<SEC-DOCUMENT>0001157523-16-004980.txt : 20160323
<SEC-HEADER>0001157523-16-004980.hdr.sgml : 20160323
<ACCEPTANCE-DATETIME>20160323172804
ACCESSION NUMBER:		0001157523-16-004980
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20160323
FILED AS OF DATE:		20160323
DATE AS OF CHANGE:		20160323

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:		161524889

	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>a51306838.htm
<DESCRIPTION>NATUZZI S.P.A. 6-K
<TEXT>
<html>
  <head>
    <title></title>
<!--Copyright 2016 Business Wire, a Berkshire Hathaway company.-->
<!--All rights reserved www.businesswire.com-->
  </head>
  <body style="font-size: 10pt; font-family: Times New Roman">
    <p style="text-align: center">
      <br>
      <br>
      <font style="font-size: 12pt; font-family: Times New Roman">Securities
      and Exchange Commission</font><br><font style="font-size: 12pt; font-family: Times New Roman">Washington,
      D.C. 20549</font><br><br><br><font style="font-size: 18pt; font-family: Times New Roman"><b>Form
      6-K</b></font><br><br><br><font style="font-size: 12pt; font-family: Times New Roman">Report
      of Foreign Issuer</font><br><font style="font-size: 12pt; font-family: Times New Roman">Pursuant
      To Rule 13a-16 Or 15d-16</font><br><font style="font-size: 12pt; font-family: Times New Roman">Of
      The</font><br><font style="font-size: 12pt; font-family: Times New Roman">Securities
      Exchange Act of 1934</font><br><br>
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 10pt; width: 100%; font-family: Times New Roman; margin-bottom: 10.0px">
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 33%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 10pt">For the month of </font><font style="font-size: 10pt; font-family: Times New Roman"><b>March,
            2016</b></font>
          </p>
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 34%">
          &#160;
        </td>
        <td valign="top" style="text-align: right; padding-left: 0.0px; width: 33%">
          Commission File Number 1-11854
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">

