<SEC-DOCUMENT>0001157523-18-002501.txt : 20181130
<SEC-HEADER>0001157523-18-002501.hdr.sgml : 20181130
<ACCEPTANCE-DATETIME>20181130163217
ACCESSION NUMBER:		0001157523-18-002501
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20181130
FILED AS OF DATE:		20181130
DATE AS OF CHANGE:		20181130

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:		181211527

	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>a51907552.htm
<DESCRIPTION>NATUZZI S.P.A. 6-K
<TEXT>
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      <br>
      <br>
      <font style="font-size: 12pt; font-family: Times New Roman">Securities
      and Exchange Commission</font><br><font style="font-size: 12pt; font-family: Times New Roman">Washington,
      D.C. 20549</font><br><br><br><font style="font-size: 18pt; font-family: Times New Roman"><b>Form
      6-K</b></font><br><br><br><font style="font-size: 12pt; font-family: Times New Roman">Report
      of Foreign Issuer</font><br><font style="font-size: 12pt; font-family: Times New Roman">Pursuant
      To Rule 13a-16 Or 15d-16</font><br><font style="font-size: 12pt; font-family: Times New Roman">Of
      The</font><br><font style="font-size: 12pt; font-family: Times New Roman">Securities
      Exchange Act of 1934</font><br><br>
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          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 10pt">For the month of </font><font style="font-size: 10pt; font-family: Times New Roman"><b>NOVEMBER
            2018</b></font>
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          &#160;
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        <td style="padding-left: 0.0px; text-align: right; width: 33%" valign="top">
          Commission File Number 1-11854
        </td>
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          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 14pt"><b>NATUZZI S.p.A.</b></font>
          </p>
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            <font style="font-size: 10pt">(Translation of registrant's name
            into English)</font>
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          Via Iazzitiello 47
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        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: center; border-bottom-style: solid" valign="top">
          70029 Santeramo, Italy
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          (Address of principal office)
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      <br>

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      <font style="font-size: 10pt; font-family: Times New Roman">Indicate by
      check mark whether the registrant files or will file annual reports
      under cover of Form 20-F or Form 40-F:</font><br><font style="font-size: 10pt; font-family: Times New Roman">Form
      20-F</font><font style="font-size: 10pt; font-family: Times New Roman"> </font><font style="font-size: 11pt; font-family: Arial Unicode MS">&#8864;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Form 40-F </font><font style="font-size: 12pt; font-family: Arial Unicode MS">&#8414;</font>
    </p>
    <p style="text-indent: 30.0px; text-align: left">

