Second Quarter 2022
Highlights
- 2Q 2022 Invoiced sales increased 7.8% compared to 2Q 2021
and 26.8% compared to pre-pandemic 2Q 2019, notwithstanding the
closure of our Chinese factory in April and most of May
- Gross margin of 31.4%, compared to 36.1% in 2Q 2021 and
27.9% in 2Q 2019. 2Q 2022 margin impacted by rising raw materials
and energy costs in addition to lower leverage of fixed costs in
China due to the lockdown in China
- Operating profit of €1.1 million, compared to an operating
profit of €1.5 million in 2Q 2021, which benefitted from an
extraordinary one-off €1.4 million covid-related public support. 2Q
2022 operating profit of €1.1 million compares with an operating
loss of (€7.8) million in 2Q 2019
- Cash of €59.8 million as of June 30, 2022, compared to €53.5
million as of December 31, 2021, and €39.8 million as of December
31, 2019
Natuzzi S.p.A. (NYSE: NTZ) (“we”, “Natuzzi” or the “Company”
and, together with its subsidiaries, the “Group”), one of the most
renowned brands in the production and distribution of design and
luxury furniture, today reported its unaudited financial
information for its second quarter and first half ended June 30,
2022.
Pasquale Natuzzi, Chairman of the Group commented: “We have been
able to deliver sales above 2021 in the first part of the year,
notwithstanding the closure of our Chinese factory which impacted
negatively the second quarter. Since April, the business
environment has been more challenging because of multiple external
factors, such as the high level of inflation globally, the war in
Europe, the continuing presence of COVID-19.
This market context encourages us to accelerate the
transformation of our Group, that is on the way, to become more
agile and cost effective. We are onboarding the key management team
that will support the CEO in the transformation of the Group.”
Antonio Achille, CEO of the Group commented: “In a quarter
characterized by external adverse conditions, we were able to
deliver the sixth consecutive increase in sales in addition to a
positive operating result.
Indeed, as previously anticipated during the second quarter our
operations in China were affected by the strict lockdown measures
imposed by the local Chinese authorities for most of the quarter in
response to the resurgence of COVID-19 in some regions, including
Shanghai where our own factory is located. Our Chinese factory
produces Natuzzi Editions chiefly for the APAC and North America
Regions. The impact in terms of missed production can be estimated
in €15 million for the quarter, as the factory was completely
closed from the end of March till the beginning of May when it
resumed its operations albeit at 20% of its capacity and only
during the first week of June the factory was allowed to run at
full capacity.
In addition, 18 points of sales in China were closed from the
end of March through the end of May.
The overall context in which we operate remains challenging.
Rising inflation, higher interest rates, prospects for global
economic slowdown, persisting high energy costs and geopolitical
uncertainty continue to impact our industry, globally.
After a first part of the year marked by a stronger than
expected demand for our products, we have seen a softer trend in
the business since April. In our retail, in fact, we see in general
lower traffic and consumers being more prudent in closing an
order.
At the same time, also our retail partners, especially in North
America, have in general witnessed a softer demand versus a very
strong 2021. This has led them to postpone purchases of “new stock”
products, while they are focusing on de-stocking.
As a result, since April we are reporting a slow-down in our
orders, chiefly from the Wholesale channel.
Also in response to slower new demand, during the quarter, we
focused on reducing our backlog to improve the service level and
provide customer with a shorter and more reliable delivery
time.
The order portfolio at the end of June was reduced at €102.0
million from €114.4 million at the beginning of the year. This
allowed us to improve our service level to final customer: in
August, 86% of the overall orders were delivered within the date
requested by customers. We will continue working to bring our
backlog to a normal level also in the coming weeks and months.
Our branded business continues gaining share on our total
business: today it represents 90% of our total business, compared
to 84% of one year ago. Within the “branded business”, our
“affordable brand”, Natuzzi Editions, has been affected more than
Natuzzi Italia, our high-end brand, confirming that, in market
context such the current one the upper part of the consumer pyramid
is more resilient.
Supply-chain environment remains quite volatile, with different
trends across the production value chain.
Due to the persistent geopolitical instability and the spike in
the energy costs, the overall cost of key raw materials (i.e.,
steel, wood, chemical and other oil-based products) continue
increasing although at a lower speed compared to prior quarters.
Our team is committed on several fronts to tackle inflation
including a continued work to reduce the complexity of our product
portfolio as well as to focus on a narrower number of strategic
vendors in order to achieve volume-related synergies.
Conversely, the cost of transportation, especially for the
longer routes Asia-North America, representing about 75% of total
transportation cost, has started to revert its uptrend experienced
during the last few quarters.
