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Natuzzi S.p.A. Second Quarter And First Half 2013 Consolidated Financial Results

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 second quarter and first semester of 2013.

FIRST SEMESTER 2013 HIGHLIGHTS

  • Upholstery Net Sales equal to €201.7 million, almost flat (+0.2%) compared to the first six months of 2012; (+2.3% in terms of seats sold);
  • Total Net Sales at €224.8 million, down 2.5% over 2012 first half, due to the reduction in the “Other sales”;
  • Negative EBIT of €14.3 million, from an operating loss of €8.0 million reported for the semester ended June 30, 2012;
  • Group’s net loss at €20.2 million (from a net loss of €8.8 million in 2012 first semester).

SECOND QUARTER 2013 HIGHLIGHTS

  • Total Upholstery Net Sales equal to €102.7 million, down 2.7% over 2012 second quarter (almost flat in terms of seats sold);
  • Total Net Sales at €114.1 million, 5.2% down from 120.3 million reported in 2012 second quarter;
  • Industrial Margin at 29.4% on total net sales, down from 33.5% reported in the same period of last year;
  • Negative EBIT of €7.4 million, from an operating loss of €0.6 million reported in 2012 second quarter;
  • Extraordinary items, included a Non-recurring accrual of €7.0 million related to the restructuring plan;
  • Group’s net loss at €14.2 million (from a net loss of €0.4 million in 2012 second quarter).
  • Positive Net Financial Position at €26.6 million as of June 30, 2013.

FIRST SEMESTER 2013 FINANCIAL RESULTS

Total upholstery net sales amounted to €201.7 million, +0.2% compared to 2012 first semester but 2.3% up in terms of units sold. Net sales from the Natuzzi Italia branded products were down by 10.8% over last year comparable period (particularly in Europe -15.2%, included Italy). On the other hand, sales from the “Other Brands” (namely, “Editions” and “Private Label”) reported a 6.5% increase over 2012 comparable period, thanks to the positive results from the Americas region (+4,9%), Europe (+6.9%), and the “Rest of the World” region (+13.0%).

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