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 April 2007 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.)
(Check One) Form 20-F x Form 40-F
---- ----
(Indicate by check mark whether the registrant by furnishing the
information contained in this Form is also thereby furnishing information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934.)
(Check One) Yes No X
---- ----
(If "Yes" is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b). 82- .)
Natuzzi's Board of Directors Announces Fourth Quarter
and Full Year 2006 Financial Results
FY06 FINANCIAL HIGHLIGHTS
-- REVENUES UP 9.8% FROM EUR 669.9 MILLION IN 2005 TO EUR 735.5
MILLION IN 2006
-- OPERATING PROFIT AT EUR 16.5 MILLION VERSUS OPERATING LOSS OF
EUR 14.7 MILLION IN 2005
-- NET PROFIT AT EUR 12.3 MILLION FROM NET LOSSES OF EUR 14.6
MILLION IN 2005
-- 2006 NET EARNINGS PER SHARE AT EUR 0.22, VERSUS NET LOSSES PER
SHARE OF EUR 0.27 IN 2005
-- FULL YEAR 2006 CASH FLOW FROM OPERATIONS AT EUR 66.9 MILLION
AS COMPARED TO EUR 23.2 MILLION IN 2005
SANTERAMO IN COLLE, Bari, Italy--(BUSINESS WIRE)--April 2,
2007--The Board of Directors of Natuzzi S.p.A. (NYSE: NTZ) ('Natuzzi'
or 'the Company'), the world's leading manufacturer of
leather-upholstered furniture, today presents the consolidated
financial statements for the fourth quarter and full year 2006.
NET SALES
During the fourth quarter of 2006, Natuzzi total net sales
increased by 1.3% at EUR 193.1 million from EUR 190.6 million reported
for the last quarter of 2005. During the same period, units sold
decreased by 2.9%. Considering the whole 2006, total net sales
increased by 9.8% at EUR 735.5 million, from EUR 669.9 million
reported in 2005.
For the last three months of 2006, upholstery net sales slightly
increased at EUR 174.2 million from EUR 173.0 million of the previous
year's fourth quarter. Other sales (principally living-room
accessories and raw material produced by the Company and sold to third
parties) increased by 7.4% at EUR 18.9 million from EUR 17.6 million
reported for the last quarter of 2005.
In the fourth quarter of 2006 net sales in the Americas were at
EUR 58.5 million, down 9.9% from EUR 64.9 million reported in 2005
fourth quarter, whereas in the same period net sales in Europe
increased by 5.5% at EUR 102.2 million, and in the rest of the world
by 20.5% at EUR 13.5 million on a quarterly basis.
During the three months ended on December 31, 2006, total net
sales from our chains Divani & Divani by Natuzzi stores and Natuzzi
Stores were at EUR 37.3 million, up 15.5% from EUR 32.3 million
reported for the fourth quarter of 2005. During the same period, three
new stores were opened (1 in Turkey, 1 in Australia and 1 in New
Zealand), whereas three stores were closed (1 in France and 2 in
Spain), thus maintaining the total number of stores to 278 as at
December 31, 2006. At the same date there were 560 Natuzzi Galleries,
whereas one year earlier there were 605 Natuzzi galleries.
Leather upholstered furniture net sales in the fourth quarter of
2006 were at EUR 152.5 million, increasing 3.5% from EUR 147.4 million
reported for the last quarter of 2005, whereas fabric upholstered net
sales decreased by 15.2% at EUR 21.7 million with respect to EUR 25.6
million reported in fourth quarter 2005.
During the fourth quarter of 2006 net sales for the Natuzzi
branded products were down 1.4% at EUR 108.9 million, whereas, over
the same period, net sales of Italsofa products increased 4.5% at EUR
65.3 million.
GROSS PROFIT & OPERATING INCOME
For the three-month period ended on December 2006, the Company
reported a gross profit of EUR 58.5 million, increasing by 6.4% with
respect to EUR 55.0 million reported for the same comparable period of
the previous year. As percentage of sales, gross margin increased from
28.9% to 30.3% on a quarterly basis, showing a material improvement in
the manufacturing process.
During 2006 fourth quarter the Company reported a net operating
loss of EUR 3.4 million, as compared to a net operating loss of EUR
5.4 million reported for the same quarter of 2005.
FOREX, EXTRAORDINARY ITEMS AND TAXES
During the fourth quarter of 2006 the Company had a net foreign
exchange gain of EUR 2.8 million, as compared to a net foreign
exchange gain of EUR 2.4 million reported in 2005 fourth quarter.
