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15.05.2015 22:40:00
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First Quarter 2015 Natuzzi Consolidated Results
The Board of Directors of Natuzzi S.p.A. (NYSE:NTZ) ("Natuzzi” or the "Company”) has approved its consolidated financial results for the first quarter of 2015.
After the meeting of the Board of Directors, The Chairman and CEO Pasquale Natuzzi commented:
"The first quarter results show a significant improvement on revenues and margins confirming the positive trend of the previous quarters.
In the first quarter of 2015 the turnover increased by 24.6% to 122.6mln Euros, compared to the same period of the previous year, with a significant growth of the furnishings sector, consistent with the Natuzzi Italia’s "Total Home" offer.
From a geographical standpoint, we registered a growth of revenues in all of our main markets. We also confirmed the positive trend of our directly owned stores which posted a 26.9% growth in the first quarter of the year.
Gross margin improvement to 29.4% on sales (+ 0.9% compared to the first quarter of 2014) was primarily related to the gradual increase in efficiencies and productivity in our plants (Italy and abroad) over recent months, growth of volumes and a better product mix.
The actions we have taken to improve efficiency were aimed at reducing production complexity (-25% of models and -38% of upholstery in production), and re-engineering the production of the 120 best-selling models according to the logic of the new production process. Since April 1 2015, 80% of the product portfolio is manufactured through the moving line in all of our plants, representing an important step for the full recovery of competitiveness.
Other SG&A as a percentage of net sales were down to 17.3% in the first quarter of 2015 compared to 21.8% of the same period of the previous year.
The EBIT of -4.9mln Euros has improved by approximately 50% compared to the first quarter of 2014.
The significant improvement in our overall financial results over the last five quarters is illustrated in the following table:
| 1Q 2014 | 2Q 2014 | 3Q 2014 | 4Q 2014 | 1Q 2015 | ||||||
| Total Net Sales* | -11.2% | -1.2% | +8.2% | +12.6% | +24.6% | |||||
| COGS** | -71.5% | -74.2% | -72.1% | -71.2% | -70.6% | |||||
| Other SG&A** | -21.8% | -20.9% | -18.2% | -17.7% | -17.3% | |||||
| EBIT** | -9.6% | -9.7% | -7.0% | -6.3% | -4.0% |
*quarterly percentage change in 2015 net sales over same quarter in
2014, the others are compared to 2013
** percentage of net
sales
The first quarter numbers testify the great work carried out over recent months aimed at improving operating efficiency. Our energy is now focused on capitalizing on this effort to create the foundations for a return to a sustainable and long-lasting revenue growth.
The economic environment currently shows some recovery signs in several countries, but it is still premature to talk about short term increase in consumption. Our manufacturing presence in three continents, the capillary distribution and retail network, the product range and, above all, the high awareness of the Natuzzi brand globally, will be the trigger points to continue to leverage growth”.
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. informs that:
Starting from May 2015 the Company assigned the mandate for the activity of Company Investor Relations to Francesca Cocco. Francesca Cocco will develop and implement the communications strategy vis-à-vis financial analysts and investors, by coordinating the relations between the top management and the financial market. The Company thanks Piero Direnzo, who previously covered this role, for the activity he has performed, Piero has now been appointed treasury and financial planning manager.