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

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

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

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

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

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

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

    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>Natuzzi:
      Group Results Continue to Improve Positive EBITDA in 2015</b></font>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        <i><font style="font-size: 12pt; font-family: Times New Roman"><b>CONSOLIDATED
        NET SALES OF &#8364;488.5 MILLION, UP 5.9% FROM 2014 (AT CURRENT EXCHANGE
        RATES)</b></font></i>
      </li>
      <li style="margin-bottom: 10.0px">
        <i><font style="font-size: 12pt; font-family: Times New Roman"><b>GROSS
        MARGIN OF 32.3%, SIGNIFICANTLY IMPROVING FROM 27.8% IN 2014</b></font></i>
      </li>
      <li style="margin-bottom: 10.0px">
        <i><font style="font-size: 12pt; font-family: Times New Roman"><b>POSITIVE
        EBITDA OF &#8364;6.1 MILLION</b></font></i>
      </li>
      <li style="margin-bottom: 10.0px">
        <i><font style="font-size: 12pt; font-family: Times New Roman"><b>SIGNIFICANT
        NET WORKING CAPITAL IMPROVEMENT, WITH POSITIVE NET FINANCIAL POSITION
        OF &#8364;14.5 MILLION</b></font></i>
      </li>
    </ul>
    <p>
      SANTERAMO IN COLLE, Bari, Italy--(BUSINESS WIRE)--March 23, 2016--The
      Board of Directors of Natuzzi S.p.A. (NYSE:NTZ) has approved the 2015
      Fourth Quarter and the 2015 Full Year consolidated results.
    </p>
    <p>
      Following the Board meeting, the Chairman and CEO Pasquale Natuzzi
      stated:
    </p>
    <p>
      <i>&#8220;The 2015 full year results have built on the margin growth seen over
      recent quarters.</i>
    </p>
    <p>
      <i>The improved sales mix and quality of sales, together with favorable
      currency movements, have generated a 5.9% revenue growth, accompanied by
      a significant gross margin and EBITDA improvement.</i>
    </p>
    <p>
      <i>In 2015, the Natuzzi brand represented 69.7% of upholstery sales,
      with the remaining 30.3% in Private Label.</i> <i>We highlight
      particularly the 22.1% improvement for furniture and accessory sales
      compared to 2014.</i>
    </p>
    <p>
      <i>From a geographical point of view, the Americas reported revenue
      growth of 6.0%, driven by Natuzzi brand products (+12.6%); EMEA saw a
      4.9% increase on the previous year, driven by strong private label sales
      (+29.3%) and, in particular, sales in the United Kingdom, which
      consolidated its position as the second largest Group market after the
      United States.</i>
    </p>
    <div style="text-indent: 0pt; width: 100%; margin-right: 0pt; margin-bottom: 10pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
    <p>
      <i>Asia Pacific continued to grow (+16%), driven primarily by the
      Natuzzi brand, with the largest growth in China, followed by Korea.</i> <i>Asia
      Pacific in 2015 reached a 14.2% share of total Group sales, up from 13%
      in 2014.</i>
    </p>
    <p>
      <i>The 57 directly managed stores at year-end contributed 10% to
      consolidated revenues. In 2015, the Group completed the restructuring of
      the directly-owned store chain, with positive impact to overall
      contribution margin. While we made progress throughout our directly
      managed stores, the greatest progress was made in Spain and Italy.</i>
    </p>
    <p>
      <i>The cost of goods sold, as a percentage of net sales, reduced by
      4.5%, primarily due to the efficiency measures introduced at the Chinese
      plant, and the improved productivity at the Italian plant.</i> <i>The
      improvements at the Italian plant were derived from the stabilization of
      the workforce and the discontinuation of worker rotation from May 2015
      as per the Trade Union Agreement of March 3, 2015. The product
      innovations stemming from the adoption of the new manufacturing process
      tested at the experimental laboratory continued.</i> <i>We have
      introduced these new manufacturing processes at our Matera facility, and
      are pleased to report that we have seen significant improvement in
      manufacturing efficiencies and lower manufacturing costs as compared to
      our Italian facilities where the new production technology has not yet
      been implemented. The introduction of the new lean enterprise
      manufacturing process will be extended across all facilities by the end
      of 2016.</i>
    </p>
    <p>
      <i>The cost reduction plan lowered overhead costs by &#8364;4.6 million,
      leading to an overall decrease in SG&amp;A from 19.5% to 17.5% as a
      percentage of net sales.</i>
    </p>
    <p>
      <i>The above mentioned factors led to a positive EBITDA of &#8364;6.1 million,
      significantly improving over 2014.</i>
    </p>
    <p>
      <i>EBIT also improved dramatically, reporting a loss of &#8364;7.6 million.</i>
    </p>
    <p>
      <i>The positive EBITDA, together with strong working capital management,
      produced a net cash position of &#8364;14.5 million.</i>
    </p>
    <p>
      <i>The new Natuzzi Italia &#8220;total living&#8221; collection will be presented at
      the upcoming 2016 International Furniture Fair in Milan. The theme of
      the stand for the 55<sup>th</sup> edition is based around the region of
      Puglia, the original home of the brand, a source of inspiration and the
      place in which new Natuzzi projects take shape.</i>
    </p>
    <div style="text-indent: 0pt; width: 100%; margin-right: 0pt; margin-bottom: 10pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
    <p>
      <u>----------------------------------------------</u>
    </p>
    <p>
      <b>Natuzzi S.p.A.</b>
    </p>
    <p>
      <b>About Natuzzi S.p.A.</b>
    </p>
    <p>
      Founded in 1959 by Pasquale Natuzzi, Natuzzi S.p.A. designs,
      manufactures and sells a broad collection of couches, armchairs, home
      furniture and home accessories. With consolidated revenues of &#8364;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="text-indent: 0pt; width: 100%; margin-right: 0pt; margin-bottom: 10pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

