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2005 Annual Report

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2005 Annual Report 2005 ANNUAL REPORT "The high seas bewitch us with their infinite beauty, but challenge us every day with their unexpected perils.We,however,know that our course is clear, just like our plans for the future. Whether it be under a calm, star-studded sky or battling the high waves of a storm, our team is ready to face whatever it must, in the knowledge that it will soon reach the safe haven of a port, ready to set sail at a moment’s notice on new voyages of discovery". Pasquale Natuzzi CEO and owner of the sailing boat Antonisa 3 FINANCIAL HIGHLIGHTS 3 FINANCIAL HIGHLIGHTS twelve months ended on December 31 LETTER FROM THE CHAIRMAN 5 (Italian GAAP) CORPORATE PROFILE 6 INVESTMENTS IN THE NATUZZI BRAND 8 THE GROWTH OF ITALSOFA 13 HUMAN RESOURCES 14 INFORMATION SYSTEMS 15 2005 2004 Change % 2005 2004 ATTACHED FORM 20-F 17 Euro millions (except as otherwise indicated) USD millions (except as otherwise indicated) Net Sales 669.9 100.0% 753.4 100.0% -11.1% (b) 793.3 1,020.0 Gross Profit 210.5 31.4% 268.8 35.7% -21.7% (b) 249.3 363.9 Operating Income (Loss) -14.7 -2.2% 40.0 5.3% -136.8% (b) -17.4 54.2 Net Income (Loss) -14.6 -2.2% 18.4 2.4% -179.3% (b) -17.3 24.9 Net Income (Loss) per ADS (a) (Û) -0.27 0.34 -179.4% $ (b) -0.32 0.46 Cash Dividend per ADS (a) (Û) 0.00 0.07 -100.0% $ (b) 0.00 $ ( c ) 0.08 Debt 11.8 11.1 (b) 14.0 15.1 Long-term Debt 3.6 5.0 (b) 4.3 6.8 Short-term Debt 8.2 6.1 (b) 9.7 8.3 Stockholders' Equity 473.0 487.9 (b) 560.1 660.5 Shares Outstanding (#) 54,681,628 (#) 54,681,628 (a) Each Natuzzi American Depositary Share (ADS) represents one Ordinary Share (b) Noon Buying Rate on December 31 1.1842 1.3538 (c) Noon Buyng Rate as of the date dividends regarding the financial year 2004 were paid 1.2037 Quarterly Stock Price - Closing Price per ADS (Amount in USD) 2005 2004 2003 High Low High Low High Low First 11.65 10.29 11.55 10.15 10.05 7.24 Second 10.27 8.10 11.55 10.15 9.60 7.99 Third 9.00 8.05 10.80 9.23 10.39 7.82 Fourth 8.40 6.76 11.17 10.01 11.00 9.46 Full Year 11.65 6.76 11.55 9.23 11.00 7.24 3 FINANCIAL HIGHLIGHTS 3 FINANCIAL HIGHLIGHTS twelve months ended on December 31 LETTER FROM THE CHAIRMAN 5 (Italian GAAP) CORPORATE PROFILE 6 INVESTMENTS IN THE NATUZZI BRAND 8 THE GROWTH OF ITALSOFA 13 HUMAN RESOURCES 14 INFORMATION SYSTEMS 15 2005 2004 Change % 2005 2004 ATTACHED FORM 20-F 17 Euro millions (except as otherwise indicated) USD millions (except as otherwise indicated) Net Sales 669.9 100.0% 753.4 100.0% -11.1% (b) 793.3 1,020.0 Gross Profit 210.5 31.4% 268.8 35.7% -21.7% (b) 249.3 363.9 Operating Income (Loss) -14.7 -2.2% 40.0 5.3% -136.8% (b) -17.4 54.2 Net Income (Loss) -14.6 -2.2% 18.4 2.4% -179.3% (b) -17.3 24.9 Net Income (Loss) per ADS (a) (Û) -0.27 0.34 -179.4% $ (b) -0.32 0.46 Cash Dividend per ADS (a) (Û) 0.00 0.07 -100.0% $ (b) 0.00 $ ( c ) 0.08 Debt 11.8 11.1 (b) 14.0 15.1 Long-term Debt 3.6 5.0 (b) 4.3 6.8 Short-term Debt 8.2 6.1 (b) 9.7 8.3 Stockholders' Equity 473.0 487.9 (b) 560.1 660.5 Shares Outstanding (#) 54,681,628 (#) 54,681,628 (a) Each Natuzzi American Depositary Share (ADS) represents one Ordinary Share (b) Noon Buying Rate on December 31 1.1842 1.3538 (c) Noon Buyng Rate as of the date dividends regarding the financial year 2004 were paid 1.2037 Quarterly Stock Price - Closing Price per ADS (Amount in USD) 2005 2004 2003 High Low High Low High Low First 11.65 10.29 11.55 10.15 10.05 7.24 Second 10.27 8.10 11.55 10.15 9.60 7.99 Third 9.00 8.05 10.80 9.23 10.39 7.82 Fourth 8.40 6.76 11.17 10.01 11.00 9.46 Full Year 11.65 6.76 11.55 9.23 11.00 7.24 5 LETTER FROM THE CHAIRMAN Dear Shareholders, The year 2005 was a difficult one for our Company. Consolidated revenues decreased by 11.1%, coming to e 669.9 million, and for the first time in our history we reported a loss, of e 14.6 million, compared to a net profit of e 18.4 million in 2004. Despite these figures, our company confirms its equity and financial solidity, while in terms of income, we should note a turnaround in the trend reported in the first quarter of this year, and a return to profitability after four quarters of negative performance. As you are aware,over recent years our sector has changed radically.The advance of countries with low labor costs, such as Eastern Europe, China, India