<SEC-DOCUMENT>0001157523-16-006770.txt : 20160923
<SEC-HEADER>0001157523-16-006770.hdr.sgml : 20160923
<ACCEPTANCE-DATETIME>20160923172052
ACCESSION NUMBER:		0001157523-16-006770
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20160923
FILED AS OF DATE:		20160923
DATE AS OF CHANGE:		20160923

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:		161900560

	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>a51426563.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>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 10pt; width: 100%; font-family: Times New Roman; margin-bottom: 10.0px">
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        <td style="text-align: left; width: 33%; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <font style="font-size: 10pt">For the month of </font><font style="font-size: 10pt; font-family: Times New Roman"><b>September,
            2016</b></font>
          </p>
        </td>
        <td style="text-align: left; width: 34%; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="text-align: right; width: 33%; padding-left: 0.0px" valign="top">
          Commission File Number 1-11854
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">

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

    </p>
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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-color: black; border-bottom-width: 1.0pt; 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-right: 0pt; text-indent: 0pt; width: 100%; margin-left: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

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

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

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

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

    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>Natuzzi:
      The Group&#8217;s New Strategy is in Place</b></font>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>Management
      Has Been Realigned to Execute Continuous Improvement on Margins</b></font>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        <i><font style="font-size: 12pt; font-family: Times New Roman"><b>CONSOLIDATED
        REVENUE FOR THE FIRST HALF OF 2016 WERE EURO 230.6 MILLION DOWN 4.6%
        AS COMPARED TO 2015</b></font></i>
      </li>
      <li style="margin-bottom: 10.0px">
        <i><font style="font-size: 12pt; font-family: Times New Roman"><b>GROSS
        MARGIN IMPROVED BY 4,1 POINTS TO 34.3% IN THE FIRST HALF OF THE YEAR
        AS OPPOSED TO 30.2% IN THE FIRST SEMESTER OF 2015</b></font></i>
      </li>
      <li style="margin-bottom: 10.0px">
        <i><font style="font-size: 12pt; font-family: Times New Roman"><b>EBITDA
        WAS POSITIVE REACHING EURO 6.7 MILLION IN THE FIRST HALF OF 2016
        COMPARED TO A LOSS OF EURO -2.3 MILLION IN THE SAME PERIOD OF THE
        PREVIOUS YEAR</b></font></i>
      </li>
      <li style="margin-bottom: 10.0px">
        <i><font style="font-size: 12pt; font-family: Times New Roman"><b>NET
        RESULT IMPROVED FROM A LOSS OF EURO -13.3 MILLION IN THE FIRST HALF OF
        2015 TO EURO - 1.1 MILLION THIS YEAR</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 ACCOUNTED FOR 72% 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>NEW
        ORGANIZATION WAS CREATED WITH TWO SEPARATE DIVISIONS: BRANDED AND
        PRIVATE LABEL BUSINESS</b></font></i>
      </li>
      <li style="margin-bottom: 10.0px">
        <i><font style="font-size: 12pt; font-family: Times New Roman"><b>ENTRY
        OF NEW MANAGEMENT TO FOCUS ON RETAIL DEVELOPMENT</b></font></i>
      </li>
      <li style="margin-bottom: 10.0px">
        <i><font style="font-size: 12pt; font-family: Times New Roman"><b>NATUZZI
        BECOMES FSC (FOREST STEWARDSHIP COUNCIL)</b></font></i><b><font style="font-size: 12pt; font-family: Times New Roman">
        </font><i><font style="font-size: 12pt; font-family: Times New Roman">CERTIFIED
        AND PUBLISHED THE 2015 SUSTAINABILITY REPORT</font></i></b>
      </li>
    </ul>
    <p style="text-align: center">

