<SEC-DOCUMENT>0001157523-14-002408.txt : 20140623
<SEC-HEADER>0001157523-14-002408.hdr.sgml : 20140623
<ACCEPTANCE-DATETIME>20140530181614
ACCESSION NUMBER:		0001157523-14-002408
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20140530
FILED AS OF DATE:		20140602
DATE AS OF CHANGE:		20140530

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NATUZZI S P A
		CENTRAL INDEX KEY:			0000900391
		STANDARD INDUSTRIAL CLASSIFICATION:	HOUSEHOLD FURNITURE [2510]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-11854
		FILM NUMBER:		14881693

	BUSINESS ADDRESS:	
		STREET 1:		VIA IAZZITIELLO 47
		CITY:			SANTERAMO ITALY
		STATE:			L6
		ZIP:			70029

	MAIL ADDRESS:	
		STREET 1:		VIA IAZZITIELLO 47
		CITY:			SANTERAMO ITALTY
		STATE:			L6
		ZIP:			999999999

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NATUZZI INDUSTRIES SPA
		DATE OF NAME CHANGE:	19950823
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>a50876910.htm
<DESCRIPTION>NATUZZI S.P.A. 6-K
<TEXT>
<html>
  <head>
    <title></title>
<!--Copyright 2014 Business Wire, a Berkshire Hathaway company.-->
<!--All rights reserved www.businesswire.com-->
  </head>
  <body style="font-size: 10pt; font-family: Times New Roman">
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt">Securities
      and Exchange Commission</font><br><font style="font-family: Times New Roman; font-size: 12pt">Washington,
      D.C. 20549</font><br><br><br><font style="font-family: Times New Roman; font-size: 18pt"><b>Form
      6-K</b></font><br><br><br><font style="font-family: Times New Roman; font-size: 12pt">Report
      of Foreign Issuer</font><br><font style="font-family: Times New Roman; font-size: 12pt">Pursuant
      To Rule 13a-16 Or 15d-16</font><br><font style="font-family: Times New Roman; font-size: 12pt">Of
      The</font><br><font style="font-family: Times New Roman; font-size: 12pt">Securities
      Exchange Act of 1934</font><br><br>
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; font-size: 10pt; margin-bottom: 10.0px; font-family: Times New Roman">
      <tr>
        <td style="width: 33%; padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <font style="font-size: 10pt">For the month of </font><font style="font-family: Times New Roman; font-size: 10pt"><b>MAY,
            2014</b></font>
          </p>
        </td>
        <td style="width: 34%; padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
        <td style="width: 33%; padding-left: 0.0px; text-align: right" valign="top">
          Commission File Number 1-11854
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">
      <br>

    </p>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; font-size: 10pt; margin-bottom: 10.0px; font-family: Times New Roman">
      <tr>
        <td style="padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <font style="font-size: 14pt"><b>NATUZZI S.p.A.</b></font>
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <font style="font-size: 10pt">(Translation of registrant's name
            into English)</font>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">
      <br>

    </p>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; font-size: 10pt; margin-bottom: 10.0px; font-family: Times New Roman">
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="top">
          Via Iazzitiello 47
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt" valign="top">
          70029 Santeramo, Italy
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="top">
          (Address of principal office)
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">
      <br>
      <br>

    </p>
    <p style="text-indent: 30.0px; text-align: left">
      <font style="font-family: Times New Roman; font-size: 10pt">Indicate by
      check mark whether the registrant files or will file annual reports
      under cover of Form 20-F or Form 40-F:</font><br><font style="font-family: Times New Roman; font-size: 10pt">Form
      20-F</font><font style="font-family: Times New Roman; font-size: 10pt"> </font><font style="font-family: Arial Unicode MS; font-size: 11pt">&#8864;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Form 40-F </font><font style="font-family: Arial Unicode MS; font-size: 12pt">&#8414;</font>
    </p>
    <p style="text-indent: 30.0px; text-align: left">
      <font style="font-family: Times New Roman; font-size: 10pt">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. &#160;Yes </font><font style="font-family: Arial Unicode MS; font-size: 12pt">&#8414;</font><font style="font-family: Times New Roman; font-size: 10pt">&#160;&#160;
      No </font><font style="font-family: Arial Unicode MS; font-size: 11pt">&#8864;</font>
    </p>
    <p style="text-indent: 30.0px">
      <font style="font-family: Times New Roman; font-size: 10pt">If &quot;Yes&quot; is
      marked, indicate below the file number assigned to the registrant in
      connection with Rule 12g3-2(b):</font>
    </p>
    <p style="text-indent: 30.0px">

