<SEC-DOCUMENT>0001157523-17-000917.txt : 20170330
<SEC-HEADER>0001157523-17-000917.hdr.sgml : 20170330
<ACCEPTANCE-DATETIME>20170330164056
ACCESSION NUMBER:		0001157523-17-000917
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20170330
FILED AS OF DATE:		20170330
DATE AS OF CHANGE:		20170330

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:		17726285

	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>a51534120.htm
<DESCRIPTION>NATUZZI S.P.A. 6-K
<TEXT>
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      <br>
      <br>
      <font style="font-family: Times New Roman; font-size: 12pt">Securities
      and Exchange Commission</font><br><font style="font-family: Times New Roman; font-size: 12pt">Washington,
      D.C. 20549</font><br><br><br><font style="font-family: Times New Roman; font-size: 18pt"><b>Form
      6-K</b></font><br><br><br><font style="font-family: Times New Roman; font-size: 12pt">Report
      of Foreign Issuer</font><br><font style="font-family: Times New Roman; font-size: 12pt">Pursuant
      To Rule 13a-16 Or 15d-16</font><br><font style="font-family: Times New Roman; font-size: 12pt">Of
      The</font><br><font style="font-family: Times New Roman; font-size: 12pt">Securities
      Exchange Act of 1934</font><br><br>
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          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 10pt">For the month of </font><font style="font-family: Times New Roman; font-size: 10pt"><b>MARCH,
            2017</b></font>
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          &#160;
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        <td style="text-align: right; width: 33%; padding-left: 0.0px" valign="top">
          Commission File Number 1-11854
        </td>
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    <p style="text-align: center">

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          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 14pt"><b>NATUZZI S.p.A.</b></font>
          </p>
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            <font style="font-size: 10pt">(Translation of registrant's name
            into English)</font>
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      <br>

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

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      <br>

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    <p style="text-indent: 30.0px; text-align: left">
      <font style="font-family: Times New Roman; font-size: 10pt">Indicate by
      check mark whether the registrant files or will file annual reports
      under cover of Form 20-F or Form 40-F:</font><br><font style="font-family: Times New Roman; font-size: 10pt">Form
      20-F</font><font style="font-family: Times New Roman; font-size: 10pt"> </font><font style="font-family: Arial Unicode MS; font-size: 11pt">&#8864;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Form 40-F </font><font style="font-family: Arial Unicode MS; font-size: 12pt">&#8414;</font>
    </p>
    <p style="text-indent: 30.0px; text-align: left">
      <font style="font-family: Times New Roman; font-size: 10pt">Indicate by
      check mark whether the registrant by furnishing the information
      contained in this Form is also thereby furnishing the information to the
      Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act
      of 1934. &#160;Yes </font><font style="font-family: Arial Unicode MS; font-size: 12pt">&#8414;</font><font style="font-family: Times New Roman; font-size: 10pt">&#160;&#160;
      No </font><font style="font-family: Arial Unicode MS; font-size: 11pt">&#8864;</font>
    </p>
    <p style="text-indent: 30.0px">
      <font style="font-family: Times New Roman; font-size: 10pt">If &quot;Yes&quot; is
      marked, indicate below the file number assigned to the registrant in
      connection with Rule 12g3-2(b):</font>
    </p>
    <div style="margin-bottom: 10pt; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt; width: 100%">
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    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt"><b>Natuzzi
      Announces Full Year Results for 2016; Company Restructuring is
      Progressing; Margin Improvement Continues</b></font>
    </p>
    <p style="text-align: center">

