CONFORMED 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 2007 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.) (Check One) Form 20-F x Form 40-F ---- ---- (Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.) (Check One) Yes No X --- --- (If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b). 82- .) Natuzzi S.p.A. (NYSE: NTZ) Announces Consolidated Second Quarter and First Half 2007 Financial Results SECOND QUARTER 2007 FINANCIAL HIGHLIGHTS -- TOTAL NET REVENUES DOWN BY 17.0% AT EUR 162.4 MILLION AND SEATS SOLD DOWN BY 20.6% OVER 2Q06 -- OPERATING LOSS OF EUR 9.2 MILLION, VERSUS OPERATING INCOME OF EUR 12.1 MILLION IN 2Q06 -- NET LOSSES AT EUR 4.2 MILLION VERSUS NET EARNINGS OF EUR 9.9 MILLION IN 2Q06 SANTERAMO IN COLLE, Bari, Italy--(BUSINESS WIRE)--Sept. 12, 2007--The Board of Directors of Natuzzi S.p.A. (NYSE: NTZ) ('Natuzzi' or 'the Group'), the world's leading manufacturer of leather-upholstered furniture, today presented the consolidated financial statements for the second quarter and first half ended on June 30, 2007. NET SALES During the second quarter of 2007, total net sales were at EUR 162.4 million, decreasing by 17.0 percent from EUR 195.6 million reported in second quarter 2006. During the same period, units sold were down 20.6 percent. Considering the first half of 2007, total net sales were at EUR 316.2 million, down by 17.6 percent as compared to EUR 383.8 million reported in the first semester of last year, and units sold were down 18.9 percent. The decrease in total net sales was mainly attributable to a negative business environment especially in the US market as well as to a challenging period-over-period comparison base. During the first half of 2007, total order flow was down high-single digit versus the same period of last year. During the quarter ended on June 30, 2007, upholstery net sales decreased by 18.0 percent at EUR 144.9 million, from EUR 176.7 million in the second quarter of 2006. Other sales (principally living room accessories and raw materials produced by the Group and sold to third parties) decreased by 7.4 percent over the second quarter of 2006 at EUR 17.5 million. In the second quarter 2007, total net sales decreased, on a quarter-over-quarter basis, by 21.6 percent in the Americas at EUR 49.4 million, by 16.4 percent in Europe at EUR 85.9 million, and by 12.7 percent at EUR 9.6 million in the Rest of the World. During the second quarter 2007, total net sales to our chain Divani & Divani by Natuzzi Stores and Natuzzi Stores were at EUR 33.2 million, down 14.0 percent as compared to the same period of 2006. During the same quarter three new stores were opened (1 in UK, 1 in Finland and 1 Russia), while six stores were closed (5 in Greece and 1 in China), thus bringing the total number of stores at 280 as of June 30, 2007. At the same date, there were 484 Natuzzi Galleries. In the second quarter 2007 leather-upholstered furniture decreased over the same quarter of last year by 17.7 percent at EUR 126.6 million and fabric-upholstered furniture by 20.1 percent at EUR 18.3 million. Total net sales for the Natuzzi branded products during the second quarter 2007 were at EUR 96.1 million, or 66.3 percent of upholstery net sales, down 16.0 percent from EUR 114.4 million reported last year. During the same period, sales for Italsofa products decreased by 21.7 percent at EUR 48.8 million from EUR 62.3 million reported in the second quarter of 2006. GROSS & OPERATING RESULTS For the three months ended on June 30, 2007, Group's gross profit was EUR 45.2 million, down from EUR 70.7 million reported in second quarter 2006. As a percentage of sales, gross margin decreased to 27.8 percent from 36.1 percent reported in second quarter 2006. During the same period, the Group reported a net operating loss of EUR 9.2 million, versus