NATUZZI S P A financial statements

Income statement, balance sheet and cash flow statement for the last 8 fiscal years, taken from the XBRL data NATUZZI S P A files with the SEC in its annual reports.

In EUR millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024
Revenue	449	429	387	328	427	468	329	319
Cost of revenue	318	308	272	225	274	304	216	203
Gross profit	130	120	115	103	154	164	113	116
Research and development	4.51	3.36	3.7	3.14	3.27	3.52
Selling and marketing	118	115	105	84.5	122	125	91.4	90.2
General and administrative	36.1	35.3	34	29.4	33.3	35.5	37.6	36
Operating income	-24	-25.5	-22.5	-10.6	4.88	8.45	-9.5	-6.27
Interest expense	6.29	5.58	7.93	7.83	6.79	8.54	9.27	10.2
Interest income	1.25	0.38	0.4	0.32	0.23	0.87	0.94	0.83
Pre-tax income	-28	40.5	-31.3	-20.6	8.77	3.56	-15.1	-14.7
Income tax	2.89	7.43	2.34	4.34	4.39	2.27	1.09	0.68
Net income to minority interests	-0.45	-0.17	-0.31	-0.23	0.8	1.83	-0.09	-0.23
Net income	-30.4	33.3	-33.4	-24.7	3.59	-0.54	-16.1	-15.2
EBITDA	-12.6	-15.5	-10.8	-0.46	12.8	16.8	-0.86	0.26
EPS, basic	-0.55	0.61	-0.61	-0.45	0.07	-0.01	-0.29	-0.28
EPS, diluted	-0.55	0.61	-0.61	-0.45	0.07	-0.01	-0.29	-0.28

Balance sheet

	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024
Cash and equivalents	55	62.1	39.8	48.2	53.5	54.5	33.6	20.3
Inventory	91.1	84.2	69.7	63.9	80.2	70.1	62.1	62.8
Total current assets	207	207	157	172	200	191	150	143
Property, plant and equipment	115	111	103	85.3	83.1	84.4	84.5	74.2
Lease right-of-use assets		55.8	54.7	49	50.8	42.8	50.4	44.4
Goodwill	3.85	3.95	4.07	1.92
Intangible assets	1.99
Total assets	333	373	369	356	390	369	338	319
Accounts payable	76	77.9	68.5	74.3	89.2	78.4	60.9	66.5
Short-term debt							2.98
Total current liabilities	155	168	152	177	199	181	155	158
Lease liabilities			46.1	43.1	46.6	41	52.9	47.4
Total liabilities	228	235	265	281	306	276	265	261
Total debt	25.7	20.9	18.4	16.4	17.4	17.3	17.4	18.7
Paid-in capital						0.18	0.18	0.18
Retained earnings	31.2	64.5	31.1	6.45	10	9.49	-6.58	-21.7
Shareholders' equity	102	137	103	74.3	82.3	87.9	68.9	54
Minority interests	2.04	1.63	1.69	1.02	1.51	4.7	4.34	4.2
Total equity	105	138	105	75.4	83.8	92.6	73.3	58.2
Total liabilities and equity	333	373	369	356	390	369	338	319

Cash flow statement

	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024
Net income	-30.8	33.1	-33.7	-24.9	4.39	1.29	-16.2	-15.4
Depreciation and amortization	11.4	10	11.7	10.1	7.9	8.36	8.64	6.53
Cash from operations	-4.9	-11.3	4.65	12.3	0.54	18.7	3.21	1.72
Capital expenditures	-6.71	-7.28	-3.81	-2.08	-3.52	-8.43	-10.3	-5.21
Cash from investing	-10.4	14.6	-3.33	2.35	7.02	-4.65	-7.88	-4.32
Debt issued			0	0	0	0	0
Debt repaid					0	0	0
Dividends paid	-0.73	-0.45		-0.39	-0.55	-0.55	-0.14	-0.07
Cash from financing	12.4	2.19	-24.2	-5.58	-2.02	-13.5	-15.7	-12.8
Exchange rate effect	-2.64	-0.08	0.3	-0.79	0.64	-0.06	-0.78	0.78
Free cash flow	-11.6	-18.6	0.85	10.2	-2.98	10.3	-7.09	-3.49
Interest paid	2.82	3.03	5.11	4.68	4.97	5.7	5.64	6.98
Income taxes paid	4.88	3.11	1.05	3.85	4.22	4.2	2.62	0.29

Key metrics

Worked out from the statements above. Latest values use fiscal 2024. No valuation: the share price is quoted in a different currency than the statements.

Profitability

Metric	Value	How it is calculated
Gross margin	36.3%	Gross profit / revenue.
Operating margin	-2.0%	Operating income / revenue.
EBITDA margin	0.1%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-4.6%	Pre-tax income / revenue.
Net margin	-4.8%	Net income / revenue.
FCF margin	-1.1%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	0.5%	Cash from operations / revenue.
Return on equity (ROE)	-24.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-4.6%	Net income / average total assets.
Return on invested capital (ROIC)	-9.4%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Capex / revenue	1.6%	Capital expenditures / revenue.
D&A / revenue	2.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-3.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-9.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-3.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	2.5%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-9.1%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	0.1%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA CAGR, 3y	-72.8%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-46.4%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	47.5%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-18.0%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-21.7%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-13.1%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-12.1%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-5.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-6.5%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-2.9%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.91x	Current assets / current liabilities.
Quick ratio	0.13x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.13x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.35x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	5.9%	Total debt / total assets.
Liabilities / assets	81.8%	Total liabilities / total assets.
Net debt	-€1.6M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-6.23x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	-0.61x	Operating income / interest expense.
Working capital	-€14.9M	Current assets - current liabilities.
Tangible book value	€54.0M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.97x	Revenue / average total assets.
Fixed asset turnover	4.02x	Revenue / average property, plant and equipment.
Inventory turnover	3.25x	Cost of revenue / average inventory.
Days inventory	112 days	365 x average inventory / cost of revenue.
Days payables	114 days	365 x average accounts payable / cost of revenue.
Capex / operating cash flow	302.5%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-€0.28	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	-€0.28	Net income per basic share, as reported (split-adjusted).

What was NATUZZI S P A's revenue in fiscal 2024?

NATUZZI S P A reported revenue of €318.8M for fiscal 2024, 3% lower than the year before.

Was NATUZZI S P A profitable in fiscal 2024?

No. It reported a net loss of €15.2M.

How much free cash flow did NATUZZI S P A generate in fiscal 2024?

Cash from operations of €1.7M minus capital expenditures of €5.2M left free cash flow of -€3.5M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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