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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 RESULTS
During 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)
Rest of the World
The above table confirms the decreasing trend of sales from Europe (Italy included), as consequence of the extreme weakness of consumption, further burdened by fiscal consolidation measures still in place in some Euro-area Countries that affect the purchasing power of families. The Americas region is confirmed as the main area in terms of Group’s sales.