<SEC-DOCUMENT>0001157523-17-002570.txt : 20170922
<SEC-HEADER>0001157523-17-002570.hdr.sgml : 20170922
<ACCEPTANCE-DATETIME>20170922164201
ACCESSION NUMBER:		0001157523-17-002570
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20170922
FILED AS OF DATE:		20170922
DATE AS OF CHANGE:		20170922

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:		171097996

	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>a51688458.htm
<DESCRIPTION>NATUZZI S.P.A. 6-K
<TEXT>
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      <br>
      <br>
      <font style="font-family: Times New Roman; font-size: 12pt">Securities
      and Exchange Commission</font><br><font style="font-family: Times New Roman; font-size: 12pt">Washington,
      D.C. 20549</font><br><br><br><font style="font-family: Times New Roman; font-size: 18pt"><b>Form
      6-K</b></font><br><br><br><font style="font-family: Times New Roman; font-size: 12pt">Report
      of Foreign Issuer</font><br><font style="font-family: Times New Roman; font-size: 12pt">Pursuant
      To Rule 13a-16 Or 15d-16</font><br><font style="font-family: Times New Roman; font-size: 12pt">Of
      The</font><br><font style="font-family: Times New Roman; font-size: 12pt">Securities
      Exchange Act of 1934</font><br><br>
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            For the month of <b>SEPTEMBER 2017</b>
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          &#160;
        </td>
        <td style="width: 33%; text-align: right; padding-left: 0.0px" valign="top">
          Commission File Number 1-11854
        </td>
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    </table>
    </div>
    <p style="text-align: center">

