<SEC-DOCUMENT>0001157523-18-001970.txt : 20180921
<SEC-HEADER>0001157523-18-001970.hdr.sgml : 20180921
<ACCEPTANCE-DATETIME>20180921163131
ACCESSION NUMBER:		0001157523-18-001970
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20180921
FILED AS OF DATE:		20180921
DATE AS OF CHANGE:		20180921

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:		181081868

	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>a51870967.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-size: 10pt; font-family: Times New Roman"><b>SEPTEMBER,
            2018</b></font>
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          &#160;
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        <td style="width: 33%; text-align: right; padding-left: 0.0px" 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-size: 10pt; font-family: Times New Roman">Indicate by
      check mark whether the registrant files or will file annual reports
      under cover of Form 20-F or Form 40-F:</font><br><font style="font-size: 10pt; font-family: Times New Roman">Form
      20-F</font><font style="font-size: 10pt; font-family: Times New Roman"> </font><font style="font-size: 11pt; font-family: Arial Unicode MS">&#8864;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Form 40-F </font><font style="font-size: 12pt; font-family: Arial Unicode MS">&#8414;</font>
    </p>
    <p style="text-align: left; text-indent: 30.0px">
      <font style="font-size: 10pt; font-family: Times New Roman">Indicate by
      check mark whether the registrant by furnishing the information
      contained in this Form is also thereby furnishing the information to the
      Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act
      of 1934. &#160;Yes </font><font style="font-size: 12pt; font-family: Arial Unicode MS">&#8414;</font><font style="font-size: 10pt; font-family: Times New Roman">&#160;&#160;
      No </font><font style="font-size: 11pt; font-family: Arial Unicode MS">&#8864;</font>
    </p>
    <p style="text-indent: 30.0px">
      <font style="font-size: 10pt; font-family: Times New Roman">If &quot;Yes&quot; is
      marked, indicate below the file number assigned to the registrant in
      connection with Rule 12g3-2(b):</font>
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    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>Natuzzi
      Announces Consolidated Results for the Second Quarter and First Half of
      2018</b></font>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        <font style="font-size: 12pt; font-family: Times New Roman"><b>Q2 2018
        OPERATING RESULTS AFFECTED BY WEAK WHOLESALE BUSINESS ENVIRONMENT AND
        ADVERSE CURRENCY MOVEMENTS</b></font>
      </li>
      <li style="margin-bottom: 10.0px">
        <font style="font-size: 12pt; font-family: Times New Roman"><b>COMPANY&#8217;S
        DIRECT RETAIL OPERATIONS STILL IMPROVING ON A LIKE-FOR-LIKE BASIS.
        ADDITIONAL 3 DOS TO BE OPENED BY THE END OF THE YEAR</b></font>
      </li>
      <li style="margin-bottom: 10.0px">
        <font style="font-size: 12pt; font-family: Times New Roman"><b>SG&amp;A
        EXPENSES IN REDUCTION</b></font>
      </li>
      <li style="margin-bottom: 10.0px">
        <font style="font-size: 12pt; font-family: Times New Roman"><b>PARTNERSHIP
        WITH KUKA TO EXPAND THE RETAIL NETWORK IN CHINA JUST STARTED</b></font>
      </li>
    </ul>
    <p>
      SANTERAMO IN COLLE, Bari, Italy--(BUSINESS WIRE)--September 21,
      2018--The Board of Directors of Natuzzi S.p.A. (NYSE:NTZ) today approved
      its second quarter and first half 2018 consolidated financial results.
    </p>
    <p>
      <u><b>2018 Second Quarter financial results</b></u>
    </p>
    <p>
      Consolidated net sales for the second quarter of 2018 &#8211; affected by the
      poor order flow during March-April - were &#8364;108.0 million, down 7.1% from
      &#8364;116.2 million in the same period of 2017. Under constant exchange rates
      total net sales would have decreased by 3.4%.
    </p>
    <p>
      The Company reported a quarterly net operating loss of &#8364;5.0 million
      versus a net operating loss of &#8364;4.5 million in the second quarter of
      2017. Under constant exchange rates, net operating result would have
      been -&#8364;3.3 million. Net loss attributable to Natuzzi S.p.A. and
      Subsidiaries for the period was &#8364;7.4 million, from a net loss of &#8364;4.0
      million in the same quarter of 2017.
    </p>
    <p>
      <u><b>2018 First half financial results</b></u>
    </p>
    <p>
      <b>Consolidated net sales</b> for the first half of 2018 were &#8364;225.7
      million, down 2.7% from &#8364;232.1 million in 2017 same period, mainly due
      to the generalized strengthening of the Euro versus major currencies,
      USD in particular. Under constant exchange rates, total net sales would
      have been &#8364;237.8 million, or up 2.4%.
    </p>
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    <p>
      Revenues generated by our core business (sales of sofas, beds and
      furnishings) were &#8364;212.0 million, down 2.8% from &#8364;218.2 million in last
      year same period (or up 2.7% under constant exchange rates). Total
      upholstery net sales decreased by 5.3% at &#8364;191.9 million over the first
      six months of 2017 (or substantially flat under constant exchange
      rates), partially offset by the 29.9% increase in home furnishings sales
