2021 – FOURTH QUARTER AND FISCAL YEAR RESULTS
FOURTH QUARTER 2021
HIGHLIGHTS
- INVOICED SALES INCREASED 15.7% VS 4Q 2020 AND 15.0% VS 4Q
2019, DESPITE PERSISTING DISRUPTION IN THE ENTIRE SUPPLY
CHAIN
- GROSS MARGIN OF 35.6%, INCREASING FROM 31.4% IN 4Q 2020 AND
31.9% IN 4Q 2019, DESPITE PERDURING INFLATIONARY
ENVIRONMENT
- OPERATING PROFIT OF €0.6 MILLION, AFFECTED BY EXCEPTIONAL
TRANSPORTATION COSTS SPIKE, COMPARED TO A PROFIT OF €2.4 MILLION IN
4Q 2020 AND A LOSS OF (€3.0) MILLION IN 4Q 2019
FISCAL YEAR
2021 HIGHTLIGHTS
- INVOICED SALES +30.2% VS FY 2020, RESULTING ALSO HIGHER THAN
THE YEAR BEFORE COVID (+10.4% VS FY 2019). THE YEAR 2021 ALSO ENDS
WITH €114.4 MILLION OF ORDER FLOW BACKLOG
- GROSS MARGIN OF 36.0%, FROM 31.4% IN FY 2020 AND 29.7% IN FY
2019
- OPERATING PROFIT OF €4.9 MILLION, COMPARED TO A LOSS OF
(€10.6) MILLION IN FY 2020 AND A LOSS OF (€22.5) MILLION IN FY
2019
- ADJUSTED EBITDA OF €24.9 MILLION, COMPARED TO €12.3 MILLION
IN 2020 AND €1.0 MILLION IN 2019
- CASH OF €53.5 MILLION AS OF DECEMBER 31, 2021, FROM €48.2
MILLION AS OF DECEMBER 31, 2020, AND €39.8 MILLION AS OF DECEMBER
31, 2019
- POSITIVE ORDER MOMENTUM CONTINUES IN 2022: WRITTEN ORDERS
DURING FIRST 12 WEEKS OF 2022 UP 32.3% VS SAME PERIOD IN 2021,
DRIVEN IN PARTICULAR BY OUR BRANDS: BRANDED BUSINESS
+42.6%
The Board of Directors of Natuzzi S.p.A. (NYSE:NTZ) (“we”,
“Natuzzi” or the “Company” and, together with its subsidiaries, the
“Group”) announced its 2021 fourth quarter and full year unaudited
consolidated financial results and approved the Company’s draft
stand-alone financial statements.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20220408005390/en/
Pasquale Natuzzi, Chairman of the Group commented: “The year
just passed has turned out to be a very tumultuous year, especially
on the supply chain side. Nevertheless, we have been able to
deliver a double digit increase in invoiced sales and a positive
result from our operations vs the two prior years. I am
particularly encouraged, beyond numbers, by the leadership that the
CEO and the new governance is providing to our business, and I am
confident that we have now the conditions to regain the global
leadership that our brands and our Group deserve”
Antonio Achille, CEO of the Group commented: “The demand for our
products has remained robust, exceeding our expectations thanks to
the strength of our Brands, Natuzzi Italia, our luxury Brand
completely designed and made in Italy, and Natuzzi Editions, our
contemporary Brand entirely designed in Italy and strategically
manufactured to efficiently serve individual markets. We ended 2021
with a double digit increase in written orders versus 2020 (+17.6%)
and we ended the year with written orders which are 14.5% higher
before the start of covid pandemic in 2019. Demand was strong
across main geographies with reference to North America, China and
Emerging markets.
Supply chain complications in the industry throughout most of
2021, such as the low availability of raw materials and
semi-finished goods as well as shipping shortage and delays, have
limited our ability to keep pace with continued growing demand.
As a consequence of the combined effect of the accelerated
growth of the demand for our products and multiple supply chain
bottlenecks, we ended 2021 with an order portfolio at €114.4
million vs €103.3 million at the end of 2020, mainly concentrated
in our European factories. While this represents a solid base for
future business, we are focused on enhancing our production
capacity so to increase the service level for our customers and
clients. This is particularly important since the demand for our
products continues to be robust, with written orders for the first
12 weeks being +32.3% vs same period in 2021.