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

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

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      <br>

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

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

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

    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>Natuzzi
      Announces Consolidated Results for the Second Quarter and First Half of
      2017</b></font>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>REVENUES
      INCREASED DESPITE DIFFICULT RETAIL ENVIRONMENT</b></font>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>RETAIL
      NETWORK DEVELOPMENT CONTINUES</b></font>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>MARGINS
      IMPROVE IN DIRECT OWNED STORES</b></font>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>STRATEGY
      STARTS TO GENERATE RESULTS</b></font>
    </p>
    <p>
      <font style="font-size: 12pt; font-family: Times New Roman"><b>SECOND
      QUARTER 2017</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;117.9 MILLION, UP 7.3% FROM 2Q2016</b></font>
      </li>
      <li style="margin-bottom: 10.0px">
        <font style="font-size: 12pt; font-family: Times New Roman"><b>DOS
        OPERATIONS IMPROVED ON LIKE-FOR-LIKE BASIS</b></font>
      </li>
      <li style="margin-bottom: 10.0px">
        <font style="font-size: 12pt; font-family: Times New Roman"><b>4 NEW
        GENERATION STORES OPENED IN 1H2017</b></font>
      </li>
      <li style="margin-bottom: 10.0px">
        <font style="font-size: 12pt; font-family: Times New Roman"><b>3 NEW
        GENERATION MONO-BRAND STORES PLANNED TO OPEN BY YEAR END</b></font>
      </li>
      <li style="margin-bottom: 10.0px">
        <font style="font-size: 12pt; font-family: Times New Roman"><b>INDUSTRIAL
        MARGIN AT 35.1% UP FROM 34.2% IN 2Q2016</b></font>
      </li>
      <li style="margin-bottom: 10.0px">
        <font style="font-size: 12pt; font-family: Times New Roman"><b>HIGHER
        SG&amp;A AS A RESULT OF OUR DIRECT-RETAIL EXPANSION PROGRAM</b></font>
      </li>
      <li style="margin-bottom: 10.0px">
        <font style="font-size: 12pt; font-family: Times New Roman"><b>NET
        LOSS FOR THE QUARTER OF &#8364;4.0 MILLION</b></font>
      </li>
      <li style="margin-bottom: 10.0px">
        <font style="font-size: 12pt; font-family: Times New Roman"><b>POSITIVE
        NET FINANCIAL POSITION AT THE END OF JUNE 2017 AT &#8364;13.6 MILLION</b></font>
      </li>
    </ul>
    <p>
      SANTERAMO IN COLLE, Bari, Italy--(BUSINESS WIRE)--September 22,
      2017--The Board of Directors of Natuzzi S.p.A. has approved
      second-quarter and half-year 2017 consolidated results.
    </p>
    <p>
      Consolidated net sales for the second quarter of 2017 were &#8364;117.9
      million, up 7.3% from &#8364;109.9 million reported in 2016 second quarter.
      Revenues generated by core business (sofas, beds and furnishings) were
      &#8364;109.1 million, up 5.0% compared to the second quarter of 2016.
    </p>
    <p>
      In particular, furnishings net sales increased by 15.3% over prior year
      same quarter at &#8364;7.4 million and represented 20.2% of the <i>Natuzzi
      Italia</i> branded sales.
    </p>
    <p>
      Natuzzi branded revenues increased 4.1% to &#8364;79.6 million, also due to an
      increase of 5.2% of the average price per seat. Within Natuzzi branded
      sales, we saw an increase from the Americas (+6.5%), and Asia-Pacific
      region (+13.8%). EMEA reported a decrease in sales (-1.1%) over the same
      period of last year, mainly due to our Italy-based <i>Divani&amp;Divani by
      Natuzzi</i> network.
    </p>
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    </div>
    <p>
      Our direct retail operations (DOS) generated sales of &#8364;15.1 million
      during the second quarter of 2017, increasing by 32.3% over the same
      period of last year. These sales represented 13.8% of our core business,
      compared to 11.0% of one year ago.
    </p>
    <p>
      The actions implemented over the past few quarters on the Company&#8217;s
      owned stores have produced good results. In particular, during the
      second quarter of 2017, sales generated by our DOS network on a
      like-for-like basis have shown an increase both versus first quarter of
      2017 (+17.7%) and second quarter of last year (+6.1%). Furthermore,
      considering the same like-for-like parameter, the DOS operating result
      for the second quarter of 2017 was positive (+&#8364;0.8 million), improving
      with respect to both 2017 first quarter (when we reported an operating
      loss of -&#8364;0.3 million) and 2016 second quarter (with an operating income
      of +&#8364;0.3 million). We saw improvements in our DOS in the UK, China, USA,
      Spain and Switzerland, while our Italy-based <i>Divani&amp;Divani by Natuzzi</i>
      retail network is still under a restructuring phase. The recently
      acquired Mexican stores were still in the start-up phase in second
      quarter 2017.
    </p>
    <p>
      More recent sales data for DOS confirm the positive trend experienced in
      the first part of the year: our order flow through the third week of
      September on a Like-for-Like store basis increased 3.4% over the same
      period of last year. When we include sales from our new stores, the
      increase over last year is 38.3% in DOS.
    </p>
    <p>
      Consistent with the Group&#8217;s strategy to expand its presence in the
      direct-retail market to better control the entire value chain, we opened
      one DOS in West Palm Beach, Florida, USA, and acquired three <i>Natuzzi
      Italia</i> stores in Mexico, during the second quarter. Two directly
      operated <i>Natuzzi Editions</i> stores also opened in China in the
      second quarter of 2017. As of the date of this press release, the number
      of DOS is 60.
    </p>
    <p>