      (or up 36.9% excluding the currency effect). Our home furnishing
      offering, representing 24.5% of our <i>Natuzzi Italia</i> net sales,
      will continue to be an important part of our branded strategy.
    </p>
    <p>
      During the period, Natuzzi division sales (which includes <i>Natuzzi
      Italia</i>, <i>Natuzzi Editions</i> and <i>Divani&amp;Divani by Natuzzi</i>)
      increased 1.0% at &#8364;162.3 million, affected by unfavorable currency
      movements (they would have been up 7.0% under constant exchange rates).
      Our low-end offering, Softaly, continues to suffer (-13.7% at &#8364;49.7
      million) due in particular to the persisting difficulties in the North
      American market.
    </p>
    <p>
      <u>Retail division</u>
    </p>
    <p>
      During the first six months of 2018, sales generated by our Retail
      division (a network of Directly Operated Stores and concessions) were
      &#8364;30.8 million, up 13.3% over the same period of last year (or +18.2%
      under constant exchange rates). The increase in sales was mainly
      attributable to store openings in the last few quarters but also to
      organic growth.
    </p>
    <p>
      We reported positive results in the USA (+42.8% or +61.8% under constant
      exchange rates), Spain (+10.8%) and Switzerland (+3.5%). Sales in Italy
      were flat notwithstanding the closure of one DOS. Sales from our
      UK-based retail network decreased (they were &#8364;3.6 million from &#8364;4.5
      million) mainly due to the rationalization of our network, having sold
      one DOS to an independent partner. The increase in sales in the US was
      primarily due to the opening of new stores and to the good performance
      of our Florida-based stores. Our Mexican DOS are providing encouraging
      sales performance.
    </p>
    <p>
      During the first six months of 2018, <i>Natuzzi Italia</i> retail net
      sales were &#8364;20.8 million, up 23.7% from &#8364;16.8 million in last year
      comparable period, whereas sales from <i>Natuzzi Editions</i> were &#8364;3.0
      million (from &#8364;3.3 million), and sales from our <i>Divani&amp;Divani
      by Natuzzi</i> were &#8364;7.0 million, substantially flat in the period.
    </p>
    <p>
      Direct retail sales represented 14.5% of our core business, increasing
      from 12.5% in the first half of 2017.
    </p>
    <p>
      As of June 30, 2018, there were 64 DOS, of which 37 operated under the <i>Natuzzi
      Italia</i> name, 16 <i>Divani&amp;Divani by Natuzzi</i> and 11<i>
      Natuzzi Editions</i>. In addition, the Group directly operates 20 <i>Natuzzi
      Italia</i> concessions. On August 1<sup>st</sup>, 2018, the above
      mentioned 11 <i>Natuzzi Editions</i> stores were transferred to the
      Chinese partnership vehicle with KUKA Group.
    </p>
    <p>
      The cost reduction plan, together with the new merchandising offered and
      the increased level of productivity of our stores have contributed to a
      gradual improvement in our operating results. During the period, our
      retail network reported net losses of &#8364;0.3 million (at the store level),
      improving from net losses of &#8364;0.7 million in 2017 first six months.
    </p>
    <p>
      The improvement of our retail network emerges also on a <b>Like-For-Like</b>
      basis. Our same-store network reported total sales of &#8364;25.1 million,
      increasing 2.2% from &#8364;24.6 million in 2017 comparable period. In the
      same period, the operating profit improved to &#8364;0.8 million from &#8364;0.2
      million.
    </p>
    <p>
      We have completed the turnaround and the upgrade of our stores located
      in Florida and Mexico. The 3 DOS that we recently opened in USA
      (Philadelphia, Chicago and Los Angeles-Costa Mesa) are showing
      encouraging results. The Group confirms the opening of additional 3 DOS
      by the end of the year, namely 2 in the USA and 1 in France.
    </p>
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    <p>
      <u>Natuzzi wholesale division</u>
    </p>
    <p>
      Sales from our <b>Natuzzi wholesale division,</b> that distributes
      branded products through franchised operated stores, were &#8364;131.5
      million, down 1.5% from &#8364;133.4 million in the first half of 2017. Under
      constant exchange rates, the Natuzzi wholesale division would have
      increased by 4.7%.
    </p>
    <p>
      Within the Natuzzi division, <i>Natuzzi Italia</i> franchised sales
      increased by 6.4% at &#8364;53.8 million and <i>Divani&amp;Divani by Natuzzi</i>
      by 16.6% at &#8364;8.7 million. <i>Natuzzi Editions</i> franchised sales
      decreased by 8.5% at &#8364;69.0 million mainly affected by adverse currency
      movements in North America.
    </p>
    <p>
      <u>Softaly wholesale division</u>
    </p>
    <p>
      Sales from the Softaly wholesale business were &#8364;49.7 million, down 13.7%
      from &#8364;57.5 million reported in 2017 first half.
    </p>
    <p>
      For the period, Softaly reported a 5.6% increase in the EMEA region and
      a 5.9% increase in the Asia-Pacific region, whereas it is still
      suffering in the North American market (-38.9%).
    </p>
    <p>
      The recently introduced tariffs will have an impact on retail prices
      with consequences which are not quantifiable, yet. The Company is now
      analyzing any action in order to mitigate those impacts.
