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 November 2006 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.p.A. (NYSE: NTZ) Announces
Third Quarter 2006 Financial Results
Third Quarter 2006 Financial Highlights
-- Total Net Revenues at EUR 158.5 Million in 3Q06 up by 7.7% and
Units Sold up 10.0% over 3Q05
-- Operating Loss at EUR 1.1 Million in 3Q06 versus Break Even
Reported in Third Quarter 2005
-- Net Earnings at EUR 0.8 Million versus Net Losses of EUR 2.0
Million in 3Q05
Business Editors
SANTERAMO IN COLLE, Bari, Italy--(BUSINESS WIRE)--Nov. 15,
2006--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 announces the approval of the
consolidated financial statements for the third quarter 2006.
NET SALES
Natuzzi third quarter 2006 total net sales were at EUR 158.5
million, or $ 202.0 million, up 7.7 percent as compared to third
quarter 2005. During the first nine months of the year, total net
sales increased by 13.1 percent with respect to the same period of
2005 at EUR 542.4 million, or $ 675.6 million.
During the third quarter 2006, upholstery net sales were at EUR
142.0 million, or $ 180.9 million, up 8.8 percent over the third
quarter of last year. During the same period, total seats sold
increased by 10.0 percent. In the first nine months of 2006, the
Company sold 2,236,121 seats, 11.4 percent more than the same
comparable period of last year.
Other sales (principally living room accessories, and raw
materials produced by the Company and sold to third parties) decreased
1.2 percent to EUR 16.5 million, or $ 21.0 million, over the third
quarter of last year.
During the three months ended on September 30, 2006, net sales in
the Americas increased by 1.3 percent over the third quarter 2005 at
EUR 60.1 million, or $ 76.6 million, by 12.1 percent in Europe at EUR
68.8 million, or $ 87.7 million, by 33.7 percent in the rest of the
world at EUR 13.1 million, or $ 16.7 million.
In the third quarter 2006, two new stores were opened in China,
whereas three stores were closed (one in Italy, one in UK and one in
Switzerland), thus bringing the total number of stores to 278 as at
September 30, 2006. In the same period, twelve galleries were opened,
so that the total number of Natuzzi galleries was 560 as at September
30, 2006.
Leather-upholstered furniture net sales were at EUR 123.4 million,
or $ 157.2 million, up 11.7 percent over third quarter 2005, whereas
fabric-upholstered net sales were down 7.0 percent at EUR 18.6
million, or $ 23.7 million.
During the third quarter 2006, net sales for the Natuzzi branded
products increased by 2.8 percent over the third quarter 2005 at EUR
83.8 million, or $ 106.8 million, and by 18.8 percent for the Italsofa
products at EUR 58.2 million, or $ 74.2 million.
GROSS PROFIT & OPERATING INCOME
For the three months ended on September 30, 2006, gross profit
increased at EUR 51.1 million, or $ 65.1 million, as compared to EUR
48.6 million, or $ 59.3 million, reported for the third quarter of the
previous year. Gross profit margin slightly decreased at 32.2 percent,
from 33.0 percent reported for the third quarter of 2005, mainly due
to the unfavorable currency effect on upholstery net sales.
The Company reported an operating loss of EUR 1.1 million, or $
1.4 million, as compared to a break even in the third quarter 2005.
FOREX & TAXES
During the quarter ended on September 30, 2006, the Company
reported a net foreign exchange loss of EUR 0.4 million, or a loss of
$ 0.5 million, as compared to a net foreign exchange loss of EUR 0.9
million, or a net foreign exchange loss of $ 1.1 million, reported in
the same comparable period of last year.
For the third quarter of 2006, the Company had income tax credit
of EUR 0.2 million, or $ 0.3 million, versus income taxes of EUR 0.5
million, or $ 0.6 million, reported last year.