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

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    <p style="text-align: center">
      <br>
      <font style="font-size: 12pt; font-family: Times New Roman"><b>Natuzzi
      Announces Consolidated Results for the Third Quarter and First Nine
      Months of 2018</b></font>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        <font style="font-size: 12pt; font-family: Times New Roman"><b>NINE
        MONTHS NET PROFIT OF &#8364;27.0 MILLION, DERIVING FROM THE FINALIZATION OF
        THE AGREEMENT WITH KUKA</b></font>
      </li>
      <li style="margin-bottom: 10.0px">
        <font style="font-size: 12pt; font-family: Times New Roman"><b>SALES
        AFFECTED BY WEAK WHOLESALE BUSINESS AND UNFAVORABLE EXCHANGE RATES</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 CONTINUE TO IMPROVE</b></font>
      </li>
      <li style="margin-bottom: 10.0px">
        <font style="font-size: 12pt; font-family: Times New Roman"><b>NINE
        MONTHS OPERATING MARGINS AFFECTED BY LOWER SALES AND RAW MATERIALS
        INCREASE, SLIGHTLY IMPROVED IN Q3</b></font>
      </li>
      <li style="margin-bottom: 10.0px">
        <font style="font-size: 12pt; font-family: Times New Roman"><b>IFRS
        STANDARDS FIRST ADOPTION FROM FULL YEAR 2018</b></font>
      </li>
    </ul>
    <p>
      SANTERAMO IN COLLE, Bari, Italy--(BUSINESS WIRE)--November 30, 2018--The
      Board of Directors of Natuzzi S.p.A. today approved its 2018 third
      quarter and first nine months consolidated financial results.
    </p>
    <p>
      <u><b>2018 First nine months results</b></u>
    </p>
    <p>
      <b>Consolidated net sales</b> for the first nine months 2018 were &#8364;318.5
      million, down 2.9% from 2017 same period. Under constant exchange rates,
      they would have been &#8364;331.3 million, or up 1.0%.
    </p>
    <p>
      Upholstery and furnishings total net sales were &#8364;298.4 million, down
      2.9% from last year same period, but up 1.3% under constant exchange
      rates.
    </p>
    <p>
      Upholstery net sales decreased by 5.2% at &#8364;270.4 million over the first
      nine months of 2017 (or down 1.1% under constant exchange rates),
      partially offset by the 27.0% increase in furnishings sales (or up 31.8%
      excluding the currency effect).
    </p>
    <p>
      Our furnishings offering, representing 24.1% of our <i>Natuzzi Italia</i>
      net sales, continues to grow and represents a fundamental part of our
      branded strategy.
    </p>
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        </div>
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    </div>
    <p>
      <u>Natuzzi</u>
    </p>
    <p>
      The <b>Natuzzi</b> division sales includes <i>Natuzzi Italia</i>, <i>Natuzzi
      Editions</i> and <i>Divani&amp;Divani by Natuzzi</i>.
    </p>
    <p>
      Nine months net sales of this division were &#8364;227.5 million, flat versus
      2017 same period. Under constant exchange rates they would have been up
      4.4%.
    </p>
    <p>
      <i>Natuzzi Italia</i> net sales increased by 9.5% over 2017 comparable
      period (or by 14.1% under constant exchange rates) and today represents
      34.8% of the entire Group&#8217;s core business.
    </p>
    <p>
      <u>Natuzzi Direct retail</u>
    </p>
    <p>
      Following the execution of the partnership in China, the 11 <i>Natuzzi
      Edition</i> Directly Operated Stores (&#8220;DOS&#8221;) were transferred and,
      consequently, are no longer considered. Therefore, the following direct
      retail division numbers are displayed accordingly.
    </p>
    <p>
      Today, the Directly Operated points of sale are 76, of which 38 DOS <i>Natuzzi
      Italia</i>, 18 DOS <i>Divani&amp;Divani by Natuzzi</i> and 20 <i>Natuzzi
      Italia</i> concessions.
    </p>
    <p>
      During the first nine months of 2018, net sales generated by the direct
      retail division were &#8364;40.3 million, up 19.0% over the same period of
      last year (or +27.2% under constant exchange rates).
    </p>
    <p>
      We reported positive sales numbers in the USA (+47.1%), Spain (+11.2%)
      and Switzerland (+6.5%). Sales in Italy decreased by 1.9% due to more
      promotional sales in third quarter. Sales from our UK-based points of
      sale decreased by 22.1% mainly due to the rationalization activity still
      in progress in that region. In 2019, we will continue to restructure the
      UK direct retail business. We understand that the concessions do not
      represent the UK ideal business model.
    </p>
    <p>
      The recently opened <i>Natuzzi Italia</i> stores in USA (Chicago, Costa
      Mesa California, King of Prussia in Philadelphia, West Palm Beach) have
      reached the break-even in the third quarter of the year.
    </p>
    <p>
      At the same time, we have also completed the turnaround of the recently
      acquired stores in Florida and Mexico.
    </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;31.3 million,
      increasing 4.5% from &#8364;29.9 million in 2017 comparable period. We will
      continue to fine-tune our retail business model so to improve the
      overall profitability.
    </p>
    <p>
      <u>Natuzzi wholesale</u>
    </p>
    <p>
      Sales from our <b>Natuzzi wholesale division </b>were &#8364;187.2 million,
      down 3.3% from &#8364;193.6 million in the first nine months of 2017. Under
      constant exchange rates, the Natuzzi wholesale division would have
      increased by 0.9%.
    </p>
    <p>
      In 2019, we will focus on deploying the know-how and best practices of
      our retail business model toward our franchised business. The business
      model is based on store location in retail parks, store size,
      merchandising adequate to the demographics of the catchment area,
      marketing tools, retail ceremony excellence.
    </p>
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    </div>
    <p>
      <u>Softaly</u>
    </p>
    <p>
      Sales in this low-end segment were &#8364;70.9 million, down 11.2% from &#8364;79.9
      million reported in 2017 same period, with a 7.0% increase in the
      Asia-Pacific region, a 2.4% decrease in the EMEA region and a 24.4%
      decrease in the Americas.
    </p>
    <p>
      The business environment in which Softaly operates is characterized by
      increasing pressure on prices.
    </p>
    <p>
      Therefore, this situation is leading us to carefully reconsider our
      overall approach to this part of the business.
    </p>
    <p>
      <u>Gross margin</u>
    </p>
    <p>
      During the first nine months of 2018, the consolidated gross margin was
      equal to 31.6% (or 32.7% at constant exchange rates), versus 30.5% in
      2017 same period (or 33.3% 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 increasing prices in some raw materials. In this regard,
      the upward trend in consumption incidence on sales experienced during
      2017 has reverted during the first three quarters of 2018.
    </p>
    <p>
      In addition, we had an increase in labor cost that passed from 18.5% in
