<SEC-DOCUMENT>0001157523-15-001821.txt : 20150515
<SEC-HEADER>0001157523-15-001821.hdr.sgml : 20150515
<ACCEPTANCE-DATETIME>20150515164050
ACCESSION NUMBER:		0001157523-15-001821
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20150515
FILED AS OF DATE:		20150515
DATE AS OF CHANGE:		20150515

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:		15870269

	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>a51104073.htm
<DESCRIPTION>NATUZZI S.P.A. 6-K
<TEXT>
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      <font style="font-size: 12pt; font-family: Times New Roman">Securities
      and Exchange Commission</font><br><font style="font-size: 12pt; font-family: Times New Roman">Washington,
      D.C. 20549</font><br><br><br><font style="font-size: 18pt; font-family: Times New Roman"><b>Form
      6-K</b></font><br><br><br><font style="font-size: 12pt; font-family: Times New Roman">Report
      of Foreign Issuer</font><br><font style="font-size: 12pt; font-family: Times New Roman">Pursuant
      To Rule 13a-16 Or 15d-16</font><br><font style="font-size: 12pt; font-family: Times New Roman">Of
      The</font><br><font style="font-size: 12pt; font-family: Times New Roman">Securities
      Exchange Act of 1934</font><br><br>
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          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 10pt">For the month of </font><font style="font-size: 10pt"><b>MAY</b></font><b><font style="font-size: 10pt; font-family: Times New Roman">
            2015</font></b>
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          &#160;
        </td>
        <td style="padding-left: 0.0px; width: 33%; text-align: right" valign="top">
          Commission File Number 1-11854
        </td>
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    <p style="text-align: center">

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          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 14pt"><b>NATUZZI S.p.A.</b></font>
          </p>
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          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 10pt">(Translation of registrant's name
            into English)</font>
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      <br>

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          Via Iazzitiello 47
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        <td style="padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt" valign="top">
          70029 Santeramo, Italy
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          (Address of principal office)
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    <p style="text-align: center">

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      <br>

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    <p style="text-indent: 30.0px; text-align: left">
      <font style="font-size: 10pt; font-family: Times New Roman">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-size: 10pt; font-family: Times New Roman">Form
      20-F</font><font style="font-size: 10pt; font-family: Times New Roman"> </font><font style="font-size: 11pt; font-family: Arial Unicode MS">&#8864;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Form 40-F </font><font style="font-size: 12pt; font-family: Arial Unicode MS">&#8414;</font>
    </p>
    <p style="text-indent: 30.0px; text-align: left">
      <font style="font-size: 10pt; font-family: Times New Roman">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-size: 12pt; font-family: Arial Unicode MS">&#8414;</font><font style="font-size: 10pt; font-family: Times New Roman">&#160;&#160;
      No </font><font style="font-size: 11pt; font-family: Arial Unicode MS">&#8864;</font>
    </p>
    <p style="text-indent: 30.0px">
      <font style="font-size: 10pt; font-family: Times New Roman">If &quot;Yes&quot; is
      marked, indicate below the file number assigned to the registrant in
      connection with Rule 12g3-2(b):</font>
    </p>
    <div style="margin-left: 0pt; margin-right: 0pt; width: 100%; text-indent: 0pt; margin-bottom: 10pt">
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        <div style="text-align: left">

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

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          <hr style="height: 1.5pt; color: black">

