Improving Trend Confirmed
- Total Net Sales up 12.6% over Fourth Quarter 2013
- Other SG&A as Percentage of Net Sales Down by 3.8 P.P. against
Fourth Quarter 2013
- Quarterly Operating Loss Fell by 7.6%
- Quarterly Net Loss Almost Halved (-48.1%)
- Positive Net Financial Position at €2.8 Million (from +€0.2 Million
as of September 30, 2014), after €11 Million of Extraordinary Cash-out
Following the Lay–off of 429 Italian Workers in 2014 Fourth Quarter
- Trend Confirmed in the First Months of 2015
Company Website:
http://www.natuzzi.com
SANTERAMO IN COLLE, Italy -- (Business Wire)
The Board of Directors of Natuzzi S.p.A. (NYSE:NTZ) (“Natuzzi” or the
“Company”) has approved its consolidated financial results for the
fourth quarter and full year 2014.
After the meeting of the Board of Directors, the Chief Executive
Officer, Pasquale Natuzzi, commented: “Our fourth quarter 2014
results confirm the improving trend in the Group’s main indicators.
Total net sales during the quarter were equal to €138.6 million, up
12.6% from fourth quarter 2013.
The corrective measures introduced in the second half of 2014 as a
means to recover efficiency in our industrial plants have allowed the
Group to gradually improve quarterly industrial margins.
We have also been successful in lowering our fixed (other) SG&Aexpenses, which fell to 17.7% of net sales in the fourth quarter 2014
from 21.5% of net sales in the fourth quarter 2013.
As a result of higher net sales and the cost-cutting measures
described above, quarterly operating results(-€8.7 million)
recorded a 7.6% improvement over fourth quarter 2013.
This improvement in our overall financial results is even more
significant if we consider the progression of the above-mentioned items
over the last four quarters, as set forth in the following table:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| | | |
|
|
| 1Q2014 |
|
| 2Q2014 |
|
| 3Q2014 |
|
| 4Q2014 |
| | | | |
| | | | Total net sales* |
|
|
-11.2%
|
|
|
-1.2%
|
|
|
+8.2%
|
|
|
+12.6%
|
| | | | |
| | | | COGS** |
|
|
-71.5%
|
|
|
-74.2%
|
|
|
-72.1%
|
|
|
-71.2%
|
| | | | |
| | | | Other SG&A** |
|
|
-21.8%
|
|
|
-20.9%
|
|
|
-18.2%
|
|
|
-17.7%
|
| | | | |
| | | | EBIT** |
|
|
-9.6%
|
|
|
-9.7%
|
|
|
-7.0%
|
|
|
-6.3%
|
| | | | |
| | | | * quarterly percentage change in net sales oversame
quarter in 2013 |
| | | | |
| | | | ** percentage of net sales
| | | | | |
| | | | | | | | |
|
| | | | | | | | |
|
In 2014, turnover increased by 2.7% (to €461.4 million), yet EBITDA
was equal to -€22.7 million from -€15.8 million. These results were
mainly the consequence of two main factors:
1. |
| inefficiencies experienced during the first part of last year
within our Chinese plant following the introduction of radical
changes to our manufacturing process. While these changes have led
to steadily improving production trends through the first months
of 2015, they contributed to an additional €5.2 million in cost of
sales in 2014. This was due to the adoption of what we believe
were certain one-off extraordinary measures that were necessary in
order to meet agreed delivery times and not compromise our
customer service. |
|
2. | | low productivity in our Italian plants, due to the staffing of
workers on a rotational basis as required by the October 2013
agreement. In March 2015, we entered into a new agreement, which
has allowed us to stabilize our workforce, and that should result
in improvements in productivity. |
| |
|
| |
|
In the meantime, we have been carrying on with the innovation program
as envisaged by the Group’s transformation plan:
i) |
| the re-engineering of our best-selling models, was completed by
the year end; | |
|
|
ii) | | we have reduced the number of models by 25% and the number of
coverings by 38%; | |
|
|
iii) | | as for innovations in industrial processes, we have developed
and tested in our experimental plant located in Matera a new
integrated production cycle and production planning software.
