DOCSLIB.ORG

Tapping Into Retail Market with Own Brand, Initiate with "Buy" 以自有品牌打入零售市场，首次给予“买入”评级

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Tapping Into Retail Market with Own Brand, Initiate with 股 票 研 [Table_Title] 宋涛 Company Report: Morris Holdings (01575 HK) Andrew Song 究 (852) 2509 5313 Equity Research 公司报告： 慕容控股 (01575 HK) [email protected]. hk 30 August 2018 [Table_Summary] Tapping into Retail Market with Own Brand, Initiate with "Buy" 以自有品牌打入零售市场，首次给予“买入”评级 Morris Holdings is a fast growing sofa manufacturer which has [Table_Rank] 公 successfully transformed from an OEM to an OBM. The Company has Rating: Buy Initial become the second largest upholstered sofa manufacturer in China in terms 司 of export value to the U.S. The Company is further tapping into the retail 评级： 买入 (首次覆盖) 报 market with its own brand "MorriSofa". In 1H18, Morris’s revenue reached 告 RMB656 million, up 27.4% YoY. Shareholders’ profit surged 40.2% YoY to [Table_Price] RMB79 million. 6-18m TP 目标价: HK$2.40 Company Report Investment highlights: 1) Products are well received by the U.S. market. The Company has established solid partnerships with leading retailers in the U.S., Share price 股价: HK$1.390 including Costco and Sam’s Club selling its OBM products. 2) Entrance into mainland China and Hong Kong’s retail markets with its own brand through offline flagship stores and online platforms, building brand reputation and Stock performance 股价表现 achieving higher profitability. 3) The Company is strong in design and produces functional sofas following fashion trends and targeting the young [Table_QuotePic] 30.0 % of return generation and middle class, with good value products. 4) No impact from 25.0 China-US trade disputes so far. 20.0 证 We forecast 2018-2020 EPS to increase to RMB0.216, RMB0.282 and 15.0 告 RMB0.368, respectively, representing a CAGR of 31.7% during 2017-2020. 券 Report We believe that the Company’s current valuation is attractive compared with 10.0 研 报 its peers considering its rapid growth and solid fundamentals. Initiate with 5.0 究 究 "Buy" and a TP of HK$2.40. Our TP represents 9.6x, 7.3x and 5.6x 2018, 0.0 2019 and 2020 PER, respectively. 报 研 (5.0) Risks: 1) Intense competition in China’s sofa retail market. 2) A rise in 告 (10.0) 券 raw material prices. 3) Property sales slowdown. Aug-17 Nov-17 Feb-18 May-18 Aug-18 Equity Research HSI Index Morris Holdings 证 慕容控股是一家快速发展的沙发制造商，成功从原设备生产转型为原品牌生产。公司已经 成为（按对美国出口额计）中国第二大软体沙发生产商。公司现在正进一步以自有品牌“慕 [Tab 容沙发”打入零售市场。2018 年上半年公司收入达到 656 百万元人民币，同比上升 27.4%。 Change[Table_PriceChange] in Share Price 1 M 3 M 1 Y 股东净利同比跃升 40.2%至 79 百万元人民币。 le_I 股价变动 1 个月 3 个月 1 年 投资亮点：1）产品受到美国市场的广泛接受。公司与美国领先零售商如好市多和山姆会 消 Abs. % (24.0) (15.2) (8.9) nfo1 绝对变动 % 员店建立了牢固的合作关系以销售公司原品牌产品。2）以自有品牌通过线下旗舰店和线 费 Retailing ] - Rel. % to HS Index (22.7) (8.5) (11.2) 行 上平台打入中国内地和香港市场，以此建立品牌声誉并提升盈利能力。3）公司长于设计 相对恒指变动 % 和生产跟随时尚的功能沙发，以高性价比产品瞄准年轻群体和中产阶层。4) 目前不会受到 Avg. Share price(HK$) 1.6 1.6 1.6 业 平均股价（港元） - 中美贸易争端的影响。 Source: Bloomberg, Guotai Junan International. 零 我们预测 2018 年-2020 年每股盈利将分别上升至 0.216 人民币、0.282 人民币和 0.368 人 售 民币，相当于 2017 年-2020 年复合增长率 31.7%。考虑到公司快速的发展和稳定的基本 面，我们认为其目前估值相对于同业较为吸引。首次给予“买入”评级以及目标价 2.40 Consumer Sector 港元。目标价分别相当于 9.6 倍、7.3 倍和 5.6 倍 2018 年-2020 年市盈率。 风险：1）中国沙发零售市场竞争激烈。2）原材料价格上升。3）地产销售减速。 Y[Table_ear End Turnover Net Profit EPS EPS PER BPS PBR DPS Yield ROE Profit] [Tab 年结 收入 股东净利 每股净利 每股净利变动 市盈率 每股净资产 市净率 每股股息 股息率 净资产收益率 12/31 (RMB m) (RMB m) (RMB) (△ %) (x) (RMB) (x) (RMB) (%) (%) le_I 2016A 942 81 0.108 (2.7) 11.5 0.212 5.9 0.124 10.0 69.3 nfo2 2017A 1,200 160 0.161 49.1 7.2 0.386 3.0 0.083 7.1 59.1 中] 2018F 1,543 216 0.216 34.2 5.5 0.545 2.2 0.054 4.5 46.6 2019F 1,951 282 0.282 30.6 4.2 0.757 1.6 0.071 5.9 43.3 外 慕 2020F 2,453 368 0.368 30.5 3.2 1.032 1.2 0.092 7.7 41.1 容运 [Table_BaseData]Shares in issue (m) 总股数 (m) 1,000.0 Major shareholder 大股东 Zou Gebing 75.0% 控 输 Market cap. (HK$ m) 市值 (HK$ m) 1,390.0 Free float (%) 自由流通比率(%) 25 股 3 