Natuzzi financial results announced

Net sales for full year 2009 were €515 million, decreasing by 22.6% with respect to €666 million reported in 2008. Upholstery sales were €451 million down by 23.3% from €588 million in 2008. The contribution by geographic area was: Europe 46.7% (excluding Italy); Americas 31.0%; Italy 11.9% and rest of the world 10.4%.For full year 2009 the group reported an industrial margin of €186 million, or 36.0% on total net sales, up from 28.1% in 2008. Operating loss was €10.6 million compared to an operating loss of € 35.0 million reported in 2008.The group reported a net result of €17.7 million for full year 2009 as compared with a net loss of €61.9 million for 2008, with an improvement of approximately €44.2 million.

Balance sheet

Natuzzi Group ended Year 2009 with a Net Financial Position of €58.5 million. Net cash increase of €24.7 million was mainly due to a reduction in working capital. Long term debt totaled €5.9 million. Shareholder equity was €325 million.

Pasquale Natuzzi, chairman and ceo, commented: ‘We are very pleased with the Natuzzi Group positive trend in the key economic margins occurred during 2009. Such result, achieved despite decreasing sales as a consequence of the ongoing global crisis, is mainly due to the deep restructuring process started in 2009 and still in progress. Bringing the group back to profitability is an ambitious but a reachable goal toward which the whole management is fully committed.’