<SEC-DOCUMENT>0001157523-15-003943.txt : 20151130
<SEC-HEADER>0001157523-15-003943.hdr.sgml : 20151130
<ACCEPTANCE-DATETIME>20151127193030
ACCESSION NUMBER:		0001157523-15-003943
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20151127
FILED AS OF DATE:		20151130
DATE AS OF CHANGE:		20151127

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:		151258372

	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>a51233039.htm
<DESCRIPTION>NATUZZI S.P.A. 6-K
<TEXT>
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    <title></title>
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      <br>
      <br>
      <font style="font-family: Times New Roman; font-size: 12pt">Securities
      and Exchange Commission</font><br><font style="font-family: Times New Roman; font-size: 12pt">Washington,
      D.C. 20549</font><br><br><br><font style="font-family: Times New Roman; font-size: 18pt"><b>Form
      6-K</b></font><br><br><br><font style="font-family: Times New Roman; font-size: 12pt">Report
      of Foreign Issuer</font><br><font style="font-family: Times New Roman; font-size: 12pt">Pursuant
      To Rule 13a-16 Or 15d-16</font><br><font style="font-family: Times New Roman; font-size: 12pt">Of
      The</font><br><font style="font-family: Times New Roman; font-size: 12pt">Securities
      Exchange Act of 1934</font><br><br>
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 10pt; width: 100%; margin-bottom: 10.0px; font-family: Times New Roman">
      <tr>
        <td valign="top" style="width: 33%; padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 10pt">For the month of </font><font style="font-family: Times New Roman; font-size: 10pt"><b>November
            2015</b></font>
          </p>
        </td>
        <td valign="top" style="width: 34%; padding-left: 0.0px; text-align: left">
          &#160;
        </td>
        <td valign="top" style="width: 33%; padding-left: 0.0px; text-align: right">
          Commission File Number 1-11854
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">

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

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

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

    </p>
    <p style="text-indent: 30.0px; text-align: left">
      <font style="font-family: Times New Roman; font-size: 10pt">Indicate by
      check mark whether the registrant files or will file annual reports
      under cover of Form 20-F or Form 40-F:</font><br><font style="font-family: Times New Roman; font-size: 10pt">Form
      20-F</font><font style="font-family: Times New Roman; font-size: 10pt"> </font><font style="font-family: Arial Unicode MS; font-size: 11pt">&#8864;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Form 40-F </font><font style="font-family: Arial Unicode MS; font-size: 12pt">&#8414;</font>
    </p>
    <p style="text-indent: 30.0px; text-align: left">
      <font style="font-family: Times New Roman; font-size: 10pt">Indicate by
      check mark whether the registrant by furnishing the information
      contained in this Form is also thereby furnishing the information to the
      Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act
      of 1934. &#160;Yes </font><font style="font-family: Arial Unicode MS; font-size: 12pt">&#8414;</font><font style="font-family: Times New Roman; font-size: 10pt">&#160;&#160;
      No </font><font style="font-family: Arial Unicode MS; font-size: 11pt">&#8864;</font>
    </p>
    <p style="text-indent: 30.0px">
      <font style="font-family: Times New Roman; font-size: 10pt">If &quot;Yes&quot; is
      marked, indicate below the file number assigned to the registrant in
      connection with Rule 12g3-2(b):</font>
    </p>
    <div style="width: 100%; margin-left: 0pt; margin-right: 0pt; margin-bottom: 10pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

