Form 20-F ☒ Form 40-F ☐
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2Q 2021 INVOICED SALES INCREASED 76.0% VS 2Q 2020 AND 17.7% VS 2Q 2019, AMID A PERDURING DISRUPTION OF THE ENTIRE SUPPLY CHAIN (COST/AVAILABILITY OF RAW MATERIAL, PRODUCTION AND SHIPPING) |
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2Q 2021 WRITTEN ORDERS INCREASED EVEN AT HIGHER PACE: 102.4% VS 2Q 2020, 27.4% VS 2Q 2019. 2Q 2021 24.7% ABOVE 1Q 2021
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1H 2021 INVOICED SALES INCREASED 45.7% VS 1H 2020 AND 5.8% VS 1H 2019
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WRITTEN ORDERS DURING FIRST 36 WEEKS OF 2021 INCREASED 35.0% VS SAME PERIOD IN 2020 AND 14.3% VS SAME PERIOD IN 2019
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2Q 2021 GROSS MARGIN OF 36.1%, INCREASED FROM 26.1% IN 2Q 2020 AND 27.9% IN 2Q 2019 DESPITE SPIKE IN COST OF MATERIALS
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1H 2021 GROSS MARGIN OF 36.2%, INCREASED FROM 30.8% IN 1H 2020 AND 29.1% IN 1H 2019
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2Q 2021 OPERATING PROFIT OF €1.5 MILLION, IMPROVING FROM A LOSS OF (€7.7) MILLION IN 2Q 2020 AND (€7.8) MILLION IN 2Q 2019, DESPITE THE SPIKE IN TRANSPORTATION COSTS AND €1.4 MILLION OF EXTRAORDINARY COSTS RELATED TO MEASURES TAKEN BY CANADIAN CUSTOM ON IMPORTS OF FURNITURE FROM VIETNAM AND CHINA
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1H 2021 OPERATING PROFIT OF €4.8 MILLION, IMPROVING FROM OPERATING LOSS OF (€12.7) MILLION IN 1H 2020 AND (€10.8) MILLION IN 1H 2019. 1H 2021 OPERATING PROFIT IS THE HIGHEST REPORTED SINCE 1H 2006 RESULTS
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AVAILABLE CASH OF €55.1 MILLION AS OF JUNE 30, 2021, INCREASED FROM €33.2 MILLION AS OF JUNE 30, 2020, AND €41.6 MILLION AS OF JUNE 30, 2019
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A: Branded/Unbranded Business
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• |
B: Key Markets
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C: Distribution
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North America: invoiced sales increased by 92.2% compared to 2Q 2020 and by 32.2% compared to 2Q 2019;
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Greater China: invoiced sales increased by 37.0% compared to 2Q 2020 and by 30.7% compared to 2Q 2019;
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Western and Southern Europe: invoiced sales increased by 80.1% compared to 2Q 2020 and by 5.8% compared to 2Q 2019;
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Emerging Markets: invoiced sales increased by 78.7% compared to 2Q 2020 and by 18.1% compared to 2Q 2019;
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Rest of the world (which includes Central and South America and the rest of the Asia-Pacific regions): invoiced sales increased by 71.2% compared to 2Q 2020 and by 18.6% compared to 2Q 2019.
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As of June 30, 2021, we had 12 DOS in the United States, of which seven are located in Florida;
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2Q 2021 retail value written orders on like-for-like basis increased by 250% compared to 2Q 2020 and by 68% compared to 2Q 2019;
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During the first six months of 2021, our top six DOS trend at an annualized pace of $4.0 million retail sales on average;
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For the first six months of 2021, we had an integrated gross margin for our U.S. DOS of 74%; and
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For the first six months of 2021, the average order value increased by 20.4% compared to full year 2019.
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total revenue amounted to €108.4 million, an increase of 76.0% compared to 2Q 2020 and of 17.7% compared to 2Q 2019;
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total written orders amounted to €103.6 million, an increase of 102.4% compared to 2Q 2020 and of 27.4% compared to 2Q 2019;
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we had a gross margin of 36.1%, which increased from 26.1% in 2Q 2020 and 27.9% in 2Q 2019;
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we had an operating profit of €1.5 million, which increased from an operating loss of (€7.7) million in 2Q 2020 and (€7.8) million in 2Q 2019; and
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we had a net loss of (€0.1) million, which includes extraordinary demurrage, handling and legal costs of €1.4 million related to duties imposed by Canadian customs. 2Q 2021 net loss of (€0.1) million compares to a loss of (€9.1) million in 2Q 2020 and a loss of (€10.5) million in 2Q 2019.
