CONFORMED
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 September 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.p.A. (NYSE: NTZ) Announces Consolidated
Second Quarter and First Half 2007 Financial Results
SECOND QUARTER 2007 FINANCIAL HIGHLIGHTS
-- TOTAL NET REVENUES DOWN BY 17.0% AT EUR 162.4 MILLION AND
SEATS SOLD DOWN BY 20.6% OVER 2Q06
-- OPERATING LOSS OF EUR 9.2 MILLION, VERSUS OPERATING INCOME OF
EUR 12.1 MILLION IN 2Q06
-- NET LOSSES AT EUR 4.2 MILLION VERSUS NET EARNINGS OF EUR 9.9
MILLION IN 2Q06
SANTERAMO IN COLLE, Bari, Italy--(BUSINESS WIRE)--Sept. 12,
2007--The Board of Directors of Natuzzi S.p.A. (NYSE: NTZ) ('Natuzzi'
or 'the Group'), the world's leading manufacturer of
leather-upholstered furniture, today presented the consolidated
financial statements for the second quarter and first half ended on
June 30, 2007.
NET SALES
During the second quarter of 2007, total net sales were at EUR
162.4 million, decreasing by 17.0 percent from EUR 195.6 million
reported in second quarter 2006. During the same period, units sold
were down 20.6 percent. Considering the first half of 2007, total net
sales were at EUR 316.2 million, down by 17.6 percent as compared to
EUR 383.8 million reported in the first semester of last year, and
units sold were down 18.9 percent. The decrease in total net sales was
mainly attributable to a negative business environment especially in
the US market as well as to a challenging period-over-period
comparison base. During the first half of 2007, total order flow was
down high-single digit versus the same period of last year.
During the quarter ended on June 30, 2007, upholstery net sales
decreased by 18.0 percent at EUR 144.9 million, from EUR 176.7 million
in the second quarter of 2006. Other sales (principally living room
accessories and raw materials produced by the Group and sold to third
parties) decreased by 7.4 percent over the second quarter of 2006 at
EUR 17.5 million.
In the second quarter 2007, total net sales decreased, on a
quarter-over-quarter basis, by 21.6 percent in the Americas at EUR
49.4 million, by 16.4 percent in Europe at EUR 85.9 million, and by
12.7 percent at EUR 9.6 million in the Rest of the World.
During the second quarter 2007, total net sales to our chain
Divani & Divani by Natuzzi Stores and Natuzzi Stores were at EUR 33.2
million, down 14.0 percent as compared to the same period of 2006.
During the same quarter three new stores were opened (1 in UK, 1 in
Finland and 1 Russia), while six stores were closed (5 in Greece and 1
in China), thus bringing the total number of stores at 280 as of June
30, 2007. At the same date, there were 484 Natuzzi Galleries.
In the second quarter 2007 leather-upholstered furniture decreased
over the same quarter of last year by 17.7 percent at EUR 126.6
million and fabric-upholstered furniture by 20.1 percent at EUR 18.3
million.
Total net sales for the Natuzzi branded products during the second
quarter 2007 were at EUR 96.1 million, or 66.3 percent of upholstery
net sales, down 16.0 percent from EUR 114.4 million reported last
year. During the same period, sales for Italsofa products decreased by
21.7 percent at EUR 48.8 million from EUR 62.3 million reported in the
second quarter of 2006.
GROSS & OPERATING RESULTS
For the three months ended on June 30, 2007, Group's gross profit
was EUR 45.2 million, down from EUR 70.7 million reported in second
quarter 2006. As a percentage of sales, gross margin decreased to 27.8
percent from 36.1 percent reported in second quarter 2006.
During the same period, the Group reported a net operating loss of
EUR 9.2 million, versus an operating income of EUR 12.1 million
reported one year ago.
FOREX AND TAXES
For the three-month period ended on June 30, 2007, the Group
reported a net foreign exchange gain of EUR 0.6 million as compared to
a net foreign exchange loss of EUR 1.1 million reported for last
year's comparable period.
During the same quarter, the Group reported a deferred tax asset
for EUR 2.2 million, versus income taxes of EUR 2.3 million for the
second quarter of 2006.
NET RESULT AND GROUP EARNINGS PER COMPANY'S SHARE
During the quarter ended on June 30, 2007, the Group reported net
losses of EUR 4.2 million (or EUR 0.08 losses per share), versus
Group's net earnings of EUR 9.9 million (or EUR 0.18 earnings per
share) in the second quarter of 2006.
Considering the first six months of 2007, the Group reported net
losses of EUR 9.0 million (or EUR 0.16 losses per share), versus net
earnings of EUR 16.7 million (or EUR 0.31 earnings per share) reported
for the first semester of 2006.
