Securities and Exchange Commission
Washington, D.C. 20549


Form 6-K


Report of Foreign Issuer
Pursuant To Rule 13a-16 Or 15d-16
Of The
Securities Exchange Act of 1934

For the month of March, 2014

  Commission File Number 1-11854

NATUZZI S.p.A.

(Translation of registrant's name into English)


Via Iazzitiello 47
70029 Santeramo, Italy
(Address of principal office)


Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
Form 20-F Form 40-F

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.  Yes    No

If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):


Natuzzi S.p.A.: Full Year 2013 Consolidated Financial Results

Natuzzi: 2013 Dedicated to Laying the Foundations for Restructuring

MILAN--(BUSINESS WIRE)--March 26, 2014--The Board of Directors of Natuzzi S.p.A. (NYSE:NTZ) (“Natuzzi” or “the Company”), the largest furniture house in Italy and the player with the greatest global reach in its sector, has approved its consolidated financial results for full year 2013.

After the meeting of the Board of Directors, Pasquale Natuzzi, President and CEO, issued the following statement:

“2013 was a year during which we dedicated our efforts to defining all the actions necessary to reorganize the Group, and to optimize and streamline our processes to reduce costs and recover efficiency. The restructuring of the Group’s operations has also generated extraordinary items that heavily affected our overall results.

The Group’s 2013 statement of operations reports an operating loss of €32.5 million (compared to a loss of €17.3 million in 2012).

These results derive partly from Group-operated stores located in Western Europe, where we recognized operating losses of €10.6 million. The 2014-2016 Business Plan that was approved by the Company’s board of directors on February 28, 2014 contemplates specific efficiency recovery measures to return to profitability, including the closure of 13 non-performing, Group-operated stores within the end of 2014.

Net losses during 2013 also include the negative performance of our Brazilian operations, equal to a loss of €7.2 million, reflecting sales volumes that were inconsistent with our overall cost structure and production capacity in that market. In this regard, we have begun targeted due diligence to quickly identify those measures that are necessary to eliminate losses in that country.


The remaining operating losses derive from the Group’s industrial operations – where we experienced a low level of productivity and higher production costs – as well as in selling, general and administrative costs.

With reference to this last point, the 2014-2016 Plan contemplates, in particular:

1)   The rationalization of our Italian operations, aimed at reducing production costs and improving productivity (the latter of which saw a decline in 2013 due to the rotation of workers involved in the CIGS program, under which the Italian Government covers the majority of the wages of workers involved in the program). These changes were provided for by the agreement entered into between the Company and unions on October 10, 2013, under the supervision of the Minister of Economic Development, which contemplated 1,506 redundant employees being subject to layoffs, including 600 who would be offered voluntary departure incentives (390 have already accepted these incentives).
 
2)

The continuation of our product innovation initiatives, which began three years ago and were accelerated in 2013. Currently 50% of our turnover is already generated by 147 models that can be produced with our new moving-line industrial processes. During 2014, and according to a well-defined timetable, an additional 120 models will be re-engineered to permit production on our moving line (including 35 that have already been re-engineered), representing a further 40% of total turnover. Within the end of 2014, we expect that 90% of total upholstery turnover will be represented by models that can be manufactured on our moving-line industrial process.

 
3) The complete implementation of the industrial moving-line process within all of the Group’s manufacturing facilities. In 2013, we brought on 18 new production lines, adding to six lines that were already running at the end of 2012. The implementation of the new moving lines has continued during the initial months of 2014 (with 15 new moving lines being implemented) and will continue through the rest of 2014, bringing the total number of the new production lines to 50.
 
4) Efficiency improvements in back-office processes worldwide, through the implementation of a centralized shared service structure that has been designed to reduce costs.
 
5) Efficiency improvements in the supply chain, through a reduction in inventory levels, optimization of transportation and a new logistics organization.
 

The 2013 consolidated EBIT was also negatively affected by the general strengthening of the Euro versus major currencies, for a total amount of €5.9 million.

With reference to extraordinary items, included under the “Other Income/(Cost), Net” item of the Group’s 2013 statement of operations, we reported restructuring costs amounting to €28.4 million, which included €20.0 million for redundant employees in Italy and €8.4 million related to the write-off and impairment of long-lived assets.

At December 31, 2013, the net financial position of the Group remains positive at € 28.5 million, improving by €1.9 million in the second half of 2013, confirming the continuing strength of the Group.


During the last ten years we have deeply transformed the Group. From a manufacturing Company, selling just one kind of product, and located in Italy, today Natuzzi has become the player with the greatest global reach in its sector, having 7 manufacturing plants across the globe, 11 international commercial offices and more than 1,200 points of sales, all integrated through the same management information system (SAP). These enormous and profound change have been accompanied by €550 million in investments over the last ten years. Today Natuzzi is the most globally-recognized furniture brand among consumers of luxury goods (Source: Ipsos – Lagardere).”

