Other Selling, General & Administrative expenses decreased both in Euro terms (at €71.4 million for the first nine months of 2012, decreasing by €7.2 million from €78.6 million reported one year ago), and as percentage on total net sales (at 20.8% down from 22.0% reported one year ago).
For the first nine months of 2012, the Group reported a positive EBITDA equal to €2.6 million (versus a negative EBITDA of €2.1 million in prior year comparable period) and a negative EBIT equal to 10.3 million from a negative EBIT of €17.0 million reported one year ago.
For the first nine months of 2012 the Group reported Net Losses of €14.0 million.
BALANCE SHEETThe Group’s Net Financial Position as of September 30, 2012 was positive and equal to €40.1 million. ----------------------------------------------------------- Pasquale Natuzzi, Chairman and CEO of the Natuzzi Group commented: “ Also during the third quarter the world economy continued to grow at a modest pace, being affected not only by the slowdown in advanced economies but also in the emerging ones. The Group performance during the quarter, consequently, turned out to be affected both by the persisting poor trend in sales from Europe, suffering from the effects of fiscal consolidation policies still in force in some Countries, and by the expanding of the global slow-down to other markets that are important for us. We are not fully pleased with the quarterly operating result. However, the improving trend in EBIT as compared with one year ago gives us reasons for looking to the future with confidence. In fact, the efficiency recovery measures we’ve been implementing, together with a rigorous overhead cost-controlling plan, continue to give encouraging results and represent a clear indication we are on the right path towards the Group’s profitability. The difficult global scenario of the last few years has inexorably changed the way of making business, especially for global players as we are. We see, in fact, that consumers’ preferences are changing, favouring mainly medium-low end products, and that the geographical distribution of the demand has been witnessing an increase in the weight of emerging markets. Our manufacturing and distributive organization, placed in different continents in a well-balanced way, is able to meet the consumers’ needs, wherever they are, both in terms of products, and price-points. We are well aware of the issues characterizing these hard times in particular. Still, we are cautiously confident that the commercial actions undertaken to consolidate the positive sales trend in the Americas and recover market shares in Europe, the efficiency recovery measures at Group level, and the strengthening plan of the distributive network especially in emerging markets such Brazil, Russia, India and China, will allow us to better tackle the current challenges arising from the markets. ------------------------------------------------------ The Company will host a conference call on Monday November 19, 2012 at 10:00 a.m. U.S. Eastern time (4.00 p.m. Italian time or 3.00 p.m. UK time) to discuss third quarter 2012 financial results.
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