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28.11.2015 01:30:00
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Natuzzi: Positive Group Performance Continues
The Board of Directors of Natuzzi S.p.A. (NYSE:NTZ) discussed Q3 2015 and 9M 2015 consolidated results (unaudited).
Following the Board meeting, the Chairman and CEO Pasquale Natuzzi stated:
"The positive results posted for the preceding six quarters have once again been replicated in the third quarter of 2015.
The improved sales mix and quality - together with favorable currency movements – led to a 3.1% revenue increase (+10.6% for the first nine months) and a significant margin boost.
In Q3 2015, the Natuzzi brand represented 70.5% of upholstery sales,
with the remaining 29,5% from Private Labels.
The regional
breakdown highlights the strong performances of the Americas (+10.5%)
and Asia Pacific (+9.0%) - in particular China and South Korea.
In
the EMEA region, it is worth to highlight a double digit growth in UK
that become the second largest market for Natuzzi after the United
States.
Under the retail strategy, since the beginning of the year 90 new Galleries have been opened and 15 new sales points – among which Hong Kong, Beijing, Rio de Janeiro and Naples (USA).
Together with the improved performance of the 56 DOS currently operational worldwide, the Group completed the chain restructuring with the closure of 9 unprofitable sales points in Italy, Spain and China.
Significant Private Label sales growth was reported in the EMEA region (+56.4%).
The cost of sales as a percentage of net sales reduced 4.8% (-3.7% in the nine months) thanks to the efficiency measures introduced at the Chinese plant and greater productivity at the Italian plant, the stabilization of the workforce and the discontinuation of worker rotation from May 2015 as per the Trade Union Agreement of March 3, 2015.
These factors contributed to the posting of an EBITDA of Euro 1.5 million for the quarter compared to an EBITDA loss of Euro 3.7 million in Q3 2014. (loss of Euro 0.8 million in 9M 2015).
The continuous improvement of the key indicators over the last six quarters is highlighted below:
| 1Q 2014 | 2Q 2014 | 3Q 2014 | 4Q 2014 | 1Q 2015 | 2Q 2015 | 3Q2015 | ||||||||
| Total Net Sales* | -11.2% | -1.2% | +8.2% | +12.6% | +24.6% | +5,7% | +3.1% | |||||||
| COGS** | -71.5% | -74.2% | -72.1% | -71.2% | -70.6% | -69.0% | -67.3% | |||||||
| Other SG&A** | -21.8% | -20.9% | -18.2% | -17.7% | -17.3% | -18% | -17.3% | |||||||
| EBITDA** | -6.0% | -7.1% | -3.3% | -3.7% | -1.2% | -0.8% |
+1.3% |
* change in quarterly sales on corresponding quarters of the previous years
** percentage of net sales
Further product innovations stemming from the adoption of the new Moving Line manufacturing process: in the third quarter of 2015, the Matera facility - which is implementing on an industrial scale the innovations tested at the Experimental Laboratory - saw a significant lowering of industrial costs in comparison to the general average for the Italian facilities.
About Natuzzi S.p.A.
Founded in 1959 by Pasquale Natuzzi, Natuzzi S.p.A. designs, manufactures and sells a broad collection of couches, armchairs, home furniture and home accessories. With consolidated revenues of €461.4 million in 2014, Natuzzi is Italy’s largest furniture house and the player with the greatest global reach in its sector, with eight manufacturing plants, twelve commercial offices and more than 1,100 points of sale worldwide. Ethics and social responsibility, innovation, industrial know-how and integrated management of its value chain represent the points of strength that have made the Natuzzi Group a market leader and established Natuzzi as the most recognized furniture brand in the world among consumers of luxury goods. Natuzzi S.p.A. has been listed on the New York Stock Exchange since May 1993. The Company is ISO 9001 and 14001 certified.