The comparison of other income/(losses) on a quarterly base was
negatively affected by provisions for contingent liabilities accounted
for in the fourth quarter 2006, amounting at EUR 5.6 million, and
extraordinary income represented by the Government grants of EUR 4.4
million received by the Company in 2005.
Over the same period, Company's income taxes were EUR 1.0 million,
versus income taxes of EUR 4.0 million reported one year earlier.
Considering the twelve-month period, for the 2006 the Company
reported income taxes of EUR 7.1 million, as compared to EUR 3.1
million reported for the whole 2005.
NET INCOME & EARNINGS PER SHARE
During 2006 fourth quarter, the Company reported net losses of EUR
5.1 million, as compared to net losses of EUR 0.7 million reported for
the same quarter of 2005. Losses per share (ADR) for the fourth
quarter of 2006 were at EUR 0.09 from EUR 0.01 losses per share
reported for the last quarter of 2005.
Considering the twelve-month period, in 2006 the Company reported
net earnings of EUR 12.3 million, versus net losses of EUR 14.6
million in 2005. Net earnings per share were EUR 0.22 in 2006 versus
net losses per share of EUR 0.27 reported for the whole 2005.
CASH FLOW
In 2006 cash flow from operations was EUR 66.9 million, increasing
from EUR 23.2 million generated during the whole 2005. The cash
increase was mainly due to a more efficient inventory management. On
ADR basis, net operating cash flow was EUR 1.22, as compared to EUR
0.42 generated in 2005.
Ernesto Greco, Chief Executive Officer of the Group, commented "We
are pleased with the positive net sales performance reported year over
year, return to profit and strong cash flow from operations achieved
in 2006. However, as anticipated, the revenue performance was
supported by the reduction of the orders backlog.
The business scenario, unfortunately, has been and continues to be
very soft due to the very aggressive pricing competition and
unfavorable exchange rates. This challenging environment has been
confirmed by major players in the market. As a result, the first part
of 2007 has seen, relatively to the same period of last year, a high
single digit reduction in the order flow, while revenues slowed down
at a double digit rate.
In this challenging market, we remain committed to invest in the
repositioning of the Natuzzi brand and reorganization of our sales
activities and we continue to be focused on the current restructuring
process of our operations, so to regain competitiveness and
profitability".
CONVERSION RATES
The fourth quarter 2006 and 2005 dollar figures presented in this
announcement were converted at an average noon buying rate of $1.2894
per EUR and $1.1890 per EUR, respectively. The 2006 and 2005 figures
were converted at an average noon buying rate of $1.2565 per EUR and
$1.2449 per EUR, respectively.
TRANCHINI RESIGNED FROM THE BOARD OF DIRECTORS
Daniele Tranchini, Natuzzi Chief Sales & Marketing Officer,
resigned from the Company and Board of Directors, effective from April
30th, 2007.
FOURTH QUARTER AND FULL 2006 TELECONFERENCE
Pasquale Natuzzi, Chairman, Ernesto Greco, Chief Executive
Officer, Filippo Simonetti, Chief Financial Officer, and Nicola
Dell'Edera, Finance Director, will discuss financial results, followed
by a question and answer session, in a teleconference at 10:00 a.m.
New York time (3:00 p.m. London time - 4:00 p.m. Italian time) on
Tuesday April 3rd, 2007.
For further information, please contact:
Investor Relations Dept. Corporate Press Office
------------------------------------- --------------------------------
Tel.: +39-080-8820-812 Tel.: +39-080-8820-124
Fax: +39-080-8820-241 Fax: +39-080-8820-508
E-mail: E-mail:
investor_relations@natuzzi.com relazioni.esterne@natuzzi.com
ABOUT NATUZZI S.P.A.
Founded in 1959 by Pasquale Natuzzi, Natuzzi S.p.A. designs and
manufactures a broad collection of leather-upholstered residential
furniture.
Italy's largest furniture manufacturer, Natuzzi is the global
leader in the leather segment, exporting its innovative, high-quality
sofas and armchairs to 123 markets on 5 continents.
Since 1990, Natuzzi has sold its furnishings in Italy through the
popular Divani & Divani by Natuzzi chain of 124 stores, and 1 Natuzzi
Store. Outside Italy, the Company sells to various furniture
retailers, as well as through 158 licensed Divani & Divani by Natuzzi
and Natuzzi Stores.