    </p>
    <p>
      SANTERAMO IN COLLE, Bari, Italy--(BUSINESS WIRE)--September 23,
      2016--The Board of Directors of Natuzzi S.p.A. (NYSE:NTZ) has approved
      Half-Year 2016 consolidated results.
    </p>
    <p>
      Following the Board meeting, the Chairman and CEO Pasquale Natuzzi
      stated:
    </p>
    <p>
      <i>&#8220;The first half results for 2016 began to show improvement in our
      business in a number of areas.</i> <i>We have been able to recover our
      margins which speaks well to the value of our brand.</i> <i>Our new
      organization is in place and we are excited for our new strategy to
      begin to produce value for our shareholders. We are encouraged by the
      continued strength of our branded sales which accounted for 72% of our
      core business.</i> <i>We have opened 27 new selling points since the
      beginning of the year and we are continuing with our aggressive
      expansion in direct retail sales.&#8221;</i>
    </p>
    <p>
      Leveraging on the existing distribution network and brand awareness, the
      Company saw positive performance in Northern Europe (Belgium, Holland
      and Sweden) and Spain, confirming Western Europe and the United States
      as key markets for the development of the Retail business.
    </p>
    <p>
      Softaly (Private Label) represented 28% of core Group sales in the first
      six months of 2016, seeing growth in particular in the EMEA region +9.4%
      (France, Germany and Switzerland). Our &#8220;Golden Partner&#8221; program
      dedicated to large clients continues to show a positive momentum, even
      though retail difficulties among some of our customers has impacted our
      first half 2016 results.
    </p>
    <p>
      <i>Mr. Natuzzi added, &#8220;At the end of July we announced the new structure
      in support of the Group&#8217;s growth strategy which, on one hand, seeks to
      consolidate and boost the Natuzzi brand positioning globally, and on the
      other, will favor the growth of Softaly, the Group&#8217;s dedicated private
      label business division.</i>
    </p>
    <p>
      <i>The main objective of the new Natuzzi division is to launch the new
      retail business model, focused on boosting growth through an extended
      and re-balanced product offer, a wider consumer target and a new high
      traffic retail format.</i>
    </p>
    <p>
      <i>The Softaly division will support the growth of the B2B channel,
      leveraging on the product and production process knowhow and global
      industrial platform of the Natuzzi Group, which enjoys strong relations
      with the major international distribution groups.&#8221;</i>
    </p>
    <div style="margin-right: 0pt; text-indent: 0pt; width: 100%; margin-left: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
    <p>
      <i>Chief Financial Officer Vittorio Notarpietro added:</i>
    </p>
    <p>
      <i><b>&#8220;</b>The gross margin on sales at 34,3% improved by 4.1pp on
      first half 2015, due primarily to plants streamlining and to the
      reduction of raw material costs, in particular leather. EBITDA was a
      positive of Euro 6.7 million, compared to a loss of Euro 2.3 million in
      the same period of the previous year.</i>
    </p>
    <p>
      <i>EBIT also performed in a positive way, improving from a loss of Euro
      9.4 million in the first half of 2015 to a profit of Euro 0.3 million
      this year, with the group Net Result therefore also improving to a loss
      of Euro -1.1 million, from Euro -13.3 million in the first half of 2015.&#8221;</i>
    </p>
    <p>
      <i>&#8220;Finally, I&#8217;m delighted to communicate that Natuzzi Group has become
      FSC (FOREST STEWARDSHIP COUNCIL)</i> <i>certified&#8221; - Pasquale Natuzzi
      added - &#8220;such certification confirms our strong commitment to the
      environmental protection. The stringent corporate policy on
      deforestation, along with the use of photovoltaic energy and
      environmental and quality certifications are all actions in line with
      Corporate values and aimed at targeting consumers looking for beauty,
      comfort and sustainability.&#8221;</i>
    </p>
    <p>
      <b>Natuzzi S.p.A.</b>
    </p>
    <p>
      The Natuzzi Group, founded in 1959 by Pasquale Natuzzi, designs,
      produces and sells an extensive range of sofas, armchairs, home
      furniture and home accessories. With revenues of Euro 488.5 million in
      2015, the Natuzzi Group is the largest Italian furniture house and the
      only player with global reach and has eight manufacturing plant, twelve
      commercial offices and 363 brand stores globally. Ethics and social
      responsibility, innovation, industrial know-how and integrated
      management of its value chain are the key strengths which have made the
      Natuzzi Group the market leader. Natuzzi S.p.A. is included in the list
      of companies with an outstanding Legality Rating awarded by the Italian
      Anti-trust Authority. It has been listed since May 13, 1993 on the New
      York Stock Exchange. The Group is ISO 9001 and 14001 (Quality and
      Environment), OHSAS 18001 (Workplace Safety) and FSC (Forests, Wood)
      certified.
    </p>
    <div style="margin-right: 0pt; text-indent: 0pt; width: 100%; margin-left: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 10pt; width: 100%; font-family: Times New Roman; margin-bottom: 10.0px">
      <tr>
        <td colspan="12">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="middle" colspan="12">
          <b>Natuzzi S.p.A. and Subsidiaries</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="middle" colspan="12">
          <b>Unaudited Consolidated Profit &amp; Loss for the second quarter 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="12">
          <i>(expressed in millions of Euro)</i>
        </td>
      </tr>
      <tr>
        <td colspan="12">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">

