Securities
and Exchange Commission
Washington,
D.C. 20549
Form
6-K
Report
of Foreign Issuer
Pursuant
To Rule 13a-16 Or 15d-16
Of
The
Securities
Exchange Act of 1934
For the month of
May
2018
|
|
Commission File Number 1-11854
|
NATUZZI S.p.A.
|
(Translation of registrant's name
into English)
|
Via Iazzitiello 47
|
70029 Santeramo, Italy
|
(Address of principal office)
|
Indicate by
check mark whether the registrant files or will file annual reports
under cover of Form 20-F or Form 40-F:
Form
20-F
⊠
Form 40-F
⃞
Indicate by
check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act
of 1934. Yes
⃞
No
⊠
If "Yes" is
marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b):
Natuzzi
Announces First Quarter 2018 Results
-
2018
FIRST QUARTER SALES HOLD DESPITE STILL CHALLENGING RETAIL ENVIRONMENT
-
COMPANY’S
DIRECT RETAIL OPERATIONS CONTINUED TO IMPROVE, WITH LIKE-FOR-LIKE
SALES INCREASING BY 17.3% VERSUS Q1 2017
-
2018
DOS ROLLOUT PLAN ON TRACK, WE EXPECT TO HAVE 73 DOS AND 20 CONCESSIONS
BY YEAR END, GLOBALLY
-
OPERATING
RESULTS AFFECTED BY ADVERSE CURRENCY MOVEMENTS
SANTERAMO IN COLLE, Bari, Italy--(BUSINESS WIRE)--May 28, 2018--The
Board of Directors of Natuzzi S.p.A. today approved its first quarter
consolidated financial results.
First quarter 2018 net sales were €117.7 million, up 1.6% from €115.9
million reported for the first quarter of 2017, notwithstanding the
generalized strengthening of the Euro versus USD in particular in the
period as well as challenging weather’s negative effect on USA retail.
Under constant exchange rates, total net sales would have increased by
8.2%.
Revenues generated by our core business (sofas, beds and furnishings)
were €110.2 million, up 1.0% (or up 8.0% at €117.9 million, under
constant exchange rates) compared to the first quarter of 2017.
Total upholstery net sales declined 1.2% quarter-over-quarter. This was
more than offset by the increase in total furnishings net sales (+29.3%
at €10.4 million over 2017 first quarter), which is a direct result of
our new retail and merchandising format. Furnishings remain an important
part of our branded strategy.
During the first three months of 2018, Natuzzi branded sales increased
2.5% (or 10.0% under constant exchange rates) versus same period of
2017, a testament to both our brand strength and our retail strategy.
Sales generated by the Softaly division decreased by 3.0% during the
period, but would have increased by 2.4% under constant exchange rates.
Retail division
During the first quarter of 2018, sales from our
retail division
(a network of Directly Operated Stores, or DOS, and concessions) were
€15.2 million and increased by 26.1% (or by 32.2% under constant
exchange rates), with positive results in the USA (+97.2%), China
(+1.0%), Spain (+17.8%), Italy (+11.5%), Switzerland (+13.3%). Sales
from our UK-based retail network decreased mainly due to the
rationalization of our network, having closed the sale of one DOS to an
independent partner. The strength in the US was primarily due to the
opening of new stores, which we continue to do aggressively.
Retail sales represented 13.8% of our core business, increasing from
11.1% in the first quarter of 2017. As the percentage of the business
from such DOS increases, we expect to get improvements in terms of
growth and overall profitability.
During the first quarter of 2018,
Natuzzi Italia
retail
net sales increased by 39.6% to €10.0 million,
Natuzzi Editions
by 1.0% to €1.4 million, and
Divani&Divani by Natuzzi
by 9.0% to €3.8 million.
During the first three months of 2018, we opened three
Natuzzi Italia
DOS, one in Chicago, one in Los Angeles-Costa Mesa and one in Paris. In
addition, one
Natuzzi Edition
DOS was opened in China. As of the
date of this press release, there are 64 DOS, of which 37 operate under
the
Natuzzi Italia
name, 16
Divani&Divani by Natuzzi
and 11
Natuzzi Edition
. In addition, the Group directly operates
20
Natuzzi Italia
concessions.
The restructuring measures implemented in our trading subsidiaries and
the increased level of productivity of our stores have allowed for a
gradual improvement in our operating results. During the quarter, our
retail network reported net losses of €0.3 million, improving from net
losses of €1.1 million in 2017 first quarter. We will continue to
restructure our trading subsidiaries to enhance the overall retail
profitability.