month average vol. 3 个月平均成交股数(‘000) 2,031.4 FY18 Net gearing (%) FY18 净负债/股东资金 (%) 29.5% 52 Weeks high/low (HK$) 52 周高/低 (HK$) 2.210 / 1.270 FY18 Est. NAV (HK$) FY18 每股估值（港元） 4.3 Source: the Company, Guotai Junan International. Morris HK) Holdings (01575 See the last page for disclaimer Page 1 of 22 [Table_PageHeader]Morris Holdings (01575 HK) TABLE OF CONTENTS ] 1 r a M t h g i R _ e l b a T [ INDUSTRY ANALYSIS .....................................................................................................................................3 August 2018 Sofa Industry in China ..............................................................................................................................3 30 Sofa Industry in the United States...........................................................................................................4 COMPANY ANALYSIS ......................................................................................................................................7 Corporate Profile .......................................................................................................................................7 Business Model .........................................................................................................................................7 Expansion Strategy ...................................................................................................................................9 FINANCIAL ANALYSIS ..................................................................................................................................12 ] 2 r a M t h g i R _ e l b a T [ 1H18 Results Review ................................................................................................ ..............................12 Revenue ....................................................................................................................................................12 Gross Profit and Gross Margin ..............................................................................................................14 Operating Profit & Operating Margin ....................................................................................................16 Shareholders’ Profit & Net Margin .........................................................................................................16 EPS & Dividend........................................................................................................................................17 Working Capital Management ................................................................................................................17 VALUATION ....................................................................................................................................................19 (01575 HK) Financial Statements and Ratios .................................................................................................................21 慕容控股 Morris Holdings Report Company See the last page for disclaimer Page 2 of 22 [Table_PageHeader]Morris Holdings (01575 HK) INDUSTRY ANALYSIS ] 1 r a M t h g i R _ e l b a T [ Sofa Industry in China The furniture market is steadily growing in China. According to the National Bureau of Statistics of China, total sales of furniture manufacturing enterprises increased 10.1% YoY to RMB905.6 billion in 2017, while total profits reached RMB56.5 billion, up 9.3% YoY. In terms of total retail sales of consumer goods, retail sales of furniture above designated size increased by August 2018 12.8% YoY to RMB280.9 billion, up 12.8% YoY, outperforming growth of total retail sales. On the other hand, household related 30 consumption expenditure per capita has been increasing faster than total consumption expenditure, reaching RMB4,107 in 2017 and accounting for 22.4% of total expenditure. As an industry post the property