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

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

    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>First
      Quarter 2015 Natuzzi Consolidated Results</b></font>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>A DOUBLE
      DIGIT INCREASE IN REVENUES AND IMPROVEMENT ON MARGINS CONFIRMS THE
      POSITIVE TREND OF THE PREVIOUS QUARTERS</b></font>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        <i><font style="font-size: 12pt; font-family: Times New Roman"><b>CONSOLIDATED
        NET SALES FOR THE QUARTER EQUAL TO 122.6 MLN EUROS, UP 24.6% V 98.4
        MLN EUROS REPORTED IN THE FIRST QUARTER OF 2014.</b></font></i>
      </li>
      <li style="margin-bottom: 10.0px">
        <i><font style="font-size: 12pt; font-family: Times New Roman"><b>GROSS
        MARGIN IMPROVEMENT MAINLY RELATED TO GROWTH OF VOLUMES, THE POSITIVE
        EFFECT OF THE PRODUCT MIX AND PRODUCTION EFFICIENCIES.</b></font></i>
      </li>
      <li style="margin-bottom: 10.0px">
        <i><font style="font-size: 12pt; font-family: Times New Roman"><b>OTHER
        SG&amp;A AS A PERCENTAGE OF NET SALES DOWN BY 4.8% COMPARED TO THE SAME
        PERIOD OF THE PREVIOUS YEAR.</b></font></i>
      </li>
      <li style="margin-bottom: 10.0px">
        <i><font style="font-size: 12pt; font-family: Times New Roman"><b>NEGATIVE
        EBIT OF &#8364;4.9 MILLION, COMPARED TO A NEGATIVE EBIT OF &#8364;9.4 MILLION IN
        THE FIRST QUARTER OF 2014, IMPROVING BY APPROXIMATELY 50%, PARTIALLY
        THANKS TO THE POSITIVE IMPACT OF A FAVOURABLE EXCHANGE RATE.</b></font></i>
      </li>
    </ul>
    <p>
      SANTERAMO IN COLLE, Bari, Italy--(BUSINESS WIRE)--May 15, 2015--The
      Board of Directors of Natuzzi S.p.A. (NYSE:NTZ) (&#8220;Natuzzi&#8221; or the
      &#8220;Company&#8221;) has approved its consolidated financial results for the first
      quarter of 2015.
    </p>
    <p>
      After the meeting of the Board of Directors, The Chairman and CEO
      Pasquale Natuzzi commented:
    </p>
    <p>
      <i>&#8220;The first quarter results show a significant improvement on revenues
      and margins confirming the positive trend of the previous quarters.</i>
    </p>
    <p>
      <i>In the first quarter of 2015 the turnover increased by 24.6% to
      122.6mln Euros, compared to the same period of the previous year, with a
      significant growth of the furnishings sector, consistent with the
      Natuzzi Italia&#8217;s &quot;Total Home&quot; offer.</i>
    </p>
    <p>
      <i>From a geographical standpoint, we registered a growth of revenues in
      all of our main markets. We also confirmed the positive trend of our
      directly owned stores which posted a 26.9% growth in the first quarter
      of the year.</i>
    </p>
    <p>
      <i>Gross margin improvement to 29.4% on sales (+ 0.9% compared to the
      first quarter of 2014)</i> <i>was primarily related to the gradual
      increase in efficiencies and productivity in our plants (Italy and
      abroad) over recent months, growth of volumes and a better product mix.</i>
    </p>
    <div style="margin-left: 0pt; margin-right: 0pt; width: 100%; text-indent: 0pt; margin-bottom: 10pt">
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        <div style="text-align: left">

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

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          <hr style="height: 1.5pt; color: black">