As for production, we continue to execute the Factory 4.0
program. After conducting our initial tests in one pilot-factory in
Italy with positive results, we are implementing this new workflow
and the associated technology to the remaining Italian plants. We
will gradually extend the Factory 4.0 industrial model to the
remaining factories outside Italy (China, Romania, Brazil).
We have made further steps toward strengthening the
organization, that can support and execute the transformation of
the Group, by hiring externally experienced professionals or
promoting talented people within the Group. I am pleased to welcome
these new managers within the leadership team:
- Domenico Ricchiuti, global Chief Operations Officer. Domenico
joined the Group in 2009 as a Total Quality and Lean Manager. He
then built his career in roles of increasing responsibility till
becoming in 2018 Product Development and Innovation Director for
all product categories.
- Emanuele Cheli, as the new South-West Europe & Emerging
Market Director. Emanuele joins from Versace where he was Global
Retail Director. His experience includes more than 15 years with
PRADA where he covered multiple roles in merchandising, retail and
customer care.
- Rita Valerio, Country Manager Iberica. Rita joins from Louis
Vuitton, where she worked for more than 15 years, reaching the
position of General Manager – Retail and E-commerce director for
Spain, Portugal and other Mediterranean countries.
*****
2Q 2022 Consolidated Revenue
2Q 2022 consolidated revenue amounted to €116.9 million, an
increase of 7.8% from €108.4 million in 2Q 2021, and 26.8% from
€92.2 million in the pre-pandemic 2Q 2019.
As anticipated, due to the lockdown measures imposed in Shanghai
for most of the quarter, 2Q 2022 consolidated revenue was affected
by the loss of production from our Chinese factory, that we
estimate for the quarter being in the region of €15 million.
Excluding “other sales” of €4.9 million, 2Q 2022 invoiced sales
from upholstered and other home furnishings products amounted to
€112.0 million, an increase of 6.2% compared to 2Q 2021 and 26.8%
compared to the pre-pandemic 2Q 2019.
To provide a better understanding of the different growth
drivers of our operating model, invoiced sales from upholstered and
other home furnishings products are hereafter described according
to the main dimensions of the Group’s business:
- A: Branded/Unbranded Business
- B: Key Markets
- C: 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 2Q 2022, Natuzzi’s branded invoiced sales amounted to €98.7
million, an increase of 8.1% compared to 2Q 2021 and 38.7% compared
to 2Q 2019.
The following is the contribution of each Brand to 2Q 2022
invoiced sales:
- Natuzzi Italia invoiced sales amounted to €53.6 million,
an increase of 34.2% compared to 2Q 2021 and 69.5% compared to 2Q
2019.
- Natuzzi Editions invoiced sales (including invoiced
sales from Divani&Divani by Natuzzi) amounted to €45.1 million,
a decrease of 12.2% compared to 2Q 2021, but an increase of 14.0%
compared to the pre-pandemic 2Q 2019. The quarterly decrease is
mainly attributable to lower deliveries from our factory in
Shanghai as it was closed for most of the quarter following the
lockdown imposed by local authorities. As anticipated, such
restrictions have been lifted since the beginning of June and
currently this factory is running at its standard rate.
A2. Unbranded business. Invoiced sales from our unbranded
business amounted to €13.3 million, a decrease of 5.9% and 22.6%
compared to 2Q 2021 and 2Q 2019, respectively. The Company’s
strategy is to focus on selected large accounts and serve them with
a more efficient go-to-market model.
B. Key Markets
Here below a breakdown of 2Q 2022 upholstery and
home-furnishings invoiced sales compared to 2Q 2021, according to
the following geographic areas.
2Q 2022
2Q 2021
Delta €
Delta %
North America
31.3
35.2
(3.9)
(11.0)%
Greater China
13.3
10.7
2.6
24.1%
West & South Europe
40.6
31.8
8.7
27.4%
Emerging Markets
13.1
14.1
(1.0)
(7.3)%
Rest of the World*
13.7
13.6
0.1
1.0%
Total
112.0
105.5
6.5
6.2%
Figures in €/million, except percentage *Include South and
Central America, Rest of APAC.
The decline in the North American Market was mainly due to the
temporary closure for the first two months of the quarter of the
Group’s factory plant in Shanghai, manufacturing Natuzzi Editions
upholstered products for USA and Canada.
The performance of invoiced sales in the Emerging Markets is
mostly the result of the impact that the war in Ukraine had on our
retail and commercial operations in Eastern Europe.
C. Distribution
During 2Q 2022, the Group distributed its branded collections in
101 countries, according to the following table.
