Securities and Exchange Commission
Washington, D.C. 20549


Form 6-K


Report of Foreign Issuer
Pursuant To Rule 13a-16 Or 15d-16
Of The
Securities Exchange Act of 1934

For the month of September 2015

  Commission File Number 1-11854

NATUZZI S.p.A.

(Translation of registrant's name into English)


Via Iazzitiello 47
70029 Santeramo, Italy
(Address of principal office)


Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
Form 20-F ⊠ Form 40-F ⃞

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.  Yes ⃞   No ⊠

If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):

First Half 2015 Natuzzi Consolidated Results: The Group Positive Trend Continues

SANTERAMO IN COLLE, Bari, Italy--(BUSINESS WIRE)--September 25, 2015--THE BOARD OF DIRECTORS OF NATUZZI S.P.A. (NYSE:NTZ) (“NATUZZI” OR THE “COMPANY”) HAS APPROVED ITS CONSOLIDATED FINANCIAL RESULTS FOR THE FIRST HALF OF 2015.

Following the board meeting, the Chairman and CEO Pasquale Natuzzi stated:

“The 1H 2015 results consolidate the development seen over the previous quarters. The efficiency in production and fixed costs and the improved quality of sales were the major factors contributing to the 83.4% boost in EBITDA.

The actions taken at the Italian and Chinese production plant lifted the industrial indicators. As a result, cost of sales improved form 72.9% to 69.8%.

In May 2015 - under the Agreement with the Trade Unions of March 3, 2015 - we began to upgrade the Italian plant according to a “lean enterprise” methodology, adopting the process innovations tested at the beginning of 2015 in the Iesce 1 experimental facility. The full extent of benefits of the new industrial structure will be seen starting from next year.

SG&A expenses reduced by 5.1% from Euro 45 million in 1H2014 to Euro 42.7 million in 1H 2015, thanks to the rationalization measures implemented in previous quarters.

The business development strategy continues. Since the beginning of 2015, 11 new sales points have been opened, principally in ASIA and the USA. We highlight in particular those in Hong Kong, Colombo in Sri Lanka and Busan in Korea.

Period turnover amounted to Euro 241.7 million, up 14.5% and featuring a significantly improved mix compared to 1H 2014, while benefitting also from exchange rate movements.

Natuzzi Brand represented 70% of upholstery sales and, in terms of regional performance, Asia (+22,4%) and Americas (+20,2%) delivered the strongest results, in EMEA (-1,8%) it’s worth to highlight the good performance of UK and Italy.

Private Label represented 30% of upholstery revenues in 1H 2015, Americas (+22,3%) and EMEA (+46.9%) showed the most significant results.

The significant improvement in our overall financial results over the last five quarters is illustrated in the following table:

    1Q 2014   2Q 2014   3Q 2014   4Q 2014   1Q 2015   2Q 2015
Total Net Sales*   -11.2%   -1.2%   +8.2%   +12.6%   +24.6%   +6%
COGS**   -71.5%   -74.2%   -72.1%   -71.2%   -70.6%   -69.3%
Other SG&A**   -21.8%   -20.9%   -18.2%   -17.7%   -17.3%   -17.7%
EBITDA**   -6.0%   -7.1%   -3.3%   -3.7%   -1.2%   -0.8%

* change in 2015 quarterly sales on corresponding quarter of 2014, with the 2014 figures compared with 2013

** percentage of net sales

The results for the first half of 2015 are a major milestone in our Development Plan, both in terms of cost reduction and improvement of sales mix. In the coming months we will implement our new industrial production processes in all our plants, starting from Italy.”

----------------------------------------------

About Natuzzi S.p.A.

Founded in 1959 by Pasquale Natuzzi, Natuzzi S.p.A. designs, manufactures and sells a broad collection of couches, armchairs, home furniture and home accessories. With consolidated revenues of €461.4 million in 2014, Natuzzi is Italy’s largest furniture house and the player with the greatest global reach in its sector, with eight manufacturing plants, twelve commercial offices and more than 1,100 points of sale worldwide. Ethics and social responsibility, innovation, industrial know-how and integrated management of its value chain represent the points of strength that have made the Natuzzi Group a market leader and established Natuzzi as the most recognized furniture brand in the world among consumers of luxury goods. Natuzzi S.p.A. has been listed on the New York Stock Exchange since May 1993. The Company is ISO 9001 and 14001 certified.