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Natuzzi S.p.A. and Subsidiaries | ||||||||||||||||||||
Unaudited consolidated statement of profit or loss for the second quarter of 2021 and 2020
on the basis of IFRS -IAS (expressed in millions Euro, except per ordinary share)
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Second Quarter ended on
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Change
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Percentage of revenue
| ||||||||||||||||||
30-Jun-21
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30-Jun-20
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%
|
30-Jun-21
|
30-Jun-20
| ||||||||||||||||
Revenue
|
108.4
|
61.6
|
76.0
|
%
|
100.0
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%
|
100.0
|
%
| ||||||||||||
Cost of Sales
|
(69.3
|
)
|
(45.5
|
)
|
52.2
|
%
|
-63.9
|
%
|
-73.9
|
%
| ||||||||||
Gross profit
|
39.2
|
16.1
|
143.3
|
%
|
36.1
|
%
|
26.1
|
%
| ||||||||||||
Other income
|
1.7
|
0.9
|
1.5
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%
|
1.5
|
%
| ||||||||||||||
Selling Expenses, of which:
|
(31.1
|
)
|
(17.2
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)
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80.6
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%
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-28.7
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%
|
-28.0
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%
| ||||||||||
extraordinary costs
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(1.1
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)
|
0.0
|
-1.0
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%
|
0.0
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%
| |||||||||||||
Administrative expenses, of which:
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(8.2
|
)
|
(6.1
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)
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33.5
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%
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-7.6
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%
|
-10.0
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%
| ||||||||||
extraordinary costs
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(0.3
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)
|
0.0
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-0.3
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%
|
0.0
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%
| |||||||||||||
Impairment on trade receivables
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0.0
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(1.3
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)
|
0.0
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%
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-2.2
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%
| |||||||||||||
Other expenses
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(0.1
|
)
|
(0.1
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)
|
-0.1
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%
|
-0.1
|
%
| ||||||||||||
Operating profit/(loss)
|
1.5
|
(7.7
|
)
|
1.4
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%
|
-12.5
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%
| |||||||||||||
Finance income
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0.0
|
0.1
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0.0
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%
|
0.1
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%
| ||||||||||||||
Finance costs
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(1.7
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)
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(1.4
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)
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-1.6
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%
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-2.3
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%
| ||||||||||||
Net exchange rate gains/(losses)
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0.2
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(0.4
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)
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0.1
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%
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-0.6
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%
| |||||||||||||
Gain from disposal and loss of control of a subsidiary
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0.0
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0.0
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0.0
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%
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0.0
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%
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Net finance income/(costs)
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(1.5
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)
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(1.7
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)
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-1.4
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%
|
-2.8
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%
| ||||||||||||
Share of profit/(loss) of equity-method investees
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0.9
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0.5
|
0.8
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%
|
0.8
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%
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Profit/(Loss) before tax
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0.8
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(8.9
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)
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0.8
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%
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-14.5
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%
| |||||||||||||
Income tax expense
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(0.9
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)
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(0.2
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)
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-0.8
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%
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-0.3
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%
| ||||||||||||
Profit/(Loss) for the period
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(0.1
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)
|
(9.1
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)
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-0.1
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%
|
-14.7
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%
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Profit/(Loss) attributable to:
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Owners of the Company
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(0.3
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)
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(8.9
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)
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Non-controlling interests
|
0.3
|
(0.2
|
)
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Profit/(loss) per Ordinary Share
|
(0.01
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)
|
(0.16
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)
|
•
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total revenue amounted to €209.9 million, an increase of 45.7% compared to 1H 2020 and of 5.8% compared to 1H 2019;
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•
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total written orders amounted to €186.6 million, an increase of 49.1% compared to 1H 2020 and of 7.3% compared to 1H 2019;
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•
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we had a gross margin of 36.2%, which increased from 30.8% in 1H 2020 and 29.1% in 1H 2019;
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•
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we had an operating profit of €4.8 million, benefitting also from €2.6 million savings deriving from the adoption of temporary COVID-related public measures on the cost of labor, mainly in Italy. The 1H 2021 operating profit increased from an operating loss of (€12.7) million in 1H 2020 and (€10.8) million in 1H 2019; and
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•
|
we had a net profit of €5.9 million, which includes extraordinary demurrage, handling and legal costs of €1.4 million related to duties imposed by Canadian customs. 1H 2021 net profit of €5.9 million compares to a net loss of (€16.9) million in 1H 2020 and a net loss of (€15.2) million in 1H 2019.