    </p>
    <div style="width: 100%; margin-right: 0pt; margin-bottom: 10pt; text-indent: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-align: left">

    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt"><b>Natuzzi:
      First Quarter 2014 Consolidated Financial Results</b></font>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt"><b>FIRST
      CHECK-POINT OF THE 2014-2016 BUSINESS PLAN</b></font>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        <i><font style="font-family: Times New Roman; font-size: 12pt"><b>SALES
        IN LINE WITH THE 2014-2016 BUSINESS PLAN;</b></font></i>
      </li>
      <li style="margin-bottom: 10.0px">
        <i><font style="font-family: Times New Roman; font-size: 12pt"><b>NEGATIVE
        EBIT OF &#8364;9.4 MILLION, COMPARED TO A NEGATIVE EBIT OF &#8364;8.8 MILLION
        ANTICIPATED BY THE 2014-2016 BUSINESS PLAN;</b></font></i>
      </li>
      <li style="margin-bottom: 10.0px">
        <i><font style="font-family: Times New Roman; font-size: 12pt"><b>RESTRUCTURING
        ACTIONS AIMED AT RECOVERING OPERATING EFFICIENCY AND COMPETITIVENESS
        IN PLACE.</b></font></i>
      </li>
    </ul>
    <p>
      SANTERAMO IN COLLE, Italy--(BUSINESS WIRE)--May 30, 2014--The Board of
      Directors of Natuzzi S.p.A. (NYSE:NTZ) (&#8220;Natuzzi&#8221; or &#8220;the Company&#8221;) has
      approved its consolidated financial results for the first quarter of
      2014.
    </p>
    <p>
      After the meeting of the board of directors, the Chief Executive
      Officer, Pasquale Natuzzi, commented:
    </p>
    <p>
      &#8220;First quarter 2014 results represent a first check-point for monitoring
      the progress of the 2014-2016 Business Plan (the &#8220;Plan&#8221;), that was
      approved by the board of directors on February 28, 2014, as well as the
      effectiveness of the actions already undertaken.
    </p>
    <p>
      Consolidated net sales in the period were equal to &#8364;98.4 million, down
      11.2% from &#8364;110.7 million reported in the first quarter of 2013.
    </p>
    <p>
      This reduction &#8211; largely anticipated by the Plan &#8211; is attributable
      principally to the following factors:
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        The negative impact from foreign currency movements that have eroded
        3.2% of total net sales when translated into Euro;
      </li>
      <li style="margin-bottom: 10.0px">
        The negative performance of some of the Group&#8217;s largest dealers
        located in the North America region, following the adverse weather
        conditions that occurred on the Atlantic coast and that have affected
        the first few months of the year;
      </li>
      <li style="margin-bottom: 10.0px">
        Production delays, particularly in Italy and China. As for Italy, we
        reported a low level of productivity since we staffed our Italian
        plants with workers on rotation, in accordance with the agreement we
        entered into with the unions on October 10, 2013; as for China, we
        experienced a higher than expected level of turnover among workers
        after the Chinese New Year holiday period, consequently lowering the
        level of productivity for the Chinese plant.
      </li>
    </ul>
    <div style="width: 100%; margin-right: 0pt; margin-bottom: 10pt; text-indent: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      It is worth highlighting that, notwithstanding the 11.2% reduction in
      revenue reported for the period, the Group&#8217;s industrial margin was
      substantially the same as last year, passing from 29.0% in 2013 first
      quarter to 28.5% in the first three months of 2014.
    </p>
    <p>
      The consolidated EBIT was negative at -&#8364;9.4 million (compared to a
      negative EBIT of -&#8364;6.9 million last year), slightly below the operating
      result of -&#8364;8.8 million expected by the Plan for the period, and was the
      result of the following:
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        A &#8364;2.6 million loss related to the operating performance of the
        Group&#8217;s directly operated stores (DOS). This result was foreseen by
        the Plan and turned out to be better than first quarter last year by
        &#8364;0.9 million. The reverse in trend was due both to a significant
        increase in sales (an overall increase of 24.7% in the quarter versus
        last year same period, or an increase of 19.6% on a same-store sales
        basis) and also due to the closure of eight non-performing stores, as
        envisaged by the Plan;
      </li>
      <li style="margin-bottom: 10.0px">
        A &#8364;1.4 million loss related to our operations in Brazil, this too was
        envisaged by the Plan, and improved by &#8364;0.3 million if compared to the
        same quarter in 2013;
      </li>
      <li style="margin-bottom: 10.0px">
        The remaining operating loss pertains the Group&#8217;s industrial
        operations and the overhead cost structure. In this regard, the
        actions already undertaken aimed at recovering industrial efficiency
        have already shown that since last March &#8211; after two difficult initial
        months &#8211; a trend reversal has been in place, substantially in line
        with the Plan. In particular:
      </li>
    </ul>
    <p>
      1) The restructuring of our Italian operations, according to the
      agreement entered into between the Company and unions on October 10,
      2013, under the supervision of the Minister of Economic Development, is
      underway, with the contemplated closure of the plant in Ginosa, Italy,
      having been completed, the right-sizing in the number of our workforce
      and the end of staffing by rotation within the Italian plants;
    </p>
    <p>
      2) On the product innovation side, an additional 35 models were
      re-engineered during the first three months of the year, and we expect
      to re-engineer a further 85 models by the end of 2014. At the end of the
      current year, we expect 90% of our production will be represented by
      models that will be manufactured on platforms.
    </p>
    <p>
      3) On the industrial process-innovation side, we set up an additional 15
      new moving lines during the first quarter of 2014. Within the end of
      this year we plan to complete a further 11 moving lines, thus bringing
      the total number of moving lines in all of the Group&#8217;s plants to 50, as
      contemplated in the Plan.
    </p>
    <p>
      4) The start of the project execution for a centralized shared service
      structure, as envisaged by the Plan, designed to reduce back-office
      costs.
    </p>
    <p>
      Cash used by operations and investments have reduced the Group&#8217;s net
      financial position from &#8364;28.5 million as of the end of 2013 to &#8364;21.1
      million as of March 31, 2014, including a &#8364;1.4 million negative effect
      from foreign currency movements.
    </p>
    <div style="width: 100%; margin-right: 0pt; margin-bottom: 10pt; text-indent: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      In consideration of this first and very important check point of the
      2014-2016 business plan, we are now in the position to say that our
      progress for the restructuring of the Group&#8217;s operations is in line with
      the Plan, as is our project for reorganizing the Group&#8217;s commercial
      structure, for which we recently hired two important managers for the
      Americas and Western Europe markets.
    </p>
    <p>
      Lastly, although the current order flow is not in line with our
      expectations, we perceive the first signals of a trend reversal
      following the positive feedback we have received on our new collections
      that were recently introduced at international fairs since the end of
      March. To sum up, we are cautiously optimistic about our reaching the
      targets included in the Plan.&#8221;.
    </p>
    <p style="text-align: center">
      * *
    </p>
    <p>
      The Company will host a <u><b>conference call on Tuesday June 3</b></u><b><u><sup>rd</sup></u><u>,
      2014 </u></b>at 10:00 a.m. U.S. Eastern Time (4.00 p.m. Italian time, or
      3.00 p.m. UK time) to discuss financial results.
    </p>
    <p>
      The dial-in phone numbers for the live conference call are
      1-888-438-5535 (toll-free) for persons calling from the U.S. or Canada,
      and 1-719-325-2362 for those calling from other countries.
    </p>
    <p>
      A live web cast of the conference call will be available on line at <u>http://www.natuzzi.com/</u>
      under the &#8220;<i>Investor Relations</i>&#8221; section.
    </p>
    <p>
      A replay of the call will be available shortly after the end of the
      conference call starting from June 3<sup>rd</sup>, 2014 (at 1:00 pm US
      Eastern time), to July 3<sup>rd</sup>, 2014. To access the replay of the
      conference call, interested persons need to dial 1-877-870-5176
      (toll-free) for calls from U.S. and Canada, and 1-858-384-5517 for calls
      from other countries. The access code for the replay is: 9171295.
    </p>
    <p>
      ----------------------------------------------
    </p>
    <p>
      <b>CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS</b>
    </p>
    <p>
      <i>Certain statements set forth in this press release constitute
      forward-looking statements within the meaning of the safe harbor
      provisions of Section 27A of the Securities Act of 1933, as amended, and
      Section 21E of the Securities Exchange Act of 1934, as amended. These
      statements involve risks and uncertainties that could cause Natuzzi&#8217;s
      actual results to differ materially from those stated or implied by such
      forward-looking statements. More information about the potential factors
      that could affect the Company&#8217;s business and financial results is
      included in Natuzzi&#8217;s filings with the Securities and Exchange
      Commission, including the Company&#8217;s Annual Report on Form 20-F for the
      year ended December 31, 2013. Natuzzi undertakes no obligation to update
      any of the forward-looking statements after the date of this press
      release.</i>
    </p>
    <p>
      ----------------------------------------------
    </p>
    <p>
      <b>About Natuzzi S.p.A.</b>
    </p>
    <p>
      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 &#8364;449.1