The Company will host a conference call on Friday March 28th, 2014 at 11:00 a.m. U.S. Eastern Time (4:00 p.m. Italian time, or 3:00 p.m. UK time) to discuss financial results.

The dial-in phone numbers for the live conference call will be 1-888-539-3612 (toll-free) for persons calling from the U.S. or Canada, and 1-719-325-2361 for those calling from other countries.

A live web cast of the conference call will be available on line at http://www.natuzzi.com/ under the “About us/Investor Relations” section.

A replay of the call will be available shortly after the end of the conference call starting from March 28th, 2014 (at 2:00 pm US Eastern time), to April 28th, 2014. To access the replay of the conference call, interested persons need to dial 1-877-870-5176 (toll-free) for calls from U.S. and Canada, and 1-858-384-5517 for calls from other countries. The access code for the replay is: 7660968.

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CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS

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 Natuzzi’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’s business and financial results is included in Natuzzi’s filings with the Securities and Exchange Commission, including the Company’s Annual Report on Form 20-F for the year ended December 31, 2012. Natuzzi undertakes no obligation to update any of the forward-looking statements after the date of this press release.

----------------------------------------------

About Natuzzi S.p.A.

Founded in 1959 by Pasquale Natuzzi, Natuzzi S.p.A. designs, manufactures and sells a broad collection of couches, armchairs, home furniture and home accessories. With consolidated revenues of €451.2 million in 2013, Natuzzi is Italy’s largest furniture house and the player with the greatest global reach in its sector, with seven manufacturing plants, twelve commercial offices and more than 1,200 points of sale worldwide. Ethics and social responsibility, innovation, industrial know-how and integrated management of its value chain represent the points of strength that have made the Natuzzi Group a market leader and established Natuzzi as the most recognized furniture brand in the world among consumers of luxury goods. Natuzzi S.p.A. has been listed on the New York Stock Exchange since May 1993. The Company is ISO 9001 and 14001 certified.


 
 
Natuzzi S.p.A. and Subsidiaries
 
Unaudited Consolidated Profit & Loss for the fourth quarter 2013 & 2012 on the basis of Italian GAAP
(expressed in millions Euro, except per share amounts)
             
Three months ended on Change Percentage of Sales
      31-Dec-13   31-Dec-12   %     31-Dec-13   31-Dec-12
 
Upholstery net sales 108.6 110.5 -1.7% 88.2% 87.4%
Other sales     14.6   16.0   -8.9%     11.8%   12.6%
Total Net Sales     123.2   126.5   -2.6%     100.0%   100.0%
 
Consumption (*) (57.2) (58.2) -1.7% -46.5% -46.0%
Labor (20.3) (20.7) -1.7% -16.5% -16.4%
Industrial Costs (7.4) (7.6) -1.8% -6.0% -6.0%
of which: Depreciation, Amortization     (2.7)   (2.5)   9.5%     -2.2%   -1.9%
Cost of Sales     (85.0)   (86.5)   -1.7%     -69.0%   -68.4%
                         
Industrial Margin     38.2   40.0   -4.6%     31.0%   31.6%
 
Selling Expenses (21.1) (22.9) -7.7% -17.2% -18.1%
Transportation (12.2) (13.6) -10.2% -9.9% -10.8%
Commissions (2.4) (2.2) 11.1% -2.0% -1.7%
Advertising (6.5) (7.1) -8.6% -5.3% -5.6%
 
Other Selling and G&A (26.5) (24.1) 10.0% -21.5% -19.0%
of which: Depreciation, Amortization     (1.6)   (1.6)   -1.9%     -1.3%   -1.3%
EBITDA     (5.2)   (2.9)         -4.2%   -2.3%
                         
EBIT     (9.4)   (7.0)         -7.6%   -5.5%
 
Interest Income/(Costs), Net (0.2) (0.1)
Foreign Exchange, Net (1.1) (1.2)
Other Income/(Cost), Net     (18.2)   (1.9)              
Earning before Income Taxes     (29.0)   (10.2)         -23.5%   -8.0%
 
Current taxes (0.7) (1.9) -0.6% -1.5%
                         
Net Result     (29.7)   (12.1)         -24.1%   -9.5%
 
Minority interest (0.0) (0.0)
                         
Net Group Result     (29.7)   (12.1)         -24.1%   -9.6%
                         
Net Group Result per Share     (0.54)   (0.22)              
 
 
Key Figures in U.S. dollars Three months ended on Change Percentage of Sales
(millions)     31-Dec-13   31-Dec-12   %     31-Dec-13   31-Dec-12
 