      2017 comparable period (net of the accrual made last year), to 19.6%
      also due to extra costs to respect the delivery terms required by our
      customers.
    </p>
    <p>
      <u>SG&amp;A</u>
    </p>
    <p>
      In spite of continued investments in the commercial organization, &#8220;Other
      SG&amp;A&#8221; expenses decreased both in absolute terms and as a percentage of
      sales as compared to 2017 first nine months, passing from &#8364;73.1 million
      (or 22.3% on sales) to &#8364;67.9 million (or 21.3% as a percentage on
      sales), mainly following our cost-reduction program and partially
      favored by exchange rates.
    </p>
    <p>
      <u>First nine months 2018 net Results</u>
    </p>
    <p>
      During the first nine months of 2018, the Group reported an operating
      loss of &#8364;15.2 million compared to &#8364;23.3 million in the same period of
      2017.
    </p>
    <p>
      As a result of the extraordinary income resulting from the positive
      conclusion of the partnership agreement in China, Natuzzi Group&#8217;s net
      profit was &#8364;27.0 million for 2018 nine months.
    </p>
    <p>
      <u><b>2018 Third Quarter results</b></u>
    </p>
    <p>
      Consolidated net sales for the third quarter of 2018 were &#8364;92.7 million,
      down 3.2% from &#8364;95.8 million in the same period of 2017.
    </p>
    <p>
      The Company reported a quarterly net operating loss of &#8364;7.2 million
      versus a net operating loss of &#8364;8.6 million in the third quarter of 2017.
    </p>
    <p>
      On July 27, 2018, the partnership agreement with KUKA group was
      finalized. Consequently, the Company accounted extraordinary income for
      a total of &#8364;52.5 million, of which:
    </p>
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          i)
        </td>
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          &#160;
        </td>
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          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#8364;44.8 million included in the &#8220;Financial Income/(Cost), Net&#8221; item,
            as net consideration for:
          </p>
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        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          a) the capital gain on disposal of shares from the Company to KUKA
          group and
        </td>
      </tr>
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        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          b) the revaluation of the residual 49% of investment in the Chinese
          vehicle due to the capital contribution made by KUKA Group;
        </td>
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          ii)
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          and &#8364;7.7 million included in the &#8220;Other Income/(Cost), Net&#8221; item as
          a net capital gain on disposal of perpetual and exclusive right to
          use the trademark in China.
        </td>
      </tr>
    </table>
    </div>
    <p>
      Natuzzi S.p.A. and its Subsidiaries reported a net profit of &#8364;39.3
      million, from a net loss of &#8364;10.9 million in the same quarter of 2017.
    </p>
    <p>
      <u>IFRS adoption</u>
    </p>
    <p>
      The Company announces that its Board of Directors has resolved to
      voluntarily adopt International Financial Reporting Standards (IFRS) for
      its consolidated financial statements from the fiscal year ending
      December 31, 2018, in place of the Italian Generally Accepted Accounting
      Principles (ITA-GAAP) currently adopted.
    </p>
    <p>
      Chairman and CEO Pasquale Natuzzi commented: <i>&#8220;Over the years, in
      response to the generalized delocalization of production in low-cost
      Countries, we have built an Italian lifestyle brand, Natuzzi, that has
      allowed us to differentiate ourselves in the pure price-based
      competitive arena. This has meant for us significant investments in the
      product, marketing, organization and retail structure, that have not
      been adequately returned, yet. However, positive results are emerging
      from the execution of the retail and branded strategy.</i>
    </p>
    <p>
      <i>The recent deal with KUKA is a clear evidence that we have created
      value.</i>
    </p>
    <p>
      <i>Then, our high-end offering, Natuzzi Italia, continues to grow.</i>
    </p>
    <p>
      <i>Behind the DOS productivity improvement there are the activities to
      continuously fine-tune the retail business model.</i>
    </p>
    <p>
      <i>Now it is time to capitalize all the efforts made to build the brand,
      the retail organization and the appropriate retail business model. In
      2019, we will focus on the deployment of such know-how toward the
      franchised business, which still represents the majority of our sales&#8221;.</i>
    </p>
    <p>
      Mr. Natuzzi continued: <i>&#8220;Our unbranded business continues to suffer.
      We have been making a specific screening on such business with the aim
      of reducing the overall complexity, improving the quality of sales and
      enhancing profitability from the current level.</i>
    </p>
    <p>
      <i>We are also aware that 2018 figures so far embody some inefficiencies
      in the supply chain. We have identified the main reasons for that and
      started a revision of the production and logistic processes with the aim
      of recovering efficiency in our plants.</i>
    </p>
    <p>
      <i>Lastly, the current discussions surrounding the application of
      tariffs on home furnishing products manufactured in China for the US
      markets generates uncertainty. We do not know what the final decision on
      tariffs will be like. Nevertheless, we are already actively working on
      finding alternative solutions that leverage on our international
      footprint.&#8221;</i>
    </p>
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    <p>
      Mr. Natuzzi concluded: <i>&#8220;In October and November 2018, we have already
      improved our supply chain efficiency and we expect better sales and
      results than third quarter. These improvements must continue in 2019
      where we will focus on supply chain efficiency improvement, enhancement
      of retail and wholesale business profitability along with a tight
      control of costs&#8221;.</i>
    </p>
    <p>
      &#8220;<i>Natuzzi brand presentation</i>&#8221; will be available on Monday,
      December 3, 2018 from 07:00 a.m. U.S. Eastern Time (or 01:00 p.m.
      Italian time) at the following link:
    </p>
    <p>
      <u>http://www.natuzzigroup.com/en-EN/ir/presentation.html</u>
    </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 upholstered 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>
    <div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt; width: 100%; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="font-size: 10pt; width: 100%; font-family: Times New Roman; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td colspan="13">