 
Natuzzi S.p.A. and Subsidiaries
Unaudited Consolidated Profit & Loss for the six months of 2015 & 2014 on the basis of Italian GAAP
(expressed in millions Euro)
 
 

Six months ended on

  Change       Percentage of Sales
    30-Jun-15   30-Jun-14   %       30-Jun-15   30-Jun-14
Upholstery net sales 216,2   188,2 14,9% 89,4%   89,2%
Other sales   25,5   22,9   11,6%       10,6%   10,8%
Total Net Sales   241,7   211,1   14,5%       100,0%   100,0%
 
Consumption (*) (113,4) (96,5) 17,4% -46,9% -45,7%
Labor (39,9) (44,0) -9,2% -16,5% -20,8%
Industrial Costs (15,5) (13,4) 15,3% -6,4% -6,4%
of which: Depreciation, Amortization   (5,0)   (4,5)   11,8%       -2,1%   -2,1%
Cost of Sales   (168,8)   (153,9)   9,6%       -69,8%   -72,9%
                         
Industrial Margin   72,9   57,1   27,7%       30,2%   27,1%
 
Selling Expenses (39,6) (32,5) 21,6% -16,4% -15,4%
Transportation (26,6) (21,2) 25,2% -11,0% -10,1%
Commissions (5,0) (4,4) 13,5% -2,1% -2,1%
Advertising (7,9) (6,9) 15,6% -3,3% -3,2%
 
Other Selling and G&A (42,7) (45,0) -5,1% -17,7% -21,3%
of which: Depreciation, Amortization   (2,0)   (2,0)   -0,8%       -0,8%   -0,9%
EBITDA   (2,3)   (13,9)           -1,0%   -6,6%
                         
EBIT   (9,4)   (20,4)           -3,9%   -9,7%
 
Interest Income/(Costs), Net (1,1) (0,5)
Foreign Exchange, Net (2,0) 1,1
Other Income/(Cost), Net   (0,5)   (3,9)                
Earning before Income Taxes   (12,9)   (23,7)           -5,3%   -11,2%
Current taxes (0,3) (0,8) -0,1% -0,4%
                         
Net result   (13,3)   (24,5)           -5,5%   -11,6%
 
Minority interest 0,0 0,0
                         
Net Group Result   (13,3)   (24,5)           -5,5%   -11,6%
 
(*) Purchases plus beginning stock minus final stock and leather processing
 
 
UPHOLSTERY NET SALES BREAKDOWN
GEOGRAPHIC BREAKDOWN
NET SALES (in €, million)   NET SALES (in seats sold)
Six months ended on Six months ended on
             
AREA 30-Jun-15   % 30-Jun-14   % delta 30-Jun-15   % 30-Jun-14   % delta
Americas 88,4   40,9% 73,0   38,8% 21,0% 347.263   45,8% 368.559 47,2% -5,8%
Natuzzi 51,8 24,0% 43,1 22,9% 20,2% 165.693 21,8% 173.501 22,2% -4,5%
Private label 36,6   16,9% 29,9   15,9% 22,3% 181.570   23,9% 195.058 25,0% -6,9%
 
EMEA 100,0   46,3% 92,6   49,2% 8,0% 344.313   45,4% 330.599 42,3% 4,1%
Natuzzi 72,6 33,6% 73,9 39,3% -1,8% 195.699 25,8% 211.892 27,1% -7,6%
Private label 27,4   12,7% 18,7   9,9% 46,9% 148.614   19,6% 118.707 15,2% 25,2%
 
Asia-Pacific 27,8   12,9% 22,6   12,0% 23,0% 67.434   8,9% 81.530 10,4% -17,3%
Natuzzi 26,1 12,1% 21,3 11,3% 22,4% 58.679 7,7% 71.793 9,2% -18,3%
Private label 1,7   0,8% 1,3   0,7% 31,6% 8.755   1,2% 9.737 1,2% -10,1%
                           
TOTAL 216,2   100,0% 188,2   100,0% 14,9% 759.010   100,0% 780.688 100,0% -2,8%
 
 
BREAKDOWN BY BRAND
NET SALES (in €, million) NET SALES (in seats sold)
Six months ended on Six months ended on
   
BRAND 30-Jun-15   % 30-Jun-14   % delta 30-Jun-15   % 30-Jun-14   % delta
Natuzzi 150,5 69,6% 138,3 73,5% 8,8% 420.071 55,3% 457.186 58,6% -8,1%
Private label 65,7   30,4% 49,9   26,5% 31,7% 338.939   44,7% 323.502   41,4% 4,8%
TOTAL 216,2   100,0% 188,2   100,0% 14,9% 759.010   100,0% 780.688   100,0% -2,8%
 

The "Natuzzi" brand includes the Group's three lines of product: Natuzzi Italia, Natuzzi Editions and Natuzzi Re-Vive