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

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

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

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

    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt"><b>Natuzzi:
      Positive Group Performance Continues</b></font>
    </p>
    <p>
      <i><font style="font-family: Times New Roman; font-size: 12pt"><b>THIRD
      QUARTER 2015</b></font></i>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        <i><font style="font-family: Times New Roman; font-size: 12pt"><b>POSITIVE
        EBITDA OF EURO 1.5 MILLION COMPARED TO EBITDA LOSS OF EURO 3.7 MILLION
        IN Q3 2014;</b></font></i>
      </li>
    </ul>
    <ul>
      <li style="margin-bottom: 10.0px">
        <i><font style="font-family: Times New Roman; font-size: 12pt"><b>CONSOLIDATED
        REVENUES OF EURO 115.2 MILLION, UP 3.1% ON 2014;</b></font></i>
      </li>
      <li style="margin-bottom: 10.0px">
        <i><font style="font-family: Times New Roman; font-size: 12pt"><b>GROSS
        MARGIN OF 32.7%, SIGNIFICANTLY IMPROVING ON 27.3% IN 2014.</b></font></i>
      </li>
    </ul>
    <p>
      SANTERAMO IN COLLE, Bari, Italy--(BUSINESS WIRE)--November 27, 2015--The
      Board of Directors of Natuzzi S.p.A. (NYSE:NTZ) discussed Q3 2015 and 9M
      2015 consolidated results (unaudited).
    </p>
    <p>
      Following the Board meeting, the Chairman and CEO Pasquale Natuzzi
      stated:
    </p>
    <p>
      <i>&#8220;The positive results posted for the preceding six quarters have once
      again been replicated in the third quarter of 2015.</i>
    </p>
    <p>
      <i>The improved sales mix and quality - together with favorable currency
      movements &#8211; led to a 3.1% revenue increase (+10.6% for the first nine
      months) and a significant margin boost.</i>
    </p>
    <p>
      <i>In Q3 2015, the Natuzzi brand represented 70.5% of upholstery sales,
      with the remaining 29,5% from Private Labels.</i> <i>The regional
      breakdown highlights the strong performances of the Americas (+10.5%)
      and Asia Pacific (+9.0%) - in particular China and South Korea.</i><br><i>In
      the EMEA region, it is worth to highlight a double digit growth in UK
      that become the second largest market for Natuzzi after the United
      States.</i>
    </p>
    <p>
      <i>Under the retail strategy, since the beginning of the year 90 new
      Galleries have been opened</i> <i>and 15 new sales points &#8211; among which
      Hong Kong, Beijing, Rio de Janeiro and Naples (USA).</i>
    </p>
    <div style="width: 100%; margin-left: 0pt; margin-right: 0pt; margin-bottom: 10pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
    <p>
      <i>Together with the improved performance of the 56 DOS currently
      operational worldwide, the Group completed the chain restructuring with
      the closure of 9 unprofitable sales points in Italy, Spain and China.</i>
    </p>
    <p>
      <i>Significant Private Label sales growth was reported in the EMEA
      region (+56.4%).</i>
    </p>
    <p>
      <i>The cost of sales as a percentage of net sales reduced 4.8% (-3.7% in
      the nine months) thanks to the efficiency measures introduced at the
      Chinese plant and greater productivity at the Italian plant, the
      stabilization of the workforce and the discontinuation of worker
      rotation from May 2015 as per the Trade Union Agreement of March 3, 2015.</i>
    </p>
    <p>
      <i>These factors contributed to the posting of an EBITDA of Euro 1.5
      million for the quarter compared to an EBITDA loss of Euro 3.7 million
      in Q3 2014. (loss of Euro 0.8 million in 9M 2015).</i>
    </p>
    <p>
      <i>The continuous improvement of the key indicators over the last six
      quarters is highlighted below:</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-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: center">
          1Q 2014
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: center">
          2Q 2014
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: center">
          3Q 2014
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: center">
          4Q 2014
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: center">
          1Q 2015
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: center">
          2Q 2015
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: center">
          3Q2015
        </td>
      </tr>
      <tr>
        <td valign="top" style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          Total Net Sales*
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          -11.2%
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          -1.2%
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          +8.2%
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          +12.6%
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          +24.6%
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          +5,7%
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          +3.1%
        </td>
      </tr>
      <tr>
        <td valign="top" style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          COGS**
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          -71.5%
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          -74.2%
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          -72.1%
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          -71.2%
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          -70.6%
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          -69.0%
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          -67.3%
        </td>
      </tr>
      <tr>
        <td valign="top" style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          Other SG&amp;A**
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          -21.8%
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          -20.9%
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          -18.2%
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          -17.7%
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          -17.3%
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          -18%
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          -17.3%
        </td>
      </tr>
      <tr>
        <td valign="top" style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          EBITDA**
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          -6.0%
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          -7.1%
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          -3.3%
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          -3.7%
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          -1.2%
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          -0.8%
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            +1.3%
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>
      <i>* change in quarterly sales on corresponding quarters of the previous
      years</i>
    </p>
    <p>
      <i>** percentage of net sales</i>
    </p>
    <p>
      <i>Further product innovations stemming from the adoption of the new
      Moving Line manufacturing process: in the third quarter of 2015, the
      Matera facility - which is implementing on an industrial scale the
      innovations tested at the Experimental Laboratory - saw a significant
      lowering of industrial costs in comparison to the general average for
      the Italian facilities.</i>
    </p>
    <div style="width: 100%; margin-left: 0pt; margin-right: 0pt; margin-bottom: 10pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
        <div style="text-align: center">
          <hr style="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 colspan="11" valign="middle" style="padding-left: 0.0px; text-align: center">
          <b>Natuzzi S.p.A. and Subsidiaries</b>
        </td>
      </tr>
      <tr>
        <td colspan="11" valign="middle" style="padding-left: 0.0px; text-align: center">
          <b>Unaudited Consolidated Profit &amp; Loss for the third quarter 2015 &amp;
          2014 on the basis of Italian GAAP</b>
        </td>
      </tr>
      <tr>
        <td colspan="11" valign="middle" style="padding-left: 0.0px; text-align: center">
          <i>(expressed in millions Euro)</i>
        </td>
      </tr>
      <tr>
        <td colspan="11" valign="middle" style="padding-left: 0.0px; text-align: center">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 0.0px; text-align: center">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3" valign="middle" style="padding-left: 0.0px; text-align: center">
          <b>Three months ended on</b>
        </td>
        <td>
          &#160;
        </td>
        <td valign="middle" style="padding-left: 0.0px; text-align: center">
          <b>Change</b>
        </td>
        <td valign="middle" style="padding-left: 0.0px; text-align: center">
          &#160;
        </td>
        <td colspan="3" valign="middle" style="padding-left: 0.0px; text-align: center">
          <b>Percentage of Sales</b>
        </td>
      </tr>
      <tr>
        <td valign="middle" style="border-bottom-width: 2.25pt; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; text-align: center">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-width: 2.25pt; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; text-align: center">
          <b>30-Sep-15</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-width: 2.25pt; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; text-align: center">
          <b>30-Sep-14</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; text-align: center; padding-right: 0.0px">
          <b>%</b>
        </td>
        <td valign="middle" style="border-bottom-width: 2.25pt; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; text-align: center">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-width: 2.25pt; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; text-align: center">
          <b>30-Sep-15</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-width: 2.25pt; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; text-align: center">
          <b>30-Sep-14</b>
        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 0.0px; text-align: left">