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

        </div>
        <div style="text-align: center">
          <hr style="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%; font-family: Times New Roman; margin-bottom: 10.0px">
      <tr>
        <td colspan="11" valign="top" style="text-align: left; padding-left: 0.0px">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="11" valign="middle" style="text-align: center; padding-left: 0.0px">
          <b>Natuzzi S.p.A. and Subsidiaries</b>
        </td>
      </tr>
      <tr>
        <td colspan="11" valign="middle" style="text-align: center; padding-left: 0.0px">
          <b>Unaudited Consolidated Profit &amp; Loss for the twelve months of
          2015 &amp; 2014 on the basis of Italian GAAP</b>
        </td>
      </tr>
      <tr>
        <td colspan="11" valign="middle" style="text-align: center; padding-left: 0.0px">
          <i>(expressed in millions Euro)</i>
        </td>
      </tr>
      <tr>
        <td colspan="11" valign="middle" style="text-align: center; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="3" valign="middle" style="text-align: center; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Twelve months</b><br><b>ended on</b>
          </p>
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          &#160;
        </td>
        <td valign="middle" style="text-align: center; padding-left: 0.0px">
          <b>Change</b>
        </td>
        <td valign="middle" style="text-align: center; padding-left: 0.0px">
          &#160;
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          &#160;
        </td>
        <td colspan="3" valign="middle" style="text-align: center; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Percentage of</b><br><b>Sales</b>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2" valign="middle" style="text-align: right; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          <b>31-Dec-15</b>
        </td>
        <td valign="middle" style="text-align: right; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          <b>31- Dec- 14</b>
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: center; white-space: nowrap; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black; padding-right: 0.0px">
          <b>%</b>
        </td>
        <td valign="middle" style="text-align: center; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="text-align: right; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          <b>31Dec-15</b>
        </td>
        <td colspan="2" valign="middle" style="text-align: right; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          <b>31-Dec-14</b>
        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 0.0px">
          Upholstery net sales
        </td>
        <td colspan="2" valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          437,0
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          409,1
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          89,5%
        </td>
        <td colspan="2" valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          88,7%
        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          Other sales
        </td>
        <td colspan="2" valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          51,5
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          52,3
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          -1,5%
        </td>
        <td valign="middle" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          10,5%
        </td>
        <td colspan="2" valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          11,3%
        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Total Net Sales</b>
          </p>
        </td>
        <td colspan="2" valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          <b>488,5</b>
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          <b>461,4</b>
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          <b>5,9%</b>
        </td>
        <td valign="middle" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          <b>100,0%</b>
        </td>
        <td colspan="2" valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          <b>100,0%</b>
        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 0.0px">
          Consumption (*)
        </td>
        <td colspan="2" valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          (224,8)
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          (218,0)
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          -46,0%
        </td>
        <td colspan="2" valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          -47,2%
        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 0.0px">
          Labor
        </td>
        <td colspan="2" valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          (75,0)
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          (85,0)
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          -11,7%
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          -15,4%
        </td>
        <td colspan="2" valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          -18,4%
        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 0.0px">
          Industrial Costs
        </td>
        <td colspan="2" valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          (30,7)
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          (30,2)
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          -6,3%
        </td>
        <td colspan="2" valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          -6,6%
        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          <i>of which: Depreciation, Amortization</i>
        </td>
        <td colspan="2" valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          <i>(9,9)</i>
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          <i>(9,7)</i>
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          2,4%
        </td>
        <td valign="middle" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          <i>-2,0%</i>
        </td>
        <td colspan="2" valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          <i>-2,1%</i>
        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          <b>Cost of Sales</b>
        </td>
        <td colspan="2" valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          <b>(330,6)</b>
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          <b>(333,2)</b>
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          <b>-0,8%</b>
        </td>
        <td valign="middle" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          <b>-67,7%</b>
        </td>
        <td colspan="2" valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          <b>-72,2%</b>
        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          <b>Industrial Margin</b>
        </td>
        <td colspan="2" valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          <b>157,9</b>
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          <b>128,2</b>
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          <b>23,2%</b>
        </td>
        <td valign="middle" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          <b>32,3%</b>
        </td>
        <td colspan="2" valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          <b>27,8%</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="middle" style="text-align: right; padding-left: 0.0px">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 0.0px">
          <b>Selling Expenses</b>
        </td>
        <td colspan="2" valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <b>(80,3)</b>
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <b>(75,3)</b>
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <b>-16,4%</b>
        </td>
        <td colspan="2" valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <b>-16,3%</b>
        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 50.0px">
          <i>Transportation</i>
        </td>
        <td colspan="2" valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <i>(53,5)</i>
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <i>(48,3)</i>
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <i>-11,0%</i>
        </td>
        <td colspan="2" valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <i>-10,5%</i>
        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 50.0px">
          <i>Commissions</i>
        </td>
        <td colspan="2" valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <i>(10,0)</i>
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <i>(9,1)</i>
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <i>-2,1%</i>
        </td>
        <td colspan="2" valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <i>-2,0%</i>
        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 50.0px">
          <i>Advertising</i>
        </td>
        <td colspan="2" valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <i>(16,7)</i>
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <i>(17,9)</i>
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <i>-3,4%</i>
        </td>
        <td colspan="2" valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <i>-3,9%</i>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="middle" style="text-align: right; padding-left: 0.0px">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 0.0px">
          <b>Other Selling and G&amp;A</b>
        </td>
        <td colspan="2" valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <b>(85,3)</b>
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <b>(89,9)</b>
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <b>-17,5%</b>
        </td>
        <td colspan="2" valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <b>-19,5%</b>
        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          <i>of which: Depreciation, Amortization</i>
        </td>
        <td colspan="2" valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          <i>(3,8)</i>
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          <i>(4,6)</i>
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          -16,3%
        </td>
        <td valign="middle" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          <i>-0,8%</i>
        </td>
        <td colspan="2" valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          <i>-1,0%</i>
        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          <b>EBITDA</b>
        </td>
        <td colspan="2" valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          <b>6,1</b>
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          <b>(22,7)</b>
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          <b>1,2%</b>
        </td>
        <td colspan="2" valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          <b>-4,9%</b>
        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          <b>EBIT</b>
        </td>
        <td colspan="2" valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          <b>(7,6)</b>
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          <b>(37,0)</b>
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          <b>-1,6%</b>
        </td>
        <td colspan="2" valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          <b>-8,0%</b>
        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 0.0px">
          Interest Income/(Costs), Net
        </td>
        <td colspan="2" valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          (3,3)
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          (1,9)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 0.0px">
          Foreign Exchange, Net
        </td>
        <td colspan="2" valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          (1,1)
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          (2,4)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          Other Income/(Cost), Net
        </td>
        <td colspan="2" valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          (3,9)
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          (6,3)
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2" valign="middle" style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          <b>Earning before Income Taxes</b>
        </td>
        <td colspan="2" valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          <b>(15,9)</b>
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          <b>(47,5)</b>
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          <b>-3,3%</b>
        </td>
        <td colspan="2" valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          <b>-10,3%</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="middle" style="text-align: right; padding-left: 0.0px">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 0.0px">
          Current taxes
        </td>
        <td colspan="2" valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          (0,6)
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          (1,8)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          -0,1%
        </td>
        <td colspan="2" valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          -0,4%
        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2" valign="middle" style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2" valign="middle" style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          <b>Net result</b>
        </td>
        <td colspan="2" valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          <b>(16,5)</b>
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          <b>(49,3)</b>
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          <b>-3,4%</b>
        </td>
        <td colspan="2" valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          <b>-10,7%</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="middle" style="text-align: right; padding-left: 0.0px">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 0.0px">
          Minority interest
        </td>
        <td colspan="2" valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          (0,0)
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          (0,0)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2" valign="middle" style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2" valign="middle" style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          <b>Net Group Result</b>
        </td>
        <td colspan="2" valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          <b>(16,5)</b>
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          <b>(49,4)</b>
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          <b>-3,4%</b>
        </td>
        <td colspan="2" valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          <b>-10,7%</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <i>(*) Purchases plus beginning stock minus final stock and
            leather processing</i>
          </p>
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