| Natuzzi S.p.A. and Subsidiaries | ||||||||||
| Unaudited Consolidated Profit & Loss for the first quarter 2015 & 2014 on the basis of Italian GAAP | ||||||||||
| (expressed in millions of Euro, except per share amounts) | ||||||||||
| Three months ended on | Change | Percentage of Sales | ||||||||
| 31-Mar-15 | 31-Mar-14 | % | 31-Mar-15 | 31-Mar-14 | ||||||
| Upholstery net sales | 109,5 | 87,9 | 24,6% | 89,4% | 89,4% | |||||
| Other sales | 13,0 | 10,5 | 24,7% | 10,6% | 10,6% | |||||
| Total Net Sales | 122,6 | 98,4 | 24,6% | 100,0% | 100,0% | |||||
| Consumption (*) | (57,7) | (44,5) | 29,6% | -47,1% | -45,3% | |||||
| Labor | (20,8) | (19,1) | 9,3% | -17,0% | -19,4% | |||||
| Industrial Costs | (8,0) | (6,8) | 17,7% | -6,5% | -6,9% | |||||
| of which: Depreciation, Amortization | (2,5) | (2,5) | 2,6% | -2,1% | -2,5% | |||||
| Cost of Sales | (86,5) | (70,4) | 23,0% | -70,6% | -71,5% | |||||
| Industrial Margin | 36,0 | 28,0 | 28,7% | 29,4% | 28,5% | |||||
| Selling Expenses | (19,8) | (16,0) | 23,8% | -16,1% | -16,2% | |||||
| Transportation | (13,0) | (10,2) | 26,9% | -10,6% | -10,4% | |||||
| Commissions | (2,5) | (2,3) | 10,0% | -2,1% | -2,3% | |||||
| Advertising | (4,3) | (3,5) | 23,7% | -3,5% | -3,5% | |||||
| Other Selling and G&A | (21,2) | (21,4) | -1,2% | -17,3% | -21,8% | |||||
| of which: Depreciation, Amortization | (1,0) | (1,1) | -9,2% | -0,8% | -1,1% | |||||
| EBITDA | (1,4) | (5,9) | -75,7% | -1,2% | -6,0% | |||||
| EBIT | (4,9) | (9,4) | -47,6% | -4,0% | -9,6% | |||||
| Interest Income/(Costs), Net | (0,5) | (0,3) | ||||||||
| Foreign Exchange, Net | (4,0) | 0,8 | ||||||||
| Other Income/(Cost), Net | (0,2) | (0,3) | ||||||||
| Earning before Income Taxes | (9,7) | (9,2) | -7,9% | -9,4% | ||||||
| Current taxes | (0,1) | (0,5) | -0,1% | -0,5% | ||||||
| Net Result | (9,8) | (9,8) | -8,0% | -9,9% | ||||||
| Minority interest | (0,0) | (0,0) | ||||||||
| Net Group Result | (9,8) | (9,8) | -8,0% | -9,9% | ||||||
| Net Group Result per Share | (0,18) | (0,18) | ||||||||
| Key Figures in U.S. dollars | Three months ended on | Change | Percentage of Sales | |||||||
| (millions) | 31-Mar-15 | 31-Mar-14 | % | 31-Mar-15 | 31-Mar-14 | |||||
| Total Net Sales | 138,1 | 110,8 | 24,6% | 100,0% | 100,0% | |||||
| Industrial Margin | 40,6 | 31,5 | 28,7% | 29,4% | 28,5% | |||||
| EBIT | (5,6) | (10,6) | -4,0% | -9,6% | ||||||
| Net Group Result | (11,0) | (11,0) | -8,0% | -9,9% | ||||||
| Net Group Result per Share | (0,20) | (0,20) | ||||||||
| Average exchange rate (U.S.$ per 1€) | 1,1263 | |||||||||
| (*) 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) | |||||||||||||||||||
| Three months ended on | Three months ended on | |||||||||||||||||||
| AREA | 31-Mar-15 | % | 31-Mar-14 | % | delta | 31-Mar-15 | % | 31-Mar-14 | % | delta | ||||||||||
| Americas | 45,0 | 41,1% | 33,3 | 37,9% | 35,3% |
177.697 |
45,5% |
172.190 |
46,2% | 3,2% | ||||||||||