First tests results are very encouraging. | |
| | |
|
| | |
|
In 2014 sales activity was characterized by a positive development in
late spring, as a result of the overall review of our product
collections and their presentations in the main world fairs (Milan,
Guangzhou, High Point).
2014 overall order intake was up +6.8% (€436.5 million in 2014 vs
€408.8 million in 2013), thanks to the renewed product collection. It is
quite important to notice that we have been able to consistently improve
our average sell-in price.
From a geographical standpoint, whilst the North American market
showedpositive sales growth, European sales continued to
slowdown. Asia Pacific presented mixed results with positive and
consistent growth in China, also due to the opening of 49 new stores.
In 2014 we acquired a significant number of European key customers.
Following the recent trend in currency dynamics, and thanks to the
Group’s industrial presence in Romania, Natuzzi can take further
advantage within the European market versus Asian exporters.
We expect the improving trend in our industrial operations that has
started during the second part of 2014 to continue into 2015.”
----------------------------------------------
The Company will host a conference call on
Monday March 30, 2015 at 10:00 a.m. U.S. Eastern Time (4.00
p.m. Italian time, or 3.00 p.m. UK time) to discuss financial results.
The dial-in phone numbers for the live conference call are
1-888-437-9445 (toll-free) for persons calling from the U.S. or Canada,
and 1-719-325-2315 for those calling from other countries.
----------------------------------------------
CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS
Certain statements set forth 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, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended. These
statements involve risks and uncertainties that could cause Natuzzi’s
actual results to differ materially from those stated or implied by such
forward-looking statements. More information about the potential factors
that could affect the Company’s business and financial results is
included in Natuzzi’s filings with the Securities and Exchange
Commission, including the Company’s Annual Report on Form 20-F for the
year ended December 31, 2013. Natuzzi undertakes no obligation to update
any of the forward-looking statements after the date of this press
release.
----------------------------------------------
About Natuzzi S.p.A.
Founded in 1959 by Pasquale Natuzzi, Natuzzi S.p.A. designs,
manufactures and sells a broad collection of couches, armchairs, home
furniture and home accessories. With consolidated revenues of €461.4
million in 2014, Natuzzi is Italy’s largest furniture house and the
player with the greatest global reach in its sector, with eight
manufacturing plants, twelve commercial offices and more than 1,100
points of sale worldwide. Ethics and social responsibility, innovation,
industrial know-how and integrated management of its value chain
