6-K 1 a51384313.htm NATUZZI S.P.A. 6-K
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 July 2016 | 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):

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: | July 19, 2016 | By: | /s/ Pasquale Natuzzi
|  |  | Pasquale Natuzzi

NATUZZI CORPORATE PRESENTATIONJULY 2016

Forward Looking Disclaimer 2 • This presentation contains “forward-looking” statements that involve uncertainties and risks as detailed in our regular filings with the SEC • They may differ materially from actual results due to a wide range of factors • We undertake no obligation to update any forward looking statements

Table of Contents 3 Key ThemesNatuzzi Business EvolutionFinancialsNatuzzi B2C BusinessNatuzzi B2B BusinessGrowth with Social ResponsibilityQ&A

4 Founded by Pasquale Natuzzi in 1959, Natuzzi Group is one of the great industrial success of modern days in ItalyWith it’s heritage in high style, efficient production and true value in hand-crafted upholstered furnishings, Natuzzi has become one of the main premium brands in home furnishing globally.Natuzzi maintains its strong tradition in manufacturing, in terms of product development and quality control, both critical to the brand. The company is focusing on the Lean Enterprise approach in term of process, production and services to increase the competiveness . The process is just at the beginning and the number still have to reflect this effortNatuzzi has a worldwide commercial presenceNatuzzi has invested over the period 2010-2015 in: - Transition from manufacturer to retailer: evolution from manufacturer of sofas sold through department stores and independent dealers; now growing own store base – poised to capture a greater proportion of the value chain - Building a significant presence outside US: China presents very significant potential – positioning in new and existing geographic regions - Developing a broader product offering to increase the addressable market from sofas to “Total Living” NATUZZI – Key Themes

5 NATUZZI – Key Themes (Cont’d) The value Natuzzi brand sales were Euro ~600mln at retail in 2015 making it by far the largest brand in our sectorBy developing its own retail operation, Natuzzi will be positioned to capture the profits available from that part of the value chainFinancial reporting has been redesigned to reflect the evolution of the business from manufacturer to retailer: we report B2C Sales and Gross Margin by region; [within B2C, we report results for third party vs. directly owned stores] and separately, B2BFinancial Performance is beginning to reflect the investments made: in Q1 2016, Natuzzi reported a positive EBITDA, marking the third consecutive positive quarter after 11 consecutive quarters of losses

6 NATUZZI – B2C and B2B In order to leverage the potential of the different business the company is organizing itself in two separate business units: B2B e B2CThe focus on B2C development going forward is:Increase our interest in existing strategic dealers Build our DOS network in key regions with a new store format which optimally showcases our “Total Living” product offeringIncrease penetration of addressable markets along two axes: geographic expansion and breadth of product rangeThe Focus on B2B development going forward is:Natuzzi historic business focus on volumes increase (56 years of experience on product development and manufacturing)Global production platform Leverage on Natuzzi credibility and positioning in terms of innovation, product design, quality and reliabilityGolden Partnership program to widen our client base worldwide

Table of Contents 7 Key ThemesNatuzzi Business EvolutionFinancialsNatuzzi B2C BusinessNatuzzi B2B BusinessGrowth with Social ResponsibilityQ&A

8 80s/ 90sManufacturer for Department Store ChainsSpecialization and leadership in unbranded leather sofa products with high competitive standard and Italian production 2000sManutailerChange in the competitive landscape: growing aggressiveness of new competitors in China, Brazil and Eastern Europe:Develop a Brand Strategy under Natuzzi Italia, Natuzzi Edition and Divani&DivaniManufacturing facilities in Brazil, China and RomaniaItalian manufacturing focused on Made in Italy TodayIntegrated Retailer IS NOW THE MOST RECOGNISED BRAND IN THE WORD AMONG CONSUMERS OF HIGH END GOODS, BECOMING THE FIRST GLOBAL PLAYER IN THE SECTOR* Unbranded Brand Build Up Brand Equity Exploitation * IPSOS Observer 2015 Who We Are Now

From Sofa to Total Living 9 Inspired by the Puglia region, NATUZZI combines design, function, materials and colors to offer an harmonious living 460 bn US$* POTENTIAL ADDRESSABLE MARKET *CSIL 2015 Analysis (sell-out value)