We reported increasing gross margins both on a quarterly and
yearly basis, despite the challenges of a generalized inflationary
environment, with escalating commodity and freight costs that put
pressures on margins, particularly evident in 2021 fourth
quarter.
In order to mitigate such supply-chain related issues, we are
progressing with a series of initiatives which are aimed at
enhancing the modernization of our factories, increasing efficiency
and production capacity.
As anticipated in November, we started the “Factory 4.0” pilot
in one of our factories in Italy. This program, completely inspired
by the automotive industry, leverages on innovative technologies
and provides for a greater involvement of our vendors in the
process, so that everyone in the value chain, our suppliers
included, can contribute to identify opportunities to improve and
stabilize the overall process flow. This program, once fine-tuned
in our pilot plant, will be gradually extended to the main Group’s
owned remaining factories in Italy as well as in China, Romania and
Brazil.
Last year also saw significant changes on our organization which
are now impacting positively on the way our team works. In
November, we launched the new commercial organization, which pivots
on the Brands rather than the distribution channels. This
represents an important step forward in supporting our journey to
become a lifestyle brand and a retailer with a clear strategy and a
different positioning for each of the two brands. Each Chief Brand
Officer is now fully on board and in charge of setting the brand
marketing and merchandising strategy while interacting closely with
the Regions to define the distribution priorities. We believe this
has been a key step in the direction of becoming a Consumer and
Brand Centric organization. The growth of both Brands in the first
12 weeks of 2022 confirms the positive impact of the new
organization on our business.
We also introduced a new Business Unit to capture and develop
further our Furnishing & Accessories business. Furnishings and
accessories have been experiencing significant growth, increasing
in 2021 by 28.6% vs 2020 and we believe this is a great opportunity
to increase the average order tickets of our stores.
This business unit, which will oversee the entire value chain,
will adopt an “asset light” business model, as suppliers will be
directly involved in both production and inventory management. The
manager of this new division will join us in April. Mr.
Massimiliano Giacomelli, with thirty years of experience in the
home furnishings industry, joins us from an Italian high-end
furniture company where he served as CEO. Massimiliano will report
to the CEO and will act in close relation with both Chief Brand
Officers and the Creative director to ensure coherence of the
merchandising proposition with the strategy of each brand, so to
further enhance the retail experience.
We keep on working to strengthen our organization to support and
accelerate our transformation. To execute our plans, we are still
looking for a few specific talents to complement our team. I want
to have in all key positions of the new organization managers which
have an entrepreneurial mindset and share passion towards the
vision we have developed to regain our Global Leadership position
by 2026.
The other front we keep on working is retail, in an effort to
complete our transition to a Brand Retailer group. On this front, I
am pleased that our stores continue improving their performance,
most notably in the US, which remains one of our strongest retail
opportunities. During 2021, like-for-like sales of our DOS located
in the US grew by 64.8% and 35.6% over 2020 and 2019,
respectively.
We are also very pleased with the pace of development and
performance of retail in China, which is predominately served with
franchising monoband stores. During 2021, our JV added 84 new
monoband stores, bringing the total number of stores to 340. We are
seeing continuous growth in revenues, not only as a result of
retail expansion, but also in terms of organic growth.
We also concluded an important JV agreement to accelerate the
growth of the rest of Apac and to reinforce our production
capabilities in Vietnam. I am particularly glad that Mr. Mai Huu
Tin, Executive Chairman of TTF, has completed his 20% acquisition
in our subsidiary Natuzzi Singapore. Mr. Tin completely shares the
values of our Company and the vision for growing our Brands in the
Region, both through retail and the growing contract business. With
this partnership now in place, I am confident that we have the
necessary ingredients to accelerate the development of our business
in the region.”
***
The economic and geopolitical context remains extremely
delicate. For this reason, we are applying a tight approach to cost
management, reducing costs whenever it is possible without
jeopardizing the current growth momentum. In addition, as we work
to execute our 2022 budget, which is inspired by the ambition to
strengthen our growth trajectory, we keep monitoring closely the
evolution of the key markets we operate in, so to be ready, if
needed, to timely take appropriate initiatives to adjust our cost
structure and operating model to the evolving context.