| Natuzzi S.p.A. and Subsidiaries | ||||||||||
| Unaudited Consolidated Profit & Loss for the third quarter 2015 & 2014 on the basis of Italian GAAP | ||||||||||
| (expressed in millions Euro) | ||||||||||
| Three months ended on | Change | Percentage of Sales | ||||||||
| 30-Sep-15 | 30-Sep-14 | % | 30-Sep-15 | 30-Sep-14 | ||||||
| Upholstery net sales | 104,4 | 100,1 | 4,4% | 90,7% | 89,6% | |||||
| Other sales | 10,7 | 11,6 | -7,9% | 9,3% | 10,4% | |||||
| Total Net Sales | 115,1 | 111,7 | 3,1% | 100,0% | 100,0% | |||||
| Consumption (*) | (53,5) | (52,6) | 1,7% | -46,5% | -47,1% | |||||
| Labor | (16,7) | (20,4) | -18,0% | -14,5% | -18,3% | |||||
| Industrial Costs | (7,3) | (7,5) | -3,0% | -6,3% | -6,7% | |||||
| of which: Depreciation, Amortization | (2,5) | (2,9) | -16,1% | -2,1% | -2,6% | |||||
| Cost of Sales | (77,5) | (80,6) | -3,8% | -67,3% | -72,1% | |||||
| Industrial Margin | 37,6 | 31,1 | 20,8% | 32,7% | 27,9% | |||||
| Selling Expenses | (19,6) | (18,6) | 5,5% | -17,0% | -16,7% | |||||
| Transportation | (12,5) | (12,5) | 0,5% | -10,9% | -11,2% | |||||
| Commissions | (2,2) | (2,2) | -0,9% | -1,9% | -2,0% | |||||
| Advertising | (4,9) | (3,9) | 25,5% | -4,3% | -3,5% | |||||
| Other Selling and G&A | (19,9) | (20,4) | -2,4% | -17,3% | -18,2% | |||||
| of which: Depreciation, Amortization | (1,0) | (1,2) | -22,4% | -0,8% | -1,1% | |||||
| EBITDA | 1,5 | (3,7) | 1,3% | -3,3% | ||||||
| EBIT | (1,9) | (7,8) | -1,7% | -7,0% | ||||||
| Interest Income/(Costs), Net | (1,2) | (0,5) | ||||||||
| Foreign Exchange, Net | (1,0) | (1,5) | ||||||||
| Other Income/(Cost), Net | (0,2) | 0,9 | ||||||||
| Earning before Income Taxes | (4,3) | (9,0) | -3,7% | -8,1% | ||||||
| Current taxes | (0,8) | (0,4) | -0,7% | -0,4% | ||||||
| Net Result | (5,1) | (9,4) | -4,4% | -8,4% | ||||||
| Minority interest | 0,0 | (0,0) | ||||||||
| Net Group Result | (5,1) | (9,4) | -4,4% | -8,4% | ||||||
| (*) Purchases plus beginning stock minus final stock and leather processing | ||||||||||
| UPHOLSTERY NET SALES BREAKDOWN | ||||||||||||||||||||
| GEOGRAPHIC BREAKDOWN | ||||||||||||||||||||
| NET SALES (in €, million) | NET SALES (in seats sold) | |||||||||||||||||||
| AREA | 3Q 2015 | % | 3Q 2014 | % | delta | 3Q 2015 | % | 3Q 2014 | % | delta | ||||||||||
| Americas | 45,2 | 43,3% | 43,4 | 43,4% | 4,1% | 182.177 | 48,5% | 207.517 | 52,4% | -12,2% | ||||||||||
| Natuzzi | 28,8 | 27,6% | 26,0 | 26,0% | 10,5% | 96.546,1 | 25,7% | 100.201,6 | 25,3% | -3,6% | ||||||||||
| Private label | 16,4 | 15,7% | 17,4 | 17,3% | -5,5% | 85.631,0 | 22,8% | 107.315,5 | 27,1% | -20,2% | ||||||||||
| EMEA | 41,8 | 40,1% | 42,1 | 42,1% | -0,6% | 147.397 | 39,2% | 143.703 | 36,3% | 2,6% | ||||||||||
| Natuzzi | 29,3 | 28,1% | 34,1 | 34,1% | -13,9% | 80.532,1 | 21,4% | 96.495,4 | 24,3% | -16,5% | ||||||||||
| Private label | 12,5 | 12,0% | 8,0 | 8,0% | 56,4% | 66.864,6 | 17,8% | 47.207,5 | 11,9% | 41,6% | ||||||||||
| Asia-Pacific | 17,4 | 16,7% | 14,6 | 14,6% | 19,4% | 46.033 | 12,3% | 45.161 | 11,4% | 1,9% | ||||||||||
| Natuzzi | 15,5 | 14,8% | 14,2 | 14,2% | 9,0% | 35.215,0 | 9,4% | 42.626,8 | 10,8% | -17,4% | ||||||||||