      We already have plans to open five new-generation stores, three in the
      last quarter of 2017 and two in the first quarter of 2018.
    </p>
    <p>
      Sales from our Softaly Division were &#8364;29.5 million, up 7.6% compared to
      the second quarter of 2016, as a result of the 15.2% increase in the
      Americas and 4.5% increase in EMEA. Sales from Asia-Pacific decreased by
      31.2% in the second quarter of 2017, after increasing by 101.7% in the
      first three months of this year. In spite of such positive results in
      the quarter, Softaly &quot;Private Label&quot; division of the Natuzzi Group is
      still challenged by the limited number of accounts on the North American
      market which has caused a reduction of the volumes. We will present an
      extended program at the coming High Point market in October with the aim
      of adding new major Accounts. Europe keeps growing while in the APAC
      market the activities planned should bring the targeted results during
      the current year.
    </p>
    <p>
      In the second quarter of 2017 the Group increased the industrial margin
      to 35.1% from 34.2% reported in the second quarter of 2016. The slight
      decrease in upholstered seats sold was more than offset by a better mix
      and by the double digit increase in furniture sales.
    </p>
    <p>
      Transportation costs as percentage of net sales also improved to 8.9% as
      opposed to 9.8% in 2016 second quarter.
    </p>
    <p>
      Over the past few quarters the Company started implementing its retail
      strategy in priority markets, such as North America and China. The
      execution of this strategy has required investments in the organization,
      which resulted in increased SG&amp;A. We expect that such investments, whose
      return started to appear in second quarter 2017, will support additional
      turnover in the future.
    </p>
    <p>
      For the reasons highlighted above, in spite of the overall improvement
      of the business, the Company reported a net operating loss of &#8364;2.9
      million versus net operating loss of &#8364;1.0 million in the second quarter
      of 2016.
    </p>
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        </div>
      </div>
    </div>
    <p>
      The Group reported a net loss for the second quarter of &#8364;4.0 million,
      from a loss of &#8364;0.8 million in the same period of last year.
    </p>
    <p>
      For the first half of 2017, the Group reported a net loss of &#8364;14.7
      million. Excluding &#8364;9.3 million as extraordinary accrual accounted for
      in the first quarter of 2017, net loss for the first semester would have
      been &#8364;5.4 million, from a net loss of &#8364;1.1 million in the same period of
      last year.
    </p>
    <p>
      The Group&#8217;s Net Financial position was positive at &#8364;13.6 million, up
      from a &#8364;12.8 million reported at the end of first quarter of 2017.
    </p>
    <p>
      Chairman and CEO Pasquale Natuzzi said, &#8220;<i>Despite the troubles
      confronting our industry and retail in general, I am pleased to report
      the Natuzzi grew both revenues and industrial margin in the second
      quarter. This is a direct result of the work we are doing to grow our
      direct retail network through which we are generating sales of higher
      end product as well as more complete home furnishing packages. Focus on
      continuing to build for this growth is our highest priority. At the same
      time, we are taking steps to strengthen management in critical areas and
      are managing closely our administrative expenses during this period of
      rapid investment.&#160;Our brand has never been stronger and our drive never
      more directed. All indications are that our strategy is and will
      continue to succeed.</i>&#8221;
    </p>
    <p>
      Chief Financial Officer Vittorio Notarpietro added: <i>&#8220;We have
      continued with the execution of the direct retail expansion program to
      boost our branded sales and the scale of the entire value chain. This
      has resulted in the opening of new points of sales, acquisition of
      existing stores and reinforcement of the retail organization, both at
      central and regional levels.</i>
    </p>
    <p>
      <i>&#8220;All these activities require, by their nature, start up investments.
      We are just in the initial phase of such programs, and first results
      from our retail business model are emerging.</i>
    </p>
    <p>
      <i>&#8220;We&#8217;ll continue to pay attention in managing capital needs for
      investments and working capital in order to successfully accomplish the
      DOS development program globally so to benefit from higher margins.&#8221;</i>
    </p>
    <p style="text-align: center">
      ****************************************
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    </div>
    <p>
      <b>About Natuzzi S.p.A.</b>
    </p>
    <p>
      <i>Founded in 1959 by Pasquale Natuzzi, Natuzzi S.p.A. is Italy&#8217;s
      largest furniture house and one of the most important global player in
      the furniture industry with an extensive manufacturing footprint and a
      global retail network. Natuzzi is the Italian lifestyle best-known brand
      in the furnishings sector worldwide (Brand Awareness Monitoring Report -
      Ipsos 2015) and 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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          <b>Natuzzi S.p.A. and Subsidiaries</b>
        </td>
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        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="11">
          <b>Unaudited Consolidated Profit &amp; Loss for the second quarter 2017
          &amp; 2016 on the basis of Italian GAAP</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="11">
          <i>(expressed in millions Euro)</i>
        </td>
      </tr>
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        <td>

