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
SEPTEMBER,
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 Consolidated Results for the Second Quarter and First Half of
2018
-
Q2 2018
OPERATING RESULTS AFFECTED BY WEAK WHOLESALE BUSINESS ENVIRONMENT AND
ADVERSE CURRENCY MOVEMENTS
-
COMPANY’S
DIRECT RETAIL OPERATIONS STILL IMPROVING ON A LIKE-FOR-LIKE BASIS.
ADDITIONAL 3 DOS TO BE OPENED BY THE END OF THE YEAR
-
SG&A
EXPENSES IN REDUCTION
-
PARTNERSHIP
WITH KUKA TO EXPAND THE RETAIL NETWORK IN CHINA JUST STARTED
SANTERAMO IN COLLE, Bari, Italy--(BUSINESS WIRE)--September 21,
2018--The Board of Directors of Natuzzi S.p.A. (NYSE:NTZ) today approved
its second quarter and first half 2018 consolidated financial results.
2018 Second Quarter financial results
Consolidated net sales for the second quarter of 2018 – affected by the
poor order flow during March-April - were €108.0 million, down 7.1% from
€116.2 million in the same period of 2017. Under constant exchange rates
total net sales would have decreased by 3.4%.
The Company reported a quarterly net operating loss of €5.0 million
versus a net operating loss of €4.5 million in the second quarter of
2017. Under constant exchange rates, net operating result would have
been -€3.3 million. Net loss attributable to Natuzzi S.p.A. and
Subsidiaries for the period was €7.4 million, from a net loss of €4.0
million in the same quarter of 2017.
2018 First half financial results
Consolidated net sales
for the first half of 2018 were €225.7
million, down 2.7% from €232.1 million in 2017 same period, mainly due
to the generalized strengthening of the Euro versus major currencies,
USD in particular. Under constant exchange rates, total net sales would
have been €237.8 million, or up 2.4%.
Revenues generated by our core business (sales of sofas, beds and
furnishings) were €212.0 million, down 2.8% from €218.2 million in last
year same period (or up 2.7% under constant exchange rates). Total
upholstery net sales decreased by 5.3% at €191.9 million over the first
six months of 2017 (or substantially flat under constant exchange
rates), partially offset by the 29.9% increase in home furnishings sales
(or up 36.9% excluding the currency effect). Our home furnishing
offering, representing 24.5% of our
Natuzzi Italia
net sales,
will continue to be an important part of our branded strategy.
During the period, Natuzzi division sales (which includes
Natuzzi
Italia
,
Natuzzi Editions
and
Divani&Divani by Natuzzi
)
increased 1.0% at €162.3 million, affected by unfavorable currency
movements (they would have been up 7.0% under constant exchange rates).
Our low-end offering, Softaly, continues to suffer (-13.7% at €49.7
million) due in particular to the persisting difficulties in the North
American market.
Retail division
During the first six months of 2018, sales generated by our Retail
division (a network of Directly Operated Stores and concessions) were
€30.8 million, up 13.3% over the same period of last year (or +18.2%
under constant exchange rates). The increase in sales was mainly
attributable to store openings in the last few quarters but also to
organic growth.
We reported positive results in the USA (+42.8% or +61.8% under constant
exchange rates), Spain (+10.8%) and Switzerland (+3.5%). Sales in Italy
were flat notwithstanding the closure of one DOS. Sales from our
UK-based retail network decreased (they were €3.6 million from €4.5
million) mainly due to the rationalization of our network, having sold
one DOS to an independent partner. The increase in sales in the US was
primarily due to the opening of new stores and to the good performance
of our Florida-based stores. Our Mexican DOS are providing encouraging
sales performance.
During the first six months of 2018,
Natuzzi Italia
retail net
sales were €20.8 million, up 23.7% from €16.8 million in last year
comparable period, whereas sales from
Natuzzi Editions
were €3.0
million (from €3.3 million), and sales from our
Divani&Divani
by Natuzzi
were €7.0 million, substantially flat in the period.
Direct retail sales represented 14.5% of our core business, increasing
from 12.5% in the first half of 2017.
As of June 30, 2018, there were 64 DOS, of which 37 operated under the
Natuzzi
Italia
name, 16
Divani&Divani by Natuzzi
and 11
Natuzzi Editions
. In addition, the Group directly operates 20
Natuzzi
Italia
concessions. On August 1
st
, 2018, the above
mentioned 11
Natuzzi Editions
stores were transferred to the
Chinese partnership vehicle with KUKA Group.