represent the points of strength that have made the Natuzzi Group a
market leader and established Natuzzi as the most recognized furniture
brand in the world among consumers of luxury goods. Natuzzi S.p.A. has
been listed on the New York Stock Exchange since May 1993. The Company
is ISO 9001 and 14001 certified.
|
|
|
|
Natuzzi S.p.A. and Subsidiaries | |
Unaudited Consolidated Profit & Loss for the fourth quarter 2014
& 2013 on the basis of Italian GAAP | |
(expressed in millions Euro, except per share amounts) | |
|
|
| |
| |
| |
|
| |
| | |
| | | Three months ended on | | Change | | | Percentage of Sales | |
|
|
| 31-Dec-14 |
| 31-Dec-13 |
| % |
|
| 31-Dec-14 |
| 31-Dec-13 | |
| | | | | | | | | | | | |
|
Upholstery net sales
| | |
120.9
| |
108.6
| |
11.3%
| | |
87.2%
| |
88.2%
| |
Other sales
|
|
|
17.8
|
|
14.6
|
|
22.0%
|
|
|
12.8%
|
|
11.8%
| |
Total Net Sales |
|
| 138.6 |
| 123.2 |
| 12.6% |
|
| 100.0% |
| 100.0% | |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Cost of Sales |
|
| (98.7) |
| (85.0) |
| 16.1% |
|
| -71.2% |
| -69.0% | |
of which: Depreciation, Amortization |
|
| (2.3) |
| (2.7) |
|
-16.0%
|
|
| -1.6% |
| -2.2% | |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Industrial Margin |
|
| 40.0 |
| 38.2 |
| 4.7% |
|
| 28.8% |
| 31.0% | |
| | | | | | | | | | | | |
|
Selling Expenses | | | (24.2) | | (21.1) | | 14.4% | | | -17.4% | | -17.2% | |
Transportation | | | (14.5) | | (12.2) | | 19.0% | | | -10.5% | | -9.9% | |
Commissions | | | (2.4) | | (2.4) | | 1.6% | | | -1.8% | | -2.0% | |
Advertising | | | (7.2) | | (6.5) | | 10.5% | | | -5.2% | | -5.3% | |
| | | | | | | | | | | | |
|
Other Selling and G&A | | | (24.5) | | (26.5) | | -7.4% | | | -17.7% | | -21.5% | |
of which: Depreciation, Amortization |
|
| (1.3) |
| (1.6) |
|
-16.0%
|
|
| -1.0% |
| -1.3% | |
EBITDA |
|
| (5.1) |
| (5.2) |
| -0.7% |
|
| -3.7% |
| -4.2% | |
|
|
|
|
|
|
|
|
|
|
|
|
| |
EBIT |
|
| (8.7) |
| (9.4) |
| -7.6% |
|
| -6.3% |
| -7.6% | |
| | | | | | | | | | | | |
|
Interest Income/(Costs), Net
| | |
(0.9)
| |
(0.2)
| | | | | | | | |
Foreign Exchange, Net
| | |
(2.0)
| |
(1.1)
| | | | | | | | |
Other Income/(Cost), Net
|
|
|
(3.2)
|
|
(18.2)
|
|
|
|
|
|
|
| |
Earning before Income Taxes |
|
| (14.8) |
| (29.0) |
|
|
|
| -10.7% |
| -23.5% | |
| | | | | | | | | | | | |
|
Current taxes
| | |
(0.6)
| |
(0.7)
| | | | |
-0.4%
| |
-0.6%
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net Result |
|
| (15.4) |
| (29.7) |
|
|
|
| -11.1% |
| -24.1% | |
| | | | | | | | | | | | |
|
Minority interest
| | |
(0.0)
| |
(0.0)
| | | | | | | | |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net Group Result |
|
| (15.4) |
| (29.7) |
|
|
|
| -11.1% |
| -24.1% | |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net Group Result per Share |
|
| (0.28) |
| (0.54) |
|
|
|
|
|
|
| |
| | | | | | | | | | | | |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Key Figures in U.S. dollars | | | Three months ended on | | Change | | | Percentage of Sales | |