Direct Retail
FOS**
Galleries**
Total
June 30, 2022
North America
12
8
197
217
West & South Europe
35
100
132
267
Greater China
25(1)
353
─
378
Emerging Markets
─
76
140
216
Rest of the World
16*
86
86
188
Total
88
623
555
1,266
* It includes 11 Natuzzi galleries (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 and does not control it, we consolidate only the
sell-in from such DOS.
During 2Q 2022, Group’s direct retail invoiced sales amounted to
€22.0 million, an increase of 14.1% compared to 2Q 2021, mainly due
to the positive momentum in our DOS located in the U.S. (+20.0%
compared to 2Q 2021).
In 2Q 2022, invoiced sales from franchise stores amounted to
€46.6 million, an increase of 38.8% compared to 2Q 2021.
We continue executing our strategy to become a Brand Retailer
and improve the quality of our distribution network. The weight of
the business generated by the retail network (DOS and FOS) on total
upholstered and home furnishings business in 2Q 2022 was 61.2%
compared to 50.1% in 2Q 2021.
During the first six months of 2022, we added 49 Natuzzi
franchise stores to our distribution network, of which 38 located
in China, three in Brazil and two in each of the US and Italy.
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.
During 2Q 2022, invoiced sales from the wholesale channel amounted
to €43.4 million, a decrease of 17.5% compared to 2Q 2021, mainly
due to lower deliveries to North America of unbranded and Natuzzi
Editions products, manufactured in our Shanghai factory which was
closed in April and May. The Company has just set up a new
commercial organization, dedicated specifically to large wholesale
distributors in the USA that will be increasingly served through
our outsourcing program, with the aim to enhance competitiveness,
improve the service level and develop business.
The Company will strategically continue to improve the quality
of its distribution as it intends to decrease the presence in the
wholesale distribution to favor the retail channel, so to exert a
better control on the distribution of its branded products in terms
of merchandising, advertising and pricing, coherently with the
values and the positioning of the Natuzzi brands.
2Q 2022 Gross margin
In 2Q 2022, we had a gross margin of 31.4%, as compared to 36.1%
in 2Q 2021, mainly as a result of continued rising raw materials
prices and energy costs, that more than offset the improved
sales-mix in the quarter and pricelist revision applied in response
to inflationary pressure. In addition, as anticipated, fixed costs
in our Shanghai plant were not adequately leveraged by the low
level of operating rate following the lockdown imposed by local
authorities to contain the virus in the Shanghai area.
As previously disclosed, as pricing adjustments on our products
are reflected in the delivered sales and not when a written order
is confirmed by the customer, and since it takes up to 4 months for
an order to be programmed, manufactured and then delivered to the
final customer, then during times of high inflation, as the one we
have been experiencing, we have difficulties in enacting price
increases on our products as fast as we have incurred them from our
raw material suppliers. Provided that prices of raw materials do
not further worsen, we expect our price adjustments to be fully
factorized in the top line in the second half of the year.
We remain vigilant in finding alternative solutions to reduce
the pressure on gross margin from rising inputs costs, as we do not
see yet signs for a reverting trend in the cost of materials and
energy.
2Q 2022 Operating expenses
During 2Q 2022, operating expenses (which include selling
expenses, administrative expenses, other operating income/expenses,
and the impairment of trade receivables) were €35.6 million (or
30.5% on revenues), compared to €37.7 million (or 34.8% on
revenues) in 2Q 2021
In particular, in 2Q 2022 transportation costs were 11.1% of
revenue as compared to 12.9% in 2Q 2021 mainly as a result of a
different geographic mix (lower deliveries of products through the
most expensive routes from China to North America). During the
quarter, we have seen first signs of inversion in transportation
costs especially for the long Asia-North American route,
representing about 75% of our total transportation costs.
Comparability of 2q 2022 OPERATING RESULT vs 2q 2021
During 2Q 2021, the Group benefitted from the salary and wage
subsidy program introduced by the different countries, Italy in
particular, as well as in some European countries, as part of
public support measures extended to manufacturers in response to
the COVID-19 pandemic. Such governmental measures allowed the Group
to pay temporarily laid-off workers and employees a reduced salary
or wage for a certain period, included 2Q 2021, and were recorded
as a reduction in the labor costs within the cost of sales, selling
expenses and administrative expenses.
As the vaccination campaigns have begun to prove effective, such
COVID-19 related support measures were withdrawn and not confirmed
in 2022 by governments in Italy and Europe. The benefits received
by the Group in 2Q 2021 for such measures were approximately €1.4
million. The operating result in 2Q 2021 was positively affected by
these interventions which were not renewed in 2Q 2022.