4Q 2021 CONSOLIDATED
REVENUE
4Q 2021 consolidated revenue amounted to €115.6 million, an
increase of 15.7% from €99.9 million in 4Q 2020 and of 15.0% from
€100.6 million in 4Q 2019.
Excluding “other sales” of €3.9 million, 4Q 2021 invoiced sales
from upholstered and other home furnishings products amounted to
€111.7 million, an increase of 17.1% compared to 4Q 2020 and of
16.7% compared to 4Q 2019.
To provide a better understanding of the different growth
drivers of our operating model, invoiced sales from upholstered and
other home furnishings are hereafter described according to the
main dimensions of the Group’s business:
- A: Branded/Unbranded Business
- B: Distribution
A. BRANDED/UNBRANDED BUSINESS
The Group operates in the branded business (with the Natuzzi
Italia, Natuzzi Editions and Divani&Divani by Natuzzi) and the
unbranded business, the latter with collections dedicated to
large-scale distribution.
A1. Branded business.
Within the branded business, Natuzzi is pursuing a dual-brands
strategy:
- Natuzzi Italia, our luxury
furniture brand, offers products entirely designed and manufactured
in Italy and targets an affluent and more sophisticated global
consumer with a highly inspirational collection that is largely the
same across all our global stores to best represent our Brand.
Natuzzi Italia products are almost exclusively sold in mono-brand
stores (directly operated or franchises).
- Natuzzi Editions, our
contemporary collection, offers products entirely designed in Italy
and produced in different plants strategically located to best
serve individual markets (mainly China, Romania, Brazil). Natuzzi
Editions products are distributed in Italy under the brand
Divani&Divani by Natuzzi. The store merchandising of Natuzzi
Editions, starting from a common collection, is tailored to best
fit the opportunities of each market. The Natuzzi Editions products
are sold primarily through galleries and selected mono-brand
franchise stores.
In 4Q 2021, Natuzzi’s branded invoiced sales amounted to €98.9
million, an increase of 21.5% compared to 4Q 2020 and of 21.9%
compared to 4Q 2019. In 4Q 2021, invoiced branded sales represented
88.6% of upholstered and other home furnishings sales, compared to
85.3% in 4Q 2020 and 84.8% in 4Q 2019. The following is the
contribution of each Brand to 4Q 2021 invoiced sales:
- Natuzzi Italia invoiced sales amounted to €42.9 million,
an increase of 29.7% compared to 4Q 2020 and of 14.4% compared to
4Q 2019.
- Natuzzi Editions invoiced sales (including sales from
“Divani&Divani by Natuzzi”) amounted to €56.0 million, an
increase of 15.9% compared to 4Q 2020 and of 28.2% compared to 4Q
2019.
A2. Unbranded business. Invoiced sales from our unbranded
business amounted to €12.8 million, a decrease of 8.8% compared to
4Q 2020 and a decrease of 12.0% compared to 4Q 2019. The Group’s
strategy is to focus on fewer selected large accounts and serve
them with a more efficient go-to-market model.
B. Distribution
As of December 31, 2021, the Group distributed its branded
collections in 110 countries according to the following table.
Direct Retail
FOS**
Galleries**
Total
North America
12
6
184
202
West & South Europe
37
97
135
269
Greater China
24(1)
316
─
340
Emerging Markets
─
72
142
214
Rest of the World
16*
82
91
189
Total
89
573
552
1,214
* It includes 11 Natuzzi Concessions (store-in-store points of
sale) directly managed by the Mexican subsidiary of the Group. **
Managed by independent partners. (1) All directly operated by our
Joint Venture in China. As the Natuzzi Group owns a 49% stake in
the Joint Venture, we consolidate only the sell-in from such
DOS.
During 2021, Group’s direct retail invoiced sales amounted to
€68.4 million, an increase of 26.0% compared to 2020 and of 6.2%
compared to 2019, mainly due to the continued positive momentum in
our DOS located in the U.S. (+62.6% and +35.0% compared to 2020 and
2019, respectively).
In 2021, invoiced sales from franchise stores amounted to €135.3
million, an increase of 31.7% compared to 2020, and of 43.6%
compared to 2019.