      million in 2013, Natuzzi is Italy&#8217;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 1,200
      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.
    </p>
    <div style="width: 100%; margin-right: 0pt; margin-bottom: 10pt; text-indent: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; font-size: 10pt; margin-bottom: 10.0px; font-family: Times New Roman">
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="11" valign="top">
          <b>Natuzzi S.p.A. and Subsidiaries</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="11" valign="top">
          <b>Unaudited Consolidated Profit &amp; Loss for the first quarter of
          2014 &amp; 2013 on the basis of Italian GAAP</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="11" valign="top">
          <i>(expressed in millions Euro, except per share amounts)</i>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" colspan="3" valign="top">
          <b>Three months ended on</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="top">
          <b>Change</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" colspan="3" valign="top">
          <b>Percentage of Sales</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: double black 2.25pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: double black 2.25pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: right; border-bottom: double black 2.25pt" valign="top">
          <b>31-Mar-14</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: double black 2.25pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: right; border-bottom: double black 2.25pt" valign="top">
          <b>31-Mar-13</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: double black 2.25pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: double black 2.25pt" valign="bottom">
          <b>%</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: double black 2.25pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: right; border-bottom: double black 2.25pt" valign="top">
          <b>31-Mar-14</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: double black 2.25pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: right; border-bottom: double black 2.25pt" valign="top">
          <b>31-Mar-13</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Upholstery net sales
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          87.9
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          99.0
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          -11.2%
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          89.4%
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          89.4%
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          Other sales
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          10.5
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          11.7
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          -10.8%
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          10.6%
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          10.6%
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          <b>Total Net Sales</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>98.4</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>110.7</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>-11.2%</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>100.0%</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>100.0%</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Consumption (*)
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          (44.5)
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          (50.3)
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          -11.5%
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          -45.3%
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          -45.4%
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Labor
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          (19.1)
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          (21.1)
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          -9.4%
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          -19.4%
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          -19.0%
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Industrial Costs
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          (6.8)
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          (7.3)
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          -6.7%
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          -6.9%
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          -6.6%
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="top">
          <i>of which: Depreciation, Amortization</i>
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <i>(2.5)</i>
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <i>(2.3)</i>
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          5.5%
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <i>-2.5%</i>
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <i>-2.1%</i>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          <b>Cost of Sales</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>(70.4)</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>(78.6)</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>-10.5%</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>-71.5%</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>-71.0%</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          <b>Industrial Margin</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>28.0</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>32.1</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>-12.8%</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>28.5%</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>29.0%</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <b>Selling Expenses</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          <b>(16.0)</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          <b>(17.2)</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          <b>-6.9%</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          <b>-16.2%</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          <b>-15.5%</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 50.0px; text-align: left" valign="top">
          <i>Transportation</i>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          <i>(10.2)</i>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          <i>(11.2)</i>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          <i>-9.0%</i>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          <i>-10.4%</i>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          <i>-10.1%</i>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 50.0px; text-align: left" valign="top">
          <i>Commissions</i>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          <i>(2.3)</i>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          <i>(2.5)</i>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          <i>-6.9%</i>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          <i>-2.3%</i>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          <i>-2.2%</i>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 50.0px; text-align: left" valign="top">
          <i>Advertising</i>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          <i>(3.5)</i>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          <i>(3.5)</i>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          <i>-0.2%</i>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          <i>-3.5%</i>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          <i>-3.1%</i>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <b>Other Selling and G&amp;A</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          <b>(21.4)</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          <b>(21.8)</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          <b>-1.7%</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          <b>-21.8%</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          <b>-19.7%</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="top">
          <i>of which: Depreciation, Amortization</i>
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <i>(1.1)</i>
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <i>(1.6)</i>
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          -30.9%
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <i>-1.1%</i>
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <i>-1.4%</i>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          <b>EBITDA</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>(5.9)</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>(3.0)</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>-6.0%</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>-2.7%</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          <b>EBIT</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>(9.4)</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>(6.9)</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>-9.6%</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>-6.2%</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Interest Income/(Costs), Net
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          (0.3)
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          (0.1)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Foreign Exchange, Net
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          0.8
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          1.5
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          Other Income/(Cost), Net
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          (0.3)
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          0.5
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          <b>Earning before Income Taxes</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>(9.2)</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>(5.0)</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>-9.4%</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>-4.5%</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Current taxes
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          (0.5)
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          (1.0)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          -0.5%
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          -0.9%
