Natuzzi S.p.A. Third Quarter And First Nine Months 2012 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 third quarter and first nine months ended September 30, 2012.

THIRD QUARTER 2012 HIGHLIGHTS
  • Total Net Sales at €111.7 million, from €114.4 million reported for third quarter 2011;
  • Industrial Margin at 35.3% on total net sales, improving from 29.6% reported in last year’s comparable period;
  • Negative EBIT of €2.3 million, from a negative EBIT of €9.0 million reported for the third quarter of 2011.

FIRST NINE MONTHS 2012 HIGHLIGHTS
  • Total Net Sales at €342.3 million, 4.1% down from €356.8 million reported for the first nine months of last year;
  • Industrial Margin at 33.6% on total net sales, from 32.8% reported one year ago;
  • Negative EBIT of €10.3 million, as compared to a negative EBIT of €17.0 million reported for the first nine months of last year;
  • Positive Net Financial Position at €40.1 million as of September 30, 2012, as compared to €55.3 million as of December 31, 2011.

THIRD QUARTER 2012 FINANCIAL RESULTS

During the quarter ended September 30, 2012, total net sales (including raw materials and semi-finished products sold to third parties) amounted to €111.7 million, down 2.4% from €114.4 million reported in third quarter 2011.

Total upholstery net sales during the third quarter of 2012 were €97.5 million, decreasing 2.2% from €99.7 million in prior year comparable period. Net sales of Natuzzi Italia branded products were at €29.5 million, down by 13.7% compared to last year’s third quarter, whereas sales of “Other Brands” increased by 3.8% at €68.0 million.

The breakdown by geographic allocation of total upholstery net sales was the following:
  3 quarter 2012   3 quarter 2011
Americas 44.7% 41.6%
Europe (ex Italy) 32.9% 34.4%
Italy 6.2% 8.2%
Rest of the World 16.2% 15.8%
 

The above table shows that the trend in sales within different regions, experienced in the first half of the year, has continued also during the third 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 austerity-driven policy still in place in some EU Countries, affecting the families’ purchasing power. The Americas region is confirmed as being the main area in terms of Group’s sales.

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