Natuzzi S.p.A. was listed on the New York Stock Exchange on May
13, 1993. The Company is ISO 9001 and 14001 certified.
FORWARD-LOOKING STATEMENTS
Statements in this press release other than statements of
historical fact are "forward-looking statements". Forward-looking
statements are based on management's current expectations and beliefs
and therefore you should not place undue reliance on them. These
statements are subject to a number of risks and uncertainties,
including risks that may not be subject to the Company's control, that
could cause actual results to differ materially from those contained
in any forward-looking statement. These risks include, but are not
limited to, fluctuations in exchange rates, economic and weather
factors affecting consumer spending, competitive and regulatory
environment, as well as other political, economical and technological
factors, and other risks identified from time to time in the Company's
filings with the Securities and Exchange Commission, particularly in
the Company's annual report on Form 20-F. Forward looking statements
speak as of the date they were made, and the Company undertakes no
obligation to update publicly any of them in light of new information
or future events.
NATUZZI S.P.A. AND SUBSIDIARIES
Unaudited Consolidated Statement of Earnings for the quarters ended on
December 31, 2006 and 2005 on the basis of Italian GAAP
(Expressed in millions of EUR except per share data)
-----------------------
Three months ended on % Over Percent of Sales
-------------------
31-Dec-06 31-Dec-05 (Under) 31-Dec-06 31-Dec-05
----------------- ----------- ----------- -------- --------- ---------
Upholstery net
sales 174.2 173.0 0.7% 90.2% 90.8%
Other sales 18.9 17.6 7.4% 9.8% 9.2%
Total Net Sales 193.1 190.6 1.3% 100.0% 100.0%
----------------- ----------- ----------- -------- --------- ---------
Purchases (80.5) (77.5) (3.9)% (41.7)% (40.7)%
Labor (29.2) (30.1) 3.0% (15.1)% (15.8)%
Third-party
Manufacturers (4.3) (7.2) 40.3% (2.2)% (3.8)%
Manufacturing
Costs (8.6) (8.9) 3.4% (4.5)% (4.7)%
Inventories, net (12.0) (11.9) (0.8)% (6.2)% (6.2)%
Cost of Sales (134.6) (135.6) 0.7% (69.7)% (71.1)%
----------------- ----------- ----------- -------- --------- ---------
Gross Profit 58.5 55.0 6.4% 30.3% 28.9%
----------------- ----------- ----------- -------- --------- ---------
Selling Expenses (49.0) (48.4) (1.2)% (25.4)% (25.4)%
General and
Administrative
Expenses (12.9) (12.0) (7.5)% (6.7)% (6.3)%
Operating Income
(Loss) (3.4) (5.4) 37.0% (1.8)% (2.8)%
----------------- ----------- ----------- -------- --------- ---------
Interest Income,
net 0.7 0.0 0.4% 0.0%
Foreign Exchange,
net 2.8 2.4 1.5% 1.3%
Other Income
(losses), net (4.3) 6.2 (2.2)% 3.3%
Earnings (Losses)
before taxes and
minority
interest (4.2) 3.2 (231.3)% (2.2)% 1.7%
----------------- ----------- ----------- -------- --------- ---------
Income taxes (1.0) (4.0) (0.5)% (2.1)%
Earnings (Losses)
before minority
interest (5.2) (0.8) (550.0)% (2.7)% (0.4)%
----------------- ----------- ----------- -------- --------- ---------
Minority Interest (0.1) (0.1) (0.1)% (0.1)%
Net Earnings
(Losses) (5.1) (0.7) (628.6)% (2.6)% (0.4)%
----------------- ----------- ----------- -------- --------- ---------
Earnings (Losses)
Per Share (0.09) (0.01)
----------------- ----------- ----------- -------- --------- ---------
Average Number of
Shares
Outstanding* 54,738,538 54,681,628
----------------- ----------- ----------- -------- --------- ---------
(*) Net of shares repurchased
----------------------------------------------------------------------
Key Figures in U.S. dollars (millions) Three months ended on
--------------------------------------------
December 31, December 31,
2006 2005
-------------------------------------------- ------------ ------------
Total Net Sales 249.0 226.6
Gross Profit 75.4 65.4
Operating Income (Loss) (4.4) (6.4)
Net Earnings (Losses) (6.6) (0.8)