| Private label | 1,9 | 1,8% | 0,4 | 0,4% | 422,1% | 10.818,0 | 2,9% | 2.534,0 | 0,6% | 326,9% | ||||||||||
| TOTAL | 104,4 | 100,0% | 100,1 | 100,0% | 4,4% | 375.607 | 100,0% | 396.381 | 100,0% | -5,2% | ||||||||||
| BREAKDOWN BY BRAND | ||||||||||||||||||||
| NET SALES (in €, million) | NET SALES (in seats sold) | |||||||||||||||||||
| BRAND | 3Q 2015 | % | 3Q 2014 | % | delta | 3Q 2015 | % | 3Q 2014 | % | delta | ||||||||||
| Natuzzi | 73,6 | 70,5% | 74,3 | 74,3% | -1,0% | 212.293 | 56,5% | 239.324 | 60,4% | -11,3% | ||||||||||
| Private label | 30,8 | 29,5% | 25,7 | 25,7% | 19,8% | 163.314 | 43,5% | 157.057 | 39,6% | 4,0% | ||||||||||
| TOTAL | 104,4 | 100,0% | 100,1 | 100,0% | 4,4% | 375.607 | 100,0% | 396.381 | 100,0% | -5,2% | ||||||||||
| The "Natuzzi" brand includes the Group's three lines of product: Natuzzi Italia, Natuzzi Editions and Natuzi Re-Vive | ||||||||||||||||||||
| Natuzzi S.p.A. and Subsidiaries | ||||||||||
| Unaudited Consolidated Profit & Loss for the nine months of 2015 & 2014 on the basis of Italian GAAP | ||||||||||
| (expressed in millions Euro) | ||||||||||
| Nine months ended on | Change | Percentage of Sales | ||||||||
| 30-Sep-15 | 30-Sep-14 | % |
30-Sep-15 |
30-Sep-14 | ||||||
| Upholstery net sales | 320,6 | 288,3 | 11,2% | 89,9% | 89,3% | |||||
| Other sales | 36,2 | 34,5 | 5,0% | 10,1% | 10,7% | |||||
| Total Net Sales | 356,8 | 322,8 | 10,6% | 100,0% | 100,0% | |||||
| Consumption (*) | (166,9) | (149,2) | 11,9% | -46,8% | -46,2% | |||||
| Labor | (56,7) | (64,4) | -12,0% | -15,9% | -20,0% | |||||
| Industrial Costs | (22,8) | (20,9) | 8,7% | -6,4% | -6,5% | |||||
| of which: Depreciation, Amortization | (7,5) | (7,4) | 0,9% | -2,1% | -2,3% | |||||
| Cost of Sales | (246,3) | (234,5) | 5,0% | -69,0% | -72,7% | |||||
| Industrial Margin | 110,5 | 88,3 | 25,2% | 31,0% | 27,3% | |||||
| Selling Expenses | (59,2) | (51,1) | 15,8% | -16,6% | -15,8% | |||||
| Transportation | (39,1) | (33,7) | 16,1% | -11,0% | -10,4% | |||||
| Commissions | (7,2) | (6,7) | 8,7% | -2,0% | -2,1% | |||||
| Advertising | (12,8) | (10,8) | 19,2% | -3,6% | -3,3% | |||||
| Other Selling and G&A | (62,6) | (65,4) | -4,2% | -17,5% | -20,3% | |||||
| of which: Depreciation, Amortization | (2,9) | (3,2) | -9,1% | -0,8% | -1,0% | |||||
| EBITDA | (0,8) | (17,6) | -0,2% | -5,5% | ||||||
| EBIT | (11,3) | (28,3) | -3,2% | -8,8% | ||||||
| Interest Income/(Costs), Net | (2,3) | (1,0) | ||||||||
| Foreign Exchange, Net | (3,0) | (0,4) | ||||||||
| Other Income/(Cost), Net | (0,7) | (3,0) | ||||||||
| Earning before Income Taxes | (17,2) | (32,7) | -4,8% | -10,1% | ||||||
| Current taxes | (1,1) | (1,2) | -0,3% | -0,4% | ||||||
| Net result | (18,3) | (33,9) | -5,1% | -10,5% | ||||||
| Minority interest | (0,0) | (0,0) | ||||||||
| Net Group Result | (18,3) | (33,9) | -5,1% | -10,5% | ||||||
| (*) Purchases plus beginning stock minus final stock and leather processing | ||||||||||
| UPHOLSTERY NET SALES BREAKDOWN | ||||||||||||||||||||
| GEOGRAPHIC BREAKDOWN | ||||||||||||||||||||
| NET SALES (in €, million) | NET SALES (in seats sold) | |||||||||||||||||||