        </td>
        <td>

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

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

        </td>
        <td>

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

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

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

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

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

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          104,4
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          100,1
        </td>
        <td>

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

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          90,7%
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          89,6%
        </td>
      </tr>
      <tr>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left">
          Other sales
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          10,7
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          11,6
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          -7,9%
        </td>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          9,3%
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          10,4%
        </td>
      </tr>
      <tr>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left">
          <b>Total Net Sales</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>115,1</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>111,7</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>3,1%</b>
        </td>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>100,0%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>100,0%</b>
        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 0.0px; text-align: left">

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

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

        </td>
        <td>

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

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (53,5)
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (52,6)
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          1,7%
        </td>
        <td valign="middle" style="padding-left: 0.0px; text-align: left">

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          -46,5%
        </td>
        <td>

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

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (16,7)
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (20,4)
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          -18,0%
        </td>
        <td valign="middle" style="padding-left: 0.0px; text-align: left">

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          -14,5%
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          -18,3%
        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 0.0px; text-align: left">
          Industrial Costs
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (7,3)
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (7,5)
        </td>
        <td>

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

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          -6,3%
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          -6,7%
        </td>
      </tr>
      <tr>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          <i>of which: Depreciation, Amortization</i>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <i>(2,5)</i>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <i>(2,9)</i>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          -16,1%
        </td>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <i>-2,1%</i>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <i>-2,6%</i>
        </td>
      </tr>
      <tr>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left">
          <b>Cost of Sales</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>(77,5)</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>(80,6)</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>-3,8%</b>
        </td>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>-67,3%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>-72,1%</b>
        </td>
      </tr>
      <tr>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left">
          <b>Industrial Margin</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>37,6</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>31,1</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>20,8%</b>
        </td>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>32,7%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>27,9%</b>
        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 0.0px; text-align: left">

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

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

        </td>
        <td>

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

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <b>(19,6)</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <b>(18,6)</b>
        </td>
        <td>

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

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

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <b>-16,7%</b>
        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 50.0px; text-align: left">
          <i>Transportation</i>
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <i>(12,5)</i>
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <i>(12,5)</i>
        </td>
        <td>

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

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <i>-10,9%</i>
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <i>-11,2%</i>
        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 50.0px; text-align: left">
          <i>Commissions</i>
        </td>
        <td>

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

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

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

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <i>-1,9%</i>
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <i>-2,0%</i>
        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 50.0px; text-align: left">
          <i>Advertising</i>
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <i>(4,9)</i>
        </td>
        <td>

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

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <i>25,5%</i>
        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

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

        </td>
        <td>

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

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <b>(19,9)</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <b>(20,4)</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <b>-2,4%</b>
        </td>
        <td valign="middle" style="padding-left: 0.0px; text-align: left">

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

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <b>-18,2%</b>
        </td>
      </tr>
      <tr>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          <i>of which: Depreciation, Amortization</i>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <i>(1,0)</i>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <i>(1,2)</i>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          -22,4%
        </td>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <i>-0,8%</i>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <i>-1,1%</i>
        </td>
      </tr>
      <tr>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left">
          <b>EBITDA</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>1,5</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>(3,7)</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>1,3%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>-3,3%</b>
        </td>
      </tr>
      <tr>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left">
          <b>EBIT</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>(1,9)</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>(7,8)</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>-1,7%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>-7,0%</b>
        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 0.0px; text-align: left">

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

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

        </td>
        <td>

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

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

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

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

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

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

        </td>
        <td>

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

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

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

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

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

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

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left">
          Other Income/(Cost), Net
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          (0,2)
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          0,9
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left">
          <b>Earning before Income Taxes</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>(4,3)</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>(9,0)</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>-3,7%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>-8,1%</b>
        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 0.0px; text-align: left">

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

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

        </td>
        <td>

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

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

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

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

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

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

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          -0,4%
        </td>
      </tr>
      <tr>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left">
          <b>Net Result</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>(5,1)</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>(9,4)</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>-4,4%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>-8,4%</b>
        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 0.0px; text-align: left">

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

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

        </td>
        <td>

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

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

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

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

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

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left">
          <b>Net Group Result</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>(5,1)</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>(9,4)</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>-4,4%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>-8,4%</b>
        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 0.0px; text-align: left">

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td valign="middle" style="padding-left: 0.0px; text-align: right">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="5" valign="bottom" style="padding-left: 0.0px; text-align: left">
          <i>(*) Purchases plus beginning stock minus final stock and leather
          processing</i>
        </td>
        <td>

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

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

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

        </td>
        <td>

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

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

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

        </div>
        <div style="text-align: center">
          <hr style="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 valign="bottom" style="padding-left: 0.0px; text-align: left">