Earnings (Losses) per Share (0.12) (0.01)
Average exchange rate (U.S. dollar per Euro) 1.2894 1.1890
----------------------------------------------------------------------
NATUZZI S.P.A. AND SUBSIDIARIES
Unaudited Consolidated Statement of Earnings for the twelve-month
periods ended on
December 31, 2006 and 2005 on the basis of Italian GAAP
(Expressed in millions of EUR except per share data)
-----------------------
Twelve months ended on % Over Percent of Sales
-------------------
31-Dec-06 31-Dec-05 (Under) 31-Dec-06 31-Dec-05
----------------- ----------- ----------- ------------------ ---------
Upholstery net
sales 660.3 594.8 11.0% 89.8% 88.8%
Other sales 75.2 75.1 0.1% 10.2% 11.2%
Total Net Sales 735.5 669.9 9.8% 100.0% 100.0%
----------------- ----------- ----------- -------- --------- ---------
Purchases (313.2) (295.3) (6.1)% (42.6)% (44.1)%
Labor (109.4) (108.3) (1.0)% (14.9)% (16.2)%
Third-party
Manufacturers (19.6) (25.3) 22.5% (2.7)% (3.8)%
Manufacturing
Costs (33.1) (33.6) 1.5% (4.5)% (5.0)%
Inventories, net (15.3) 3.1 (593.5)% (2.1)% 0.5%
Cost of Sales (490.6) (459.4) (6.8)% (66.7)% (68.6)%
----------------- ----------- ----------- -------- --------- ---------
Gross Profit 244.9 210.5 16.3% 33.3% 31.4%
----------------- ----------- ----------- -------- --------- ---------
Selling Expenses (186.2) (182.2) (2.2)% (25.3)% (27.2)%
General and
Administrative
Expenses (42.2) (43.0) 1.9% (5.7)% (6.4)%
Operating Income
(Loss) 16.5 (14.7) 212.2% 2.2% (2.2)%
----------------- ----------- ----------- -------- --------- ---------
Interest Income,
net 1.5 0.0 0.2% 0.0%
Foreign Exchange,
net 0.8 (1.6) 0.1% (0.2)%
Other Income, net 0.5 4.5 0.1% 0.7%
Earnings (Losses)
before taxes and
minority
interest 19.3 (11.8) 263.6% 2.6% (1.8)%
----------------- ----------- ----------- -------- --------- ---------
Income taxes (7.1) (3.1) (1.0)% (0.5)%
Earnings (Losses)
before minority
interest 12.2 (14.9) 181.9% 1.7% (2.2)%
----------------- ----------- ----------- -------- --------- ---------
Minority Interest (0.1) (0.3) 0.0% 0.0%
Net Earnings
(Losses) 12.3 (14.6) 184.2% 1.7% (2.2)%
----------------- ----------- ----------- -------- --------- ---------
Earnings (Losses)
Per Share 0.22 (0.27)
----------------- ----------- ----------- -------- --------- ---------
Average Number of
Shares
Outstanding* 54,738,538 54,681,628
----------------- ----------- ----------- -------- --------- ---------
(*) Net of shares repurchased
----------------------------------------------------------------------
Key Figures in U.S. dollars (millions) Twelve months ended on
December 31, December 31,
2006 2005
-------------------------------------------- ------------ ------------
Total Net Sales 924.2 834.0
Gross Profit 307.7 262.1
Operating Income (Loss) 20.7 (18.3)
Net Earnings (Losses) 15.5 (18.2)
Earnings (Losses) per Share 0.28 (0.34)
Average exchange rate (U.S. dollar per Euro) 1.2565 1.2449
----------------------------------------------------------------------
GEOGRAPHIC BREAKDOWN
----------------------------------------------------------------------
Sales* Seat Units
--------------------------- ---------------------------
Three months ended % Over Three months ended % Over
on on
31-Dec-06 31-Dec-05 (Under) 31-Dec-06 31-Dec-05 (Under)
============== ========= ========= ================= ========= =======
Americas 58.5 64.9 (9.9%) 328,872 366,939 (10.4%)
% of total 33.6% 37.5% 42.1% 45.7%
Europe 102.2 96.9 5.5% 394,338 392,494 0.5%
% of total 58.7% 56.0% 50.5% 48.8%
Rest of the
world 13.5 11.2 20.5% 57,372 44,198 29.8%
% of total 7.7% 6.5% 7.3% 5.5%
-------------- --------- --------- ------- --------- --------- -------
TOTAL 174.2 173.0 0.7% 780,582 803,631 (2.9%)
-------------- --------------------------- --------- --------- -------
* Expressed in millions of EUR
BREAKDOWN BY COVERING
----------------------------------------------------------------------
Sales* Seat Units
