<SEC-DOCUMENT>0001157523-19-001297.txt : 20190524
<SEC-HEADER>0001157523-19-001297.hdr.sgml : 20190524
<ACCEPTANCE-DATETIME>20190524164118
ACCESSION NUMBER:		0001157523-19-001297
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20190524
FILED AS OF DATE:		20190524
DATE AS OF CHANGE:		20190524

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:		19854965

	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>a51990077.htm
<DESCRIPTION>NATUZZI S.P.A. 6-K
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      <font style="font-size: 16pt; font-family: Times New Roman">Securities
      and Exchange Commission</font><font style="font-size: 16pt"><br style="font-size: 16pt"></font><font style="font-size: 16pt; font-family: Times New Roman">Washington,
      D.C. 20549</font><br><br><br><font style="font-size: 18pt; font-family: Times New Roman"><b>Form
      6-K</b></font><br><br><br><font style="font-size: 12pt; font-family: Times New Roman">Report
      of Foreign Issuer</font><br><font style="font-size: 12pt; font-family: Times New Roman">Pursuant
      To Rule 13a-16 Or 15d-16</font><br><font style="font-size: 12pt; font-family: Times New Roman">Of
      The</font><br><font style="font-size: 12pt; font-family: Times New Roman">Securities
      Exchange Act of 1934</font><br><br>
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            <font style="font-size: 10pt">For the month of </font><font style="font-size: 10pt; font-family: Times New Roman"><b>MAY&#160;2019</b></font>
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          &#160;
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        <td style="text-align: right; padding-left: 0.0px; width: 33%" valign="top">
          Commission File Number 1-11854
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            <font style="font-size: 16pt"><b>NATUZZI S.p.A.</b></font>
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            <font style="font-size: 10pt">(Translation of registrant's name
            into English)</font>
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      <br>

