The Board of Directors of Natuzzi S.p.A. (NYSE:NTZ), Italy’s largest furniture manufacturer and world’s leading manufacturer of leather-upholstered furniture, today announced its financial results for the fourth quarter and full year of 2010.
FULL YEAR 2010
- Total Net Sales were €518.6 million, up 0.6% as compared to FY 2009
- Industrial Margin was €197.1 million as compared to €185.6 million in FY 2009
- Positive EBIT of €0.4 million vs. a negative EBIT of €10.6 million in FY 2009
- Net Group Loss of €11.1 million vs. a Net Group Loss of €17.7 million in FY 2009
FOURTH QUARTER 2010
- Total Net Sales were €132.0 million, down 13.3% as compared to fourth quarter 2009
- Industrial Margin was €51.3 million as compared to €59.3 million in fourth quarter 2009
- Positive EBIT of €0.2 million, vs. a positive EBIT of 2.1million in fourth quarter 2009
- Net Group Loss of €1.4 million vs. a Net Group Loss of €2.5 million in fourth quarter 2009
- Positive Net Financial Position of €45.6 million
FULL YEAR 2010 CONSOLIDATED RESULTSDuring 2010 Total Net Sales (including raw materials and semi-finished products sold to third parties) were €518.6 million, increasing by 0,6% with respect to 2009. Upholstery net sales were at €460.5, up by 2.2% as compared to full year 2009. The break-down of upholstery net sales by geographic area was as follows: Europe (excluding Italy) 40.5%, the Americas 35.7%, Italy 11.2% and Rest of the World 12.6%. The best commercial performances were reported in the Rest of the World area with an increase of 23.8% over 2009 (in particular, Australia up by 25.1% and China up by 51.9%), and in the Americas where we recorded a 17.5% increase. In Europe, even if we recorded an overall negative performance of minus 11.4%, we point out the positive performance of 13.5% from Great Britain.