Natuzzi

DJ Industrie ^Natuzzi#^ Earnings -2: Industrie Natuzzi SpA - Santeramo, Italy 1st Quar March 31: 2003 2002 Sales $196,900,000 $187,300,000 Net income 15,900,000 22,200,000 ADR earns Net income .29 .40 Industrie Natuzzi SpA (NTZ), a manufacturer of upholstered residential furniture, said the sales for the quarter declined 14.1% from a year earlier, primarily because of currency translation. The first-quarter 2003 and 2002 dollar figures were converted at exchange rates of $1.0732 and 87.77 cents per euro, respectively. The company also noted it is subject to price competition that has never beenseen before in the industry. Industrie Natuzzi does not see full-year results improving over the first-quarter results. Last year, the company earned $67.7 million, or $1.23 per American depository receipt, including charges, on sales of $703.8 million. NATUZZI SPA (NTZ) Said the sales for the quarter declined 14.1% from a year earlier, primarily because of currency translation. The company also noted it is subject to price competition that has never been seen before in the industry. Price: $8.20 Net Change: -$1.10 % Change: 11.83% Loss Volume: 246,900 Shares

caro Karim se lo avessi ancora in memoria e lo ripostassi ti sarei molto grato ______________________________________ Non ho scritto nulla riguardo Natuzzi, salvo l'ordine di acquisto e il fatto che ritengo sia un titolo di elevata qualità.(ottimi margini di profitto sul fatturato, elevata redditività dell'asset, buona stabilità degli utili e pochissimi debiti) Credo invece che diversi post a riguardo siano stati scritti da Zibordi. Il titolo non ha mai raggiunto dei multipli così bassi. Il valore più basso di PE finora si era verificato fine '99 con un multiplo di 7,9. Il valore più alto era stato raggiunto con 24, pochi anni prima. Secondo me sul titolo pesano negativamente diversi fattori: 1) delle aspettative piuttosto pessimiste 2) 5 anni di utili sempre uguali (nessuna crescita anche se il fatturato cresce) 3) un giudizio complessivo alquanto mediocre da parte di Standard'& Poor's con un Investability Quotient di 93 che porta il titolo a posizionarsi al 59% della classifica. 4) scarsissima presenza di istituzionali e quindi poco interesse da parte del mercato Io me lo tengo stretto e caro fino a quando non me lo pagano 3 volte tanto, sempre se nel frattempo non chiude bottega :-) Ciao Karim

mi chiedevo se il titolo ^natuzzi#^ dopo il recente scivolone si possa considerare un'occasione d'acquisto. notavo che l'ultimo trimestre ha visto la metà degli utili di quello corrispondente di un anno fa le previsioni per il 2003 sono abbastanza grigie e sarà difficile fare al max la metà degli utili 2002 sono stati aperti due negozi in svizz. ma il grosso numero di negozi è in italia il paron natuzzi si lamenta di una concorrenza molto forte anche nel ramo medio alto del prodotto è stata comprata una soc. inglese che era un buon nome ma non vendeva più il titolo era già molto penalizzato nel prezzo ed evidentemente scontava l'idea, poi confermata, che nonostante un' ottima performance nel 2002 con la crisi economica etc.. il 2003 sarebbe stato brutto ciò premesso ora come ora mi asterrei dal comprarlo anche perchè mi pare vi siano molte scelte alternative sarei però curioso di vedere se la storia prezzo utili di natuzzi ha già incontrato periodi simili a questo o anche più brutti, ma non ho molto tempo mi pare che karim abbia già fatto delle ricerche sul titolo ma non sono riusciuto a recuperare il suo post caro Karim se lo avessi ancora in memoria e lo ripostassi ti sarei molto grato