    </p>
    <p>
      <u>Gross margin</u>
    </p>
    <p>
      During the first half of 2018, the consolidated gross margin was equal
      to 31.9% (or 33.6% at constant exchange rates), versus 30.7% in 2017
      first half (or 34.7% after excluding the accrual made last year for
      legal risks).
    </p>
    <p>
      The gross margin in the period was affected by unfavorable currency
      movements and also by increasing prices in some raw materials. In
      addition, we had an increase in labor cost that passed from 17.8% in
      2017 first half (net of the accrual made last year), to 19.4% mainly due
      to additional costs incurred to respect the delivery terms.
    </p>
    <p>
      <u>SG&amp;A</u>
    </p>
    <p>
      &#8220;Other SG&amp;A&#8221; expenses decreased both in absolute terms and as a
      percentage of sales as compared to 2017 first half, passing from &#8364;50.1
      million (or 21.6% on sales) to &#8364;46.6 million (or 20.6% as a percentage
      on sales), thanks to our cost-reduction program, and partly favored by
      exchange rates.
    </p>
    <p>
      We will concentrate our DOS expansion in those markets where we already
      have a retail organization in place to favor the absorption of fixed
      SG&amp;A costs.
    </p>
    <p>
      <u>First-half 2018 net Results</u>
    </p>
    <p>
      During the first six months of 2018, the Group reported an operating
      loss of &#8364;8.0 million compared to &#8364;14.7 million in the same period of
      2017.
    </p>
    <p>
      Under constant exchange rates and excluding the accrual made last year
      for legal risks, the Group would have reported a net operating loss of
      &#8364;3.5 million for the first six months 2018, versus a net operating loss
      of &#8364;5.4 million in 2017 same period.
    </p>
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    <p>
      Group&#8217;s net losses attributable to Natuzzi S.p.A. and Subsidiaries were
      &#8364;12.3 million during the first half of 2018 versus &#8364;14.7 million in the
      same period of 2017.
    </p>
    <p>
      Chairman and CEO Pasquale Natuzzi commented: <i>&#8220;As anticipated in the
      previous quarterly press release, the difficult business scenario in the
      first part of the year, coupled with unfavorable currency movements, has
      negatively affected the second quarter of the year.</i>
    </p>
    <p>
      <i>At the same time, we continue to see our DOS network grow, not only
      as a result of new openings, but also because of organic growth, and
      this gives us further incentive to expand our retail network especially
      in those markets having high potential, such as USA, China and UK.</i>
    </p>
    <p>
      <i>The transformation of our operations into a retail-oriented Company
      continues: setting up an efficient Retail organization covering
      important markets often requires times and resources, but numbers start
      to support our choice.</i>
    </p>
    <p>
      <i>We are pleased to have finalized the partnership with KUKA that will
      allow Natuzzi to leverage on KUKA capabilities and strengths for the
      Natuzzi expansion in Greater China and, at same time, will let us to
      concentrate our efforts in North America and Europe.&#8221;</i>
    </p>
    <p>
      <b>CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS</b>
    </p>
    <p>
      Certain statements set forth in this press release constitute
      forward-looking statements within the meaning of the safe harbor
      provisions of Section 27A of the Securities Act of 1933, as amended, and
      Section 21E of the Securities Exchange Act of 1934, as amended. These
      statements involve risks and uncertainties that could cause the
      Company&#8217;s actual results to differ materially from those stated or
      implied by such forward-looking statements. More information about the
      potential factors that could affect the Company&#8217;s business and financial
      results is included in the Company&#8217;s filings with the Securities and
      Exchange Commission, including the most recent Company&#8217;s Annual Report
      on Form 20-F. The Company undertakes no obligation to update any of the
      forward-looking statements after the date of this press release.
    </p>
    <p>
      <b>About Natuzzi S.p.A.</b>
    </p>
    <p>
      Founded in 1959 by Pasquale Natuzzi, Natuzzi S.p.A. is Italy&#8217;s largest
      furniture house and one of the most important global player in the
      furniture industry with an extensive manufacturing footprint and a
      global retail network. Natuzzi is the Italian lifestyle best-known brand
      in the furnishings sector worldwide (Brand Awareness Monitoring Report -
      Ipsos 2016) and has been listed on the New York Stock Exchange since 13
      May 1993. Always committed to social responsibility and environmental
      sustainability, Natuzzi S.p.A. is ISO 9001 and 14001 certified (Quality
      and Environment), OHSAS 18001 certified (Safety on the Workplace) and FSC<sup>&#174;</sup>
      certified (Forest Stewardship Council).
    </p>
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          <b>Natuzzi S.p.A. and Subsidiaries</b>
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          <b>Unaudited Consolidated Profit &amp; Loss for the second quarter 2018
          &amp; 2017 </b>