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

        </div>
      </div>
    </div>
    <p>
      <i>The actions we have taken to improve efficiency were aimed at
      reducing production complexity</i> <i>(-25% of models and -38% of
      upholstery in production), and re-engineering the production of the 120
      best-selling models according to the logic of the new production process.</i>
      <i>Since April 1 2015,</i> <i>80% of the product portfolio is
      manufactured through the moving line in all of our plants, representing
      an important step for the full recovery of competitiveness.</i>
    </p>
    <p>
      <i>Other SG&amp;A as a percentage of net sales were down to 17.3% in the
      first quarter of 2015 compared to 21.8% of the same period of the
      previous year.</i>
    </p>
    <p>
      <i>The EBIT of -4.9mln Euros has improved by approximately 50% compared
      to the first quarter of 2014.</i>
    </p>
    <p>
      <i>The significant improvement in our overall financial results over the
      last five quarters is illustrated in the following table:</i>
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 10pt; width: 100%; margin-bottom: 10.0px; font-family: Times New Roman">
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          1Q 2014
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          2Q 2014
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          3Q 2014
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          4Q 2014
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          1Q 2015
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          Total Net Sales*
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: left; border-bottom: solid black 1.0pt" valign="bottom">
          -11.2%
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: left; border-bottom: solid black 1.0pt" valign="bottom">
          -1.2%
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: left; border-bottom: solid black 1.0pt" valign="bottom">
          +8.2%
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: left; border-bottom: solid black 1.0pt" valign="bottom">
          +12.6%
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: left; border-bottom: solid black 1.0pt" valign="bottom">
          +24.6%
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          COGS**
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: left; border-bottom: solid black 1.0pt" valign="bottom">
          -71.5%
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: left; border-bottom: solid black 1.0pt" valign="bottom">
          -74.2%
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: left; border-bottom: solid black 1.0pt" valign="bottom">
          -72.1%
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: left; border-bottom: solid black 1.0pt" valign="bottom">
          -71.2%
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: left; border-bottom: solid black 1.0pt" valign="bottom">
          -70.6%
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          Other SG&amp;A**
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: left; border-bottom: solid black 1.0pt" valign="bottom">
          -21.8%
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: left; border-bottom: solid black 1.0pt" valign="bottom">
          -20.9%
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: left; border-bottom: solid black 1.0pt" valign="bottom">
          -18.2%
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: left; border-bottom: solid black 1.0pt" valign="bottom">
          -17.7%
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: left; border-bottom: solid black 1.0pt" valign="bottom">
          -17.3%
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          EBIT**
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: left; border-bottom: solid black 1.0pt" valign="bottom">
          -9.6%
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: left; border-bottom: solid black 1.0pt" valign="bottom">
          -9.7%
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: left; border-bottom: solid black 1.0pt" valign="bottom">
          -7.0%
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: left; border-bottom: solid black 1.0pt" valign="bottom">
          -6.3%
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: left; border-bottom: solid black 1.0pt" valign="bottom">
          -4.0%
        </td>
      </tr>
    </table>
    </div>
    <p>
      <i>*quarterly percentage change in 2015 net sales over same quarter in
      2014, the others are compared to 2013</i><br><i>** percentage of net
      sales</i>
    </p>
    <p>
      <i>The first quarter numbers testify the great work carried out over
      recent months aimed at improving operating efficiency. Our energy is now
      focused on capitalizing on this effort to create the foundations for a
      return to a sustainable and long-lasting revenue growth.</i>
    </p>
    <p>
      <i>The economic environment currently shows some recovery signs in
      several countries, but it is still premature to talk about short term
      increase in consumption. Our manufacturing presence in three continents,
      the capillary distribution and retail network, the product range and,
      above all, the high awareness of the Natuzzi brand globally, will be the
      trigger points to continue to leverage growth&#8221;.</i>
    </p>
    <div style="margin-left: 0pt; margin-right: 0pt; width: 100%; text-indent: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
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          <hr style="height: 1.5pt; color: black">