----------Commenti ed Analisi Recenti su NATUZZI------------ ------------------da REPUBBLICA 31/03----------------------- Natuzzi versus la crisi. Sfidando la crisi generale, Natuzzi mette a fuoco una serie di risultati positivi. Per il «signore dei divani» nel quarto trimestre 2002, l’utile lordo industriale è cresciuto del 7,5% a 72,8 milioni di euro rispetto allo stesso periodo del 2001. Nello stesso periodo il margine operativo lordo è salito dal 34%, soprattutto per la riduzione dei costi della pelle. L’utile operativo nel quarto trimestre 2002, invece, si è attestato a 19,9 milioni di euro corrispondenti a un margine operativo pari al 10,1%. Su base trimestrale, poi, l’utile netto è diminuito dell’1,1%, mentre nell’intero esercizio 2002 è cresciuto del 20,9% a 91,4 milioni di euro. «La leggera diminuzione dell’utile netto registrata nel quarto trimestre», ha commentato Pasquale Natuzzi, «è dovuta principalmente all’aumento delle spese di vendita, soprattutto pubblicitarie, e al sempre maggiore carico fiscale». Per quest’anno sono previsti investimenti nella rete distributiva con 150 gallerie Natuzzi e 40 Divani & Divani. --------------------da FINANZA E MERCATI 26/03-------------- Fatturato in crescita del 2,4% a 805,1 milioni e utile netto a 91,4 milioni (+20,9%). Questi i risultati dell’esercizio 2002 per il gruppo Natuzzi, approvati ieri dal cda. Il dividendo proposto all’assemblea risulta essere pari a 0,33 euro per azione. Il sensibile incremento dell’utile è stato favorito dalla diminuzione del costo delle materie prime e dagli utili sui cambi. Il 2003, condizionato dalla guerra, appare in calo rispetto all’esercizio precedente. --------------------da BLOOMBERG 24/03---------------------- The Board of Directors of Natuzzi S.p.A. (NYSE: NTZ) ('Natuzzi' or 'the Company'), the world's leading manufacturer of leather-upholstered furniture, today announces the approval of the financial results for the fourth quarter and fiscal year ended December 31, 2002 and proposes annual dividend at EUR 0.33 per ADR or ordinary share. NET SALES Natuzzi's fourth-quarter 2002 net sales were EUR 202.6 million or $ 202.7 million, up 2.6 percent from EUR 197.4 or $ 176.7 in the prior year's quarter. In the same periods, seats sold increased 5.4%. For the twelve month period net sales rose 2.4 percent over 2001 to EUR 805.1 million or $ 761.5 million while seats sold increased 5.3%. In the fourth-quarter 2002, net upholstery sales increased 1.4 percent compared to the prior year's quarter to EUR 183.3 million, or $ 183.4 million, while other sales (principally living-room accessories and raw materials produced by the Company and sold to third parties) increased 15.6 percent to EUR 19.3 million or $ 19.3 million. Fourth-quarter net upholstery sales in the Americas decreased 6.3 percent to EUR 85.0 million, or $ 85.0 million, as consequence of a higher conversion rate. In Europe, upholstery sales increased 9.9 percent to EUR 89.1, or $ 89.1 million mainly due to the opening of new Divani & Divani by Natuzzi and Natuzzi stores. In the Rest of the World upholstery sales increased 3.4 percent over fourth-quarter 2002 to EUR 9.2 million, or $ 9.2 million. Total net sales to Divani & Divani by Natuzzi and Natuzzi stores increased 34.7 percent in the fourth-quarter to EUR 29.9 million, or $ 29.9 million. During the quarter, a total of 17 new stores were opened in Italy, Australia, France, Switzerland, Spain, Malta, Hungary and Bosnia. As of December 31, 2002, the total number of Divani & Divani by Natuzzi and Natuzzi stores was 125 in Italy and 69 outside Italy, respectively. Leather-upholstered furniture sales in fourth-quarter 2002 were EUR 154.0 million, or $ 154.0 million, essentially unchanged versus the fourth-quarter 2001, while fabric-upholstered sales, which accounted for 16.0 percent of upholstery sales on a quarter basis, rose 13.6 percent over last year's quarter to EUR 29.3 million, or $ 29.3 million. Fourth-quarter 2002 net sales of Natuzzi-branded furniture were EUR 149.9 million, or $ 149.9 million, down 5.5 percent versus last year's quarter of EUR 158.7 million, or $ 142.1 million. During the same period, net sales of Italsofa furniture were EUR 33.4 million, or $ 33.4 million, up 51.8 percent compared to the EUR 22.0 million, or $ 19.7 million, in fourth-quarter 2001. NET INCOME & EARNINGS PER SHARE Net Income for the fourth-quarter decreased 1.1 percent from last year's quarter to EUR 18.4 million, or $ 18.4 million, while earnings per share (ADR) was EUR 0.3364, or $ 0.3365. For the twelve-months ended December 31, 