<SEC-DOCUMENT>0001157523-17-001676.txt : 20170526
<SEC-HEADER>0001157523-17-001676.hdr.sgml : 20170526
<ACCEPTANCE-DATETIME>20170526093443
ACCESSION NUMBER:		0001157523-17-001676
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20170526
FILED AS OF DATE:		20170526
DATE AS OF CHANGE:		20170526

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:		17872044

	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>a51565715.htm
<DESCRIPTION>NATUZZI S.P.A. 6-K
<TEXT>
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      <br>
      <br>
      <font style="font-size: 12pt; font-family: Times New Roman">Securities
      and Exchange Commission</font><br><font style="font-size: 12pt; font-family: Times New Roman">Washington,
      D.C. 20549</font><br><br><br><font style="font-size: 18pt; font-family: Times New Roman"><b>Form
      6-K</b></font><br><br><br><font style="font-size: 12pt; font-family: Times New Roman">Report
      of Foreign Issuer</font><br><font style="font-size: 12pt; font-family: Times New Roman">Pursuant
      To Rule 13a-16 Or 15d-16</font><br><font style="font-size: 12pt; font-family: Times New Roman">Of
      The</font><br><font style="font-size: 12pt; font-family: Times New Roman">Securities
      Exchange Act of 1934</font><br><br>
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            <font style="font-size: 10pt">For the month of </font><font style="font-size: 10pt; font-family: Times New Roman"><b>MAY
            2017</b></font>
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          &#160;
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        <td style="text-align: right; padding-left: 0.0px; width: 33%" valign="top">
          Commission File Number 1-11854
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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>
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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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          70029 Santeramo, Italy
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          (Address of principal office)
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      <font style="font-size: 10pt; font-family: Times New Roman">Indicate by
      check mark whether the registrant files or will file annual reports
      under cover of Form 20-F or Form 40-F:</font><br><font style="font-size: 10pt; font-family: Times New Roman">Form
      20-F</font><font style="font-size: 10pt; font-family: Times New Roman"> </font><font style="font-size: 11pt; font-family: Arial Unicode MS">&#8864;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Form 40-F </font><font style="font-size: 12pt; font-family: Arial Unicode MS">&#8414;</font>
    </p>
    <p style="text-indent: 30.0px; text-align: left">
      <font style="font-size: 10pt; font-family: Times New Roman">Indicate by
      check mark whether the registrant by furnishing the information
      contained in this Form is also thereby furnishing the information to the
      Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act
      of 1934. &#160;Yes </font><font style="font-size: 12pt; font-family: Arial Unicode MS">&#8414;</font><font style="font-size: 10pt; font-family: Times New Roman">&#160;&#160;
      No </font><font style="font-size: 11pt; font-family: Arial Unicode MS">&#8864;</font>
    </p>
    <p style="text-indent: 30.0px">
      <font style="font-size: 10pt; font-family: Times New Roman">If &quot;Yes&quot; is
      marked, indicate below the file number assigned to the registrant in
      connection with Rule 12g3-2(b):</font>
    </p>
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    <p style="text-align: right">