Three months ended % Over Three months ended % Over
on on
31-Dec-06 31-Dec-05 (Under) 31-Dec-06 31-Dec-05 (Under)
============== =============================================== =======
Leather 152.5 147.4 3.5% 670,025 653,604 2.5%
% of total 87.5% 85.2% 85.8% 81.3%
Fabric 21.7 25.6 (15.2%) 110,557 150,027 (26.3%)
% of total 12.5% 14.8% 14.2% 18.7%
Total 174.2 173.0 0.7% 780,582 803,631 (2.9%)
----------------------------------------------------------------------
* (Expressed in millions of EUR)
BREAKDOWN BY BRAND
----------------------------------------------------------------------
Sales* Seat Units
Three months ended % Over Three months ended % Over
on on
31-Dec-06 31-Dec-05 (Under) 31-Dec-06 31-Dec-05 (Under)
=============================================== =======
Natuzzi 108.9 110.4 (1.4%) 399,207 384,606 3.8%
% of total 62.5% 63.9% 51.1% 47.9%
Italsofa 65.3 62.5 4.5% 381,375 419,025 (9.0%)
% of total 37.5% 36.1% 48.9% 52.1%
TOTAL 174.2 173.0 0.7% 780,582 803,631 (2.9%)
----------------------------------------------------------------------
GEOGRAPHIC BREAKDOWN
----------------------------------------------------------------------
Sales* Seat Units
Twelve months ended % Over Twelve months ended % Over
on on
31-Dec-06 31-Dec-05 (Under) 31-Dec-06 31-Dec-05 (Under)
============ ================================================= =======
Americas 245.4 241.7 1.5% 1,364,873 1,386,329 (1.5%)
% of total 37.2% 40.6% 45.2% 49.3%
Europe 366.6 313.2 17.0% 1,449,696 1,262,887 14.8%
% of total 55.5% 52.7% 48.1% 44.9%
Rest of the
world 48.3 39.9 21.1% 202,133 162,523 24.4%
% of total 7.3% 6.7% 6.7% 5.8%
------------ --------- --------- ------- ---------- ---------- -------
TOTAL 660.3 594.8 11.0% 3,016,702 2,811,739 7.3%
---------------------------------------- -----------------------------
* (Expressed in millions of EUR)
BREAKDOWN BY COVERING
----------------------------------------------------------------------
Sales* Seat Units
Twelve months ended % Over Twelve months ended % Over
on on
31-Dec-06 31-Dec-05 (Under) 31-Dec-06 31-Dec-05 (Under)
============ ================================================= =======
Leather 573.1 498.9 14.9% 2,544,174 2,224,834 14.4%
% of total 86.8% 83.9% 84.3% 79.1%
Fabric 87.2 95.9 (9.1%) 472,528 586,905 (19.5%)
% of total 13.2% 16.1% 15.7% 20.9%
Total 660.3 594.8 11.0% 3,016,702 2,811,739 7.3%
---------------------------------------- -----------------------------
* (Expressed in millions of EUR)
BREAKDOWN BY BRAND
----------------------------------------------------------------------
Sales* Seat Units
Twelve months ended % Over Twelve months ended % Over
on on
31-Dec-06 31-Dec-05 (Under) 31-Dec-06 31-Dec-05 (Under)
============ ================================================= =======
Natuzzi 416.2 395.0 5.4% 1,506,981 1,451,341 3.8%
% of total 63.0% 66.4% 50.0% 51.6%
Italsofa 244.1 199.9 22.1% 1,509,721 1,360,398 11.0%
% of total 37.0% 33.6% 50.0% 48.4%
TOTAL 660.3 594.8 11.0% 3,016,702 2,811,739 7.3%
---------------------------------------- -----------------------------
NATUZZI S.P.A. AND SUBSIDIARIES
Unaudited Consolidated Balance Sheet as of December 31, 2006
and December 31, 2005 (Expressed in millions of EUR)
31-Dec-06 31-Dec-05
-------------------------------------------------- --------- ---------
ASSETS
Current Assets:
Cash and cash equivalents 128.1 89.7
Marketable debt securities 0.0 0.0
Trade receivables, net 119.3 123.6
Other receivables 44.7 46.3
Inventories 100.3 115.7
Unrealized foreign exchange gains 5.5 0.0
Prepaid expenses and accrued income 2.0 2.6
Deferred income taxes 7.5 6.6
-------------------------------------------------- --------- ---------
Total current assets 407.4 384.5
-------------------------------------------------- --------- ---------
Non-Current Assets:
Net property, plant and equipment 246.3 262.8
Treasury shares 0.0 0.0
Other assets 18.7 16.6
Deferred income taxes 2.3 1.1
-------------------------------------------------- --------- ---------