The cost reduction plan, together with the new merchandising offered and
the increased level of productivity of our stores have contributed to a
gradual improvement in our operating results. During the period, our
retail network reported net losses of €0.3 million (at the store level),
improving from net losses of €0.7 million in 2017 first six months.
The improvement of our retail network emerges also on a
Like-For-Like
basis. Our same-store network reported total sales of €25.1 million,
increasing 2.2% from €24.6 million in 2017 comparable period. In the
same period, the operating profit improved to €0.8 million from €0.2
million.
We have completed the turnaround and the upgrade of our stores located
in Florida and Mexico. The 3 DOS that we recently opened in USA
(Philadelphia, Chicago and Los Angeles-Costa Mesa) are showing
encouraging results. The Group confirms the opening of additional 3 DOS
by the end of the year, namely 2 in the USA and 1 in France.
Natuzzi wholesale division
Sales from our
Natuzzi wholesale division,
that distributes
branded products through franchised operated stores, were €131.5
million, down 1.5% from €133.4 million in the first half of 2017. Under
constant exchange rates, the Natuzzi wholesale division would have
increased by 4.7%.
Within the Natuzzi division,
Natuzzi Italia
franchised sales
increased by 6.4% at €53.8 million and
Divani&Divani by Natuzzi
by 16.6% at €8.7 million.
Natuzzi Editions
franchised sales
decreased by 8.5% at €69.0 million mainly affected by adverse currency
movements in North America.
Softaly wholesale division
Sales from the Softaly wholesale business were €49.7 million, down 13.7%
from €57.5 million reported in 2017 first half.
For the period, Softaly reported a 5.6% increase in the EMEA region and
a 5.9% increase in the Asia-Pacific region, whereas it is still
suffering in the North American market (-38.9%).
The recently introduced tariffs will have an impact on retail prices
with consequences which are not quantifiable, yet. The Company is now
analyzing any action in order to mitigate those impacts.
Gross margin
During the first half of 2018, the consolidated gross margin was equal
to 31.9% (or 33.6% at constant exchange rates), versus 30.7% in 2017
first half (or 34.7% after excluding the accrual made last year for
legal risks).
The gross margin in the period was affected by unfavorable currency
movements and also by increasing prices in some raw materials. In
addition, we had an increase in labor cost that passed from 17.8% in
2017 first half (net of the accrual made last year), to 19.4% mainly due
to additional costs incurred to respect the delivery terms.
SG&A
“Other SG&A” expenses decreased both in absolute terms and as a
percentage of sales as compared to 2017 first half, passing from €50.1
million (or 21.6% on sales) to €46.6 million (or 20.6% as a percentage
on sales), thanks to our cost-reduction program, and partly favored by
exchange rates.
We will concentrate our DOS expansion in those markets where we already
have a retail organization in place to favor the absorption of fixed
SG&A costs.
First-half 2018 net Results
During the first six months of 2018, the Group reported an operating
loss of €8.0 million compared to €14.7 million in the same period of
2017.
Under constant exchange rates and excluding the accrual made last year
for legal risks, the Group would have reported a net operating loss of
€3.5 million for the first six months 2018, versus a net operating loss
of €5.4 million in 2017 same period.
Group’s net losses attributable to Natuzzi S.p.A. and Subsidiaries were
€12.3 million during the first half of 2018 versus €14.7 million in the
same period of 2017.
Chairman and CEO Pasquale Natuzzi commented:
“As anticipated in the
previous quarterly press release, the difficult business scenario in the
first part of the year, coupled with unfavorable currency movements, has
negatively affected the second quarter of the year.
At the same time, we continue to see our DOS network grow, not only
as a result of new openings, but also because of organic growth, and
this gives us further incentive to expand our retail network especially
in those markets having high potential, such as USA, China and UK.
The transformation of our operations into a retail-oriented Company
continues: setting up an efficient Retail organization covering
important markets often requires times and resources, but numbers start
to support our choice.
We are pleased to have finalized the partnership with KUKA that will
allow Natuzzi to leverage on KUKA capabilities and strengths for the
Natuzzi expansion in Greater China and, at same time, will let us to
concentrate our efforts in North America and Europe.”