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    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>Natuzzi
      Announces Results for First Quarter of 2017</b></font>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>Despite a
      Small Decline in Consolidated Revenues, Company Retail Operations
      Continue to Improve</b></font>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>Margins
      Are Holding in Owned Stores, Despite Global Retail Weakness</b></font>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>Disappointing
      Court Ruling Necessitates Further Accrual in the Provision for Legal
      Proceedings</b></font>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        <font style="font-size: 12pt; font-family: Times New Roman"><b>Net
        Revenues for the Quarter Were &#8364;115.9 Million, Down 4.0% from Q1 2016.</b></font>
      </li>
      <li style="margin-bottom: 10.0px">
        <font style="font-size: 12pt; font-family: Times New Roman"><b>Gross
        Industrial Margin before Accounting for the Special Charge Was 35.2%,
        Improving from 34.3%. Dos Margin Was 64.0%.</b></font>
      </li>
      <li style="margin-bottom: 10.0px">
        <font style="font-size: 12pt; font-family: Times New Roman"><b>the
        Board Has Approved a Reserve Addition for &#8364;9.3 Million Relating to the
        Potential Cost Stemming from the Court Ruling Received in May.</b></font>
      </li>
      <li style="margin-bottom: 10.0px">
        <font style="font-size: 12pt; font-family: Times New Roman"><b>Operating
        Loss of &#8364;10.2 Million, after Accounting for This Accrual. Excluding
        This Charge in the Current Quarter, Operating Loss Would Have Been
        &#8364;0.9 Million, Compared to an Operating Income of &#8364;1.1 Million in the
        Prior Year.</b></font>
      </li>
      <li style="margin-bottom: 10.0px">
        <font style="font-size: 12pt; font-family: Times New Roman"><b>Net
        Loss for the Period Was &#8364;11.0 Million, Compared with a Loss of &#8364;0.2
        Million in Q1 2016. without Such Charge, Net Loss Would Have Been &#8364;1.7
        Million, Compared to Q1 2016 Loss of &#8364;0.2 Million.</b></font>
      </li>
      <li style="margin-bottom: 10.0px">
        <font style="font-size: 12pt; font-family: Times New Roman"><b>Net
        Financial Position at &#8364;12.8 Million, Compared to &#8364;5.0 Million at Q1
        2016.</b></font>
      </li>
      <li style="margin-bottom: 10.0px">
        <font style="font-size: 12pt; font-family: Times New Roman"><b>Cash at
        the End of the Quarter Was &#8364;54.5 Million, Compared to &#8364;50.7 Million at
        the End of Last Year First Quarter.</b></font>
      </li>
    </ul>
    <p>
      SANTERAMO IN COLLE, Bari, Italy--(BUSINESS WIRE)--May 26, 2017--The
      Board of Directors of Natuzzi S.p.A. (NYSE:NTZ) has approved the first
      quarter consolidated results for 2017.
    </p>
    <p>
      Consolidated net sales were &#8364;115.9 million for the quarter ended March
      31, 2017, compared to &#8364;120.7 million for the quarter ended March 31,
      2016, a decrease of 4.0%.
    </p>
    <p>
      Revenues in our core furniture business (sofas, beds and furnishings)
      reached &#8364;109.1 million (down 4.3% from the same quarter of last year).
      Natuzzi branded revenues were &#8364;81.0 million, down 0.5% from the first
      quarter of 2016, and represented 74.3% of our core business revenues (up
      from 71.5% in the first quarter of last year).
    </p>
    <p>
      Within the core business, furnishings sales grew at a double-digit rate
      (up 37.5% over the same quarter last year) reaching &#8364;8.0 million and
      representing 22.1% of the Natuzzi Italia branded sales (compared to
      18.3% one year ago). This confirms our confidence in our product
      extension strategy.
    </p>
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    <p>
      In protecting the value of the globally known Natuzzi name, the Company
      decided not to reduce prices in order to drive revenues. As a result,
      the overall price per seat increased by 5.4% over the same period last
      year, despite an unfavorable retail environment. This increase helped
      curb the decline in our branded revenues (down 0.5%) in the first
      quarter of 2017.
    </p>
    <p>
      Our direct retail operations generated sales of &#8364;12.1 million,
      increasing by 13.8% over the same period of 2016. These sales
      represented 11.1% of our core business revenues, up from 9.3% in the
      first three months of 2016. In particular we had positive results from
      our Directly Operated Stores (&#8220;DOS&#8221;) in the UK, Spain, Switzerland,
      China and USA.
    </p>
    <p>
      We continue to see positive signs from our work in DOS: our order flow
      through mid-May on a Like-for-Like store basis increased 1.4% over the
      same period of last year. When we include sales from our new stores, the
      increase over last year is 35.9% in DOS.
    </p>
    <p>
      As part of our retail expansion program to boost branded sales and
      control the entire value chain, we opened three new DOS: one in the USA
      (Paramus, NJ), one in Spain (Zaragoza) and one in China (Shanghai). In
      addition, three new Natuzzi Italia stores were acquired in Mexico from
      our long-standing local partner for the distribution of Natuzzi