cycle, the furniture market recorded decent growth over the past years alongside a prosperous property market and recorded decent performance. Figure-1: Growth of Total Retail Sales above Figure-2: Expenditure of Household Related per Designated Size in China Capita in China RMB % 5,000 12% 20 4,000 10% ] 2 r a M t h g i R _ e l b a T [ 8% 15 3,000 6% 10 2,000 4% 1,000 5 2% 0 0% 0 2013 2014 2015 2016 2017 2016/04 2016/10 2017/04 2017/10 2018/04 Expenditure per capita: Housing YoY Total retail sales Furniture Source: National Bureau of Statiatics of China, Guotai Junan International. Source: National Bureau of Statiatics of China, Guotai Junan International. (01575 HK) Demand for upholstered sofas continues to grow in China. Compared with hard furniture, soft furniture has a higher replacement rate due to a shorter life time and faster product update pace. In the context of a slowdown in new residential property sales, renovation and decoration of existing properties has become an important driver of soft furniture demand. 慕容控股 According to Intelligence Research, the proportion of renovations of existing properties to total reached 31.5% in 2016, an increase from 25.5% in 2013, and the proportion is expected to continue increasing in the future. According to Euromonitor, YoY growth of retail sales of sofas ranged from 7% to 10% in recent years. In our estimation, there were approximately 421 million units of households in China in 2017, and on average each household renovates and replaces sofas every 8-10 years, while the Morris Holdings ASP for sofas is around RMB1,000. Therefore renovation demand for sofas will be around RMB46.7 billion in 2018. In addition, urbanization rate reached 58.5% in 2017, increasing by approximately 1 ppt every year. These new drivers for furniture are further drivers for industry growth. Thus we believe that soft furniture may be negatively impacted by the slowdown of property
Load more

Recommended publications
  • Annual-Repo-2006-Intro.Pdf
    2006 ANNUAL REPORT 2006 ANNUAL REPORT FINANCIAL HIGHLIGHTS 3 LETTER FROM THE CHAIRMAN 4 LETTER FROM THE CHIEF EXCUTIVE OFFICER 6 FROM LISTENING TO THE PROJECT 10 FROM THE PROJECT TO THE MARKET 14 FROM THE MARKET TO THE HOME 22 CORPORATE PROFILE 26 FINANCIAL STATEMENTS 28 CONTROLS AND PROCEDURES 38 FINANCIAL HIGHLIGHTS Twelve-month period ended on December 31 (Italian GAAP) 2006 2005 Change % 2006 2005 Euro millions (except per Ordinary Shares) USD millions (except per Ordinary Shares) Net Sales 735.4 100.0% 669.9 100.0% 9.8% (b) 970.5 793.3 Gross Profit 244.9 33.3% 210.5 31.4% 16.3% (b) 323.1 249.3 Operating Income (Loss) 16.5 2.2% (14.7) (2.2%) 212.2% (b) 21.7 (17.4) Net Income (Loss) 12.3 1.7% (14.6) (2.2%) 184.2% (b) 16.2 (17.3) Net Income (Loss) per ADS (a) 0.23 (0.27) (b) 0.30 (0.32) Cash Dividend per ADS (a) 0.00 0.00 (b) 0.00 0.00 Debt 6.5 11.8 (b) 8.6 14.0 Long-term Debt 2.4 3.6 (b) 3.2 4.3 Short-term Debt 4.1 8.2 (b) 5.4 9.7 Stockholders' Equity 478.9 473.0 (b) 631.9 560.1 Number of Shares Outstanding 54,738,538 54,681,628 (a) Each Natuzzi American Depositary Share (ADS) represents one Ordinary Share (b) For the years 2006 and 2005 amounts are translated into US dollars at the following Noon Buying Rates for Euros as of December 31: 1.3197 1.1842 Quarterly Stock Price - Closing Price per ADS (Price in USD) 2006 2005 2004 High Low High Low High Low First quarter 7.81 7.10 11.65 10.29 11.55 10.15 Second quarter 7.60 6.86 10.27 8.10 11.55 10.15 Third quarter 7.25 6.32 9.00 8.05 10.80 9.23 Fourth quarter 8.65 6.84 8.40 6.76 11.17 10.01 Full Year 8.65 6.32 11.65 6.76 11.55 9.23 Source: NYSE LETTER FROM THE CHAIRMAN Pasquale Natuzzi Chairman of the Board of Directors 2006 Annual Report 5 Dear Shareholders, As Chairman and Chief Designer of our Group, in 2006 I focused entirely on defining our brand strategy in conjunction with the Chief Executive Officer and top Executives of the company.