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

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

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

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

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

        </td>
      </tr>
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        <td>

        </td>
        <td>

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

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

        </td>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="3">
          <b>Percentage of Sales</b>
        </td>
      </tr>
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        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
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        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
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          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>30-Jun-17</b>
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          &#160;
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          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>30-Jun-16</b>
          </p>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="text-align: center; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; white-space: nowrap; border-bottom-width: 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>%</b>
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          &#160;
        </td>
        <td style="text-align: center; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>30-Jun-17</b>
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        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="text-align: center; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>30-Jun-16</b>
          </p>
        </td>
      </tr>
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        <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">
          Upholstery net sales
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          101.6
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          97.4
        </td>
        <td>

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

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          86.2%
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          88.6%
        </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-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          7.4
        </td>
        <td>

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

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

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

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          5.9%
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt" valign="top">
          Other sales
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          8.8
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          6.1
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          45.3%
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          7.5%
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          5.5%
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt" valign="top">
          <b>Total Net Sales</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          <b>117.9</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          <b>109.9</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          <b>7.3%</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          <b>100.0%</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px" 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-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          (48.0)
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          (45.6)
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          5.1%
        </td>
        <td>

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

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          -41.5%
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Labor
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          (21.0)
        </td>
        <td>

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

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

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

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          -17.5%
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="top">
          <i>of which: Provision for legal proceedings</i>
        </td>
        <td>

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

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

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

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

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          <i>0.0%</i>
        </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-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          (7.6)
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          (7.5)
        </td>
        <td>

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

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          -6.4%
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          -6.8%
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px; border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt" valign="top">
          <i>of which: Depreciation, Amortization</i>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          <i>(2.4)</i>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          <i>(2.4)</i>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          -0.1%
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          <i>-2.0%</i>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          <i>-2.2%</i>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt" valign="top">
          <b>Cost of Sales</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          <b>(76.6)</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          <b>(72.3)</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          <b>5.9%</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          <b>-64.9%</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          <b>-65.8%</b>
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt" valign="top">
          <b>Industrial Margin</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          <b>41.3</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          <b>37.6</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          <b>9.9%</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          <b>35.1%</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          <b>34.2%</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">
          <b>Selling Expenses</b>
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          <b>(18.0)</b>
        </td>
        <td>

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

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

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

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          <b>-15.7%</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-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          <i>(10.5)</i>
        </td>
        <td>

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

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

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

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          <i>-9.8%</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-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          <i>(2.7)</i>
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          <i>(2.4)</i>
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          <i>14.8%</i>
        </td>
        <td>

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

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

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

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          <i>16.9%</i>
        </td>
        <td>

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

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" 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-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          <b>(26.2)</b>
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          <b>(21.4)</b>
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          <b>22.6%</b>
        </td>
        <td>

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

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          <b>-19.4%</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="top">
          <i>of which: Depreciation, Amortization</i>
        </td>
        <td>

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

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

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          22.5%
        </td>
        <td>

