<SEC-DOCUMENT>0001157523-16-005775.txt : 20160531
<SEC-HEADER>0001157523-16-005775.hdr.sgml : 20160531
<ACCEPTANCE-DATETIME>20160527180538
ACCESSION NUMBER:		0001157523-16-005775
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20160527
FILED AS OF DATE:		20160531
DATE AS OF CHANGE:		20160527

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:		161683490

	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>a51351857.htm
<DESCRIPTION>NATUZZI S.P.A. 6-K
<TEXT>
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    <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>
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    <table style="margin-bottom: 10.0px; font-size: 10pt; font-family: Times New Roman; width: 100%" cellspacing="0">
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        <td style="text-align: left; padding-left: 0.0px; width: 33%" valign="top">
          <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>May
            2016</b></font>
          </p>
        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 34%" valign="top">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; width: 33%" valign="top">
          Commission File Number 1-11854
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">

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

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

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

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

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

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

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

        </div>
      </div>
    </div>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>Natuzzi:
      Margins Continue to Improve</b></font>
    </p>
    <p style="text-align: center">

    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        <i><font style="font-size: 12pt; font-family: Times New Roman"><b>CONSOLIDATED
        REVENUE OF EURO 120.7 MILLION IN Q1 2016</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 34.3%, IMPROVING FROM 29.4% IN Q1 2015</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 EURO 4.3 MILLION COMPARED TO EURO -1.4 MILLION IN Q1 2015</b></font></i>
      </li>
      <li style="margin-bottom: 10.0px">
        <i><font style="font-size: 12pt; font-family: Times New Roman"><b>NET
        RESULT IMPROVES SIGNIFICANTLY FROM A LOSS OF EURO 9.8 MILLION IN Q1
        2015 TO A LOSS OF EURO 0.2 MILLION IN Q1 2016</b></font></i>
      </li>
      <li style="margin-bottom: 10.0px">
        <i><font style="font-size: 12pt; font-family: Times New Roman"><b>NATUZZI
        BRANDED SALES ACCOUNTS FOR 71% OF TOTAL CORE REVENUE</b></font></i>
      </li>
      <li style="margin-bottom: 10.0px">
        <i><font style="font-size: 12pt; font-family: Times New Roman"><b>10
        NEW NATUZZI SALES POINTS OPENED SINCE BEGINNING OF YEAR</b></font></i>
      </li>
    </ul>
    <p>
      SANTERAMO IN COLLE, Bari, Italy--(BUSINESS WIRE)--May 27, 2016--The
      Board of Directors of Natuzzi S.p.A. (NYSE:NTZ) has approved the Q1 2016
      consolidated results.
    </p>
    <p>
      Following the Board meeting, the Chairman and CEO Pasquale Natuzzi
      stated:
    </p>
    <p>
      <i>&#8220;The first quarter 2016 results have continued to build upon the
      improving margins of previous quarters.</i>
    </p>
    <p>
      <i>In the first three months of 2016, with revenue slightly contracting
      (-1.5%), Natuzzi brand sales accounted for 71% of core Group revenue.</i>
    </p>
    <p>
      <i>The Retail expansion of the Natuzzi brand continued, with the opening
      of 10 new sales points, of which 5 in China - a key market with growth
      of 11.5% in the first quarter of the year.</i>
    </p>
    <p>
      <i>The UK market grew by 7.2% and now is the second largest for Natuzzi
      after the United States.</i>
    </p>
    <p>
      <i>Leveraging on the existing distribution network and brand awareness,
      we saw positive performance for Germany, Belgium and Spain, confirming
      Western Europe - together with China and the United States - as key
      markets for the development of the Retail business.</i> <i>The American
      market still presents significant potential for expansion, where we have
      invested in hiring three new managers with proven Retail experience.</i>
    </p>
    <div style="margin-bottom: 10pt; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt; width: 100%">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
    <p>
      <i>Softaly (Private Label) represented 29% of core Group sales in the
      first three months of 2016, seeing growth in the EMEA region (+15.1%),
      in particular in the UK and Germany.</i>
    </p>
    <p>
      <i>The lower retail sales of one of our major customers are negatively
      affecting our Q2 2016 private label order flow.</i> <i>However the
      strategy of the Group is to recover in the second half of the year.</i> <i>We
      will do this by focusing on new key accounts which have already been
      identified during the last fairs.</i>
    </p>
    <p>
      <i>Natuzzi brand order flow is growing versus prior year, confirming the
      effectiveness of the actions put in place to support the Retail
      development.</i>
    </p>
    <p>
      <i>The gross margin on sales improved by 4.9pp.</i> <i>This is due
      primarily to plants streamlining and the reduction of raw material
      costs, in particular leather.</i>
    </p>
    <p>
      <i>Due to what is discussed above as well as stabilized G&amp;A costs,
      EBITDA reported a profit of Euro 4.3 million, compared to a loss of Euro
      1.4 million in Q1 2015.</i>
    </p>
    <p>
      <i>EBIT also performed in a positive way, improving from a loss of Euro
      4.9 million in Q1 2015 to a profit of Euro 1.1 million in Q1 2016, with
      the group Net Result therefore also improving to a loss of Euro 0.2
      million, from Euro -9.8 million in Q1 2015.</i>
    </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;488.5
      million in 2015, 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="margin-bottom: 10pt; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt; width: 100%">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="margin-bottom: 10.0px; font-size: 10pt; font-family: Times New Roman; width: 100%" cellspacing="0">
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="14">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="middle" colspan="14">
          <b>Natuzzi S.p.A. and Subsidiaries</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="middle" colspan="14">
          <b>Unaudited Consolidated Profit &amp; Loss for the three months of 2016
          &amp; 2015 on the basis of Italian GAAP</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="middle" colspan="14">
          <i>(expressed in millions Euro)</i>
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; text-align: center; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="middle" colspan="14">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="2">