    [Show full text]
  • Positive Group Performance Continues
    Q3 AND 9M 2015 CONSOLIDATED RESULTS NATUZZI: POSITIVE GROUP PERFORMANCE CONTINUES THIRD QUARTER 2015 POSITIVE EBITDA OF EURO 1.5 MILLION COMPARED TO EBITDA LOSS OF EURO 3.7 MILLION IN Q3 2014; CONSOLIDATED REVENUES OF EURO 115.2 MILLION, UP 3.1% ON 2014; GROSS MARGIN OF 32.7%, SIGNIFICANTLY IMPROVING ON 27.9% IN 2014. Santeramo in Colle, (BA), November 27, 2015 - The Board of Directors of Natuzzi S.p.A. discussed Q3 2015 and 9M 2015 consolidated results (unaudited). Following the Board meeting, the Chairman and CEO Pasquale Natuzzi stated: “The positive results posted for the preceding six quarters have once again been replicated in the third quarter of 2015. The improved sales mix and quality - together with favorable currency movements – led to a 3.1% revenue increase (+10.6% for the first nine months) and a significant margin boost. In Q3 2015, the Natuzzi brand represented 70.5% of upholstery sales, with the remaining 29,5% from Private Labels. The regional breakdown highlights the strong performances of the Americas (+10.5%) and Asia Pacific (+9.0%) - in particular China and South Korea. In the EMEA region, it is worth to highlight a double digit growth in UK that become the second largest market for Natuzzi after the United States. Under the retail strategy, since the beginning of the year 90 new Galleries have been opened and 15 new sales points – among which Hong Kong, Beijing, Rio de Janeiro and Naples (USA) Natuzzi S.p.A.: Q3 and 9 Months 2015 consolidated financial results - page 1 Together with the improved performance of the 56 DOS currently operational worldwide, the Group completed the chain restructuring with the closure of 9 unprofitable sales points in Italy, Spain and China.