| Nine months ended on | Nine months ended on | |||||||||||||||||||
| AREA | 30-Sep-15 | % | 30-Sep-14 | % | delta | 30-Sep-15 | % | 30-Sep-14 | % | delta | ||||||||||
| Americas | 133,5 | 41,70% | 116,4 | 40,40% | 14,70% | 529.440 | 46,70% | 576.076 | 48,90% | -8,10% | ||||||||||
| Natuzzi | 80,6 | 25,10% | 69,1 | 24,00% | 16,50% | 262.240 | 23,10% | 273.703 | 23,30% | -4,20% | ||||||||||
| Private label | 53 | 16,50% | 47,3 | 16,40% | 12,10% | 267.201 | 23,50% | 302.373 | 25,70% | -11,60% | ||||||||||
| EMEA | 141,8 | 44,20% | 134,6 | 46,70% | 5,30% | 491.709 | 43,30% | 474.302 | 40,30% | 3,70% | ||||||||||
| Natuzzi | 101,9 | 31,80% | 108 | 37,50% | -5,60% | 276.231 | 24,30% | 308.387 | 26,20% | -10,40% | ||||||||||
| Private label | 39,9 | 12,40% | 26,7 | 9,20% | 49,70% | 215.479 | 19,00% | 165.915 | 14,10% | 29,90% | ||||||||||
| Asia-Pacific | 45,2 | 14,10% | 37,2 | 12,90% | 21,60% | 113.467 | 10,00% | 126.691 | 10,80% | -10,40% | ||||||||||
| Natuzzi | 41,6 | 13,00% | 35,5 | 12,30% | 17,10% | 93.894 | 8,30% | 114.420 | 9,70% | -17,90% | ||||||||||
| Private label | 3,6 | 1,10% | 1,7 | 0,60% | 117,60% | 19.573 | 1,70% | 12.271 | 1,00% | 59,50% | ||||||||||
| TOTAL | 320,6 | 100,00% | 288,3 | 100,00% | 11,20% | 1.134.617 | 100,00% | 1.177.069 | 100,00% | -3,60% | ||||||||||
| BREAKDOWN BY BRAND | ||||||||||||||||||||
| NET SALES (in €, million) | NET SALES (in seats sold) | |||||||||||||||||||
| Nine months ended on | Nine months ended on | |||||||||||||||||||
| BRAND | 30-Sep-15 | % | 30-Sep-14 | % | delta | 30-Sep-15 | % | 30-Sep-14 | % | Delta | ||||||||||
| Natuzzi | 224,1 | 69,90% | 212,7 | 73,80% | 5,40% | 632.364 | 55,70% | 696.510 | 59,20% | -9,20% | ||||||||||
| Private label | 96,5 | 30,10% | 75,6 | 26,20% | 27,70% | 502.252 | 44,30% | 480.559 | 40,80% | 4,50% | ||||||||||
| TOTAL | 320,6 | 100,00% | 288,3 | 100,00% | 11,20% | 1.134.617 | 100,00% | 1.177.069 | 100,00% | -3,60% | ||||||||||
| The "Natuzzi" brand includes the Group's three lines of product: Natuzzi Italia, Natuzzi Editions and Natuzi Re-Vive | ||||||||||||||||||||
| Natuzzi S.p.A. and Subsidiaries | ||||
| Unaudited Consolidated Balance Sheets at September 30, 2015 on the basis of Italian GAAP (Expressed in millions of Euro) | ||||
| ASSETS | 30-Sep-15 | 31-Dec-14 | ||
| Current assets: | ||||
| Cash and cash equivalents | 40,6 | 32,8 | ||
| Marketable debt securities | 0,0 | 0,0 | ||
| Trade receivables, net | 61,9 | 96,0 | ||
| Other receivables | 23,0 | 18,1 | ||
| Inventories | 88,6 | 90,2 | ||
| Unrealized foreign exchange gains | 0,7 | 0,3 | ||
| Prepaid expenses and accrued income | 1,3 | 1,3 | ||
| Deferred income taxes | 0,5 | 0,5 | ||
| Total current assets | 216,7 | 239,3 | ||
| Non-current assets: | ||||
| Net property, plant and equipment | 122,5 | 130,8 | ||
| Other assets | 8,1 | 10,0 | ||
| Total non-current assets | 130,6 | 140,8 | ||
| TOTAL ASSETS | 347,3 | 380,1 | ||
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||||
| Current liabilities: | ||||
| Short-term borrowings | 16,7 | 20,7 | ||
| Current portion of long-term debt | 2,2 | 3,1 | ||
| Accounts payable-trade | 58,3 | 75,2 | ||
