<SEC-DOCUMENT>0001157523-17-003145.txt : 20171127
<SEC-HEADER>0001157523-17-003145.hdr.sgml : 20171127
<ACCEPTANCE-DATETIME>20171127073948
ACCESSION NUMBER:		0001157523-17-003145
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20171127
FILED AS OF DATE:		20171127
DATE AS OF CHANGE:		20171127

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:		171221880

	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>a51721067.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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            <font style="font-size: 10pt">For the month of </font><font style="font-family: Times New Roman; font-size: 10pt"><b>November
            2017</b></font>
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          &#160;
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        <td style="width: 33%; padding-left: 0.0px; text-align: right" valign="top">
          Commission File Number 1-11854
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            <font style="font-size: 14pt"><b>NATUZZI S.p.A.</b></font>
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            <font style="font-size: 10pt">(Translation of registrant's name
            into English)</font>
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      <br>

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          Via Iazzitiello 47
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          70029 Santeramo, Italy
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          (Address of principal office)
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      <font style="font-family: Times New Roman; font-size: 10pt">Indicate by
      check mark whether the registrant files or will file annual reports
      under cover of Form 20-F or Form 40-F:</font><br><font style="font-family: Times New Roman; font-size: 10pt">Form
      20-F</font><font style="font-family: Times New Roman; font-size: 10pt"> </font><font style="font-family: Arial Unicode MS; font-size: 11pt">&#8864;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Form 40-F </font><font style="font-family: Arial Unicode MS; font-size: 12pt">&#8414;</font>
    </p>
    <p style="text-indent: 30.0px; text-align: left">
      <font style="font-family: Times New Roman; font-size: 10pt">Indicate by
      check mark whether the registrant by furnishing the information
      contained in this Form is also thereby furnishing the information to the
      Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act
      of 1934. &#160;Yes </font><font style="font-family: Arial Unicode MS; font-size: 12pt">&#8414;</font><font style="font-family: Times New Roman; font-size: 10pt">&#160;&#160;
      No </font><font style="font-family: Arial Unicode MS; font-size: 11pt">&#8864;</font>
    </p>
    <p style="text-indent: 30.0px">
      <font style="font-family: Times New Roman; font-size: 10pt">If &quot;Yes&quot; is
      marked, indicate below the file number assigned to the registrant in
      connection with Rule 12g3-2(b):</font>
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    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt"><b>Natuzzi
      Group Announces Lower Sales and Earnings for Q3 and First 9 Months of
      2017</b></font>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt"><b>Delivery
      Delays Lead to Material Increase in Backlog</b></font>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt"><b>Company&#8217;s
      Direct Retail Investments on Track and Showing Growth</b></font>
    </p>
    <p>
      SANTERAMO IN COLLE, (BA), Italy--(BUSINESS WIRE)--November 27, 2017--The
      Board of Directors of Natuzzi S.p.A. (NYSE:NTZ) has approved
      third-quarter and first nine months of 2017 consolidated results.
    </p>
    <p>
      Consolidated net sales for the third quarter of 2017 were &#8364;95.8 million,
      down 6.1% from &#8364;102.0 million reported in the same period in 2016. The
      Company reported a quarterly net operating loss of &#8364;8.6 million versus
      net operating loss of &#8364;3.6 million in the third quarter of 2016. Net
      loss for the period was &#8364;10.9 million, from a net loss of &#8364;5.5 million
      in the same quarter of last year.
    </p>
    <p>
      For the first nine months of 2017 consolidated sales were &#8364;329.5 million
      down 0.9% form 2016 (&#8364;332.6 million). For the same period, the group
      reported an operating loss of &#8364;21.6 million and a net loss of &#8364;25.6
      million. Excluding &#8364;10.3 million (accrual and restructuring costs)
      accounted for in the first and third quarter of 2017 (see below),
      operating loss could have been &#8364;11.3 million.
    </p>
    <p>
      <b>Consolidated net sales</b> for the nine-month period decreased 0.9%
      (from &#8364;332.6 million to &#8364;329.5 million in 2017). This result includes
      double-digit increase in the Asia-Pacific region, substantially flat
      sales in the Americas, and a single digit decrease in the EMEA. For the