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          <b>Net Result</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>(9.8)</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>(6.0)</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>-9.9%</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>-5.4%</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Minority interest
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          (0.0)
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          (0.0)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          <b>Net Group Result</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>(9.8)</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>(6.0)</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>-9.9%</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>-5.4%</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          <b>Net Group Result per Share</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>(0.18)</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>(0.11)</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <b>Key Figures in U.S. dollars</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" colspan="3" valign="top">
          <b>Three months ended on</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="top">
          <b>Change</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" colspan="3" valign="top">
          <b>Percentage of Sales</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          <i>(millions)</i>
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="top">
          <b>31-Mar-14</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="top">
          <b>31-Mar-13</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt" valign="bottom">
          <b>%</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="top">
          <b>31-Mar-14</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="top">
          <b>31-Mar-13</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <b>Total Net Sales</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          <b>134.8</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          151.7
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          <b>-11.2%</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          <b>100.0%</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          <b>100.0%</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <b>Industrial Margin</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          <b>38.4</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          44.0
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          <b>-12.8%</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          <b>28.5%</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          <b>29.0%</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <b>EBIT</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          <b>(12.9)</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          (9.4)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          <b>-9.6%</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          <b>-6.2%</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <b>Net Group Result</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          <b>(13.4)</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          (8.2)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          <b>-9.9%</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          <b>-5.4%</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <b>Net Group Result per Share</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          <b>(0.24)</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          (0.15)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <b>Average exchange rate (U.S.$ per 1&#8364;)</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          <b>1.3704</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" colspan="11" valign="top">
          <i>(*) Purchases plus beginning stock minus final stock and leather
          processing</i>
        </td>
      </tr>
    </table>
    </div>
    <div style="width: 100%; margin-right: 0pt; margin-bottom: 10pt; text-indent: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; font-size: 10pt; margin-bottom: 10.0px; font-family: Times New Roman">
      <tr>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center" colspan="19" valign="top">
          <b>UPHOLSTERY NET SALES BREAKDOWN</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" colspan="19" valign="top">
          GEOGRAPHIC BREAKDOWN
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" colspan="9" valign="top">
          <b>NET SALES (in &#8364;, million)</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center" colspan="9" valign="top">
          <b>NET SALES (in seats sold)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" colspan="9" valign="top">
          <b>Quarter ended on</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" colspan="9" valign="top">
          <b>Quarter ended on</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: double black 2.25pt" valign="top">
          <b>AREA</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center; border-bottom: double black 2.25pt" valign="top">
          <b>31-Mar-14</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: double black 2.25pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: double black 2.25pt" valign="bottom">
          <b>%</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center; border-bottom: double black 2.25pt" valign="top">
          <b>31-Mar-13</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: double black 2.25pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: double black 2.25pt" valign="bottom">
          <b>%</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center; border-bottom: double black 2.25pt" valign="top">
          <b>delta</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center; border-bottom: double black 2.25pt" valign="top">
          <b>31-Mar-14</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: double black 2.25pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: double black 2.25pt" valign="bottom">
          <b>%</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center; border-bottom: double black 2.25pt" valign="top">
          <b>31-Mar-13</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: double black 2.25pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: double black 2.25pt" valign="bottom">
          <b>%</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center; border-bottom: double black 2.25pt" valign="top">
          <b>delta</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          <b>Americas</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>31.2</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>35.5%</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>38.0</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>38.4%</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>-17.8%</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>161,760</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>43.4%</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>185,171</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>44.8%</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>-12.6%</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: right" valign="top">
          Natuzzi Italia
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          2.9
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          3.3%
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          5.0
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          5.1%
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          -43.0%
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          6,271
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          1.7%
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          11,247
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          2.7%
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          -44.2%
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: right" valign="top">
          Natuzzi Editions
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          14.2
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          16.1%
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          18.7
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          18.9%
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          -24.2%
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          65,680
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          17.6%
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          88,415
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          21.4%
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          -25.7%
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="top">
          Unbranded
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          14.2
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          16.1%
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          14.3
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          14.4%
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          -0.5%
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          89,809
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          24.1%
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          85,509
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          20.7%
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          5.0%
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          <b>EMEA</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>44.3</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>50.3%</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>49.3</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>49.8%</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>-10.3%</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>161,975</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>43.5%</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>185,839</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>45.0%</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>-12.8%</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: right" valign="top">
          Natuzzi Italia
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          22.4