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

        </div>
      </div>
    </div>
    <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;461.4
      million in 2014, 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 1,100
      points of sale worldwide. Ethics and social responsibility, innovation,
      industrial know-how and integrated management of its value chain
      represent the points of strength that have made the Natuzzi Group a
      market leader and established Natuzzi as the most recognized furniture
      brand in the world among consumers of luxury goods. Natuzzi S.p.A. has
      been listed on the New York Stock Exchange since May 1993. The Company
      is ISO 9001 and 14001 certified.
    </p>
    <p>
      <b>Natuzzi S.p.A. informs that:</b>
    </p>
    <p>
      Starting from May 2015 the Company assigned the mandate for the activity
      of <b>Company&#160;Investor Relations</b> <b>to&#160;Francesca Cocco</b>.
      Francesca Cocco will develop and implement the communications strategy
      vis-&#224;-vis financial analysts and investors, by coordinating the
      relations between the top management and the financial market. The
      Company thanks Piero Direnzo, who previously covered this role, for the
      activity he has performed, Piero has now been appointed treasury and
      financial planning manager.
    </p>
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    <table cellspacing="0" style="font-size: 10pt; width: 100%; 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 2015 &amp;
          2014 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 of Euro, except per share amounts)</i>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#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="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt" valign="top">
          <b>31-Mar-15</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt" valign="top">
          <b>31-Mar-14</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: center; border-bottom: solid black 1.0pt" valign="bottom">
          <b>%</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt" valign="top">
          <b>31-Mar-15</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt" valign="top">
          <b>31-Mar-14</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>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Upholstery net sales
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          109,5
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          87,9
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          24,6%
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          89,4%
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; 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="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          13,0
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          10,5
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          24,7%
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          10,6%
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; 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="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>122,6</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>98,4</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>24,6%</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>100,0%</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; 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>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Consumption (*)
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (57,7)
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (44,5)
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          29,6%
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          -47,1%
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          -45,3%
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Labor
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (20,8)
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (19,1)
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          9,3%
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          -17,0%
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          -19,4%
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Industrial Costs
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (8,0)
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (6,8)
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          17,7%
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          -6,5%
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          -6,9%
        </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="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <i>(2,5)</i>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <i>(2,5)</i>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          2,6%
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <i>-2,1%</i>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <i>-2,5%</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="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>(86,5)</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>(70,4)</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>23,0%</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>-70,6%</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>-71,5%</b>
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#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="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>36,0</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>28,0</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>28,7%</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>29,4%</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>28,5%</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>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <b>Selling Expenses</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <b>(19,8)</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <b>(16,0)</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <b>23,8%</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <b>-16,1%</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <b>-16,2%</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 50.0px; text-align: left" valign="top">
          <i>Transportation</i>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <i>(13,0)</i>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <i>(10,2)</i>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <i>26,9%</i>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <i>-10,6%</i>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <i>-10,4%</i>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 50.0px; text-align: left" valign="top">
          <i>Commissions</i>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <i>(2,5)</i>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <i>(2,3)</i>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <i>10,0%</i>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <i>-2,1%</i>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <i>-2,3%</i>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 50.0px; text-align: left" valign="top">
          <i>Advertising</i>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <i>(4,3)</i>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <i>(3,5)</i>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <i>23,7%</i>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <i>-3,5%</i>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <i>-3,5%</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>
          &#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="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <b>(21,2)</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <b>(21,4)</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <b>-1,2%</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <b>-17,3%</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <b>-21,8%</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="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <i>(1,0)</i>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <i>(1,1)</i>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          -9,2%
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <i>-0,8%</i>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <i>-1,1%</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="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>(1,4)</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>(5,9)</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>-75,7%</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>-1,2%</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>-6,0%</b>
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#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="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>(4,9)</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>(9,4)</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>-47,6%</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>-4,0%</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>-9,6%</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>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Interest Income/(Costs), Net
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (0,5)
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (0,3)
        </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="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (4,0)
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          0,8
        </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="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          (0,2)
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          (0,3)
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#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="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>(9,7)</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>(9,2)</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>-7,9%</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>-9,4%</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>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Current taxes
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (0,1)
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (0,5)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          -0,1%
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          -0,5%
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#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="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>(9,8)</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>(9,8)</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>-8,0%</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; 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>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Minority interest
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (0,0)
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (0,0)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#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="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>(9,8)</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>(9,8)</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>-8,0%</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>-9,9%</b>
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#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="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>(0,18)</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>(0,18)</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#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>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#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="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt" valign="top">
          <b>31-Mar-15</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt" valign="top">
          <b>31-Mar-14</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: center; border-bottom: solid black 1.0pt" valign="bottom">
          <b>%</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt" valign="top">
          <b>31-Mar-15</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt" valign="top">
          <b>31-Mar-14</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>
          &#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="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <b>138,1</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          110,8
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <b>24,6%</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <b>100,0%</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; 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="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <b>40,6</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          31,5
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <b>28,7%</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <b>29,4%</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <b>28,5%</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <b>EBIT</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <b>(5,6)</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (10,6)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <b>-4,0%</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <b>-9,6%</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="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <b>(11,0)</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (11,0)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <b>-8,0%</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <b>-9,9%</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="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <b>(0,20)</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (0,20)
        </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>
          &#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="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <b>1,1263</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#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>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" colspan="7" valign="top">
          <i>(*) Purchases plus beginning stock minus final stock and leather
          processing</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
    </table>
    </div>
    <div style="margin-left: 0pt; margin-right: 0pt; width: 100%; text-indent: 0pt; margin-bottom: 10pt">
      <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="height: 1.5pt; color: black">