    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        <font style="font-family: Times New Roman; font-size: 12pt"><b>GROSS
        MARGIN CONTINUED TO IMPROVE: FROM 31.6% TO 34.3%</b></font>
      </li>
      <li style="margin-bottom: 10.0px">
        <font style="font-family: Times New Roman; font-size: 12pt"><b>OPERATING
        RESULTS APPROACH BREAK-EVEN WITH A LOSS OF &#8364;0.4 MILLION, IMPROVING
        FROM A LOSS OF &#8364;11.1 MILLION IN 2015</b></font>
      </li>
      <li style="margin-bottom: 10.0px">
        <font style="font-family: Times New Roman; font-size: 12pt"><b>NET
        FINANCIAL POSITION GROWS TO &#8364;28.9 MILLION FROM &#8364;14.5 MILLION</b></font>
      </li>
    </ul>
    <p>
      SANTERAMO IN COLLE, Bari, Italy--(BUSINESS WIRE)--March 30, 2017--The
      Board of Directors of Natuzzi S.p.A. (NYSE:NTZ) has approved the Full
      Year 2016 consolidated results.
    </p>
    <p>
      Consolidated net sales in 2016 were &#8364;457.2 million, down 6.4% from
      &#8364;488.5 million in 2015. Under constant exchange rates, net sales would
      have declined by 4.9%.
    </p>
    <p>
      Natuzzi&#8217;s core business (sofas, beds and furnishings) reached &#8364;431.7
      million, down 5.9% from &#8364;458.7 million reported in 2015. Branded
      revenues fell by 4.0%, while private label fell by 10.6%.
    </p>
    <p>
      Within the core business, furnishings sales grew by 6.5% and now
      represent 20.0% of <i>Natuzzi Italia</i> branded sales. This
      demonstrates the early success of our branded product efforts.
    </p>
    <p>
      Thanks to the growing strength of the Natuzzi brand, the overall price
      per seat increased by 2.3% over 2015, despite an unfavorable retail
      environment. This increase helped the 2016 fourth quarter to show a
      lessening decline in revenues.
    </p>
    <p>
      Within Natuzzi branded sales (&#8364;313.1 million), we had a slight increase
      in our Asia Pacific region (+0.7% to &#8364;61.0 million), while EMEA results
      were negatively affected by the stronger Euro versus local currency in
      the UK, one of our core markets, and the ongoing reorganization of our
      Italy-based distribution network of <i>Divani &amp; Divani by Natuzzi</i>.
    </p>
    <p>
      Our directly operated stores had positive results in Spain, USA and
      China. We are now increasing our efforts in the UK and Switzerland. The
      restructuring of our retail operations continues aggressively into 2017.
    </p>
    <p>
      As we move into 2017, we see positive signs from our work in DOS
      (directly operated stores): in fact, for the first two months of 2017,
      on a Like-for-Like store basis, total sales increased 6.9% over the same
      period last year. When we include sales from our new stores, the
      increase over last year is 39.0% in DOS. We are encouraged and continue
      to aggressively pursue our new strategy.
    </p>
    <p>
      Sales from our Softaly wholesale division were &#8364;118.5 million in 2016,
      down 10.6% as compared to 2015. This overall performance in private
      label was due largely to the difficulties experienced with one of our
      major customers in North America. Without including this client, Softaly
      division would have shown a significant increase in revenues. The Group
      is focusing on implementing actions, both in organization and marketing,
      to recover business in the North American market, which remains one of
      our best opportunities for growth. Our focus in the other two
      macro-regions, EMEA and APAC, showed positive results: +4.9% to &#8364;57.8
      million and +2.1% to &#8364;4.8 million respectively.
    </p>
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        <div style="text-align: right">

