The Board of Directors of Natuzzi S.p.A. has accustomed second-quarter and half-year 2017 circumscribed results.
Consolidated net sales for the added analysis of 2017 were €117.9 million, up 7.3% from €109.9 actor arise in 2016 added quarter. Revenues generated by amount business (sofas, beds and furnishings) were €109.1 million, up 5.0% compared to the added analysis of 2016.
In particular, accoutrement net sales added by 15.3% over above-mentioned year aforementioned analysis at €7.4 actor and represented 20.2% of the Natuzzi Italia branded sales.
Natuzzi branded revenues added 4.1% to €79.6 million, additionally due to an access of 5.2% of the boilerplate amount per seat. Within Natuzzi branded sales, we saw an access from the Americas ( 6.5%), and Asia-Pacific arena ( 13.8%). EMEA arise a abatement in sales (-1.1%) over the aforementioned aeon of aftermost year, mainly due to our Italy-based Divani&Divani by Natuzzi network.
Our absolute retail operations (DOS) generated sales of €15.1 actor during the added analysis of 2017, accretion by 32.3% over the aforementioned aeon of aftermost year. These sales represented 13.8% of our amount business, compared to 11.0% of one year ago.
The accomplishments implemented over the accomplished few abode on the Company’s endemic food accept produced acceptable results. In particular, during the added analysis of 2017, sales generated by our DOS arrangement on a like-for-like base accept apparent an access both against aboriginal analysis of 2017 ( 17.7%) and added analysis of aftermost year ( 6.1%). Furthermore, because the aforementioned like-for-like parameter, the DOS operating aftereffect for the added analysis of 2017 was absolute ( €0.8 million), convalescent with account to both 2017 aboriginal analysis (when we arise an operating accident of -€0.3 million) and 2016 added analysis (with an operating assets of €0.3 million). We saw improvements in our DOS in the UK, China, USA, Spain and Switzerland, while our Italy-based Divani&Divani by Natuzzi retail arrangement is still beneath a restructuring phase. The afresh acquired Mexican food were still in the start-up appearance in added analysis 2017.
More contempo sales abstracts for DOS affirm the absolute trend accomplished in the aboriginal allotment of the year: our adjustment breeze through the third anniversary of September on a Like-for-Like abundance base added 3.4% over the aforementioned aeon of aftermost year. Back we accommodate sales from our new stores, the access over aftermost year is 38.3% in DOS.
Consistent with the Group’s action to aggrandize its attendance in the direct-retail bazaar to bigger ascendancy the absolute amount chain, we opened one DOS in West Palm Beach, Florida, USA, and acquired three Natuzzi Italia food in Mexico, during the added quarter. Two anon operated Natuzzi Editions food additionally opened in China in the added analysis of 2017. As of the date of this columnist release, the cardinal of DOS is 60.
We already accept affairs to accessible bristles new-generation stores, three in the aftermost analysis of 2017 and two in the aboriginal analysis of 2018.
Sales from our Softaly Analysis were €29.5 million, up 7.6% compared to the added analysis of 2016, as a aftereffect of the 15.2% access in the Americas and 4.5% access in EMEA. Sales from Asia-Pacific decreased by 31.2% in the added analysis of 2017, afterwards accretion by 101.7% in the aboriginal three months of this year. In animosity of such absolute after-effects in the quarter, Softaly “Private Label” analysis of the Natuzzi Group is still challenged by the bound cardinal of accounts on the North American bazaar which has acquired a abridgement of the volumes. We will present an connected affairs at the advancing High Point bazaar in October with the aim of abacus new aloft Accounts. Europe keeps growing while in the APAC bazaar the activities planned should accompany the targeted after-effects during the accepted year.
In the added analysis of 2017 the Group added the automated allowance to 35.1% from 34.2% arise in the added analysis of 2016. The slight abatement in adipose seats awash was added than account by a bigger mix and by the bifold chiffre access in appliance sales.
Transportation costs as allotment of net sales additionally bigger to 8.9% as against to 9.8% in 2016 added quarter.
Over the accomplished few abode the Company started implementing its retail action in antecedence markets, such as North America and China. The beheading of this action has appropriate investments in the organization, which resulted in added SG&A. We apprehend that such investments, whose acknowledgment started to arise in added analysis 2017, will abutment added about-face in the future.
For the affidavit accent above, in animosity of the all-embracing advance of the business, the Company arise a net operating accident of €2.9 actor against net operating accident of €1.0 actor in the added analysis of 2016.
The Group arise a net accident for the added analysis of €4.0 million, from a accident of €0.8 actor in the aforementioned aeon of aftermost year.
For the aboriginal bisected of 2017, the Group arise a net accident of €14.7 million. Excluding €9.3 actor as amazing accretion accounted for in the aboriginal analysis of 2017, net accident for the aboriginal division would accept been €5.4 million, from a net accident of €1.1 actor in the aforementioned aeon of aftermost year.
The Group’s Net Financial position was absolute at €13.6 million, up from a €12.8 actor arise at the end of aboriginal analysis of 2017.
Chairman and CEO Pasquale Natuzzi said, “Despite the troubles against our industry and retail in general, I am admiring to address the Natuzzi grew both revenues and automated allowance in the added quarter. This is a absolute aftereffect of the assignment we are accomplishing to abound our absolute retail arrangement through which we are breeding sales of college end artefact as able-bodied as added complete home capacity packages. Focus on continuing to body for this advance is our accomplished priority. At the aforementioned time, we are demography achieve to strengthen administration in analytical areas and are managing carefully our authoritative costs during this aeon of accelerated investment. Our cast has never been stronger and our drive never added directed. All break are that our action is and will abide to succeed.”
Chief Financial Officer Vittorio Notarpietro added: “We accept connected with the beheading of the absolute retail amplification affairs to addition our branded sales and the calibration of the absolute amount chain. This has resulted in the aperture of new credibility of sales, accretion of absolute food and accretion of the retail organization, both at axial and bounded levels.
“All these activities require, by their nature, alpha up investments. We are aloof in the antecedent appearance of such programs, and aboriginal after-effects from our retail business archetypal are emerging.
“We’ll abide to pay absorption in managing basic needs for investments and alive basic in adjustment to auspiciously achieve the DOS development affairs globally so to account from college margins.”
About Natuzzi S.p.A.
Founded in 1959 by Pasquale Natuzzi, Natuzzi S.p.A. is Italy’s better appliance abode and one of the best important all-around amateur in the appliance industry with an all-encompassing accomplishment cast and a all-around retail network. Natuzzi is the Italian affairs best-known cast in the accoutrement area common (Brand Awareness Monitoring Address – Ipsos 2015) and has been listed on the New York Banal Barter back 13 May 1993. Always committed to amusing albatross and ecology sustainability, Natuzzi is ISO 9001 and 14001 certified (Quality and Environment), OHSAS 18001 certified (Safety on the Workplace) and FSC certified (Forest Stewardship Council).
Adjustments to accommodate net assets to net cash
provided by operating activities:
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