro) | ||||||
| 31 March 09 | 31 Dec 08 | |||||
| Cash flows from operating activities: | ||||||
| Net earnings (loss) | (10.4 | ) | (61.9 | ) | ||
| Adjustments to reconcile net income to net cash | ||||||
| provided by operating activities: | ||||||
| Depreciation and amortization | 7.2 | 30.5 | ||||
| Employees' leaving entitlement | 0.1 | (1.7 | ) | |||
| Deferred income taxes | 0.4 | (3.1 | ) | |||
| Minority interest | 0.1 | (0.4 | ) | |||
| (Gain) loss on disposal of assets | 0.0 | 2.1 | ||||
| Unrealized foreign exchange losses and gains | 0.5 | 5.4 | ||||
| Impairment of long lived assets | - | 5.3 | ||||
| Deferred income for capital grants | (0.2 | ) | (1.0 | ) | ||
| Change in assets and liabilities: | ||||||
| Receivables, net | 27.4 | (5.1 | ) | |||
| Inventories | 7.2 | 15.3 | ||||
| Prepaid expenses and accrued income | (0.5 | ) | 0.6 | |||
| Other assets | (0.5 | ) | 1.7 | |||
| Accounts payable | (10.5 | ) | (20.7 | ) | ||
| Income taxes | 0.9 | 0.2 | ||||
| Salaries, wages and related liabilities | (0.5 | ) | (0.7 | ) | ||
| Other liabilities | (2.0 | ) | 0.4 | |||
| Total adjustments | 29.5 | 28.9 | ||||
| Net cash provided by operating activities | 19.1 | (33.1 | ) | |||
| Cash flows from investing activities: | ||||||
| Property, plant and equipment: | ||||||
| Additions | (2.0 | ) | (15.2 | ) | ||
| Disposals | 0.0 | 0.2 | ||||
| Government grants received | - | 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 | (2.0 | ) | (12.5 | ) | ||
| Cash flows from financing activities: | ||||||
| Long-term debt: | ||||||
| Proceeds | - | 2.0 | ||||
| Repayments | - | (0.7 | ) | |||
| Short-term borrowings | (0.3 | ) | 2.1 | |||
| Capital injection | - | 0.5 | ||||
| Dividends paid to minority interests | - | - | ||||
| Net cash used in financing activities | (0.3 | ) | 4.0 | |||
| Effect of translation adjustments on cash | 0.9 | 1.4 | ||||
| Increase (decrease) in cash and cash equivalents | 17.7 | (40.2 | ) | |||
| Cash and cash equivalents, beginning of the year | 47.3 | 87.5 | ||||
| Cash and cash equivalents, end of the year | 65.0 | 47.3 | ||||
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28.05.12 | Natuzzi S.p.A. Announces First Quarter 2012 Consolidated Results (Businesswire) |
10.05.12 | Natuzzi Announces First Quarter 2012 Earnings Conference Call (Businesswire) |
01.05.12 | Natuzzi S.p.A. Files Form 20-F for FY 2010 with SEC (Businesswire) |
30.04.12 | General Shareholders? Meeting of Natuzzi S.p.A. (Businesswire) |
30.03.12 | Natuzzi S.p.A. Announces 2011 Consolidated Results (Businesswire) |
08.03.12 | Natuzzi Announces Fourth Quarter 2011 Earnings Conference Call (Businesswire) |
25.11.11 | Natuzzi S.p.A. Announces Its Nine Months and Third Quarter 2011 Financial Results (Businesswire) |
23.09.11 | Natuzzi S.p.A. Announces Its First Six Months and Second Quarter 2011 Financial Results (Businesswire) |
28.05.12 | Natuzzi S.p.A. Announces First Quarter 2012 Consolidated Results (Businesswire) |
10.05.12 | Natuzzi Announces First Quarter 2012 Earnings Conference Call (Businesswire) |
01.05.12 | Natuzzi S.p.A. Files Form 20-F for FY 2010 with SEC (Businesswire) |
30.04.12 | General Shareholders? Meeting of Natuzzi S.p.A. (Businesswire) |
30.03.12 | Natuzzi S.p.A. Announces 2011 Consolidated Results (Businesswire) |