      products. These stores are located in Mexico City, Guadalajara and
      Monterrey.
    </p>
    <p>
      As of the date of this press release, the number of our DOS is 69
      (including 9 concessions in the UK).
    </p>
    <p>
      We plan to open 8 new-generation stores by the end of 2017. These
      new-generation stores will be located in preferred locations within high
      traffic areas and built to our specified format. In addition, we will
      pursue between 20 and 25 new mono brand franchised stores around the
      world.
    </p>
    <p>
      Within Natuzzi branded sales (&#8364;81.0 million), we had an increase in the
      Americas (up 6.6%) and Asia-Pacific region (up 18.0%), whereas the EMEA
      (down 11.4%) suffered mainly from the ongoing restructuring involving
      our Italy-based distribution network <i>Divani&amp;Divani by Natuzzi</i>.
    </p>
    <p>
      Sales from our Softaly wholesale division were &#8364;28.1 million, down 13.7%
      compared to the first three months of 2016. The overall performance in
      private label was largely due to lower sales still experienced with one
      of our major customers in North America that more than offset the 101.7%
      increase in sales in the Asia-Pacific region. Sales from EMEA were down
      3.2%. The Group is still committed to implementing all the necessary
      actions to recover business especially in the North American market,
      which remains one of our main opportunities for growth. Our forecast
      calls for recovery of our growth in the second half of 2017, and when we
      include our order flow in April, we are beginning to see a recovery to
      2016 levels. In addition, we have recently re-opened relationships with
      large customers in EMEA and North America. We remain committed to
      recapturing growth and returns in Softaly.
    </p>
    <p>
      During the quarter, we enjoyed higher efficiency both in procurement and
      the manufacturing process, which contributed to the increase of the
      industrial margin (to 35.2% before accounting for the special charge,
      from 34.3% in the first quarter 2016), despite a challenging sales
      environment. The Company remains focused on searching for new sources of
      efficiencies in our manufacturing operations.
    </p>
    <p>
      We also benefitted from a reduction in transportation costs (from 10.3%
      in first quarter 2016 to 8.9% in first quarter 2017).
    </p>
    <p>
      The Company has made progress over the last few quarters in defining its
      sales, marketing and retail organization by hiring top professionals in
      key markets who are meant to transform this Company into a retail
      company. While this has slightly increased SG&amp;A costs, we believe these
      investments will contribute additional growth going forward.
    </p>
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    </div>
    <p>
      As disclosed in the press release dated May 18, 2017, the Italian
      Supreme Court recently rejected the Company&#8217;s appeal of a lawsuit
      brought by two former employees of the Company relating to the
      implementation of the <i>Cassa Integrazione Guadagni Straordinaria</i>,
      ruling in favor of the plaintiffs. As a consequence of this decision,
      the Board of Directors decided to accrue in the quarter an additional
      &#8364;9.3 million in the &#8220;<i>Provision for tax and Legal
      proceedings</i>&#8221; included in the &#8220;<i>Other liabilities</i>&#8221;
      caption of the Company&#8217;s balance sheet. The Company will continue to
      evaluate the implications of such decision and any future developments
      on its strategy and business organization, any of which could have an
      adverse impact on the Company&#8217;s financial condition and results of
      operations in future periods.
    </p>
    <p>
      For the reasons highlighted above, the Company reported a net operating
      loss of &#8364;10.2 million versus net operating income of &#8364;1.1 million in the
      first quarter of 2016. Excluding the above mentioned charge in the
      current quarter, operating loss would have been &#8364;0.9 million versus net
      operating income of &#8364;1.1 million in the first quarter of 2016.
    </p>
    <p>
      The Group reported a net loss for the period of &#8364;11.0 million, from a
      loss of &#8364;0.2 million in the same period of last year. Excluding the
      above mentioned charge, net loss for the period would have been &#8364;1.7
      million, from a net loss of &#8364;0.2 million in the same period of last year.
    </p>
    <p>
      The Group&#8217;s Net Financial position was at &#8364;12.8 million as of March 31<sup>st</sup>
      2017, from &#8364;28.9 million at the end of 2016 and compared with a net
      financial position of &#8364;5.0 million as of March 31<sup>st</sup>
      2016.
    </p>
    <p>
      Chairman and CEO Pasquale Natuzzi said, <i>&quot;The first quarter of 2017
      was disappointing, but not discouraging.</i> <i>Our industry, like most
      retail, faced very difficult challenges caused by the global political
      environment which in turn caused consumers to hold back their spending.</i>
      <i>Growth remains the singular priority in our restructuring, and while
      the first quarter did not show growth overall, we did experience strong