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

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 10pt; width: 100%; margin-bottom: 10.0px; font-family: Times New Roman">
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="21" valign="top">
          <b>UPHOLSTERY NET SALES BREAKDOWN</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="21" valign="top">
          <b>GEOGRAPHIC BREAKDOWN</b>
        </td>
      </tr>
      <tr>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#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-15</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; 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-14</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; 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-15</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; 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-14</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; 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="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>45,0</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>41,1%</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>33,3</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>37,9%</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>35,3%</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>177.697</b>
          </p>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>45,5%</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>172.190</b>
          </p>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>46,2%</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>3,2%</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: right" valign="top">
          Natuzzi
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          27,8
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          25,4%
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          18,2
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          20,8%
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          52,4%
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            91.735
          </p>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          23,5%
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            75.687
          </p>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          20,3%
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          21,2%
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="top">
          Private label
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          17,2
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          15,7%
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          15,1
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          17,1%
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          14,4%
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            85.962
          </p>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          22,0%
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            96.503
          </p>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          25,9%
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          -10,9%
        </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>
          &#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="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>50,8</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>46,4%</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>44,3</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>50,3%</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>14,8%</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>180.505</b>
          </p>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>46,3%</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>161.975</b>
          </p>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>43,5%</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>11,4%</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: right" valign="top">
          Natuzzi
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          36,6
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          33,4%
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          35,4
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          40,3%
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          3,5%
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            101.164
          </p>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          25,9%
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            106.224
          </p>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          28,5%
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          -4,8%
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="top">
          Private label
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          14,2
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          12,9%
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          8,9
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          10,1%
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          60,0%
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            79.341
          </p>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          20,3%
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            55.751
          </p>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          15,0%
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          42,3%
        </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>
          &#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="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>13,7</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>12,5%</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>10,4</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>11,8%</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>32,2%</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>31.940</b>
          </p>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>8,2%</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>38.318</b>
          </p>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>10,3%</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>-16,6%</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: right" valign="top">
          Natuzzi
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          13,4
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          12,2%
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          9,7
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          11,0%
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          38,4%
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            30.107
          </p>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          7,7%
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            33.259
          </p>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          8,9%
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          -9,5%
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="top">
          Private label
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          0,3
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          0,3%
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          0,7
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          0,8%
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          -54,1%
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            1.833
          </p>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          0,5%
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            5.059
          </p>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            1,4%
          </p>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          -63,8%
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#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="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>109,531</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>100,0%</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>87,912</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>100,0%</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>24,6%</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>390.142</b>
          </p>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>100,0%</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>372.482</b>
          </p>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>100,0%</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>4,7%</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>
          &#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>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="21" 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>Three months ended on</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" colspan="9" valign="top">
          <b>Three months 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>
          &#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-15</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; 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-14</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; 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-15</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; 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-14</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; 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
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          77,8
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          71,0%
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          63,3
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          72,0%
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          22,9%
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            223.006
          </p>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          57,2%
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            215.170
          </p>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          57,8%
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          3,6%
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: right; border-bottom: solid black 1.0pt" valign="top">
          Private label
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          31,7
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          29,0%
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          24,6
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          28,0%
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          28,9%
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            167.136
          </p>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          42,8%
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            157.312
          </p>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          42,2%
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          6,2%
        </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="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>109,5</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>100,0%</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>87,9</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>100,0%</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>24,6%</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>390.142</b>
          </p>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>100,0%</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>372.482</b>
          </p>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>100,0%</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>4,7%</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>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" colspan="21" valign="top">
          <i>The &quot;<b>Natuzzi</b>&quot; brand includes the Group's three lines
          of product: Natuzzi Italia, Natuzzi Editions and Natuzi Re-Vive</i>
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-left: 0pt; margin-right: 0pt; width: 100%; text-indent: 0pt; margin-bottom: 10pt">
      <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="height: 1.5pt; color: black">