      same period, sales for the Natuzzi division were &#8364;227.4 million (up 0.5%
      compared to 2016) whereas sales for the Softaly division were &#8364;79.9
      million (down 8.6% over 2016). The Group also reported Other sales of
      &#8364;22.2 million in 2017, from &#8364;18.8 million in 2016.
    </p>
    <p>
      <b>Gross industrial margin</b> deteriorated by &#8364;10.2 million, due to two
      events totaling &#8364;10.3 million: the provision of &#8364;9.3 million (Q1 2017)
      for legal proceedings with regard to the Italian labor issue, and,
      reorganization costs of &#8364;1.0 million (Q3 2017) for a staff reduction
      plan at Santeramo following the review of organization processes that
      enabled this saving for 2018. Gross profit for the nine months period,
      equal to &#8364;101.5 million, was principally affected by the aforementioned
      &#8364;10.3 million (accrual and reorganization costs). Excluding those
      accruals, the gross profit would have been equal to &#8364;111.8 million, or
      33.9% of total net sales, versus 33.6% in 2016, and despite the 0.9%
      decrease in sales.
    </p>
    <p>
      <b>Other SG&amp;A</b> increased &#8364;9.8 million. Most of such increase
      comes from the acquisition of stores and the opening of new stores
      (leases, salaries, utilities), their restructuring, and the marketing
      investments described below. Between 2016 and 2017, we have also hired
      specialist management personnel in support of both retail and corporate
      development, both in HQ and in the Regions. In terms of order flow, we
      had a positive 4.6% performance in the Natuzzi division, which includes
      Natuzzi Italia, Natuzzi Editions and Divani&amp;Divani. In particular, the
      Natuzzi Italia business saw growth of 18.8% year-to-November 12, 2017
      over the previous year and a 10.6% like-for-like growth in our DOS
      chain. Our strategy is proving correct: our branded order flow is up and
      our DOS sales are showing organic growth.
    </p>
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    <p>
      To recap: in the &#8364;21.6 million operating losses, we incurred &#8364;9.3
      million for legal proceedings, &#8364;1.0 million for reorganization costs and
      for &#8364;9.8 million, mainly for additional SG&amp;A costs on Branded Retail
      business.
    </p>
    <p>
      Our product range includes furnishings for living, dining and bed rooms
      with production both in our factories and products that are purchased
      from suppliers. Our orders are generally custom which demands that we
      deliver a complete purchased vignette at the same time. As such,
      delivery timeliness by suppliers is critical. As a result of the
      difficulties between procurement and production incurred by the end of
      the third quarter, our backlog of undelivered orders increased and, as a
      consequence, we are reporting disappointing quarterly results. We
      estimate that additional &#8364;11million could have been delivered with a
      positive additional contribution margin of about &#8364;4 million.
    </p>
    <p>
      In spite of our invoiced sales, our most recent order flow data are
      encouraging. Last year we continued the build out of our retail
      organization in North and Central America. We acquired retail business
      from some of our existing independent dealers and at the same time
      continued our new openings of Directly Operated Stores (DOS). As of the
      week ended on November 12<sup>th</sup>, 2017, total order flow is up
      +0.8% versus the same period in 2016, mainly due to the positive
      performance from <b>Natuzzi</b> division (+4.6%)<b> </b>which represents
      74% of the total business. This gain was partially offset by the weaker
      sales performance from the <b>Softaly</b> business unit (-8.3%).
    </p>
    <p>
      Within the <b>Natuzzi</b> division, we reported an increase of +21.1% in
      the Asia-Pacific region, +2.3% increase in the Americas region, and
      almost-in-line sales in the EMEA region (-0.3%). The sales performance
      from the Asia-Pacific is the direct result of our investments in retail
      organization which we initiated in 2012, when we opened our first
      directly operated store in Shanghai. As of today, our Chinese management
      team operates DOS 10 stores in China and manages 159 stores operated by
      third-party dealers. The overall business in Asia-Pacific is constantly
      improving in volume and profitability. In 2016, we started aggressively
      building up the America retail organization by making the investments in
      qualified retail and marketing people in order to leverage on our brand
      and support growth in this important geographic area. EMEA continues to
      face its own unique challenges. We have to face both political and
      economic uncertainties. In Italy in particular, where Natuzzi generates