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          25.5%
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          23.8
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          24.0%
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          -5.8%
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          58,657
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          15.7%
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          61,425
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          14.9%
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          -4.5%
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: right" valign="top">
          Natuzzi Editions
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          13.0
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          14.8%
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          13.9
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          14.0%
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          -6.1%
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          47,567
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          12.8%
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          53,082
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          12.8%
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          -10.4%
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="top">
          Unbranded
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          8.9
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          10.1%
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          11.7
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          11.8%
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          -24.3%
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          55,751
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          15.0%
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          71,332
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          17.3%
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          -21.8%
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          <b>Asia-Pacific</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>10.4</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>11.8%</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>9.9</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>10.0%</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>5.0%</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>38,318</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>10.3%</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>32,881</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>8.0%</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>16.5%</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: right" valign="top">
          Natuzzi Italia
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          4.2
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          4.8%
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          5.5
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          5.5%
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          -23.9%
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          9,072
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          2.4%
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          10,941
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          2.6%
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          -17.1%
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: right" valign="top">
          Natuzzi Editions
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          5.5
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          6.2%
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          3.6
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          3.6%
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          51.9%
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          24,187
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          6.5%
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          16,381
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          4.0%
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          47.7%
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="top">
          Unbranded
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          0.7
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          0.8%
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          0.8
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          0.8%
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          -8.4%
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          5,059
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          1.4%
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          5,559
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          1.3%
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          -9.0%
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          <b>Brazil</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>2.1</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>2.4%</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>1.8</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>1.8%</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>14.2%</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>10,429</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>2.8%</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>9,531</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>2.3%</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>9.4%</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: right" valign="top">
          Natuzzi Italia
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          0.0
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          0.0%
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          0.0%
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          10
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          0.0%
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          0.0%
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: right" valign="top">
          Natuzzi Editions
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          1.2
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          1.4%
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          1.1
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          1.1%
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          9.0%
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          3,726
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          1.0%
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          3,805
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          0.9%
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          -2.1%
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="top">
          Unbranded
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          0.9
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          1.0%
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          0.7
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          0.7%
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          21.0%
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          6,693
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          1.8%
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          5,726
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          1.4%
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          16.9%
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          <b>TOTAL</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>87.9</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>100.0%</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>99.0</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>100.0%</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>-11.2%</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>372,482</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>100.0%</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>413,422</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>100.0%</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>-9.9%</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" colspan="19" valign="top">
          <b>BREAKDOWN BY BRAND</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" colspan="9" valign="top">
          <b>NET SALES (in &#8364;, million)</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" colspan="9" valign="top">
          <b>NET SALES (in seats sold)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" colspan="9" valign="top">
          <b>Quarter ended on</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" colspan="9" valign="top">
          <b>Quarter ended on</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: double black 2.25pt" valign="top">
          <b>BRAND</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center; border-bottom: double black 2.25pt" valign="top">
          <b>31-Mar-14</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: double black 2.25pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: double black 2.25pt" valign="bottom">
          <b>%</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center; border-bottom: double black 2.25pt" valign="top">
          <b>31-Mar-13</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: double black 2.25pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: double black 2.25pt" valign="bottom">
          <b>%</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center; border-bottom: double black 2.25pt" valign="top">
          <b>delta</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center; border-bottom: double black 2.25pt" valign="top">
          <b>31-Mar-14</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: double black 2.25pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: double black 2.25pt" valign="bottom">
          <b>%</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center; border-bottom: double black 2.25pt" valign="top">
          <b>31-Mar-13</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: double black 2.25pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom: double black 2.25pt" valign="bottom">