        </div>
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    </div>
    <p>
      In 2016, we continued to enjoy further efficiency in procurement as well
      as manufacturing, which resulted in an increase of industrial margin
      from 31.6% to 34.3% in 2016. Notably, we achieved these improvements
      despite lower revenues and volumes. We expect further improvement in
      this area in 2017.
    </p>
    <p>
      The Company also benefitted from efficiencies in transportation costs.
    </p>
    <p>
      In the fourth quarter of 2016, the Company adopted newly issued Italian
      GAAP rules. Under these rules expenses previously included in the
      caption &#8220;Other income/(expense), net&#8221; are now included in the operating
      result.
    </p>
    <p>
      Under new GAAP, net operating result for 2016 full year was negative at
      &#8364;0.4 million, from a net operating loss of &#8364;11.1 million in 2015. Under
      the old GAAP rules, 2016 full year net operating result would have been
      a profit of &#8364;4.4 million versus a negative operating result of &#8364;7.6
      million in 2015.
    </p>
    <p>
      The Group reported a net loss of &#8364;6.1 million, significantly improving
      from a net loss of &#8364;16.5 million in 2015.
    </p>
    <p>
      Thanks to a positive cash flow from operations, year-end net financial
      position almost doubled from &#8364;14.5 million to &#8364;28.9 million.
    </p>
    <p>
      Mr. Natuzzi commented - &#8220;<i>Starting in 2015, Natuzzi Group began
      to recover efficiency. In 2016, this process continued and we are
      pleased to show today a break-even operating margin. The Company
      continues its actions on costs and efficiency to lay the foundations for
      growth. We will continue to follow our vision and strategy for the
      future aggressively based on two parallel paths to gain new market share:</i>
      <i>Natuzzi Branded Retail Business and private label business. In
      pursuing the growth, Natuzzi will leverage on the unique and global
      sourcing and commercial platform we have been building for the last six
      decades.</i>&#8221;
    </p>
    <p>
      Chief Financial Officer Vittorio Notarpietro added: &#8220;<i>We are
      quite pleased with the improvement in the operating margin and cash
      flow. In pursuing our retail strategy, we factored in the fourth quarter
      of 2016 the newly acquired stores in Florida and Italy, which needed to
      be restructured and have been re-launched. In 2017, we started seeing
      very first signs of potential for our new DOS strategy. Although it is
      still early in the year, we are optimistic about continued improvements
      in all metrics in 2017 and a return to profitability for the Group.</i>&#8221;
    </p>
    <div style="margin-bottom: 10pt; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt; width: 100%">
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    </div>
    <p>
      <b>ADOPTION OF NEW ACCOUNTING STANDARDS</b>
    </p>
    <p>
      As a consequence of the application of the new legislation introduced by
      Legislative Decree no. 139 of August 2015, which endorsed the EU
      Directive 34/2013, in December 2016 the Italian Accounting Profession
      issued the new accounting standards applicable for annual reporting
      periods beginning on or after January, 1 2016. Therefore, the
      consolidated financial statements of the Company as of December 31, 2016
      and 2015 have been prepared based on these new accounting standards that
      led only to changes in the classification of some financial statements
      captions, while there were no changes in the accounting policies. These
      changes have been applied using the retrospective method, as if the new
      classification had always been applied.
    </p>
    <p>
      The changes that have affected the consolidated Statement of Operations
      of the Company as of December 31, 2016 and 2015 are related to the
      change in the presentation of &#8220;Other income/(expense), net&#8221;. Under the
      previous accounting standard the impairment of long-lived assets and
      non-current investments and the accrual for the one-time termination
      benefits were classified in the caption &#8220;Other income/(expense), net&#8221; of
      the consolidated statement of operations. Under the new accounting
      standards such costs are classified in the cost of sales, selling
      expenses and general and administrative expenses based on the function
      of the cost to be reclassified.
    </p>
    <p>
      For more information on the effects of the Revised Italian Accounting
      Standards on the Company&#8217;s financial statements, see the Company&#8217;s Form
      20-F for fiscal year 2016, which is expected to be filed by April 30,
      2017.
    </p>
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    </div>
    <p>
      <b>About Natuzzi S.p.A.</b>
    </p>
    <p>
      <i>Founded in 1959 by Pasquale Natuzzi, Natuzzi S.p.A. is Italy&#8217;s
      largest furniture house and one of the most important global players in
      the furniture industry with eight manufacturing plants, eleven
      commercial offices and an extensive global retail network.</i> <i>Natuzzi
      is the Italian lifestyle and best-known brand in the furnishings sector
      worldwide (Brand Awareness Monitoring Report - Ipsos 2015). Continuous
      stylistic research, creativity, innovation, solid craftsmanship,
      industrial know-how and integrated management throughout the entire
      value chain are the mainstays that have made Natuzzi one of the few
      players with global reach in the furniture market. Natuzzi S.p.A. has
      been listed on the New York Stock Exchange since 13 May 1993. Always
      committed to social responsibility and environmental sustainability,
      Natuzzi is ISO 9001 and 14001 certified (Quality and Environment), OHSAS
      18001 certified (Safety on the Workplace) and FSC certified (Forest
      Stewardship Council).</i>
    </p>
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          &#160;
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          &#160;
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        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="16">
          <b>Natuzzi S.p.A. and Subsidiaries</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="16">
          <b>Unaudited Consolidated Profit &amp; Loss for the twelve months of
          2016 &amp; 2015 on the basis of Italian GAAP</b>
        </td>
      </tr>
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        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="16">
          <i>(expressed in millions Euro)</i>
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          &#160;
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          &#160;
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          &#160;
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          <b>Twelve months ended on</b>
        </td>
        <td>