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

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          <i>-0.7%</i>
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt" valign="top">
          <b>Operating income/(loss)</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          <b>(2.9)</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          <b>(1.0)</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          <b>-2.4%</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px" 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-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          (1.2)
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          (0.9)
        </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-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          0.6
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          1.5
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt" valign="top">
          Other Income/(Cost), Net
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          0.0
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          (0.2)
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt" valign="top">
          <b>Earning before Income Taxes</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          <b>(3.4)</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          <b>(0.6)</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          <b>-2.9%</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          <b>-0.6%</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          -0.2%
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt" valign="top">
          <b>Net Result</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          <b>(4.1)</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          <b>(0.8)</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          <b>-3.5%</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          <b>-0.8%</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt" valign="top">
          <b>Net Group Result</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          <b>(4.0)</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          <b>(0.8)</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          <b>-3.4%</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          <b>-0.8%</b>
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt" valign="top">
          <b>Earnings per Share</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          <b>(0.07)</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          <b>(0.02)</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#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" valign="top" colspan="11">
          <i>(*) Purchases plus beginning stock minus final stock and leather
          processing</i>
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-right: 0pt; width: 100%; text-indent: 0pt; margin-bottom: 10pt; margin-left: 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>
<div style="text-align:left">
    <table style="font-family: Times New Roman; width: 100%; margin-bottom: 10.0px; font-size: 10pt" cellspacing="0">
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="11">
          <b>Natuzzi S.p.A. and Subsidiaries</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="11">
          <b>Unaudited Consolidated Profit &amp; Loss for the six months of 2017 &amp;
          2016 on the basis of Italian GAAP</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="11">
          <i>(expressed in millions Euro)</i>
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="3">
          <b>Six months ended on</b>
        </td>
        <td>
          &#160;
        </td>
        <td style="text-align: center; padding-left: 0.0px" valign="top">
          <b>Change</b>
        </td>
        <td>
          &#160;
        </td>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="3">
          <b>Percentage of Sales</b>
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="text-align: center; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>30-Jun-17</b>
          </p>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="text-align: center; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>30-Jun-16</b>
          </p>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="text-align: center; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; white-space: nowrap; border-bottom-width: 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>%</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="text-align: center; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>30-Jun-17</b>
          </p>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="text-align: center; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>30-Jun-16</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#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-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          202.7
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          205.5
        </td>
        <td>

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

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          86.7%
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          89.1%
        </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-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          15.5
        </td>
        <td>

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

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          25.8%
        </td>
        <td>

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

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          5.3%
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt" valign="top">
          Other sales
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          15.6
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          12.8
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          21.9%
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          6.7%
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          5.5%
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt" valign="top">
          <b>Total Net Sales</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          <b>233.8</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          <b>230.6</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          <b>1.4%</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          <b>100.0%</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px" 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-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          (94.6)
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          (97.6)
        </td>
        <td>

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

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          -40.5%
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          -42.3%
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Labor
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          (50.7)
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          (38.6)
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          31.2%
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          -21.7%
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          -16.8%
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="top">
          <i>of which: Provision for legal proceedings</i>
        </td>
        <td>

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

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

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

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          <i>-4.0%</i>
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          <i>0.0%</i>
        </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-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          (15.6)
        </td>
        <td>

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

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

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

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          -6.7%
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px; border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt" valign="top">
          <i>of which: Depreciation, Amortization</i>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          <i>(4.9)</i>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          <i>(4.8)</i>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          2.7%
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          <i>-2.1%</i>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          <i>-2.1%</i>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt" valign="top">
          <b>Cost of Sales</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          <b>(160.9)</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          <b>(151.6)</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          <b>6.1%</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          <b>-68.8%</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          <b>-65.7%</b>
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt" valign="top">
          <b>Industrial Margin</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          <b>72.9</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          <b>79.0</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          <b>-7.8%</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          <b>31.2%</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px" 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-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          <b>(35.8)</b>
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          <b>(36.8)</b>
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          <b>-2.7%</b>
        </td>
        <td>

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

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

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          <i>(20.8)</i>
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          <i>(23.1)</i>
        </td>
        <td>

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

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

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          <i>-10.0%</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-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          <i>(5.3)</i>
        </td>
        <td>

