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Natuzzi S.p.A. Second Quarter And First Half 2012 Financial Results

Stocks in this article: NTZ

The Board of Directors of Natuzzi S.p.A. (NYSE: NTZ) (“Natuzzi” or “the Company”), a leading company in the furnishings industry, today approved its financial results for the second quarter and the first semester of 2012.

SECOND QUARTER 2012 HIGHLIGHTS

  • Total Net Sales at €120.3 million, from €121.4 million reported for the quarter ended on June 30, 2011;
  • Industrial Margin at 33.5% on total net sales, slightly better than 33.4% reported in last year’s comparable period;
  • Negative EBIT of €0.6 million, improving from a negative EBIT of €5.5 million reported for the second quarter of 2011.

FIRST HALF 2012 HIGHLIGHTS

  • Total Net Sales at €230.7 million, from €242.2 million reported for the first six months of last year;
  • Negative EBIT of €8.0 million, as compared to a negative EBIT of €8.1 million reported for the first semester of last year;

Positive Net Financial Position at €44,1 million as of June 30, 2012, as compared to €55.3 million as of December 31, 2011.

SECOND QUARTER 2012 FINANCIAL RESULTS

During the quarter ended June 30, 2012, Total Net sales (including raw materials and semi-finished products sold to third parties) amounted to €120.3 million, down by 0.9% from €121.4 reported in second quarter 2011.

Total upholstery net sales were €105.6 million, flat over the prior year comparable period, but increasing by €9.8 million over first quarter 2012. Other sales during the second quarter 2012 were €14.7 million.

The breakdown by geographic allocation of total upholstery net sales was the following:

          2 quarter 2012       2 quarter 2011    
Americas 44.2% 34.4%
Europe (ex Italy) 34.0% 40.1%
Italy 7.8% 11.0%
Rest of the World 14.0% 14.5%
 

The above table shows that the trend in sales within different regions, experienced in the first three months of the year, has continued also during the second quarter of 2012. The weight of sales from Europe (included Italy) has further reduced as consequence of the extreme weakness of economic activity in that region and because of uncertainties surrounding the families’ purchase decisions (in particular on durable goods) deriving from the austerity-driven policy still in place in some EU Countries; on the contrary, the positive trend in sales from the Americas region is confirmed also in second quarter 2012, thanks, in particular, to the performance from the USA (+22.1% over the last year’s second quarter), Canada (+57.6%), Brazil (+65.2% at €1.6 million).

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