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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 approved its financial results for the second quarter and first six months of 2011.
1H 2011 financial results
Net Group Profit of € 6.6 million vs. a Net Group Loss of € 4.1 million in 1H 2010
Negative EBIT of € 8.1 million, vs. a positive EBIT of € 2.7 million in 1H 2010
Industrial Margin was € 83.3 million as compared to € 103.3 million in 1H 2010
Total Net Sales were € 242.4 million, down 10.8% as compared to 1H 2010
2Q 2011 financial results
Net Group Profit of € 9.6 million vs. a Net Group Loss of € 2.8 million in 2Q 2010
Negative EBIT of € 5.5 million, vs. a positive EBIT of € 2.3 million in 2Q 2010
Industrial Margin was € 40.6 million as compared to € 54.6 million in 2Q 2010
Total Net Sales were € 121.4 million, down 16.4% as compared to 2Q 2010
Positive Net Financial Position of €61.6 with a considerable improvement as compared to December 31, 2010.
1H 2011 financial resultsTotal Net Sales (including raw materials and semi-finished products sold to third parties) were € 242.4 million, decreasing by 10.8% with respect to 2010.Total upholstery sales totalled € 211.0 million with a decline of 12.9% over the same period in 2010.In particular, the Natuzzi brand was down 4.2%, while the “all brands” marked a decrease of 19.4%. Within the Natuzzi brand, the decline is mainly concentrated in Europe, while there is positive performance in the Americas and Rest of World.Sales of “all brands” (-19.4%) affected in particular by the sharp decline in North America, whose results were negatively impacted by the relocation of existing production sites in China to a new plant that generated delays in production today returned to normal.Other sales have registered a total increase of 6.4% thanks to strong sales of accessories.
Industrial margin, 34.4% of sales compared to 38.0% in the first six months of 2010, mainly reflects the increase in prices of raw materials and labour costs (in particular China and Romania).