| Natuzzi | 27,8 | 25,4% | 18,2 | 20,8% | 52,4% |
91.735 |
23,5% |
75.687 |
20,3% | 21,2% | ||||||||||
| Private label | 17,2 | 15,7% | 15,1 | 17,1% | 14,4% |
85.962 |
22,0% |
96.503 |
25,9% | -10,9% | ||||||||||
| EMEA | 50,8 | 46,4% | 44,3 | 50,3% | 14,8% |
180.505 |
46,3% |
161.975 |
43,5% | 11,4% | ||||||||||
| Natuzzi | 36,6 | 33,4% | 35,4 | 40,3% | 3,5% |
101.164 |
25,9% |
106.224 |
28,5% | -4,8% | ||||||||||
| Private label | 14,2 | 12,9% | 8,9 | 10,1% | 60,0% |
79.341 |
20,3% |
55.751 |
15,0% | 42,3% | ||||||||||
| Asia-Pacific | 13,7 | 12,5% | 10,4 | 11,8% | 32,2% |
31.940 |
8,2% |
38.318 |
10,3% | -16,6% | ||||||||||
| Natuzzi | 13,4 | 12,2% | 9,7 | 11,0% | 38,4% |
30.107 |
7,7% |
33.259 |
8,9% | -9,5% | ||||||||||
| Private label | 0,3 | 0,3% | 0,7 | 0,8% | -54,1% |
1.833 |
0,5% |
5.059 |
1,4% |
-63,8% | ||||||||||
| TOTAL | 109,531 | 100,0% | 87,912 | 100,0% | 24,6% |
390.142 |
100,0% |
372.482 |
100,0% | 4,7% | ||||||||||
| BREAKDOWN BY BRAND | ||||||||||||||||||||
| NET SALES (in €, million) | NET SALES (in seats sold) | |||||||||||||||||||
| Three months ended on | Three months ended on | |||||||||||||||||||
| BRAND | 31-Mar-15 | % | 31-Mar-14 | % | delta | 31-Mar-15 | % | 31-Mar-14 | % | delta | ||||||||||
| Natuzzi | 77,8 | 71,0% | 63,3 | 72,0% | 22,9% |
223.006 |
57,2% |
215.170 |
57,8% | 3,6% | ||||||||||
| Private label | 31,7 | 29,0% | 24,6 | 28,0% | 28,9% |
167.136 |
42,8% |
157.312 |
42,2% | 6,2% | ||||||||||
| TOTAL | 109,5 | 100,0% | 87,9 | 100,0% | 24,6% |
390.142 |
100,0% |
372.482 |
100,0% | 4,7% | ||||||||||
| 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 on the basis of Italian GAAP | ||||
| (Expressed in millions of Euro) | ||||
| ASSETS | 31-Mar-15 | 31-Dec-14 | ||
| Current assets: | ||||
| Cash and cash equivalents | 28,6 | 32,8 | ||
| Marketable debt securities | 0,0 | 0,0 | ||
| Trade receivables, net | 96,7 | 96,0 | ||
| Other receivables | 23,4 | 18,1 | ||
| Inventories | 91,7 | 90,2 | ||
| Unrealized foreign exchange gains | 0,4 | 0,3 | ||
| Prepaid expenses and accrued income | 1,6 | 1,3 | ||
| Deferred income taxes | 0,5 | 0,5 | ||
| Total current assets | 242,9 | 239,3 | ||
| Non-current assets: | ||||
| Net property, plant and equipment | 131,0 | 130,8 | ||
| Other assets | 9,8 | 10,0 | ||
| Total non-current assets | 140,8 | 140,8 | ||
| TOTAL ASSETS | 383,8 | 380,1 | ||
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||||
| Current liabilities: | ||||
| Short-term borrowings | 24,7 | 20,7 | ||
| Current portion of long-term debt | 2,8 | 3,1 | ||
| Accounts payable-trade | 71,2 | 75,2 | ||
| Accounts payable-other | 27,1 | 29,7 | ||
| Unrealized foreign exchange losses | 1,5 | 0,6 | ||
| Income taxes | 1,2 | 1,1 | ||
| Deferred income taxes | 1,0 | 1,0 | ||
| Salaries, wages and related liabilities | 18,7 | 18,3 | ||
| Total current liabilities | 148,2 | 149,7 | ||
| Long-term liabilities: | ||||