        </td>
        <td style="text-align: center; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="middle" colspan="4">
          <b>Three months ended on</b>
        </td>
        <td style="text-align: center; padding-left: 0.0px" valign="middle" colspan="2">
          <b>Change</b>
        </td>
        <td style="text-align: center; padding-left: 0.0px" valign="middle">
          &#160;
        </td>
        <td style="text-align: center; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="middle" colspan="4">
          <b>Percentage of Sales</b>
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: double; text-align: left; border-bottom-color: black; border-bottom-width: 2.25pt; padding-left: 0.0px" valign="middle">
          &#160;
        </td>
        <td style="border-bottom-style: double; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 2.25pt; padding-left: 0.0px; white-space: nowrap" valign="middle" colspan="2">
          <b>30-Jun-16</b>
        </td>
        <td style="border-bottom-style: double; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 2.25pt; padding-left: 0.0px; white-space: nowrap" valign="middle" colspan="2">
          <b>30-Jun-15</b>
        </td>
        <td style="border-bottom-style: double; text-align: center; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 2.25pt; padding-left: 0.0px; white-space: nowrap" valign="bottom" colspan="2">
          <b>%</b>
        </td>
        <td style="border-bottom-style: double; text-align: center; border-bottom-color: black; border-bottom-width: 2.25pt; padding-left: 0.0px" valign="middle">
          &#160;
        </td>
        <td style="border-bottom-style: double; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 2.25pt; padding-left: 0.0px; white-space: nowrap" valign="middle" colspan="2">
          <b>30-Jun-16</b>
        </td>
        <td style="border-bottom-style: double; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 2.25pt; padding-left: 0.0px; white-space: nowrap" valign="middle" colspan="2">
          <b>30-Jun-15</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">
          Upholstery net sales
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          97,4
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          105,9
        </td>
        <td>

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

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          88,6
        </td>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          %
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          88,9
        </td>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          %
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="middle">
          Other sales
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          12,5
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          13,2
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          -5,3
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          %
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="middle">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          11,4
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          %
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          11,1
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          %
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="middle">
          <b>Total Net Sales</b>
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>109,9</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>119,1</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>-7,7</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>%</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="middle">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>100,0</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>%</b>
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>100,0</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>%</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">