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            <b>on the basis of Italian GAAP </b><i>(expressed in millions Euro)</i>
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          <b>Three months ended on:</b>
        </td>
        <td>

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

        </td>
        <td style="text-align: center; padding-left: 0.0px" colspan="3" valign="top">
          <b>Percentage of Sales</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 2.25pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 2.25pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt" valign="top">
          <b>30-Jun-18</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 2.25pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt" valign="top">
          <b>30-Jun-17</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 2.25pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; text-align: center; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap" valign="bottom">
          <b>%</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 2.25pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt" valign="top">
          <b>30-Jun-18</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 2.25pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt" valign="top">
          <b>30-Jun-17</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          92.0
        </td>
        <td>

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

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          -9.4%
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          85.2%
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          87.4%
        </td>
      </tr>
      <tr>
        <td>

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

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

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

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          30.6%
        </td>
        <td>

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

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

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          Other sales
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          6.3
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          7.2
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          -12.4%
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          5.8%
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          6.2%
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          <b>Total Net Sales</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          <b>108.0</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          <b>116.2</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          <b>-7.1%</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          <b>100.0%</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          <b>100.0%</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (46.1)
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (48.5)
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          -5.0%
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          -42.6%
        </td>
        <td>

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

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

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (20.9)
        </td>
        <td>

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

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

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          -19.4%
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          -17.7%
        </td>
      </tr>
      <tr>
        <td>

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

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (5.6)
        </td>
        <td>

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

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

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

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

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 30.0px; border-bottom-width: 1.0pt" valign="top">
          <i>of which: Depreciation, Amortization</i>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          <i>(2.0)</i>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          <i>(2.4)</i>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          -14.7%
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          <i>-1.9%</i>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          <i>-2.1%</i>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          <b>Cost of Sales</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          <b>(72.6)</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          <b>(76.6)</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          <b>-5.2%</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          <b>-67.2%</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          <b>-65.9%</b>
        </td>
      </tr>
      <tr>
        <td>

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

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          <b>Gross profit</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          <b>35.4</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          <b>39.7</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          <b>-10.7%</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          <b>32.8%</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          <b>34.1%</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>

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

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

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>(16.6)</b>
        </td>
        <td>