This improvement in the retail operations was achieved even though new
DOS were opened over the last few months. The opening of new DOS
generates up-front costs rather than sales, due to the product
order-cycle, which typically requires three months for manufacturing,
delivery and invoicing. In addition, acquired stores also need a
restructuring phase. Lastly, it takes about between 12 and 18 months for
a new DOS to be fully productive.
The improving picture of our retail network is even clearer in our
Like-For-Like
store network that reported sales of €13.1 million (up 17.3% from €11.2
million in 2017 first quarter) and an operating profit of €0.3 million
from an operating loss of €0.7 million for the first three months of
2017. In particular, we continue to see like-for-like sales improve in
our DOS located in USA (+69.8%), UK (+1.7%), Italy (+15.0%), Spain
(+14.5%), and Switzerland (+9.1%). Our business in China generated sales
for €1.2 million, versus €1.3 million in 2017 first quarter, due to more
aggressive promotional sales in the period. Our Chinese business remains
profitable.
As of the time of this release, year-to-date order flow for our total
DOS network show a 4.9% increase (+8.0% under constant exchange rates),
led in particular by the 12.4% increase in the
Natuzzi Italia
business (+15.3% under constant exchange rates). The 4.9% increase in
the retail order flow depends also on the increased number of contracts
(+5.6% versus same period in 2017) and the implementation of our new
marketing and value-driven promotional strategy, which has led to
reduced discounts against the same period last year (18.6% YTD versus
21.7% for the same period in 2017).
The Group confirms the opening of additional 9 DOS by the end of the
year, namely 2 in the USA, 2 in China, 2 in the UK, 2 in Italy and 1 in
France. This will bring our worldwide DOS total to 73 and 20
concessions. The opening of an additional DOS in USA initially planned
by the end of this year, has been postponed at the beginning of 2019.
Natuzzi wholesale division
Sales from our
Natuzzi wholesale division,
that distributes
branded products through franchised operated stores (FOS), were €67.5
million, down 1.7% from €68.7 million in the first quarter of 2017.
Under constant exchange rate, the Natuzzi wholesale division would have
increased by 6.2%. These sales in particular were also impacted by
weather in North America.
Natuzzi Italia
franchised sales increased by 9.6% at €28.9
million and
Divani&Divani by Natuzzi
by 56.3% at €5.4
million.
Natuzzi Editions
franchised sales decreased by 14.6% at
€33.2 million mainly affected by adverse currency movements as well as
difficult weather conditions in the North American region at the
beginning of the year.
We will continue to restructure the current distribution network also of
our franchised Natuzzi points of sale. In particular, we intend to work
closely with our independent partners in order to transfer the know-how
and best practices of our retail business model also to our franchised
network.
We will push both existing and new customers so that they can i) open
new franchised
Natuzzi Italia
and
Natuzzi Editions
stores
in those cities where market potential is not properly exploited; ii)
relocate the existing stores in case their current location and size are
inappropriate to take full benefits from our retail format, and iii)
upgrade the existing stores with our new retail concept, in terms of
merchandising, marketing tools, retail excellence, customer analytics
and KPIs monitoring.
Softaly wholesale division
Sales from the Softaly wholesale business were €27.5 million, down 3.0%
over 2017 first quarter. Under constant exchange rates, sales from
Softaly division would have been up by 2.4%.
Softaly reported a 17.8% increase in the EMEA region over 2017 first
quarter. Sales from the Asia-Pacific decreased 7.3%, mainly because of
adverse currency movements: under constant exchange rates, they would
have been up 4.8%. Softaly is still suffering in the North American
market (-34.0%) due to difficult retail conditions. We recently
introduced a new collection with appealing price points to help recover
our position in this very important market.
We have been carrying out different initiatives to further gain
competitiveness in our unbranded offering and recover market share, with
particular reference to the North American market. In particular, we
have been reengineering the Softaly collection, in order to reduce
complexity in our production, and get higher economy of scale and
production efficiencies. We are also revising our Softaly customer
portfolio with the aim of focusing on customers having appropriate size
and potential.
Gross margin
During the first quarter of 2018, the consolidated gross margin was
equal to 31.0%. Under constant exchange rates, consolidated gross margin
would have been equal to 33.1%.