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="middle" colspan="4">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Three months</b><br><b> ended on</b>
          </p>
        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px" valign="middle" colspan="3">
          <b>Change</b>
        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="middle" colspan="3">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Percentage of</b><br><b> Sales</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: double; text-align: left; border-bottom-width: 2.25pt; border-bottom-color: black; padding-left: 0.0px" valign="middle" colspan="2">
          &#160;
        </td>
        <td style="border-bottom-style: double; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black; padding-left: 0.0px" valign="middle" colspan="3">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>31-Mar-</b><br><b>16</b>
          </p>
        </td>
        <td style="white-space: nowrap; border-bottom-style: double; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px" valign="middle">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>31-Mar-</b><br><b>15</b>
          </p>
        </td>
        <td style="border-bottom-style: double; text-align: left; border-bottom-width: 2.25pt; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: double; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px" valign="middle" colspan="3">
          <b>%</b>
        </td>
        <td style="border-bottom-style: double; text-align: left; border-bottom-width: 2.25pt; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: double; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black; padding-left: 0.0px" valign="middle">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>31Mar-</b><br><b>16</b>
          </p>
        </td>
        <td style="border-bottom-style: double; text-align: left; border-bottom-width: 2.25pt; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: double; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black; padding-left: 0.0px" valign="middle">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>31Mar-</b><br><b>15</b>
          </p>
        </td>
      </tr>
      <tr>
        <td colspan="2">

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="middle" colspan="2">
          Upholstery net sales
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom" colspan="3">
          108,1
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          108,9
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom" colspan="3">
          -0,7%
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          89,6%
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          88,9%
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="middle" colspan="2">
          Furnishings net sales
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom" colspan="3">
          5,8
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          6,1
        </td>
        <td>

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

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

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          5,0%
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="middle" colspan="2">
          Other sales
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px" valign="bottom" colspan="3">
          6,7
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          7,5
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px" valign="bottom" colspan="3">
          -10,3%
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          5,6%
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          6,1%
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="middle" colspan="2">
          <b>Total Net Sales</b>
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px" valign="bottom" colspan="3">
          <b>120,7</b>
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>122,6</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px" valign="bottom" colspan="3">
          <b>-1,5%</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>100,0%</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>100,0%</b>
        </td>
      </tr>
      <tr>
        <td colspan="2">

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px" valign="middle">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="middle" colspan="2">
          Consumption (*)
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom" colspan="3">
          (51,7)
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (57,7)
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom" colspan="3">
          -10,5%
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -42,8%
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -47,1%
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="middle" colspan="2">
          Labor
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom" colspan="3">
          (19,7)
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (20,8)
        </td>
        <td>