      about 10% of the overall branded business, the performance was affected
      by the generally weak economic environment of recent years, which has
      caused financial problems to some of our independent dealers. Now we are
      focusing our efforts to reinforce, in same way we did in APAC and
      America, our sales organization in some North European Countries in
      order to capture the opportunities arising from the market. In Spain,
      Switzerland and UK, where we already built our own Natuzzi Italia retail
      organization, 2017 first nine months performance are better than one
      year ago. In fact, Directly Operated Stores like-for-like order flow
      grew 2.6% in the first quarter, 12.5% in second quarter and 22.8% in
      third quarter 2017. Our UK overall operations have constantly improved
      and in 2017 show a strong double-digit increase in Natuzzi Italia
      business, through both DOS and independent mono-brand stores. The
      Company has just signed a letter of intent with its best Natuzzi Italia
      retail partner with a goal to open the next three stores in UK through a
      partnership.
    </p>
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    <p>
      For <b>Softaly</b>, our private label division, order flow as of
      November 12<sup>th</sup> 2017 was down 8.3% versus the same period in
      2016. Within the Softaly Division, our results differed by geographic
      areas: Asia Pacific, which is still a small business, increased by
      42.2%, EMEA is up by 6.4% (in spite of the GBP devaluation), whereas
      Americas is down 28.2% due to the difficulties experienced with large
      retailers in North America. One reason for the overall decline is the
      strong price competition in the North American market.&#160;We are focused on
      recovering competitiveness and growth in this business which, despite
      its lower margins, is crucial for us in the leveraging of our vertically
      integrated production platform. To this end, we are carefully
      reexamining both the engineering and product simplification for Softaly.
    </p>
    <p>
      The Company&#8217;s &quot;2014-2016 Transformation Plan&quot; has required and been
      based on the following management development: improving the margins we
      generate on our sales, rationalization of our retail distribution,
      product and process innovation, including the evolution of the &#8220;Italian
      Lifestyle&#8221; product, and the rationalization and consolidation of SG&amp;A
      expenses. The restructuring plan has improved steadily for ten
      consecutive quarters and reached economic break-even at the end of 2016.
      But it remains a work in progress.
    </p>
    <p>
      On December 26, 2015, we opened London's first new generation Natuzzi
      Italia store, redefining location, store size and merchandising mix. The
      results were very positive and we were encouraged in 2016 to open 4 DOS
      and 52 FOS, whose trend has been positive. In 2017, we opened 2 new DOS
      stores in the US, 2 in Spain, one in Italy and 2 in China. Such openings
      generated a negative impact deriving from the set-up costs (space,
      configuration, staff, rent, utilities) and the fact that our retail
      business is predominantly special order and sales revenues are accounted
      for only with delivery to the final consumer&#8217;s home.&#160;We also acquired 7
      Natuzzi Italia stores in Florida, 1 store in Pennsylvania, 3 stores and
      12 galleries in the Palacio de Hierro department store in Mexico and 5
      stores in Italy. In some cases, the store acquisition from our dealers
      was done to get those stores more in line with the image and proposition
      of our brand. The restructuring of these stores, which continues with
      even more encouraging results, has had a negative impact on our
      earnings. During the third quarter of this year, we are seeing real
      improvement in these numbers thanks to increased productivity.&#160;In 2017,
      we also opened 54 licensed Natuzzi Italia and Editions stores and
      bringing our total as of September 30th to 408.&#160;We invested in the
      digitalization and tools to support sales quality and growth, including
      the &#8220;3D product configurator&#8221;, new website and new production
      advertising campaigns that will sustain future sales.
    </p>
    <p>
      Chairman and CEO Pasquale Natuzzi commented, <i>&#8220;Although the financial
      results for the quarter were disappointing, the operational results
      start improving and give us confidence in our future.</i> <i>Our retail
      sales are growing, both through our expansion and organically in our
      existing stores.</i> <i>Our numbers were damaged by the lack of proper
      coordination between procurement and production, a situation which we
      have fixed. Had we not had this issue, our revenues would have grown.</i>