As far as upholstery volumes are concerned, the Group invoiced a 4.5%
increase in seats. Such increase has been the result of a -0.2% seats
sold for Natuzzi and a +10.6% seats sold for Softaly. This worsening in
the product mix was the main reason for the higher incidence of
consumption as a percentage on net sales along with increases in the
cost of some raw materials, such as foam and wood.
Net of the accrual made last year, the Labor cost as percentage of sales
increased from 18.0% in 2017 first quarter to 19.4%. Such increase was
mainly due to the different mix of products sold and to the acceleration
in our operations to fulfill the delivery terms required by our
customers. This caused the Company to utilize extra work-shifts that has
contributed to the increase in the cost of labor.
The Company has adopted selective price-list increases to better face
the inflationary pressure from some of the raw materials used in
production and to take into consideration the strengthening of the Euro
currency.
SG&A
While we continued in the first quarter to invest in the expansion of
our retail network and the strengthening of sales management in the USA
and China in particular, the “Other SG&A” expenses decreased both in
absolute terms and as a percentage of sales as compared to 2017 first
quarter. In fact, “Other SG&A” for the first quarter of 2018 was €22.7
million (or 19.3% as a percentage on sales), decreasing from €23.9
million (or 20.6% on sales) in 2017 first quarter. This was due to
higher sales, cost-reduction program, and favorable exchange rates.
In expanding our DOS network, we will mainly incur those costs that are
strictly related to the opening of a new DOS (such as store staff, new
store managers, utilities, rent, and so on) and will concentrate our
expansion in those markets where we already have a retail organization
in place as to favor the absorption of fixed SG&A costs.
Continuing Investment
Digitization is critical to our business for the future. We must
continue to invest in order to meet our customers’ needs in the most
efficient way. Our costs have shown improvement even after these
important investments.
In the last few months, we have continued to promote the brand through
exhibitions, events and opening of new generation stores.
The most important fair of the furniture / design sector took place in
April in Milan and for the first time we presented a fair booth
presenting a real Italian lifestyle brand displayed in a way that
architecturally spoke a language of pure interior design. And, we
launched collaborations with two of the most important architectural
designers in the world: Marcel Wanders and Mario Bellini.
The Agronomist collection (one of the two created by Marcel Wanders) has
also been redesigned in a special / limited edition for the NY Design
week earning an honorable mention from the organization NY X DESIGN.
The interest that the international design community has shown for these
projects has been strong, leading us to consolidate a position of
leadership on the sector. And the media coverage obtained from these
events further enhances the value of our brand.
First quarter 2018 net Results
During the first quarter of 2018, the Group reported an operating loss
of €3.0 million. Under constant exchange rates, the Group would have
reached a break-even result at the operating level.
Group’s net losses attributable to Natuzzi S.p.A. and Subsidiaries were
€4.9 million.
Group’s available cash as of March 31, 2018 was €44.8 million, from
€55.0 million at the end of 2017. We had an acceleration of production
in March and consequently experienced increasing trade receivables that
more than offset the positive contribution from accounts payable and
inventory reduction.
Joint Venture with Kuka
On April 17, 2018, Natuzzi Trading (Shanghai) Co., Ltd., the Company’s
wholly-owned Chinese subsidiary, following the Share Purchase Agreement
dated March 22, 2018, received CNY 271.2 million, equivalent to €35.0
million at the exchange rate of the same date. This payment was carried
out by Kuka as a contribution to the Joint Venture for the subscription
of a capital increase of U.S.$ 567,869 in the Joint Venture. Full
availability of such amount is subject to obtaining any regulatory
filings and approvals by local authorities, as well as the satisfaction
of other customary closing conditions. In May 2018, the joint venture
obtained the approval from Kuka shareholders and the Company believes
that the closing of the Agreement will occur in few weeks.
Chairman and CEO Pasquale Natuzzi commented:
“While the overall
environment for our wholesale business remains a challenging one, we
think that, thanks to our new collection, our franchised business could
add growth. As more of our franchisee partners adopt more of our
approach, we expect their business, and as such ours, to improve.
I believe it is important to point out that thanks to the very
positive results coming from our DOS, we will continue to pursue our
retail-based strategy. The final goal is to have a more balance
distribution mix between retail and wholesale business.
I am pleased to report that we have executed the Joint Venture
Agreement with Kuka and expect the JV to be operative in the short term,
after local authorities’ approval. This will essentially drive our
retail business in China, a very important growth market for us.
In summary, while I am personally disappointed of our results, I
remain committed to and optimistic about our strategy and our future.