We continue executing our strategy to become a Brand Retailer.
The weight of Retail (DOS and FOS) on total upholstered and home
furnishings business in 2021 was 49.2% vs 43.0% in 2019. In 2021 we
added 103 new monobrand stores, of which 2 DOS in Australia and 101
FOS, of which 84 located in China, 3 in each of Italy and India,
and 1 in each of the USA, UK and other countries.
The Group also sells its products through the wholesale channel,
consisting primarily of Natuzzi-branded galleries in multi-brand
stores as well as mass distributors selling unbranded products.
In 2021, invoiced sales from the wholesale channel amounted to
€210.0 million, an increase of 34.2% compared to 2020, reaching the
same level as in 2019.
4Q 2021 GROSS MARGIN
In 4Q 2021, we had a gross margin of 35.6%, which increased from
31.4% in 4Q 2020 and 31.9% in 4Q 2019, mainly due to a better brand
mix and a higher operating leverage, notwithstanding increasing raw
materials the whole industry has been experiencing for the last
twelve months. Gross margin also benefitted from the adoption of
price increase applied in the second part of last year to mitigate
such inflationary environment.
We remain vigilant in finding solutions to mitigate this
inflationary pressure on gross margin, as we do not see yet signs
of a return to a more stabilized trend in the cost of
materials.
4Q 2021 OPERATING
EXPENSES
During 4Q 2021, operating expenses (which include selling
expenses, administrative expenses, other operating income/expenses,
and the impairment of trade receivables) were €40.6 million (or
35.2% on revenues), increasing from €29.0 million (or 29.0% on
revenues) in 4Q 2020 and from €35.1 million (or 34.9% on revenues)
in 4Q 2019.
The main driver beyond the increase in operating expenses was
transportation. Out of the €11.6 million increase in the operating
expenses, €6.7 million were caused by transportation cost as result
of €6.2 million increase deriving from the spike in carriage
tariffs and the remaining €0.5 million increase mainly due to a
different geographic mix in shipping.
GROUP’S JOINT VENTURE IN GREATER
CHINA
Given the relevance of the Chinese market for the Group, we
herewith provide an update on our retail operations in that
Region.
The Group’s commercial and distribution activities in Greater
China, which includes China Mainland, Hong Kong and Macau, are
managed by Natuzzi Trading (Shanghai) Co., Ltd., which has become a
joint venture (the “Joint Venture”) between the Company and Kuka
Furniture (Ningbo) co., Ltd. (“Kuka”), following the agreement (the
“Agreements”) signed in March 2018 and finalized in July of the
same year.
This Joint Venture distributes Natuzzi Italia and Natuzzi
Editions branded products through a network of single-brand
directly operated and franchised operated stores in Greater China.
As of December 31, 2021, there were 340 points of sales (of which
98 Natuzzi Italia and 242 Natuzzi Edition stores).
Under the Agreements, Natuzzi and Kuka own, respectively, a 49%
and a 51% stake in the Joint Venture. Consequently, the Company’s
former wholly-owned subsidiary, Natuzzi Trading Shanghai Co. Ltd.,
has been deconsolidated since July 27, 2018. Consequently, in
accordance with IFRS accounting principles, Natuzzi accounts
for:
- the sell-in generated by the Joint Venture
under the consolidated revenue, and - the Joint Venture’s 49%
result of the period under the caption “Share of profit/(loss) of
equity-method investees”.
For the year 2021, Natuzzi’s invoiced sales in Greater China
were €48.4 million, up 27.1% compared to full year 2020 and up
24.1% compared to full year 2019.
In 2021, net profit deriving from the 49% share of the Chinese
commercial partnership vehicle was €3.6 million compared to €1.5
million in 2020 and to €1.0 million in 2019.
As at the end of 2021, cash and cash equivalents in our Joint
Venture in China amounted to €61.9 million, compared to €43.7
million and €37.0 million at the end of 2020 and 2019,
respectively.