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="13" valign="top">
          <b>Natuzzi S.p.A. and Subsidiaries</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="13" valign="top">
          <b>Unaudited Consolidated Profit &amp; Loss for the third quarter 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>
        <td>

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

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

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

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

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

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          84.6%
        </td>
        <td>

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

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

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

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

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          20.2%
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          Other sales
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: right; border-bottom-style: solid" valign="bottom">
          6.4
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: right; border-bottom-style: solid" valign="bottom">
          6.6
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: right; border-bottom-style: solid" valign="bottom">
          -4.2%
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: right; border-bottom-style: solid" valign="bottom">
          6.9%
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: right; border-bottom-style: solid" valign="bottom">
          6.9%
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          <b>Total Net Sales</b>
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: right; border-bottom-style: solid" valign="bottom">
          <b>92.7</b>
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: right; border-bottom-style: solid" valign="bottom">
          <b>95.8</b>
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: right; border-bottom-style: solid" valign="bottom">
          <b>-3.2%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: right; border-bottom-style: solid" valign="bottom">
          <b>100.0%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: right; border-bottom-style: solid" valign="bottom">
          <b>100.0%</b>
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          (38.9)
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          (40.8)
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          -41.9%
        </td>
        <td>

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

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

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

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          (19.3)
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          -20.2%
        </td>
        <td>

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

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

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

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

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; padding-left: 35.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          <i>of which: Depreciation, Amortization</i>
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: right; border-bottom-style: solid" valign="bottom">
          <i>(2.0)</i>
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: right; border-bottom-style: solid" valign="bottom">
          <i>(2.0)</i>
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: right; border-bottom-style: solid" valign="bottom">
          -1.6%
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: right; border-bottom-style: solid" valign="bottom">
          <i>-2.1%</i>
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: right; border-bottom-style: solid" valign="bottom">
          <i>-2.1%</i>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          <b>Cost of Sales</b>
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: right; border-bottom-style: solid" valign="bottom">
          <b>(64.1)</b>
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: right; border-bottom-style: solid" valign="bottom">
          <b>(67.1)</b>
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: right; border-bottom-style: solid" valign="bottom">
          <b>-4.5%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: right; border-bottom-style: solid" valign="bottom">
          <b>-69.1%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: right; border-bottom-style: solid" valign="bottom">
          <b>-70.1%</b>
        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          <b>Gross profit</b>
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: right; border-bottom-style: solid" valign="bottom">
          <b>28.7</b>
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: right; border-bottom-style: solid" valign="bottom">
          <b>28.7</b>
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: right; border-bottom-style: solid" valign="bottom">
          <b>-0.1%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: right; border-bottom-style: solid" valign="bottom">
          <b>30.9%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: right; border-bottom-style: solid" valign="bottom">
          <b>29.9%</b>
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 35.0px; text-align: left" valign="top">
          <i>Transportation</i>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          <i>(9.1)</i>
        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 35.0px; text-align: left" valign="top">
          <i>Commissions</i>
        </td>
        <td>