and Brazil, the increasing liberalization of trade on the global market, the accessibility of new technologies, and the speed of information transfer, are the main factors that have redrawn the geography of the business. In the 1990s, Natuzzi became the market leader with its mission of democratizing leather sofas,which had originally been considered only for the elite.The success we achieved,first in the American market and then in Europe,confirmed our ability to assert our style by offering affordable,high quality products. During those years, we kept our brand's democratic promise through the vertical integration of our production structure in Italy, the know-how of our craftsmen and managers, and the affirmation of a labor culture based on transparency, respect for the customer and the creation of value. As the year 2000 arrived, changes in the competitive scenario led us to review this strategy. Price competition,the strong euro, and market instability made it impossible to sustain the position of Italian-made products in the middle range of the market. Natuzzi is an Italian company that has chosen to remain true to its history and invest in its own assets. So we divided the Group's offer into two brands: Natuzzi, toward the high end, and Italsofa, in the middle and promotional segments. For the Natuzzi brand, the mission is to express our idea of Italian quality and style and to attract customers through coordinated, innovative living rooms. For Italsofa, the task is to compete in market segments that are more sensitive to price, without giving up the Italian touch. Over five years,we opened new foreign plants dedicated to Italsofa,two in China,two in Brazil and one in Romania. We reorganized production in Italy and further invested in Research & Development.To stay close to our customers, we strengthened our business offices in Europe by hiring new managers and assistants,and,as at December 31,2005, 290 stores and 605 Natuzzi galleries were opened around the world.Finally,to increase brand awareness and invite consumers to visit our points of sale, we invested in advertising campaigns in 45 countries. Implementing a brand strategy on an international scale, operating plants in 4 countries, coordinating foreign companies, and developing a distribution presence around the world,are activities that require a strong management culture,close coordination between structures and processes, and a modern, efficient informational and logistical system. This was the reason for the June 2006 appointment of the new CEO Ernesto Greco, a manager who has years of experience in international corporations.The contribution of the CEO and the entire Natuzzi management in the most important areas of planning and operating management will allow me to focus on the product,brand image, and design of the point of sale, so that each decision is consistent with the values that characterize our history and make us unique. Natuzzi is a company that continues to invest in its know-how, assets and brand values. Our plans are extremely ambitious and will continue to require great efforts. It will not be easy, but we are determined to do it. Shareholders, with your support and the efforts of every employee in the Group, I am sure that we will achieve all our goals and will write another fine page of innovation and passion for Italian style. Pasquale Natuzzi Chairman of the Board of Directors 5 LETTER FROM THE CHAIRMAN Dear Shareholders, The year 2005 was a difficult one for our Company. Consolidated revenues decreased by 11.1%, coming to e 669.9 million, and for the first time in our history we reported a loss, of e 14.6 million, compared to a net profit of e 18.4 million in 2004. Despite these figures, our company confirms its equity and financial solidity, while in terms of income, we should note a turnaround in the trend reported in the first quarter of this year, and a return to profitability after four quarters of negative performance. As you are aware,over recent years our sector has changed radically.The advance of countries with low labor costs, such as Eastern Europe, China, India and Brazil, the increasing liberalization of trade on the global market, the accessibility of new technologies, and the speed of information transfer, are the main factors that have redrawn the geography of the business.
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