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

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="top" style="text-align: left; padding-left: 0.0px">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="top" style="text-align: left; padding-left: 0.0px">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="11" valign="middle" style="text-align: center; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Natuzzi S.p.A. and Subsidiaries</b>
          </p>
        </td>
      </tr>
      <tr>
        <td colspan="11" valign="middle" style="text-align: left; padding-left: 0.0px">
          <b>Unaudited Consolidated Balance Sheets at December 31, 2015 on the
          basis of Italian GAAP </b><i>(Expressed in millions of Euro)</i>
        </td>
      </tr>
      <tr>
        <td colspan="11" valign="top" style="text-align: left; padding-left: 0.0px">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="2" valign="middle" style="text-align: left; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          <b>ASSETS</b>
        </td>
        <td colspan="8" valign="middle" style="text-align: right; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          <b>31-Dec-15</b>
        </td>
        <td valign="middle" style="text-align: right; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          <b>31-Dec-14</b>
        </td>
      </tr>
      <tr>
        <td colspan="2" valign="middle" style="text-align: left; padding-left: 0.0px">
          <b>Current assets:</b>
        </td>
        <td colspan="8">

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="2" valign="middle" style="text-align: left; padding-left: 0.0px">
          Cash and cash equivalents
        </td>
        <td colspan="8" valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          52,5
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          32,8
        </td>
      </tr>
      <tr>
        <td colspan="2" valign="middle" style="text-align: left; padding-left: 0.0px">
          Marketable debt securities
        </td>
        <td colspan="8" valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          0,0
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          0,0
        </td>
      </tr>
      <tr>
        <td colspan="2" valign="middle" style="text-align: left; padding-left: 0.0px">
          Trade receivables, net
        </td>
        <td colspan="8" valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          63,2
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          96,0
        </td>
      </tr>
      <tr>
        <td colspan="2" valign="middle" style="text-align: left; padding-left: 0.0px">
          Other receivables
        </td>
        <td colspan="8" valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          22,3
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          18,1
        </td>
      </tr>
      <tr>
        <td colspan="2" valign="middle" style="text-align: left; padding-left: 0.0px">
          Inventories
        </td>
        <td colspan="8" valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          79,1
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          90,2
        </td>
      </tr>
      <tr>
        <td colspan="2" valign="middle" style="text-align: left; padding-left: 0.0px">
          Unrealized foreign exchange gains
        </td>
        <td colspan="8" valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          0,2
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          0,3
        </td>
      </tr>
      <tr>
        <td colspan="2" valign="middle" style="text-align: left; padding-left: 0.0px">
          Prepaid expenses and accrued income
        </td>
        <td colspan="8" valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          1,4
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          1,3
        </td>
      </tr>
      <tr>
        <td colspan="2" valign="middle" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          Deferred income taxes
        </td>
        <td colspan="8" valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          0,5
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          0,5
        </td>
      </tr>
      <tr>
        <td colspan="2" valign="middle" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          <b>Total current assets</b>
        </td>
        <td colspan="8" valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          <b>219,2</b>
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          <b>239,3</b>
        </td>
      </tr>
      <tr>
        <td colspan="2" valign="middle" style="text-align: left; padding-left: 0.0px">
          <b>Non-current assets:</b>
        </td>
        <td colspan="8">