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

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

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

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

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

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">
          Consumption (*)
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (45,6
        </td>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (55,6
        </td>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          -18,0
        </td>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          %
        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          -41,5
        </td>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          %
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          -46,7
        </td>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          %
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">
          Labor
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (19,0
        </td>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (19,1
        </td>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          -0,7
        </td>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          %
        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          -17,3
        </td>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          %
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          -16,1
        </td>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          %
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">
          Industrial Costs
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (7,5
        </td>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (7,4
        </td>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0,4
        </td>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          %
        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          -6,8
        </td>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          %
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          -6,2
        </td>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          %
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="middle">
          <i>of which: Depreciation, Amortization</i>
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>(2,4</i>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>)</i>
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>(2,5</i>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>)</i>
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          -4,4
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          %
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="middle">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>-2,2</i>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>%</i>
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>-2,1</i>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>%</i>
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="middle">
          <b>Cost of Sales</b>
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>(72,1</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>)</b>
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>(82,2</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>)</b>
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>-12,3</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>%</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="middle">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>-65,6</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>%</b>
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>-69,0</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>%</b>
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="middle">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt" colspan="2">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt" colspan="2">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt" colspan="2">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="middle">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt" colspan="2">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt" colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="middle">
          <b>Industrial Margin</b>
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>37,8</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>36,9</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>2,5</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>%</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="middle">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>34,4</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>%</b>
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>31,0</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>%</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">

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

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

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

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

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

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">
          <b>Selling Expenses</b>
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>(17,2</b>
        </td>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>)</b>
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>(19,8</b>
        </td>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>)</b>
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>-13,0</b>
        </td>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>%</b>
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>-15,7</b>
        </td>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>%</b>
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>-16,6</b>
        </td>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>%</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 50.0px" valign="middle">
          <i>Transportation</i>
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>(10,7</i>
        </td>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>)</i>
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>(13,6</i>
        </td>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>)</i>
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>-21,3</i>
        </td>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>%</i>
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>-9,8</i>
        </td>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>%</i>
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>-11,4</i>
        </td>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>%</i>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 50.0px" valign="middle">
          <i>Commissions</i>
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>(2,4</i>
        </td>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>)</i>
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>(2,5</i>
        </td>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>)</i>
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>-6,3</i>
        </td>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>%</i>
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>-2,1</i>
        </td>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>%</i>
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>-2,1</i>
        </td>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>%</i>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 50.0px" valign="middle">
          <i>Advertising</i>
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>(4,1</i>
        </td>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>)</i>
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>(3,6</i>
        </td>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>)</i>
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>13,3</i>
        </td>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>%</i>
        </td>
        <td>

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

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

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

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

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

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

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">
          <b>Other Selling and G&amp;A</b>
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>(21,4</b>
        </td>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>)</b>
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>(21,5</b>
        </td>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>)</b>
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>-0,6</b>
        </td>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>%</b>
        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>-19,4</b>
        </td>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>%</b>
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>-18,0</b>
        </td>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>%</b>
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="middle">
          <i>of which: Depreciation, Amortization</i>
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>(0,8</i>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>)</i>
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>(1,0</i>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>)</i>
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          -22,0
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          %
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="middle">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>-0,7</i>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>%</i>
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>-0,8</i>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>%</i>
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="middle">
          <b>EBITDA</b>
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>2,4</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>(0,9</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>)</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt" colspan="2">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="middle">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>2,2</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>%</b>
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>-0,8</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>%</b>
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="middle">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt" colspan="2">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt" colspan="2">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt" colspan="2">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="middle">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt" colspan="2">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt" colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="middle">
          <b>EBIT</b>
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>(0,8</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>)</b>
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>(4,4</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>)</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt" colspan="2">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="middle">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>-0,7</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>%</b>
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>-3,7</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>%</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">
          Interest Income/(Costs), Net
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (0,9
        </td>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (0,6
        </td>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td colspan="2">

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

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

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

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

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

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

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

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

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

        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="middle">
          Other Income/(Cost), Net
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (0,4
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (0,3
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt" colspan="2">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="middle">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt" colspan="2">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt" colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="middle">
          <b>Earnings before Income Taxes</b>
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>(0,6</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>)</b>
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>(3,2</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>)</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt" colspan="2">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="middle">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>-0,6</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>%</b>
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>-2,7</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>%</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">