(millions) |
|
| 31-Dec-14 |
| 31-Dec-13 |
| % |
|
| 31-Dec-14 |
| 31-Dec-13 | |
| | | | | | | | | | | | |
|
Total Net Sales | | | 173.1 | |
153.8
| | 12.6% | | | 100.0% | | 100.0% | |
Industrial Margin | | | 49.9 | |
47.7
| | 4.7% | | | 28.8% | | 31.0% | |
EBIT | | | (10.9) | |
(11.8)
| | | | | -6.3% | | -7.6% | |
Net Group Result | | | (19.2) | |
(37.1)
| | | | | -11.1% | | -24.1% | |
Net Group Result per Share | | | (0.35) | |
(0.68)
| | | | | | | | |
| | | | | | | | | | | | |
|
Average exchange rate (U.S.$ per 1€) |
|
| 1.2488 |
|
|
|
|
|
|
|
|
| |
|
| | |
| | |
|
| | UPHOLSTERY NET SALES BREAKDOWN | |
| |
GEOGRAPHIC BREAKDOWN
| |
| | NET SALES (in €, million) |
|
| NET SALES (in seats sold) | |
| | Three months ended on | | | Three months ended on | |
| | |
| |
| |
| |
| | | | |
| |
| |
| |
| | |
AREA | | 31-Dec-14 |
| % | | 31-Dec-13 |
| % | | delta | | | 31-Dec-14 |
| % | | 31-Dec-13 |
| % | | delta | |
Americas | | 54.6 |
| 45.2% | | 39.4 |
| 36.3% | | 38.5% | | | 266,182 |
| 54.9% | | 200,557 |
| 45.1% | | 32.7% | |
Natuzzi
| |
27.3
| |
22.6%
| |
25.2
| |
23.2%
| |
8.6%
| | |
101,079
| |
20.8%
| |
107,196
| |
24.1%
| |
-5.7%
| |
Private label
| |
27.2
|
|
22.5%
| |
14.2
|
|
13.1%
| |
91.5%
| | |
165,103
|
|
34.0%
| |
93,361
|
|
21.0%
| |
76.8%
| |
| | | | | | | | | | | | | | | | | | | | | |
|
EMEA | | 50.1 |
| 41.5% | | 54.4 |
| 50.1% | | -7.8% | | | 170,312 |
| 35.1% | | 196,273 |
| 44.2% | | -13.2% | |
Natuzzi
| |
34.1
| |
28.3%
| |
42.9
| |
39.5%
| |
-20.4%
| | |
87,873
| |
18.1%
| |
125,531
| |
28.2%
| |
-30.0%
| |
Private label
| |
16.0
|
|
13.2%
| |
11.5
|
|
10.6%
| |
39.5%
| | |
82,439
|
|
17.0%
| |
70,743
|
|
15.9%
| |
16.5%
| |
| | | | | | | | | | | | | | | | | | | | | |
|
Asia-Pacific | | 16.1 |
| 13.4% | | 14.8 |
| 13.7% | | 8.9% | | | 48,585 |
| 10.0% | | 47,655 |
| 10.7% | | 2.0% | |
Natuzzi
| |
12.8
| |
10.6%
| |
13.9
| |
12.8%
| |
-7.6%
| | |
25,471
| |
5.3%
| |
40,767
| |
9.2%
| |
-37.5%
| |
Private label
| |
3.3
|
|
2.7%
| |
0.9
|
|
0.9%
| |
252.8%
| | |
23,114
|
|
4.8%
| |
6,888
|
|
1.5%
| |
235.6%
| |
| |
|
|
| |
|
|
| |
| | |
|
|
| |
|
|
| |
| |
TOTAL | | 120.9 |
| 100.0% | | 108.6 |
| 100.0% | | 11.3% | | | 485,079 |
| 100.0% | | 444,485 |
| 100.0% | | 9.1% | |
| | | | | | | | | | | | | | | | | | | | | |
|
| | BREAKDOWN BY BRAND | |
| | NET SALES (in €, million) | | | NET SALES (in seats sold) | |
| | Three months ended on | | | Three months ended on | |
| | | | | | | | | | | | | | | | | | | | | |
|
BRAND | | 31-Dec-14 |
| % | | 31-Dec-13 |
| % | | delta | | | 31-Dec-14 |
| % | | 31-Dec-13 |
| % | | delta | |
Natuzzi
| |
74.3
| |
61.5%
| |
82.0
| |
75.5%
| |
-9.4%
| | |
214,423
| |
44.2%
| |
273,494
| |
61.5%
| |
-21.6%
| |
Private label
| |
46.6
|
|
38.5%
| |
26.6
|
|
24.5%
| |
74.9%
| | |
270,656
|
|
55.8%
| |
170,991
|
|
38.5%
| |
58.3%
| |
TOTAL | | 120.9 |
| 100.0% | | 108.6 |
| 100.0% | | 11.3% | | | 485,079 |
| 100.0% | | 444,485 |
| 100.0% | | 9.1% | |