CASH FLOW
During the six-month period ended on June 30, 2007, Group's
operations used EUR 11.7 million of cash flow.
Ernesto Greco, Chief Executive Officer of the Group, commented
"The quarterly Group's performance reflects, as also confirmed by most
of the major market players, the continued challenging business
conditions, particularly evident in the U.S. where aggressive pricing
competition and lower consumer confidence are still dominant factors.
Furthermore, top line was also affected by the penalizing
period-over-period comparison base.
As far as the margins are concerned, persisting unfavorable Euro
exchange rates against major currencies, U.S. dollar in particular,
fixed costs not absorbed by adequate sale volumes, and the price
increase in raw material, have all contributed to determine the
quarterly reduction in the gross margin. The reduction in production
working time planned in June 07 didn't bring any saving in the second
quarter yet.
Order flow during the second quarter was still down high-single
digit with respect to the same period of last year, even if at a lower
pace than what recorded at the beginning of the year. Although such
difficult business conditions, we have been registering, due to our
marketing efforts, some positive signs from the market over the last
weeks: as a matter of fact, third quarter to-date order flow is
currently up high-single digit rate over the same period of last year.
We are, nevertheless, aware that the retail environment is still
challenging, so the Group should remain committed in putting in place
all the necessary initiatives like the reorganization of our retail
activities and the completion of the restructuring process of the
Group's operations so to reach a cost structure consistent with
current production level as well as a new business model more coherent
with the new business environment".
SECOND QUARTER 2007 TELECONFERENCE
Pasquale Natuzzi, Chairman of the Board, 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 September 13, 2007.
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 123 stores, and 1 Natuzzi
Store. Outside Italy, the Group 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 Group 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 Group'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 Group's
filings with the Securities and Exchange Commission, particularly in
the Group's annual report on Form 20-F. Forward looking statements
speak as of the date they were made, and the Group 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
June 30, 2007 and 2006 on the basis of Italian GAAP
(Expressed in millions of EUR except per share data)
----------------------------------------------
Percent of
Three months ended on % Over Sales
30-Jun-07 30-Jun-06 (Under) 30-Jun- 30-Jun-
07 06
----------------------- ---------- ---------- -------- ------- -------
Upholstery net sales 144.9 176.7 (18.0)% 89.2% 90.3%
Other sales 17.5 18.9 (7.4)% 10.8% 9.7%
Total Net Sales 162.4 195.6 (17.0)% 100.0% 100.0%
----------------------- ---------- ---------- -------- ------- -------
Purchases (71.9) (84.1) 14.5% (44.3)% (43.0)%
Labor (26.6) (29.0) 8.3% (16.4)% (14.8)%
Third-party
Manufacturers (3.8) (6.1) 37.7% (2.3)% (3.1)%
Manufacturing Costs (11.0) (8.3) (32.5)% (6.8)% (4.2)%
Inventories, net (3.9) 2.6 (250.0)% (2.4)% 1.3%
Cost of Sales (117.2) (124.9) 6.2% (72.2)% (63.9)%
----------------------- ---------- ---------- -------- ------- -------
Gross Profit 45.2 70.7 (36.1)% 27.8% 36.1%
----------------------- ---------- ---------- -------- ------- -------
Selling Expenses (42.3) (47.9) 11.7% (26.0)% (24.5)%
General and
Administrative
Expenses (12.1) (10.7) (13.1)% (7.5)% (5.5)%
Operating Income (Loss) (9.2) 12.1 (176.0)% (5.7)% 6.2%
----------------------- ---------- ---------- -------- ------- -------
Interest Income, net 0.3 0.2 0.2% 0.1%
Foreign Exchange, net 0.6 (1.1) 0.4% (0.6)%
Other Income, net 1.8 1.0 1.1% 0.5%
Earnings (Losses) before
taxes and minority
interest (6.5) 12.2 (153.3)% (4.0)% 6.2%
---------------------------------- ---------- -------- ------- -------
Income taxes 2.2 (2.3) 1.4% (1.2)%
Earnings (Losses) before
minority interest (4.3) 9.9 (143.4)% (2.6)% 5.1%
---------------------------------- ---------- -------- ------- -------
Minority Interest (0.1) 0.0 (0.1)% 0.0%
Net Earnings (Losses) (4.2) 9.9 (142.4)% (2.6)% 5.1%
----------------------- ---------- ---------- -------- ------- -------
Earnings (Losses) Per
Share (0.08) 0.18
----------------------- ---------- ---------- -------- ------- -------
Average Number of Shares
Outstanding* 54,824,227 54,738,538
---------------------------------- ---------- -------- ------- -------
(*) Net of shares repurchased
----------------------------------------------------------------------
Key Figures in U.S.