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          Via Iazzitiello 47
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          70029 Santeramo, Italy
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          (Address of principal office)
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      <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-align: left; text-indent: 30.0px">
      <font style="font-size: 10pt; font-family: Times New Roman">Indicate by
      check mark whether the registrant by furnishing the information
      contained in this Form is also thereby furnishing the information to the
      Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act
      of 1934. &#160;Yes </font><font style="font-size: 12pt; font-family: Arial Unicode MS">&#8414;</font><font style="font-size: 10pt; font-family: Times New Roman">&#160;&#160;
      No </font><font style="font-size: 11pt; font-family: Arial Unicode MS">&#8864;</font>
    </p>
    <p style="text-indent: 30.0px">
      <font style="font-size: 10pt; font-family: Times New Roman">If &quot;Yes&quot; is
      marked, indicate below the file number assigned to the registrant in
      connection with Rule 12g3-2(b):</font>
    </p>
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    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>Natuzzi
      Announces Consolidated Results for the First Quarter 2019</b></font>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        <font style="font-size: 12pt; font-family: Times New Roman"><b>GROSS
        MARGIN IMPROVING AT 30.1% VS 28.2% IN Q1 2018</b></font>
      </li>
      <li style="margin-bottom: 10.0px">
        <font style="font-size: 12pt; font-family: Times New Roman"><b>DIRECT
        RETAIL OPERATIONS (DOS) IMPROVING</b></font>
      </li>
      <li style="margin-bottom: 10.0px">
        <font style="font-size: 12pt; font-family: Times New Roman"><b>21
        FRANCHISED MONO-BRAND STORES (FOS) AND 1 DOS OPENED IN 2019</b></font>
      </li>
      <li style="margin-bottom: 10.0px">
        <font style="font-size: 12pt; font-family: Times New Roman"><b>REORGANIZATION
        OF THE ITALIAN WORKFORCE STARTED IN APRIL 2019</b></font>
      </li>
    </ul>
    <p>
      SANTERAMO IN COLLE, Bari, Italy--(BUSINESS WIRE)--May 24, 2019--The
      Board of Directors of Natuzzi S.p.A. (NYSE: NTZ) (&#8220;Natuzzi&#8221; or the
      &#8220;Company&#8221;) today approved its 2019 first quarter unaudited consolidated
      financial results.
    </p>
    <p>
      <u><b>2019 First quarter results</b></u>
    </p>
    <p>
      Consolidated revenues for the first quarter of 2019 were &#8364;106.2 million,
      down 8.9% from &#8364;116.6 million in 2018 same quarter.
    </p>
    <p>
      Upholstery and furnishings net sales were &#8364;101.1 million, down 8.2% from
      last year same quarter as a result of the 9.1% decrease in upholstery
      net sales (at &#8364;90.7 million) and a 0.3% increase in furnishings sales
      (at &#8364;10.4 million).
    </p>
    <p>
      Other sales were &#8364;5.1 million, versus &#8364;6.4 million in 2018 first quarter.
    </p>
    <p>
      <u>1.</u> <u>Natuzzi division</u>
    </p>
    <p>
      The Natuzzi division includes sales of <i>Natuzzi Italia</i>, <i>Natuzzi
      Editions</i> and <i>Divani&amp;Divani by Natuzzi</i> branded products,
      distributed through a direct retail network (DOS and Concessions),
      mono-brand franchised operated stores (&#8220;FOS&#8221;), and Natuzzi galleries
      (store-in-store points of sales within multi-branded stores and
      department stores).
    </p>
    <p>
      First quarter net sales of this division were &#8364;77.5 million, down 6.3%
      from &#8364;82.7 million in 2018 same quarter, mainly due to the weak
      performance in the EMEAI region (Europe, Middle East, Africa and India).
    </p>
    <p>
      Natuzzi branded sales represented 76.7% of the Group&#8217;s home furnishing
      revenues, versus 75.1% in same quarter of 2018.
    </p>
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    </div>
    <p>
      <u>1.a</u> <u>Natuzzi division: Direct retail</u>
    </p>
    <p>
      Within the above-mentioned Natuzzi division, the Group directly operates
      points of sales (mono-brand DOS and concessions), under both <i>Natuzzi
      Italia</i> and <i>Divani&amp;Divani by Natuzzi</i> name.
    </p>
    <p>
      During the first quarter of 2019, net sales generated by the direct
      retail division were &#8364;17.8 million, up 29.3% over the same period of
      last year, thanks also to the openings occurred in the last few
      quarters. We saw sales increase in the USA (+69.0%), Italy (+23.5%),
      Spain (+4.8%) and Mexico (+54.3%).
    </p>
    <p>
      Q1 2019 sales on a like-for-like basis were &#8364;13.3 million, up 7.6% from
      Q1 2018, thanks in particular to the performance of our DOS located in
      Italy (+18.1%), Spain (+4.8%) and Mexico (+54.3%). Sales form our
      US-based DOS were substantially flat.
    </p>
    <p>
      In April 2019, a new <i>Natuzzi Italia</i> DOS was opened in Sarasota,
      Florida.
    </p>
    <p>
      During 2019, we closed all the concessions located in UK and 4 <i>Divani&amp;Divani
      by Natuzzi</i> DOS.
    </p>
    <p>
      As of the day of this press release, the Directly Operated points of
      sale are 66, of which 40 <i>Natuzzi Italia</i> DOS, 14 <i>Divani&amp;Divani
      by Natuzzi</i> DOS and 12 <i>Natuzzi Italia</i> concessions in Mexico.
    </p>
    <p>
      <u>1.b</u> <u>Natuzzi division: third-party operated points of sale</u>
    </p>
    <p>
      Natuzzi Sales generated by FOS and Natuzzi galleries, were &#8364;59.7
      million, down 13.4% from &#8364;69.0 million in the first quarter of 2018.
    </p>
    <p>
      Considering these points of sales, <i>Natuzzi Italia</i> sales were
      &#8364;22.4 million, down 22.5%, <i>Natuzzi Editions</i> sales were
      &#8364;33.5 million, down 3.2%, and sales from <i>Divani&amp;Divani by
      Natuzzi</i> network were &#8364;3.8 million, down 29.6% compared to 2018 first
      quarter.
    </p>
    <p>
      We are suffering with the galleries in particular, which demonstrates
      once again that they do not represent the best business model to
      properly capitalize the Natuzzi brand values and the relevant retail
      experience. We plan to expand our third-party operated points of sales
      network through the opening of points of sales mainly in those Countries
      where we already have a retail organization in place capable to transmit
      the experience gained with our direct retail network to our franchisee
      partners: as more of them adopt our retail business model, we expect
      their business, and so ours, to improve.
    </p>
    <p>
      In 2019 we have opened 21 FOS, of which 10 under the <i>Natuzzi Italia</i>
      name and 11 under the <i>Natuzzi Editions</i> name. Twelve of the 21
      mono-brand stores were opened in China.
    </p>
    <p>
      <u>2.</u> <u>Softaly</u>
    </p>
    <p>
      Sales generated by this division, addressing the low-end segment of the
      market, were &#8364;23.6 million, from &#8364;27.5 million in 2018 first quarter.
      This segment is characterized by strong competition on price, putting
      high pressure on margins. For this reason, we are progressively focusing
      on those customers with high volume and acceptable margins.
    </p>
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    </div>
    <p>
      <u>Q1 2019 Gross margin</u>
    </p>
    <p>
      During the first quarter of 2019, the consolidated gross margin was
      30.1%, up from 28.2% in the previous year first quarter, mainly thanks
      to a favorable trend in raw material prices over the period and a better
      sales mix, notwithstanding decreasing revenues.
    </p>
    <p>
      <u>Q1 2019 Selling and Administrative expenses</u>
    </p>
    <p>
      Selling and Administrative expenses were &#8364;36.0 million (or 33.9% on
      revenues) from &#8364;37.5 million (or 32.1% on revenues) in last year same