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

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

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          <i>58.2%</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          <i>-2.5%</i>
        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 35.0px; text-align: left" valign="top">
          <i>Advertising</i>
        </td>
        <td>

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

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

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          <i>-25.0%</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          <b>(21.3)</b>
        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          <b>-23.0%</b>
        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 35.0px; text-align: left" valign="top">
          <i>of which: Depreciation, Amortization</i>
        </td>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          <b>Operating income/(loss)</b>
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: right; border-bottom-style: solid" valign="bottom">
          <b>(7.2)</b>
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: right; border-bottom-style: solid" valign="bottom">
          <b>(8.6)</b>
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: right; border-bottom-style: solid" valign="bottom">
          <b>-7.8%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: right; border-bottom-style: solid" valign="bottom">
          <b>-8.9%</b>
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          Other Income/(Cost), Net
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: right; border-bottom-style: solid" valign="bottom">
          7.7
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: right; border-bottom-style: solid" valign="bottom">
          0.0
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          <b>Net Income/(loss) before income taxes</b>
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: right; border-bottom-style: solid" valign="bottom">
          <b>44.4</b>
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: right; border-bottom-style: solid" valign="bottom">
          <b>(9.0)</b>
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: right; border-bottom-style: solid" valign="bottom">
          <b>47.9%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: right; border-bottom-style: solid" valign="bottom">
          <b>-9.4%</b>
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          <b>Net Income/(loss)</b>
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: right; border-bottom-style: solid" valign="bottom">
          <b>39.2</b>
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: right; border-bottom-style: solid" valign="bottom">
          <b>(10.9)</b>
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: right; border-bottom-style: solid" valign="bottom">
          <b>42.2%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: right; border-bottom-style: solid" valign="bottom">
          <b>-11.4%</b>
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (Net income)/loss attributable to<br>non-controlling interest
          </p>
        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Net Income/(loss) attributable to Natuzzi</b><br><b>S.p.a. and
            Subsidiaries</b>
          </p>
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: right; border-bottom-style: solid" valign="bottom">
          <b>39.3</b>
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: right; border-bottom-style: solid" valign="bottom">
          <b>(10.9)</b>
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: right; border-bottom-style: solid" valign="bottom">
          <b>42.3%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: right; border-bottom-style: solid" valign="bottom">
          <b>-11.4%</b>
        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          <b>Net income (loss) per Ordinary Share</b>
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: right; border-bottom-style: solid" valign="bottom">
          <b>0.72</b>
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: right; border-bottom-style: solid" valign="bottom">
          <b>(0.20)</b>
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" colspan="13" valign="top">
          <i>(*) Purchases plus beginning stock minus final stock and leather
          processing</i>
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

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

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="font-size: 10pt; width: 100%; font-family: Times New Roman; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td colspan="13">

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="13" valign="top">
          <b>Natuzzi S.p.A. and Subsidiaries</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="13" valign="top">
          <b>Unaudited Consolidated Profit &amp; Loss for the first nine 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>
        <td>

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

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

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

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

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

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          270.4
        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          84.9%
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          87.0%
        </td>
        <td>

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

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          28.0
        </td>
        <td>