KEY RESULTS SUMMARY: FIRST SIX MONTHS OF 2022
During the first six months of 2022, the Company reported the
following results:
─ Total revenue of €235.4 million, an increase of 12.1% compared
to first six months of 2021 and 18.7% compared to the first six
months of the pre-pandemic 2019. ─ We had a gross margin of 32.8%,
from 36.2% and 29.1% reported in the first six months of 2021 and
2019, respectively. ─ Depreciation and amortization for the period,
which include the depreciation charge of right-of-use assets
related to the operating leases and accounted for in the cost of
sales, selling and administrative expenses, amounted to €10.7
million, compared to €10.4 million and €11.5 million in in the
first six months of 2021 and 2019, respectively. ─ We had an
operating profit of €2.5 million, compared to an operating profit
of €4.8 million in 2021 first half, which benefitted also from €4.2
million of higher savings deriving from the adoption, mainly in
Italy, of temporary public measures on the cost of labor, most of
which were COVID-related. Such benefits were not renewed in 2022.
The €2.5 million operating profit compares to an operating loss of
(€10.8) million reported for the first six months of 2019. ─ We had
a profit after tax for the period of €0.7 million, which compares
to a profit after tax of €5.9 million in 2021 that included a
one-off gain of €4.8 million from the disposal of a formerly wholly
owned subsidiary of the Company, as part of Natuzzi’s strategy to
streamline its operating model. The €0.7 million profit after tax
compares to a loss after tax of (€15.2) million reported for the
first six months of 2019.
Balance sheet and cash flow
During the first six months of 2022, €10.2 million of net cash
were provided by operating activities as a result of:
─ profit for the period of €0.7 million. ─ adjustments for
non-monetary items of €12.5 million, of which depreciation and
amortization of €10.7 million. ─ €2.1 million of cash provided by
working capital mainly as a result of higher advance payments from
customers and lower advance payments to suppliers for €3.7 million,
higher trade and other payables for €6.8 million, partially offset
by higher inventories for (€7.2) million. ─ interest and taxes paid
of (€5.1) million.
During the first six months of 2022, (€3.6) million of cash were
used in investing activities, as a result of (€4.7) million of cash
invested in capital expenditures and €1.1 million of cash collected
in connection with the completion of the sale transaction of a
former Company’s subsidiary.
In the same period, (€1.9) million of cash were used in
financing activities, due to (€2.6) million for the repayment of
long-term borrowing, (€2.8) million for short-term borrowing and
(€5.4) million for lease repayment, partially offset by €4.0
million provided by a long-term loan made available by the Italian
government as part of the COVID-19 measures to support businesses,
and €4.9 million as a capital contribution by the Vietnamese
partner who acquired a 20% stake in Natuzzi Singapore.
As a result, as of June 30, 2022, cash and cash equivalents was
€59.8 million compared to €51.2 million as of March 31, 2022 and
€53.5 million as of December 31, 2021.
As of June 30, 2022, 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 €7.6 million compared
to (€4.1) million as of March 31, 2022, and (€0.1) million as of
December 31, 2021.
***********
Natuzzi S.p.A. and SubsidiariesUnaudited consolidated
statement of profit or loss for the second quarter of 2022 and
2021on the basis of IFRS-IAS (expressed in millions Euro, except as
otherwise indicated)
Second quarter ended on Change
Percentage of revenue 30-Jun-22
30-Jun-21 % 30-Jun-22
30-Jun-21 Revenue
116.9
108.4
7.8%
100.0%
100.0%
Cost of Sales
(80.2)
(69.3)
15.8%
-68.6%
-63.9%
Gross profit
36.7
39.2
-6.4%
31.4%
36.1%
Other income
1.8
1.7
1.5%
1.5%
Selling expenses
(28.7)
(31.1)
-7.7%
-24.5%
-28.7%
Administrative expenses
(8.6)
(8.2)
4.6%
-7.3%
-7.6%
Impairment on trade receivables
(0.1)
─
-0.1%
0.0%
Other expenses
(0.0)
(0.1)
0.0%