Chief Financial Officer Vittorio Notarpietro added:
“The comparison
of the first three months of 2018 with same period of 2017 has been
characterized by the strengthening of the euro versus all major
currencies, and the result of operations reflects this scenario. Under
constant exchange rate, in fact, the Group would have reached a
break-even result at the operating level.
The retail expansion strategy is proving to be correct. Our DOS
operations continue to grow and improve their performance. For the rest
of the year, we intend to capitalize on the investments in retail made
so far by opening new DOS in those markets where we already have an
organization in place.
At the same time, it is of crucial importance to improve the
execution of the brand strategy in the network of franchised stores,
which still represents the majority of our current business.
The Company continues to negotiate with the Trade Unions and the
relevant Italian Ministry in order to find a solution for the redundant
workers in Italy.
While the new product presentation got positive feedback, we expect
the effects from such initiatives to realize starting from the third
quarter of this year.
The weaker-than-average order flow for the March and April period due
to what our customers are telling us is a very difficult environment,
will result in 2q2018 sales below our previous expectations.”
---------------------------------------------------
CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS
Certain statements set forth in this press release constitute
forward-looking statements within the meaning of the safe harbor
provisions of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended. These
statements involve risks and uncertainties that could cause the
Company’s actual results to differ materially from those stated or
implied by such forward-looking statements. More information about the
potential factors that could affect the Company’s business and financial
results is included in the Company’s filings with the Securities and
Exchange Commission, including the Company’s Annual Report on Form 20-F
for the year ended December 31, 2016. The Company undertakes no
obligation to update any of the forward-looking statements after the
date of this press release.
About Natuzzi S.p.A.
Founded in 1959 by Pasquale Natuzzi, Natuzzi S.p.A. is Italy’s largest
furniture house and one of the most important global player in the
furniture industry with an extensive manufacturing footprint and a
global retail network. Natuzzi is the Italian lifestyle best-known brand
in the furnishings sector worldwide (Brand Awareness Monitoring Report -
Ipsos 2016) and has been listed on the New York Stock Exchange since 13
May 1993. Always committed to social responsibility and environmental
sustainability, Natuzzi S.p.A. is ISO 9001 and 14001 certified (Quality
and Environment), OHSAS 18001 certified (Safety on the Workplace) and FSC
®
certified (Forest Stewardship Council).
Natuzzi S.p.A. and Subsidiaries
|
Unaudited Consolidated Profit & Loss for the first quarter of
2018 & 2017 on the basis of Italian GAAP
|
(expressed in millions Euro)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended on:
|
|
Change
|
|
|
|
Percentage of Sales
|
|
|
31-Mar-18
|
|
31-Mar-17
|
|
%
|
|
|
|
31-Mar-18
|
|
31-Mar-17
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Upholstery net sales
|
|
99.9
|
|
101.1
|
|
-1.2%
|
|
|
|
84.9%
|
|
87.3%
|
Furnishings net sales
|
|
10.4
|
|
8.0
|
|
29.3%
|
|