 
Natuzzi S.p.A. and Subsidiaries
Unaudited Consolidated Profit & Loss for the second quarter 2015 & 2013 on the basis of Italian GAAP
(expressed in millions Euro)
 
  Three months ended on   Change       Percentage of Sales
    30-Jun-15   30-Jun-14   %       30-Jun-15   30-Jun-14
   
Upholstery net sales 106,6 100,3 6,3% 89,5% 89,0%
Other sales   12,5   12,4   0,6%       10,5%   11,0%
Total Net Sales   119,1   112,7   5,7%       100,0%   100,0%
 
Consumption (*) (55,6) (52,0) 7,0% -46,7% -46,2%
Labor (19,1) (24,9) -23,4% -16,0% -22,1%
Industrial Costs (7,5) (6,6) 12,9% -6,3% -5,9%
of which: Depreciation, Amortization   (2,5)   (2,0)   23,2%       -2,1%   -1,8%
Cost of Sales   (82,2)   (83,6)   -1,6%       -69,0%   -74,2%
                         
Industrial Margin   36,9   29,1   26,6%       31,0%   25,8%
 
Selling Expenses (19,8) (16,6) 19,5% -16,6% -14,7%
Transportation (13,6) (11,0) 23,6% -11,4% -9,8%
Commissions (2,5) (2,1) 17,1% -2,1% -1,9%
Advertising (3,6) (3,4) 7,4% -3,1% -3,0%
 
Other Selling and G&A (21,5) (23,5) -8,7% -18,0% -20,9%
of which: Depreciation, Amortization   (1,0)   (0,9)   9,1%       -0,8%   -0,8%
EBITDA   (0,9)   (8,0)           -0,8%   -7,1%
                         
EBIT   (4,4)   (11,0)           -3,7%   -9,7%
 
Interest Income/(Costs), Net (0,6) (0,2)
Foreign Exchange, Net 2,1 0,3
Other Income/(Cost), Net   (0,3)   (3,6)                
Earning before Income Taxes   (3,2)   (14,5)           -2,7%   -12,8%
 
Current taxes (0,2) (0,3) -0,2% -0,3%
                         
Net Result   (3,5)   (14,8)           -2,9%   -13,1%
 
Minority interest (0,0) (0,0)
                         
Net Group Result   (3,5)   (14,8)           -2,9%   -13,1%
 
(*) Purchases plus beginning stock minus final stock and leather processing
 
   
UPHOLSTERY NET SALES BREAKDOWN
GEOGRAPHIC BREAKDOWN
NET SALES (in €, million)     NET SALES (in seats sold)
 
                     
AREA 2Q 2015   % 2Q 2014   % delta 2Q 2015   % 2Q 2014   % delta
Americas 43,3   40,6% 39,7   39,6% 9,1% 169.566   46,0% 196.369   48,1% -13,6%
Natuzzi 24,0 22,5% 24,9 24,8% -3,5% 73.958,4 20,1% 97.814,0 24,0% -24,4%
Private label 19,3   18,1% 14,9   14,8% 30,2% 95.607,5   25,9% 98.554,7   24,1% -3,0%
 
EMEA 49,2   46,1% 48,3   48,2% 1,8% 163.808   44,4% 168.624   41,3% -2,9%
Natuzzi 36,0 33,7% 38,5 38,4% -6,6% 94.534,4 25,6% 105.667,8 25,9% -10,5%
Private label 13,2   12,4% 9,8   9,8% 35,0% 69.273,2   18,8% 62.956,5   15,4% 10,0%
 
Asia-Pacific 14,1   13,2% 12,3   12,2% 15,1% 35.494   9,6% 43.213   10,6% -17,9%
Natuzzi 12,7 11,9% 11,7 11,6% 9,2% 28.572,1 7,7% 38.534,5 9,4% -25,9%
Private label 1,4   1,3% 0,6   0,6% 130,0% 6.922,0   1,9% 4.678,0   1,1% 48,0%
                             
TOTAL 106,6   100,0% 100,3   100,0% 6,3% 368.868   100,0% 408.205   100,0% -9,6%
 
 
BREAKDOWN BY BRAND
NET SALES (in €, million) NET SALES (in seats sold)
 
 
BRAND 2Q 2015   % 2Q 2014   % delta 2Q 2015   % 2Q 2014   % delta
Natuzzi 72,7 68,1% 75,0 74,8% -3,1% 197.065 53,4% 242.016 59,3% -18,6%
Private label 34,0   31,9% 25,3   25,2% 34,5% 171.803   46,6% 166.189   40,7% 3,4%
TOTAL 106,6   100,0% 100,3   100,0% 6,3% 368.868   100,0% 408.205   100,0% -9,6%
 