        </td>
        <td>

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

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        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="4">
          <b>Percentage of Sales</b>
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          &#160;
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          &#160;
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          <b>31-Dec-16</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; text-align: center; border-bottom-color: black; padding-left: 0.0px" valign="top">
          <b>31-Dec-15</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom-width: 2.25pt; border-bottom-style: double; text-align: center; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>%</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; text-align: center; border-bottom-color: black; padding-left: 0.0px" valign="top">
          <b>31-Dec-16</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; text-align: center; border-bottom-color: black; padding-left: 0.0px" valign="top">
          <b>31-Dec-15</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          405.0
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          433.6
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          -6.6%
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          88.6%
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          88.8%
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Furnishings net sales
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          26.7
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          25.1
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          6.5%
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          5.8%
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          5.1%
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          Other sales
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          25.5
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          29.8
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          -14.2%
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          5.6%
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          6.1%
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          <b>Total Net Sales</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>457.2</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>488.5</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>-6.4%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>100.0%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <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>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (190.9)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (224.8)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          -15.1%
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          -41.7%
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          -46.0%
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Labor
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (78.6)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (78.5)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0.2%
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          -17.2%
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          -16.1%
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Industrial Costs
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (30.8)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (30.7)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0.3%
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          -6.7%
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          -6.3%
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          <i>of which: Depreciation, Amortization</i>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>(9.5)</i>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>(9.9)</i>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          -3.9%
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>-2.1%</i>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>-2.0%</i>
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          <b>Cost of Sales</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>(300.3)</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>(334.0)</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>-10.1%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>-65.7%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>-68.4%</b>
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          <b>Industrial Margin</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>156.9</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>154.5</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>1.6%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>34.3%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>31.6%</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>(70.1)</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>(80.3)</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>-12.7%</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>-15.3%</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>-16.4%</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 50.0px" valign="top">
          <i>Transportation</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>(43.5)</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>(53.5)</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>-18.7%</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>-9.5%</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>-11.0%</i>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 50.0px" valign="top">
          <i>Commissions</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>(9.6)</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>(10.0)</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>-4.7%</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>-2.1%</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>-2.1%</i>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 50.0px" valign="top">
          <i>Advertising</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>(17.0)</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>(16.7)</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>1.9%</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>-3.7%</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>-3.4%</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>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>(87.2)</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>(85.3)</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>2.3%</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>-19.1%</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>-17.5%</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <i>of which: Depreciation, Amortization</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>(3.5)</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>(3.8)</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          -9.6%
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>-0.8%</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>-0.8%</i>
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          <b>Operating income/(loss)</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>(0.4)</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>(11.1)</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>-0.1%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>-2.3%</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (4.1)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (3.3)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          2.2
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (1.1)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Other income/(expense), net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0.1
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (0.5)
        </td>
        <td>

        </td>
        <td>

        </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-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          <b>Earning before Income Taxes</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>(2.2)</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>(15.9)</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>-0.5%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>-3.3%</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (4.2)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (0.6)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          -0.9%
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          -0.1%
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          <b>Net result</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>(6.5)</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>(16.5)</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>-1.4%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>-3.4%</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>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0.4
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </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-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          <b>Net Group Result</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>(6.1)</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>(16.5)</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>-1.3%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>-3.4%</b>
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          <b>Earnings per Share</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>(0.11)</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>(0.30)</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="16">
          <i>(*) Purchases plus beginning stock minus final stock and leather
          processing</i>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="16">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-bottom: 10pt; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt; width: 100%">
      <div>
        <div style="text-align: left">

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

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

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

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

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

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

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

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

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

        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="16">
          <b>Natuzzi S.p.A. and Subsidiaries</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="16">
          <b>Unaudited Consolidated Profit &amp; Loss for the fourth quarter 2016
          &amp; 2015 on the basis of </b>