FULL YEAR 2021 RESULTS AND A
PERSPECTIVE ON OUR MULTI-YEAR TRANSFORMATION JOURNEY
In 2021, the Company returned to top line growth and improved
results on all key dimensions of its P&L not only versus 2020
but also versus 2019, the year before COVID:
- Total revenues of €427.4 million, +30.2% vs 2020 and +10.4%
compared to 2019;
- Gross margin of 36.0%, vs 31.4% in 2020 and 29.7% in 2019;
- Operating profit of €4.9 million that compares to an operating
loss of (€10.6) million in 2020, and of (€22.5) million in
2019
- Adjusted EBITDA of €24.9 million, vs €12.3 million in 2020 and
€1.0 million in 2019
We believe it is useful to put 2021 numbers in the perspective
of our multi-year transformation journey. In 2019, in fact, Natuzzi
defined a new strategic plan, which has been than reconfirmed and
further articulated in 2021, when the new CEO took position and the
new governance became effective. Despite the COVID -19 did not
provide a favourable environment to execute our transformation
program, we are encouraged by the early signs of the impact on the
P&L of our strategy and long-term plan.
The attached table summarize the key dimensions of our business
from 2018 to 2021.
Consolidated figures for the
years:
2021
2020
2019
2018
Revenue
427.4
328.3
387.0
428.5
YoY % change in Revenue
30.2%
(15.1)%
(9.7)%
(4.5)%
Branded sales on main business*
87.2%
85.4%
80.2%
76.9%
* Sales of upholstered and other home furnishings products Gross
Profit
153.8
103.2
115.0
120.3
Gross Margin
36.0%
31.4%
29.7%
28.1%
Operating Profit/(Loss)
4.9
(10.6)
(22.5)
(25.5)
Operating Margin
1.1%
(3.2)%
(5.8)%
(5.9)%
Adjusted EBITDA
24.9
12.3
1.0
(15.5)
Adjusted EBITDA margin
5.8%
3.8%
0.3%
(3.6)%
Direct Retail
2021
2020
2019
2018
Total USA Direct Retail Revenue
26.9
16.6
20.0
14.6
Total USA Direct Retail Operating Result
3.1
(1.0)
1.0
(1.0)
2021
2020
2019
2018(1)
Group's Cash and cash equivalents (as at
Dec. 31)
53.5
48.2
39.8
26.6
Figures in €/million, except % data; Unaudited (1) As of
December 31, 2018, the Group’s cash and cash equivalents amounted
to €62.1 million, as a result of the €35.5 million received by the
Company as net proceeds following the finalization of the Joint
Venture in China, signed on July 27, 2018, with KUKA. For the way
in which the Company calculates the Adjusted EBITDA, please refer
to our most recent Annual Report on Form 20-F filed with SEC.
BALANCE SHEET AND CASH
FLOW
During 2021, the Company provided €0.5 million from operating
activities as a result of:
- a profit for the period of €4.4 million;
- adjustments for non-monetary items of €18.6 million, of which
depreciation and amortization of €21.4 million;
- (€13.3) million of cash used due to higher working capital to
support the increased business, of which (€16.0) million for
inventory and (€5.9) million for trade and other receivables,
partially offset by trade and other payables.
- interest and taxes paid of (€9.2) million.
During 2021, €7.0 million of cash were provided by investing
activities, mainly due to €4.5 million deriving from the sale of a
land in High Point, USA (NC) and of two idle buildings near the
Company’s headquarters, and €5.5 million deriving from the sale of
one of its Italian subsidiaries, partially offset by €5.0 million
invested in capital expenditures.
In the same period, €2.0 million of cash were used in financing
activities.
As a result, as of December 31, 2021, cash and cash equivalents
was €53.5 million, compared to €48.2 million as of December 31,
2020.
As of December 31, 2021, we had a net financial position before
lease liabilities (cash and cash equivalents minus long-term
borrowings minus bank overdraft and short-term borrowings minus
current portion of long-term borrowings) of (€0.1) million compared
to €0.9 million as of December 31, 2020.