an operating income of EUR 12.1 million reported one year ago. FOREX AND TAXES For the three-month period ended on June 30, 2007, the Group reported a net foreign exchange gain of EUR 0.6 million as compared to a net foreign exchange loss of EUR 1.1 million reported for last year's comparable period. During the same quarter, the Group reported a deferred tax asset for EUR 2.2 million, versus income taxes of EUR 2.3 million for the second quarter of 2006. NET RESULT AND GROUP EARNINGS PER COMPANY'S SHARE During the quarter ended on June 30, 2007, the Group reported net losses of EUR 4.2 million (or EUR 0.08 losses per share), versus Group's net earnings of EUR 9.9 million (or EUR 0.18 earnings per share) in the second quarter of 2006. Considering the first six months of 2007, the Group reported net losses of EUR 9.0 million (or EUR 0.16 losses per share), versus net earnings of EUR 16.7 million (or EUR 0.31 earnings per share) reported for the first semester of 2006. CASH FLOW During the six-month period ended on June 30, 2007, Group's operations used EUR 11.7 million of cash flow. Ernesto Greco, Chief Executive Officer of the Group, commented "The quarterly Group's performance reflects, as also confirmed by most of the major market players, the continued challenging business conditions, particularly evident in the U.S. where aggressive pricing competition and lower consumer confidence are still dominant factors. Furthermore, top line was also affected by the penalizing period-over-period comparison base. As far as the margins are concerned, persisting unfavorable Euro exchange rates against major currencies, U.S. dollar in particular, fixed costs not absorbed by adequate sale volumes, and the price increase in raw material, have all contributed to determine the quarterly reduction in the gross margin. The reduction in production working time planned in June 07 didn't bring any saving in the second quarter yet. Order flow during the second quarter was still down high-single digit with respect to the same period of last year, even if at a lower pace than what recorded at the beginning of the year. Although such difficult business conditions, we have been registering, due to our marketing efforts, some positive signs from the market over the last weeks: as a matter of fact, third quarter to-date order flow is currently up high-single digit rate over the same period of last year. We are, nevertheless, aware that the retail environment is still challenging, so the Group should remain committed in putting in place all the necessary initiatives like the reorganization of our retail activities and the completion of the restructuring process of the Group's operations so to reach a cost structure consistent with current production level as well as a new business model more coherent with the new business environment". SECOND QUARTER 2007 TELECONFERENCE Pasquale Natuzzi, Chairman of the Board, Ernesto Greco, Chief Executive Officer, Filippo Simonetti, Chief Financial Officer, and Nicola Dell'Edera, Finance Director, will discuss financial results, followed by a question and answer session, in a teleconference at 10:00 a.m. New York time (3:00 p.m. London time - 4:00 p.m. Italian time) on Thursday September 13, 2007. ABOUT NATUZZI S.P.A. Founded in 1959 by Pasquale Natuzzi, Natuzzi S.p.A. designs and manufactures a broad collection of leather-upholstered residential furniture. Italy's largest furniture manufacturer, Natuzzi is the global leader in the leather segment, exporting its innovative, high-quality sofas and armchairs to 123 markets on 5 continents. Since 1990, Natuzzi has sold its furnishings in Italy through the popular Divani & Divani by Natuzzi chain of 123 stores, and 1 Natuzzi Store. Outside Italy, the Group sells to various furniture retailers, as well as through 158 