The "Natuzzi" brand includes the Group's three lines of product: Natuzzi Italia, Natuzzi Editions and Natuzzi Re-Vive

   
Natuzzi S.p.A. and Subsidiaries

Unaudited Consolidated Balance Sheets at June 30, 2015 on the basis of Italian GAAP
(Expressed in millions of Euro)

 
ASSETS     30-Jun-15       31-Dec-14      
Current assets:              
Cash and cash equivalents 23,7 32,8
Marketable debt securities 0,0 0,0
Trade receivables, net 85,8 96,0
Other receivables 21,8 18,1
Inventories 96,1 90,2
Unrealized foreign exchange gains 0,2 0,3
Prepaid expenses and accrued income 1,2 1,3
Deferred income taxes     0,5       0,5    
Total current assets     229,2       239,3    
Non-current assets:
Net property, plant and equipment 127,3 130,8
Other assets     8,7       10,0    
Total non-current assets     136,0       140,8    
TOTAL ASSETS     365,2       380,1    
LIABILITIES AND SHAREHOLDERS' EQUITY                  
Current liabilities:
Short-term borrowings 27,6 20,7
Current portion of long-term debt 2,1 3,1
Accounts payable-trade 64,9 75,2
Accounts payable-other 25,0 29,7
Accounts payable-shareholders for dividends 0,0 0,0
Unrealized foreign exchange losses 0,4 0,6
Income taxes 1,3 1,1
Deferred income taxes 1,0 1,0
Salaries, wages and related liabilities     18,4       18,3    
Total current liabilities     140,8       149,7    
Long-term liabilities:
Employees' leaving entitlement 20,9 20,9
Long-term debt 5,1 6,2
Deferred income taxes - long term 0,0 0,0
Deferred income for capital grants 7,8 8,1
Other liabilities     20,0       21,2    
Total long-term liabilities     53,7       56,3    
Minority interest     3,3       3,0    
Shareholders' equity:
Share capital 54,9 54,9
Reserves 4,3 40,9
Additional paid-in capital 0,0 8,4
Retained earnings     108,3       66,8    
Total shareholders' equity     167,4       171,0    
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY     365,2       380,1    
     
Natuzzi S.p.A. and Subsidiaries
     
Consolidated Statements of Cash Flows
 
(expressed in million of Euro)       30-Jun-15       30-Jun-14
Cash flows from operating activities:
Net earnings (loss) (13.256) (24.532)
 
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization 7.013 6.497
(Gain) loss on disposal of assets 15 -11
Unrealized foreign exchange losses (gains) 3 1.064

Deferred income for capital grants

      -306       -231
Non monetary operating items       6.725       10.482
Change in assets and liabilities:
Receivables, net 10.189 -3.794
Inventories -5.856 -6.135
Prepaid expenses and accrued income 113 44
Other assets -3.726 12.776
Accounts payable -10.289 4.914
Income taxes 251 -5.803
Salaries, wages and related liabilities 1.747 8.602
Other liabilities       1.836       -3.401
Net working capital       (5.735)       7.204
Net cash generated/(used) by operating activities       (12.266)       (6.846)
 
Cash flows from investing/restructuring activities:
Property, plant and equipment:
Additions -792 -4.982
Disposals 79 124
One time termination benefits -2.770 -1.115
                 
Net cash generated/(used) by in investing activities       (3.483)       (5.696)
 
Cash flows from financing activities:
Long-term debt:
Proceeds 0 0
Repayments -2.104 -1.931
Short-term borrowings 6.871 -3.960
Dividends paid to minority interests                
Net cash generated/(used) by financing activities       4.766       (5.891)
                 
Effect of translation adjustments on cash       1.799       (748)
                 
Increase (decrease) in cash and cash equivalents       (9.185)       (19.180)
                 
Cash and cash equivalents, beginning of the year       32.852       61.037
                 
Cash and cash equivalents, end of the period       23.668       41.858
 

CONTACT:
NATUZZI INVESTOR RELATIONS
Francesca Cocco; tel. +39.080.8820.676; fcocco@natuzzi.com
or
NATUZZI CORPORATE COMMUNICATION
Vito Basile (Press Office); tel. +39.080.8820.676 – vbasile@natuzzi.com


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

NATUZZI S.p.A.

 
(Registrant)

 

 

 

Date:

September 25, 2015

By:

/s/ Pasquale Natuzzi

Pasquale Natuzzi