      <i>I am more convinced than ever that our strategy works and that
      Natuzzi will return to its place as the leading global high end branded
      lifestyle manufacturer in 2018.&#8221;</i>
    </p>
    <p>
      Chief Financial Officer Vittorio Notarpietro added:<i> &#8220;Third quarter
      results were particularly affected by imbalances between our supply and
      manufacturing operations mainly deriving from growth in the order flow
      in the second part of the third quarter, for the Italian plants. As a
      result, and notwithstanding a positive year-to-date order flow, our
      backlog increased, thus explaining most of the disappointing performance
      in quarterly sales and earnings. We are now fully exploiting our
      production capacity at the Italian operations in particular. By doing
      so, we will reduce such backlog and this will sustain sales in the
      fourth quarter of 2017</i>
    </p>
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    <p>
      <i>Going forward, we will continue to leverage on our main asset, the
      Natuzzi name, through the expansion of our mono-brand stores in specific
      markets. As the percentage of the business generated by such DOS
      increases, our retail business model will drive improvements in growth
      and profitability.</i>
    </p>
    <p>
      <i>We incurred in higher &#8220;Other SG&amp;A&#8221; expenses (&#8364;9.8 million) over the
      nine-month period, but such increase is strictly connected to the
      investments made in brand and retail, which is the main driver of our
      strategy. At the beginning, the implementation of such program generates
      up-front costs rather than sales, due to the special-order nature of the
      product, which typically requires three months for delivery and
      invoicing.</i>
    </p>
    <p>
      <i>At the same time, our efforts will be concentrated on enhancing
      efficiency in costs by higher productivity of existing stores and
      balancing our resources for working capital and investments needs.&#8221;</i>
    </p>
    <p style="text-align: center">
      ****************************************
    </p>
    <p>
      <b>About Natuzzi S.p.A.</b>
    </p>
    <p>
      <i>Founded in 1959 by Pasquale Natuzzi, Natuzzi S.p.A. is Italy&#8217;s
      largest furniture house and one of the most important global player in
      the furniture industry with eight manufacturing plants, eleven
      commercial offices and extensive global retail network.</i> <i>Natuzzi
      is the best known lifestyle brand in the global furniture industry
      (Brand Awareness Monitoring Report - Ipsos 2016). Continuous stylistic
      research, creativity, innovation, solid craftsmanship and industrial
      know-how and integrated management throughout the entire value chain are
      the mainstays that have made Natuzzi one of the few players with global
      reach in the furniture market. Natuzzi S.p.A. has been listed on the New
      York Stock Exchange since 13 May 1993. Always committed to social
      responsibility and environmental sustainability, Natuzzi is ISO 9001 and
      14001 certified (Quality and Environment), OHSAS 18001 certified (Safety
      on the Workplace) and FSC certified (Forest Stewardship Council).</i>
    </p>
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          &#160;
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          <b>Natuzzi S.p.A. and Subsidiaries</b>
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          <b>Unaudited Consolidated Profit &amp; Loss for the third quarter 2017 &amp;
          2016 on the basis of Italian GAAP</b>
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          <i>(expressed in millions Euro)</i>
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          &#160;
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          &#160;
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          <b>Three months ended on:</b>
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          &#160;
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          <b>Change</b>
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          &#160;
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          <b>Percentage of Sales</b>
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          <b>30-Sep-17</b>
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          &#160;
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          <b>30-Sep-16</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" valign="middle">
          <b>%</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; text-align: center" valign="middle">
          <b>30-Sep-17</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; text-align: center" valign="middle">
          <b>30-Sep-16</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="middle">
          82.6
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="middle">
          90.2
        </td>
        <td>