10 From Sofa to Total Living Dining Bedroom Living Relaxing Accessories and Merchandising

Table of Contents 11 Key ThemesNatuzzi Business EvolutionFinancialsNatuzzi B2C BusinessNatuzzi B2B BusinessGrowth with Social ResponsibilityQ&A

12 NATUZZI – 2015 Results Snapshot Evolving towards higher price pointProduct, Process and Services innovation to become a Lean Enterprise:Reengineered and moved to platform majority of our productsSAP introductionImplemented new Moving-Line manufacturing process on industrial scale, driving significant industrial costs reductionCompleted in Romania, China and BrazilTo be completed in Italy during 2016DOS RationalizationReduction of SG&A expenses Gross Margin: €157.9m (32.3% of sales) EBITDA : €6.1m Drivers of EBITDA Turnaround Total Net Sales: €488.5mln B2C(1): €326.3mln(71%) B2B(2): €132.6mln(29%) Other(3): €29.6mln B2C: Retail sales of under the Natuzzi brand. Includes Sell-in to Dealers and sell-out through DOSB2B: Wholesale sales of unbrandedLeather, polyurethane etc Core Revenues: €458.9mln

NATUZZI - Q1 2016 Results CONSOLIDATED* NATUZZI - B2C SOFTALY - B2B SALES €/MLN 120,7 GROSS MARGIN 34,3% Q1 2016 Q1 2015 122,6 81,5 40,3% Q1 2016 Q1 2015 83,3 34,6% 32,5 22,5% Q1 2016 Q1 2015 31,7 22,4% -1,5% +4,9% -2,1% +5,7% +2,5% +0,1% DELTA DELTA DELTA 71% 29% 29,4% Consolidated Numbers include also ‘Other Revenues’ (i.e. revenues from sale of leather, polyurethane etc] of 6.7mln Euro 13 EBITDA €/MLN 4,3 -1,4 EBIT €/MLN 1,1 -4,9

NATUZZI - Q1 2016 B2C Results by Region EMEA AMERICAS APAC B2C SALES €/MLN 41,7 B2CGROSS MARGIN 36,7% Q1 2016 Q1 2015 40,3 31,7% 26,0 36,4% Q1 2016 Q1 2015 28,8 34,3% 13,7 51,2% Q1 2016 Q1 2015 14,2 43,6% +3,4% +5% -9,7% +2,1% -3,5% +7,6% Δ % Δ % Δ % TOTAL B2C Q1 2016 Q1 2015 Δ % 81,5 40,3% 83,3 34,6% -2,1% +5,7% 14

EMEA AMERICAS APAC B2BSALES €/MLN 16,3 B2BGROSS MARGIN 22,5% Q1 2016 Q1 2015 14,2 27,3% 15,4 19,9% Q1 2016 Q1 2015 17,2 18,4% 0,8 26,5% Q1 2016 Q1 2015 0,3 19,4% +14,8% -4,8% -10,5% +1,5% +166% +6,1% Δ % Δ % Δ % TOTAL B2B Q1 2016 Q1 2015 Δ % 32,5 22,5% 31,7 22,4% +2,5% +0,1% 15 NATUZZI - Q1 2016 B2B Results by Region

Table of Contents 16 Key ThemesNatuzzi Business EvolutionFinancialsNatuzzi B2C BusinessNatuzzi B2B BusinessGrowth with Social ResponsibilityQ&A

NATUZZI brand - New strategy targets 17 48 DOS 362* Stores Managed by Partners Revenues FY 201546.6mln Euro Sell-out~14% of total Revenues FY 2015279.7mln Euro Sell-In~ 86% of total Total Revenues underNatuzzi Brand ~600mln Euro Sell-Outof Which Natuzzi DOS capture only46.6mln Euro or ~8% * Including 9 concessions in UK** in terms of Brand Recognition by IPSOS Observer 2015 # 1 Brand worldwide** Control of distributionPenetration of addressable market Status Quo New Strategy

NATUZZI – DOS Network EMEA ASIA PACIFIC AMERICAS NATUZZI ITALIA21 DOS+9 CONCESSIONSDIVANI&DIVANI 12 NATUZZI EDITIONS14 NATUZZI ITALIA1 (1 Flagship - Durini) (1 Flagship - New York) 48 DOS + 9 CONCESSIONS 18