          <b>%</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center; border-bottom: double black 2.25pt" valign="top">
          <b>delta</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: right" valign="top">
          Natuzzi Italia
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          29.5
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          33.5%
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          34.3
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          34.7%
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          -14.2%
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          74,010
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          19.9%
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          83,613
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          20.2%
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          -11.5%
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: right" valign="top">
          Natuzzi Editions
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          33.9
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          38.5%
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          37.3
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          37.6%
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          -9.1%
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          141,160
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          37.9%
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          161,683
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          39.1%
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          -12.7%
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="top">
          Unbranded
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          24.6
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          28.0%
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          27.4
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          27.7%
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          -10.3%
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          157,312
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          42.2%
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          168,126
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          40.7%
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          -6.4%
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          <b>TOTAL</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>87.9</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>100.0%</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>99.0</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>100.0%</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>-11.2%</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>372,482</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>100.0%</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>413,422</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>100.0%</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>-9.9%</b>
        </td>
      </tr>
    </table>
    </div>
    <div style="width: 100%; margin-right: 0pt; margin-bottom: 10pt; text-indent: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; font-size: 10pt; margin-bottom: 10.0px; font-family: Times New Roman">
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center" colspan="5" valign="top">
          <b>Natuzzi S.p.A. and Subsidiaries</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" colspan="5" valign="top">
          <b>Unaudited Consolidated Balance Sheets on the basis of Italian GAAP</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" colspan="5" valign="top">
          <i>(Expressed in millions of Euro)</i>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: double black 2.25pt" valign="top">
          <b>ASSETS</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: double black 2.25pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: right; border-bottom: double black 2.25pt" valign="top">
          <b>31-Mar-14</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: double black 2.25pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: right; border-bottom: double black 2.25pt" valign="top">
          <b>31-Dec-13</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <b>Current assets:</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Cash and cash equivalents
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          55.2
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          61.0
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Marketable debt securities
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          0.0
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          0.0
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Trade receivables, net
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          78.2
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          78.9
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Other receivables
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          43.1
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          48.5
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Inventories
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          77.8
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          79.0
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Unrealized foreign exchange gains
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          0.1
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          0.6
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Prepaid expenses and accrued income
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          1.9
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          1.9
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          Deferred income taxes
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          0.3
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          0.3
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          <b>Total current assets</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>256.7</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>270.2</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <b>Non-current assets:</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Net property, plant and equipment
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          141.1
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          143.6
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          Other assets
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          9.0
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          8.1
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          <b>Total non-current assets</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>150.1</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>151.7</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          <b>TOTAL ASSETS</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>406.9</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>421.9</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          <b>LIABILITIES AND SHAREHOLDERS' EQUITY</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <b>Current liabilities:</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Short-term borrowings
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          27.7
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          25.0
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Current portion of long-term debt
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          3.4
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          3.3
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Accounts payable-trade
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          65.3
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          67.4
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Accounts payable-other
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          22.4
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          25.8
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Accounts payable-shareholders for dividends
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          -
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Unrealized foreign exchange losses
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          0.5
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          0.2
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Income taxes
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          6.9
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          7.1
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Deferred income taxes
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          1.0
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          1.0
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          Salaries, wages and related liabilities
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          9.1
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          8.3
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          <b>Total current liabilities</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>136.3</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>138.2</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <b>Long-term liabilities:</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Employees' leaving entitlement
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          24.8
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          24.8
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Long-term debt
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          3.0
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          4.2
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Deferred income taxes
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          -
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Deferred income for capital grants
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          8.5
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          8.6
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          Other liabilities
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          35.2