Total Net Sales 167.7 172.3 -2.6% 100.0% 100.0%
Industrial Margin 52.0 54.5 -4.6% 31.0% 31.6%
EBIT (12.8) (9.5) -7.6% -5.5%
Net Group Result (40.4) (16.5) -24.1% -9.6%
Net Group Result per Share (0.74) (0.30)
 
Average exchange rate (U.S.$ per 1€) 1.3616
 
 
(*) Purchases plus beginning stock minus final stock and leather processing

 
 
UPHOLSTERY NET SALES BREAKDOWN
GEOGRAPHIC BREAKDOWN
               
NET SALES (in €, million) NET SALES (in seats sold)
Quarter ended on Quarter ended on
     
AREA 31-Dec-13   % 31-Dec-12   % delta 31-Dec-13   % 31-Dec-12   % delta
Americas 37.2   34.2% 43.0   38.9% -13.7% 189,438   42.6% 208,265   46.3% -9.0%
Natuzzi Italia 4.2 3.9% 4.2 3.8% -1.3% 9,759 2.2% 9,744 2.2% 0.2%
Natuzzi Editions 19.6 18.0% 24.8 22.4% -21.0% 93,297 21.0% 116,613 26.0% -20.0%
Unbranded 13.4   12.3% 14.0   12.7% -4.4% 86,381   19.4% 81,908   18.2% 5.5%
 
EMEA 54.4   50.1% 53.7   48.6% 1.2% 196,273   44.2% 185,548   41.3% 5.8%
Natuzzi Italia 28.8 26.5% 26.9 24.3% 7.2% 73,400 16.5% 56,203 12.5% 30.6%
Natuzzi Editions 14.1 13.0% 14.9 13.5% -5.5% 52,130 11.7% 56,743 12.6% -8.1%
Unbranded 11.5   10.6% 12.0   10.8% -4.2% 70,743   15.9% 72,602   16.2% -2.6%
 
Asia-Pacific 14.8   13.7% 11.8   10.7% 25.6% 47,655   10.7% 43,849   9.8% 8.7%
Natuzzi Italia 5.6 5.1% 5.0 4.5% 11.5% 12,030 2.7% 10,088 2.2% 19.3%
Natuzzi Editions 8.3 7.7% 5.8 5.2% 44.1% 28,738 6.5% 25,697 5.7% 11.8%
Unbranded 0.9   0.9% 1.0   0.9% -9.2% 6,888   1.5% 8,065   1.8% -14.6%
 
Brazil 2.2   2.1% 1.9   1.8% 16.0% 11,119   2.5% 11,669   2.6% -4.7%
Natuzzi Italia 0.1 0.1% 0.0 0.0% 1025.3% 99 0.0% 9 0.0% 1070.6%
Natuzzi Editions 1.3 1.2% 0.6 0.5% 133.5% 4,040 0.9% 2,042 0.5% 97.8%
Unbranded 0.8   0.8% 1.4   1.2% -39.0% 6,980   1.6% 9,618   2.1% -27.4%
                             
TOTAL 108.6   100.0% 110.5   100.0% -1.7% 444,485   100.0% 449,331   100.0% -1.1%
 
 
BREAKDOWN BY BRAND
NET SALES (in €, million) NET SALES (in seats sold)
Quarter ended on Quarter ended on
 
BRAND 31-Dec-13   % 31-Dec-12   % delta 31-Dec-13   % 31-Dec-12   % delta
Natuzzi Italia 38.7 35.6% 37.0 33.5% 4.6% 95,289 21.4% 82,834 18.4% 15.0%
Natuzzi Editions 43.3 39.9% 45.2 40.9% -4.2% 178,205 40.1% 194,305 43.2% -8.3%
Unbranded 26.6   24.5% 28.4   25.7% -6.1% 170,991   38.5% 172,192   38.3% -0.7%
TOTAL 108.6   100.0% 110.5   100.0% -1.7% 444,485   100.0% 449,331   100.0% -1.1%

 
 
Natuzzi S.p.A. and Subsidiaries
 
Unaudited Consolidated Profit & Loss for 2013 & 2012 on the basis of Italian GAAP
(expressed in millions Euro, except per share amounts)
           
Twelve months ended on Change Percentage of Sales
    31-Dec-13   31-Dec-12   %     31-Dec-13   31-Dec-12
 
Upholstery net sales 402.8 409.4 -1.6% 89.3% 87.3%
Other sales   48.4   59.4   -18.6%     10.7%   12.7%
Total Net Sales   451.2   468.8   -3.8%     100.0%   100.0%
 
Consumption (*) (209.3) (209.0) 0.1% -46.4% -44.6%
Labor (79.1) (75.8) 4.4% -17.5% -16.2%
Industrial Costs (28.4) (29.1) -2.2% -6.3% -6.2%
of which: Depreciation, Amortization   (9.8)   (9.5)   3.5%     -2.2%   -2.0%
Cost of Sales   (316.9)   (313.8)   1.0%     -70.2%   -66.9%
                       