      period, affected by the increased tariffs on goods manufactured in our
      plant in China and delivered to the USA. Net of the charge from
      increased tariffs, the incidence of selling and administrative expenses
      on revenues would have been the same as in 2018 first quarter.
    </p>
    <p>
      <u>Q1 2019 results</u>
    </p>
    <p>
      The Group reported an operating loss of &#8364;3.0 million, versus an
      operating loss of &#8364;3.3 million in 2018 first quarter.
    </p>
    <p>
      Loss for the first quarter of 2019 attributable to the owners of the
      Company was &#8364;4.6 million,
    </p>
    <p>
      As of March 31, 2019, Group&#8217;s cash and cash equivalents in the statement
      of cash flows was &#8364;44.8 million, from &#8364;60.4 million at the end of 2018.
    </p>
    <p>
      Chairman and CEO Pasquale Natuzzi commented: &#8220;<i>The development
      of our business over the recent quarters shows that our strategic choice
      to focus on the branded business distributed through mono-brand stores,
      directly or franchised operated, is the correct one. We know this
      transition is not an easy and immediate process, but numbers are
      starting to support our strategy.</i>
    </p>
    <p>
      <i>The portion of our branded sales continues to grow and during the
      first quarter it represented 77% of our revenues versus 75% of one year
      ago. We are working to let this share increase going forward, so to
      benefit from the higher margins associated with the Natuzzi brand as
      opposed to the pure price-based unbranded business.</i>
    </p>
    <p>
      <i>Within our branded sales, we continue to see our DOS network grow.
      More importantly, our DOS network starts to show profits. USA and Italy
      delivered positive EBIT at store level.</i>
    </p>
    <p>
      <i>The experience made directly with consumers over the last three years
      told us that the most efficient way to communicate the brand values and
      the relevant positioning of our products relies on the development of a
      controlled distribution that is a mono-brand stores network. On the
      contrary, the wholesale channel, whose main driver remains essentially
      the price, does not allow for the right capitalization of the brand and
      retail experience.</i>
    </p>
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    <p>
      <i>For what said, going forward, we plan to expand our mono brand stores
      network internationally, especially in those markets having high
      potential, such as USA, China and UK where we already can count on a
      retail organization set up over the last few years.&#8221;</i>
    </p>
    <p>
      Mr. Natuzzi continued:<i> &#8220;As previously announced, the re-organization
      of the Italian industrial operations started in April. Accordingly, we
      have begun to shift volumes of production from Italy to our Romanian
      plant, and this should improve the labor cost from the second quarter of
      this year.</i>
    </p>
    <p>
      <i>We are also exploring alternative industrial allocations to
      efficiently serve the US market by leveraging on our international
      footprint and minimize the effects of tariffs.</i>
    </p>
    <p>
      <i>However, the higher US-China trade tensions, that resulted in the
      recent increase in tariffs, as well as the uncertainty surrounding the
      BREXIT negotiations are affecting our operations in 2019.</i>
    </p>
    <p>
      <i>The weaker-than-average order flow for the last few weeks in
      particular in the Northern American market as a consequence of the
      recent escalation in the trade dispute, will result in 2q2019 sales
      below the first quarter released today.</i>
    </p>
    <p>
      <i>We&#8217;re focusing on supply chain improvement, enhanced efficiency in
      our industrial operations, improving the quality of our sales as well as
      streamlining the cost structure. At the same time, a more efficient
      working capital management together with the rationalization of
      non-strategic assets, should free up resources to be invested in the
      development of the branded business, within a context of a rigorous cash
      management discipline.&#8221;</i>
    </p>
    <p>
      -------------------------------------------------------------
    </p>
    <p>
      Please, click on the following links to hear news about our first
      Augmented Store in New York, Madison Avenue:
    </p>
    <p>
      <u><b>http://natuzzipressroom.com/natuzzi-italia-launches-first-augmented-store-in-new-york/</b></u>
    </p>
    <p>
      <u><b>http://www.natuzzi.com/news/natuzzi-launches-its-first-augmented-store-907.html</b></u>
    </p>
    <p>
      Natuzzi Group Profile: <u><b>https://youtu.be/qu0UIrvf750</b></u>
    </p>
    <p>
      ______________________________________________________________________________
    </p>
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    </div>
    <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 Company&#8217;s most recent 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 players in the
      furniture industry with an extensive manufacturing footprint and a
      global retail network. Natuzzi is the European lifestyle best-known
      brand in the upholstered furnishings sector worldwide (Brand Awareness
      Monitoring Report - Ipsos 2018) and has been listed on the New York
      Stock Exchange since May 13, 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>
    <p>
      <u><b>https://www.natuzzigroup.com/en-EN/ir/presentation.html</b></u>
    </p>
    <p>
      _______________________________________________________________________________
    </p>
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          <b>Natuzzi S.p.A. and Subsidiaries</b>
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            <b>Unaudited consolidated statement of profit or loss for the
            first quarter of 2019 and 2018 on the basis of IFRS -IAS </b><i>(expressed
            in millions Euro)</i>
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          &#160;
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          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="text-align: center; padding-left: 0.0px" colspan="3" valign="top">
          <b>Three months ended on</b>
        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="text-align: center; padding-left: 0.0px" valign="top">
          <b>Change</b>
        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="text-align: center; padding-left: 0.0px" colspan="3" valign="top">
          <b>Percentage of Sales</b>
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: double; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: double; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: double; text-align: center; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt" valign="top">
          <b>31-Mar-19</b>
        </td>
        <td style="border-bottom-style: double; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: double; text-align: center; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt" valign="top">
          <b>31-Mar-18</b>
        </td>
        <td style="border-bottom-style: double; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: double; text-align: center; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt" valign="bottom">
          <b>%</b>
        </td>
        <td style="border-bottom-style: double; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: double; text-align: center; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt" valign="top">
          <b>31-Mar-19</b>
        </td>
        <td style="border-bottom-style: double; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: double; text-align: center; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt" valign="top">
          <b>31-Mar-18</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          106.2
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          116.6
        </td>
        <td>