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

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 10pt; width: 100%; 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: 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 style="padding-left: 0.0px; text-align: center" colspan="5" valign="top">
          <i>(Expressed in millions of Euro)</i>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: double black 2.25pt" valign="top">
          <b>ASSETS</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: right; border-bottom: double black 2.25pt" valign="top">
          <b>31-Mar-15</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: right; border-bottom: double black 2.25pt" valign="top">
          <b>31-Dec-14</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

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

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          28,6
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          32,8
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Marketable debt securities
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          0,0
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          0,0
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Trade receivables, net
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          96,7
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          96,0
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Other receivables
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          23,4
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          18,1
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Inventories
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          91,7
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          90,2
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Unrealized foreign exchange gains
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          0,4
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          0,3
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Prepaid expenses and accrued income
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          1,6
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          1,3
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          Deferred income taxes
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          0,5
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          0,5
        </td>
      </tr>
      <tr>
        <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="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>242,9</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>239,3</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <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 style="padding-left: 0.0px; text-align: left" valign="top">
          Net property, plant and equipment
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          131,0
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          130,8
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          Other assets
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          9,8
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          10,0
        </td>
      </tr>
      <tr>
        <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="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>140,8</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>140,8</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          <b>TOTAL ASSETS</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>383,8</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>380,1</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <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="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          24,7
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          20,7
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Current portion of long-term debt
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          2,8
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          3,1
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Accounts payable-trade
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          71,2
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          75,2
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Accounts payable-other
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          27,1
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          29,7
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Unrealized foreign exchange losses
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          1,5
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          0,6
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Income taxes
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          1,2
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          1,1
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Deferred income taxes
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          1,0
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; 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">
          Salaries, wages and related liabilities
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          18,7
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          18,3
        </td>
      </tr>
      <tr>
        <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="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>148,2</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>149,7</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          21,0
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          20,9
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Long-term debt
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          5,4
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          6,2
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Deferred income for capital grants
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          8,0
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          8,1
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          Other liabilities
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          20,5
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          21,2
        </td>
      </tr>
      <tr>
        <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="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>54,8</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>56,3</b>
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          <b>Minority interest</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>3,4</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>3,0</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          54,9
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          54,9
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Reserves
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          40,9
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          40,9
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Additional paid-in capital
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          8,4
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          8,4
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          Retained earnings
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          73,2
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          66,8
        </td>
      </tr>
      <tr>
        <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="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>177,4</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>171,0</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <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="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>383,8</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>380,1</b>
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-left: 0pt; margin-right: 0pt; width: 100%; text-indent: 0pt; margin-bottom: 10pt">
      <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="height: 1.5pt; color: black">

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

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 10pt; width: 100%; 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>Unaudited Consolidated Statements of Cash Flows</b>
        </td>
        <td>
          &#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="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: right; border-bottom: double black 2.25pt" valign="top">
          <b>31-Mar-15</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#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>
      </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>
          &#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="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <b>(9,8)</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          <b>(9,8)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#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="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          3,5
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          3,6
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Write-off of fixed asstes
        </td>
        <td>