    [Show full text]
  • Alphabetical Listing by Company Name
    FOREIGN COMPANIES REGISTERED AND REPORTING WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION December 31, 2015 Alphabetical Listing by Company Name COMPANY COUNTRY MARKET 21 Vianet Group Inc. Cayman Islands Global Market 37 Capital Inc. Canada OTC 500.com Ltd. Cayman Islands NYSE 51Job, Inc. Cayman Islands Global Market 58.com Inc. Cayman Islands NYSE ABB Ltd. Switzerland NYSE Abbey National Treasury Services plc United Kingdom NYSE - Debt Abengoa S.A. Spain Global Market Abengoa Yield Ltd. United Kingdom Global Market Acasti Pharma Inc. Canada Capital Market Acorn International, Inc. Cayman Islands NYSE Actions Semiconductor Co. Ltd. Cayman Islands Global Market Adaptimmune Ltd. United Kingdom Global Market Adecoagro S.A. Luxembourg NYSE Adira Energy Ltd. Canada OTC Advanced Accelerator Applications SA France Global Market Advanced Semiconductor Engineering, Inc. Taiwan NYSE Advantage Oil & Gas Ltd. Canada NYSE Advantest Corp. Japan NYSE Aegean Marine Petroleum Network Inc. Marshall Islands NYSE AEGON N.V. Netherlands NYSE AerCap Holdings N.V. Netherlands NYSE Aeterna Zentaris Inc. Canada Capital Market Affimed N.V. Netherlands Global Market Agave Silver Corp. Canada OTC Agnico Eagle Mines Ltd. Canada NYSE Agria Corp. Cayman Islands NYSE Agrium Inc. Canada NYSE AirMedia Group Inc. Cayman Islands Global Market Aixtron SE Germany Global Market Alamos Gold Inc. Canada NYSE Alcatel-Lucent France NYSE Alcobra Ltd. Israel Global Market Alexandra Capital Corp. Canada OTC Alexco Resource Corp. Canada NYSE MKT Algae Dynamics Corp. Canada OTC Algonquin Power & Utilities Corp. Canada OTC Alianza Minerals Ltd. Canada OTC Alibaba Group Holding Ltd. Cayman Islands NYSE Allot Communications Ltd. Israel Global Market Almaden Minerals Ltd.
    [Show full text]
  • In Hong Kong
    FURNITURE MARKET IN HONG KONG FLANDERS INVESTMENT & TRADE MARKET SURVEY Market study /////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////// FURNITURE MARKET IN HONG KONG September 2020 //////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////// FIT Hongkong Economic Representation of Flanders c/o Consulate General of Belgium St. John's Building 9/F 33, Garden Road, Central CN - Hong Kong T: +852 25 23 22 46 E: [email protected] www.flandersinvestmentandtrade.com INHOUD Introduction .............................................................................................................................................................................................. 3 1. General Observations .................................................................................................................................................... 4 2. Furniture Imports ............................................................................................................................................................. 5 3. Local manufacturers ....................................................................................................................................................... 6 3.1 Foreign brand shops 7 3.2 Multi-brand stores 7 3.3 Furniture centres 7 4. Online retail .........................................................................................................................................................................
    [Show full text]
  • Natuzzi Italia Opens 9,000 Sq.-Ft. Store at Cityplace
    For Immediate Release Media Contact: Brittny Quinn O’Donnell Agency (561) 832‐3231 [email protected] NATUZZI ITALIA OPENS 9,000 SQ.‐FT. STORE AT CITYPLACE WEST PALM BEACH, Fla. (July 5, 2017) – CityPlace is enhancing its home furnishings sector with the addition of Italian powerhouse furniture brand, Natuzzi Italia. Renowned for its sleek, contemporary styles, Natuzzi is now open in a 9,000 sq. ft. storefront on Rosemary Avenue just south of the Cheesecake Factory. “The addition of Natuzzi to the home furnishings landscape at CityPlace adds a whole new dimension in that retail sector, with Restoration Hardware’s 60,000‐sq.ft. gallery‐style showroom about to open as well. CityPlace and the renowned art and antiques retailers along South Dixie Highway now makes downtown West Palm Beach a major luxury home furnishings destination,” said Dennis Grady, President and CEO of the Chamber of Commerce of the Palm Beaches. “We’re delighted to welcome both of these leading international brands to our city.” Natuzzi is Italy’s largest furniture house with 1,200 stores around the world. All of the products are manufactured in Italy and Natuzzi designs and sells their unique collections of sofas, armchairs, furniture and home furnishing accessories. The progressive brand is a market leader among luxury home goods and the company views Florida as a prime location for expansion. Other locations in Florida include Ft. Lauderdale, Boca Raton, Orlando, Naples, Pinecrest and Miami’s Design District. “The United States represents a great market opportunity for our brand and we are continuing with the efforts to move quickly to expand our presence,” said Nazzario Pozzi, the company’s Global Retail Chief.