| Accounts payable-other | 26,8 | 29,7 | ||
| Accounts payable-shareholders for dividends | 0,0 | 0,0 | ||
| Unrealized foreign exchange losses | 0,1 | 0,6 | ||
| Income taxes | 0,9 | 1,1 | ||
| Deferred income taxes | 1,9 | 1,0 | ||
| Salaries, wages and related liabilities | 16,6 | 18,3 | ||
| Total current liabilities | 123,5 | 149,7 | ||
| Long-term liabilities: | ||||
| Employees' leaving entitlement | 20,9 | 20,9 | ||
| Long-term debt | 13,3 | 6,2 | ||
| Deferred income taxes - long term | 0,0 | 0,0 | ||
| Deferred income for capital grants | 7,7 | 8,1 | ||
| Other liabilities | 19,5 | 21,2 | ||
| Total long-term liabilities | 61,4 | 56,3 | ||
| Minority interest | 3,2 | 3,0 | ||
| Shareholders' equity: | ||||
| Share capital | 54,9 | 54,9 | ||
| Reserves | 4,3 | 40,9 | ||
| Additional paid-in capital | 0,0 | 8,4 | ||
| Retained earnings | 100,1 | 66,8 | ||
| Total shareholders' equity | 159,3 | 171,0 | ||
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 347,3 | 380,1 | ||
| Natuzzi S.p.A. and Subsidiaries | ||||
| Consolidated Statements of Cash Flows | ||||
| 30-Sep-15 | 30-Sep-14 | |||
| Cash flows from operating activities: | ||||
| Net earnings (loss) | -18.333 | -33.942 | ||
| Adjustments to reconcile net income to net cash | ||||
| provided by operating activities: | ||||
| Depreciation and amortization | 10.425 | 10.655 | ||
| (Gain) loss on disposal of assets | 15 | 84 | ||
| Unrealized foreign exchange losses (gains) | -880 | 882 | ||
| Deferred income for capital grants | -422 | -346 | ||
| Non monetary operating items | 9.106 | 14.979 | ||
| Change in assets and liabilities: | ||||
| Receivables, net | 34.080 | -12.780 | ||
| Inventories | 1.580 | -15.420 | ||
| Prepaid expenses and accrued income | -4 | 553 | ||
| Other assets | -3.959 | 19.094 | ||
| Accounts payable | -17.317 | -6.255 | ||
| Income taxes | -197 | -6.165 | ||
| Salaries, wages and related liabilities | -91 | 7.240 | ||
| Other liabilities | 867 | 2.990 | ||
| Net working capital | 14.960 | -10.744 | ||
| Net cash generated/(used) by operating activities | 5.732 | -29.707 | ||
| Cash flows from investing/restructuring activities: | ||||
| Property, plant and equipment: | ||||
| Additions | -1.798 | -6.843 | ||
| Disposals | 3.392 | 6.866 | ||
| One time termination benefits | -2.890 | -2.563 | ||
| Net cash generated/(used) by in investing activities | -1.296 | -2.834 | ||
| Cash flows from financing activities: | ||||
| Long-term debt: | ||||
| Proceeds | 9.003 | 5.000 | ||
| Repayments | -2.853 | -2.620 | ||
| Short-term borrowings | -4.015 | -1.712 | ||
| Dividends paid to minority interests | ||||
| Net cash generated/(used) by financing activities | 2.135 | 668 | ||
| Effect of translation adjustments on cash | 1.197 | 4.252 | ||
| Increase (decrease) in cash and cash equivalents | 7.769 | -27.620 | ||
| Cash and cash equivalents, beginning of the year | 32.852 | 61.037 | ||
| Cash and cash equivalents, end of the period | 40.622 | 33.418 | ||
View source version on businesswire.com: http://www.businesswire.com/news/home/20151127005341/en/
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