dollars (millions) Three months ended on
June 30, June
2007 30,
2006
---------------------------------- ------------------- ---------------
Total Net Sales 219.0 246.0
Gross Profit 60.9 88.9
Operating Income (Loss) (12.4) 15.2
Net Earnings (Losses) (5.7) 12.5
Earnings (Losses) per
Share (0.11) 0.23
Average exchange rate (U.S. dollar
per Euro) 1.3484 1.2576
----------------------------------------------------------------------
NATUZZI S.P.A. AND SUBSIDIARIES
Unaudited Consolidated Statement of Earnings
for six months ended June 30, 2007 and 2006 on the basis of Italian
GAAP
(Expressed in millions of EUR except per share data)
----------------------------------------------
Percent of
Six months ended on % Over Sales
30-Jun-07 30-Jun-06 (Under) 30-Jun- 30-Jun-
07 06
--------------------- ---------- ---------- ---------------- -------
Upholstery net sales 281.0 344.1 (18.3)% 88.9% 89.7%
Other sales 35.2 39.7 (11.2)% 11.1% 10.3%
Total Net Sales 316.2 383.8 (17.6)% 100.0% 100.0%
--------------------- ---------- ---------- -------- ------- -------
Purchases (158.8) (163.1) 2.6% (50.2)% (42.5)%
Labor (51.4) (56.1) 8.4% (16.3)% (14.6)%
Third-party
Manufacturers (7.7) (11.7) 34.0% (2.4)% (3.0)%
Manufacturing Costs (19.1) (16.2) (17.9)% (6.0)% (4.2)%
Inventories, net 12.9 (1.4) 1020.1% 4.1% (0.4)%
Cost of Sales (224.1) (248.5) 9.8% (70.9)% (64.7)%
--------------------- ---------- ---------- -------- ------- -------
Gross Profit 92.1 135.3 (31.9)% 29.1% 35.3%
--------------------- ---------- ---------- -------- ------- -------
Selling Expenses (85.7) (94.4) 9.2% (27.1)% (24.6)%
General and
Administrative
Expenses (23.5) (19.9) (18.1)% (7.4)% (5.2)%
Operating Income
(Loss) (17.1) 21.0 (181.4)% (5.4)% 5.5%
--------------------- ---------- ---------- -------- ------- -------
Interest Income, net 0.9 0.5 0.3% 0.1%
Foreign Exchange, net 1.0 (1.6) 0.3% (0.4)%
Other Income, net 2.8 3.2 0.9% 0.8%
Earnings (Losses)
before taxes and
minority interest (12.4) 23.1 (153.7)% (3.9)% 6.0%
-------------------------------- ---------- -------- ------- -------
Income taxes 3.3 (6.3) 1.0% (1.6)%
Earnings (Losses)
before minority
interest (9.1) 16.8 (154.2)% (2.9)% 4.4%
-------------------------------- ---------- -------- ------- -------
Minority Interest (0.1) 0.1 (0.0)% 0.0%
Net Earnings (Losses) (9.0) 16.7 (153.9)% (2.8)% 4.4%
--------------------- ---------- ---------- -------- ------- -------
Earnings (Losses) Per
Share (0.16) 0.31
-------------------------------- ---------- -------- ------- -------
Average Number of
Shares Outstanding* 54,824,227 54,738,538
-------------------------------- ---------- -------- ------- -------
(*) Net of shares repurchased
--------------------------------------------------------------------
Key Figures in U.S. dollars
(millions) Six months ended on
June 30, June
2007 30,
2006
-------------------------------- ------------------- ---------------
Total Net Sales 420.6 472.4
Gross Profit 122.5 166.5
Operating Income
(Loss) (22.7) 25.8
Net Earnings (Losses) (12.0) 20.6
Earnings (Losses) per Share (0.22) 0.38
Average exchange rate (U.S.