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 most recent Company’s Annual Report
on Form 20-F. 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 second quarter 2018
& 2017
on the basis of Italian GAAP
(expressed in millions Euro)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended on:
|
|
Change
|
|
Percentage of Sales
|
|
|
|
30-Jun-18
|
|
30-Jun-17
|
|
%
|
|
30-Jun-18
|
|
30-Jun-17
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Upholstery net sales
|
|
92.0
|
|
101.6
|
|
-9.4%
|
|
85.2%
|
|
87.4%
|
|
Furnishings net sales
|
|
9.7
|
|
7.4
|
|
30.6%
|
|
9.0%
|
|
6.4%
|
|
Other sales
|
|
6.3
|
|
7.2
|
|
-12.4%
|
|
5.8%
|
|
6.2%
|
|
Total Net Sales
|
|
108.0
|
|
116.2
|
|
-7.1%
|
|
100.0%
|
|
100.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumption (*)
|
|
(46.1)
|
|
(48.5)
|
|
-5.0%
|
|
-42.6%
|
|
-41.7%
|
|
Labor
|
|
(20.9)
|
|
(20.5)
|
|
1.8%
|
|
-19.4%
|
|
-17.7%
|
|
Industrial Costs
|
|
(5.6)
|
|
(7.6)
|
|
-25.8%
|
|
-5.2%
|
|
-6.5%
|
|
of which: Depreciation, Amortization
|
|
(2.0)
|
|
(2.4)
|
|
-14.7%
|
|
-1.9%
|
|
-2.1%
|
|
Cost of Sales
|
|
(72.6)
|
|
(76.6)
|
|
-5.2%
|
|
-67.2%
|
|
-65.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
35.4
|
|
39.7
|
|
-10.7%
|
|
32.8%
|
|
34.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling Expenses
|
|
(16.6)
|
|
(18.0)
|
|
-8.1%
|
|
-15.3%
|
|
-15.5%
|
|
Transportation
|
|
(10.5)
|
|
(10.5)
|
|
-0.1%
|
|
-9.7%
|
|
-9.0%
|
|
Commissions
|
|
(2.2)
|
|
(2.7)
|
|
-17.2%
|
|
-2.1%
|
|
-2.3%
|
|
Advertising
|
|
(3.8)
|
|
(4.8)
|
|
-20.5%
|
|
-3.6%
|
|
-4.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Selling and G&A
|
|
(23.9)
|
|
(26.2)
|
|
-8.7%
|
|
-22.1%
|
|
-22.5%
|
|
of which: Depreciation, Amortization
|
|
(1.0)
|
|
(1.0)
|
|
-0.3%
|
|
-0.9%
|
|
-0.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income/(loss)
|
|
(5.0)
|
|
(4.5)
|
|
|
|
-4.6%
|
|
-3.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Income/(Costs), Net
|
|
(1.1)
|
|
(1.2)
|
|
|
|
|
|
|
|
Foreign Exchange, Net
|
|
(1.5)
|
|
0.6
|
|
|
|
|
|
|
|
Other Income/(Cost), Net
|
|
1.7
|
|
1.7
|
|
|
|
|
|
|
|
Net Income/(loss) before income taxes
|
|
(6.0)
|
|
(3.4)
|
|
|
|
-5.5%
|
|
-3.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income taxes
|
|
(1.5)
|
|
(0.6)
|
|
|
|
-1.4%
|
|
-0.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income/(loss)
|
|
(7.5)
|
|
(4.1)
|
|
|
|
-6.9%
|
|
-3.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Net income)/loss attributable to non-controlling interest
|
|
0.1
|
|
0.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income/(loss) attributable to Natuzzi S.p.a. and Subsidiaries
|
|
(7.4)
|
|
(4.0)
|
|
|
|
-6.9%
|
|
-3.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per Ordinary Share
|
|
(0.14)
|
|
(0.07)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(*) Purchases plus beginning stock minus final stock and leather
processing
|
|
|
|
|
|
|
|
|
|
Natuzzi S.p.A. and Subsidiaries
|
Unaudited Consolidated Profit & Loss for the first six months of
2018 & 2017
on the basis of Italian GAAP
(expressed in millions Euro)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended on
|
|
Change
|
|
Percentage of Sales
|
|