    [Show full text]
  • The Furniture Industry in Greece Scenario
    THE FURNITURE INDUSTRY IN GREECE SCENARIO Multiclient Research COUNTRY REPORTS September 08 – R2413.GR HOME FURNITURE UPHOLSTERY MATTRESSES OFFICE KITCHEN APPLIANCES LIGHTING All CSIL publications are available for online purchase and immediate download from: http://www.csilmilano.com http://www.worldfurnitureonline.com Reports are also available in printed form. For further information, please contact: [email protected] CSIL Milano scrl 15 corso Monforte 20122 Milano Italy tel. +39 02 796630 fax +39 02 780703 © Copyright CSIL [email protected] – www.csilmilano.com SCENARIO The furniture industry in Greece COUNTRY REPORTS Report prepared by C. Pisa HOME FURNITURE Coordinated by A. Tracogna UPHOLSTERY MATTRESSES OFFICE KITCHEN APPLIANCES LIGHTING All rights reserved. Neither this publication nor any part of it may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise. Any such action is an infringement of the Italian Law (L.18 August 2000 n.248) and may give rise to a legal action for damages and may be prosecuted as a criminal offence. All information in this report is verified to the best of the author's and the publisher's ability. However, CSIL does not accept responsibility for any errors and/ or omissions resulting from any source and for any loss arising from reliance on it. CSIL Milano scrl 15 corso Monforte 20122 Milano Italy tel. +39 02 796630 fax +39 02 780703 © Copyright CSIL [email protected] – www.csilmilano.com The furniture industry in Greece CONTENTS 1. GREECE. FURNITURE INDUSTRY SUMMARY 1 2. FORESTRY RESOURCES, SEMI-FINISHED GOODS AND TECHNOLOGY 3 3.
    [Show full text]
  • Natuzzi Group Continues to Expand Its Retail Network Around the World
    PRESS RELEASE NATUZZI GROUP CONTINUES TO EXPAND ITS RETAIL NETWORK AROUND THE WORLD The Group has opened a new and innovative shop in Sydney which brings the number of Natuzzi Italia Store in Australia to seven. Recently, new openings also took place in Vietnam, Brazil and in Africa, a confirmation of Natuzzi strategic role as a pathfinder for the Made in Italy in emerging countries. Santeramo in Colle (Bari, Italy), November 28, 2013 - Natuzzi s.p.a. announces the opening of a new shop in Sydney, thus bringing the total number of Natuzzi Italia Store in Australia to seven. The new shop – with an area of 700 sqm and no less than 27 room settings - stands out in the world stage as a true "store of the future". In fact, it is equipped with a station devoted to 3D interior design – called Your Design By Natuzzi and Design studio - which allows customers to design and furnish their own homes using a touch screen. Thanks to very detailed photo-realistic images, the software enables customers to see how Natuzzi’s living sets fit into the consumers’ own environments. The opening in Sydney follows the one in Keswick last July (in Adelaide), while more stores are already open in Brisbane, Melbourne and Perth. Sydney is the most recent stage of the overall strategy of the Natuzzi Group to achieve better consolidation of its business in mature markets, to expand the retail network in countries with high rate of growth (such as China, Brazil, India, Russia) and to enter some of the previously unexplored areas of Africa and Asia, where the Group continues to play its role as a pioneer for the Made in Italy.