          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Italian GAAP</b> (expressed in millions Euro)
          </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>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="4">
          <b>Three months ended on</b>
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="4">
          <b>Percentage of Sales</b>
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; text-align: center; border-bottom-color: black; padding-left: 0.0px" valign="top">
          <b>31-Dec-16</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; text-align: center; border-bottom-color: black; padding-left: 0.0px" valign="top">
          <b>31-Dec-15</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom-width: 2.25pt; border-bottom-style: double; text-align: center; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>%</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; text-align: center; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>31-Dec-16</b>
          </p>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; text-align: center; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>31-Dec-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>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          109.3
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          115.3
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          -5.2%
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          87.7%
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          87.6%
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Furnishings net sales
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          8.6
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          7.9
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          8.5%
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          6.9%
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          6.0%
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          Other sales
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          6.7
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          8.4
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          -20.6%
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          5.4%
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          6.4%
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          <b>Total Net Sales</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>124.6</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>131.7</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>-5.4%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>100.0%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <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>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (50.8)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (57.9)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          -12.3%
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          -40.7%
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          -44.0%
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Labor
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (20.5)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (22.0)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          -6.8%
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          -16.5%
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          -16.7%
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Industrial Costs
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (8.1)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (7.2)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          13.2%
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          -6.5%
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          -5.5%
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          <i>of which: Depreciation, Amortization</i>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>(2.4)</i>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>(2.4)</i>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          -2.1%
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>-1.9%</i>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>-1.8%</i>
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          <b>Cost of Sales</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>(79.4)</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>(87.1)</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>-8.8%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>-63.7%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>-66.1%</b>
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          <b>Industrial Margin</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>45.2</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>44.6</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>1.4%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>36.3%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>33.9%</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>(18.2)</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>(21.1)</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>-13.4%</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>-14.6%</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>-16.0%</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 50.0px" valign="top">
          <i>Transportation</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>(11.2)</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>(14.4)</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>-22.2%</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>-9.0%</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>-10.9%</i>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 50.0px" valign="top">
          <i>Commissions</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>(2.8)</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>(2.8)</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>-0.1%</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>-2.2%</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>-2.1%</i>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 50.0px" valign="top">
          <i>Advertising</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>(4.3)</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>(3.9)</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>9.9%</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>-3.4%</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>-3.0%</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>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>(23.9)</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>(22.7)</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>5.3%</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>-19.2%</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>-17.2%</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <i>of which: Depreciation, Amortization</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>(1.1)</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>(0.9)</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          28.9%
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>-0.9%</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>-0.7%</i>
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          <b>Operating income/(loss)</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>3.0</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>0.8</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>2.4%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>0.6%</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (1.1)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (1.0)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0.7
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          1.9
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Other income/(expense), net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0.2
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (0.3)
        </td>
        <td>

        </td>
        <td>

        </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-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          <b>Earning before Income Taxes</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>2.9</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>1.3</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>2.3%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>1.0%</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>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (2.6)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0.6
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          -2.1%
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0.4%
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          <b>Net Result</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>0.2</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>1.9</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>0.2%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>1.4%</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>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0.3
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </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-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          <b>Net Group Result</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>0.5</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>1.8</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>0.4%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>1.4%</b>
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          <b>Earnings per Share</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>0.01</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>0.03</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="16">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <i>(*) Purchases plus beginning stock minus final stock and
            leather processing</i>
          </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>