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="2" valign="middle" style="text-align: left; padding-left: 0.0px">
          Net property, plant and equipment
        </td>
        <td colspan="8" valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          121,1
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          130,8
        </td>
      </tr>
      <tr>
        <td colspan="2" valign="middle" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          Other assets
        </td>
        <td colspan="8" valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          9,0
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          10,0
        </td>
      </tr>
      <tr>
        <td colspan="2" valign="middle" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          <b>Total non-current assets</b>
        </td>
        <td colspan="8" valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          <b>130,1</b>
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          <b>140,8</b>
        </td>
      </tr>
      <tr>
        <td colspan="2" valign="middle" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          <b>TOTAL ASSETS</b>
        </td>
        <td colspan="8" valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          <b>349,4</b>
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          <b>380,1</b>
        </td>
      </tr>
      <tr>
        <td colspan="2" valign="middle" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          <b>LIABILITIES AND SHAREHOLDERS' EQUITY</b>
        </td>
        <td colspan="8" valign="middle" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="2" valign="middle" style="text-align: left; padding-left: 0.0px">
          <b>Current liabilities:</b>
        </td>
        <td colspan="8">

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="2" valign="middle" style="text-align: left; padding-left: 0.0px">
          Short-term borrowings
        </td>
        <td colspan="8" valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          19,0
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          20,7
        </td>
      </tr>
      <tr>
        <td colspan="2" valign="middle" style="text-align: left; padding-left: 0.0px">
          Current portion of long-term debt
        </td>
        <td colspan="8" valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          3,4
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          3,1
        </td>
      </tr>
      <tr>
        <td colspan="2" valign="middle" style="text-align: left; padding-left: 0.0px">
          Accounts payable-trade
        </td>
        <td colspan="8" valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          58,9
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          75,2
        </td>
      </tr>
      <tr>
        <td colspan="2" valign="middle" style="text-align: left; padding-left: 0.0px">
          Accounts payable-other
        </td>
        <td colspan="8" valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          27,8
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          29,7
        </td>
      </tr>
      <tr>
        <td colspan="2" valign="middle" style="text-align: left; padding-left: 0.0px">
          Accounts payable-shareholders for dividends
        </td>
        <td colspan="8" valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          0,0
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          0,0
        </td>
      </tr>
      <tr>
        <td colspan="2" valign="middle" style="text-align: left; padding-left: 0.0px">
          Unrealized foreign exchange losses
        </td>
        <td colspan="8" valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          0,3
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          0,6
        </td>
      </tr>
      <tr>
        <td colspan="2" valign="middle" style="text-align: left; padding-left: 0.0px">
          Income taxes
        </td>
        <td colspan="8" valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          0,7
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          1,1
        </td>
      </tr>
      <tr>
        <td colspan="2" valign="middle" style="text-align: left; padding-left: 0.0px">
          Deferred income taxes
        </td>
        <td colspan="8" valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          1,1
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          1,0
        </td>
      </tr>
      <tr>
        <td colspan="2" valign="middle" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          Salaries, wages and related liabilities
        </td>
        <td colspan="8" valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          14,0
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          18,3
        </td>
      </tr>
      <tr>
        <td colspan="2" valign="middle" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          <b>Total current liabilities</b>
        </td>
        <td colspan="8" valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          <b>125,2</b>
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          <b>149,7</b>
        </td>
      </tr>
      <tr>
        <td colspan="2" valign="middle" style="text-align: left; padding-left: 0.0px">
          <b>Long-term liabilities:</b>
        </td>
        <td colspan="8">