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

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

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

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

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

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

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

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

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

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

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td colspan="9" valign="bottom" style="padding-left: 0.0px; text-align: center">

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

        </td>
        <td colspan="9" valign="bottom" style="padding-left: 0.0px; text-align: center">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

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

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

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="border-bottom-width: 2.25pt; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; text-align: left">
          <b>AREA</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; text-align: center">
          <b>3Q 2015</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; text-align: center; padding-right: 0.0px">
          <b>%</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; text-align: center">
          <b>3Q 2014</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; text-align: center; padding-right: 0.0px">
          <b>%</b>
        </td>
        <td valign="bottom" style="padding-bottom: 4.0px; padding-left: 0.0px; text-align: center">

        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; text-align: center">
          <b>delta</b>
        </td>
        <td valign="bottom" style="padding-bottom: 4.0px; padding-left: 0.0px; text-align: center">

        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; text-align: center">
          <b>3Q 2015</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; text-align: center; padding-right: 0.0px">
          <b>%</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; text-align: center">
          <b>3Q 2014</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; text-align: center; padding-right: 0.0px">
          <b>%</b>
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; text-align: center">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; text-align: center">
          <b>delta</b>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left">
          <b>Americas</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>45,2</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>43,3%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>43,4</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>43,4%</b>
        </td>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">

        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>4,1%</b>
        </td>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">

        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>182.177</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>48,5%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>207.517</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>52,4%</b>
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>-12,2%</b>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right">
          Natuzzi
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          28,8
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          27,6%
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          26,0
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          26,0%
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          10,5%
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          96.546,1
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          25,7%
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          100.201,6
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          25,3%
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          -3,6%
        </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 valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          Private label
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          16,4
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          15,7%
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          17,4
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          17,3%
        </td>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">

        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          -5,5%
        </td>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">

        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          85.631,0
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          22,8%
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          107.315,5
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          27,1%
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          -20,2%
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

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

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

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left">
          <b>EMEA</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>41,8</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>40,1%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>42,1</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>42,1%</b>
        </td>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">

        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>-0,6%</b>
        </td>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">

        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>147.397</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>39,2%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>143.703</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>36,3%</b>
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>2,6%</b>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right">
          Natuzzi
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          29,3
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          28,1%
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          34,1
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          34,1%
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          -13,9%
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          80.532,1
        </td>
        <td>

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

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          96.495,4
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          24,3%
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          -16,5%
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          Private label
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          12,5
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          12,0%
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          8,0
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          8,0%
        </td>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">

        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          56,4%
        </td>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">

        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          66.864,6
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          17,8%
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          47.207,5
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          11,9%
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          41,6%
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

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

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

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left">
          <b>Asia-Pacific</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>17,4</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>16,7%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>14,6</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>14,6%</b>
        </td>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">

        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>19,4%</b>
        </td>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">

        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>46.033</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>12,3%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>45.161</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>11,4%</b>
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>1,9%</b>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right">
          Natuzzi
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          15,5
        </td>
        <td>

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

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          14,2
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          14,2%
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">

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

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          35.215,0
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          9,4%
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          42.626,8
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          10,8%
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          -17,4%
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          Private label
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          1,9
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          1,8%
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          0,4
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          0,4%
        </td>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">

        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          422,1%
        </td>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">

        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          10.818,0
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          2,9%
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          2.534,0
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          0,6%
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          326,9%
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          &#160;
        </td>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">

        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          &#160;
        </td>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">

        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left">
          <b>TOTAL</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>104,4</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>100,0%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>100,1</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>100,0%</b>
        </td>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">

        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>4,4%</b>
        </td>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">

        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>375.607</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>100,0%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>396.381</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>100,0%</b>
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>-5,2%</b>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

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

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

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

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

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

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td colspan="9" valign="bottom" style="padding-left: 0.0px; text-align: center">

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

        </td>
        <td colspan="9" valign="bottom" style="padding-left: 0.0px; text-align: center">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

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

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

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="border-bottom-width: 2.25pt; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; text-align: left">
          <b>BRAND</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; text-align: center">
          <b>3Q 2015</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; text-align: center; padding-right: 0.0px">
          <b>%</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; text-align: center">
          <b>3Q 2014</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; text-align: center; padding-right: 0.0px">
          <b>%</b>
        </td>
        <td valign="bottom" style="padding-bottom: 4.0px; padding-left: 0.0px; text-align: center">

        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; text-align: center">
          <b>delta</b>
        </td>
        <td valign="bottom" style="padding-bottom: 4.0px; padding-left: 0.0px; text-align: center">

        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; text-align: center">
          <b>3Q 2015</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; text-align: center; padding-right: 0.0px">
          <b>%</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; text-align: center">
          <b>3Q 2014</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; text-align: center; padding-right: 0.0px">
          <b>%</b>
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; text-align: center">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; text-align: center">
          <b>delta</b>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right">
          Natuzzi
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          73,6
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          70,5%
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          74,3
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          74,3%
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">

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

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          212.293
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          56,5%
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          239.324
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          60,4%
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          -11,3%
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          Private label
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          30,8
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          29,5%
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          25,7
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          25,7%
        </td>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">