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

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

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

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

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

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

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

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          -0,2
        </td>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          %
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          -0,2
        </td>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          %
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="middle">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt" colspan="2">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt" colspan="2">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt" colspan="2">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="middle">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt" colspan="2">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt" colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="middle">
          <b>Net Result</b>
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>(0,8</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>)</b>
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>(3,5</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>)</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt" colspan="2">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="middle">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>-0,8</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>%</b>
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>-2,9</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>%</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">

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

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

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

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

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

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

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

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

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

        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="middle">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt" colspan="2">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt" colspan="2">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt" colspan="2">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="middle">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt" colspan="2">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt" colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="middle">
          <b>Net Group Result</b>
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>(0,8</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>)</b>
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>(3,5</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>)</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt" colspan="2">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="middle">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>-0,8</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>%</b>
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>-2,9</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>%</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

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

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 10pt; width: 100%; font-family: Times New Roman; margin-bottom: 10.0px">
      <tr>
        <td colspan="12">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="middle" colspan="12">
          <b>Natuzzi S.p.A. and Subsidiaries</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="middle" colspan="12">
          <b>Unaudited Consolidated Profit &amp; Loss for the six 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="12">
          <i>(expressed in millions of Euro)</i>
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt" colspan="12">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">

        </td>
        <td style="text-align: center; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="middle" colspan="4">
          <b>Six months ended on</b>
        </td>
        <td style="text-align: center; padding-left: 0.0px" valign="middle" colspan="2">
          <b>Change</b>
        </td>
        <td style="text-align: center; padding-left: 0.0px" valign="middle">
          &#160;
        </td>
        <td style="text-align: center; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="middle" colspan="4">
          <b>Percentage of Sales</b>
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: double; text-align: left; border-bottom-color: black; border-bottom-width: 2.25pt; padding-left: 0.0px" valign="middle">
          &#160;
        </td>
        <td style="border-bottom-style: double; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 2.25pt; padding-left: 0.0px; white-space: nowrap" valign="middle" colspan="2">
          <b>30-Jun-16</b>
        </td>
        <td style="border-bottom-style: double; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 2.25pt; padding-left: 0.0px; white-space: nowrap" valign="middle" colspan="2">
          <b>30-Jun-15</b>
        </td>
        <td style="border-bottom-style: double; text-align: center; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 2.25pt; padding-left: 0.0px; white-space: nowrap" valign="bottom" colspan="2">
          <b>%</b>
        </td>
        <td style="border-bottom-style: double; text-align: center; border-bottom-color: black; border-bottom-width: 2.25pt; padding-left: 0.0px" valign="middle">
          &#160;
        </td>
        <td style="border-bottom-style: double; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 2.25pt; padding-left: 0.0px; white-space: nowrap" valign="middle" colspan="2">
          <b>30-Jun-16</b>
        </td>
        <td style="border-bottom-style: double; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 2.25pt; padding-left: 0.0px; white-space: nowrap" valign="middle" colspan="2">
          <b>30-Jun-15</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">
          Upholstery net sales
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          205,5
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          214,8
        </td>
        <td>

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

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          89,1
        </td>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          %
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          88,9
        </td>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          %
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">
          Furnishings net sales
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          12,3
        </td>
        <td>

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

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

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          5,3
        </td>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          %
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          4,9
        </td>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          %
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="middle">
          Other sales
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          12,8
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          14,9
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          -14,3
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          %
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="middle">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          5,5
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          %
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          6,2
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          %
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="middle">
          <b>Total Net Sales</b>
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>230,6</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>241,7</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>-4,6</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>%</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="middle">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>100,0</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>%</b>
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>100,0</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>%</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">