licensed Divani & Divani by Natuzzi and Natuzzi Stores. Natuzzi S.p.A. was listed on the New York Stock Exchange on May 13, 1993. The Group is ISO 9001 and 14001 certified. FORWARD-LOOKING STATEMENTS Statements in this press release other than statements of historical fact are "forward-looking statements". Forward-looking statements are based on management's current expectations and beliefs and therefore you should not place undue reliance on them. These statements are subject to a number of risks and uncertainties, including risks that may not be subject to the Group's control, that could cause actual results to differ materially from those contained in any forward-looking statement. These risks include, but are not limited to, fluctuations in exchange rates, economic and weather factors affecting consumer spending, competitive and regulatory environment, as well as other political, economical and technological factors, and other risks identified from time to time in the Group's filings with the Securities and Exchange Commission, particularly in the Group's annual report on Form 20-F. Forward looking statements speak as of the date they were made, and the Group undertakes no obligation to update publicly any of them in light of new information or future events. NATUZZI S.P.A. AND SUBSIDIARIES Unaudited Consolidated Statement of Earnings for the quarters ended on June 30, 2007 and 2006 on the basis of Italian GAAP (Expressed in millions of EUR except per share data) ---------------------------------------------- Percent of Three months ended on % Over Sales 30-Jun-07 30-Jun-06 (Under) 30-Jun- 30-Jun- 07 06 ----------------------- ---------- ---------- -------- ------- ------- Upholstery net sales 144.9 176.7 (18.0)% 89.2% 90.3% Other sales 17.5 18.9 (7.4)% 10.8% 9.7% Total Net Sales 162.4 195.6 (17.0)% 100.0% 100.0% ----------------------- ---------- ---------- -------- ------- ------- Purchases (71.9) (84.1) 14.5% (44.3)% (43.0)% Labor (26.6) (29.0) 8.3% (16.4)% (14.8)% Third-party Manufacturers (3.8) (6.1) 37.7% (2.3)% (3.1)% Manufacturing Costs (11.0) (8.3) (32.5)% (6.8)% (4.2)% Inventories, net (3.9) 2.6 (250.0)% (2.4)% 1.3% Cost of Sales (117.2) (124.9) 6.2% (72.2)% (63.9)% ----------------------- ---------- ---------- -------- ------- ------- Gross Profit 45.2 70.7 (36.1)% 27.8% 36.1% ----------------------- ---------- ---------- -------- ------- ------- Selling Expenses (42.3) (47.9) 11.7% (26.0)% (24.5)% General and Administrative Expenses (12.1) (10.7) (13.1)% (7.5)% (5.5)% Operating Income (Loss) (9.2) 12.1 (176.0)% (5.7)% 6.2% ----------------------- ---------- ---------- -------- ------- ------- Interest Income, net 0.3 0.2 0.2% 0.1% Foreign Exchange, net 0.6 (1.1) 0.4% (0.6)% Other Income, net 1.8 1.0 1.1% 0.5% Earnings (Losses) before taxes and minority interest (6.5) 12.2 (153.3)% (4.0)% 6.2% ---------------------------------- ---------- -------- ------- ------- Income taxes 2.2 (2.3) 1.4% (1.2)% Earnings (Losses) before minority interest (4.3) 9.9 (143.4)% (2.6)% 5.1% ---------------------------------- ---------- -------- ------- ------- Minority Interest (0.1) 0.0 (0.1)% 0.0% Net Earnings (Losses) (4.2) 9.9 (142.4)% (2.6)% 5.1% ----------------------- ---------- ---------- -------- ------- ------- Earnings (Losses) Per Share (0.08) 0.18 ----------------------- ---------- ---------- -------- ------- ------- Average Number of Shares Outstanding* 54,824,227 54,738,538 ---------------------------------- ---------- -------- ------- ------- (*) Net of shares repurchased ---------------------------------------------------------------------- Key Figures in U.S. dollars (millions) Three months ended on June 30, June 2007 30, 2006 ---------------------------------- ------------------- --------------- Total Net Sales 219.0 246.0 Gross Profit 60.9 88.9 Operating