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

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

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="middle">
          88.4%
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Furnishings net sales
        </td>
        <td>

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

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

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="middle">
          13.6%
        </td>
        <td>

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

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="middle">
          5.7%
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left" valign="top">
          Other sales
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" valign="middle">
          6.6
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" valign="middle">
          6.0
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" valign="middle">
          9.7%
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" valign="middle">
          6.9%
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" valign="middle">
          5.9%
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left" valign="top">
          <b>Total Net Sales</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" valign="middle">
          <b>95.8</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" valign="middle">
          <b>102.0</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" valign="middle">
          <b>-6.1%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" valign="middle">
          <b>100.0%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" valign="middle">
          <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="padding-left: 0.0px; text-align: left" valign="top">
          Consumption (*)
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="middle">
          (40.3)
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="middle">
          (42.8)
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="middle">
          -5.9%
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="middle">
          -42.1%
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="middle">
          -42.0%
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Labor
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="middle">
          (19.8)
        </td>
        <td>

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

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="middle">
          3.3%
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="middle">
          -20.7%
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="middle">
          -18.8%
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Industrial Costs
        </td>
        <td>

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

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="middle">
          (7.3)
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="middle">
          -4.4%
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="middle">
          -7.3%
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="middle">
          -7.2%
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right" valign="top">
          <i>of which: Depreciation, Amortization</i>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" valign="middle">
          <i>(2.0)</i>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" valign="middle">
          <i>(2.4)</i>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" valign="middle">
          -14.9%
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" valign="middle">
          <i>-2.1%</i>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" valign="middle">
          <i>-2.3%</i>
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left" valign="top">
          <b>Cost of Sales</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" valign="middle">
          <b>(67.1)</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" valign="middle">
          <b>(69.3)</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" valign="middle">
          <b>-3.2%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" valign="middle">
          <b>-70.1%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" valign="middle">
          <b>-67.9%</b>
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left" valign="top">
          <b>Gross profit</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" valign="middle">
          <b>28.7</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" valign="middle">
          <b>32.7</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" valign="middle">
          <b>-12.4%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" valign="middle">
          <b>29.9%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" valign="middle">
          <b>32.1%</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="padding-left: 0.0px; text-align: left" valign="top">
          <b>Selling Expenses</b>
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="middle">
          <b>(14.3)</b>
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="middle">
          <b>(15.1)</b>
        </td>
        <td>

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

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="middle">
          <b>-14.9%</b>
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="middle">
          <b>-14.8%</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 50.0px; text-align: left" valign="top">
          <i>Transportation</i>
        </td>
        <td>

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

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="middle">
          <i>(9.2)</i>
        </td>
        <td>

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

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

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="middle">
          <i>-9.0%</i>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 50.0px; text-align: left" valign="top">
          <i>Commissions</i>
        </td>
        <td>

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

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

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="middle">
          <i>-22.1%</i>
        </td>
        <td>

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

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="middle">
          <i>-1.8%</i>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 50.0px; text-align: left" valign="top">
          <i>Advertising</i>
        </td>
        <td>

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

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="middle">
          <i>(4.0)</i>
        </td>
        <td>

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

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="middle">
          <i>-4.4%</i>
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="middle">
          <b>(22.9)</b>
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="middle">
          <b>(21.2)</b>
        </td>
        <td>

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

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="middle">
          <b>-24.0%</b>
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="middle">
          <b>-20.8%</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: right" valign="top">
          <i>of which: Depreciation, Amortization</i>
        </td>
        <td>

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

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

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="middle">
          29.8%
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="middle">
          <i>-1.0%</i>
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="middle">
          <i>-0.7%</i>
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left" valign="top">
          <b>Operating income/(loss)</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" valign="middle">
          <b>(8.6)</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" valign="middle">
          <b>(3.6)</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" valign="middle">
          <b>-8.9%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" valign="middle">
          <b>-3.5%</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="padding-left: 0.0px; text-align: left" valign="top">
          Interest Income/(Costs), Net
        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left" valign="top">
          Other Income/(Cost), Net
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" valign="middle">
          0.0
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" valign="middle">
          0.1
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left" valign="top">
          <b>Net Income/(loss) before income taxes</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" valign="middle">
          <b>(9.0)</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" valign="middle">
          <b>(4.4)</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" valign="middle">
          <b>-9.4%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" valign="middle">
          <b>-4.4%</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="middle">
          -2.0%
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="middle">
          -1.2%
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left" valign="top">
          <b>Net Income/(loss)</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" valign="middle">
          <b>(10.9)</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" valign="middle">
          <b>(5.6)</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" valign="middle">
          <b>-11.4%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" valign="middle">
          <b>-5.5%</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="padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (Net income)/loss attributable to non-controlling interest
          </p>
        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left" valign="top">
          <b>Net Income/(loss) attributable to Natuzzi S.p.a. and Subsidiaries</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" valign="middle">
          <b>(10.9)</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" valign="middle">
          <b>(5.5)</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" valign="middle">
          <b>-11.4%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" valign="middle">
          <b>-5.4%</b>
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left" valign="top">
          <b>Net income (loss) per Ordinary Share</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" valign="middle">
          <b>(0.20)</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" valign="middle">
          <b>(0.10)</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" colspan="11" valign="top">
          <i>(*) Purchases plus beginning stock minus final stock and leather
          processing</i>
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-left: 0pt; text-indent: 0pt; margin-bottom: 10pt; width: 100%; margin-right: 0pt">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="font-family: Times New Roman; margin-bottom: 10.0px; width: 100%; font-size: 10pt" cellspacing="0">
      <tr>
        <td colspan="11">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="11" valign="middle">
          <b>Natuzzi S.p.A. and Subsidiaries</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="11" valign="middle">
          <b>Unaudited Consolidated Profit &amp; Loss for the nine months of 2017
          &amp; 2016 on the basis of Italian GAAP</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="11" valign="middle">
          <i>(expressed in millions Euro)</i>
        </td>
      </tr>
      <tr>
        <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>
      <tr>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="middle">
          285.3
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="middle">
          295.7
        </td>
        <td>