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

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          100.0%
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          100.0%
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          Cost of Sales
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          (74.2)
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          (83.7)
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          -11.3%
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          -69.9%
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          -71.8%
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          <b>Gross profit</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          <b>32.0</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          <b>32.9</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          <b>-2.8%</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          <b>30.1%</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          <b>28.2%</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          (27.5)
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          (29.4)
        </td>
        <td>

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

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          -25.9%
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          -25.2%
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Administrative expenses
        </td>
        <td>

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

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

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

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

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

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          <b>Operating profit/(loss)</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          <b>(3.0)</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          <b>(3.3)</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          <b>-2.8%</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          <b>-2.8%</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          Net exchange rate gains/(losses)
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          0.5
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          (0.4)
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          <b>Net finance income/(costs)</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          <b>(1.8)</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          <b>(1.7)</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Share of profit/(loss) of equity-method investees
        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          <b>Profit/(Loss) before tax</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          <b>(4.4)</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          <b>(5.0)</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          <b>-4.1%</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          <b>-4.3%</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          -0.2%
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          <b>Profit/(Loss) for the period</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          <b>(4.6)</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          <b>(5.3)</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          <b>-4.4%</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          <b>-4.5%</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <b>Profit/(Loss) attributable to:</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          (5.4)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          -4.6%
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Non-controlling interests
        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          <b>Profit/(loss) per Ordinary Share</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          <b>(0.08)</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          <b>(0.10)</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-bottom: 10pt; margin-left: 0pt; margin-right: 0pt; text-indent: 0pt; width: 100%">
      <div>
        <div style="text-align: left">