08.03.12 | Natuzzi Announces Fourth Quarter 2011 Earnings Conference Call (Businesswire) |
25.11.11 | Natuzzi S.p.A. Announces Its Nine Months and Third Quarter 2011 Financial Results (Businesswire) |
23.09.11 | Natuzzi S.p.A. Announces Its First Six Months and Second Quarter 2011 Financial Results (Businesswire) |
| Keine Nachrichten im Zeitraum eines Jahres in dieser Kategorie verfügbar. Eventuell finden Sie Nachrichten, die älter als ein Jahr sind, im Archiv |
| Keine Nachrichten im Zeitraum eines Jahres in dieser Kategorie verfügbar. Eventuell finden Sie Nachrichten, die älter als ein Jahr sind, im Archiv |
| Keine Nachrichten im Zeitraum eines Jahres in dieser Kategorie verfügbar. Eventuell finden Sie Nachrichten, die älter als ein Jahr sind, im Archiv |
28.05.12 | Natuzzi S.p.A. Announces First Quarter 2012 Consolidated Results (Businesswire) |
10.05.12 | Natuzzi Announces First Quarter 2012 Earnings Conference Call (Businesswire) |
01.05.12 | Natuzzi S.p.A. Files Form 20-F for FY 2010 with SEC (Businesswire) |
30.04.12 | General Shareholders? Meeting of Natuzzi S.p.A. (Businesswire) |
30.03.12 | Natuzzi S.p.A. Announces 2011 Consolidated Results (Businesswire) |
08.03.12 | Natuzzi Announces Fourth Quarter 2011 Earnings Conference Call (Businesswire) |
25.11.11 | Natuzzi S.p.A. Announces Its Nine Months and Third Quarter 2011 Financial Results (Businesswire) |
23.09.11 | Natuzzi S.p.A. Announces Its First Six Months and Second Quarter 2011 Financial Results (Businesswire) |
| Keine Nachrichten im Zeitraum eines Jahres in dieser Kategorie verfügbar. Eventuell finden Sie Nachrichten, die älter als ein Jahr sind, im Archiv |
28.05.12 | Natuzzi S.p.A. Announces First Quarter 2012 Consolidated Results (Businesswire) |
10.05.12 | Natuzzi Announces First Quarter 2012 Earnings Conference Call (Businesswire) |
01.05.12 | Natuzzi S.p.A. Files Form 20-F for FY 2010 with SEC (Businesswire) |
30.04.12 | General Shareholders? Meeting of Natuzzi S.p.A. (Businesswire) |
30.03.12 | Natuzzi S.p.A. Announces 2011 Consolidated Results (Businesswire) |
08.03.12 | Natuzzi Announces Fourth Quarter 2011 Earnings Conference Call (Businesswire) |
25.11.11 | Natuzzi S.p.A. Announces Its Nine Months and Third Quarter 2011 Financial Results (Businesswire) |
23.09.11 | Natuzzi S.p.A. Announces Its First Six Months and Second Quarter 2011 Financial Results (Businesswire) |
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10.05.12 | Natuzzi Announces First Quarter 2012 Earnings Conference Call (Businesswire) |
28.05.12 | Natuzzi S.p.A. Announces First Quarter 2012 Consolidated Results (Businesswire) |
| Keine Nachrichten im Zeitraum eines Monats in dieser Kategorie verfügbar |
10.05.12 | Natuzzi Announces First Quarter 2012 Earnings Conference Call (Businesswire) |
28.05.12 | Natuzzi S.p.A. Announces First Quarter 2012 Consolidated Results (Businesswire) |
10.05.12 | Natuzzi Announces First Quarter 2012 Earnings Conference Call (Businesswire) |
28.05.12 | Natuzzi S.p.A. Announces First Quarter 2012 Consolidated Results (Businesswire) |
| Keine Nachrichten im Zeitraum eines Monats in dieser Kategorie verfügbar |
10.05.12 | Natuzzi Announces First Quarter 2012 Earnings Conference Call (Businesswire) |
28.05.12 | Natuzzi S.p.A. Announces First Quarter 2012 Consolidated Results (Businesswire) |
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