| | | | | | | | | | | | | | | | | | | | | |
|
The "Natuzzi" brand includes the Group's three lines
of product: Natuzzi Italia, Natuzzi Editions and Natuzi Re-Vive | |
|
|
|
|
Natuzzi S.p.A. and Subsidiaries | |
Unaudited Consolidated Profit & Loss for 2014 & 2013 on the basis
of Italian GAAP | |
(expressed in millions Euro, except per share amounts) | |
|
|
| |
| |
| |
|
| |
| | |
| | | Twelve months ended on | | Change | | | Percentage of Sales | |
|
|
| 31-Dec-14 |
| 31-Dec-13 |
| % |
|
| 31-Dec-14 |
| 31-Dec-13 | |
| | | | | | | | | | | | |
|
Upholstery net sales
| | |
409.1
| |
402.8
| |
1.6%
| | |
88.7%
| |
89.7%
| |
Other sales
|
|
|
52.3
|
|
46.3
|
|
13.0%
|
|
|
11.3%
|
|
10.3%
| |
Total Net Sales |
|
| 461.4 |
| 449.1 |
| 2.7% |
|
| 100.0% |
| 100.0% | |
| | | | | | | | | | | | |
|
Consumption (*)
| | |
(218.0)
| |
(209.3)
| |
4.1%
| | |
-47.2%
| |
-46.6%
| |
Labor
| | |
(85.0)
| |
(79.1)
| |
7.4%
| | |
-18.4%
| |
-17.6%
| |
Industrial Costs
| | |
(30.2)
| |
(28.9)
| |
4.6%
| | |
-6.6%
| |
-6.4%
| |
of which: Depreciation, Amortization |
|
| (9.7) |
| (10.3) |
|
-5.9%
|
|
| -2.1% |
| -2.3% | |
Cost of Sales |
|
| (333.2) |
| (317.3) |
| 5.0% |
|
| -72.2% |
| -70.7% | |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Industrial Margin |
|
| 128.2 |
| 131.8 |
| -2.7% |
|
| 27.8% |
| 29.3% | |
| | | | | | | | | | | | |
|
Selling Expenses | | | (75.3) | | (70.8) | | 6.4% | | | -16.3% | | -15.8% | |
Transportation | | | (48.3) | | (45.6) | | 5.8% | | | -10.5% | | -10.2% | |
Commissions | | | (9.1) | | (9.0) | | 1.2% | | | -2.0% | | -2.0% | |
Advertising | | | (17.9) | | (16.2) | | 11.1% | | | -3.9% | | -3.6% | |
| | | | | | | | | | | | |
|
Other Selling and G&A | | | (89.9) | | (93.4) | | -3.7% | | | -19.5% | | -20.8% | |
of which: Depreciation, Amortization |
|
| (4.6) |
| (6.3) |
|
-27.3%
|
|
| -1.0% |
| -1.4% | |
EBITDA |
|
| (22.7) |
| (15.8) |
|
|
|
| -4.9% |
| -3.5% | |
|
|
|
|
|
|
|
|
|
|
|
|
| |
EBIT |
|
| (37.0) |
| (32.3) |
|
|
|
| -8.0% |
| -7.2% | |
| | | | | | | | | | | | |
|
Interest Income/(Costs), Net
| | |
(1.9)
| |
(0.5)
| | | | | | | | |
Foreign Exchange, Net
| | |
(2.4)
| |
(2.8)
| | | | | | | | |
Other Income/(Cost), Net
|
|
|
(6.3)
|
|
(28.6)
|
|
|
|
|
|
|
| |
Earning before Income Taxes |
|
| (47.5) |
| (64.2) |
|
|
|
| -10.3% |
| -14.3% | |
| | | | | | | | | | | | |
|
Current taxes
| | |
(1.8)
| |
(4.1)
| | | | |
-0.4%
| |
-0.9%
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net Result |
|
| (49.3) |
| (68.4) |
|
|
|
| -10.7% |
| -15.2% | |
| | | | | | | | | | | | |
|
Minority interest
| | |
(0.0)
| |
(0.2)
| | | | | | | | |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net Group Result |
|
| (49.4) |
| (68.6) |
|
|
|
| -10.7% |
| -15.3% | |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net Group Result per Share |
|
| (0.90) |
| (1.25) |
|
|
|
|
|
|
| |
| | | | | | | | | | | | |
|
| |
Key Figures in U.S. dollars | | | Twelve months ended on | | Change | | | Percentage of Sales | |