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

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          27.0%
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          Other sales
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: right; border-bottom-style: solid" valign="bottom">
          20.1
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: right; border-bottom-style: solid" valign="bottom">
          20.6
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: right; border-bottom-style: solid" valign="bottom">
          -2.2%
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: right; border-bottom-style: solid" valign="bottom">
          6.3%
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: right; border-bottom-style: solid" valign="bottom">
          6.3%
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          <b>Total Net Sales</b>
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: right; border-bottom-style: solid" valign="bottom">
          <b>318.5</b>
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: right; border-bottom-style: solid" valign="bottom">
          <b>327.9</b>
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: right; border-bottom-style: solid" valign="bottom">
          <b>-2.9%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: right; border-bottom-style: solid" valign="bottom">
          <b>100.0%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: right; border-bottom-style: solid" valign="bottom">
          <b>100.0%</b>
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          (136.0)
        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          -42.7%
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          -41.3%
        </td>
        <td>

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

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          (62.5)
        </td>
        <td>

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

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          -10.6%
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          -21.3%
        </td>
        <td>

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

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          (19.3)
        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; padding-left: 35.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          <i>of which: Depreciation, Amortization</i>
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: right; border-bottom-style: solid" valign="bottom">
          <i>(6.1)</i>
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: right; border-bottom-style: solid" valign="bottom">
          <i>(6.9)</i>
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: right; border-bottom-style: solid" valign="bottom">
          -11.6%
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: right; border-bottom-style: solid" valign="bottom">
          <i>-1.9%</i>
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: right; border-bottom-style: solid" valign="bottom">
          <i>-2.1%</i>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          <b>Cost of Sales</b>
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: right; border-bottom-style: solid" valign="bottom">
          <b>(217.8)</b>
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: right; border-bottom-style: solid" valign="bottom">
          <b>(228.0)</b>
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: right; border-bottom-style: solid" valign="bottom">
          <b>-4.5%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: right; border-bottom-style: solid" valign="bottom">
          <b>-68.4%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: right; border-bottom-style: solid" valign="bottom">
          <b>-69.5%</b>
        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          <b>Gross profit</b>
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: right; border-bottom-style: solid" valign="bottom">
          <b>100.6</b>
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: right; border-bottom-style: solid" valign="bottom">
          <b>99.9</b>
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: right; border-bottom-style: solid" valign="bottom">
          <b>0.8%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: right; border-bottom-style: solid" valign="bottom">
          <b>31.6%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: right; border-bottom-style: solid" valign="bottom">
          <b>30.5%</b>
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          <b>(48.0)</b>
        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 35.0px; text-align: left" valign="top">
          <i>Transportation</i>
        </td>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 35.0px; text-align: left" valign="top">
          <i>Commissions</i>
        </td>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 35.0px; text-align: left" valign="top">
          <i>Advertising</i>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          <i>(10.1)</i>
        </td>
        <td>

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

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          <i>-26.9%</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          <b>(67.9)</b>
        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          <b>-21.3%</b>
        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 35.0px; text-align: left" valign="top">
          <i>of which: Depreciation, Amortization</i>
        </td>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          <b>Operating income/(loss)</b>
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: right; border-bottom-style: solid" valign="bottom">
          <b>(15.2)</b>
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: right; border-bottom-style: solid" valign="bottom">
          <b>(23.3)</b>
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: right; border-bottom-style: solid" valign="bottom">
          <b>-4.8%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: right; border-bottom-style: solid" valign="bottom">
          <b>-7.1%</b>
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          41.4
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          Other Income/(Cost), Net
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: right; border-bottom-style: solid" valign="bottom">
          10.0
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: right; border-bottom-style: solid" valign="bottom">
          1.7
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          <b>Net Income/(loss) before income taxes</b>
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: right; border-bottom-style: solid" valign="bottom">
          <b>34.0</b>
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: right; border-bottom-style: solid" valign="bottom">
          <b>(23.2)</b>
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: right; border-bottom-style: solid" valign="bottom">
          <b>10.7%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: right; border-bottom-style: solid" valign="bottom">
          <b>-7.1%</b>
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          <b>Net Income/(loss)</b>
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: right; border-bottom-style: solid" valign="bottom">
          <b>27.0</b>
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: right; border-bottom-style: solid" valign="bottom">
          <b>(26.0)</b>
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: right; border-bottom-style: solid" valign="bottom">
          <b>8.5%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: right; border-bottom-style: solid" valign="bottom">
          <b>-7.9%</b>
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (Net income)/loss attributable to<br>non-controlling interest
          </p>
        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Net Income/(loss) attributable to Natuzzi</b><br><b>S.p.a. and
            Subsidiaries</b>
          </p>
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: right; border-bottom-style: solid" valign="bottom">
          <b>27.0</b>
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: right; border-bottom-style: solid" valign="bottom">
          <b>(25.6)</b>
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: right; border-bottom-style: solid" valign="bottom">
          <b>8.5%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: right; border-bottom-style: solid" valign="bottom">
          <b>-7.8%</b>
        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          <b>Net income (loss) per Ordinary Share</b>
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: right; border-bottom-style: solid" valign="bottom">
          <b>0.49</b>
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: right; border-bottom-style: solid" valign="bottom">
          <b>(0.47)</b>
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" colspan="13" valign="top">
          <i>(*) Purchases plus beginning stock minus final stock and leather
          processing</i>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="13">