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

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -16,3%
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -17,0%
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="middle" colspan="2">
          Industrial Costs
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom" colspan="3">
          (7,9)
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (8,0)
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom" colspan="3">
          -1,5%
        </td>
        <td>

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

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -6,6%
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="middle" colspan="2">
          <i>of which: Depreciation, Amortization</i>
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px" valign="bottom" colspan="3">
          <i>(2,4)</i>
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <i>(2,5)</i>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px" valign="bottom" colspan="3">
          -5,5%
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <i>-2,0%</i>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <i>-2,1%</i>
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="middle" colspan="2">
          <b>Cost of Sales</b>
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px" valign="bottom" colspan="3">
          <b>(79,3)</b>
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>(86,5)</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px" valign="bottom" colspan="3">
          <b>-8,4%</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>-65,7%</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>-70,6%</b>
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="middle" colspan="2">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="middle" colspan="3">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="middle">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="middle" colspan="3">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="middle">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="middle">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="middle" colspan="2">
          <b>Industrial Margin</b>
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px" valign="bottom" colspan="3">
          <b>41,4</b>
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>36,0</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px" valign="bottom" colspan="3">
          <b>14,8%</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>34,3%</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>29,4%</b>
        </td>
      </tr>
      <tr>
        <td colspan="2">

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px" valign="middle">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="middle" colspan="2">
          <b>Selling Expenses</b>
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom" colspan="3">
          <b>(19,6)</b>
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>(19,8)</b>
        </td>
        <td>

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

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

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>-16,1%</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 30.0px" valign="middle" colspan="2">
          <i>Transportation</i>
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom" colspan="3">
          <i>(12,4)</i>
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <i>(13,0)</i>
        </td>
        <td>

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

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <i>-10,3%</i>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <i>-10,6%</i>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 30.0px" valign="middle" colspan="2">
          <i>Commissions</i>
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom" colspan="3">
          <i>(2,6)</i>
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <i>(2,5)</i>
        </td>
        <td>

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

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

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <i>-2,1%</i>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 30.0px" valign="middle" colspan="2">
          <i>Advertising</i>
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom" colspan="3">
          <i>(4,6)</i>
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <i>(4,3)</i>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom" colspan="3">
          <i>7,2%</i>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <i>-3,8%</i>
        </td>
        <td>

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

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px" valign="middle">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="middle" colspan="2">
          <b>Other Selling and G&amp;A</b>
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px" valign="bottom" colspan="3">
          <b>(20,7)</b>
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>(21,2)</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px" valign="bottom" colspan="3">
          <b>-2,2%</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>-17,2%</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>-17,3%</b>
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="middle" colspan="2">
          <b>EBIT</b>
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px" valign="bottom" colspan="3">
          <b>1,1</b>
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>(4,9)</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="middle" colspan="3">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>0,9%</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>-4,0%</b>
        </td>
      </tr>
      <tr>
        <td colspan="2">

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px" valign="middle">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="middle" colspan="2">
          Interest Income/(Costs), Net
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom" colspan="3">
          (1,2)
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (0,5)
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="middle" colspan="2">
          Foreign Exchange, Net
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom" colspan="3">
          0,1
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (4,0)
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px" valign="middle">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="middle" colspan="2">
          Current taxes
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px" valign="bottom" colspan="3">
          (0,2)
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (0,1)
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="middle" colspan="3">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -0,2%
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -0,1%
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="middle" colspan="2">
          <b>Net result</b>
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px" valign="bottom" colspan="3">
          <b>(0,2)</b>
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>(9,8)</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="middle" colspan="3">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>-0,2%</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>-8,0%</b>
        </td>
      </tr>
      <tr>
        <td colspan="2">

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px" valign="middle">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="middle" colspan="2">
          Minority interest
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px" valign="bottom" colspan="3">
          (0,0)
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (0,0)
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="middle" colspan="3">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="middle">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="middle">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="middle" colspan="2">
          <b>Net Group Result</b>
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px" valign="bottom" colspan="3">
          <b>(0,2)</b>
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>(9,8)</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="middle" colspan="3">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>-0,2%</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>-8,0%</b>
        </td>
      </tr>
      <tr>
        <td colspan="2">

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom" colspan="2">
          <i>(*) Purchases plus beginning stock minus final stock and leather
          processing</i>
        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="middle" colspan="9">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Natuzzi S.p.A. and Subsidiaries</b>
          </p>
        </td>
        <td colspan="5">

