<SEC-DOCUMENT>0001157523-16-007398.txt : 20161117
<SEC-HEADER>0001157523-16-007398.hdr.sgml : 20161117
<ACCEPTANCE-DATETIME>20161117100101
ACCESSION NUMBER:		0001157523-16-007398
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20161117
FILED AS OF DATE:		20161117
DATE AS OF CHANGE:		20161117

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:		162004091

	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>a51462789.htm
<DESCRIPTION>NATUZZI S.P.A. 6-K
<TEXT>
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    <title></title>
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      <br>
      <br>
      <font style="font-size: 12pt; font-family: Times New Roman">Securities
      and Exchange Commission</font><br><font style="font-size: 12pt; font-family: Times New Roman">Washington,
      D.C. 20549</font><br><br><br><font style="font-size: 18pt; font-family: Times New Roman"><b>Form
      6-K</b></font><br><br><br><font style="font-size: 12pt; font-family: Times New Roman">Report
      of Foreign Issuer</font><br><font style="font-size: 12pt; font-family: Times New Roman">Pursuant
      To Rule 13a-16 Or 15d-16</font><br><font style="font-size: 12pt; font-family: Times New Roman">Of
      The</font><br><font style="font-size: 12pt; font-family: Times New Roman">Securities
      Exchange Act of 1934</font><br><br>
    </p>
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    <table style="font-size: 10pt; margin-bottom: 10.0px; font-family: Times New Roman; width: 100%" cellspacing="0">
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        <td valign="top" style="text-align: left; width: 33%; padding-left: 0.0px">
          <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>November
            2016</b></font>
          </p>
        </td>
        <td valign="top" style="text-align: left; width: 34%; padding-left: 0.0px">
          &#160;
        </td>
        <td valign="top" style="text-align: right; width: 33%; padding-left: 0.0px">
          Commission File Number 1-11854
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">