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

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="middle">
          86.6%
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="middle">
          88.9%
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Furnishings net sales
        </td>
        <td>

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

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="middle">
          18.1
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="middle">
          21.9%
        </td>
        <td>

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

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="middle">
          5.4%
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left" valign="top">
          Other sales
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" valign="middle">
          22.2
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" valign="middle">
          18.8
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" valign="middle">
          18.0%
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" valign="middle">
          6.7%
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" valign="middle">
          5.7%
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left" valign="top">
          <b>Total Net Sales</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" valign="middle">
          <b>329.5</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" valign="middle">
          <b>332.6</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" valign="middle">
          <b>-0.9%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" valign="middle">
          <b>100.0%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" valign="middle">
          <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="padding-left: 0.0px; text-align: left" valign="top">
          Consumption (*)
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="middle">
          (135.5)
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="middle">
          (140.8)
        </td>
        <td>

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

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="middle">
          -41.1%
        </td>
        <td>

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

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="middle">
          (70.0)
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="middle">
          (57.5)
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="middle">
          21.8%
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="middle">
          -21.2%
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="middle">
          -17.3%
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Industrial Costs
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="middle">
          (22.6)
        </td>
        <td>

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

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

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

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="middle">
          -6.8%
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right" valign="top">
          <i>of which: Depreciation, Amortization</i>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" valign="middle">
          <i>(6.9)</i>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" valign="middle">
          <i>(7.1)</i>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" valign="middle">
          -3.1%
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" valign="middle">
          <i>-2.1%</i>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" valign="middle">
          <i>-2.1%</i>
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left" valign="top">
          <b>Cost of Sales</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" valign="middle">
          <b>(228.0)</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" valign="middle">
          <b>(220.9)</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" valign="middle">
          <b>3.2%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" valign="middle">
          <b>-69.2%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" valign="middle">
          <b>-66.4%</b>
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left" valign="top">
          <b>Gross profit</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" valign="middle">
          <b>101.5</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" valign="middle">
          <b>111.7</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" valign="middle">
          <b>-9.1%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" valign="middle">
          <b>30.8%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" valign="middle">
          <b>33.6%</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="padding-left: 0.0px; text-align: left" valign="top">
          <b>Selling Expenses</b>
        </td>
        <td>

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

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="middle">
          <b>(51.9)</b>
        </td>
        <td>

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

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

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="middle">
          <b>-15.6%</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 50.0px; text-align: left" valign="top">
          <i>Transportation</i>
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="middle">
          <i>(29.5)</i>
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="middle">
          <i>(32.3)</i>
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="middle">
          <i>-8.8%</i>
        </td>
        <td>

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

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="middle">
          <i>-9.7%</i>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 50.0px; text-align: left" valign="top">
          <i>Commissions</i>
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="middle">
          <i>(6.7)</i>
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="middle">
          <i>(6.8)</i>
        </td>
        <td>

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

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="middle">
          <i>-2.0%</i>
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="middle">
          <i>-2.0%</i>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 50.0px; text-align: left" valign="top">
          <i>Advertising</i>
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="middle">
          <i>(13.9)</i>
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="middle">
          <i>(12.8)</i>
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="middle">
          <i>8.8%</i>
        </td>
        <td>

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

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="middle">
          <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="padding-left: 0.0px; text-align: left" valign="top">
          <b>Other Selling and G&amp;A</b>
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="middle">
          <b>(73.1)</b>
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="middle">
          <b>(63.3)</b>
        </td>
        <td>

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

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

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="middle">
          <b>-19.0%</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: right" valign="top">
          <i>of which: Depreciation, Amortization</i>
        </td>
        <td>

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

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

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="middle">
          22.3%
        </td>
        <td>