        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="middle" colspan="8">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Unaudited Consolidated Balance Sheets at March 31, 2016 on the
            basis of Italian</b><br><b> GAAP </b><i>(Expressed in millions of
            Euro)</i>
          </p>
        </td>
        <td>

        </td>
        <td colspan="5">

        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: double; text-align: left; border-bottom-width: 2.25pt; border-bottom-color: black; padding-left: 0.0px" valign="middle">
          <b>ASSETS</b>
        </td>
        <td style="border-bottom-style: double; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black; padding-left: 0.0px" valign="middle" colspan="2">
          <b>31-Mar-16</b>
        </td>
        <td style="border-bottom-style: double; text-align: left; border-bottom-width: 2.25pt; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: double; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black; padding-left: 0.0px" valign="middle" colspan="4">
          <b>31-Dec-15</b>
        </td>
        <td style="border-bottom-style: double; text-align: left; border-bottom-width: 2.25pt; border-bottom-color: black; padding-left: 0.0px" valign="middle">
          &#160;
        </td>
        <td style="padding-bottom: 4.0px; text-align: right; padding-left: 0.0px" valign="middle" colspan="5">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">
          <b>Current assets:</b>
        </td>
        <td colspan="2">

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td colspan="4">

        </td>
        <td>

        </td>
        <td colspan="5">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">
          Cash and cash equivalents
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom" colspan="2">
          50,7
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom" colspan="4">
          52,5
        </td>
        <td>

        </td>
        <td colspan="5">

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

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

        </td>
        <td colspan="5">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">
          Trade receivables, net
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom" colspan="2">
          67,5
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom" colspan="4">
          63,2
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px" valign="bottom" colspan="5">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">
          Other receivables
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom" colspan="2">
          24,6
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom" colspan="4">
          <p style="margin-top: 0px; margin-bottom: 0px">
            23,9
          </p>
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px" valign="bottom" colspan="5">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">
          Inventories
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom" colspan="2">
          83,1
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom" colspan="4">
          79,1
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px" valign="bottom" colspan="5">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">
          Unrealized foreign exchange gains
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom" colspan="2">
          0,7
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom" colspan="4">
          0,2
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px" valign="bottom" colspan="5">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">
          Prepaid expenses and accrued income
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom" colspan="2">
          1,1
        </td>
        <td>

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

        </td>
        <td style="text-align: right; padding-left: 0.0px" valign="bottom" colspan="5">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="middle">
          Deferred income taxes
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px" valign="bottom" colspan="2">
          0,4
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px" valign="bottom" colspan="4">
          0,5
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="middle">
          &#160;
        </td>
        <td style="padding-bottom: 2.0px; text-align: right; padding-left: 0.0px" valign="bottom" colspan="5">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="middle">
          <b>Total current assets</b>
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px" valign="bottom" colspan="2">
          <b>228,1</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px" valign="bottom" colspan="4">
          <b>220,8</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="middle">
          &#160;
        </td>
        <td style="padding-bottom: 2.0px; text-align: right; padding-left: 0.0px" valign="bottom" colspan="5">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">
          <b>Non-current assets:</b>
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="4">

        </td>
        <td>

        </td>
        <td colspan="5">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">
          Net property, plant and equipment
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom" colspan="2">
          114,7
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom" colspan="4">
          121,1
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px" valign="bottom" colspan="5">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="middle">
          Other assets
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px" valign="bottom" colspan="2">
          7,0
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px" valign="bottom" colspan="4">
          7,5
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="middle">
          &#160;
        </td>
        <td style="padding-bottom: 2.0px; text-align: right; padding-left: 0.0px" valign="bottom" colspan="5">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="middle">
          <b>Total non-current assets</b>
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px" valign="bottom" colspan="2">
          <b>121,7</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px" valign="bottom" colspan="4">
          <b>128,6</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="middle">
          &#160;
        </td>
        <td style="padding-bottom: 2.0px; text-align: right; padding-left: 0.0px" valign="bottom" colspan="5">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="middle">
          <b>TOTAL ASSETS</b>
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px" valign="bottom" colspan="2">
          <b>349,8</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px" valign="bottom" colspan="4">
          <b>349,4</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="middle">
          &#160;
        </td>
        <td style="padding-bottom: 2.0px; text-align: right; padding-left: 0.0px" valign="bottom" colspan="5">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="middle">
          <b>LIABILITIES AND SHAREHOLDERS' EQUITY</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="middle" colspan="2">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="middle" colspan="4">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="middle">
          &#160;
        </td>
        <td colspan="5">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">
          <b>Current liabilities:</b>
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="4">