NATUZZI Brand Global Retail Network Expansion: 15 New Opening globally YTD EMEA6 new Stores ASIA PACIFIC7 new stores (China) AMERICAS2 new stores 19

New Retail Business Model Key Initiatives to Be Implemented Management Retail Format Training Programs for Sales Teams Acquisition of Strategic Dealers Identification of New Opening Locations 1 2 3 4 5

21 1 7 New Managers with strong Retail and Luxury Experience to boost the expansion processVice President of Retail Operation based in ItalyResponsible for Global Retail Development (scouting of key location for openings, negotiations with landlord)New Natuzzi head of merchandising New Regional Manager for South of Europe3 New Managers in USA - Vice President of Operation - Regional Manager West Coast - Regional Manager East Coast New Retail Business Model Management

22 Retail Park Store Format – London Business Case ~800 sqm~ 40 sets High traffic locationsDifferent product range within the Natuzzi BrandFocus on store traffic generationWell trained sales consultantsUnique retail shopping experience 2 New Retail Business Model Retail Format

Unique retail shopping experience NATUZZI Teams (Architects, Visual Merchandisers, Style Center and Retail Merchandisers) design each store to deliver the uniqueness of the NATUZZI Experience to each customer. 2 New Retail Business Model Retail Format (Cont’d)

NATUZZI welcome and advice each customer through an experienced and well trained team of Sales Consultants:Assessment – Training Program and Coaching of Sales StaffCompensation & Rewarding: Sales Incentives 3 New Retail Business Model Training Programs for Sales Team

4-5 ItalyFranceUK China Florida California TristateChicagoMexico New Retail Business Model Key Expansion Areas

We generate store traffic through: CATALOGUES / DIRECT MAIL / WEB COUNTRY & CITY MEDIA PLAN INTERIOR DECORATION COMMUNITY IN STORE EVENT 5 New Retail Business Model Focus on key locations and traffic generation

Table of Contents 27 Key ThemesNatuzzi Business EvolutionFinancialsNatuzzi B2C BusinessNatuzzi B2B BusinessGrowth with Social ResponsibilityQ&A

B2B Business New Strategy Targets 28 PositiveProduction capacity and industrial know howStrong market potentilitiesGood organization and margins in EMEA New Responsible for B2B operations Sales team Strengthening Increase margins and work on pricesCreate regional B2B organizationsLean production final roll outWork on quality and serviceFocus on Golden Partnership Program Status Quo New Strategy Area to work onVolumes increaseIncrease profitability in all the different areasSupply chain

Table of Contents 29 Key ThemesNatuzzi Business EvolutionFinancialsNatuzzi B2C BusinessNatuzzi B2B BusinessGrowth with Social ResponsibilityClosing Statements and Q&A

NATUZZI Objective and values: Create Value and Grow with Social Responsibility Create Value and grow with Integrity for customers, business partners, shareholders, employees and suppliers, this is the NATUZZI approach 30 ITALYCenter of quality and expertise that must be protectedNatuzzi represent the excellence and the innovation in the South of Italy, since 1959, preserving the unique value of its Italian workers Solidarietà Support and keep the occupation in the South of Italy Industrial financing from MISE and support from Puglia and Basilicata regions Exportable Manufacturing Experience

Table of Contents 31 Key ThemesNatuzzi Business EvolutionFinancialsNatuzzi B2C BusinessNatuzzi B2B BusinessGrowth with Social ResponsibilityClosing Statements and Q&A

Closing Statements 32 Natuzzi is committed to build on its position as the first premium brand home furnishings company in the WorldWe carefully developed the strategy for the near term in terms of expansion and increase of our retail reach trough: - DOS increase in key locations - Increase of interest on strategic dealers and new potentials Focus is on the Lean enterprise approach in term of process, production and services (SAP) to increase our competivenessFocus is on volumes increase B2C main drivers are: brand, new retail format and development, retail tools B2B main drivers are: volumes increase, production efficiency, quality and services We have turned the corner in our financial performance and we will continue to work hard to improve our results for all our stakeholders

Lysted ad NYSE since 1993The Natuzzi Family holds 60,3% of the shares 33 For information:Natuzzi Investor RelationsFrancesca Cocco; tel. +39.080.8820.493 fcocco@natuzzi.com Thanks