Income (Loss) (12.4) 15.2 Net Earnings (Losses) (5.7) 12.5 Earnings (Losses) per Share (0.11) 0.23 Average exchange rate (U.S. dollar per Euro) 1.3484 1.2576 ---------------------------------------------------------------------- NATUZZI S.P.A. AND SUBSIDIARIES Unaudited Consolidated Statement of Earnings for six months ended June 30, 2007 and 2006 on the basis of Italian GAAP (Expressed in millions of EUR except per share data) ---------------------------------------------- Percent of Six months ended on % Over Sales 30-Jun-07 30-Jun-06 (Under) 30-Jun- 30-Jun- 07 06 --------------------- ---------- ---------- ---------------- ------- Upholstery net sales 281.0 344.1 (18.3)% 88.9% 89.7% Other sales 35.2 39.7 (11.2)% 11.1% 10.3% Total Net Sales 316.2 383.8 (17.6)% 100.0% 100.0% --------------------- ---------- ---------- -------- ------- ------- Purchases (158.8) (163.1) 2.6% (50.2)% (42.5)% Labor (51.4) (56.1) 8.4% (16.3)% (14.6)% Third-party Manufacturers (7.7) (11.7) 34.0% (2.4)% (3.0)% Manufacturing Costs (19.1) (16.2) (17.9)% (6.0)% (4.2)% Inventories, net 12.9 (1.4) 1020.1% 4.1% (0.4)% Cost of Sales (224.1) (248.5) 9.8% (70.9)% (64.7)% --------------------- ---------- ---------- -------- ------- ------- Gross Profit 92.1 135.3 (31.9)% 29.1% 35.3% --------------------- ---------- ---------- -------- ------- ------- Selling Expenses (85.7) (94.4) 9.2% (27.1)% (24.6)% General and Administrative Expenses (23.5) (19.9) (18.1)% (7.4)% (5.2)% Operating Income (Loss) (17.1) 21.0 (181.4)% (5.4)% 5.5% --------------------- ---------- ---------- -------- ------- ------- Interest Income, net 0.9 0.5 0.3% 0.1% Foreign Exchange, net 1.0 (1.6) 0.3% (0.4)% Other Income, net 2.8 3.2 0.9% 0.8% Earnings (Losses) before taxes and minority interest (12.4) 23.1 (153.7)% (3.9)% 6.0% -------------------------------- ---------- -------- ------- ------- Income taxes 3.3 (6.3) 1.0% (1.6)% Earnings (Losses) before minority interest (9.1) 16.8 (154.2)% (2.9)% 4.4% -------------------------------- ---------- -------- ------- ------- Minority Interest (0.1) 0.1 (0.0)% 0.0% Net Earnings (Losses) (9.0) 16.7 (153.9)% (2.8)% 4.4% --------------------- ---------- ---------- -------- ------- ------- Earnings (Losses) Per Share (0.16) 0.31 -------------------------------- ---------- -------- ------- ------- Average Number of Shares Outstanding* 54,824,227 54,738,538 -------------------------------- ---------- -------- ------- ------- (*) Net of shares repurchased -------------------------------------------------------------------- Key Figures in U.S. dollars (millions) Six months ended on June 30, June 2007 30, 2006 -------------------------------- ------------------- --------------- Total Net Sales 420.6 472.4 Gross Profit 122.5 166.5 Operating Income (Loss) (22.7) 25.8 Net Earnings (Losses) (12.0) 20.6 Earnings (Losses) per Share (0.22) 0.38 Average exchange rate (U.S. dollar per Euro) 1.3300 1.2309 -------------------------------------------------------------------- GEOGRAPHIC BREAKDOWN -------------------------------------------------- Sales* Seat Units Three months Three months ended on % Over ended on % Over 30- 30- (Under)30-Jun- 30-Jun- (Under) Jun- Jun- 07 06 07 06 === ===== ===== ============== ======= ======= Americas 49.4 63.0 (21.6%)286,402 353,328 (18.9%) % of total34.1% 35.7% 45.0% 44.1% Europe 85.9 102.7 (16.4%)311,475 401,773 (22.5%) % of total59.3% 58.1% 48.9% 50.1% Rest of the world 9.6 11.0 (12.7%) 38,522 46,298 (16.8%) % of total 6.6% 6.2% 6.1% 5.8% ------------- ----- -------------- ------- ------- TOTAL 144.9 176.7 (18.0%)636,399 801,399 (20.6%) -------------------------------------------------- * Expressed in millions of EUR -------------------------------------------------- BREAKDOWN BY COVERING -------------------------------------------------- Sales* Seat Units Three months Three