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="2" valign="middle" style="text-align: left; padding-left: 0.0px">
          Employees' leaving entitlement
        </td>
        <td colspan="8" valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          20,5
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          20,9
        </td>
      </tr>
      <tr>
        <td colspan="2" valign="middle" style="text-align: left; padding-left: 0.0px">
          Long-term debt
        </td>
        <td colspan="8" valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          15,6
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          6,2
        </td>
      </tr>
      <tr>
        <td colspan="2" valign="middle" style="text-align: left; padding-left: 0.0px">
          Deferred income taxes - long term
        </td>
        <td colspan="8" valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          0,0
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          0,0
        </td>
      </tr>
      <tr>
        <td colspan="2" valign="middle" style="text-align: left; padding-left: 0.0px">
          Deferred income for capital grants
        </td>
        <td colspan="8" valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          7,6
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          8,1
        </td>
      </tr>
      <tr>
        <td colspan="2" valign="middle" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          Other liabilities
        </td>
        <td colspan="8" valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          19,8
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          21,2
        </td>
      </tr>
      <tr>
        <td colspan="2" valign="middle" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          <b>Total long-term liabilities</b>
        </td>
        <td colspan="8" valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          <b>63,6</b>
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          <b>56,3</b>
        </td>
      </tr>
      <tr>
        <td colspan="2" valign="middle" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          <b>Minority interest</b>
        </td>
        <td colspan="8" valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          <b>3,2</b>
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          <b>3,0</b>
        </td>
      </tr>
      <tr>
        <td colspan="2" valign="middle" style="text-align: left; padding-left: 0.0px">
          <b>Shareholders' equity:</b>
        </td>
        <td colspan="8">

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="2" valign="middle" style="text-align: left; padding-left: 0.0px">
          Share capital
        </td>
        <td colspan="8" valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          54,9
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          54,9
        </td>
      </tr>
      <tr>
        <td colspan="2" valign="middle" style="text-align: left; padding-left: 0.0px">
          Reserves
        </td>
        <td colspan="8" valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          4,3
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          40,9
        </td>
      </tr>
      <tr>
        <td colspan="2" valign="middle" style="text-align: left; padding-left: 0.0px">
          Additional paid-in capital
        </td>
        <td colspan="8" valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          0,0
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          8,4
        </td>
      </tr>
      <tr>
        <td colspan="2" valign="middle" style="text-align: left; padding-left: 0.0px">
          Retained earnings
        </td>
        <td colspan="8" valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          98,2
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          66,8
        </td>
      </tr>
      <tr>
        <td colspan="2" valign="middle" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="8" valign="middle" style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="2" valign="middle" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          <b>Total shareholders' equity</b>
        </td>
        <td colspan="8" valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          <b>157,3</b>
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          <b>171,0</b>
        </td>
      </tr>
      <tr>
        <td colspan="2">

        </td>
        <td colspan="8">

        </td>
        <td valign="middle" style="text-align: right; padding-left: 0.0px">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="2" valign="middle" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          <b>TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY</b>
        </td>
        <td colspan="8" valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          <b>349,4</b>
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          <b>380,1</b>
        </td>
      </tr>
    </table>
    </div>
    <div style="text-indent: 0pt; width: 100%; margin-right: 0pt; margin-bottom: 10pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