dollar per Euro) 1.3300 1.2309
--------------------------------------------------------------------
GEOGRAPHIC BREAKDOWN
--------------------------------------------------
Sales* Seat Units
Three months Three months
ended on % Over ended on % Over
30- 30- (Under)30-Jun- 30-Jun- (Under)
Jun- Jun- 07 06
07 06
=== ===== ===== ============== ======= =======
Americas 49.4 63.0 (21.6%)286,402 353,328 (18.9%)
% of
total34.1% 35.7% 45.0% 44.1%
Europe 85.9 102.7 (16.4%)311,475 401,773 (22.5%)
% of
total59.3% 58.1% 48.9% 50.1%
Rest of
the
world 9.6 11.0 (12.7%) 38,522 46,298 (16.8%)
% of
total 6.6% 6.2% 6.1% 5.8%
------------- ----- -------------- ------- -------
TOTAL 144.9 176.7 (18.0%)636,399 801,399 (20.6%)
--------------------------------------------------
* Expressed in millions of EUR
--------------------------------------------------
BREAKDOWN BY COVERING
--------------------------------------------------
Sales* Seat Units
Three months Three months
ended on % Over ended on % Over
30- 30- (Under)30-Jun- 30-Jun- (Under)
Jun- Jun- 07 06
07 06
=== ================================== =======
Leather 126.6 153.8 (17.7%)549,118 677,656 (19.0%)
% of
total87.4% 87.0% 86.3% 84.6%
Fabric 18.3 22.9 (20.1%) 87,281 123,743 (29.5%)
% of
total12.6% 13.0% 13.7% 15.4%
Total 144.9 176.7 (18.0%)636,399 801,399 (20.6%)
--------------------------------------------------
* (Expressed in millions of EUR)
--------------------------------------------------
BREAKDOWN BY BRAND
--------------------------------------------------
Sales* Seat Units
Three months Three months
ended on % Over ended on % Over
30- 30- (Under)30-Jun- 30-Jun- (Under)
Jun- Jun- 07 06
07 06
=== ================================== =======
Natuzzi 96.1 114.4 (16.0%)325,701 403,978 (19.4%)
% of
total66.3% 64.7% 51.2% 50.4%
Italsofa 48.8 62.3 (21.7%)310,698 397,421 (21.8%)
% of
total33.7% 35.3% 48.8% 49.6%
TOTAL 144.9 176.7 (18.0%)636,399 801,399 (20.6%)
--------------------------------------------------
GEOGRAPHIC BREAKDOWN
----------------------------------------------------------------------
Sales* Seat Units
Six months
ended on % Over Six months ended on % Over
30- 30- (Under)30-Jun-07 30-Jun-06 (Under)
Jun- Jun-
07 06
====================== ======================================= =======
Americas 95.8 126.8 (24.4%) 545,154 678,250 (19.6%)
% of total 34.1% 36.9% 43.4% 43.8%
Europe 165.5 195.6 (15.4%) 631,559 780,932 (19.1%)
% of total 58.9% 56.8% 50.3% 50.4%
Rest of the world 19.7 21.7 (9.2%) 79,787 89,369 (10.7%)
% of total 7.0% 6.3% 6.3% 5.8%
---------------------- ------ ----- ---------------- --------- -------
TOTAL 281.0 344.1 (18.3%)1,256,500 1,548,551 (18.9%)
----------------------------------------------------------------------
* (Expressed in millions of
EUR)
----------------------------------------------------------------------
BREAKDOWN BY COVERING
----------------------------------------------------------------------
Sales* Seat Units
Six months
ended on % Over Six months ended on % Over
30- 30- (Under)30-Jun-07 30-Jun-06 (Under)
Jun- Jun-
07 06
====================== ======================================= =======
Leather 246.7 297.2 (17.0%)1,084,874 1,291,199 (16.0%)
% of total 87.8% 86.4% 86.3% 83.4%
Fabric 34.3 46.9 (26.9%) 171,626 257,352 (33.3%)
% of total 12.2% 13.6% 13.7% 16.6%
Total 281.0 344.1 (18.3%)1,256,500 1,548,551 (18.9%)
----------------------------------------------------------------------
* (Expressed in millions of
EUR)
----------------------------------------------------------------------
BREAKDOWN BY BRAND
----------------------------------------------------------------------
Sales* Seat Units
Six months
ended on % Over Six months ended on % Over
30- 30- (Under)30-Jun-07 30-Jun-06 (Under)
Jun- Jun-
07 06
====================== ======================================= =======
Natuzzi 177.1 223.5 (20.8%) 611,050 791,073 (22.8%)
% of total 63.0% 65.0% 48.6% 51.1%
Italsofa 103.9 120.6 (13.8%) 645,450 757,478 (14.8%)
% of total 37.0% 35.0% 51.4% 48.9%
TOTAL 281.0 344.1 (18.3%)1,256,500 1,548,551 (18.9%)
----------------------------------------------------------------------
NATUZZI S.P.A. AND SUBSIDIARIES
Unaudited Consolidated Balance Sheet as of
June 30, 2007 and December 31, 2006 (Expressed in