|
30-Jun-18
|
|
30-Jun-17
|
|
%
|
|
30-Jun-18
|
|
30-Jun-17
|
|
|
|
|
|
|
|
|
|
|
|
Upholstery net sales
|
|
191.9
|
|
202.7
|
|
-5.3%
|
|
85.0%
|
|
87.3%
|
Furnishings net sales
|
|
20.1
|
|
15.5
|
|
29.9%
|
|
8.9%
|
|
6.7%
|
Other sales
|
|
13.8
|
|
13.9
|
|
-1.3%
|
|
6.1%
|
|
6.0%
|
Total Net Sales
|
|
225.7
|
|
232.1
|
|
-2.7%
|
|
100.0%
|
|
100.0%
|
|
|
|
|
|
|
|
|
|
|
|
Consumption (*)
|
|
(97.1)
|
|
(94.6)
|
|
2.6%
|
|
-43.0%
|
|
-40.8%
|
Labor
|
|
(43.8)
|
|
(50.7)
|
|
-13.6%
|
|
-19.4%
|
|
-21.8%
|
Industrial Costs
|
|
(12.9)
|
|
(15.6)
|
|
-17.4%
|
|
-5.7%
|
|
-6.7%
|
of which: Depreciation, Amortization
|
|
(4.1)
|
|
(4.9)
|
|
-15.7%
|
|
-1.8%
|
|
-2.1%
|
Cost of Sales
|
|
(153.8)
|
|
(160.9)
|
|
-4.4%
|
|
-68.1%
|
|
-69.3%
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
72.0
|
|
71.2
|
|
1.1%
|
|
31.9%
|
|
30.7%
|
|
|
|
|
|
|
|
|
|
|
|
Selling Expenses
|
|
(33.4)
|
|
(35.8)
|
|
-6.6%
|
|
-14.8%
|
|
-15.4%
|
Transportation
|
|
(21.6)
|
|
(20.8)
|
|
3.6%
|
|
-9.5%
|
|
-9.0%
|
Commissions
|
|
(4.9)
|
|
(5.3)
|
|
-7.7%
|
|
-2.2%
|
|
-2.3%
|
Advertising
|
|
(7.0)
|
|
(9.7)
|
|
-27.7%
|
|
-3.1%
|
|
-4.2%
|
|
|
|
|
|
|
|
|
|
|
|
Other Selling and G&A
|
|
(46.6)
|
|
(50.1)
|
|
-7.1%
|
|
-20.6%
|
|
-21.6%
|
of which: Depreciation, Amortization
|
|
(1.9)
|
|
(1.9)
|
|
1.0%
|
|
-0.8%
|
|
-0.8%
|
|
|
|
|
|
|
|
|
|
|
|
Operating income/(loss)
|
|
(8.0)
|
|
(14.7)
|
|
|
|
-3.6%
|
|
-6.3%
|
|
|
|
|
|
|
|
|
|
|
|
Interest Income/(Costs), Net
|
|
(2.4)
|
|
(2.4)
|
|
|
|
|
|
|
Foreign Exchange, Net
|
|
(2.3)
|
|
1.3
|
|
|
|
|
|
|
Other Income/(Cost), Net
|
|
2.3
|
|
1.7
|
|
|
|
|
|
|
Net Income/(loss) before income taxes
|
|
(10.4)
|
|
(14.1)
|
|
|
|
-4.6%
|
|
-6.1%
|
|
|
|
|
|
|
|
|
|
|
|
Income taxes
|
|
(1.8)
|
|
(0.9)
|
|
|
|
-0.8%
|
|
-0.4%
|
|
|
|
|
|
|
|
|
|
|
|
Net Income/(loss)
|
|
(12.2)
|
|
(15.0)
|
|
|
|
-5.4%
|
|
-6.5%
|
|
|
|
|
|
|
|
|
|
|
|
(Net income)/loss attributable to non-controlling interest
|
|
(0.1)
|
|
0.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income/(loss) attributable to Natuzzi S.p.a. and Subsidiaries
|
|
(12.3)
|
|
(14.7)
|
|
|
|
-5.4%
|
|
-6.3%
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per Ordinary Share
|
|
(0.22)
|
|
(0.27)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(*) 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
|
|
30-Jun-18
|
|
31-Dec-17
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
Cash and cash equivalents
|
|
36.1
|
|
55.0
|
|
Marketable debt securities
|
|
0.0
|
|
0.0
|
|
Trade receivables, net
|
|
55.0
|
|
46.9
|
|
Other receivables
|
|
19.8
|
|
18.7
|
|
Inventories
|
|
77.8
|
|
80.3
|
|
Unrealized foreign exchange gains
|
|
0.0
|
|
0.3
|
|
Prepaid expenses and accrued income
|
|
1.6
|
|
1.0
|
|
Deferred income taxes
|
|
0.7
|
|
0.6
|
|
Total current assets
|
|
191.1
|
|
202.9
|
|
|
|
|
|
|
|
Non-current assets:
|
|
|
|
|
|
Net property, plant and equipment
|
|
105.7
|
|
107.9
|
|
Other assets
|
|
5.5
|
|
5.5
|
|
Trade receivables, net
|
|
0.0
|
|
0.0
|
|
Other non-current assets
|
|
36.4
|
|
1.5
|
|
Total non-current assets
|
|
147.6
|
|
114.9
|
|
|
|
|
|
|
|
TOTAL ASSETS
|
|
338.7
|
|
317.8
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