        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          19,8%
        </td>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">

        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          163.314
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          43,5%
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          157.057
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          39,6%
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          4,0%
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left">
          <b>TOTAL</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>104,4</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>100,0%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>100,1</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>100,0%</b>
        </td>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">

        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>4,4%</b>
        </td>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">

        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>375.607</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>100,0%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>396.381</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>100,0%</b>
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>-5,2%</b>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

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

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

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="19" valign="bottom" style="padding-left: 0.0px; text-align: left">
          <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>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">

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

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

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

        </div>
        <div style="text-align: center">
          <hr style="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 colspan="11" valign="middle" style="padding-left: 0.0px; text-align: center">
          <b>Natuzzi S.p.A. and Subsidiaries</b>
        </td>
      </tr>
      <tr>
        <td colspan="11" valign="middle" style="padding-left: 0.0px; text-align: center">
          <b>Unaudited Consolidated Profit &amp; Loss for the nine months of 2015
          &amp; 2014 on the basis of Italian GAAP</b>
        </td>
      </tr>
      <tr>
        <td colspan="11" valign="middle" style="padding-left: 0.0px; text-align: center">
          <i>(expressed in millions Euro)</i>
        </td>
      </tr>
      <tr>
        <td colspan="11" valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: center">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 0.0px; text-align: left">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3" valign="middle" style="padding-left: 0.0px; text-align: center">
          <b>Nine months ended on</b>
        </td>
        <td>
          &#160;
        </td>
        <td valign="middle" style="padding-left: 0.0px; text-align: center">
          <b>Change</b>
        </td>
        <td valign="middle" style="padding-left: 0.0px; text-align: center">
          &#160;
        </td>
        <td colspan="3" valign="middle" style="padding-left: 0.0px; text-align: center">
          <b>Percentage of Sales</b>
        </td>
      </tr>
      <tr>
        <td valign="middle" style="border-bottom-width: 2.25pt; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; text-align: left">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-width: 2.25pt; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; text-align: center">
          <b>30-Sep-15</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-width: 2.25pt; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; text-align: center">
          <b>30-Sep-14</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; text-align: center; padding-right: 0.0px">
          <b>%</b>
        </td>
        <td valign="middle" style="border-bottom-width: 2.25pt; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; text-align: center">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-width: 2.25pt; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; text-align: center">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>30-Sep-15</b>
          </p>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-width: 2.25pt; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; text-align: center">
          <b>30-Sep-14</b>
        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 0.0px; text-align: left">

        </td>
        <td>

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

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

        </td>
        <td>

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

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

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

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

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

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          320,6
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          288,3
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          11,2%
        </td>
        <td valign="middle" style="padding-left: 0.0px; text-align: left">

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          89,9%
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          89,3%
        </td>
      </tr>
      <tr>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left">
          Other sales
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          36,2
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          34,5
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          5,0%
        </td>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          10,1%
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          10,7%
        </td>
      </tr>
      <tr>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left">
          <b>Total Net Sales</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>356,8</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>322,8</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>10,6%</b>
        </td>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>100,0%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>100,0%</b>
        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 0.0px; text-align: left">

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

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

        </td>
        <td>

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

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (166,9)
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (149,2)
        </td>
        <td>

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

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          -46,8%
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          -46,2%
        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 0.0px; text-align: left">
          Labor
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (56,7)
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (64,4)
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          -12,0%
        </td>
        <td valign="middle" style="padding-left: 0.0px; text-align: left">

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          -15,9%
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          -20,0%
        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 0.0px; text-align: left">
          Industrial Costs
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (22,8)
        </td>
        <td>

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

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          8,7%
        </td>
        <td valign="middle" style="padding-left: 0.0px; text-align: left">

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          -6,4%
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          -6,5%
        </td>
      </tr>
      <tr>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black; text-align: right">
          <i>of which: Depreciation, Amortization</i>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <i>(7,5)</i>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <i>(7,4)</i>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          0,9%
        </td>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <i>-2,1%</i>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <i>-2,3%</i>
        </td>
      </tr>
      <tr>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left">
          <b>Cost of Sales</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>(246,3)</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>(234,5)</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>5,0%</b>
        </td>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>-69,0%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>-72,7%</b>
        </td>
      </tr>
      <tr>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left">
          <b>Industrial Margin</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>110,5</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>88,3</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>25,2%</b>
        </td>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>31,0%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>27,3%</b>
        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 0.0px; text-align: left">

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

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

        </td>
        <td>

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

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <b>(59,2)</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <b>(51,1)</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <b>15,8%</b>
        </td>
        <td valign="middle" style="padding-left: 0.0px; text-align: left">

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <b>-16,6%</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <b>-15,8%</b>
        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 50.0px; text-align: left">
          <i>Transportation</i>
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <i>(39,1)</i>
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <i>(33,7)</i>
        </td>
        <td>

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

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

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

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <i>(7,2)</i>
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <i>(6,7)</i>
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <i>8,7%</i>
        </td>
        <td valign="middle" style="padding-left: 0.0px; text-align: left">