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

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

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

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

        </td>
        <td style="text-align: center; padding-left: 0.0px" colspan="5" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Unaudited consolidated statements of financial position
            (condensed) on the basis of IFRS-IAS</b>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <i>(Expressed in millions of Euro)</i>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td style="border-bottom-style: double; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: double; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: double; text-align: right; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt" valign="top">
          <b>31-Mar-19</b>
        </td>
        <td style="border-bottom-style: double; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: double; text-align: right; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt" valign="top">
          <b>31-Dec-18</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          224.4
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          165.6
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          Current assets
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          193.0
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          207.1
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          <b>TOTAL ASSETS</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          <b>417.4</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          <b>372.7</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <b>EQUITY AND LIABILITIES</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Equity attributable to Owners of the Company
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          133.4
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          136.5
        </td>
      </tr>
      <tr>
        <td>

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

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

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

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

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          113.8
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          66.1
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          Current liabilities
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          168.2
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          168.4
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          <b>TOTAL EQUITY AND LIABILITIES</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          <b>417.4</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          <b>372.7</b>
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table style="font-family: Times New Roman; margin-bottom: 10.0px; font-size: 10pt; width: 100%" cellspacing="0">
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td>

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

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

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

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

        </td>
        <td style="text-align: center; padding-left: 0.0px" colspan="5" valign="top">
          <b>Unaudited consolidated statements of cash flows (condensed)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="border-bottom-style: double; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt" valign="top">
          <i>(Expressed in millions of Euro)</i>
        </td>
        <td style="border-bottom-style: double; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: double; text-align: right; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt" valign="top">
          <b>31-Mar-19</b>
        </td>
        <td style="border-bottom-style: double; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: double; text-align: right; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt" valign="top">
          <b>31-Dec-18</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <b>Net cash provided by (used in) operating activities</b>
        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Net cash provided by (used in) investing activities
        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Net cash provided by (used in) financing activities
        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <b>Increase (decrease) in cash and cash equivalents</b>
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          <b>(18.3)</b>
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          <b>5.4</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          62.1
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Effect of movements in excahnge rates on cash held
        </td>
        <td>

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

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

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

        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          <b>Cash and cash equivalents, end of the period</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          <b>44.8</b>
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: solid; text-align: right; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt" valign="bottom">
          <b>60.4</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="text-align: left; padding-left: 0.0px" colspan="5" valign="top">
          <b>For the purpose of the statements of cash flow, cash and cash
          equivalents comprise the following:</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="border-bottom-style: double; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt" valign="top">
          <i>(Expressed in millions of Euro)</i>
        </td>
        <td style="border-bottom-style: double; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: double; text-align: right; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt" valign="top">
          <b>31-Mar-19</b>
        </td>
        <td style="border-bottom-style: double; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt" valign="top">
          &#160;
        </td>
        <td style="border-bottom-style: double; text-align: right; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt" valign="top">
          <b>31-Dec-18</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Cash and cash equivalents in the statement of financial position
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          49.1
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          62.1
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          Bank overdrafts repayable on demand
        </td>
        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
        </td>
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          (4.2)
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          &#160;
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          (1.8)
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        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          <b>Cash and cash equivalents in the statement of cash flows</b>
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          &#160;
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          <b>44.8</b>
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        <td style="border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt" valign="top">
          &#160;
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          <b>60.4</b>
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <p>
      CONTACT:<br><b>NATUZZI INVESTOR RELATIONS</b><br>Piero Direnzo | tel.
      +39.080.8820.812 | <u>pdirenzo@natuzzi.com</u>
    </p>
    <p>
      <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: left">

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

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

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

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

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

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            &#160;
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        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px; width: 6%" valign="top">
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            Date:
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        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px; width: 44%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>May 24, 2019</b>
          </p>
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        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px; width: 3%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            By:
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        </td>
        <td style="border-bottom-style: solid; text-align: center; border-bottom-color: black; padding-left: 0.0px; width: 47%; border-bottom-width: 1.0pt" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 10pt">/s/ Pasquale Natuzzi</font>
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        <td style="text-align: center; padding-left: 0.0px; width: 47%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 10pt">Pasquale Natuzzi</font>
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