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

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          -
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Impairment of long lived assets
        </td>
        <td>

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

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

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

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

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          0,0
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          0,0
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Minority interest
        </td>
        <td>

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

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

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; 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="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          0,8
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          0,7
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Extraordinary items, net
        </td>
        <td>

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

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          -
        </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="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          (0,1)
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; 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="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>4,3</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>4,2</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#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="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (0,7)
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          0,6
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Inventories
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (1,5)
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          1,1
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Prepaid expenses and accrued income
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (0,3)
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          0,0
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Accounts payable
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (4,1)
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (0,4)
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Income taxes
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          0,2
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (0,3)
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Salaries, wages and related liabilities
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          1,1
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; 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="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          3,3
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          0,6
        </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="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>(2,0)</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>2,5</b>
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          <b>One-time outflow from restructuring activities</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>(1,5)</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>-</b>
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#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="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>(9,0)</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>(3,1)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#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="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (0,8)
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (3,5)
        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left" valign="top">
          Disposals
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          0,1
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          0,1
        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left" valign="top">
          Other Assets
        </td>
        <td>

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

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

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

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

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

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          -
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          Goverment grants received
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          0,5
        </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="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>(0,8)</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>(2,9)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; 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="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (1,2)
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (1,1)
        </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="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          3,9
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          2,7
        </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="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>2,8</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>1,6</b>
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#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="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>2,7</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>(1,4)</b>
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#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="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>(4,2)</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>(5,8)</b>
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#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="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>32,9</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>61,0</b>
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#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="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>28,6</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom: solid black 1.0pt" valign="bottom">
          <b>55,2</b>
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <p>
      CONTACT:<br><b>NATUZZI INVESTOR RELATIONS</b><br>Francesca Cocco; tel.
      +39.080.8820.676<br><u>fcocco@natuzzi.com</u><br>or<br><b>NATUZZI
      CORPORATE COMMUNICATION</b><br>Vito Basile (Press Office); tel.
      +39.080.8820.676<br><u>vbasile@natuzzi.com</u>
    </p>
    <p style="text-align: left">

    </p>
    <div style="margin-left: 0pt; margin-right: 0pt; width: 100%; text-indent: 0pt; margin-bottom: 10pt">
      <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="height: 1.5pt; color: black">

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

        </div>
      </div>
    </div>
    <p style="text-align: center">
      <br>
      <font style="font-size: 10pt; font-family: Times New Roman"><b>SIGNATURES</b></font><font style="font-size: 10pt; font-family: Times New Roman">
      </font>
    </p>
    <p style="text-indent: 30.0px">
      <font style="font-size: 10pt; font-family: Times New Roman">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>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 10pt; width: 100%; 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="padding-left: 0.0px; width: 32%; text-align: center" valign="top">
          <p style="margin-top: 0px; margin-bottom: 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="padding-left: 0.0px; width: 32%; 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="padding-left: 0.0px; width: 32%; text-align: center" valign="top">
          (Registrant)
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; width: 6%; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td style="padding-left: 0.0px; width: 59%; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td style="width: 3%">

        </td>
        <td style="padding-left: 0.0px; width: 32%; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 0.0px; width: 6%; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Date:
          </p>
        </td>
        <td style="padding-bottom: 2.0px; padding-left: 0.0px; width: 59%; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>May 15, 2015</b>
          </p>
        </td>
        <td style="padding-bottom: 2.0px; padding-left: 0.0px; width: 3%; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            By:
          </p>
        </td>
        <td style="padding-left: 0.0px; width: 32%; text-align: center; border-bottom: solid black 1.0pt" valign="top">
          <p style="margin-top: 0px; margin-bottom: 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="padding-left: 0.0px; width: 32%; text-align: center" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 10pt">Pasquale Natuzzi</font>
          </p>
        </td>
      </tr>
    </table>
    </div>
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