(millions) |
|
| 31-Dec-14 |
| 31-Dec-13 |
| % |
|
| 31-Dec-14 |
| 31-Dec-13 | |
| | | | | | | | | | | | |
|
Total Net Sales | | | 613.0 | |
596.6
| | 2.7% | | | 100.0% | |
100.0%
| |
Industrial Margin | | | 170.3 | |
175.1
| | -2.7% | | | 27.8% | |
29.3%
| |
EBIT | | | (49.1) | |
(42.9)
| | | | | -8.0% | |
-7.2%
| |
Net Group Result | | | (65.6) | |
(91.1)
| | | | | -10.7% | |
-15.3%
| |
Net Group Result per Share | | | (1.20) | |
(1.66)
| | | | | | | | |
| | | | | | | | | | | | |
|
Average exchange rate (U.S.$ per 1€) |
|
| 1.3285 |
|
|
|
|
|
|
|
|
| |
|
|
(*) Purchases plus beginning stock minus final stock and leather
processing | |
|
| |
| |
|
| | UPHOLSTERY NET SALES BREAKDOWN |
| |
GEOGRAPHIC BREAKDOWN
|
| | NET SALES (in €, million) |
|
| NET SALES (in seats sold) |
| | Twelve months ended on | | | Twelve months ended on |
| | |
| |
| |
| |
| | | | |
| |
| |
| |
| |
AREA | | 31-Dec-14 |
| % | | 31-Dec-13 |
| % | | delta | | | 31-Dec-14 |
| % | | 31-Dec-13 |
| % | | delta |
Americas | | 171.0 |
| 41.8% | | 162.5 |
| 40.3% | | 5.2% | | | 842,263 |
| 50.7% | | 809,310 |
| 48.0% | | 4.1% |
Natuzzi
| |
96.5
| |
23.6%
| |
101.0
| |
25.1%
| |
-4.4%
| | |
374,787
| |
22.5%
| |
425,502
| |
25.2%
| |
-11.9%
|
Private label
| |
74.5
|
|
18.2%
| |
61.5
|
|
15.3%
| |
21.1%
| | |
467,476
|
|
28.1%
| |
383,808
|
|
22.8%
| |
21.8%
|
| | | | | | | | | | | | | | | | | | | | |
|
EMEA | | 184.8 |
| 45.2% | | 189.7 |
| 47.1% | | -2.6% | | | 644,681 |
| 38.8% | | 703,368 |
| 41.7% | | -8.3% |
Natuzzi
| |
142.1
| |
34.7%
| |
145.4
| |
36.1%
| |
-2.3%
| | |
396,327
| |
23.8%
| |
430,367
| |
25.5%
| |
-7.9%
|
Private label
| |
42.6
|
|
10.4%
| |
44.3
|
|
11.0%
| |
-3.7%
| | |
248,354
|
|
14.9%
| |
273,001
|
|
16.2%
| |
-9.0%
|
| | | | | | | | | | | | | | | | | | | | |
|
Asia-Pacific | | 53.3 |
| 13.0% | | 50.6 |
| 12.6% | | 5.3% | | | 175,351 |
| 10.5% | | 173,669 |
| 10.3% | | 1.0% |
Natuzzi
| |
48.4
| |
11.8%
| |
46.4
| |
11.5%
| |
4.2%
| | |
139,966
| |
8.4%
| |
143,548
| |
8.5%
| |
-2.5%
|
Private label
| |
5.0
|
|
1.2%
| |
4.2
|
|
1.1%
| |
17.9%
| | |
35,385
|
|
2.1%
| |
30,121
|
|
1.8%
| |
17.5%
|
| |
|
|
| |
|
|
| |
| | |
|
|
| |
|
|
| |
|
TOTAL | | 409.1 |
| 100.0% | | 402.8 |
| 100.0% | | 1.6% | | | 1,662,295 |
| 100.0% | | 1,686,347 |
| 100.0% | | -1.4% |
| | | | | | | | | | | | | | | | | | | | |
|
| | BREAKDOWN BY BRAND |
| | NET SALES (in €, million) | | | NET SALES (in seats sold) |
| | Twelve months ended on | | | Twelve months ended on |
| | | | | | | | | | | | | | | | | | | | |
|
BRAND | | 31-Dec-14 |
| % | | 31-Dec-13 |
| % | | delta | | | 31-Dec-14 |
| % | | 31-Dec-13 |
| % | | delta |
Natuzzi
| |
287.0
| |
70.1%
| |
292.8
| |
72.7%
| |
-2.0%
| | |
911,080
| |
54.8%
| |
999,417
| |
59.3%
| |
-8.8%
|
Private label
| |
122.1
|
|
29.9%
| |
110.0
|
|
27.3%
| |
11.0%
| | |
751,215
|
|
45.2%
| |
686,930
|
|
40.7%
| |
9.4%
|
TOTAL | | 409.1 |
| 100.0% | | 402.8 |
| 100.0% | | 1.6% | | | 1,662,295 |
| 100.0% | | 1,686,347 |