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          34.4
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          <b>Total long-term liabilities</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>71.6</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>72.1</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          <b>Minority interest</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>2.6</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>2.7</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <b>Shareholders' equity:</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Share capital
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          54.9
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          54.9
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Reserves
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          42.8
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          42.8
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Additional paid-in capital
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          8.4
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          8.4
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          Retained earnings
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          90.3
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          102.8
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          <b>Total shareholders' equity</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>196.4</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>208.9</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          <b>TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>406.9</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>421.9</b>
        </td>
      </tr>
    </table>
    </div>
    <div style="width: 100%; margin-right: 0pt; margin-bottom: 10pt; text-indent: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; font-size: 10pt; margin-bottom: 10.0px; font-family: Times New Roman">
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="5" valign="top">
          <b>Natuzzi S.p.A. and Subsidiaries</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 5.0px; text-align: left" valign="top">
          <b>Consolidated Statements of Cash Flows</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center" colspan="3" valign="top">
          <b>Three months ended on</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: double black 2.25pt" valign="top">
          <i>(Expressed in million of Euro)</i>
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: double black 2.25pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: right; border-bottom: double black 2.25pt" valign="top">
          <b>31-Mar-14</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: double black 2.25pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: right; border-bottom: double black 2.25pt" valign="top">
          <b>31-Mar-13</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <b>Cash flows from operating activities:</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <b>Net earnings (loss)</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          <b>(9.8)</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          <b>(6.0)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <i><b>Adjustments to reconcile net income to net cash</b></i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <b>provided by operating activities:</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Depreciation and amortization
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          3.6
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          3.9
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Deferred income taxes
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          0.0
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          0.1
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Minority interest
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          0.0
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          0.0
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          (Gain) loss on disposal of assets
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          (0.0)
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          (0.0)
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Unrealized foreign exchange losses (gains)
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          0.7
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          0.7
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          Deferred income for capital grants
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          (0.1)
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          (0.1)
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          <b>Non monetary operating items</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>4.2</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>4.5</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <i><b>Change in assets and liabilities:</b></i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Receivables, net
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          0.6
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          (4.3)
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Inventories
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          1.1
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          (6.1)
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Prepaid expenses and accrued income
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          0.0
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          0.5
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Accounts payable
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          (0.4)
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          2.3
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Income taxes
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          (0.3)
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          (0.8)
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Salaries, wages and related liabilities
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          0.8
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          0.8
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          Other assets/liabilities, net
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          0.6
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          (3.0)
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          <b>Net working capital</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>2.5</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>(10.6)</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          <b>Net cash generated/(used) by operating activities</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>(3.1)</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>(12.0)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <b>Cash flows from investing activities:</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Property, plant and equipment:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left" valign="top">
          Additions
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          (3.5)
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          (1.4)
        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left" valign="top">
          Disposals
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          0.1
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          0.0
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Government grants received
          </p>
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          0.5
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          -
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          <b>Net cash generated/(used) by investing activities</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>(2.9)</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>(1.3)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <b>Cash flows from financing activities:</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Long-term debt:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left" valign="top">
          Proceeds
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          -
        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left" valign="top">
          Repayments
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          (1.1)
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          (1.0)
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          Short-term borrowings
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          2.7
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          6.7
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          <b>Net cash generated/(used) by financing activities</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>1.6</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>5.6</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          <b>Effect of translation adjustments on cash</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>(1.4)</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>2.0</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          <b>Increase (decrease) in cash and cash equivalents</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>(5.8)</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>(5.7)</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          <b>Cash and cash equivalents, beginning of the year</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>61.0</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>77.7</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          <b>Cash and cash equivalents, end of the period</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>55.2</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>72.0</b>
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <p>
      CONTACT:<br><b>For further information:</b><br><b>NATUZZI INVESTOR
      RELATIONS</b><br>Piero Direnzo, +39.080.8820.812<br><u>pdirenzo@natuzzi.com</u><br>or<br><b>NATUZZI
      CORPORATE COMMUNICATION</b><br>(Press Office)<br>Vito Basile,
      +39.080.8820.676<br><u>vbasile@natuzzi.com</u>
    </p>
    <div style="width: 100%; margin-right: 0pt; margin-bottom: 10pt; text-indent: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-align: center">