|
|
8.8%
|
|
6.9%
|
Other sales
|
|
7.5
|
|
6.7
|
|
10.6%
|
|
|
|
6.3%
|
|
5.8%
|
Total Net Sales
|
|
117.7
|
|
115.9
|
|
1.6%
|
|
|
|
100.0%
|
|
100.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumption (*)
|
|
(51.1)
|
|
(46.2)
|
|
10.6%
|
|
|
|
-43.4%
|
|
-39.8%
|
Labor
|
|
(22.8)
|
|
(30.1)
|
|
-24.2%
|
|
|
|
-19.4%
|
|
-26.0%
|
of which: Provision for legal proceedings
|
|
0.0
|
|
(9.3)
|
|
N.M
|
|
|
|
0.0%
|
|
-8.0%
|
Industrial Costs
|
|
(7.3)
|
|
(8.1)
|
|
-9.5%
|
|
|
|
-6.2%
|
|
-7.0%
|
of which: Depreciation, Amortization
|
|
(2.1)
|
|
(2.5)
|
|
-16.7%
|
|
|
|
-1.8%
|
|
-2.2%
|
Cost of Sales
|
|
(81.2)
|
|
(84.3)
|
|
-3.8%
|
|
|
|
-69.0%
|
|
-72.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
36.5
|
|
31.5
|
|
15.9%
|
|
|
|
31.0%
|
|
27.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling Expenses
|
|
(16.9)
|
|
(17.8)
|
|
-5.0%
|
|
|
|
-14.3%
|
|
-15.3%
|
Transportation
|
|
(11.1)
|
|
(10.3)
|
|
7.2%
|
|
|
|
-9.4%
|
|
-8.9%
|
Commissions
|
|
(2.7)
|
|
(2.6)
|
|
2.1%
|
|
|
|
-2.3%
|
|
-2.2%
|
Advertising
|
|
(3.2)
|
|
(4.8)
|
|
-34.9%
|
|
|
|
-2.7%
|
|
-4.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Selling and G&A
|
|
(22.7)
|
|
(23.9)
|
|
-5.2%
|
|
|
|
-19.3%
|
|
-20.6%
|
of which: Depreciation, Amortization
|
|
(0.9)
|
|
(0.9)
|
|
2.3%
|
|
|
|
-0.8%
|
|
-0.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income/(loss)
|
|
(3.0)
|
|
(10.2)
|
|
|
|
|
|
-2.6%
|
|
-8.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Income/(Costs), Net
|
|
(1.3)
|
|
(1.2)
|
|
|
|
|
|
|
|
|
Foreign Exchange, Net
|
|
(0.8)
|
|
0.7
|
|
|
|
|
|
|
|
|
Other Income/(Cost), Net
|
|
0.6
|
|
0.0
|
|
|
|
|
|
|
|
|
Net Income/(loss) before income taxes
|
|
(4.4)
|
|
(10.7)
|
|
|
|
|
|
-3.8%
|
|
-9.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income taxes
|
|
(0.3)
|
|
(0.3)
|
|
|
|
|
|
-0.3%
|
|
-0.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income/(loss)
|
|
(4.7)
|
|
(11.0)
|
|
|
|
|
|
-4.0%
|
|
-9.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Net income)/loss attributable to
non-controlling interest
|
|
(0.1)
|
|
0.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income/(loss) attributable to Natuzzi S.p.a.
and
Subsidiaries
|
|
(4.9)
|
|
(10.7)
|
|
|
|
|
|
-4.1%
|
|
-9.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per Ordinary Share
|
|
(0.09)
|
|
(0.20)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(*) Purchases plus beginning stock minus final stock and leather
processing
|
Natuzzi S.p.A. and Subsidiaries
|
Unaudited Consolidated Balance Sheets on the basis of Italian GAAP
(Expressed in millions of Euro)
|
|
|
|
|
|
ASSETS
|
|
31-Mar-18
|
|
31-Dec-17
|
|
|
|
|
|
Current assets:
|
|
|
|
|
Cash and cash equivalents
|
|
44.8
|
|
55.0
|
Marketable debt securities
|
|
0.0
|
|
0.0
|
Trade receivables, net
|
|
56.5
|
|
46.9
|
Other receivables
|
|
20.2
|
|
18.7
|
Inventories
|
|
78.3
|
|
80.3
|
Unrealized foreign exchange gains
|
|
0.7
|
|
0.3
|
Prepaid expenses and accrued income
|
|
1.7
|
|
1.0
|
Deferred income taxes
|
|
0.4
|
|
0.6
|
Total current assets
|
|
202.7
|
|
202.9
|
|
|
|
|
|
Non-current assets:
|
|
|
|
|
Net property, plant and equipment
|
|
106.7
|
|
107.9
|
Other assets
|
|
5.4
|
|
5.5
|
Trade receivables, net
|
|
0.0
|
|
0.0
|
Other non-current assets
|
|
1.3
|
|
1.5
|
Total non-current assets
|
|
113.5
|
|
114.9
|
|
|
|
|
|
TOTAL ASSETS
|
|
316.1
|
|
317.8
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
Bank overdrafts
|
|
21.2
|
|
19.7
|