months ended on % Over ended on % Over 30- 30- (Under)30-Jun- 30-Jun- (Under) Jun- Jun- 07 06 07 06 === ================================== ======= Leather 126.6 153.8 (17.7%)549,118 677,656 (19.0%) % of total87.4% 87.0% 86.3% 84.6% Fabric 18.3 22.9 (20.1%) 87,281 123,743 (29.5%) % of total12.6% 13.0% 13.7% 15.4% Total 144.9 176.7 (18.0%)636,399 801,399 (20.6%) -------------------------------------------------- * (Expressed in millions of EUR) -------------------------------------------------- BREAKDOWN BY BRAND -------------------------------------------------- Sales* Seat Units Three months Three months ended on % Over ended on % Over 30- 30- (Under)30-Jun- 30-Jun- (Under) Jun- Jun- 07 06 07 06 === ================================== ======= Natuzzi 96.1 114.4 (16.0%)325,701 403,978 (19.4%) % of total66.3% 64.7% 51.2% 50.4% Italsofa 48.8 62.3 (21.7%)310,698 397,421 (21.8%) % of total33.7% 35.3% 48.8% 49.6% TOTAL 144.9 176.7 (18.0%)636,399 801,399 (20.6%) -------------------------------------------------- GEOGRAPHIC BREAKDOWN ---------------------------------------------------------------------- Sales* Seat Units Six months ended on % Over Six months ended on % Over 30- 30- (Under)30-Jun-07 30-Jun-06 (Under) Jun- Jun- 07 06 ====================== ======================================= ======= Americas 95.8 126.8 (24.4%) 545,154 678,250 (19.6%) % of total 34.1% 36.9% 43.4% 43.8% Europe 165.5 195.6 (15.4%) 631,559 780,932 (19.1%) % of total 58.9% 56.8% 50.3% 50.4% Rest of the world 19.7 21.7 (9.2%) 79,787 89,369 (10.7%) % of total 7.0% 6.3% 6.3% 5.8% ---------------------- ------ ----- ---------------- --------- ------- TOTAL 281.0 344.1 (18.3%)1,256,500 1,548,551 (18.9%) ---------------------------------------------------------------------- * (Expressed in millions of EUR) ---------------------------------------------------------------------- BREAKDOWN BY COVERING ---------------------------------------------------------------------- Sales* Seat Units Six months ended on % Over Six months ended on % Over 30- 30- (Under)30-Jun-07 30-Jun-06 (Under) Jun- Jun- 07 06 ====================== ======================================= ======= Leather 246.7 297.2 (17.0%)1,084,874 1,291,199 (16.0%) % of total 87.8% 86.4% 86.3% 83.4% Fabric 34.3 46.9 (26.9%) 171,626 257,352 (33.3%) % of total 12.2% 13.6% 13.7% 16.6% Total 281.0 344.1 (18.3%)1,256,500 1,548,551 (18.9%) ---------------------------------------------------------------------- * (Expressed in millions of EUR) ---------------------------------------------------------------------- BREAKDOWN BY BRAND ---------------------------------------------------------------------- Sales* Seat Units Six months ended on % Over Six months ended on % Over 30- 30- (Under)30-Jun-07 30-Jun-06 (Under) Jun- Jun- 07 06 ====================== ======================================= ======= Natuzzi 177.1 223.5 (20.8%) 611,050 791,073 (22.8%) % of total 63.0% 65.0% 48.6% 51.1% Italsofa 103.9 120.6 (13.8%) 645,450 757,478 (14.8%) % of total 37.0% 35.0% 51.4% 48.9% TOTAL 281.0 344.1 (18.3%)1,256,500 1,548,551 (18.9%) ---------------------------------------------------------------------- NATUZZI S.P.A. AND SUBSIDIARIES Unaudited Consolidated Balance Sheet as of June 30, 2007 and December 31, 2006 (Expressed in millions of EUR) 30-Jun- 31-Dec- 07 06 ------------------------------------ -------- -------- ASSETS Current Assets: Cash and cash equivalents 112.0 128.1 Marketable debt securities 0.0 0.0 Trade receivables, net 117.1 119.3 Other receivables 41.9 44.7 Inventories 113.2 100.3 Unrealized foreign exchange gains 2.2 5.5 Prepaid expenses and accrued income 4.0 2.0 Deferred income taxes 13.0 7.5 Total current assets 403.4 407.4 ------------------------------------ -------- -------- Non-Current Assets: Net property, plant and equipment 249.1 246.3 