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

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

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

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

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

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

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

    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>Natuzzi
      S.p.A. Q3 and Nine Months 2016 Consolidated Results</b></font>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>PROGRESS
      ON OPENING NEW DOORS GLOBALLY</b></font>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>EARLY
      RETAIL RESULTS ARE POSITIVE</b></font>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>CASH FLOW
      AND FINANCIAL POSITION STRENGTHEN</b></font>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        <i><font style="font-size: 12pt; font-family: Times New Roman">CONSOLIDATED
        REVENUE FOR Q3 2016 WERE EURO 102 MILLION DOWN 11.4% AS COMPARED TO
        2015. DESPITE LOWER REVENUES, GROSS MARGIN CONTINUED TO IMPROVE TO
        34.3% IN Q3 2016 AS OPPOSED TO 32.7% IN Q3 2015.</font></i>
      </li>
      <li style="margin-bottom: 10.0px">
        <i><font style="font-size: 12pt; font-family: Times New Roman">EBITDA
        WAS POSITIVE REACHING EUROS 2.2 MILLION IN Q3 UP SLIGHTLY FROM EUROS
        1.5 MILLION IN THE PRIOR YEAR. EBIT IMPROVED FROM A LOSS OF EUROS 1.9
        MILLION IN Q3 2015 TO A LOSS OF EUROS 0.9 MILLION IN Q3 2016</font></i>
      </li>
      <li style="margin-bottom: 10.0px">
        <i><font style="font-size: 12pt; font-family: Times New Roman">16 NEW
        DIRECTLY OPERATED NATUZZI SALES POINTS OPENED DURING THE YEAR TO DATE
        AND PLANS ARE UNDER WAY TO OPEN 2 MORE BY YEAR END.</font></i>
      </li>
      <li style="margin-bottom: 10.0px">
        <i><font style="font-size: 12pt; font-family: Times New Roman">FINANCIAL
        RESULTS FOR THE NINE MONTHS ENDED SEPTEMBER 30</font><sup><font style="font-size: 12pt; font-family: Times New Roman">TH</font></sup><font style="font-size: 12pt; font-family: Times New Roman">
        ALSO CONTINUED TO IMPROVE.</font></i>
      </li>
      <li style="margin-bottom: 10.0px">
        <i><font style="font-size: 12pt; font-family: Times New Roman">DESPITE
        NET REVENUES DECLINE OF 6.8% TO EURO 332.6 MILLION, GROSS MARGIN
        IMPROVED SIGNIFICANTLY, FROM 31% IN 2015 TO 34.3% THIS YEAR, AND NET
        INCOME IMPROVED FROM A LOSS OF EURO 18.3 MILLION IN 2015 TO A LOSS OF
        EURO 6.6 MILLION THIS YEAR AND EBITDA IMPROVED TO POSITIVE EURO 8.8
        MILLION VS. A LOSS OF EURO 0.8 MILLION LAST YEAR.</font></i>
      </li>
    </ul>
    <p>
      SANTERAMO IN COLLE, Bari, Italy--(BUSINESS WIRE)--November 17, 2016--The
      Board of Directors of Natuzzi S.p.A. (NYSE:NTZ) has approved the Q3 2016
      consolidated results.<br>Following the Board meeting, the Chairman and
      CEO Pasquale Natuzzi stated:<br><i>&#8220;We have operated the third quarter
      of 2016 under our new strategy and organization and the results,
      although not visible in the net numbers yet, continue to improve.
      Branded product is maintaining value in the market with a reduction in
      revenue as a response to competitor discounting. We remain focused on
      protecting the value of our brand, the most recognized high-end
      furniture brand in the world. Softaly suffered as a result of the
      difficulties of one of our major customers.</i> <i>We are working with
      them on a new strategy which we believe will benefit us both. Early
      indications of order flow from our recent North American Furniture
      Market in High Point are extremely favorable, demonstrating that our
      customers, both branded and private label, remain excited about our
      product and increasingly about our brand.&#8221;</i>
    </p>
    <p>
      <i>&#8220;Leveraging on the existing distribution network and brand awareness,
      as well as newly acquired direct operated stores, the Company saw some
      positive performance in Europe and Asia.</i> <i>The largest immediate
      opportunity is in North America where efforts to expand continue. To
      this end, the Company has recently completed agreements to acquire
      stores in Florida and Italy as part of the continued expansion of
      Directly Operated Stores.&#8221;</i>
    </p>
    <p>
      <i>Mr. Natuzzi added - &#8220;Early results of the evolving application of our
      new strategy remain encouraging and we continue to realign the
      organization along these new dimensions.</i> <i>In addition to the
      dedicated expansion in doors and direct merchandising, we have begun
      efforts to rationalize headquarter expense and are already seeing the
      benefit.</i> <i>We expect these efforts to result in a return to
      profitability in the near future. As of now we see positive results in
      both the average value of retail transactions and price per seat in
      Natuzzi Italia.&#8221; - he continued - &#8220;Both of these improvements are a
      direct result of our branding strategy and investment.&#8221;</i>
    </p>
    <div style="margin-bottom: 10pt; width: 100%; margin-left: 0pt; margin-right: 0pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
    <p>
      <i>Chief Financial Officer Vittorio Notarpietro added:</i><br><i>&#8220;A
      transition of this magnitude requires substantial effort and time. We
      have successfully reallocated all appropriate resources to the two
      operating divisions. We have made significant progress in rationalizing
      the general and administrative expenses of the corporate division. As a
      result of these efforts combined with early success in higher value
      branded sales, cash flow from operations has increased to Euros 15.3
      million and our net financial position has improved greatly, almost 10%
      from the end of last year (Euro 15.9 million versus Euros 14.5 million).</i><br><i>We
      recently acquired five existing franchised stores in Italy and seven
      stores in Florida. The main reason for the strategy to buy back stores
      is to improve control toward our Brand distribution, taking, at the same
      time, advantage of the entire value chain. But even from a pure cash
      point of view, the direct retailing has an advantage compared with the
      traditional whole-sale business which is more cash intensive.&#8221;</i><br><i>&#8220;We
      are now tracking operations on both retail and manufacturing basis and
      evolving management systems to allow us to optimize our business. I am
      happy to advise that for stores we operated at the beginning of 2016,
      revenues have increased 2.8% through mid-November. Further, we have seen
      an increase of 6.3% in average DOS transaction and an increase of 11% in
      the related price per seat.&#8221;</i>
    </p>
    <p>
      <b>About Natuzzi S.p.A.</b>
    </p>
    <p>
      Founded in 1959 by Pasquale Natuzzi, Natuzzi S.p.A. designs,
      manufactures and sells a broad collection of couches, armchairs, home
      furniture and home accessories. With consolidated revenues of &#8364;488.5
      million in 2015, Natuzzi is Italy&#8217;s largest furniture house and the
      player with the greatest global reach in its sector, with eight
      manufacturing plants, twelve commercial offices and more than 1,100
      points of sale worldwide. Ethics and social responsibility, innovation,
      industrial know-how and integrated management of its value chain
      represent the points of strength that have made the Natuzzi Group a
      market leader and established Natuzzi as the most recognized furniture
      brand in the world among consumers of luxury goods. Natuzzi S.p.A. has
      been listed on the New York Stock Exchange since May 1993. The Company
      is ISO 9001 and 14001 certified.
    </p>
    <div style="margin-bottom: 10pt; width: 100%; margin-left: 0pt; margin-right: 0pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="font-size: 10pt; margin-bottom: 10.0px; font-family: Times New Roman; width: 100%" cellspacing="0">
      <tr>
        <td valign="top" style="text-align: left; padding-left: 100.0px" colspan="7">
          <b>Natuzzi S.p.A. and Subsidiaries</b>
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          &#160;
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          &#160;
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          &#160;
        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="13">
          <b>Unaudited Consolidated Profit &amp; Loss for the third quarter 2016 &amp;
          2015 on the basis of Italian GAAP</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 100.0px" colspan="5">
          <i>(expressed in millions Euro)</i>
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="3">
          <b>Three months ended on</b>
        </td>
        <td>