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

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

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

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

        </td>
        <td style="text-align: left; padding-left: 20.0px" valign="top">
          <i>Transportation</i>
        </td>
        <td>

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

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

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

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

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

        </td>
        <td style="text-align: left; padding-left: 20.0px" valign="top">
          <i>Commissions</i>
        </td>
        <td>

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

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

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

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

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

        </td>
        <td style="text-align: left; padding-left: 20.0px" valign="top">
          <i>Advertising</i>
        </td>
        <td>

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

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

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

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>-3.6%</i>
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

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

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

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

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

        </td>
        <td style="text-align: left; padding-left: 30.0px" valign="top">
          <i>of which: Depreciation, Amortization</i>
        </td>
        <td>

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

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

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

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

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

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

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          <b>Operating income/(loss)</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          <b>(5.0)</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          <b>(4.5)</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          <b>-4.6%</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          <b>-3.9%</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          Other Income/(Cost), Net
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          1.7
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          1.7
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          <b>Net Income/(loss) before income taxes</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          <b>(6.0)</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          <b>(3.4)</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          <b>-5.5%</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          <b>-3.0%</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

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

        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          <b>Net Income/(loss)</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          <b>(7.5)</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          <b>(4.1)</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          <b>-6.9%</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          <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>

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

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          (Net income)/loss attributable to non-controlling interest
        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          <b>Net Income/(loss) attributable to Natuzzi S.p.a. and Subsidiaries</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          <b>(7.4)</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          <b>(4.0)</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          <b>-6.9%</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          <b>-3.4%</b>
        </td>
      </tr>
      <tr>
        <td>

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

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          <b>Net income (loss) per Ordinary Share</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          <b>(0.14)</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          <b>(0.07)</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="text-align: left; padding-left: 0.0px" colspan="11" valign="top">
          <i>(*) Purchases plus beginning stock minus final stock and leather
          processing</i>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="5">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

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

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; font-size: 10pt; font-family: Times New Roman; margin-bottom: 10.0px">
      <tr>
        <td style="text-align: left; padding-left: 0.0px" colspan="11" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" colspan="11" valign="top">
          <b>Natuzzi S.p.A. and Subsidiaries</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" colspan="11" valign="top">
          <b>Unaudited Consolidated Profit &amp; Loss for the first six months of
          2018 &amp; 2017 </b>

          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>on the basis of Italian GAAP</b><i> (expressed in millions Euro)</i>
          </p>
        </td>
      </tr>
      <tr>
        <td>

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

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

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

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

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

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

        </td>
        <td>

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

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

        </td>
        <td style="text-align: center; padding-left: 0.0px" colspan="3" valign="top">
          <b>Percentage of Sales</b>
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: double; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 2.25pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 2.25pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt" valign="top">
          <b>30-Jun-18</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 2.25pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt" valign="top">
          <b>30-Jun-17</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 2.25pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; text-align: center; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap" valign="bottom">
          <b>%</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 2.25pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt" valign="top">
          <b>30-Jun-18</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 2.25pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt" valign="top">
          <b>30-Jun-17</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 style="text-align: left; padding-left: 0.0px" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Upholstery net sales
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          191.9
        </td>
        <td>

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

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

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          85.0%
        </td>
        <td>

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

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          20.1
        </td>
        <td>

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

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

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

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          6.7%
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          Other sales
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          13.8
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          13.9
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          -1.3%
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          6.1%
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          6.0%
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          <b>Total Net Sales</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          <b>225.7</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          <b>232.1</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          <b>-2.7%</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          <b>100.0%</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          <b>100.0%</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (97.1)
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (94.6)
        </td>
        <td>

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

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

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          -40.8%
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Labor
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (43.8)
        </td>
        <td>

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

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

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          -19.4%
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          -21.8%
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Industrial Costs
        </td>
        <td>

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

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

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          -17.4%
        </td>
        <td>

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

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          -6.7%
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 30.0px; border-bottom-width: 1.0pt" valign="top">
          <i>of which: Depreciation, Amortization</i>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          <i>(4.1)</i>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          <i>(4.9)</i>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          -15.7%
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          <i>-1.8%</i>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          <i>-2.1%</i>
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          <b>Cost of Sales</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          <b>(153.8)</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          <b>(160.9)</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          <b>-4.4%</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          <b>-68.1%</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          <b>-69.3%</b>
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          <b>Gross profit</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          <b>72.0</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          <b>71.2</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          <b>1.1%</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          <b>31.9%</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          <b>30.7%</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>(33.4)</b>
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>(35.8)</b>
        </td>
        <td>