        </td>
        <td>

        </td>
        <td>

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

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

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

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

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

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

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

        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="7">
          <b>Natuzzi S.p.A. and Subsidiaries</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="7">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Unaudited Consolidated Balance Sheets as of December 31, 2016
            and 2015 on the</b><br><b>basis of Italian GAAP </b><i>(Expressed
            in millions of Euro)</i>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          65.0
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          52.5
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Marketable debt securities
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          53.1
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          63.2
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Other receivables
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          25.6
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          23.9
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Inventories
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          78.4
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          79.1
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Unrealized foreign exchange gains
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0.2
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0.2
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Prepaid expenses and accrued income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          1.4
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          1.4
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          Deferred income taxes
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          1.1
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0.5
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          <b>Total current assets</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>224.8</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>220.8</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          115.9
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          121.1
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          Other assets
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          6.5
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          7.5
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          <b>Total non-current assets</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>122.4</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>128.6</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          <b>TOTAL ASSETS</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>347.2</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>349.4</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          18.2
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          19.0
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Current portion of long-term debt
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          11.6
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          3.4
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Accounts payable-trade
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          70.5
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          58.9
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Accounts payable-other
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          25.1
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          27.8
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Accounts payable-shareholders for dividends
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0.6
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          1.3
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0.3
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          1.7
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0.7
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Deferred income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          1.8
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          1.0
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          Salaries, wages and related liabilities
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          19.4
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          14.0
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          <b>Total current liabilities</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>150.2</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>125.1</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          17.8
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          20.5
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Long-term debt
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          6.3
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          15.6
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Deferred income taxes - long term
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          7.2
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          7.7
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Other liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          13.3
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          19.8
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          <b>Total long-term liabilities</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>44.6</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>63.7</b>
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          <b>Minority interest</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>3.4</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>3.2</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          54.9
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          54.9
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Reserves
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          11.5
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          3.7
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Additional paid-in capital
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          82.7
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          98.8
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          <b>Total shareholders' equity</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>149.0</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>157.3</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          <b>TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>347.2</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>349.4</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

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

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

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

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          <i>(Expressed in millions of Euro)</i>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="top">
          <b>31-Dec-16</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="top">
          <b>31-Dec-15</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <b>Cash flows from operating activities:</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>(6.5)</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>(16.5)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          Adjustments to reconcile net income to net cash
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          provided by operating activities:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          13.0
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          13.7
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Other non monetary costs (revenues)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0.7
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (0.5)
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          One-time termination benefit accruals
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          3.1
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          3.4
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Receivables, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          9.7
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          34.0
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Inventories
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          3.4
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          11.1
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Accounts payable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          9.8
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (15.8)
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Other changes in assets and liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (2.8)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (16.5)
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          One time termination benefit payment
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (4.5)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (4.5)
        </td>
      </tr>
      <tr>
        <td style="text-align: right; padding-left: 0.0px" valign="top">
          <b>Total adjustments</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>32.5</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>25.0</b>
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          <b>Net cash generated/(used) by operating activities</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>26.0</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>8.6</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <b>Cash flows from investing activities:</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (6.6)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (3.5)
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          <i>Disposals</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0.5
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          3.6
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Dividends paid to minority interests
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (0.4)
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (5.9)
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          1.6
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          1.5
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          <b>Net cash generated/(used) by in investing activities</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>(10.7)</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>1.7</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          2.3
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          13.0
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          <i>Repayments</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (3.4)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (3.2)
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          Bank overdrafts
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (0.8)
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (1.7)
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          <b>Net cash generated/(used) by financing activities</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>(1.9)</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>8.0</b>
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          <b>Effect of translation adjustments on cash</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>(0.9)</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>1.4</b>
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          <b>Increase (decrease) in cash and cash equivalents</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>12.5</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>19.6</b>
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          <b>Cash and cash equivalents, beginning of the year</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>52.5</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>32.8</b>
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          <b>Cash and cash equivalents, end of the period</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>65.0</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>52.5</b>
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <p>
      CONTACT:<br><b>NATUZZI INVESTOR RELATIONS</b><br>Piero Direnzo,
      +39.080.8820.812<br>IR Manager<br><u>pdirenzo@natuzzi.com</u><br>or<br><b>NATUZZI
      US MEDIA</b><br>Meg Carlozzi, +1-917-330-8769<br><u>meg.carlozzi@gmail.com</u><br>or<br><b>NATUZZI
      CORPORATE COMMUNICATION</b><br>Vito Basile, +39.080.8820.676<br>Press
      Office<br><u>vbasile@natuzzi.com</u>
    </p>
    <p>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

        </td>
        <td style="text-align: left; width: 47%; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; width: 6%; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Date:
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        <td style="padding-bottom: 2.0px; text-align: left; width: 44%; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>March 30, 2017</b>
          </p>
        </td>
        <td style="padding-bottom: 2.0px; text-align: left; width: 3%; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            By:
          </p>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: center; border-bottom-color: black; width: 47%; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 10pt">/s/ Pasquale Natuzzi</font>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 6%">

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

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

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