Bank overdrafts
|
|
21.6
|
|
19.7
|
|
Current portion of long-term debt
|
|
6.1
|
|
4.8
|
|
Accounts payable-trade
|
|
73.7
|
|
76.0
|
|
Accounts payable-other
|
|
66.0
|
|
29.8
|
|
Accounts payable-shareholders for dividends
|
|
0.0
|
|
0.0
|
|
Unrealized foreign exchange losses
|
|
1.0
|
|
0.3
|
|
Income taxes
|
|
1.5
|
|
1.3
|
|
Deferred income taxes
|
|
0.0
|
|
0.0
|
|
Salaries, wages and related liabilities
|
|
17.6
|
|
15.7
|
|
Total current liabilities
|
|
187.5
|
|
147.7
|
|
|
|
|
|
|
|
Long-term liabilities:
|
|
|
|
|
|
Employees' leaving entitlement
|
|
17.2
|
|
17.2
|
|
Long-term debt
|
|
17.4
|
|
20.9
|
|
Deferred income taxes - long term
|
|
0.0
|
|
0.0
|
|
Deferred income for capital grants
|
|
7.0
|
|
6.8
|
|
Other liabilities
|
|
13.0
|
|
16.7
|
|
Total long-term liabilities
|
|
54.6
|
|
61.6
|
|
|
|
|
|
|
|
Minority interest
|
|
1.8
|
|
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
|
|
28.5
|
|
40.1
|
|
Total shareholders' equity
|
|
94.9
|
|
106.4
|
|
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
338.7
|
|
317.8
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited Consolidated Statements of Cash Flows
|
|
|
|
|
(Expressed in millions of Euro)
|
|
30-Jun-18
|
|
31-Dec-17
|
Cash flows from operating activities:
|
|
|
|
|
Net result
|
|
(12.2)
|
|
(31.9)
|
|
|
|
|
|
Adjustments to reconcile net income to net cash
|
|
|
|
|
provided by operating activities:
|
|
|
|
|
Depreciation and amortization
|
|
6.0
|
|
12.8
|
Other non monetary costs (revenues)
|
|
1.2
|
|
(2.7)
|
One-time termination benefit accruals
|
|
0.0
|
|
0.0
|
Receivables, net
|
|
(9.3)
|
|
10.4
|
Inventories
|
|
2.4
|
|
(3.2)
|
Accounts payable
|
|
(1.9)
|
|
10.1
|
Other changes in assets and liabilities
|
|
(0.5)
|
|
7.8
|
One time termination benefit payment
|
|
(1.2)
|
|
(8.3)
|
Total adjustments
|
|
(3.2)
|
|
26.9
|
|
|
|
|
|
Net cash generated/(used) by operating activities
|
|
(15.4)
|
|
(4.9)
|
|
|
|
|
|
Cash flows from investing activities:
|
|
|
|
|
Property, plant and equipment:
|
|
|
|
|
Additions
|
|
(3.2)
|
|
(6.6)
|
Disposals
|
|
(0.0)
|
|
(0.1)
|
Government grants received
|
|
0.0
|
|
0.0
|
Dividends paid to minority interests
|
|
(0.3)
|
|
(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
|
|
(3.5)
|
|
(11.7)
|
|
|
|
|
|
Cash flows from financing activities:
|
|
|
|
|
Long-term debt:
|
|
|
|
|
Proceeds
|
|
0.0
|
|
12.5
|
Repayments
|
|
(2.2)
|
|
(4.7)
|
Bank overdrafts
|
|
1.9
|
|
1.5
|
Net cash generated/(used) by financing activities
|
|
(0.3)
|
|
9.3
|
|
|
|
|
|
Effect of translation adjustments on cash
|
|
0.3
|
|
(2.6)
|
|
|
|
|
|
Increase (decrease) in cash and cash equivalents
|
|
(18.9)
|
|
(9.9)
|
|
|
|
|
|
Cash and cash equivalents, beginning of the year
|
|
55.0
|
|
65.0
|
|
|
|
|
|
Cash and cash equivalents, end of the period
|
|
36.1
|
|
55.0
|
|
|
|
|
|
CONTACT:
NATUZZI INVESTOR RELATIONS
Piero Direnzo
tel.
+39.080.8820.812
pdirenzo@natuzzi.com
or
NATUZZI
CORPORATE COMMUNICATION
Vito Basile (Press Office)
tel.
+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:
|
SEPTEMBER 21, 2018
|
By:
|
/s/ Pasquale Natuzzi
|
|
|
|
Pasquale Natuzzi
|
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