Natuzzi S.p.A. and Subsidiaries Unaudited consolidated
statement of profit or loss for the fourth quarter of 2021 and
2020on the basis of IFRS-IAS (expressed in millions Euro,
except per ordinary share)
Fourth Quarter endedon
Change Percentage of revenue 31-Dec-21
31-Dec-20 % 31-Dec-21 31-Dec-20 Revenue
115.6
99.9
15.7%
100.0%
100.0%
Cost of Sales
(74.4)
(68.5)
8.6%
-64.4%
-68.6%
Gross profit
41.2
31.4
31.2%
35.6%
31.4%
Other income
1.4
0.9
1.2%
0.9%
Selling expenses
(32.0)
(21.7)
47.6%
-27.6%
-21.7%
Administrative expenses
(9.9)
(7.5)
31.7%
-8.6%
-7.5%
Impairment on trade receivables
(0.0)
0.0
0.0%
0.0%
Other expenses
(0.2)
(0.7)
-0.1%
-0.7%
Operating profit/(loss)
0.6
2.4
0.5%
2.4%
Finance income
0.2
0.1
0.1%
0.1%
Finance costs
(1.5)
(3.1)
-1.3%
-3.1%
Net exchange rate gains/(losses)
2.8
(0.8)
2.4%
-0.8%
Gain from disposal and loss of control of a subsidiary
0.3
─
0.2%
0.0%
Net finance income/(costs)
1.7
(3.8)
1.5%
-3.8%
Share of profit/(loss) of equity-method investees
0.8
0.5
0.7%
0.5%
Profit/(Loss) before tax
3.1
(0.8)
2.7%
-0.8%
Income tax expense
(1.2)
(2.8)
-1.1%
-2.8%
Profit/(Loss) for the period
1.9
(3.6)
1.6%
-3.6%
Profit/(Loss) attributable to: Owners of the Company
1.5
(3.9)
Non-controlling interests
0.4
0.3
Profit/(loss) per Ordinary Share
0.03
(0.07)
Natuzzi S.p.A. and
Subsidiaries Unaudited consolidated statement of profit or
loss for the twelve months of 2021 and 2020on the basis of
IFRS-IAS (expressed in millions Euro, except per share data)
Twelve Months ended on Change Percentage of
revenue 31-Dec-21 31-Dec-20 %
31-Dec-21 31-Dec-20 Revenue
427.4
328.3
30.2%
100.0%
100.0%
Cost of Sales
(273.6)
(225.2)
21.5%
-64.0%
-68.6%
Gross profit
153.8
103.2
49.0%
36.0%
31.4%
Other income
6.4
3.9
1.5%
1.2%
Selling expenses
(121.6)
(84.5)
43.9%
-28.5%
-25.7%
Administrative expenses
(33.3)
(29.4)
13.1%
-7.8%
-9.0%
Impairment on trade receivables
(0.1)
(1.8)
0.0%
-0.5%
Other expenses
(0.3)
(1.9)
-0.1%
-0.6%
Operating profit/(loss)
4.9
(10.6)
1.1%
-3.2%
Finance income
0.2
0.3
0.1%
0.1%
Finance costs
(6.8)
(7.8)
-1.6%
-2.4%
Net exchange rate gains/(losses)
1.9
(3.9)
0.4%
-1.2%
Gain from disposal and loss of control of a subsidiary
5.0
─
1.2%
0.0%
Net finance income/(costs)
0.3
(11.4)
0.1%
-3.5%
Share of profit/(loss) of equity-method investees
3.6
1.5
0.8%
0.4%
Profit/(Loss) before tax
8.8
(20.6)
2.1%
-6.3%
Income tax expense
(4.4)
(4.3)
-1.0%
-1.3%
Profit/(Loss) for the period
4.4
(24.9)
1.0%
-7.6%
Profit/(Loss) attributable to: Owners of the Company
3.6
(24.7)
Non-controlling interests
0.8
(0.2)
Profit/(loss) per Ordinary Share
0.07
(0.45)
Natuzzi S.p.A. and
Subsidiaries Unaudited consolidated statements of financial
position (condensed)on the basis of IFRS-IAS(Expressed in
millions of Euro)
31-Dec-21
31-Dec-20 ASSETS Non-current assets
189.6
184.0
Current assets
200.4
172.0
TOTAL ASSETS
390.0
356.0
EQUITY AND LIABILITIES Equity attributable to Owners
of the Company
82.3
74.3
Non-controlling interests
1.5
1.0
Non-current liabilities
107.5
104.0
Current liabilities
198.7
176.7
TOTAL EQUITY AND LIABILITIES
390.0
356.0
Natuzzi S.p.A. and Subsidiaries Unaudited consolidated
statements of cash flows (condensed) (Expressed in millions of
Euro)
31-Dec-21 31-Dec-20 Net cash provided by
(used in) operating activities
0.5
12.3
Net cash provided by (used in) investing activities
7.0
2.3
Net cash provided by (used in) financing activities
(2.0)
(5.6)
Increase (decrease) in cash and cash equivalents
5.5
9.0
Cash and cash equivalents, beginning of the year
46.1
37.8
Effect of movements in exchange rates on cash held
0.6
(0.8)
Cash and cash equivalents, end of the period
52.2
46.1
For the purpose of the statements of cash flow, cash and
cash equivalents comprise thefollowing: (Expressed in millions
of Euro)