| Employees' leaving entitlement | 21,0 | 20,9 | ||
| Long-term debt | 5,4 | 6,2 | ||
| Deferred income for capital grants | 8,0 | 8,1 | ||
| Other liabilities | 20,5 | 21,2 | ||
| Total long-term liabilities | 54,8 | 56,3 | ||
| Minority interest | 3,4 | 3,0 | ||
| Shareholders' equity: | ||||
| Share capital | 54,9 | 54,9 | ||
| Reserves | 40,9 | 40,9 | ||
| Additional paid-in capital | 8,4 | 8,4 | ||
| Retained earnings | 73,2 | 66,8 | ||
| Total shareholders' equity | 177,4 | 171,0 | ||
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 383,8 | 380,1 | ||
| Natuzzi S.p.A. and Subsidiaries | ||||
| Unaudited Consolidated Statements of Cash Flows | Three months ended on | |||
| (Expressed in million of Euro) | 31-Mar-15 | 31-Mar-14 | ||
| Cash flows from operating activities: | ||||
| Net earnings (loss) | (9,8) | (9,8) | ||
| Adjustments to reconcile net income to net cash | ||||
| provided by operating activities: | ||||
| Depreciation and amortization | 3,5 | 3,6 | ||
| Write-off of fixed asstes | - | - | ||
| Impairment of long lived assets | - | - | ||
| One-time termination benefit | - | - | ||
| Deferred income taxes | 0,0 | 0,0 | ||
| Minority interest | - | 0,0 | ||
| (Gain) loss on disposal of assets | - | (0,0) | ||
| Unrealized foreign exchange losses (gains) | 0,8 | 0,7 | ||
| Extraordinary items, net | - | - | ||
| Deferred income for capital grants | (0,1) | (0,1) | ||
| Non monetary operating items | 4,3 | 4,2 | ||
| Change in assets and liabilities: | ||||
| Receivables, net | (0,7) | 0,6 | ||
| Inventories | (1,5) | 1,1 | ||
| Prepaid expenses and accrued income | (0,3) | 0,0 | ||
| Accounts payable | (4,1) | (0,4) | ||
| Income taxes | 0,2 | (0,3) | ||
| Salaries, wages and related liabilities | 1,1 | 0,8 | ||
| Other assets/liabilities, net | 3,3 | 0,6 | ||
| Net working capital | (2,0) | 2,5 | ||
| One-time outflow from restructuring activities | (1,5) | - | ||
| Net cash generated/(used) by operating activities | (9,0) | (3,1) | ||
| Cash flows from investing activities: | ||||
| Property, plant and equipment: | ||||
| Additions | (0,8) | (3,5) | ||
| Disposals | 0,1 | 0,1 | ||
| Other Assets | - | - | ||
| Dividends distribution | - | - | ||
| Minority interest acquisition | - | - | ||
| Goverment grants received | - | 0,5 | ||
| Net cash generated/(used) by investing activities | (0,8) | (2,9) | ||
| Cash flows from financing activities: | ||||
| Long-term debt: | ||||
| Proceeds | - | - | ||
| Repayments | (1,2) | (1,1) | ||
| Short-term borrowings | 3,9 | 2,7 | ||
| Net cash generated/(used) by financing activities | 2,8 | 1,6 | ||
| Effect of translation adjustments on cash | 2,7 | (1,4) | ||
| Increase (decrease) in cash and cash equivalents | (4,2) | (5,8) | ||
| Cash and cash equivalents, beginning of the year | 32,9 | 61,0 | ||
| Cash and cash equivalents, end of the period | 28,6 | 55,2 | ||
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