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

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

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

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="5" valign="middle">
          <b>Natuzzi S.p.A. and Subsidiaries</b>
        </td>
        <td>

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

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

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

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

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

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          53.6
        </td>
        <td>

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

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

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

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

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

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          55.4
        </td>
        <td>

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

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

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

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

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

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          77.5
        </td>
        <td>

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

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

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

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

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

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

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

        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="middle">
          Deferred income taxes
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: right; border-bottom-style: solid" valign="bottom">
          0.9
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: right; border-bottom-style: solid" valign="bottom">
          0.6
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="middle">
          <b>Total current assets</b>
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: right; border-bottom-style: solid" valign="bottom">
          <b>208.0</b>
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: right; border-bottom-style: solid" valign="bottom">
          <b>202.9</b>
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          103.5
        </td>
        <td>

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

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

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

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

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

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

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

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

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

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

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

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

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

        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="middle">
          Other non-current assets
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: right; border-bottom-style: solid" valign="bottom">
          1.2
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: right; border-bottom-style: solid" valign="bottom">
          1.4
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="middle">
          <b>Total non-current assets</b>
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: right; border-bottom-style: solid" valign="bottom">
          <b>126.5</b>
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: right; border-bottom-style: solid" valign="bottom">
          <b>114.9</b>
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="middle">
          <b>TOTAL ASSETS</b>
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: right; border-bottom-style: solid" valign="bottom">
          <b>334.5</b>
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: right; border-bottom-style: solid" valign="bottom">
          <b>317.8</b>
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

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

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          11.3
        </td>
        <td>

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

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

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          64.7
        </td>
        <td>

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

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

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          30.0
        </td>
        <td>

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

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

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

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

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

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

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

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

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

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

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

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

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

        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="middle">
          Salaries, wages and related liabilities
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: right; border-bottom-style: solid" valign="bottom">
          17.2
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: right; border-bottom-style: solid" valign="bottom">
          15.7
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="middle">
          <b>Total current liabilities</b>
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: right; border-bottom-style: solid" valign="bottom">
          <b>147.5</b>
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: right; border-bottom-style: solid" valign="bottom">
          <b>147.7</b>
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          17.1
        </td>
        <td>

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

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

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

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

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

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

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

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

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

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          Deferred income for use of Natuzzi trademark in Great China
        </td>
        <td>

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

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

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

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          12.0
        </td>
        <td>

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

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

        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="middle">
          <b>Total long-term liabilities</b>
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: right; border-bottom-style: solid" valign="bottom">
          <b>55.0</b>
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: right; border-bottom-style: solid" valign="bottom">
          <b>61.6</b>
        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="middle">
          <b>Minority interest</b>
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: right; border-bottom-style: solid" valign="bottom">
          <b>1.6</b>
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: right; border-bottom-style: solid" valign="bottom">
          <b>2.0</b>
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

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

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

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

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

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

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

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

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          64.0
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          40.1
        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="middle">
          <b>Total shareholders' equity</b>
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: right; border-bottom-style: solid" valign="bottom">
          <b>130.3</b>
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: right; border-bottom-style: solid" valign="bottom">
          <b>106.4</b>
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="middle">
          <b>TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY</b>
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: right; border-bottom-style: solid" valign="bottom">
          <b>334.5</b>
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: right; border-bottom-style: solid" valign="bottom">
          <b>317.8</b>
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

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

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

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

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          <b>27.0</b>
        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

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

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          12.8
        </td>
        <td>

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

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          (59.3)
        </td>
        <td>

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

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

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

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

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

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          (10.6)
        </td>
        <td>

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

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

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

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

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

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

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          10.1
        </td>
        <td>

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

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

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          7.8
        </td>
        <td>