-0.1%
Operating profit/(loss)
1.1
1.5
0.9%
1.4%
Finance income
0.0
0.0
0.0%
0.0%
Finance costs
(2.0)
(1.7)
-1.7%
-1.6%
Net exchange rate gains/(losses)
0.6
0.2
0.5%
0.1%
Gain from disposal and loss of control of a subsidiary ─ ─
0.0%
0.0%
Net finance income/(costs)
(1.4)
(1.5)
-1.2%
-1.4%
Share of profit/(loss) of equity-method investees
(0.2)
0.9
-0.2%
0.8%
Profit/(Loss) before tax
(0.5)
0.8
-0.4%
0.8%
Income tax expense
(0.1)
(0.9)
-0.1%
-0.8%
Profit/(Loss) for the period
(0.6)
(0.1)
-0.5%
-0.1%
Profit/(Loss) attributable to: Owners of the Company
(1.0)
0.2
Non-controlling interests
0.4
(0.2)
Profit/(loss) per Ordinary Share
(0.02)
0.00
Natuzzi
S.p.A. and SubsidiariesUnaudited consolidated statement of
profit or loss for the six months of 2022 and 2021on the basis of
IFRS-IAS (expressed in millions Euro, except as otherwise
indicated)
Six months ended on Change Percentage
of revenue 30-Jun-22 30-Jun-21 %
30-Jun-22 30-Jun-21 Revenue
235.4
209.9
12.1%
100.0%
100.0%
Cost of Sales
(158.1)
(134.0)
18.0%
-67.2%
-63.8%
Gross profit
77.3
76.0
1.8%
32.8%
36.2%
Other income
2.8
3.0
1.2%
1.4%
Selling expenses
(60.2)
(58.9)
2.3%
-25.6%
-28.0%
Administrative expenses
(16.9)
(15.3)
10.6%
-7.2%
-7.3%
Impairment on trade receivables
(0.4)
─
-0.2%
0.0%
Other expenses
(0.1)
(0.1)
0.0%
0.0%
Operating profit/(loss)
2.5
4.8
1.1%
2.3%
Finance income
0.0
0.0
0.0%
0.0%
Finance costs
(3.7)
(3.3)
-1.6%
-1.6%
Net exchange rate gains/(losses)
1.7
(0.6)
0.7%
-0.3%
Gain from disposal and loss of control of a subsidiary ─
4.8
0.0%
2.3%
Net finance income/(costs)
(2.0)
0.8
-0.9%
0.4%
Share of profit/(loss) of equity-method investees
0.8
2.0
0.3%
0.9%
Profit/(Loss) before tax
1.3
7.6
0.6%
3.6%
Income tax expense
(0.6)
(1.7)
-0.3%
-0.8%
Profit/(Loss) for the period
0.7
5.9
0.3%
2.8%
Profit/(Loss) attributable to: Owners of the Company
(0.0)
5.8
Non-controlling interests
0.7
0.1
Profit/(loss) per Ordinary Share
(0.00)
0.11
Natuzzi
S.p.A. and Subsidiaries Unaudited consolidated statements of
financial position (condensed)on the basis of IFRS-IAS(Expressed in
millions of Euro) 30-Jun-22
31-Dec-21 ASSETS Non-current assets
182.9
189.6
Current assets
215.2
200.4
TOTAL ASSETS
398.1
390.0
EQUITY AND LIABILITIES Equity attributable to Owners
of the Company
90.4
82.3
Non-controlling interests
4.2
1.5
Non-current liabilities
100.6
107.5
Current liabilities
202.9
198.7
TOTAL EQUITY AND LIABILITIES
398.1
390.0
Natuzzi S.p.A. and SubsidiariesUnaudited consolidated
statements of cash flows (condensed) (Expressed in millions of
Euro)
30-Jun-22 31-Dec-21 Net cash
provided by (used in) operating activities
10.2
0.5
Net cash provided by (used in) investing activities
(3.6)
7.0
Net cash provided by (used in) financing activities
(1.9)
(2.0)
Increase (decrease) in cash and cash equivalents
4.7
5.5
Cash and cash equivalents, beginning of the year
52.2
46.1
Effect of movements in exchange rates on cash held
1.7
0.6
Cash and cash equivalents, end of the period
58.6
52.2
For the purpose of the statements of cash flow,
cash and cash equivalents comprise thefollowing: (Expressed in
millions of Euro)
30-Jun-22 31-Dec-21 Cash and cash
equivalents in the statement of financial position
59.8
53.5
Bank overdrafts repayable on demand
(1.2)
(1.2)
Cash and cash equivalents in the statement of cash flows
58.6
52.2
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, as well as the geopolitical tensions and market
uncertainties resulting from the Russian invasion of Ukraine and
current conflict. 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.
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 700 mono-brand
stores and 566 galleries as of June 30, 2022, 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® Chain of Custody, CoC (FSC-C131540).
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For information: Natuzzi
Investor Relations James Carbonara | tel. +1 (646)-755-7412 |
James@haydenir.com Piero Direnzo | tel. +39 080-8820-812 |
pdirenzo@natuzzi.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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