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

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <i>-2,1%</i>
        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 50.0px; text-align: left">
          <i>Advertising</i>
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <i>(12,8)</i>
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <i>(10,8)</i>
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <i>19,2%</i>
        </td>
        <td valign="middle" style="padding-left: 0.0px; text-align: left">

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <i>-3,6%</i>
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

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

        </td>
        <td>

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

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <b>(62,6)</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <b>(65,4)</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <b>-4,2%</b>
        </td>
        <td valign="middle" style="padding-left: 0.0px; text-align: left">

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <b>-17,5%</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <b>-20,3%</b>
        </td>
      </tr>
      <tr>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black; text-align: right">
          <i>of which: Depreciation, Amortization</i>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <i>(2,9)</i>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <i>(3,2)</i>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          -9,1%
        </td>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <i>-0,8%</i>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <i>-1,0%</i>
        </td>
      </tr>
      <tr>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left">
          <b>EBITDA</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>(0,8)</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>(17,6)</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>-0,2%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>-5,5%</b>
        </td>
      </tr>
      <tr>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left">
          <b>EBIT</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>(11,3)</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>(28,3)</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>-3,2%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>-8,8%</b>
        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 0.0px; text-align: left">

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

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

        </td>
        <td>

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

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

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

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

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

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

        </td>
        <td>

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

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

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

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

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

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

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left">
          Other Income/(Cost), Net
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          (0,7)
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          (3,0)
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left">
          <b>Earning before Income Taxes</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>(17,2)</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>(32,7)</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>-4,8%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>-10,1%</b>
        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 0.0px; text-align: left">
          Current taxes
        </td>
        <td>

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

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

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

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

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

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          -0,4%
        </td>
      </tr>
      <tr>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left">
          <b>Net result</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>(18,3)</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>(33,9)</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>-5,1%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>-10,5%</b>
        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 0.0px; text-align: left">

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td valign="middle" style="padding-left: 0.0px; text-align: right">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left">
          Minority interest
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          (0,0)
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          (0,0)
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left">
          <b>Net Group Result</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>(18,3)</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>(33,9)</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>-5,1%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>-10,5%</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 valign="bottom" style="padding-left: 0.0px; text-align: left">
          <i>(*) Purchases plus beginning stock minus final stock and leather
          processing</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td colspan="9" valign="middle" style="padding-left: 0.0px; text-align: center">
          <b>Nine 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 valign="middle" style="border-bottom-width: 2.25pt; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; text-align: left">
          <b>AREA</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-width: 2.25pt; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; text-align: center">
          <b>30-Sep-15</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; text-align: center; padding-right: 0.0px">
          <b>%</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-width: 2.25pt; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; text-align: center">
          <b>30-Sep-14</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; text-align: center; padding-right: 0.0px">
          <b>%</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-width: 2.25pt; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; text-align: center">
          <b>delta</b>
        </td>
        <td>

        </td>
        <td valign="middle" style="border-bottom-width: 2.25pt; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; text-align: center">
          <b>30-Sep-15</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; text-align: center; padding-right: 0.0px">
          <b>%</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-width: 2.25pt; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; text-align: center">
          <b>30-Sep-14</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; text-align: center; padding-right: 0.0px">
          <b>%</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-width: 2.25pt; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; text-align: center">
          <b>delta</b>
        </td>
      </tr>
      <tr>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left">
          <b>Americas</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>133,5</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>41,70%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>116,4</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>40,40%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>14,70%</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>529.440</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>46,70%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>576.076</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>48,90%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>-8,10%</b>
        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 0.0px; text-align: right">
          Natuzzi
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          80,6
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          25,10%
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          69,1
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          24,00%
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          16,50%
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          262.240
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          23,10%
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          273.703
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          23,30%
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          -4,20%
        </td>
      </tr>
      <tr>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          Private label
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          53
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          16,50%
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          47,3
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          16,40%
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          12,10%
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          267.201
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          23,50%
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          302.373
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          25,70%
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          -11,60%
        </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 valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left">
          <b>EMEA</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>141,8</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>44,20%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>134,6</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>46,70%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>5,30%</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>491.709</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>43,30%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>474.302</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>40,30%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>3,70%</b>
        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 0.0px; text-align: right">
          Natuzzi
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          101,9
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          31,80%
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          108
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          37,50%
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          -5,60%
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          276.231
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          24,30%
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          308.387
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          26,20%
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          -10,40%
        </td>
      </tr>
      <tr>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          Private label
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          39,9
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          12,40%
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          26,7
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          9,20%
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          49,70%
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          215.479
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          19,00%
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          165.915
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          14,10%
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          29,90%
        </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 valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left">
          <b>Asia-Pacific</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>45,2</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>14,10%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>37,2</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>12,90%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>21,60%</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>113.467</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>10,00%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>126.691</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>10,80%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>-10,40%</b>
        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 0.0px; text-align: right">
          Natuzzi
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          41,6
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          13,00%
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          35,5
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          12,30%
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          17,10%
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          93.894
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          8,30%
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          114.420
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          9,70%
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          -17,90%
        </td>
      </tr>
      <tr>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          Private label
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          3,6
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          1,10%
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          1,7
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          0,60%
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          117,60%
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          19.573
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          1,70%
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          12.271
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          1,00%
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          59,50%
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left">
          <b>TOTAL</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>320,6</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>100,00%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>288,3</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>100,00%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>11,20%</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>1.134.617</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>100,00%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>1.177.069</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>100,00%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>-3,60%</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>