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

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

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

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

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

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">
          Consumption (*)
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (97,3
        </td>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (113,4
        </td>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          -14,2
        </td>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          %
        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          -42,2
        </td>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          %
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          -46,9
        </td>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          %
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">
          Labor
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (38,7
        </td>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (39,9
        </td>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          -3,0
        </td>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          %
        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          -16,8
        </td>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          %
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          -16,5
        </td>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          %
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">
          Industrial Costs
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (15,4
        </td>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (15,5
        </td>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          -0,5
        </td>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          %
        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          -6,7
        </td>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          %
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          -6,4
        </td>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          %
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; border-bottom-width: 1.0pt" valign="middle">
          <i>of which: Depreciation, Amortization</i>
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>(4,8</i>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>)</i>
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>(5,0</i>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>)</i>
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          -4,9
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          %
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="middle">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>-2,1</i>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>%</i>
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>-2,1</i>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>%</i>
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="middle">
          <b>Cost of Sales</b>
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>(151,4</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>)</b>
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>(168,8</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>)</b>
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>-10,3</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>%</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="middle">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>-65,7</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>%</b>
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>-69,8</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>%</b>
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="middle">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt" colspan="2">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt" colspan="2">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt" colspan="2">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="middle">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt" colspan="2">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt" colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="middle">
          <b>Industrial Margin</b>
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>79,2</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>72,9</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>8,6</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>%</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="middle">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>34,3</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>%</b>
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>30,2</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>%</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">

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

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

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

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

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

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">
          <b>Selling Expenses</b>
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>(36,8</b>
        </td>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>)</b>
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>(39,6</b>
        </td>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>)</b>
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>-7,0</b>
        </td>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>%</b>
        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>-16,0</b>
        </td>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>%</b>
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>-16,4</b>
        </td>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>%</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 50.0px" valign="middle">
          <i>Transportation</i>
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>(23,1</i>
        </td>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>)</i>
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>(26,6</i>
        </td>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>)</i>
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>-13,0</i>
        </td>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>%</i>
        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>-10,0</i>
        </td>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>%</i>
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>-11,0</i>
        </td>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>%</i>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 50.0px" valign="middle">
          <i>Commissions</i>
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>(4,9</i>
        </td>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>)</i>
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>(5,0</i>
        </td>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>)</i>
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>-2,1</i>
        </td>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>%</i>
        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>-2,1</i>
        </td>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>%</i>
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>-2,1</i>
        </td>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>%</i>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 50.0px" valign="middle">
          <i>Advertising</i>
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>(8,7</i>
        </td>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>)</i>
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>(7,9</i>
        </td>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>)</i>
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>10,0</i>
        </td>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>%</i>
        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">

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

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

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

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

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

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

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">
          <b>Other Selling and G&amp;A</b>
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>(42,1</b>
        </td>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>)</b>
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>(42,7</b>
        </td>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>)</b>
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>-1,4</b>
        </td>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>%</b>
        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>-18,3</b>
        </td>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>%</b>
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>-17,7</b>
        </td>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>%</b>
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; border-bottom-width: 1.0pt" valign="middle">
          <i>of which: Depreciation, Amortization</i>
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>(1,6</i>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>)</i>
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>(2,0</i>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>)</i>
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          -20,5
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          %
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="middle">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>-0,7</i>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>%</i>
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>-0,8</i>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>%</i>
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="middle">
          <b>EBITDA</b>
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>6,7</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>(2,3</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>)</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt" colspan="2">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="middle">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>2,9</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>%</b>
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>-1,0</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>%</b>
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="middle">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt" colspan="2">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt" colspan="2">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt" colspan="2">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="middle">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt" colspan="2">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt" colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="middle">
          <b>EBIT</b>
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>0,3</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>(9,4</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>)</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt" colspan="2">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="middle">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>0,1</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>%</b>
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>-3,9</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>%</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">
          Interest Income/(Costs), Net
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (2,1
        </td>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (1,1
        </td>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td colspan="2">

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

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

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

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

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

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

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

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

        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="middle">
          Other Income/(Cost), Net
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (0,4
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (0,5
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt" colspan="2">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="middle">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt" colspan="2">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt" colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="middle">
          <b>Earnings before Income Taxes</b>
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>(0,6</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>)</b>
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>(12,9</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>)</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt" colspan="2">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="middle">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>-0,3</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>%</b>
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>-5,3</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>%</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">