        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px">
          <b>Change</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="3">
          <b>Percentage of Sales</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; border-bottom-width: 2.25pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: double">
          &#160;
        </td>
        <td valign="top" style="text-align: left; border-bottom-width: 2.25pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: double">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>30-Sep-16</b>
          </p>
        </td>
        <td valign="top" style="text-align: left; border-bottom-width: 2.25pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: double">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>30-Sep-15</b>
          </p>
        </td>
        <td valign="top" style="text-align: left; border-bottom-width: 2.25pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="text-align: center; white-space: nowrap; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: double">
          <b>%</b>
        </td>
        <td valign="top" style="text-align: left; border-bottom-width: 2.25pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: double">
          &#160;
        </td>
        <td valign="top" style="text-align: left; border-bottom-width: 2.25pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: double">
          &#160;
        </td>
        <td valign="top" style="text-align: left; border-bottom-width: 2.25pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: double">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>30-Sep-16</b>
          </p>
        </td>
        <td valign="top" style="text-align: left; border-bottom-width: 2.25pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: double">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>30-Sep-15</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          103,6
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          88,4%
        </td>
        <td>

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

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          5,8
        </td>
        <td>

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

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          11,5%
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          4,5%
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          Other sales
        </td>
        <td valign="top" style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          6,0
        </td>
        <td valign="top" style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          6,4
        </td>
        <td valign="top" style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          -5,6%
        </td>
        <td valign="top" style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="top" style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="top" style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          5,9%
        </td>
        <td valign="top" style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          5,6%
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <b>Total Net Sales</b>
        </td>
        <td valign="top" style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <b>102,0</b>
        </td>
        <td valign="top" style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <b>115,1</b>
        </td>
        <td valign="top" style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <b>-11,4%</b>
        </td>
        <td valign="top" style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="top" style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="top" style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <b>100,0%</b>
        </td>
        <td valign="top" style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <b>100,0%</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          -42,0%
        </td>
        <td>

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

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          (16,9)
        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