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

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

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

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

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          <b>(58.4)</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          <b>26.9</b>
        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          <b>Net cash generated/(used) by operating activities</b>
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: right; border-bottom-style: solid" valign="bottom">
          <b>(31.4)</b>
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: right; border-bottom-style: solid" valign="bottom">
          <b>(4.9)</b>
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

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

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

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Intangible asset: use of Natuzzi trademark in Great China
        </td>
        <td>

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

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Government grants received
        </td>
        <td>

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

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

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

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

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Purchase of business, net of cash acquired
        </td>
        <td>

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

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Disposal/devaluation of business
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          24.5
        </td>
        <td>

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

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

        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          <b>Net cash generated/(used) by investing activities</b>
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: right; border-bottom-style: solid" valign="bottom">
          <b>31.2</b>
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: right; border-bottom-style: solid" valign="bottom">
          <b>(11.7)</b>
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

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

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

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

        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          Bank overdrafts
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: right; border-bottom-style: solid" valign="bottom">
          2.3
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: right; border-bottom-style: solid" valign="bottom">
          1.5
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          <b>Net cash generated/(used) by financing activities</b>
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: right; border-bottom-style: solid" valign="bottom">
          <b>(1.0)</b>
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: right; border-bottom-style: solid" valign="bottom">
          <b>9.3</b>
        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          <b>Effect of translation adjustments on cash</b>
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: right; border-bottom-style: solid" valign="bottom">
          <b>(0.3)</b>
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        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: right; border-bottom-style: solid" valign="bottom">
          <b>(2.6)</b>
        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          <b>Increase (decrease) in cash and cash equivalents</b>
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: right; border-bottom-style: solid" valign="bottom">
          <b>(1.5)</b>
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: right; border-bottom-style: solid" valign="bottom">
          <b>(9.9)</b>
        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          <b>Cash and cash equivalents, beginning of the year</b>
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: right; border-bottom-style: solid" valign="bottom">
          <b>55.0</b>
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: right; border-bottom-style: solid" valign="bottom">
          <b>65.0</b>
        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          <b>Cash and cash equivalents, end of the period</b>
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: right; border-bottom-style: solid" valign="bottom">
          <b>53.6</b>
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-style: solid" valign="top">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; text-align: right; border-bottom-style: solid" valign="bottom">
          <b>55.0</b>
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

    </p>
    <p>
      CONTACT:<br><b>FOR INFORMATION:</b><br><b>NATUZZI INVESTOR RELATIONS</b><br>Piero
      Direnzo | tel. +39.080.8820.812 | <u>pdirenzo@natuzzi.com</u><br><b>NATUZZI
      CORPORATE COMMUNICATION</b><br>Vito Basile (Press Office) | tel.
      +39.080.8820.676 | <u>vbasile@natuzzi.com</u>
    </p>
    <p style="text-align: center">

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

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

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

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

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

    </p>
    <p style="text-align: center">
      <font style="font-size: 10pt; font-family: Times New Roman"><b>SIGNATURES</b></font>
    </p>
    <p style="text-align: center">

    </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>
    <p style="text-indent: 30.0px">

    </p>
<div style="text-align:left">
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      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td style="width: 4%">

        </td>
        <td style="padding-left: 0.0px; text-align: center; width: 46%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            NATUZZI S.p.A.
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td style="width: 4%">

        </td>
        <td style="padding-left: 0.0px; text-align: left; width: 46%" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td style="width: 4%">

        </td>
        <td style="padding-left: 0.0px; text-align: center; width: 46%" valign="top">
          (Registrant)
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; width: 5%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td style="padding-left: 0.0px; text-align: left; width: 45%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td style="width: 4%">

        </td>
        <td style="padding-left: 0.0px; text-align: left; width: 46%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; width: 5%; padding-bottom: 2.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Date:
          </p>
        </td>
        <td style="padding-left: 0.0px; text-align: left; width: 45%; padding-bottom: 2.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>NOVEMBER 30, 2018</b>
          </p>
        </td>
        <td style="padding-left: 0.0px; text-align: left; width: 4%; padding-bottom: 2.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            By:
          </p>
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; text-align: center; width: 46%; border-bottom-style: solid" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 10pt">/s/ Pasquale Natuzzi</font>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td style="width: 4%">

        </td>
        <td style="padding-left: 0.0px; text-align: center; width: 46%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 10pt">Pasquale Natuzzi</font>
          </p>
        </td>
      </tr>
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