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td colspan="9" valign="middle" style="padding-left: 0.0px; text-align: center">
          <b>Nine 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 valign="middle" style="border-bottom-width: 2.25pt; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; text-align: left">
          <b>BRAND</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-width: 2.25pt; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; text-align: center">
          <b>30-Sep-15</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; text-align: center; padding-right: 0.0px">
          <b>%</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-width: 2.25pt; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; text-align: center">
          <b>30-Sep-14</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; text-align: center; padding-right: 0.0px">
          <b>%</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-width: 2.25pt; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; text-align: center">
          <b>delta</b>
        </td>
        <td>

        </td>
        <td valign="middle" style="border-bottom-width: 2.25pt; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; text-align: center">
          <b>30-Sep-15</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; text-align: center; padding-right: 0.0px">
          <b>%</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-width: 2.25pt; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; text-align: center">
          <b>30-Sep-14</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; text-align: center; padding-right: 0.0px">
          <b>%</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-width: 2.25pt; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; text-align: center">
          <b>Delta</b>
        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 0.0px; text-align: right">
          Natuzzi
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          224,1
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          69,90%
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          212,7
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          73,80%
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          5,40%
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          632.364
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          55,70%
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          696.510
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          59,20%
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          -9,20%
        </td>
      </tr>
      <tr>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          Private label
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          96,5
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          30,10%
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          75,6
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          26,20%
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          27,70%
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          502.252
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          44,30%
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          480.559
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          40,80%
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          4,50%
        </td>
      </tr>
      <tr>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left">
          <b>TOTAL</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>320,6</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>100,00%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>288,3</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>100,00%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>11,20%</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>1.134.617</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>100,00%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>1.177.069</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>100,00%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>-3,60%</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 colspan="21" valign="middle" style="padding-left: 0.0px; text-align: left">
          <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="width: 100%; margin-left: 0pt; margin-right: 0pt; margin-bottom: 10pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

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

        </div>
        <div style="text-align: center">
          <hr style="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 colspan="5" valign="middle" style="padding-left: 0.0px; text-align: center">
          <b>Natuzzi S.p.A. and Subsidiaries</b>
        </td>
      </tr>
      <tr>
        <td colspan="5" valign="middle" style="padding-left: 0.0px; text-align: center">
          <b>Unaudited Consolidated Balance Sheets at September 30, 2015 on
          the basis of Italian GAAP </b><i>(Expressed in millions of Euro)</i>
        </td>
      </tr>
      <tr>
        <td valign="middle" style="border-bottom-width: 2.25pt; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; text-align: left">
          <b>ASSETS</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-width: 2.25pt; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          <b>30-Sep-15</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-width: 2.25pt; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          <b>31-Dec-14</b>
        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 0.0px; text-align: left">
          <b>Current assets:</b>
        </td>
        <td>
          &#160;
        </td>
        <td>

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

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

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

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

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

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

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          61,9
        </td>
        <td>

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

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          23,0
        </td>
        <td>

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

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          88,6
        </td>
        <td>

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

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

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

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

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          1,3
        </td>
      </tr>
      <tr>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left">
          Deferred income taxes
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          0,5
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          0,5
        </td>
      </tr>
      <tr>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left">
          <b>Total current assets</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>216,7</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>239,3</b>
        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 0.0px; text-align: left">
          <b>Non-current assets:</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          122,5
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          130,8
        </td>
      </tr>
      <tr>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left">
          Other assets
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          8,1
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          10,0
        </td>
      </tr>
      <tr>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left">
          <b>Total non-current assets</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>130,6</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>140,8</b>
        </td>
      </tr>
      <tr>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left">
          <b>TOTAL ASSETS</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>347,3</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>380,1</b>
        </td>
      </tr>
      <tr>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left">
          <b>LIABILITIES AND SHAREHOLDERS' EQUITY</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 0.0px; text-align: left">
          <b>Current liabilities:</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          16,7
        </td>
        <td>

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

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

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

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          58,3
        </td>
        <td>

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

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          26,8
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          29,7
        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 0.0px; text-align: left">
          Accounts payable-shareholders for dividends
        </td>
        <td>

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

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

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

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

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

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

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          1,9
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          1,0
        </td>
      </tr>
      <tr>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left">
          Salaries, wages and related liabilities
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          16,6
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          18,3
        </td>
      </tr>
      <tr>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left">
          <b>Total current liabilities</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>123,5</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>149,7</b>
        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 0.0px; text-align: left">
          <b>Long-term liabilities:</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          13,3
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          6,2
        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 0.0px; text-align: left">
          Deferred income taxes - long term
        </td>
        <td>

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

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          0,0
        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 0.0px; text-align: left">
          Deferred income for capital grants
        </td>
        <td>

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

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          8,1
        </td>
      </tr>
      <tr>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left">
          Other liabilities
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          19,5
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          21,2
        </td>
      </tr>
      <tr>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left">
          <b>Total long-term liabilities</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>61,4</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>56,3</b>
        </td>
      </tr>
      <tr>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left">
          <b>Minority interest</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>3,2</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>3,0</b>
        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 0.0px; text-align: left">
          <b>Shareholders' equity:</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