TOTAL ASSETS 674.7 665.0
-------------------------------------------------- --------- ---------
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Short-term borrowings 3.8 7.7
Current portion of long-term debt 0.3 0.4
Accounts payable-trade 79.5 73.5
Accounts payable-other 22.5 24.2
Accounts payable shareholders for dividends 0.6 0.6
Unrealized foreign exchange losses 0.0 4.8
Income taxes 4.6 2.9
Salaries, wages and related liabilities 21.7 22.1
-------------------------------------------------- --------- ---------
Total current liabilities 133.0 136.2
-------------------------------------------------- --------- ---------
Long-Term Liabilities:
Employees' leaving entitlement 35.3 32.3
Long-term debt 2.4 3.6
Deferred income taxes 0.0 0.0
Deferred income for capital grants 14.1 14.8
Other liabilities 10.5 4.4
-------------------------------------------------- --------- ---------
Minority Interest 0.6 0.7
-------------------------------------------------- --------- ---------
Shareholders' Equity:
Share capital 54.7 54.7
Reserves 42.3 42.3
Additional paid-in capital 8.3 8.3
Retained earnings 373.5 367.7
-------------------------------------------------- --------- ---------
Total shareholders' equity 478.8 473.0
-------------------------------------------------- --------- ---------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 674.7 665.0
------------------------------------------------------------ ---------
NATUZZI S.P.A. AND SUBSIDIARIES
Unaudited Consolidated Statements of Cash Flows
as of December 31, 2006 and 2005 (Expressed in millions of EUR)
31-Dec-06 31-Dec-05
--------- ---------
Cash flows from operating activities:
Net earnings (losses) 12.3 (14.6)
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization 30.5 33.0
Employees' leaving entitlement 2.9 2.4
Deferred income taxes (2.1) (6.3)
Minority interest (0.1) (0.2)
(Gain) loss on disposal of assets 0.8 (0.2)
Unrealized foreign exchange (losses) / gain (10.2) 11.9
Deferred income for capital grants (1.1) (5.6)
Change in assets and liabilities:
Receivables, net 4.3 10.6
Inventories 15.5 (1.6)
Prepaid expenses and accrued income 0.6 (0.1)
Other assets 1.4 (1.4)
Accounts payable 6.0 (7.4)
Income taxes 1.7 0.4
Salaries, wages and related liabilities (0.4) 3.3
Other liabilities 4.8 (1.0)
Total adjustments 54.6 37.8
NET CASH PROVIDED BY OPERATING ACTIVITIES 66.9 23.2
-------------------------------------------------- --------- ---------
Cash flows from investing activities:
Property, plant, equipment and intangibles:
Additions (20.0) (20.9)
Disposals 0.3 0.9
Government grants received 0.6 1.0
Marketable debt securities:
Proceeds from sales 0.0 0.0
Purchase of business, net of cash acquired (3.3) (2.0)
Disposal of business 0.0 0.0
NET CASH USED IN INVESTING ACTIVITIES (22.4) (21.0)
-------------------------------------------------- --------- ---------
Cash flows from financing activities:
Long term debt:
Proceeds 0.4 0.5
Repayments (1.6) (2.1)
Short-term borrowings (4.0) 1.6
Dividends paid to shareholders 0.0 (3.8)
Dividends paid to minority shareholders 0.0 0.0
NET CASH USED IN FINANCING ACTIVITIES (5.2) (3.8)
-------------------------------------------------- --------- ---------
Effect of translation adjustments on cash (0.9) 4.0
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 38.4 2.4
-------------------------------------------------- --------- ---------
Cash and cash equivalents, beginning of the year 89.7 87.3
CASH AND CASH EQUIVALENTS, END OF THE PERIOD 128.1 89.7
-------------------------------------------------- --------- ---------
CONTACT: Natuzzi S.p.A.
Investor Relations Dept.
Tel.: +39-080-8820-812
investor_relations@natuzzi.com
or
Corporate Press Office
Tel.: +39-080-8820-124
relazioni.esterne@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: April 2nd, 2007 By: /s/ FILIPPO SIMONETTI
------------------------------------
Filippo Simonetti