NET INCOME & EARNINGS PER SHARE
For the third quarter 2006, the Company reported net income of EUR
0.8 million, or $ 1.0 million, versus net losses of EUR 2.0 million,
or $ 2.4 million, reported in the same quarter of last year. Earning
per share (ADR) was EUR 0.01, or $ 0.01, as compared to net loss per
share of EUR 0.04, or $ 0.05, reported in third quarter 2005.
For the first nine months, in 2006 the Company reported net
earnings of EUR 17.5 million, or $ 21.8 million, versus net losses of
EUR 13.9 million, or $ 17.6 million, for the same comparable period in
2005
CASH FLOW
During the nine month period ended on September 30, 2006, net cash
flow from operations increased at EUR 53.6 million, or $ 66.8 million,
from EUR 16.9 million, or $ 21.3 million, generated for the same
period in 2005. On per ADR basis, net operating cash flow was EUR
0.98, or $ 1.22, up from EUR 0.31, or $ 0.39, generated during the
first nine months of 2005.
Ernesto Greco, Chief Executive Officer of the Natuzzi Group,
commented: "As in the prior quarter, the positive net sales
performance has not been accompanied by a similar order flow. In fact,
in the last few months the Group has been reporting a decrease in the
order flow which could lead us to an adjustment of the production
level. This decrease is mainly due to the general weak retail
environment for home furnishing, confirmed at recent High Point
furniture market, accompanied by persisting unfavorable currency
conditions. Despite this, the Company expects to report for the full
year 2006 an high single digit increase in revenues over year 2005
thanks to the existing order back log.
In this challenging environment, we continue to invest in the
Natuzzi brand. At the same time, we are focusing our efforts on an
extensive process reengineering program that should improve the
overall efficiency of the Group and on the reorganization of sales
activities so to better envisage customers' needs and improve their
satisfaction. Besides, we are finalizing a new exclusive spring
collection for which we expect to obtain a successful reception from
our customers at next January Cologne furniture fair.
The combination of the above initiatives - concluded Greco -
should better position the Group for future sales growth and
profitability recovery".
CONVERSION RATES
The third quarter 2006 and 2005 dollar figures presented in this
announcement were converted at an average noon buying rate of $1.2742
per EUR and $1.2196 per EUR, respectively. The nine months figures for
2006 and 2005 were converted at an average noon buying rate of $
1.2455 per EUR and $ 1.2628 per EUR, respectively.
MONTELEONE RESIGNED FROM THE BOARD OF DIRECTORS
Gianluca Monteleone, Group Marketing Director until October 31st,
2006, resigned today from the Board of Directors. For the time being,
he will not be replaced.
THIRD QUARTER 2006 TELECONFERENCE
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 Thursday November 16, 2006.
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 125 stores, and 1 Natuzzi
Store. Outside Italy, the Company sells to various furniture
retailers, as well as through 152 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
September 30, 2006 and 2005 on the basis of Italian GAAP
(Expressed in millions of EUR except per share data)
-----------------------------------------------------
Three months ended on % Over Percentage of Sales
30-Sep-06 30-Sep-05 (Under) 30-Sep-06 30-Sep-05
--------------- ----------- ----------- --------- --------- ---------
Upholstery net
sales 142.0 130.5 8.8% 89.6% 88.7%
Other sales 16.5 16.7 ( 1.2)% 10.4% 11.3%
Total Net Sales 158.5 147.2 7.7% 100.0% 100.0%
--------------- ----------- ----------- --------- --------- ---------
Purchases (69.6) (63.4) ( 9.8)% ( 43.9)% ( 43.1)%
Labor (24.0) (22.1) ( 8.6)% ( 15.1)% ( 15.0)%
Third-party
Manufacturers (3.6) (5.2) 30.8% ( 2.3)% ( 3.5)%
Manufacturing
Costs (8.3) (8.5) 2.4% ( 5.2)% ( 5.8)%
Inventories,
net (1.9) 0.6 ( 416.7)% ( 1.2)% 0.4%
Cost of Sales (107.4) (98.6) ( 8.9)% ( 67.8)% ( 67.0)%
--------------- ----------- ----------- --------- --------- ---------
Gross Profit 51.1 48.6 5.1% 32.2% 33.0%
--------------- ----------- ----------- --------- --------- ---------
Selling
Expenses (42.9) (39.3) ( 9.2)% ( 27.1)% ( 26.7)%
General and
Administrative
Expenses (9.3) (9.3) 0.0% ( 5.9)% ( 6.3)%
Operating N.M.