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

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="middle">
          <i>-0.7%</i>
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left" valign="top">
          <b>Operating income/(loss)</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" valign="middle">
          <b>(21.6)</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" valign="middle">
          <b>(3.4)</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" valign="middle">
          <b>-6.6%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" valign="middle">
          <b>-1.0%</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="middle">
          (3.0)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="middle">
          2.0
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left" valign="top">
          Other Income/(Cost), Net
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" valign="middle">
          0.0
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" valign="middle">
          (0.1)
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left" valign="top">
          <b>Net Income/(loss) before income taxes</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" valign="middle">
          <b>(23.2)</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" valign="middle">
          <b>(5.1)</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" valign="middle">
          <b>-7.0%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" valign="middle">
          <b>-1.5%</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="padding-left: 0.0px; text-align: left" valign="top">
          Income taxes
        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="middle">
          -0.5%
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left" valign="top">
          <b>Net Income/(loss)</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" valign="middle">
          <b>(26.0)</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" valign="middle">
          <b>(6.7)</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" valign="middle">
          <b>-7.9%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" valign="middle">
          <b>-2.0%</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="padding-left: 0.0px; text-align: left" valign="top">
          (Net income)/loss attibutable to non-controlling interest
        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left" valign="top">
          <b>Net Income/(loss) attributable to Natuzzi S.p.a. and Subsidiaries</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" valign="middle">
          <b>(25.6)</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" valign="middle">
          <b>(6.6)</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" valign="middle">
          <b>-7.8%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" valign="middle">
          <b>-2.0%</b>
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left" valign="top">
          <b>Net income (loss) per Ordinary Share</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" valign="middle">
          <b>(0.47)</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" valign="middle">
          <b>(0.12)</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" colspan="11" valign="top">
          <i>(*) Purchases plus beginning stock minus final stock and leather
          processing</i>
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-left: 0pt; text-indent: 0pt; margin-bottom: 10pt; width: 100%; margin-right: 0pt">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="font-family: Times New Roman; margin-bottom: 10.0px; width: 100%; font-size: 10pt" cellspacing="0">
      <tr>
        <td colspan="5">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="5" valign="top">
          <b>Natuzzi S.p.A. and Subsidiaries</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="5" valign="middle">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Unaudited Consolidated Balance Sheets at September 30, 2017 on
            the basis of Italian GAAP </b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="5" valign="middle">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <i>(Expressed in millions of Euro</i><b>)</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="middle">
          47.9
        </td>
        <td>

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

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

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

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="middle">
          43.0
        </td>
        <td>

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

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="middle">
          21.2
        </td>
        <td>

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

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="middle">
          84.2
        </td>
        <td>

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

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

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

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

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="middle">
          1.4
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left" valign="top">
          Deferred income taxes
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" valign="middle">
          1.2
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" valign="middle">
          1.1
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left" valign="top">
          <b>Total current assets</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" valign="middle">
          <b>199.7</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" valign="middle">
          <b>224.8</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="middle">
          109.2
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="middle">
          115.9
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left" valign="top">
          Other assets
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" valign="middle">
          7.7
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" valign="middle">
          6.5
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left" valign="top">
          <b>Total non-current assets</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" valign="middle">
          <b>116.9</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" valign="middle">
          <b>122.4</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left" valign="top">
          <b>TOTAL ASSETS</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" valign="middle">
          <b>316.6</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" valign="middle">
          <b>347.2</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="middle">
          24.7
        </td>
        <td>

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

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

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

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="middle">
          58.3
        </td>
        <td>

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

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="middle">
          31.5
        </td>
        <td>

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

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

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

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

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

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

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

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

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="middle">
          1.8
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left" valign="top">
          Salaries, wages and related liabilities
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" valign="middle">
          15.9
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" valign="middle">
          19.4
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left" valign="top">
          <b>Total current liabilities</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" valign="middle">
          <b>135.1</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" valign="middle">
          <b>150.2</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

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

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

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

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

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

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

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="middle">
          20.0
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="middle">
          13.3
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left" valign="top">
          <b>Total long-term liabilities</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" valign="middle">
          <b>65.7</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" valign="middle">
          <b>44.6</b>
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left" valign="top">
          <b>Minority interest</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" valign="middle">
          <b>2.1</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" valign="middle">
          <b>3.4</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