    [Show full text]
  • South Coast Collection (Soco) and the Oc Mix Welcome New Tenants to Award- Winning Lineup
    MEDIA CONTACTS: Carrie Williams/Cristen Stapp Kitchen Table PR 949.433.6735 [email protected] SOUTH COAST COLLECTION (SOCO) AND THE OC MIX WELCOME NEW TENANTS TO AWARD- WINNING LINEUP Exciting New Culinary and Retail Merchants Join the High-Profile Offerings at Costa Mesa’s SOCO and The OC Mix COSTA MESA, Calif. – SOCO and The OC Mix, a trendsetting destination for shopping, dining, design and events is pleased to announce the addition of several new and exciting culinary, retail, multimedia and creative tenants to their award-winning lineup of existing offerings. New tenants that have joined – or are soon to join – the roster at SOCO and The OC Mix include Bono Spera, Bang & Olufsen, Natuzzi and the Eggslice pop-up inside Shuck Oyster Bar. The Chuck Jones Center for Creativity is also expanding to open The Chuck Jones Gallery, a second, smaller location in The OC Mix. “We remain committed to curating Southern California’s most compelling blend of tenants at SOCO and The OC Mix,” said Scott Burnham, Partner in Burnham-Ward Properties, who redeveloped and repositioned the center, and chairman and CEO of Burnham USA, which manages the property. “These latest additions continue to position our center as the premier hub of top-notch restaurants, showrooms, shops and experiences in Costa Mesa.” SOCO and The OC Mix are proud to welcome these new tenants: Eggslice inside Shuck Oyster Bar at The OC Mix – now open - popping up at Shuck Oyster Bar, Eggslice is now open Monday, Tuesday and Wednesday from 7AM-10:30AM through the Fall. Chef Bill’s perfectly crafted breakfast sandwiches were born at local Farmers Markets in Sydney, Australia more than 18 years ago, featuring unique locally made Chilli Jam, combined with fresh, local ingredients.
    [Show full text]
  • 1 Santeramo in Colle, Bari, Italy – August 25, 2021 – Natuzzi S.P.A
    NATUZZI S.P.A. ANNOUNCES DATES FOR THE SECOND QUARTER AND FIRST HALF 2021 FINANCIAL RESULTS AND CONFERENCE CALL Santeramo in Colle, Bari, Italy – August 25, 2021 – Natuzzi S.p.A. (NYSE: NTZ) (“Natuzzi” or the “Company”) will disclose second quarter and first half 2021 financial results on Friday September 24, 2021, after the market closes. The Company will host a conference call on Monday September 27, 2021, at 10:00 a.m. U.S. Eastern Time (4.00 p.m. Italy time, or 3.00 p.m. UK time) to discuss financial results. To join the live conference call, interested persons will need to click on the following link: https://www.c-meeting.com/web3/join/3PQUFXRW48XTKQ Once the meeting is officially opened on the day of the event, participants will be given the option to join the event by video or by telephone. A replay of the call will be available from Monday September 27, 2021, 1:00 p.m. ET until Wednesday October 27, 2021. To access the replay of the conference call, interested persons need to dial +1-844-512-2921 (toll-free) for calls from U.S. and Canada, and 1-412-317-6671 for calls from other countries. The access code for the replay is: 13722697. _______________________________________________________________________________ About Natuzzi S.p.A. Founded in 1959 by Pasquale Natuzzi, Natuzzi S.p.A., Natuzzi is one of the most renowned brands in the production and distribution of design and luxury furniture. With a global retail network of 577 mono-brand stores as of June 30, 2021, in addition to galleries, Natuzzi distributes its collections worldwide.
    [Show full text]
  • Globalmarketing2006 Q.Qxp
    20th Annual GLOBAL MARKETERS Published November 20, 2006 This document, and information contained therein, is the copyrighted property of Crain Communications Inc. and The Ad Age Group (© Copyright 2006) and is for your personal, non-commercial use only. You may not reproduce, display on a website, distribute, sell or republish this document, or the information contained therein, without prior written consent of The Ad Age Group. Additional copies of this report are available for download on AdAge.com in the DataCenter. GLOBAL MARKETERS November 20, 2006 | Advertising Age | 2 Top 100’s measured media outlay hits $98 billion globally Where the do you begin? P&G leads all marketers; have ad spending on three continents, and in this report, reach a spending level of China pushes up Asia gains; $274.1 million, the amount recorded by personal care category No. 100 Joh. A. Benckiser (Coty). P&G set the spending tone for the increases 7.8% group by applying the skids to its media budget, paring it to 2.6% growth from By R. CRAIG ENDICOTT [email protected] 17.6% in 2004, the latter representing a first-year fusion of ad spending from P&G the world’s Top 100 marketers generat- and its acquisition Gillette Co. Advertising ed a collective $98.27 billion in global in the second year of such mergers typical- media in 2005, capturing a quarter of the ly cools off as non-core brands are sold and world’s media pie as the group’s expendi- economies of scale achieved. tures hit a modest 4.5% growth, accord- Overall, the Top 100’s pace dipped dra- Available in book and online March 12 • Closes January 19 th ing to the 20 annual Global Marketers matically from the set’s 2004 growth Advertising Age’s CHINA Fact Pack will provide information to help marketers report.
