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 consolidated financial results for the fourth quarter and fiscal year of 2012.
FOURTH QUARTER 2012 HIGHLIGHTS
- Total Net Sales at €126.5 million, down 2.4% from €129.6 million reported for the fourth quarter 2011;
- Industrial Margin at 31.6% on total net sales, down from 33.3% reported in last year’s comparable period;
- Negative EBIT of €7.0 million, improving from a negative EBIT of €10.3 million reported for the fourth quarter of 2011.
FISCAL YEAR 2012 HIGHLIGHTS
- Total Net Sales at €468.8 million, 3.6% down from €486.4 million reported for 2011;
- Industrial Margin at 33.1% on total net sales, substantially in line as compared to the prior year;
- Negative EBIT of €17.3 million, improving with respect to a negative EBIT of €27.3 million reported for the full 2011;
- Positive Net Financial Position at €40.0 million as of December 31, 2012, as compared to €55.3 million as of December 31, 2011.
FOURTH QUARTER 2012 FINANCIAL RESULTSDuring the quarter ended December 31, 2012, total net sales (including raw materials and semi-finished products sold to third parties) amounted to €126.5 million, down 2.4% from €129.6 million reported in fourth quarter 2011. Total upholstery net sales during the last quarter of 2012 were €110.5 million, decreasing 3.5% from €114.6 million reported in prior year comparable period. The sales decrease in the quarter is mainly due to the performance of the high-end Natuzzi Italia branded products, whose sales decreased by 22.0% compared to 2011 fourth quarter. Sales of “Other Brands” increased by 9.6% with respect to one year ago. The breakdown by geographic allocation of total upholstery net sales was the following:
|4 quarter 2012||4 quarter 2011|
|Europe (ex Italy)||36.6%||43.1%|
|Rest of the World||13.9%||13.5%|