      results in our direct retail operations.</i> <i>Our like- for- like
      retail sales grew by 2.3% compared to the same quarter last year and
      14.6% compared to the previous calendar quarter.</i> <i>We saw strength
      in the traffic in our branded stores, affirming our marketing approach.</i>
      <i>Average ticket price increased by 3.3% over the first quarter of 2016
      and 1.0% over the fourth quarter of 2016, the direct result of our
      merchandising strategy.</i> <i>We remain committed to our new strategy
      and the early results from April suggest there is a recovery starting in
      the retail market.</i> <i>Based on the early indications, we are
      cautiously&#160;optimistic&#160;about 2017 as a whole.</i> <i>We will
      stay our course and drive to real shareholder value from our great
      company. The unfortunate decision by Italy&#8217;s Supreme Court relates to
      our past efforts to rationalize our costs. While we have always strived
      to treat our employees respectfully and fairly, the result of this
      action causes us to re-evaluate our global production alternatives for
      the future.&#8221;</i>
    </p>
    <p>
      Chief Financial Officer Vittorio Notarpietro added<i>: &#8220;We are
      considering carefully the implications of the decision by the Italian
      Supreme Court on our business organization and industrial footprint
      worldwide.</i>
    </p>
    <p>
      <i>On the basis of today&#8217;s facts, the Company decided to increase the
      provision for legal proceedings.</i>
    </p>
    <p>
      <i>Having said that, the core business remains solid. Our strategy is in
      place and we do believe it is a good one. We are led by our retail-based
      strategy with a particular focus on expanding in the proper way our DOS
      network, to take advantage of the entire value chain and the expected
      positive effects on margins associated with it. Our records indicate
      that sales mix continue to improve. The investments made globally in our
      manufacturing plants are delivering efficiency considering the smaller
      production volumes. We will carry on the work and activities undertaken
      over the last few quarters and are committed to extract all the
      potential our retail&#8211;based strategy has in order to get this Company
      back to profitability.</i>
    </p>
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    <p>
      CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS
    </p>
    <p>
      Certain statements set forth in this press release constitute
      forward-looking statements within the meaning of the safe harbor
      provisions of Section 27A of the Securities Act of 1933, as amended, and
      Section 21E of the Securities Exchange Act of 1934, as amended. These
      statements involve risks and uncertainties that could cause Natuzzi&#8217;s
      actual results to differ materially from those stated or implied by such
      forward-looking statements. More information about the potential factors
      that could affect the Company&#8217;s business and financial results is
      included in Natuzzi&#8217;s filings with the Securities and Exchange
      Commission, including the Company&#8217;s Annual Report on Form 20-F for the
      year ended December 31, 2016. Natuzzi undertakes no obligation to update
      any of the forward-looking statements after the date of this press
      release.
    </p>
    <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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        <td style="text-align: center; padding-left: 0.0px" colspan="11" valign="top">
          <b>Natuzzi S.p.A. and Subsidiaries</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" colspan="11" valign="top">
          <b>Unaudited Consolidated Profit &amp; Loss for the three months of 2017
          &amp; 2016 on the basis of Italian GAAP</b>
        </td>
      </tr>
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          <i>(expressed in millions Euro)</i>
        </td>
      </tr>
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        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px" colspan="3" valign="top">
          <b>Three months ended on</b>
        </td>
        <td>
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px" valign="top">
          <b>Change</b>
        </td>
        <td>
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px" colspan="3" valign="top">
          <b>Percentage of Sales</b>
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; text-align: right; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>31-Mar-17</b>
          </p>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; text-align: right; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black" valign="top">
          <b>31-Mar-16</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; white-space: nowrap" valign="bottom">
          <b>%</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; text-align: right; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black" valign="top">
          <b>31-Mar-17</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; text-align: right; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black" valign="top">
          <b>31-Mar-16</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          101.1
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          108.1
        </td>
        <td>