| 100.0% | | -1.4% |
| | | | | | | | | | | | | | | | | | | | |
|
The "Natuzzi" brand includes the Group's three lines of product:
Natuzzi Italia, Natuzzi Editions and Natuzi Re-Vive
|
|
|
|
|
Natuzzi S.p.A. and Subsidiaries | |
Unaudited Consolidated Balance Sheets on the basis of Italian GAAP | |
(Expressed in millions of Euro) | |
|
|
|
|
| |
|
| | |
ASSETS |
|
|
|
| 31-Dec-14 |
|
| 31-Dec-13 | |
| | | | | | | | |
|
Current assets: | | | | | | | | | |
Cash and cash equivalents
| | | | |
32.8
| | |
61.0
| |
Marketable debt securities
| | | | |
0.0
| | |
0.0
| |
Trade receivables, net
| | | | |
99.4
| | |
78.9
| |
Other receivables
| | | | |
19.4
| | |
48.5
| |
Inventories
| | | | |
90.2
| | |
79.0
| |
Unrealized foreign exchange gains
| | | | |
0.3
| | |
0.6
| |
Prepaid expenses and accrued income
| | | | |
1.3
| | |
1.9
| |
Deferred income taxes
|
|
|
|
|
0.5
|
|
|
0.3
| |
Total current assets |
|
|
|
| 243.9 |
|
| 270.2 | |
| | | | | | | | |
|
Non-current assets: | | | | | | | | | |
Net property, plant and equipment
| | | | |
130.8
| | |
143.6
| |
Other assets
|
|
|
|
|
5.3
|
|
|
8.1
| |
Total non-current assets |
|
|
|
| 136.1 |
|
| 151.7 | |
| | | | | | | | |
|
TOTAL ASSETS |
|
|
|
| 380.0 |
|
| 421.9 | |
| | | | | | | | |
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
| |
| | | | | | | | |
|
Current liabilities: | | | | | | | | | |
Short-term borrowings
| | | | |
20.8
| | |
25.0
| |
Current portion of long-term debt
| | | | |
3.1
| | |
3.3
| |
Accounts payable-trade
| | | | |
75.0
| | |
67.4
| |
Accounts payable-other
| | | | |
30.0
| | |
25.8
| |
Unrealized foreign exchange losses
| | | | |
0.5
| | |
0.2
| |
Income taxes
| | | | |
1.1
| | |
7.1
| |
Deferred income taxes
| | | | |
1.0
| | |
1.0
| |
Salaries, wages and related liabilities
|
|
|
|
|
18.3
|
|
|
8.3
| |
Total current liabilities |
|
|
|
| 149.8 |
|
| 138.2 | |
| | | | | | | | |
|
Long-term liabilities: | | | | | | | | | |
Employees' leaving entitlement
| | | | |
20.9
| | |
24.8
| |
Long-term debt
| | | | |
6.0
| | |
4.2
| |
Deferred income for capital grants
| | | | |
8.0
| | |
8.6
| |
Other liabilities
|
|
|
|
|
21.2
|
|
|
34.4
| |
Total long-term liabilities |
|
|
|
| 56.2 |
|
| 72.1 | |
|
|
|
|
|
|
|
|
| |
Minority interest |
|
|
|
| 3.0 |
|
| 2.7 | |
| | | | | | | | |
|
Shareholders' equity: | | | | | | | | | |
Share capital
| | | | |
54.9
| | |
54.9
| |
Reserves
| | | | |
42.8
| | |
42.8
| |
Additional paid-in capital
| | | | |
8.4
| | |
8.4
| |
Retained earnings
|
|
|
|
|
64.9
|
|
|
102.8
| |
Total shareholders' equity |
|
|
|
| 171.0 |
|
| 208.9 | |
| | | | | | | | |
|
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
| 380.0 |
|
| 421.9 | |
|
|
|
|
Natuzzi S.p.A. and Subsidiaries | |
Unaudited Consolidated Statements of Cash Flows |
|
|
|
| Twelve months ended on | |
(Expressed in million of Euro) |
|
|
|
| 31-Dec-14 |
|
| 31-Dec-13 | |
Cash flows from operating activities: | | | | | |
|
| | |
Net earnings (loss) | | | | | (49.4) | | | (68.6) | |