    [Show full text]
  • Natuzzi Spa Fundamental Company Report Including Financial, SWOT, Competitors and Industry Analysis
    +44 20 8123 2220 [email protected] Natuzzi SpA Fundamental Company Report Including Financial, SWOT, Competitors and Industry Analysis https://marketpublishers.com/r/N0EB6DA8E3BBEN.html Date: September 2021 Pages: 50 Price: US$ 499.00 (Single User License) ID: N0EB6DA8E3BBEN Abstracts Natuzzi SpA Fundamental Company Report provides a complete overview of the company’s affairs. All available data is presented in a comprehensive and easily accessed format. The report includes financial and SWOT information, industry analysis, opinions, estimates, plus annual and quarterly forecasts made by stock market experts. The report also enables direct comparison to be made between Natuzzi SpA and its competitors. This provides our Clients with a clear understanding of Natuzzi SpA position in the Appliances and Furniture Industry. The report contains detailed information about Natuzzi SpA that gives an unrivalled in-depth knowledge about internal business-environment of the company: data about the owners, senior executives, locations, subsidiaries, markets, products, and company history. Another part of the report is a SWOT-analysis carried out for Natuzzi SpA. It involves specifying the objective of the company's business and identifies the different factors that are favorable and unfavorable to achieving that objective. SWOT-analysis helps to understand company’s strengths, weaknesses, opportunities, and possible threats against it. The Natuzzi SpA financial analysis covers the income statement and ratio trend- charts with balance sheets and cash flows presented on an annual and quarterly basis. The report outlines the main financial ratios pertaining to profitability, margin analysis, asset turnover, credit ratios, and company’s long-term solvency. This sort of company's information will assist and strengthen your Natuzzi SpA Fundamental Company Report Including Financial, SWOT, Competitors and Industry Analysis +44 20 8123 2220 [email protected] company’s decision-making processes.
    [Show full text]
  • 2015 Sustainability Report
    “There is a common thread running through the achievements of over half a century of work and our plans for the future: it is our integrity”. Pasquale Natuzzi 3 OUR DNA: DRAWING INSPIRATION FROM OUR APULIA IN SOUTHERN ITALY, WE BLEND DESIGN, FUNCTIONS, MATERIALS AND COLOURS TO CREATE HARMONIOUS LIVING. 4 5 Founded in 1959 by Pasquale Natuzzi, incumbent Chairman and Chief Executive Director, the Natuzzi Group designs, manufactures and sells sofas, armchairs and furniture for dining areas, beds and furniture for bedrooms as well as home & furnishing accessories. Our Head Offices are located in the town of Santeramo in Colle, province of Bari (Apulia) in Southern Italy. With a turnover of 488.5 million Euros in 2015, Natuzzi is the largest Italian furnishing company and only player with global reach in the sector. Our Group has 9 production plants, a logistic hub in Italy, 12 sales offices and over 363 single-brand stores all over the world. Ethics and corporate responsibility, innovation, industrial know-how and integrated CONTENTS management throughout the entire value chain are the mainstays that have made the Natuzzi Group a market leader and the best-known furnishing brand amongst luxury goods consumers worldwide (IPSOS 2015). Our Group is ISO 9001 and 14001 certified (Quality and Environment) and OHSAS 18001 9 LETTER TO THE STAKEHOLDERS certified (Safety on the Workplace). As at 31.12.2015 it employs 4,762 full-time workers all 10 MISSION AND VALUES over the world. Natuzzi SpA is included on the list of Companies with an outstanding Legality Rating 11 OUR STAKEHOLDERS awarded by the Italian Antitrust Authority.
    [Show full text]