        </td>
        <td>

        </td>
        <td colspan="5">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">
          Short-term borrowings
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom" colspan="2">
          25,2
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom" colspan="4">
          18,8
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px" valign="bottom" colspan="5">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">
          Current portion of long-term debt
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom" colspan="2">
          4,3
        </td>
        <td>

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

        </td>
        <td style="text-align: right; padding-left: 0.0px" valign="bottom" colspan="5">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">
          Accounts payable-trade
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom" colspan="2">
          59,4
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom" colspan="4">
          58,9
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px" valign="bottom" colspan="5">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">
          Accounts payable-other
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom" colspan="2">
          25,2
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom" colspan="4">
          27,8
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px" valign="bottom" colspan="5">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">
          Accounts payable-shareholders for dividends
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom" colspan="2">
          0,0
        </td>
        <td>

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

        </td>
        <td style="text-align: right; padding-left: 0.0px" valign="bottom" colspan="5">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">
          Unrealized foreign exchange losses
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom" colspan="2">
          0,0
        </td>
        <td>

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

        </td>
        <td style="text-align: right; padding-left: 0.0px" valign="bottom" colspan="5">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">
          Income taxes
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom" colspan="2">
          0,5
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom" colspan="4">
          0,7
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px" valign="bottom" colspan="5">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">
          Deferred income taxes
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom" colspan="2">
          1,0
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom" colspan="4">
          1,0
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px" valign="bottom" colspan="5">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="middle">
          Salaries, wages and related liabilities
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px" valign="bottom" colspan="2">
          14,5
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px" valign="bottom" colspan="4">
          14,0
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="middle">
          &#160;
        </td>
        <td style="padding-bottom: 2.0px; text-align: right; padding-left: 0.0px" valign="bottom" colspan="5">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="middle">
          <b>Total current liabilities</b>
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px" valign="bottom" colspan="2">
          <b>130,2</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px" valign="bottom" colspan="4">
          <b>124,9</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="middle">
          &#160;
        </td>
        <td style="padding-bottom: 2.0px; text-align: right; padding-left: 0.0px" valign="bottom" colspan="5">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">
          <b>Long-term liabilities:</b>
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="4">

        </td>
        <td>

        </td>
        <td colspan="5">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">
          Employees' leaving entitlement
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom" colspan="2">
          20,5
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom" colspan="4">
          20,5
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px" valign="bottom" colspan="5">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">
          Long-term debt
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom" colspan="2">
          16,2
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom" colspan="4">
          15,8
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px" valign="bottom" colspan="5">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">
          Deferred income taxes - long term
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom" colspan="2">
          0,0
        </td>
        <td>

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

        </td>
        <td style="text-align: right; padding-left: 0.0px" valign="bottom" colspan="5">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">
          Deferred income for capital grants
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom" colspan="2">
          7,5
        </td>
        <td>

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

        </td>
        <td style="text-align: right; padding-left: 0.0px" valign="bottom" colspan="5">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="middle">
          Other liabilities
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px" valign="bottom" colspan="2">
          20,0
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px" valign="bottom" colspan="4">
          19,8
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="middle">
          &#160;
        </td>
        <td style="padding-bottom: 2.0px; text-align: right; padding-left: 0.0px" valign="bottom" colspan="5">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="middle">
          <b>Total long-term liabilities</b>
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px" valign="bottom" colspan="2">
          <b>64,1</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px" valign="bottom" colspan="4">
          <b>63,9</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="middle">
          &#160;
        </td>
        <td style="padding-bottom: 2.0px; text-align: right; padding-left: 0.0px" valign="bottom" colspan="5">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="middle">
          <b>Minority interest</b>
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px" valign="bottom" colspan="2">
          <b>3,1</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px" valign="bottom" colspan="4">
          <b>3,2</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="middle">
          &#160;
        </td>
        <td style="padding-bottom: 2.0px; text-align: right; padding-left: 0.0px" valign="bottom" colspan="5">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">
          <b>Shareholders' equity:</b>
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="4">