millions of EUR)
30-Jun- 31-Dec-
07 06
------------------------------------ -------- --------
ASSETS
Current Assets:
Cash and cash equivalents 112.0 128.1
Marketable debt securities 0.0 0.0
Trade receivables, net 117.1 119.3
Other receivables 41.9 44.7
Inventories 113.2 100.3
Unrealized foreign exchange gains 2.2 5.5
Prepaid expenses and accrued
income 4.0 2.0
Deferred income taxes 13.0 7.5
Total current assets 403.4 407.4
------------------------------------ -------- --------
Non-Current Assets:
Net property, plant and equipment 249.1 246.3
Treasury shares 0.0 0.0
Other assets 18.5 18.7
Deferred income taxes 2.3 2.3
------------------------------------ -------- --------
TOTAL ASSETS 673.3 674.7
------------------------------------ -------- --------
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Short-term borrowings 11.0 3.8
Current portion of long-term debt 0.3 0.3
Accounts payable-trade 76.9 79.5
Accounts payable-other 23.6 22.5
Accounts payable shareholders for
dividends 0.6 0.6
Unrealized foreign exchange losses 0.0 0.0
Income taxes 1.3 4.6
Salaries, wages and related
liabilities 22.3 21.7
Total current liabilities 136.0 133.0
------------------------------------ -------- --------
Long-Term Liabilities:
Employees' leaving entitlement 35.7 35.3
Long-term debt 2.2 2.4
Deferred income taxes 0.0 0.0
Deferred income for capital grants 13.4 14.1
Other liabilities 9.2 10.5
------------------------------------ -------- --------
Minority Interest 0.5 0.6
------------------------------------ -------- --------
Shareholders' Equity:
Share capital 54.8 54.7
Reserves 42.3 42.3
Additional paid-in capital 8.3 8.3
Retained earnings 370.9 373.5
Total shareholders' equity 476.3 478.8
------------------------------------ -------- --------
TOTAL LIABILITIES AND SHAREHOLDERS'
EQUITY 673.3 674.7
---------------------------------------------- --------
NATUZZI S.P.A. AND SUBSIDIARIES
Unaudited Consolidated Statement of Cash Flows
as of June 30, 2007 and 2006 (Expressed in millions of EUR)
30- 30-
Jun- Jun-
07 06
------ -----
Cash flows from operating activities:
Net earnings (losses) (9.0) 16.7
Adjustments to reconcile net income to net cash provided
by operating activities:
Depreciation and amortization 14.8 15.3
Employees' leaving entitlement 0.4 1.2
Deferred income taxes (5.5) (1.7)
Minority interest (0.1) 0.1
(Gain) loss on disposal of assets 0.0 0.2
Unrealized foreign exchange (losses) / gain 3.2 (7.2)
Deferred income for capital grants (0.5) (0.6)
Change in assets and liabilities:
Receivables, net 2.2 1.1
Inventories (12.9) 1.4
Prepaid expenses and accrued income (2.0) (1.4)
Other assets 2.8 1.4
Accounts payable (2.6) 3.8
Income taxes (3.3) 1.3
Salaries, wages and related liabilities 0.7 3.6
Other liabilities 0.1 0.4
Total adjustments (2.7) 18.9
NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES (11.7) 35.6
--------------------------------------------------------- ------ -----
Cash flows from investing activities:
Property, plant and equipment:
Additions (13.0) (6.9)
Disposals 0.4 0.2
Government grants received 0.0 0.0
Marketable debt securities:
Proceeds from sales 0.0 0.0
Purchase of business, net of cash acquired 0.0 (3.1)
Disposal of business 0.0 0.0
NET CASH USED BY INVESTING ACTIVITIES (12.6) (9.8)
--------------------------------------------------------- ------ -----
Cash flows from financing activities:
Long term debt:
Proceeds 0.0 0.0
Repayments (0.3) (0.3)
Short-term borrowings 7.2 (1.5)
Dividends paid to shareholders 0.0 0.0
Dividends paid to minority shareholders 0.0 0.0
NET CASH PROVIDED (USED) BY FINANCING ACTIVITIES 6.9 (1.8)
--------------------------------------------------------- ------ -----
Effect of translation adjustments on cash 1.3 (1.0)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (16.1) 23.0
--------------------------------------------------------- ------ -----
Cash and cash equivalents, beginning of the year 128.1 89.7
CASH AND CASH EQUIVALENTS, END OF THE PERIOD 112.0 112.7
--------------------------------------------------------- ------------
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
CONFORMED
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: September 12, 2007
By: /s/ FILIPPO SIMONETTI
---------------------
Filippo Simonetti