Income (Loss) (1.1) 0.0 ( 0.7)% 0.0%
--------------- ----------- ----------- --------- --------- ---------
Interest
Income, net 0.3 0.0 0.2% 0.0%
Foreign
Exchange, net (0.4) (0.9) ( 0.3)% ( 0.6)%
Other Income,
net 1.7 (0.7) 1.1% ( 0.5)%
Earnings
(Losses) before
taxes and
minority
interest 0.5 (1.6) 131.3% 0.3% ( 1.1)%
--------------------------- ----------- --------- --------- ---------
Income taxes 0.2 (0.5) 0.1% ( 0.3)%
Earnings
(Losses) before
minority
interest 0.7 (2.1) 133.3% 0.4% ( 1.4)%
--------------------------- ----------- --------- --------- ---------
Minority
Interest (0.1) (0.1) ( 0.1)% ( 0.1)%
Net Earnings
(Losses) 0.8 (2.0) 140.0% 0.5% ( 1.4)%
--------------- ----------- ----------- --------- --------- ---------
Earnings
(Losses) Per
Share 0.01 (0.04)
--------------- ----------- ----------- --------- --------- ---------
Average Number
of Shares
Outstanding* 54,738,538 54,681,628
--------------------------- ----------- --------- --------- ---------
(*) Net of shares repurchased
N.M. = Not meaningful
---------------------------------------------------------------------
Key Figures in U.S. dollars
(millions) Three months ended on
September September
30, 2006 30, 2005
--------------------------- --------------------- -------------------
Total Net Sales 202.0 179.5
Gross Profit 65.1 59.3
Operating
Income (Loss) (1.4) 0.0
Net Earnings
(Losses) 1.0 (2.4)
Earnings
(Losses) per
Share 0.01 (0.05)
Average exchange rate (U.S.
dollar per Euro) 1.2742 1.2196
---------------------------------------------------------------------
NATUZZI S.P.A. AND SUBSIDIARIES
Unaudited Consolidated Statement of Earnings
for nine months ended on September 30, 2006 and 2005 on the basis of
Italian GAAP
(Expressed in millions of EUR except per share data)
-----------------------------------------------------
Nine months ended on % Over Percentage of Sales
30-Sep-06 30-Sep-05 (Under) 30-Sep-06 30-Sep-05
--------------- ----------- ----------- --------- --------- ---------
Upholstery net
sales 486.1 421.9 15.2% 89.6% 88.0%
Other sales 56.3 57.5 ( 2.1)% 10.4% 12.0%
Total Net Sales 542.4 479.4 13.1% 100.0% 100.0%
--------------- ----------- ----------- --------- --------- ---------
Purchases (232.7) (217.8) ( 6.8)% ( 42.9)% ( 45.4)%
Labor (80.2) (78.3) ( 2.4)% ( 14.8)% ( 16.3)%
Third-party
Manufacturers (15.4) (18.2) 15.4% ( 2.8)% ( 3.8)%
Manufacturing
Costs (24.4) (24.7) 1.2% ( 4.5)% ( 5.2)%
Inventories,
net (3.3) 15.0 ( 122.0)% ( 0.6)% 3.1%
Cost of Sales (356.0) (324.0) ( 9.9)% ( 65.6)% ( 67.6)%
--------------- ----------- ----------- --------- --------- ---------
Gross Profit 186.4 155.4 19.9% 34.4% 32.4%
--------------- ----------- ----------- --------- --------- ---------
Selling
Expenses (137.3) (133.7) ( 2.7)% ( 25.3)% ( 27.9)%
General and
Administrative
Expenses (29.2) (31.0) 5.8% ( 5.4)% ( 6.5)%
Operating
Income (Loss) 19.9 (9.3) 314.0% 3.7% ( 1.9)%
--------------- ----------- ----------- --------- --------- ---------
Interest
Income, net 0.8 0.0 0.1% 0.0%
Foreign
Exchange, net (2.0) (3.9) ( 0.4)% ( 0.8)%
Other Income,
net 4.9 (1.7) 0.9% ( 0.4)%
Earnings
(Losses) before
taxes and
minority
interest 23.6 (14.9) 258.4% 4.4% ( 3.1)%
--------------------------- ----------- --------- --------- ---------