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

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

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

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

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

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">
          Current taxes
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (0,4
        </td>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (0,3
        </td>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td colspan="2">

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

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          -0,2
        </td>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          %
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          -0,1
        </td>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          %
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="middle">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt" colspan="2">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt" colspan="2">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt" colspan="2">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="middle">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt" colspan="2">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt" colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="middle">
          <b>Net result</b>
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>(1,0</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>)</b>
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>(13,3</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>)</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt" colspan="2">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="middle">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>-0,5</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>%</b>
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>-5,5</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>%</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">

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

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

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

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

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

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

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

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

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

        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="middle">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt" colspan="2">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt" colspan="2">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt" colspan="2">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="middle">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt" colspan="2">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt" colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="middle">
          <b>Net Group Result</b>
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>(1,1</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>)</b>
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>(13,3</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>)</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt" colspan="2">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="middle">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>-0,5</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>%</b>
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>-5,5</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>%</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

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

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 10pt; width: 100%; font-family: Times New Roman; margin-bottom: 10.0px">
      <tr>
        <td colspan="4">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="middle" colspan="4">
          <b>Natuzzi S.p.A. and Subsidiaries</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="middle" colspan="4">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Unaudited Consolidated Balance Sheets at June 30, 2016 on the
            basis of Italian GAAP </b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="4">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <i>(Expressed in millions of Euro)</i>
          </p>
        </td>
      </tr>
      <tr>
        <td colspan="4">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: double; text-align: left; border-bottom-color: black; border-bottom-width: 2.25pt; padding-left: 0.0px" valign="middle">
          <b>ASSETS</b>
        </td>
        <td style="border-bottom-style: double; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 2.25pt; padding-left: 0.0px; white-space: nowrap" valign="middle">
          <b>30-Jun-16</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 2.25pt; padding-left: 0.0px; white-space: nowrap" valign="middle">
          <b>31-Dec-15</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">
          <b>Current assets:</b>
        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">

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

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">
          Cash and cash equivalents
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          58,1
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          52,5
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">
          Marketable debt securities
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0,0
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0,0
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">
          Trade receivables, net
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          53,2
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          63,2
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">
          Other receivables
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          23,8
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          23,9
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">
          Inventories
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          85,4
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          79,1
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">
          Unrealized foreign exchange gains
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0,3
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0,2
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">
          Prepaid expenses and accrued income
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          1,4
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          1,4
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="middle">
          Deferred income taxes
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0,5
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0,5
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="middle">
          <b>Total current assets</b>
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>222,9</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>220,8</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">
          <b>Non-current assets:</b>
        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">
          Net property, plant and equipment
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          115,9
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          121,1
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="middle">
          Other assets
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          6,4
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          7,5
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="middle">
          <b>Total non-current assets</b>
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>122,3</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>128,6</b>
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="middle">
          <b>TOTAL ASSETS</b>
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>345,2</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>349,4</b>
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="middle">
          <b>LIABILITIES AND SHAREHOLDERS' EQUITY</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="middle">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="middle">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">
          <b>Current liabilities:</b>
        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">
          Short-term borrowings
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          25,1
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          19,0
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">
          Current portion of long-term debt
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          5,2
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          3,4
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">
          Accounts payable-trade
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          57,7
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          58,9
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">
          Accounts payable-other
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          24,0
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          27,8
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">
          Accounts payable-shareholders for dividends
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0,0
        </td>
        <td>

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

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

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0,7
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">
          Deferred income taxes
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          1,0
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          1,0
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="middle">
          Salaries, wages and related liabilities
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          13,4
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          14,0
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="middle">
          <b>Total current liabilities</b>
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>127,4</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>125,1</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">
          <b>Long-term liabilities:</b>
        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">
          Employees' leaving entitlement
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          20,4
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          20,5
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">
          Long-term debt
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          15,0
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          15,6
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">
          Deferred income taxes - long term
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0,0
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0,0
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">
          Deferred income for capital grants
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          7,4
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          7,7
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="middle">
          Other liabilities
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          19,7
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          19,8
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="middle">
          <b>Total long-term liabilities</b>
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>62,5</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>63,7</b>
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="middle">
          <b>Minority interest</b>
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>3,1</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>3,2</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">
          <b>Shareholders' equity:</b>
        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">