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

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

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

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

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          -6,3%
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <i>of which: Depreciation, Amortization</i>
        </td>
        <td valign="top" style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <i>(2,4)</i>
        </td>
        <td valign="top" style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <i>(2,5)</i>
        </td>
        <td valign="top" style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          -3,7%
        </td>
        <td valign="top" style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="top" style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="top" style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <i>-2,3%</i>
        </td>
        <td valign="top" style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <i>-2,1%</i>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <b>Cost of Sales</b>
        </td>
        <td valign="top" style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <b>(67,0)</b>
        </td>
        <td valign="top" style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <b>(77,5)</b>
        </td>
        <td valign="top" style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <b>-13,5%</b>
        </td>
        <td valign="top" style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="top" style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="top" style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <b>-65,7%</b>
        </td>
        <td valign="top" style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <b>-67,3%</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="top" style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="top" style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="top" style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="top" style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="top" style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="top" style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="top" style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="top" style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="top" style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="top" style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="top" style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="top" style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <b>Industrial Margin</b>
        </td>
        <td valign="top" style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <b>35,0</b>
        </td>
        <td valign="top" style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <b>37,6</b>
        </td>
        <td valign="top" style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <b>-7,0%</b>
        </td>
        <td valign="top" style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="top" style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="top" style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <b>34,3%</b>
        </td>
        <td valign="top" style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <b>32,7%</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          <b>(15,1)</b>
        </td>
        <td>

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

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          <b>-23,2%</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          <b>-17,0%</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 50.0px">
          <i>Transportation</i>
        </td>
        <td>

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

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

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          <i>-26,7%</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          <i>-10,9%</i>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 50.0px">
          <i>Commissions</i>
        </td>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          <i>-1,9%</i>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 50.0px">
          <i>Advertising</i>
        </td>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          -0,7%
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="top" style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="top" style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="top" style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="top" style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="top" style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="top" style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="top" style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="top" style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="top" style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="top" style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="top" style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="top" style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <b>Net Result</b>
        </td>
        <td valign="top" style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <b>(5,6)</b>
        </td>
        <td valign="top" style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <b>(5,1)</b>
        </td>
        <td valign="top" style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="top" style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="top" style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="top" style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="top" style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <b>-5,5%</b>
        </td>
        <td valign="top" style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <b>-4,4%</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="top" style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="top" style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="top" style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="top" style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="top" style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="top" style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="top" style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="top" style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="top" style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="top" style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="top" style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="top" style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <b>Net Group Result</b>
        </td>
        <td valign="top" style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <b>(5,5)</b>
        </td>
        <td valign="top" style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <b>(5,1)</b>
        </td>
        <td valign="top" style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="top" style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="top" style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="top" style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="top" style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <b>-5,4%</b>
        </td>
        <td valign="top" style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <b>-4,4%</b>
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-bottom: 10pt; width: 100%; margin-left: 0pt; margin-right: 0pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="font-size: 10pt; margin-bottom: 10.0px; font-family: Times New Roman; width: 100%" cellspacing="0">
      <tr>
        <td valign="top" style="text-align: left; padding-left: 65.0px" colspan="7">
          <b>Natuzzi S.p.A. and Subsidiaries</b>
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="13">
          <b>Unaudited Consolidated Profit &amp; Loss for the nine months of 2016
          &amp; 2015 on the basis of Italian GAAP</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 65.0px" colspan="5">
          <i>(expressed in millions Euro)</i>
        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>
          &#160;
        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="3">
          <b>Nine months ended on</b>
        </td>
        <td>

        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px">
          <b>Change</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="3">
          <b>Percentage of Sales</b>
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: double">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>30-Sep-16</b>
          </p>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: double">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>30-Sep-15</b>
          </p>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="text-align: center; white-space: nowrap; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: double">
          <b>%</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: double">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>30-Sep-16</b>
          </p>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: double">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>30-Sep-15</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          295,7
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          318,4
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          88,9%
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          89,2%
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Furnishings net sales
        </td>
        <td>

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

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          17,1
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          4,8%
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          Other sales
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          18,8
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          21,3
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          -11,7%
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          5,7%
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          6,0%
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <b>Total Net Sales</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <b>332,6</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <b>356,8</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <b>-6,8%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <b>100,0%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <b>100,0%</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          (140,1)
        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          -42,1%
        </td>
        <td>

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

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          (55,6)
        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          (22,7)
        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          -6,4%
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          <i>of which: Depreciation, Amortization</i>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <i>(7,1)</i>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <i>(7,5)</i>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          -4,5%
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <i>-2,1%</i>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <i>-2,1%</i>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <b>Cost of Sales</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <b>(218,5)</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <b>(246,3)</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <b>-11,3%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <b>-65,7%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <b>-69,0%</b>
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <b>Industrial Margin</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <b>114,2</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <b>110,5</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <b>3,3%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <b>34,3%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <b>31,0%</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          <b>(51,9)</b>
        </td>
        <td>