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

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          87.3%
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          89.6%
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Furnishings net sales
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          8.0
        </td>
        <td>

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

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          37.5%
        </td>
        <td>

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

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          4.8%
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black" valign="top">
          Other sales
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap" valign="bottom">
          6.8
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap" valign="bottom">
          6.7
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap" valign="bottom">
          0.7%
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap" valign="bottom">
          5.8%
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap" valign="bottom">
          5.6%
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black" valign="top">
          <b>Total Net Sales</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap" valign="bottom">
          <b>115.9</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap" valign="bottom">
          <b>120.7</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap" valign="bottom">
          <b>-4.0%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap" valign="bottom">
          <b>100.0%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; 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>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Consumption (*)
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (46.2)
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (51.7)
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          -10.7%
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          -39.8%
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          -42.8%
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Labor
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (30.1)
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (19.7)
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          52.9%
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          -26.0%
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          -16.3%
        </td>
      </tr>
      <tr>
        <td style="text-align: right" valign="top">
          <i>of which: Provision for legal proceedings</i>
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>(9.3)</i>
        </td>
        <td>

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

        </td>
        <td style="text-align: right; padding-left: 0.0px" valign="top">
          N.A.
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          -8.0%
        </td>
        <td>

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

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

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

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

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          -7.0%
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          -6.6%
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid; border-bottom-color: black" valign="top">
          <i>of which: Depreciation, Amortization</i>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap" valign="bottom">
          <i>(2.5)</i>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap" valign="bottom">
          <i>(2.4)</i>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap" valign="bottom">
          5.5%
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap" valign="bottom">
          <i>-2.2%</i>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap" valign="bottom">
          <i>-2.0%</i>
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black" valign="top">
          <b>Cost of Sales</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap" valign="bottom">
          <b>(84.4)</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap" valign="bottom">
          <b>(79.3)</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap" valign="bottom">
          <b>6.3%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap" valign="bottom">
          <b>-72.8%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap" valign="bottom">
          <b>-65.7%</b>
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black" valign="top">
          <b>Industrial Margin</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap" valign="bottom">
          <b>31.5</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap" valign="bottom">
          <b>41.4</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap" valign="bottom">
          <b>-23.8%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap" valign="bottom">
          <b>27.2%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap" valign="bottom">
          <b>34.3%</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>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <b>Selling Expenses</b>
        </td>
        <td>

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

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>(19.6)</b>
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>-9.2%</b>
        </td>
        <td>

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

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>-16.2%</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 50.0px" valign="top">
          <i>Transportation</i>
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>(10.3)</i>
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>(12.4)</i>
        </td>
        <td>

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

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>-8.9%</i>
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>-10.3%</i>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 50.0px" valign="top">
          <i>Commissions</i>
        </td>
        <td>

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

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

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>1.2%</i>
        </td>
        <td>

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

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

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>(4.8)</i>
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>(4.6)</i>
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>5.5%</i>
        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>(20.7)</b>
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>15.4%</b>
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>-20.6%</b>
        </td>
        <td>

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

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

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

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          15.2%
        </td>
        <td>

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

        </td>
        <td style="text-align: right; padding-right: 0.0px; 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; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black" valign="top">
          <b>Operating income/(loss)</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap" valign="bottom">
          <b>(10.2)</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap" valign="bottom">
          <b>1.1</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap" valign="bottom">
          <b>-8.8%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap" valign="bottom">
          <b>0.9%</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>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Interest Income/(Costs), Net
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (1.2)
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (1.2)
        </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 style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0.7
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black" valign="top">
          Other Income/(Cost), Net
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap" valign="bottom">
          0.0
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap" valign="bottom">
          0.0
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black" valign="top">
          <b>Earning before Income Taxes</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap" valign="bottom">
          <b>(10.7)</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap" valign="bottom">
          <b>(0.0)</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap" valign="bottom">
          <b>-9.2%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap" valign="bottom">
          <b>0.0%</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>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Current taxes
        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          -0.2%
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black" valign="top">
          <b>Net result</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap" valign="bottom">
          <b>(11.0)</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap" valign="bottom">
          <b>(0.2)</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap" valign="bottom">
          <b>-9.5%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap" valign="bottom">
          <b>-0.2%</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black" valign="top">
          <b>Net Group Result</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap" valign="bottom">
          <b>(10.7)</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap" valign="bottom">
          <b>(0.2)</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap" valign="bottom">
          <b>-9.3%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap" valign="bottom">
          <b>-0.2%</b>
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black" valign="top">
          <b>Earnings per Share</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap" valign="bottom">
          <b>(0.20)</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap" valign="bottom">
          <b>(0.00)</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#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>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" colspan="11" valign="top">
          <i>(*) Purchases plus beginning stock minus final stock and leather
          processing</i>
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table style="font-size: 10pt; margin-bottom: 10.0px; font-family: Times New Roman; width: 100%" cellspacing="0">
      <tr>
        <td style="text-align: center; padding-left: 0.0px" colspan="5" valign="middle">
          <b>Natuzzi S.p.A. and Subsidiaries</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" colspan="5" valign="middle">
          <b>Unaudited Consolidated Balance Sheets at December 31, 2016 on the
          basis of Italian GAAP </b><i>(Expressed in millions of Euro)</i>
        </td>
      </tr>
      <tr>
        <td colspan="5">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 2.25pt; text-align: left; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black" valign="middle">
          <b>ASSETS</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; text-align: right; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black" valign="middle">
          <b>31-Mar-17</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; text-align: right; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black" valign="middle">
          <b>31-Dec-16</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">