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

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

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>-15.4%</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="top">
          <i>Transportation</i>
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>(21.6)</i>
        </td>
        <td>

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

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>3.6%</i>
        </td>
        <td>

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

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>-9.0%</i>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="top">
          <i>Commissions</i>
        </td>
        <td>

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

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

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

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

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>-2.3%</i>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="top">
          <i>Advertising</i>
        </td>
        <td>

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

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

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>-27.7%</i>
        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

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

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

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>-21.6%</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 30.0px" valign="top">
          <i>of which: Depreciation, Amortization</i>
        </td>
        <td>

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

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

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

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

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <i>-0.8%</i>
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          <b>Operating income/(loss)</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          <b>(8.0)</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          <b>(14.7)</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          <b>-3.6%</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          <b>-6.3%</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          Other Income/(Cost), Net
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          2.3
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          1.7
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          <b>Net Income/(loss) before income taxes</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          <b>(10.4)</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          <b>(14.1)</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          <b>-4.6%</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          <b>-6.1%</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 style="text-align: left; padding-left: 0.0px" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Income taxes
        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          -0.4%
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          <b>Net Income/(loss)</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          <b>(12.2)</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          <b>(15.0)</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          <b>-5.4%</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          <b>-6.5%</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 style="text-align: left; padding-left: 0.0px" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          (Net income)/loss attributable to non-controlling interest
        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          <b>Net Income/(loss) attributable to Natuzzi S.p.a. and Subsidiaries</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          <b>(12.3)</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          <b>(14.7)</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          <b>-5.4%</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          <b>-6.3%</b>
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          <b>Net income (loss) per Ordinary Share</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          <b>(0.22)</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          <b>(0.27)</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" colspan="11" valign="top">
          <i>(*) Purchases plus beginning stock minus final stock and leather
          processing</i>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" colspan="11" valign="top">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-right: 0pt; width: 100%; margin-left: 0pt; margin-bottom: 10pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; font-size: 10pt; font-family: Times New Roman; margin-bottom: 10.0px">
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td colspan="5">

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

        </td>
        <td style="text-align: center; padding-left: 0.0px" colspan="5" valign="top">
          <b>Natuzzi S.p.A. and Subsidiaries</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px" colspan="5" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Unaudited Consolidated Balance Sheets on the basis of Italian
            GAAP</b>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <i>(Expressed in millions of Euro)</i>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 2.25pt" valign="top">
          <b>ASSETS</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 2.25pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt" valign="top">
          <b>30-Jun-18</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 2.25pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt" valign="top">
          <b>31-Dec-17</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          36.1
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          55.0
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Marketable debt securities
        </td>
        <td>

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

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

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Trade receivables, net
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          55.0
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          46.9
        </td>
      </tr>
      <tr>
        <td>

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

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

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

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

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          77.8
        </td>
        <td>

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

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Unrealized foreign exchange gains
        </td>
        <td>

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

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

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Prepaid expenses and accrued income
        </td>
        <td>

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

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

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          Deferred income taxes
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          0.7
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          0.6
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          <b>Total current assets</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          <b>191.1</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          <b>202.9</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          105.7
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          107.9
        </td>
      </tr>
      <tr>
        <td>

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

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

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

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Trade receivables, net
        </td>
        <td>

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

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

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          Other non-current assets
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          36.4
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          1.5
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          <b>Total non-current assets</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          <b>147.6</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          <b>114.9</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          <b>TOTAL ASSETS</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          <b>338.7</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          <b>317.8</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          21.6
        </td>
        <td>

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

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Current portion of long-term debt
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          6.1
        </td>
        <td>

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

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Accounts payable-trade
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          73.7
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          76.0
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Accounts payable-other
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          66.0
        </td>
        <td>

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

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Accounts payable-shareholders for dividends
        </td>
        <td>

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

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

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Unrealized foreign exchange losses
        </td>
        <td>

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

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

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

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

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

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Deferred income taxes
        </td>
        <td>

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

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

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          Salaries, wages and related liabilities
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          17.6
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          15.7
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          <b>Total current liabilities</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          <b>187.5</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          <b>147.7</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

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

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

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          17.4
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          20.9
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Deferred income taxes - long term
        </td>
        <td>