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

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

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

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          8,4
        </td>
      </tr>
      <tr>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left">
          Retained earnings
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          100,1
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          66,8
        </td>
      </tr>
      <tr>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left">
          <b>Total shareholders' equity</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>159,3</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>171,0</b>
        </td>
      </tr>
      <tr>
        <td valign="middle" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left">
          <b>TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>347,3</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>380,1</b>
        </td>
      </tr>
    </table>
    </div>
    <div style="width: 100%; margin-left: 0pt; margin-right: 0pt; margin-bottom: 10pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

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

        </div>
        <div style="text-align: center">
          <hr style="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 colspan="3" valign="middle" style="text-align: center">
          <b>Natuzzi S.p.A. and Subsidiaries</b>
        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: center">
          <b>Consolidated Statements of Cash Flows</b>
        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="border-bottom-width: 2.25pt; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; text-align: left">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; text-align: center">
          <b>30-Sep-15</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; text-align: center">
          <b>30-Sep-14</b>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          <b>Cash flows from operating activities:</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <b>-18.333</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <b>-33.942</b>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          <i><b>Adjustments to reconcile net income to net cash</b></i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          10.425
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          10.655
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          (Gain) loss on disposal of assets
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          15
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          84
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Unrealized foreign exchange losses (gains)
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          -880
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          882
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left">
          Deferred income for capital grants
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          -422
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          -346
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left">
          <b>Non monetary operating items</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>9.106</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>14.979</b>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          <i><b>Change in assets and liabilities:</b></i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          34.080
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          -12.780
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Inventories
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          1.580
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          -15.420
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Prepaid expenses and accrued income
        </td>
        <td>

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

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          553
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Other assets
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          -3.959
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          19.094
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Accounts payable
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          -17.317
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          -6.255
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Income taxes
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          -197
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          -6.165
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Salaries, wages and related liabilities
        </td>
        <td>

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

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          7.240
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left">
          Other liabilities
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          867
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          2.990
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left">
          <b>Net working capital</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>14.960</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>-10.744</b>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left">
          <b>Net cash generated/(used) by operating activities</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>5.732</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>-29.707</b>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          <b>Cash flows from investing/restructuring activities:</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          -1.798
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          -6.843
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          <i>Disposals</i>
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          3.392
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          6.866
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left">
          <i>One time termination benefits</i>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          -2.890
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          -2.563
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left">
          <b>Net cash generated/(used) by in investing activities</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>-1.296</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>-2.834</b>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          <b>Cash flows from financing activities:</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          9.003
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          5.000
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          <i>Repayments</i>
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          -2.853
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          -2.620
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Short-term borrowings
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          -4.015
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          -1.712
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left">
          Dividends paid to minority interests
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left">
          <b>Net cash generated/(used) by financing activities</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>2.135</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>668</b>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left">
          <b>Effect of translation adjustments on cash</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>1.197</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>4.252</b>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left">
          <b>Increase (decrease) in cash and cash equivalents</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>7.769</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>-27.620</b>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left">
          <b>Cash and cash equivalents, beginning of the year</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>32.852</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>61.037</b>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left">
          <b>Cash and cash equivalents, end of the period</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>40.622</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px">
          <b>33.418</b>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: left">

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

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

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

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

        </div>
      </div>
    </div>
    <p>

    </p>
    <p style="text-align: center">
      <br>
      <font style="font-family: Times New Roman; font-size: 10pt"><b>SIGNATURES</b></font><font style="font-family: Times New Roman; font-size: 10pt">
      </font>
    </p>
    <p style="text-indent: 30.0px">
      <font style="font-family: Times New Roman; font-size: 10pt">Pursuant to
      the requirements of the Securities Exchange Act of 1934, the registrant
      has duly caused this report to be signed on its behalf by the
      undersigned thereunto duly authorized.</font>
    </p>
<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: 44%">

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

        </td>
        <td valign="top" style="width: 47%; padding-left: 0.0px; text-align: center">
          <p style="margin-top: 0px; margin-bottom: 0px">
            NATUZZI S.p.A.
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 6%">

        </td>
        <td style="width: 44%">

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

        </td>
        <td style="width: 47%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 6%">

        </td>
        <td style="width: 44%">

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

        </td>
        <td valign="top" style="width: 47%; padding-left: 0.0px; text-align: center">
          (Registrant)
        </td>
      </tr>
      <tr>
        <td valign="top" style="width: 6%; padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td valign="top" style="width: 44%; padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td style="width: 3%">

        </td>
        <td valign="top" style="width: 47%; padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" style="width: 6%; padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Date:
          </p>
        </td>
        <td valign="top" style="width: 44%; padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>November 27, 2015</b>
          </p>
        </td>
        <td valign="top" style="width: 3%; padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            By:
          </p>
        </td>
        <td valign="top" style="width: 47%; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: center">
          <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: 44%">

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

        </td>
        <td valign="top" style="width: 47%; padding-left: 0.0px; text-align: center">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 10pt">Pasquale Natuzzi</font>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