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

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

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

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

        </td>
        <td>

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

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

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          54.5
        </td>
        <td>

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

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

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

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          57.0
        </td>
        <td>

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

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          27.4
        </td>
        <td>

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

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          85.6
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          78.4
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">
          Unrealized foreign exchange gains
        </td>
        <td>

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

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

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

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          1.4
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black" valign="middle">
          Deferred income taxes
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap" valign="bottom">
          1.2
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap" valign="bottom">
          1.1
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black" valign="middle">
          <b>Total current assets</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap" valign="bottom">
          <b>228.2</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap" valign="bottom">
          <b>224.8</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          114.2
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          115.9
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black" valign="middle">
          Other assets
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap" valign="bottom">
          6.3
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap" valign="bottom">
          6.5
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black" valign="middle">
          <b>Total non-current assets</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap" valign="bottom">
          <b>120.5</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap" valign="bottom">
          <b>122.4</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px" valign="middle">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black" valign="middle">
          <b>TOTAL ASSETS</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap" valign="bottom">
          <b>348.7</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap" valign="bottom">
          <b>347.2</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black" valign="middle">
          Bank overdrafts
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap" valign="bottom">
          22.1
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap" valign="bottom">
          18.2
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">
          Current portion of long-term debt
        </td>
        <td>

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

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

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          69.8
        </td>
        <td>

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

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          27.1
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          25.1
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">
          Accounts payable-shareholders for dividends
        </td>
        <td>

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

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0.6
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">
          Unrealized foreign exchange losses
        </td>
        <td>

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

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

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

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

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

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          1.8
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black" valign="middle">
          Salaries, wages and related liabilities
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap" valign="bottom">
          18.3
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap" valign="bottom">
          19.4
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black" valign="middle">
          <b>Total current liabilities</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap" valign="bottom">
          <b>152.5</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap" valign="bottom">
          <b>150.2</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

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

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

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

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          6.3
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">
          Deferred income taxes - long term
        </td>
        <td>

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

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

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          7.1
        </td>
        <td>

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

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

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          13.3
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black" valign="middle">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black" valign="middle">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black" valign="middle">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black" valign="middle">
          <b>Total long-term liabilities</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap" valign="bottom">
          <b>55.7</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap" valign="bottom">
          <b>44.6</b>
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black" valign="middle">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black" valign="middle">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black" valign="middle">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black" valign="middle">
          <b>Minority interest</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap" valign="bottom">
          <b>3.2</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap" valign="bottom">
          <b>3.4</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

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

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

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

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          11.5
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">
          Additional paid-in capital
        </td>
        <td>

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

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

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          71.0
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          82.7
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black" valign="middle">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black" valign="middle">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black" valign="middle">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black" valign="middle">
          <b>Total shareholders' equity</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap" valign="bottom">
          <b>137.3</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap" valign="bottom">
          <b>149.0</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black" valign="middle">
          <b>TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap" valign="bottom">
          <b>348.7</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap" valign="bottom">
          <b>347.2</b>
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table style="font-size: 10pt; margin-bottom: 10.0px; font-family: Times New Roman; width: 100%" cellspacing="0">
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <b>Unaudited Consolidated Statements of Cash Flows</b>
        </td>
        <td>
          &#160;
        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 2.25pt; text-align: left; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black" valign="top">
          <i>(Expressed in millions of Euro)</i>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; text-align: right; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black" valign="top">
          <b>31-Mar-17</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; text-align: right; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black" valign="top">
          <b>31-Dec-16</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>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <b>Net result</b>
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>(11.0)</b>
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u>Adjustments to reconcile net income to net cash</u>
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          provided by operating activities:
        </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 style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          3.4
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          13.0
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Other non monetary costs (revenues)
        </td>
        <td>