| | | | | | | | |
|
Adjustments to reconcile net income to net cash | | | | | | | | | |
provided by operating activities: | | | | | | | | | |
Depreciation and amortization
| | | | |
14.2
| | |
16.6
| |
Write-off of fixed assets
| | | | |
-
| | |
0.4
| |
Impairment of long lived assets
| | | | |
2.5
| | |
8.6
| |
One-time termination benefit
| | | | |
-
| | |
20.0
| |
Deferred income taxes
| | | | |
(0.2)
| | |
0.1
| |
Minority interest
| | | | |
0.0
| | |
0.2
| |
(Gain) loss on disposal of assets
| | | | |
0.8
| | |
0.1
| |
Unrealized foreign exchange losses (gains)
| | | | |
0.7
| | |
0.5
| |
Extraordinary items, net
| | | | |
(0.8)
| | |
-
| |
Deferred income for capital grants
|
|
|
|
|
(0.5)
|
|
|
(0.6)
| |
Non monetary operating items |
|
|
|
| 16.7 |
|
| 45.8 | |
| | | | | | | | |
|
Change in assets and liabilities: | | | | | | | | | |
Receivables, net
| | | | |
(20.5)
| | |
14.2
| |
Inventories
| | | | |
(11.2)
| | |
3.3
| |
Prepaid expenses and accrued income
| | | | |
0.6
| | |
0.1
| |
Accounts payable
| | | | |
8.7
| | |
4.1
| |
Income taxes
| | | | |
(6.1)
| | |
(2.1)
| |
Salaries, wages and related liabilities
| | | | |
7.3
| | |
0.4
| |
Other assets/liabilities, net
|
|
|
|
|
31.9
|
|
|
1.5
| |
Net working capital |
|
|
|
| 10.7 |
|
| 21.5 | |
|
|
|
|
|
|
|
|
| |
One-time outflow from restructuring activities |
|
|
|
| (14.3) |
|
| (0.9) | |
|
|
|
|
|
|
|
|
| |
Net cash generated/(used) by operating activities |
|
|
|
| (36.2) |
|
| (2.2) | |
| | | | | | | | |
|
Cash flows from investing activities: | | | | | | | | | |
Property, plant and equipment:
| | | | | | | | | |
Additions
| | | | |
(7.5)
| | |
(7.1)
| |
Disposals
| | | | |
7.1
| | |
0.2
| |
Other Assets
| | | | |
-
| | |
(1.1)
| |
Dividends distribution
| | | | |
-
| | |
(0.2)
| |
Minority interest acquisition
| | | | |
-
| | |
(0.0)
| |
Government grants received
|
|
|
|
|
5.2
|
|
|
-
| |
Net cash generated/(used) by investing activities |
|
|
|
| 4.8 |
|
| (8.2) | |
| | | | | | | | |
|
Cash flows from financing activities: | | | | | | | | | |
Long-term debt:
| | | | | | | | | |
Proceeds
| | | | |
5.0
| | |
-
| |
Repayments
| | | | |
(3.3)
| | |
(3.3)
| |
Short-term borrowings
|
|
|
|
|
(4.2)
|
|
|
(1.9)
| |
Net cash generated/(used) by financing activities |
|
|
|
| (2.5) |
|
| (5.2) | |
|
|
|
|
|
|
|
|
| |
Effect of translation adjustments on cash |
|
|
|
| 5.7 |
|
| (1.0) | |
|
|
|
|
|
|
|
|
| |
Increase (decrease) in cash and cash equivalents |
|
|
|
| (28.2) |
|
| (16.7) | |
|
|
|
|
|
|
|
|
| |
Cash and cash equivalents, beginning of the year |
|
|
|
| 61.0 |
|
| 77.7 | |
|
|
|
|
|
|
|
|
| |
Cash and cash equivalents, end of the period |
|
|
|
| 32.9 |
|
| 61.0 | |
| | | | | | | | |
|
Contacts:
NATUZZI INVESTOR RELATIONS
Piero Direnzo, +39.080.8820.812
pdirenzo@natuzzi.com
or
NATUZZI
CORPORATE COMMUNICATION
Vito Basile (Press Office),
+39.080.8820.676
vbasile@natuzzi.com
Source: Natuzzi S.p.A.
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