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a profit for the period of €5.9 million;
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adjustments for non-monetary items of €6.6 million, of which depreciation and amortization of €10.4 million;
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(€14.5) million of cash used mainly due to higher working capital needed to meet the increased production for the period, of which (€13.1) million of inventory and (€7.3) million of trade receivables, partially offset by trade and other payables;
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interest and taxes paid of (€4.5) million.
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Natuzzi S.p.A. and Subsidiaries
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Unaudited consolidated statements of financial position (condensed)
on the basis of IFRS-IAS
(Expressed in millions of Euro)
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30-Jun-21
|
31-Dec-20
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ASSETS
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Non-current assets
|
179.8
|
184.0
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Current assets
|
197.5
|
172.0
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TOTAL ASSETS
|
377.2
|
356.0
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EQUITY AND LIABILITIES
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Equity attributable to Owners of the Company
|
83.0
|
74.3
| ||||||
Non-controlling interests
|
1.3
|
1.0
| ||||||
Non-current liabilities
|
102.1
|
104.0
| ||||||
Current liabilities
|
190.9
|
176.7
| ||||||
TOTAL EQUITY AND LIABILITIES
|
377.2
|
356.0
|
Natuzzi S.p.A. and Subsidiaries
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Unaudited consolidated statements of cash flows (condensed)
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(Expressed in millions of Euro)
|
30-Jun-21
|
31-Dec-20
| ||||||
Net cash provided by (used in) operating activities
|
(6.5
|
)
|
12.3
| |||||
Net cash provided by (used in) investing activities
|
6.5
|
2.3
| ||||||
Net cash provided by (used in) financing activities
|
5.2
|
(5.6
|
)
| |||||
Increase (decrease) in cash and cash equivalents
|
5.1
|
9.0
| ||||||
Cash and cash equivalents, beginning of the year
|
46.1
|
37.8
| ||||||
0.4
|
(0.8
|
)
| ||||||
Cash and cash equivalents, end of the period
|
51.6
|
46.1
| ||||||
For the purpose of the statements of cash flow, cash and cash equivalents comprise the following:
| ||||||||
(Expressed in millions of Euro)
|
30-Jun-21
|
31-Dec-20
| ||||||
Cash and cash equivalents in the statement of financial position
|
55.1
|
48.2
| ||||||
Bank overdrafts repayable on demand
|
(3.5
|
)
|
(2.1
|
)
| ||||
Cash and cash equivalents in the statement of cash flows
|
51.6
|
46.1
|
(€ in thousands, unaudited)
|
30-June-21(1) |
30-June-20(1) |
30-June-19(1) | |||||||||
Operating profit/(loss) (trailing twelve months )
|
6,797
|
(24,374
|
)
|
(28,156
|
)
| |||||||
TOTAL ASSETS [A]
|
364,826
|
355,360
|
379,870
| |||||||||
Non Current Liabilities:
|
105,955
|
112,944
|
86,977
| |||||||||
Less: Long-term borrowings
|
(11,888
|
)
|
(13,328
|
)
|
(10,943
|
)
| ||||||
Non-Current liabilities, net of bank debt [B]
|
94,066
|
99,616
|
76,034
| |||||||||
Current liabilities:
|
177,853
|
142,184
|
160,510
| |||||||||
Less: Bank overdraft and short-term borrowings
|
(33,486
|
)
|
(18,704
|
)
|
(28,600
|
)
| ||||||
Less: Current portion of long-term borrowings
|
(6,301
|
)
|
(4,213
|
)
|
(9,078
|
)
| ||||||
Current liabilities, net of bank debt [C]
|
138,067
|
119,266
|
122,832
| |||||||||
CAPITAL EMPLOYED [A-B-C]
|
132,693
|
136,478
|
181,004
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ROCE
|
5.1
|
%
|
(17.9
|
)%
|
(15.6
|
)%
| ||||||
check
|
5.1
|
%
|
-17.9
|
%
|
-15.6
|
%
|
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Disclaimer
Natuzzi S.p.A. published this content on 24 September 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 September 2021 21:31:06 UTC.