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

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          <i>7.7%</i>
        </td>
        <td>

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

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

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          <i>(8.7)</i>
        </td>
        <td>

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

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

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" 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-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          <b>(50.1)</b>
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          <b>(42.1)</b>
        </td>
        <td>

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

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          <b>-21.4%</b>
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          <b>-18.3%</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="top">
          <i>of which: Depreciation, Amortization</i>
        </td>
        <td>

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

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

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          18.8%
        </td>
        <td>

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

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          <i>-0.7%</i>
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt" valign="top">
          <b>Operating income/(loss)</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          <b>(13.1)</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          <b>0.1</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          <b>-5.6%</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px" 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">
          Interest Income/(Costs), Net
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          (2.4)
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          (2.1)
        </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-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          1.3
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt" valign="top">
          Other Income/(Cost), Net
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          0.0
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          (0.2)
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt" valign="top">
          <b>Earning before Income Taxes</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          <b>(14.1)</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          <b>(0.6)</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          <b>-6.0%</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          <b>-0.3%</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">
          Current taxes
        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          -0.2%
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt" valign="top">
          <b>Net result</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          <b>(15.0)</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          <b>(1.0)</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          <b>-6.4%</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          <b>-0.5%</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-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          0.4
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt" valign="top">
          <b>Net Group Result</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          <b>(14.7)</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          <b>(1.1)</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          <b>-6.3%</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          <b>-0.5%</b>
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt" valign="top">
          <b>Earnings per Share</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          <b>(0.27)</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          <b>(0.02)</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#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" valign="top" colspan="11">
          <i>(*) Purchases plus beginning stock minus final stock and leather
          processing</i>
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-right: 0pt; width: 100%; text-indent: 0pt; margin-bottom: 10pt; margin-left: 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>
<div style="text-align:left">
    <table style="font-family: Times New Roman; width: 100%; margin-bottom: 10.0px; font-size: 10pt" cellspacing="0">
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="5">
          <b>Natuzzi S.p.A. and Subsidiaries</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="5">
          <b>Unaudited Consolidated Balance Sheets at June 30, 2017 on the
          basis of Italian GAAP </b><i>(Expressed in millions of Euro)</i>
        </td>
      </tr>
      <tr>
        <td>

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

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

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt" valign="top">
          <b>ASSETS</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="text-align: center; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt" valign="top">
          <b>30-Jun-17</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="text-align: center; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt" valign="top">
          <b>31-Dec-16</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>Current assets:</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          55.7
        </td>
        <td>

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

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

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

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          46.6
        </td>
        <td>

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

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          24.2
        </td>
        <td>

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

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          84.5
        </td>
        <td>

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

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

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

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

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          1.4
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt" valign="top">
          Deferred income taxes
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          1.2
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          1.1
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt" valign="top">
          <b>Total current assets</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          <b>215.1</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          <b>224.8</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>Non-current assets:</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          110.6
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          115.9
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt" valign="top">
          Other assets
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          8.1
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          6.5
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt" valign="top">
          <b>Total non-current assets</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          <b>118.7</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          <b>122.4</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; border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt" valign="top">
          <b>TOTAL ASSETS</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          <b>333.8</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          <b>347.2</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; border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt" valign="top">
          <b>LIABILITIES AND SHAREHOLDERS' EQUITY</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </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>Current liabilities:</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          23.8
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          18.2
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Current portion of long-term debt
        </td>
        <td>

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

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

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          67.6
        </td>
        <td>

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

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          29.9
        </td>
        <td>

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

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

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

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

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

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

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

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

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          1.8
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt" valign="top">
          Salaries, wages and related liabilities
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          15.2
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          19.4
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt" valign="top">
          <b>Total current liabilities</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          <b>141.5</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          <b>150.2</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>Long-term liabilities:</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          14.8
        </td>
        <td>