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

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0.7
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          One-time termination benefit
        </td>
        <td>

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

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

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

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

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

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

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

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          9.8
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Other changes in assets and liabilities
        </td>
        <td>

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

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (2.8)
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          One time termination benefit payment
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (4.9)
        </td>
        <td>

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

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>32.5</b>
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black" valign="top">
          <b>Net cash generated/(used) by operating activities</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap" valign="bottom">
          <b>(13.3)</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap" valign="bottom">
          <b>26.0</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#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>
      </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>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; text-align: left; padding-left: 15.0px; border-bottom-style: solid; border-bottom-color: black" valign="top">
          <i>Additions</i>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap" valign="bottom">
          (2.5)
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap" valign="bottom">
          (6.6)
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          <i>Disposals</i>
        </td>
        <td>

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

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0.5
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          <i>Goverment grants received</i>
        </td>
        <td>

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

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

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

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

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (5.9)
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <i>Disposal/devaluation of business</i>
        </td>
        <td>

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

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          1.6
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black" valign="top">
          <b>Net cash generated/(used) by in investing activities</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap" valign="bottom">
          <b>(2.8)</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap" valign="bottom">
          <b>(10.7)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          2.3
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          <i>Repayments</i>
        </td>
        <td>

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

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

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

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (0.8)
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black" valign="top">
          Capital injection
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap" valign="bottom">
          0.0
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap" valign="bottom">
          0.0
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black" valign="top">
          <b>Net cash generated/(used) by financing activities</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap" valign="bottom">
          <b>5.7</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap" valign="bottom">
          <b>(1.9)</b>
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black" valign="top">
          <b>Effect of translation adjustments on cash</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap" valign="bottom">
          <b>(0.0)</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap" valign="bottom">
          <b>(0.9)</b>
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black" valign="top">
          <b>Increase (decrease) in cash and cash equivalents</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap" valign="bottom">
          <b>(10.5)</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap" valign="bottom">
          <b>12.5</b>
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black" valign="top">
          <b>Cash and cash equivalents, beginning of the year</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap" valign="bottom">
          <b>65.0</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap" valign="bottom">
          <b>52.5</b>
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black" valign="top">
          <b>Cash and cash equivalents, end of the period</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap" valign="bottom">
          <b>54.5</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap" valign="bottom">
          <b>65.0</b>
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <p>
      CONTACT:<br><b>NATUZZI INVESTOR RELATIONS</b><br>Piero Direnzo; tel.
      +39.080.8820.812<br><u>pdirenzo@natuzzi.com</u><br>or<br><b>NATUZZI US
      MEDIA CONTACT</b><br>Meg Carlozzi (PR); tel. +1.917.330.8769<br><u>meg.carlozzi@gmail.com</u><br>or<br><b>NATUZZI
      CORPORATE COMMUNICATION</b><br>Vito Basile (Press Office); tel.
      +39.080.8820.676<br><u>vbasile@natuzzi.com</u>
    </p>
    <p>

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

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

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

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

        </div>
      </div>
    </div>
    <p style="text-align: center">
      <br>
      <font style="font-size: 10pt; font-family: Times New Roman"><b>SIGNATURES</b></font>
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    <p style="text-indent: 30.0px">
      <font style="font-size: 10pt; font-family: Times New Roman">Pursuant to
      the requirements of the Securities Exchange Act of 1934, the registrant
      has duly caused this report to be signed on its behalf by the
      undersigned thereunto duly authorized.</font>
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            NATUZZI S.p.A.
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          (Registrant)
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            Date:
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          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>MAY 26, 2017</b>
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          <p style="margin-top: 0px; margin-bottom: 0px">
            By:
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            <font style="font-size: 10pt">/s/ Pasquale Natuzzi</font>
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            <font style="font-size: 10pt">Pasquale Natuzzi</font>
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