Treasury shares 0.0 0.0 Other assets 18.5 18.7 Deferred income taxes 2.3 2.3 ------------------------------------ -------- -------- TOTAL ASSETS 673.3 674.7 ------------------------------------ -------- -------- LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities: Short-term borrowings 11.0 3.8 Current portion of long-term debt 0.3 0.3 Accounts payable-trade 76.9 79.5 Accounts payable-other 23.6 22.5 Accounts payable shareholders for dividends 0.6 0.6 Unrealized foreign exchange losses 0.0 0.0 Income taxes 1.3 4.6 Salaries, wages and related liabilities 22.3 21.7 Total current liabilities 136.0 133.0 ------------------------------------ -------- -------- Long-Term Liabilities: Employees' leaving entitlement 35.7 35.3 Long-term debt 2.2 2.4 Deferred income taxes 0.0 0.0 Deferred income for capital grants 13.4 14.1 Other liabilities 9.2 10.5 ------------------------------------ -------- -------- Minority Interest 0.5 0.6 ------------------------------------ -------- -------- Shareholders' Equity: Share capital 54.8 54.7 Reserves 42.3 42.3 Additional paid-in capital 8.3 8.3 Retained earnings 370.9 373.5 Total shareholders' equity 476.3 478.8 ------------------------------------ -------- -------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 673.3 674.7 ---------------------------------------------- -------- NATUZZI S.P.A. AND SUBSIDIARIES Unaudited Consolidated Statement of Cash Flows as of June 30, 2007 and 2006 (Expressed in millions of EUR) 30- 30- Jun- Jun- 07 06 ------ ----- Cash flows from operating activities: Net earnings (losses) (9.0) 16.7 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 14.8 15.3 Employees' leaving entitlement 0.4 1.2 Deferred income taxes (5.5) (1.7) Minority interest (0.1) 0.1 (Gain) loss on disposal of assets 0.0 0.2 Unrealized foreign exchange (losses) / gain 3.2 (7.2) Deferred income for capital grants (0.5) (0.6) Change in assets and liabilities: Receivables, net 2.2 1.1 Inventories (12.9) 1.4 Prepaid expenses and accrued income (2.0) (1.4) Other assets 2.8 1.4 Accounts payable (2.6) 3.8 Income taxes (3.3) 1.3 Salaries, wages and related liabilities 0.7 3.6 Other liabilities 0.1 0.4 Total adjustments (2.7) 18.9 NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES (11.7) 35.6 --------------------------------------------------------- ------ ----- Cash flows from investing activities: Property, plant and equipment: Additions (13.0) (6.9) Disposals 0.4 0.2 Government grants received 0.0 0.0 Marketable debt securities: Proceeds from sales 0.0 0.0 Purchase of business, net of cash acquired 0.0 (3.1) Disposal of business 0.0 0.0 NET CASH USED BY INVESTING ACTIVITIES (12.6) (9.8) --------------------------------------------------------- ------ ----- Cash flows from financing activities: Long term debt: Proceeds 0.0 0.0 Repayments (0.3) (0.3) Short-term borrowings 7.2 (1.5) Dividends paid to shareholders 0.0 0.0 Dividends paid to minority shareholders 0.0 0.0 NET CASH PROVIDED (USED) BY FINANCING ACTIVITIES 6.9 (1.8) --------------------------------------------------------- ------ ----- Effect of translation adjustments on cash 1.3 (1.0) INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (16.1) 23.0 --------------------------------------------------------- ------ ----- Cash and cash equivalents, beginning of the year 128.1 89.7 CASH AND CASH EQUIVALENTS, END OF THE PERIOD 112.0 112.7 --------------------------------------------------------- ------------ CONTACT: Natuzzi S.p.A. Investor Relations Dept. Tel.: +39-080-8820-812 Fax: +39-080-8820-241 E-mail: investor_relations@natuzzi.com or Corporate Press Office Tel.: +39-080-8820-124 Fax: +39-080-8820-508 E-mail: relazioni.esterne@natuzzi.com CONFORMED 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 12, 2007 By: /s/ FILIPPO SIMONETTI --------------------- Filippo Simonetti