Income taxes (6.1) 0.9 ( 1.1)% 0.2%
Earnings
(Losses) before
minority
interest 17.5 (14.0) 225.0% 3.2% ( 2.9)%
--------------------------- ----------- --------- --------- ---------
Minority
Interest 0.0 (0.1) 0.0% 0.0%
Net Earnings
(Losses) 17.5 (13.9) 225.9% 3.2% ( 2.9)%
--------------- ----------- ----------- --------- --------- ---------
Earnings
(Losses) Per
Share 0.32 (0.25)
--------------- ----------- ----------- --------- --------- ---------
Average Number
of Shares
Outstanding* 54,738,538 54,681,628
--------------------------- ----------- --------- --------- ---------
(*) Net of
shares
repurchased
---------------------------------------------------------------------
Key Figures in U.S. dollars
(millions) Nine months ended on
September September
30, 2006 30, 2005
--------------------------- --------------------- -------------------
Total Net Sales 675.6 605.4
Gross Profit 232.2 196.2
Operating
Income (Loss) 24.8 (11.7)
Net Earnings
(Losses) 21.8 (17.6)
Earnings
(Losses) per
Share 0.40 (0.32)
Average exchange rate (U.S.
dollar per Euro) 1.2455 1.2628
---------------------------------------------------------------------
GEOGRAPHIC BREAKDOWN
--------- ----------------------- -------------------------------
Sales* Seat Units
Three months Three months ended
ended on % Over on % Over
30- 30-
Sep- Sep-
06 05 (Under) 30-Sep-06 30-Sep-05 (Under)
====== ====== ====== ========= ========= ========== ==========
Americas 60.1 59.3 1.3% 357,752 326,633 9.5%
% of
total 42.3% 45.5% 52.0% 52.2%
Europe 68.8 61.4 12.1% 274,427 261,848 4.8%
% of
total 48.5% 47.0% 39.9% 41.9%
Rest of
the
world 13.1 9.8 33.7% 55,392 36,816 50.5%
% of
total 9.2% 7.5% 8.1% 5.9%
--------- ------ ------ --------- --------- ---------- ----------
TOTAL 142.0 130.5 8.8% 687,571 625,297 10.0%
--------- ----------------------- -------------------------------
* Expressed in millions of EUR
---------- ----------------------- -------------------------------
BREAKDOWN BY COVERING
--------- ----------------------- -------------------------------
Sales* Seat Units
Three months Three months ended
ended on % Over on % Over
30- 30-
Sep- Sep-
06 05 (Under) 30-Sep-06 30-Sep-05 (Under)
====== ====== ====== ========= ========= ========== ==========
Leather 123.4 110.5 11.7% 582,950 504,545 15.5%
% of
total 86.9% 84.7% 84.8% 80.7%
Fabric 18.6 20.0 (7.0%) 104,621 120,752 (13.4%)
% of
total 13.1% 15.3% 15.2% 19.3%
Total 142.0 130.5 8.8% 687,571 625,297 10.0%
--------- ----------------------- -------------------------------
* (Expressed in millions of EUR)
---------- ----------------------- -------------------------------
BREAKDOWN BY BRAND
--------- ----------------------- -------------------------------
Sales* Seat Units
Three months Three months ended
ended on % Over on % Over
30- 30-
Sep- Sep-
06 05 (Under) 30-Sep-06 30-Sep-05 (Under)
====== ====== ====== ========= ========= ========== ==========
Natuzzi 83.8 81.5 2.8% 316,702 291,659 8.6%
% of
total 59.0% 62.5% 46.1% 46.6%
Italsofa 58.2 49.0 18.8% 370,869 333,638 11.2%
% of
total 41.0% 37.5% 53.9% 53.4%
TOTAL 142.0 130.5 8.8% 687,571 625,297 10.0%
--------- ----------------------- -------------------------------
* (Expressed in millions of EUR)
GEOGRAPHIC BREAKDOWN