31-Dec-21 31-Dec-20 Cash and cash
equivalents in the statement of financial position
53.5
48.2
Bank overdrafts repayable on demand
(1.2)
(2.1)
Cash and cash equivalents in the statement of cash flows
52.2
46.1
CAUTIONARY STATEMENT CONCERNING
FORWARD-LOOKING STATEMENTS
Certain statements included in this press release constitute
forward-looking statements within the meaning of the safe harbor
provisions of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934, as amended. These
statements may be expressed in a variety of ways, including the use
of future or present tense language. Words such as “estimate,”
“forecast,” “project,” “anticipate,” “likely,” “target,” “expect,”
“intend,” “continue,” “seek,” “believe,” “plan,” “goal,” “could,”
“should,” “would,” “may,” “might,” “will,” “strategy,” “synergies,”
“opportunities,” “trends,” “ambition,” “objective,” “aim,”
“future,” “potentially,” “outlook” and words of similar meaning may
signify forward-looking statements. These statements involve risks
and uncertainties that could cause the Company’s actual results to
differ materially from those stated or implied by such
forward-looking statements including, but not limited to, potential
risks and uncertainties described at page 3 of this document
relating to the supply-chain, the cost and availability of raw
material, production and shipping and the modernization of our
Italian manufacturing and those relating to the duration, severity
and geographic spread of the COVID-19 pandemic, actions that may be
taken by governmental authorities to contain the COVID-19 pandemic
or to mitigate its impact, the potential negative impact of
COVID-19 on the global economy, consumer demand and our supply
chain, and the impact of COVID-19 on the Company's financial
condition, business operations and liquidity. Additional
information about potential factors that could affect the Company’s
business and financial results is included in the Company’s filings
with the U.S. Securities and Exchange Commission, including the
Company’s most recent Annual Report on Form 20-F. The Company
undertakes no obligation to update any of the forward-looking
statements after the date of this press release.
Additional Information
This news release is just one part of the Company’s financial
disclosures and should be read in conjunction with other
information filed with the U.S. Securities and Exchange Commission,
available at
https://www.natuzzigroup.com/en-EN/ir/financial-release.html under
the “SEC Filings” section.
About Natuzzi S.p.A.
Founded in 1959 by Pasquale Natuzzi, Natuzzi S.p.A. is one of
the most renowned brands in the production and distribution of
design and luxury furniture. With a global retail network of 651
mono-brand stores and 563 galleries as of December 31, 2021,
Natuzzi distributes its collections worldwide. Natuzzi products
embed the finest spirit of Italian design and the unique
craftmanship details of the “Made in Italy”, where a predominant
part of its production takes place. Natuzzi has been listed on the
New York Stock Exchange since May 13, 1993. Always committed to
social responsibility and environmental sustainability, Natuzzi
S.p.A. is ISO 9001 and 14001 certified (Quality and Environment),
ISO 45001 certified (Safety on the Workplace) and FSC® certified
(Forest Stewardship Council).
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220408005390/en/
For information: Natuzzi Investor Relations Piero
Direnzo | tel. +39 080-8820-812 | pdirenzo@natuzzi.com James
Carbonara | tel. +1 (646)-755-7412 | james@haydenir.com
Natuzzi Corporate Communication Giacomo Ventolone (Press
Office) | tel. +39.335.7276939 | gventolone@natuzzi.com
Natuzzi S P A (NYSE:NTZ)
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