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

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

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Deferred income for capital grants
        </td>
        <td>

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

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

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          Other liabilities
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          13.0
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          16.7
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          <b>Total long-term liabilities</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          <b>54.6</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          <b>61.6</b>
        </td>
      </tr>
      <tr>
        <td>

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

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          <b>Minority interest</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          <b>1.8</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          <b>2.0</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

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

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

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

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

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Additional paid-in capital
        </td>
        <td>

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

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

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          Retained earnings
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          28.5
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          40.1
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          <b>Total shareholders' equity</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          <b>94.9</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          <b>106.4</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          <b>TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          <b>338.7</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          <b>317.8</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

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

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

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

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: double; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 2.25pt" valign="top">
          <i>(Expressed in millions of Euro)</i>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 2.25pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt" valign="top">
          <b>30-Jun-18</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 2.25pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt" valign="top">
          <b>31-Dec-17</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <b>Cash flows from operating activities:</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>(12.2)</b>
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>(31.9)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          6.0
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          12.8
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Other non monetary costs (revenues)
        </td>
        <td>

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

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (2.7)
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          One-time termination benefit accruals
        </td>
        <td>

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

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

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

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          10.4
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Inventories
        </td>
        <td>

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

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

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

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          10.1
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Other changes in assets and liabilities
        </td>
        <td>

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

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          7.8
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          One time termination benefit payment
        </td>
        <td>

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

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (8.3)
        </td>
      </tr>
      <tr>
        <td style="text-align: right; padding-left: 0.0px" valign="top">
          <b>Total adjustments</b>
        </td>
        <td>

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

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>26.9</b>
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          <b>Net cash generated/(used) by operating activities</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          <b>(15.4)</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          <b>(4.9)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

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

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (0.1)
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          Government grants received
        </td>
        <td>

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

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

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

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (1.3)
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Purchase of business, net of cash acquired
        </td>
        <td>

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

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (3.6)
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Disposal/devaluation of business
        </td>
        <td>

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

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0.0
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          <b>Net cash generated/(used) by in investing activities</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          <b>(3.5)</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          <b>(11.7)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          12.5
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          Repayments
        </td>
        <td>

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

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (4.7)
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          Bank overdrafts
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          1.9
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          1.5
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          <b>Net cash generated/(used) by financing activities</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          <b>(0.3)</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          <b>9.3</b>
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          <b>Effect of translation adjustments on cash</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          <b>0.3</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          <b>(2.6)</b>
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          <b>Increase (decrease) in cash and cash equivalents</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          <b>(18.9)</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          <b>(9.9)</b>
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
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        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
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        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
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        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
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        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
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        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
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          <b>Cash and cash equivalents, end of the period</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
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        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
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        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; text-align: right; padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          <b>55.0</b>
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      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
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          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <p>
      CONTACT:<br><b>NATUZZI INVESTOR RELATIONS</b><br>Piero Direnzo<br>tel.
      +39.080.8820.812<br><u>pdirenzo@natuzzi.com</u><br>or<br><b>NATUZZI
      CORPORATE COMMUNICATION</b><br>Vito Basile (Press Office)<br>tel.
      +39.080.8820.676<br><u>vbasile@natuzzi.com</u>
    </p>
    <div style="margin-right: 0pt; width: 100%; margin-left: 0pt; margin-bottom: 10pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
    <p style="text-align: center">
      <br>
      <font style="font-size: 10pt; font-family: Times New Roman"><b>SIGNATURES</b></font>
    </p>
    <p style="text-indent: 30.0px">
      <font style="font-size: 10pt; font-family: Times New Roman">Pursuant to
      the requirements of the Securities Exchange Act of 1934, the registrant
      has duly caused this report to be signed on its behalf by the
      undersigned thereunto duly authorized.</font>
    </p>
<div style="text-align:left">
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        </td>
        <td style="width: 47%; text-align: center; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            NATUZZI S.p.A.
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 6%">

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

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

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          &#160;
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        <td style="width: 3%">

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

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        <td style="width: 6%; padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Date:
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        </td>
        <td style="width: 44%; padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>SEPTEMBER 21, 2018</b>
          </p>
        </td>
        <td style="width: 3%; padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            By:
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            <font style="font-size: 10pt">/s/ Pasquale Natuzzi</font>
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        <td style="width: 6%">

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        <td style="width: 44%">

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

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