--------------------------------- -------------------------------
Sales* Seat Units
Nine months % Over Nine months ended on % Over
ended on
30- 30-
Sep- Sep-
06 05 (Under) 30-Sep-06 30-Sep-05 (Under)
========== ====== ====== ======== ========== ========== =========
Americas 186.9 176.8 5.7% 1,036,001 1,019,390 1.6%
% of total 38.4% 41.9% 46.3% 50.8%
Europe 264.4 216.4 22.2% 1,055,359 870,393 21.3%
% of total 54.4% 51.3% 47.2% 43.3%
Rest of
the world 34.8 28.7 21.3% 144,761 118,325 22.3%
% of total 7.2% 6.8% 6.5% 5.9%
---------- ------ ------ -------- ---------- ---------- ---------
TOTAL 486.1 421.9 15.2% 2,236,121 2,008,108 11.4%
--------------------------------- -------------------------------
* (Expressed in millions of EUR)
---------------------------------- -------------------------------
BREAKDOWN BY COVERING
--------------------------------- -------------------------------
Sales* Seat Units
Nine months
ended on % Over Nine months ended on % Over
30- 30-
Sep- Sep-
06 05 (Under) 30-Sep-06 30-Sep-05 (Under)
========== ====== ====== ======== ========== ========== =========
Leather 420.6 351.6 19.6% 1,874,148 1,571,230 19.3%
% of total 86.5% 83.3% 83.8% 78.2%
Fabric 65.5 70.3 (6.8%) 361,973 436,878 (17.1%)
% of total 13.5% 16.7% 16.2% 21.8%
Total 486.1 421.9 15.2% 2,236,121 2,008,108 11.4%
--------------------------------- -------------------------------
* (Expressed in millions of EUR)
---------------------------------- -------------------------------
BREAKDOWN BY BRAND
--------------------------------- -------------------------------
Sales* Seat Units
Nine months
ended on % Over Nine months ended on % Over
30- 30-
Sep- Sep-
06 05 (Under) 30-Sep-06 30-Sep-05 (Under)
========== ====== ====== ======== ========== ========== =========
Natuzzi 307.3 284.5 8.0% 1,107,774 1,066,735 3.8%
% of total 63.2% 67.4% 49.5% 53.1%
Italsofa 178.8 137.4 30.1% 1,128,347 941,373 19.9%
% of total 36.8% 32.6% 50.5% 46.9%
TOTAL 486.1 421.9 15.2% 2,236,121 2,008,108 11.4%
--------------------------------- -------------------------------
* (Expressed in millions of EUR)
NATUZZI S.P.A. AND SUBSIDIARIES
Unaudited Consolidated Balance Sheet as of September 30, 2006
and December 31, 2005 (Expressed in millions of EUR)
30-Sep-06 31-Dec-05
---------------------------------------- --------- ---------
ASSETS
Current Assets:
Cash and cash equivalents 123.7 89.7
Marketable debt securities 0.0 0.0
Trade receivables, net 110.5 123.6
Other receivables 42.0 46.3
Inventories 112.3 115.7
Unrealized foreign exchange gains 1.8 0.0
Prepaid expenses and accrued income 2.6 2.6
Deferred income taxes 9.0 6.6
Total current assets 401.9 384.5
---------------------------------------- --------- ---------
Non-Current Assets:
Net property, plant and equipment 250.1 262.8
Treasury shares 0.0 0.0
Other assets 17.2 16.6
Deferred income taxes 1.1 1.1
---------------------------------------- --------- ---------
TOTAL ASSETS 670.3 665.0
---------------------------------------- --------- ---------
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Short-term borrowings 4.1 7.7
Current portion of long-term debt 1.2 0.4
Accounts payable-trade 70.7 73.5
Accounts payable-other 25.4 24.2
Accounts payable shareholders for
dividends 0.6 0.6
Unrealized foreign exchange losses 0.0 4.8