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

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          <b>-12,4%</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          <b>-15,6%</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          <b>-16,6%</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 50.0px">
          <i>Transportation</i>
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          <i>(32,3)</i>
        </td>
        <td>

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

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          <i>-17,4%</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          <i>-11,0%</i>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 50.0px">
          <i>Commissions</i>
        </td>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td>

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

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

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

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

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          <b>(62,9)</b>
        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          <b>-18,9%</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          <b>-17,5%</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          <i>of which: Depreciation, Amortization</i>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <i>(2,3)</i>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <i>(2,9)</i>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          -21,0%
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <i>-0,7%</i>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <i>-0,8%</i>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <b>EBITDA</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <b>8,8</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <b>(0,8)</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <b>2,7%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <b>-0,2%</b>
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <b>EBIT</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <b>(0,6)</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <b>(11,3)</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <b>-0,2%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <b>-3,2%</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          Other Income/(Cost), Net
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          (2,9)
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          (0,7)
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <b>Earning before Income Taxes</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <b>(5,1)</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <b>(17,2)</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <b>-1,5%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <b>-4,8%</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          -0,3%
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <b>Net result</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <b>(6,7)</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <b>(18,3)</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <b>-2,0%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <b>-5,1%</b>
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-bottom: 10pt; width: 100%; margin-left: 0pt; margin-right: 0pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="font-size: 10pt; margin-bottom: 10.0px; font-family: Times New Roman; width: 100%" cellspacing="0">
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="5">
          <b>Natuzzi S.p.A. and Subsidiaries</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="5">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Unaudited Consolidated Balance Sheets at September 30, 2016 on
            the basis of Italian GAAP</b><br><i>(Expressed in millions of Euro)</i>
          </p>
        </td>
      </tr>
      <tr>
        <td>

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

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; border-bottom-width: 2.25pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: double">
          <b>ASSETS</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: double">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>30-Sep-16</b>
          </p>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: double">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>31-Dec-15</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px" colspan="3">
          <b>Current assets:</b>
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          56,8
        </td>
        <td>

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

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

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

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          48,6
        </td>
        <td>

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

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          23,3
        </td>
        <td>

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

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          79,8
        </td>
        <td>

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

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

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

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

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          1,4
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          Deferred income taxes
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          0,5
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          0,5
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <b>Total current assets</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <b>211,2</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <b>220,8</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px" colspan="3">
          <b>Non-current assets:</b>
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          114,3
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          121,1
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          Other assets
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          7,5
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          7,5
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <b>Total non-current assets</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <b>121,8</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <b>128,6</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <b>TOTAL ASSETS</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <b>333,0</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <b>349,4</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid" colspan="5">
          <b>LIABILITIES AND SHAREHOLDERS' EQUITY</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px" colspan="3">
          <b>Current liabilities:</b>
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          21,6
        </td>
        <td>

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

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          12,3
        </td>
        <td>

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

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          53,6
        </td>
        <td>

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

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          25,0
        </td>
        <td>

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

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

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

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

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

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

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

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

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          1,0
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          Salaries, wages and related liabilities
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          13,2
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          14,0
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <b>Total current liabilities</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <b>127,4</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <b>125,1</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px" colspan="3">
          <b>Long-term liabilities:</b>
        </td>
        <td>

        </td>
        <td>

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

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

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

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

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

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

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

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

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

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

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          19,8
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <b>Total long-term liabilities</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <b>54,9</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <b>63,7</b>
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <b>Minority interest</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <b>4,4</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <b>3,2</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px" colspan="5">
          <b>Shareholders' equity:</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Share capital
        </td>
        <td>

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

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

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          11,5
        </td>
        <td>