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

        </div>
        <div style="text-align: center">
          <hr style="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%; font-family: Times New Roman; margin-bottom: 10.0px">
      <tr>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: center; padding-left: 0.0px">
          <b>Natuzzi S.p.A. and Subsidiaries</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: center; padding-left: 0.0px">
          <b>Unaudited Consolidated Statements of Cash Flows</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          <b>31-Dec-15</b>
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          <b>31-Dec-14</b>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          <b>Cash flows from operating activities:</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          <b>Net earnings (loss)</b>
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <b>-16.485</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <b>-49.356</b>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          <i><b>Adjustments to reconcile net income to net cash</b></i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Depreciation and amortization
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          13.729
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          14.240
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Impairment of long lived assets
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          0
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          2.480
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Deferred income taxes
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          -23
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          -206
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Minority interest
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          32
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          17
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          (Gain) loss on disposal of assets
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          115
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          800
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Unrealized foreign exchange losses (gains)
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          -177
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          671
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Extraordinary items, net
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          3.537
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          -791
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          Deferred income for capital grants
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          -466
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          -462
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          <b>Non monetary operating items</b>
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          <b>16.747</b>
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          <b>16.750</b>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          <i><b>Change in assets and liabilities:</b></i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Receivables, net
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          33.981
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          -20.525
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Inventories
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          11.145
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          -11.221
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Prepaid expenses and accrued income
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          -123
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          626
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Other assets
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          -5.423
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          25.093
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Accounts payable
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          -15.793
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          8.678
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Income taxes
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          -332
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          -6.054
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Salaries, wages and related liabilities
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          -1.277
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          7.337
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          Other liabilities
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          -8.100
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          6.814
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          <b>Net working capital</b>
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          <b>14.077</b>
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          <b>10.748</b>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          <b>One-time outflow from restructuring activities</b>
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          <b>-4.067</b>
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          <b>-13.548</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          <b>Net cash generated/(used) by operating activities</b>
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          <b>10.272</b>
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          <b>-35.407</b>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          <b>Cash flows from investing/restructuring activities:</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 15.0px">
          <i>Additions</i>
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          -3.656
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          -7.500
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 15.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          <i>Disposals</i>
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          3.638
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          7.095
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          <b>Net cash generated/(used) by in investing activities</b>
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          <b>-19</b>
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          <b>-405</b>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          <b>Cash flows from financing activities:</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 15.0px">
          <i>Proceeds</i>
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          12.969
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          5.000
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 15.0px">
          <i>Repayments</i>
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          -3.244
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          -3.346
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Short-term borrowings
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          -1.727
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          -4.177
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          Dividends paid to minority interests
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          <b>Net cash generated/(used) by financing activities</b>
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          <b>7.998</b>
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          <b>-2.523</b>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          <b>Effect of translation adjustments on cash</b>
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          <b>1.370</b>
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          <b>5.685</b>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          <b>Increase (decrease) in cash and cash equivalents</b>
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          <b>19.622</b>
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          <b>-28.185</b>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          <b>Cash and cash equivalents, beginning of the year</b>
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          <b>32.852</b>
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          <b>61.037</b>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          <b>Cash and cash equivalents, end of the period</b>
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          <b>52.474</b>
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          <b>32.853</b>
        </td>
      </tr>
    </table>
    </div>
    <div style="text-indent: 0pt; width: 100%; margin-right: 0pt; margin-bottom: 10pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