    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 10pt"><b>SIGNATURES</b></font><font style="font-family: Times New Roman; font-size: 10pt">
      </font>
    </p>
    <p style="text-indent: 30.0px">
      <font style="font-family: Times New Roman; font-size: 10pt">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.</font>
    </p>
    <p style="text-indent: 30.0px">

    </p>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; font-size: 10pt; margin-bottom: 10.0px; font-family: Times New Roman">
      <tr>
        <td style="width: 6%">

        </td>
        <td style="width: 59%">

        </td>
        <td style="width: 3%">

        </td>
        <td style="width: 32%; padding-left: 0.0px; text-align: center" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            NATUZZI S.p.A.
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 6%">

        </td>
        <td style="width: 59%">

        </td>
        <td style="width: 3%">

        </td>
        <td style="width: 32%; padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 6%">

        </td>
        <td style="width: 59%">

        </td>
        <td style="width: 3%">

        </td>
        <td style="width: 32%; padding-left: 0.0px; text-align: center" valign="top">
          (Registrant)
        </td>
      </tr>
      <tr>
        <td style="width: 6%; padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="width: 59%; padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="width: 3%">

        </td>
        <td style="width: 32%; padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 6%; padding-bottom: 2.0px; padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Date:
          </p>
        </td>
        <td style="width: 59%; padding-bottom: 2.0px; padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>MAY 30, 2014</b>
          </p>
        </td>
        <td style="width: 3%; padding-bottom: 2.0px; padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            By:
          </p>
        </td>
        <td style="width: 32%; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <font style="font-size: 10pt">/s/ Pasquale Natuzzi</font>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 6%">

        </td>
        <td style="width: 59%">

        </td>
        <td style="width: 3%">

        </td>
        <td style="width: 32%; padding-left: 0.0px; text-align: center" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <font style="font-size: 10pt">Pasquale Natuzzi</font>
          </p>
        </td>
      </tr>
    </table>
    </div>
  </body>
</html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