2002, net income increased 20.9 percent to EUR 91.4 million, or $ 86.5 million, while earnings per share (ADR) increased 21.7 percent to EUR 1.6715, or $ 1.5811, from EUR 1.3738, or $ 1.2298, in the prior year's comparable period. The fourth-quarter and full-year results for both 2002 and 2001 include adjustments in allowances for unrealized gains or losses on forward exchange contracts that do not hedge on- or off-balance sheet items. The fourth-quarter 2002 included an unfavorable after-tax adjustment of EUR 0.8 million, while the fourth-quarter 2001 included an unfavorable after-tax adjustment of EUR 1.5 million. Excluding the adjustments in both periods, net income for fourth-quarter 2002 would have been EUR 0.3512 per ADR, or 5.1 percent lower than the EUR 0.3702 in fourth-quarter 2001. In US dollar terms, net income per ADR, excluding the same allowances, would have been $ 0.3513 in fourth-quarter 2002 and $ 0.3380 in the same period last year. The twelve-month period of 2002 included a favorable after-tax adjustment of EUR 1.9 million. In the same period of 2001, the adjustment was an unfavorable EUR 1.9 million. Excluding these adjustments, earnings per ADR would have been EUR 1.6322, or $ 1.5332, and EUR 1.4002, or $ 1.2632, in 2002 and 2001, respectively. Pasquale Natuzzi, Chairman and Chief Executive Officer, said, "The slight decrease in our net income in the fourth quarter compared to last year was primarily due to an increase in selling expenses, especially advertising, and a higher tax rate. However, for the full year 2002, net income substantially increased as a consequence of lower raw material costs and foreign exchange gains. For the first half of the year, we exceeded expectations but saw slowing in the second half while we continued to meet expectations." GROSS PROFIT & OPERATING INCOME Gross profit in fourth-quarter 2002 increased 7.5 percent to EUR 72.8 million, or $ 72.8 million, compared to last year's quarter. Over the same period, Natuzzi's gross profit margin increased to 35.9 percent from 34.3 percent, primarily due to lower leather price. Fourth-quarter 2002 operating income was stable to EUR 19.9 million while the operating margin for each year's comparable quarter were 9.8 percent and 10.1 percent, respectively. CASH FLOW Net cash flow from operations for the full year 2002 was EUR 101.1 million, or $ 95.6 million, up 22.7 percent from the EUR 77.9 million, or $ 69.7 million, generated in the last year. On a per ADR basis, net operating cash flow was EUR 1.85, or $ 1.75, an increase of 30.3 percent compared to last year's comparable period. FOREX & TAXES In the fourth quarter 2002, Natuzzi had a net foreign exchange gain of EUR 0.3 million, or $ 0.3 million, versus EUR nil reported in fourth quarter 2001. Income taxes for fourth-quarter 2002 were EUR 5.4 million, or $ 5.4 million, representing an effective tax rate of 22.7 percent versus a 16.3 percent rate in the prior year's period. 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. Cutting-edge design, superior Italian craftsmanship, and advanced, vertically-integrated manufacturing operations underpin the Company's market leadership. Since 1990, Natuzzi has sold its furnishings in Italy through the popular Divani & Divani by Natuzzi chain of 126 stores, which it licenses to qualified furniture dealers. Outside Italy, the Company sells to various furniture retailers, as well as through 70 licensed Divani & Divani by Natuzzi and Natuzzi branded stores. Natuzzi S.p.A. was listed on the New York Stock Exchange on May 13, 1993. The Company is ISO 9001 and 14001 certified. 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 Company'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 Company's filings with the Securities and Exchange Commission, particularly in the Company's annual report on Form 20-F. Forward looking statements speak as of the date they were made, and the Company undertakes no obligation to update publicly any of them in light of new information or future events. ------------------------------------------------------------