Current portion of long-term debt
|
|
4.5
|
|
4.8
|
Accounts payable-trade
|
|
78.5
|
|
76.0
|
Accounts payable-other
|
|
30.8
|
|
29.8
|
Accounts payable-shareholders for dividends
|
|
0.0
|
|
0.0
|
Unrealized foreign exchange losses
|
|
0.3
|
|
0.3
|
Income taxes
|
|
1.2
|
|
1.3
|
Deferred income taxes
|
|
0.0
|
|
0.0
|
Salaries, wages and related liabilities
|
|
17.4
|
|
15.7
|
Total current liabilities
|
|
153.9
|
|
147.7
|
|
|
|
|
|
Long-term liabilities:
|
|
|
|
|
Employees' leaving entitlement
|
|
17.2
|
|
17.2
|
Long-term debt
|
|
19.9
|
|
20.9
|
Deferred income taxes - long term
|
|
0.0
|
|
0.0
|
Deferred income for capital grants
|
|
6.3
|
|
6.8
|
Other liabilities
|
|
15.3
|
|
16.7
|
|
|
|
|
|
Total long-term liabilities
|
|
58.7
|
|
61.6
|
|
|
|
|
|
Minority interest
|
|
2.2
|
|
2.0
|
|
|
|
|
|
Shareholders' equity:
|
|
|
|
|
Share capital
|
|
54.9
|
|
54.9
|
Reserves
|
|
11.5
|
|
11.5
|
Additional paid-in capital
|
|
0.0
|
|
0.0
|
Retained earnings
|
|
35.1
|
|
40.1
|
|
|
|
|
|
Total shareholders' equity
|
|
101.4
|
|
106.4
|
|
|
|
|
|
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
316.1
|
|
317.8
|
Unaudited Consolidated Statements of Cash Flows
|
|
|
|
|
(Expressed in millions of Euro)
|
|
31-Mar-18
|
|
31-Dec-17
|
Cash flows from operating activities:
|
|
|
|
|
Net result
|
|
(4.7)
|
|
(31.9)
|
|
|
|
|
|
Adjustments to reconcile net income to net cash
|
|
|
|
|
provided by operating activities:
|
|
|
|
|
Depreciation and amortization
|
|
3.0
|
|
12.8
|
Other non monetary costs (revenues)
|
|
(0.7)
|
|
(2.7)
|
One-time termination benefit accruals
|
|
0.0
|
|
0.0
|
Receivables, net
|
|
(10.8)
|
|
10.4
|
Inventories
|
|
2.0
|
|
(3.2)
|
Accounts payable
|
|
1.6
|
|
10.1
|
Other changes in assets and liabilities
|
|
0.0
|
|
7.8
|
One time termination benefit payment
|
|
(0.7)
|
|
(8.3)
|
Total adjustments
|
|
(5.5)
|
|
26.9
|
|
|
|
|
|
Net cash generated/(used) by operating activities
|
|
(10.3)
|
|
(4.9)
|
|
|
|
|
|
Cash flows from investing activities:
|
|
|
|
|
Property, plant and equipment:
|
|
|
|
|
Additions
|
|
(0.3)
|
|
(6.6)
|
Disposals
|
|
0.0
|
|
(0.1)
|
Government grants received
|
|
0.0
|
|
0.0
|
Dividends paid to minority interests
|
|
0.0
|
|
(1.3)
|
Purchase of business, net of cash acquired
|
|
0.0
|
|
(3.6)
|
Disposal/devaluation of business
|
|
0.0
|
|
0.0
|
|
|
|
|
|
Net cash generated/(used) by in investing activities
|
|
(0.3)
|
|
(11.7)
|
|
|
|
|
|
Cash flows from financing activities:
|
|
|
|
|
Long-term debt:
|
|
|
|
|
Proceeds
|
|
0.0
|
|
12.5
|
Repayments
|
|
(1.3)
|
|
(4.7)
|
Bank overdrafts
|
|
1.5
|
|
1.5
|
Net cash generated/(used) by financing activities
|
|
0.2
|
|
9.3
|
|
|
|
|
|
Effect of translation adjustments on cash
|
|
0.2
|
|
(2.6)
|
|
|
|
|
|
Increase (decrease) in cash and cash equivalents
|
|
(10.2)
|
|
(9.9)
|
|
|
|
|
|
Cash and cash equivalents, beginning of the year
|
|
55.0
|
|
65.0
|
|
|
|
|
|
Cash and cash equivalents, end of the period
|
|
44.8
|
|
55.0
|
CONTACT:
NATUZZI INVESTOR RELATIONS
Piero Direnzo,
+39.080.8820.812
pdirenzo@natuzzi.com
or
NATUZZI
CORPORATE COMMUNICATION
Vito Basile (Press Office),
+39.080.8820.676
vbasile@natuzzi.com
SIGNATURES
Pursuant to
the requirements of the Securities Exchange Act of 1934, the registrant
has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
|
|
|
NATUZZI S.p.A.
|
|
|
|
|
|
|
|
(Registrant)
|
|
|
|
|
Date:
|
May 28, 2018
|
By:
|
/s/ Pasquale Natuzzi
|
|
|
|
Pasquale Natuzzi
|
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