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

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

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

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

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

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          22.5
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          13.3
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt" valign="top">
          <b>Total long-term liabilities</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          <b>62.0</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          <b>44.6</b>
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt" valign="top">
          <b>Minority interest</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          <b>2.9</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          <b>3.4</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>Shareholders' equity:</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

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

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

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

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

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          61.0
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          82.7
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt" valign="top">
          <b>Total shareholders' equity</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          <b>127.3</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          <b>149.0</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; border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt" valign="top">
          <b>TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          <b>333.8</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          <b>347.2</b>
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-right: 0pt; width: 100%; text-indent: 0pt; margin-bottom: 10pt; margin-left: 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>
<div style="text-align:left">
    <table style="font-family: Times New Roman; width: 100%; margin-bottom: 10.0px; font-size: 10pt" cellspacing="0">
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="5">
          <b>Unaudited Consolidated Statements of Cash Flows</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt" valign="top">
          <i>(Expressed in millions of Euro)</i>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="text-align: center; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt" valign="top">
          <b>30-Jun-17</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="text-align: center; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt" 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>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </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-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          <b>(15.0)</b>
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" 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-bottom: 0px; margin-top: 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">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u>provided by operating activities:</u>
          </p>
        </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-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          6.8
        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" 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-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          (2.7)
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" 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-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          14.7
        </td>
        <td>

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

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

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          <b>32.5</b>
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt" valign="top">
          <b>Net cash generated/(used) by operating activities</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          <b>(7.4)</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px" 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="text-align: left; padding-left: 15.0px" valign="top">
          <i>Additions</i>
        </td>
        <td>

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

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

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

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

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

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

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          1.6
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt" valign="top">
          <b>Net cash generated/(used) by in investing activities</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          <b>(5.7)</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px" 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-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          3.5
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" 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-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          (3.2)
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" 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-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          5.7
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          (0.8)
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt" valign="top">
          Capital injection
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          0.0
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          0.0
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt" valign="top">
          <b>Net cash generated/(used) by financing activities</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          <b>6.0</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          <b>(1.9)</b>
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt" valign="top">
          <b>Effect of translation adjustments on cash</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          <b>(2.2)</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          <b>(0.9)</b>
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt" valign="top">
          <b>Increase (decrease) in cash and cash equivalents</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          <b>(9.2)</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; padding-right: 0.0px" valign="bottom">
          <b>12.5</b>
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
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      <tr>
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          <b>Cash and cash equivalents, beginning of the year</b>
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        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
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          &#160;
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      <tr>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
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          <b>Cash and cash equivalents, end of the period</b>
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          &#160;
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          &#160;
        </td>
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          <b>65.0</b>
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <p>
      CONTACT:<br><b>FOR INFORMATION:</b><br><b>NATUZZI INVESTOR RELATIONS</b><br>Piero
      Direnzo, +39.080.8820.812<br><u>pdirenzo@natuzzi.com</u><br>or<br><b>NATUZZI
      US MEDIA CONTACT</b><br>Meg Carlozzi (PR), +1-917-330-8769<br><u>meg.carlozzi@gmail.com</u><br>or<br><b>NATUZZI
      CORPORATE COMMUNICATION</b><br>Vito Basile (Press Office),
      +39.080.8820.676<br><u>vbasile@natuzzi.com</u>
    </p>
    <p style="text-align: left">

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

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

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

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

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

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

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

        </td>
        <td style="width: 47%; text-align: left; padding-left: 0.0px" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 6%">

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

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

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

        </td>
        <td style="width: 47%; text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
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      <tr>
        <td style="width: 6%; text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Date:
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        <td style="width: 44%; text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>SEPTEMBER 22, 2017</b>
          </p>
        </td>
        <td style="width: 3%; text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            By:
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          <p style="margin-bottom: 0px; margin-top: 0px">
            /s/ Pasquale Natuzzi
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        </td>
      </tr>
      <tr>
        <td style="width: 6%">

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

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

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