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

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

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

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

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="middle">
          47.4
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="middle">
          82.7
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left" valign="top">
          <b>Total shareholders' equity</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" valign="middle">
          <b>113.7</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" valign="middle">
          <b>149.0</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left" valign="top">
          <b>TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" valign="middle">
          <b>316.6</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" valign="middle">
          <b>347.2</b>
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-left: 0pt; text-indent: 0pt; margin-bottom: 10pt; width: 100%; margin-right: 0pt">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="font-family: Times New Roman; margin-bottom: 10.0px; width: 100%; font-size: 10pt" cellspacing="0">
      <tr>
        <td colspan="5">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" colspan="5" valign="top">
          <b>Unaudited Consolidated Statements of Cash Flows</b>
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; text-align: left" valign="top">
          <i>(Expressed in millions of Euro)</i>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; text-align: center" valign="middle">
          <b>30-Sep-17</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; text-align: center" valign="middle">
          <b>31-Dec-16</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" colspan="5" valign="middle">
          <b>Cash flows from operating activities:</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <b>Net result</b>
        </td>
        <td>
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="middle">
          <b>(26.0)</b>
        </td>
        <td>
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="middle">
          <b>(6.5)</b>
        </td>
      </tr>
      <tr>
        <td colspan="5">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" colspan="5" valign="middle">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u>Adjustments to reconcile net income to net cash</u>
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" colspan="5" valign="middle">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u>provided by operating activities:</u>
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Depreciation and amortization
        </td>
        <td>

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

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

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="middle">
          (3.6)
        </td>
        <td>

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

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

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

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="middle">
          10.4
        </td>
        <td>

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

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

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

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="middle">
          (12.9)
        </td>
        <td>

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

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="middle">
          18.4
        </td>
        <td>

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

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="middle">
          (12.5)
        </td>
        <td>

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

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

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="middle">
          <b>32.5</b>
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left" valign="top">
          <b>Net cash generated/(used) by operating activities</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" valign="middle">
          <b>(20.3)</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" valign="middle">
          <b>26.0</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="middle">
          (5.0)
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="middle">
          (6.6)
        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left" valign="top">
          Disposals
        </td>
        <td>

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

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="middle">
          0.5
        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Government grants received
          </p>
        </td>
        <td>

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

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

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

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="middle">
          (0.4)
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Purchase of business, net of cash acquired
        </td>
        <td>

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

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

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

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="middle">
          1.6
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left" valign="top">
          <b>Net cash generated/(used) by in investing activities</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" valign="middle">
          <b>(7.1)</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" valign="middle">
          <b>(10.7)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" colspan="5" valign="middle">
          <b>Cash flows from financing activities:</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" colspan="5" valign="middle">
          Long-term debt:
        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left" valign="top">
          Proceeds
        </td>
        <td>

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

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

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

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

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

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="middle">
          (0.8)
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left" valign="top">
          Capital injection
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" valign="middle">
          0.0
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" valign="middle">
          0.0
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left" valign="top">
          <b>Net cash generated/(used) by financing activities</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" valign="middle">
          <b>13.1</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" valign="middle">
          <b>(1.9)</b>
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left" valign="top">
          <b>Effect of translation adjustments on cash</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" valign="middle">
          <b>(2.8)</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" valign="middle">
          <b>(0.9)</b>
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left" valign="top">
          <b>Increase (decrease) in cash and cash equivalents</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" valign="middle">
          <b>(17.1)</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" valign="middle">
          <b>12.5</b>
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left" valign="middle">
          <b>Cash and cash equivalents, beginning of the year</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" valign="middle">
          <b>65.0</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" valign="middle">
          <b>52.5</b>
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left" valign="middle">
          <b>Cash and cash equivalents, end of the period</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" valign="middle">
          <b>47.9</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; white-space: nowrap; text-align: center" valign="middle">
          <b>65.0</b>
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <p>
      CONTACT:<br><b>NATUZZI INVESTOR RELATIONS</b><br>Piero Direnzo, tel.
      +39.080.8820.812<br><u>pdirenzo@natuzzi.com</u><br>or<br><b>NATUZZI US
      MEDIA CONTACT</b><br>Meg Carlozzi (PR), tel. +1.917.330.8769<br><u>meg.carlozzi@gmail.com</u><br>or<br><b>NATUZZI
      CORPORATE COMMUNICATION</b><br>Vito Basile (Press Office), tel.
      +39.080.8820.676<br><u>vbasile@natuzzi.com</u>
    </p>
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      <br>
      <font style="font-family: Times New Roman; font-size: 10pt"><b>SIGNATURES</b></font>
    </p>
    <p style="text-indent: 30.0px">
      <font style="font-family: Times New Roman; font-size: 10pt">Pursuant to
      the requirements of the Securities Exchange Act of 1934, the registrant
      has duly caused this report to be signed on its behalf by the
      undersigned thereunto duly authorized.</font>
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            NATUZZI S.p.A.
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          (Registrant)
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            <b>November 27, 2017</b>
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            By:
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            <font style="font-size: 10pt">/s/ Pasquale Natuzzi</font>
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            <font style="font-size: 10pt">Pasquale Natuzzi</font>
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