        </td>
        <td>

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

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

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          54,9
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">
          Reserves
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          3,7
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          3,7
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">
          Additional paid-in capital
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0,0
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0,0
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="middle">
          Retained earnings
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          93,6
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          98,8
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="middle">
          <b>Total shareholders' equity</b>
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>152,1</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>157,3</b>
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="middle">
          <b>TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY</b>
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>345,2</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>349,4</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

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

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 10pt; width: 100%; font-family: Times New Roman; margin-bottom: 10.0px">
      <tr>
        <td colspan="4">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="middle" colspan="4">
          <b>Natuzzi S.p.A. and Subsidiaries</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="middle" colspan="4">
          <b>Unaudited Consolidated Statements of Cash Flows</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="middle" colspan="4">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <i>(expressed in millions of Euro)</i>
          </p>
        </td>
      </tr>
      <tr>
        <td colspan="4">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: double; text-align: left; border-bottom-color: black; border-bottom-width: 2.25pt; padding-left: 0.0px" valign="bottom">
          &#160;
        </td>
        <td style="border-bottom-style: double; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 2.25pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>30-Jun-16</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 2.25pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>31-Dec-15</b>
        </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>
          &#160;
        </td>
        <td>

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

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>-16,5</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </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>
      </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>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Depreciation and amortization
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          6,4
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          13,7
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Deferred income taxes
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          -0,0
        </td>
        <td>

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

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0,0
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          (Gain) loss on disposal of assets
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          -0,0
        </td>
        <td>

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

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

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          3,5
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="bottom">
          Deferred income for capital grants
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          -0,2
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          -0,5
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="bottom">
          <b>Non-monetary operating items</b>
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>6,0</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>16,7</b>
        </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>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Receivables, net
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          10,0
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          34,0
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Inventories
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          -6,4
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          11,1
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Prepaid expenses and accrued income
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0,0
        </td>
        <td>

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

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          -5,4
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Accounts payable
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          -2,2
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          -15,8
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Income taxes
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          -0,0
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          -0,3
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Salaries, wages and related liabilities
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          -0,6
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          -1,3
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Employees' leaving entitlement
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0,0
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0,0
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="bottom">
          Other liabilities
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0,1
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          -8,1
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="bottom">
          <b>Net working capital</b>
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>0,9</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>14,1</b>
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="bottom">
          <b>Net cash generated/(used) by operating activities</b>
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>5,8</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>14,3</b>
        </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>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Property, plant and equipment:
        </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 style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          -2,8
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          -3,7
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="bottom">
          <i>Disposals</i>
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0,4
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          3,6
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="bottom">
          <i>One time termination benefits</i>
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          -4,0
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          -4,1
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; border-bottom-width: 1.0pt; 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: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>-6,4</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>-4,1</b>
        </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>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Long-term debt:
        </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 style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          2,3
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          13,0
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="bottom">
          <i>Repayments</i>
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          -1,1
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          -3,2
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="bottom">
          Short-term borrowings
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          6,2
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          -1,7
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="bottom">
          <b>Net cash generated/(used) by financing activities</b>
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>7,4</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>8,0</b>
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="bottom">
          <b>Effect of translation adjustments on cash</b>
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>-1,1</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>1,4</b>
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; border-bottom-width: 1.0pt; padding-left: 0.0px" valign="bottom">
          <b>Increase (decrease) in cash and cash equivalents</b>
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>5,7</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>19,6</b>
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; border-bottom-width: 1.0pt; 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: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>52,5</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>32,9</b>
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; border-bottom-width: 1.0pt; 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: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>58,1</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>52,5</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

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

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

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

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

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

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

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

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

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

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