        </td>
        <td>

        </td>
        <td colspan="5">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">
          Share capital
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom" colspan="2">
          54,9
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom" colspan="4">
          54,9
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px" valign="bottom" colspan="5">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">
          Reserves
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom" colspan="2">
          10,9
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom" colspan="4">
          10,9
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px" valign="bottom" colspan="5">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">
          Additional paid-in capital
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom" colspan="2">
          0,0
        </td>
        <td>

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

        </td>
        <td style="text-align: right; padding-left: 0.0px" valign="bottom" colspan="5">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="middle">
          Retained earnings
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px" valign="bottom" colspan="2">
          86,7
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px" valign="bottom" colspan="4">
          91,6
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="middle">
          &#160;
        </td>
        <td style="padding-bottom: 2.0px; text-align: right; padding-left: 0.0px" valign="bottom" colspan="5">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="middle">
          <b>Total shareholders' equity</b>
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px" valign="bottom" colspan="2">
          <b>152,5</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px" valign="bottom" colspan="4">
          <b>157,3</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="middle">
          &#160;
        </td>
        <td style="padding-bottom: 2.0px; text-align: right; padding-left: 0.0px" valign="bottom" colspan="5">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
      </tr>
      <tr>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="4">

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="middle" colspan="5">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="middle">
          <b>TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY</b>
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px" valign="bottom" colspan="2">
          <b>349,8</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px" valign="bottom" colspan="4">
          <b>349,4</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="middle">
          &#160;
        </td>
        <td style="padding-bottom: 2.0px; text-align: right; padding-left: 0.0px" valign="bottom" colspan="5">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
      </tr>
      <tr>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="4">

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="5">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-bottom: 10pt; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt; width: 100%">
      <div>
        <div style="text-align: left">

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

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

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

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

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

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

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Natuzzi S.p.A. and Subsidiaries</b>
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 5.0px" valign="middle">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Unaudited Consolidated Statements of Cash Flows</b>
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          <b>31-Mar-16</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          <b>31-Dec-15</b>
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>-219</b>
        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          3.190
        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          81
        </td>
        <td>

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

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

        </td>
        <td>

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

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

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

        </td>
        <td>

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

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          115
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -782
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -177
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          3.537
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          Deferred income for capital grants
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -116
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -466
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          <b>Non monetary operating items</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>2.334</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>16.747</b>
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -4.264
        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -4.045
        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          352
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -123
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -770
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -5.435
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          524
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -15.782
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -200
        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          482
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -1.277
        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          Other liabilities
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -169
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -8.100
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          <b>Net working capital</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>-8.090</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>14.077</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          <b>Net cash generated/(used) by operating activities</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>-5.975</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>14.339</b>
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -794
        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          433
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          3.638
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          <i>One time termination benefits</i>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -1.905
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -4.067
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          <b>Net cash generated/(used) by in investing activities</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>-2.267</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>-4.086</b>
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          2.046
        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -814
        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          Short-term borrowings
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          6.369
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -1.727
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          <b>Net cash generated/(used) by financing activities</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>7.601</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>7.998</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          <b>Effect of translation adjustments on cash</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>-1.144</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>1.370</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          <b>Increase (decrease) in cash and cash equivalents</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>-1.785</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>19.622</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          <b>Cash and cash equivalents, beginning of the year</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>52.474</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>32.852</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          <b>Cash and cash equivalents, end of the period</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>50.689</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>52.474</b>
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

    </p>
    <p>
      CONTACT:<br><b>Natuzzi</b><br><b>Investor Relations</b><br>Francesca
      Cocco, +39.080.8820.493<br><u>fcocco@natuzzi.com</u><br>or<br><b>Corporate
      Communication</b><br>Vito Basile (Press Office), +39.080.8820.676<br><u>vbasile@natuzzi.com</u>
    </p>
    <p>

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

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

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

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

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

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

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

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

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

        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 47%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
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        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px; width: 6%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Date:
          </p>
        </td>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px; width: 44%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>May 27, 2016</b>
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            By:
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            <font style="font-size: 10pt">/s/ Pasquale Natuzzi</font>
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        </td>
      </tr>
      <tr>
        <td style="width: 6%">

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

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

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