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

        </div>
        <div style="text-align: center">
          <hr style="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%; font-family: Times New Roman; margin-bottom: 10.0px">
      <tr>
        <td colspan="9" valign="middle" style="text-align: center; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Natuzzi S.p.A. and Subsidiaries</b>
          </p>
        </td>
      </tr>
      <tr>
        <td colspan="9" valign="middle" style="text-align: center; padding-left: 0.0px">
          <b>Unaudited Consolidated Profit &amp; Loss for the fourth quarter 2015
          &amp; 2014 on the basis of Italian GAAP</b>
        </td>
      </tr>
      <tr>
        <td colspan="9" valign="middle" style="text-align: center; padding-left: 0.0px">
          <i>(expressed in millions Euro)</i>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="2" valign="middle" style="text-align: center; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Three months ended on</b>
          </p>
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          &#160;
        </td>
        <td valign="middle" style="text-align: center; padding-left: 0.0px">
          <b>Change</b>
        </td>
        <td valign="middle" style="text-align: center; padding-left: 0.0px">
          &#160;
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          &#160;
        </td>
        <td colspan="2" valign="middle" style="text-align: center; padding-left: 0.0px">
          <b>Percentage of Sales</b>
        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="text-align: right; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          <b>31-Dec-15</b>
        </td>
        <td valign="middle" style="text-align: right; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          <b>31-Dec-14</b>
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: center; white-space: nowrap; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black; padding-right: 0.0px">
          <b>%</b>
        </td>
        <td valign="middle" style="text-align: center; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="text-align: right; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          <b>31-Dec-15</b>
        </td>
        <td valign="middle" style="text-align: right; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          <b>31-Dec-14</b>
        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 0.0px">
          Upholstery net sales
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          116,4
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          120,9
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          88,4%
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          87,2%
        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          Other sales
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          15,3
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          17,8
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          -14,2%
        </td>
        <td valign="middle" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          11,6%
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          12,8%
        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          <b>Total Net Sales</b>
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          <b>131,7</b>
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          <b>138,6</b>
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          <b>-5,0%</b>
        </td>
        <td valign="middle" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          <b>100,0%</b>
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          <b>100,0%</b>
        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 0.0px">
          Consumption (*)
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          (57,9)
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          (68,8)
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          -44,0%
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          -49,6%
        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 0.0px">
          Labor
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          (18,4)
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          (20,6)
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          -10,7%
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          -14,0%
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          -14,9%
        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 0.0px">
          Industrial Costs
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          (8,0)
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          (9,3)
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          -14,1%
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          -6,1%
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          -6,7%
        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          <i>of which: Depreciation, Amortization</i>
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          <i>(2,4)</i>
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          <i>(2,3)</i>
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          7,4%
        </td>
        <td valign="middle" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          <i>-1,8%</i>
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          <i>-1,6%</i>
        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          <b>Cost of Sales</b>
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          <b>(84,2)</b>
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          <b>(98,7)</b>
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          <b>-14,6%</b>
        </td>
        <td valign="middle" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          <b>-64,0%</b>
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          <b>-71,2%</b>
        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          <b>Industrial Margin</b>
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          <b>47,4</b>
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          <b>40,0</b>
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          <b>18,6%</b>
        </td>
        <td valign="middle" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          <b>36,0%</b>
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          <b>28,8%</b>
        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 0.0px">
          <b>Selling Expenses</b>
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <b>(21,1)</b>
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <b>(24,2)</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <b>-12,9%</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <b>-16,0%</b>
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <b>-17,4%</b>
        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 50.0px">
          <i>Transportation</i>
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <i>(14,4)</i>
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <i>(14,5)</i>
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <i>-10,9%</i>
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <i>-10,5%</i>
        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 50.0px">
          <i>Commissions</i>
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <i>(2,8)</i>
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <i>(2,4)</i>
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <i>13,6%</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <i>-2,1%</i>
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <i>-1,8%</i>
        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 50.0px">
          <i>Advertising</i>
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <i>(3,9)</i>
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <i>(7,2)</i>
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <i>-45,7%</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <i>-3,0%</i>
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <i>-5,2%</i>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="middle" style="text-align: right; padding-left: 0.0px">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 0.0px">
          <b>Other Selling and G&amp;A</b>
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <b>(22,7)</b>
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <b>(24,5)</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <b>-7,4%</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <b>-17,2%</b>
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <b>-17,7%</b>
        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          <i>of which: Depreciation, Amortization</i>
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          <i>(0,9)</i>
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          <i>(1,3)</i>
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          -34,0%
        </td>
        <td valign="middle" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          <i>-0,7%</i>
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          <i>-1,0%</i>
        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          <b>EBITDA</b>
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          <b>6,9</b>
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          <b>(5,1)</b>
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          <b>5,3%</b>
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          <b>-3,7%</b>
        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          <b>EBIT</b>
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          <b>3,6</b>
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          <b>(8,7)</b>
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          <b>2,8%</b>
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          <b>-6,3%</b>
        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 0.0px">
          Interest Income/(Costs), Net
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          (1,0)
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          (0,9)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 0.0px">
          Foreign Exchange, Net
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          1,9
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          (2,0)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          Other Income/(Cost), Net
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          (3,2)
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          (3,2)
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          <b>Earning before Income Taxes</b>
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          <b>1,3</b>
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          <b>(14,8)</b>
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          <b>1,0%</b>
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          <b>-10,7%</b>
        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          Current taxes
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          0,6
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          (0,6)
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          0,4%
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          -0,4%
        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          <b>Net Result</b>
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          <b>1,9</b>
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          <b>(15,4)</b>
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          <b>1,4%</b>
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          <b>-11,1%</b>
        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          Minority interest
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          (0,1)
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          (0,0)
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          <b>Net Group Result</b>
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          <b>1,8</b>
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          <b>(15,4)</b>
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          <b>1,4%</b>
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-right: 0.0px">
          <b>-11,1%</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <p>
      CONTACT:<br><b>NATUZZI INVESTOR RELATIONS</b><br>Francesca Cocco,
      +39.080.8820.865<br><u>fcocco@natuzzi.com</u><br>or<br><b>NATUZZI
      CORPORATE COMMUNICATION</b><br>Vito Basile (Press Office),
      +39.080.8820.676<br><u>vbasile@natuzzi.com</u>
    </p>
    <div style="text-indent: 0pt; width: 100%; margin-right: 0pt; margin-bottom: 10pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
    <p style="text-align: center">
      <br>
      <font style="font-size: 10pt; font-family: Times New Roman"><b>SIGNATURES</b></font><font style="font-size: 10pt; font-family: Times New Roman">
      </font>
    </p>
    <p style="text-indent: 30.0px">
      <font style="font-size: 10pt; font-family: Times New Roman">Pursuant to
      the requirements of the Securities Exchange Act of 1934, the registrant
      has duly caused this report to be signed on its behalf by the
      undersigned thereunto duly authorized.</font>
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 10pt; width: 100%; font-family: Times New Roman; margin-bottom: 10.0px">
      <tr>
        <td style="width: 6%">

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

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

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

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 47%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 6%; padding-bottom: 2.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Date:
          </p>
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 44%; padding-bottom: 2.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>March 23, 2016</b>
          </p>
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 3%; padding-bottom: 2.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            By:
          </p>
        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px; width: 47%; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          <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="text-align: center; padding-left: 0.0px; width: 47%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 10pt">Pasquale Natuzzi</font>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
  </body>
</html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