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

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

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

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          80,0
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          98,8
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <b>Total shareholders' equity</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <b>146,3</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <b>157,3</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <b>TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <b>333,0</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <b>349,4</b>
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-bottom: 10pt; width: 100%; margin-left: 0pt; margin-right: 0pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="font-size: 10pt; margin-bottom: 10.0px; font-family: Times New Roman; width: 100%" cellspacing="0">
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="5">
          <b>Natuzzi S.p.A. and Subsidiaries</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="5">
          <b>Unaudited Consolidated Statements of Cash Flows</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="5">
          (Expressed in millions of Euro)
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td valign="top" style="text-align: center; border-bottom-width: 2.25pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: double">
          <b>30-Sep-16</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td valign="top" style="text-align: center; border-bottom-width: 2.25pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: double">
          <b>31-Dec-15</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px" colspan="5">
          <b>Cash flows from operating activities:</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          <b>Net earnings (loss)</b>
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          <b>(6,6)</b>
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          <b>(16,5)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px" colspan="5">
          <i><b>Adjustments to reconcile net income to net cash</b></i>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px" colspan="5">
          <b>provided by operating activities:</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Depreciation and amortization
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          9,5
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          13,7
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Write-off of fixed asstes
        </td>
        <td>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px" colspan="5">
          <i><b>Change in assets and liabilities:</b></i>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Receivables, net
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          13,2
        </td>
        <td>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          0,0
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          Other liabilities
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          (1,1)
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          (8,1)
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <b>Net working capital</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <b>11,7</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <b>14,1</b>
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <b>Net cash generated/(used) by operating activities</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <b>15,3</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <b>14,3</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px" colspan="5">
          <b>Cash flows from investing/restructuring activities:</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px" colspan="5">
          Property, plant and equipment:
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 15.0px">
          <i>Additions</i>
        </td>
        <td>

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

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

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

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          3,6
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Dividends paid to minority interests
        </td>
        <td>

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

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

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

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

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

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

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

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          0,0
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          <i>One time termination benefits</i>
        </td>
        <td>

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

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          (4,1)
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          <i>Lay-off/Rent penalty dos closure</i>
        </td>
        <td>

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

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          0,0
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          <i>Purchase of business, net of cash acquired</i>
        </td>
        <td>

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

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          0,0
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          <i>Disposal/devaluation of business</i>
        </td>
        <td>

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

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          0,0
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <b>Net cash generated/(used) by in investing activities</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <b>(12,4)</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <b>(4,1)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px" colspan="5">
          <b>Cash flows from financing activities:</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px" colspan="3">
          Long-term debt:
        </td>
        <td>

        </td>
        <td>

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

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

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

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

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

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          2,6
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          (1,7)
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Capital injection
        </td>
        <td>

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

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          0,0
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid" colspan="3">
          Dividends paid to minority interests
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <b>0,0</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <b>Net cash generated/(used) by financing activities</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <b>2,8</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <b>8,0</b>
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <b>Effect of translation adjustments on cash</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <b>(1,4)</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <b>1,4</b>
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <b>Increase (decrease) in cash and cash equivalents</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <b>4,3</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <b>19,6</b>
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <b>Cash and cash equivalents, beginning of the year</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <b>52,5</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <b>32,9</b>
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <b>Cash and cash equivalents, end of the period</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <b>56,8</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          <b>52,5</b>
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <p>
      CONTACT:<br><b>NATUZZI INVESTOR RELATIONS</b><br>Francesca Cocco, tel.
      +39.080.8820.493<br><u>fcocco@natuzzi.com</u><br>or<br><b>NATUZZI
      CORPORATE COMMUNICATION</b><br>Vito Basile (Press Office), tel.
      +39.080.8820.676<br><u>vbasile@natuzzi.com</u>
    </p>
    <div style="margin-bottom: 10pt; width: 100%; margin-left: 0pt; margin-right: 0pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

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

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

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

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

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

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

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

        </td>
        <td valign="top" style="text-align: left; width: 47%; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; width: 6%; padding-bottom: 2.0px; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Date:
          </p>
        </td>
        <td valign="top" style="text-align: left; width: 44%; padding-bottom: 2.0px; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>November 17, 2016</b>
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        </td>
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          <p style="margin-bottom: 0px; margin-top: 0px">
            By:
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          <p style="margin-bottom: 0px; margin-top: 0px">
            <font style="font-size: 10pt">/s/ Pasquale Natuzzi</font>
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        </td>
      </tr>
      <tr>
        <td style="width: 6%">

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

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

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

    </p>
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