Income taxes 3.9 2.9
Salaries, wages and related
liabilities 21.1 22.1
Total current liabilities 127.0 136.2
---------------------------------------- --------- ---------
Long-Term Liabilities:
Employees' leaving entitlement 34.1 32.3
Long-term debt 2.2 3.6
Deferred income taxes 0.0 0.0
Deferred income for capital grants 14.0 14.8
Other liabilities 5.8 4.4
---------------------------------------- --------- ---------
Minority Interest 0.7 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 381.2 367.7
Total shareholders' equity 486.5 473.0
---------------------------------------- --------- ---------
TOTAL LIABILITIES AND SHAREHOLDERS'
EQUITY 670.3 665.0
-------------------------------------------------- ---------
NATUZZI S.P.A. AND SUBSIDIARIES
Unaudited Consolidated Statements of Cash Flows
as of September 30, 2006 and 2005 (Expressed in millions of EUR)
30-Sep-06 30-Sep-05
--------- ---------
Cash flows from operating activities:
Net earnings (losses) 17.5 (13.9)
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization 23.1 21.9
Employees' leaving entitlement 1.8 1.9
Deferred income taxes (2.3) (5.7)
Minority interest 0.0 (0.1)
(Gain) loss on disposal of assets 0.4 0.6
Unrealized foreign exchange (losses) / gain (6.6) 12.1
Deferred income for capital grants (0.8) 0.0
Change in assets and liabilities:
Receivables, net 13.1 31.2
Inventories 3.5 (14.1)
Prepaid expenses and accrued income (0.1) 0.4
Other assets 4.2 3.3
Accounts payable (2.9) (21.2)
Income taxes 1.0 (0.6)
Salaries, wages and related liabilities (1.0) 1.0
Other liabilities 2.7 0.1
Total adjustments 36.1 30.8
NET CASH PROVIDED BY OPERATING ACTIVITIES 53.6 16.9
------------------------------------------------ --------- ---------
Cash flows from investing activities:
Property, plant and equipment:
Additions (11.8) (19.6)
Disposals 0.2 0.4
Government grants received 0.0 0.0
Marketable debt securities:
Proceeds from sales 0.0 0.0
Purchase of business, net of cash acquired (3.1) (0.3)
Disposal of business 0.0 0.0
NET CASH USED IN INVESTING ACTIVITIES (14.7) (19.5)
------------------------------------------------ --------- ---------
Cash flows from financing activities:
Long term debt:
Proceeds 0.0 0.3
Repayments (0.6) (0.5)
Short-term borrowings (3.6) 1.6
Dividends paid to shareholders 0.0 (3.8)
Dividends paid to minority shareholders 0.0 (0.1)
NET CASH USED IN FINANCING ACTIVITIES (4.2) (2.5)
------------------------------------------------ --------- ---------
Effect of translation adjustments on cash (0.7) 3.5
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 34.0 (1.6)
------------------------------------------------ --------- ---------
Cash and cash equivalents, beginning of the
year 89.7 87.3
CASH AND CASH EQUIVALENTS, END OF THE PERIOD 123.7 85.7
------------------------------------------------ --------- ---------
CONTACT: Natuzzi S.p.A.
Investor Relations Dept.
Tel.: +39-080-8820-812
Fax: +39-080-8820-241
E-mail: investor_relations@natuzzi.com
or
Corporate Press Office
Tel.: +39-080-8820-124
Fax: +39-080-8820-508
E-mail: relazioni.esterne@natuzzi.com
or
www.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: November 15th, 2006 By: /s/ GIUSEPPE DESANTIS
---------------------
Giuseppe Desantis