Industrial Margin   134.4   155.0   -13.3%     29.8%   33.1%
 
Selling Expenses (70.6) (76.8) -8.2% -15.6% -16.4%
Transportation (45.6) (47.6) -4.2% -10.1% -10.2%
Commissions (8.8) (9.7) -9.3% -1.9% -2.1%
Advertising (16.2) (19.5) -17.3% -3.6% -4.2%
 
Other Selling and G&A (96.3) (95.4) 0.9% -21.3% -20.4%
of which: Depreciation, Amortization   (6.7)   (7.5)   -10.6%     -1.5%   -1.6%
EBITDA   (15.9)   (0.2)         -3.5%   -0.1%
                       
EBIT   (32.5)   (17.3)         -7.2%   -3.7%
 
Interest Income/(Costs), Net (0.5) (0.2)
Foreign Exchange, Net (2.8) (2.5)
Other Income/(Cost), Net   (28.4)   (1.9)              
Earning before Income Taxes   (64.2)   (21.9)         -14.2%   -4.7%
 
Current taxes (4.1) (4.2) -0.9% -0.9%
                       
Net Result   (68.4)   (26.0)         -15.2%   -5.6%
 
Minority interest (0.2) (0.1)
                       
Net Group Result   (68.6)   (26.1)         -15.2%   -5.6%
                       
Net Group Result per Share   (1.25)   (0.48)              
 
 
Key Figures in U.S. dollars Twelve months ended on Change Percentage of Sales
(millions)   31-Dec-13   31-Dec-12   %     31-Dec-13   31-Dec-12
 
Total Net Sales 599.4 622.8 -3.8% 100.0% 100.0%
Industrial Margin 178.5 205.9 -13.3% 29.8% 33.1%
EBIT (43.2) (23.0) -7.2% -3.7%
Net Group Result (91.1) (34.7) -15.2% -5.6%
Net Group Result per Share (1.66) (0.63)
 
Average exchange rate (U.S.$ per 1€) 1.3284
 
 

(*) Purchases plus beginning stock minus final stock and leather processing


 
 
UPHOLSTERY NET SALES BREAKDOWN
GEOGRAPHIC BREAKDOWN
                 
NET SALES (in €, million) NET SALES (in seats sold)
Twelve months ended on Twelve months ended on
   
AREA 31-Dec-13   % 31-Dec-12   % delta 31-Dec-13   % 31-Dec-12   % delta
Americas 154.0   38.2% 163.3   39.9% -5.7% 768,038   45.5% 800,359   47.6% -4.0%
Natuzzi Italia 14.8 3.7% 15.9 3.9% -6.8% 33,255 2.0% 37,285 2.2% -10.8%
Natuzzi Editions 80.7 20.0% 93.4 22.8% -13.6% 375,264 22.3% 442,160 26.3% -15.1%
Unbranded 58.5   14.5% 54.1   13.2% 8.2% 359,519   21.3% 320,915   19.1% 12.0%
 
EMEA 189.7   47.1% 193.6   47.3% -2.0% 703,368   41.7% 685,771   40.8% 2.6%
Natuzzi Italia 95.0 23.6% 100.5 24.5% -5.5% 240,756 14.3% 231,024 13.7% 4.2%
Natuzzi Editions 50.4 12.5% 50.2 12.3% 0.5% 189,611 11.2% 195,252 11.6% -2.9%
Unbranded 44.3   11.0% 42.9   10.5% 3.1% 273,001   16.2% 259,495   15.4% 5.2%
 
Asia-Pacific 50.6   12.6% 45.9   11.2% 10.3% 173,669   10.3% 162,023   9.6% 7.2%
Natuzzi Italia 22.1 5.5% 21.3 5.2% 3.5% 45,077 2.7% 43,079 2.6% 4.6%
Natuzzi Editions 24.3 6.0% 19.9 4.9% 22.0% 98,471 5.8% 86,555 5.1% 13.8%
Unbranded 4.2   1.1% 4.7   1.1% -9.2% 30,121   1.8% 32,389   1.9% -7.0%
 
Brazil 8.5   2.1% 6.6   1.6% 30.1% 41,272   2.4% 32,617   1.9% 26.5%
Natuzzi Italia 0.2 0.0% 0.0 0.0% 1636.2% 161 0.0% 9 0.0% 1796.5%
Natuzzi Editions 5.3 1.3% 3.6 0.9% 47.4% 16,823 1.0% 12,554 0.7% 34.0%
Unbranded 3.0   0.8% 2.9   0.7% 3.5% 24,289   1.4% 20,055   1.2% 21.1%
                             
TOTAL 402.8   100.0% 409.4   100.0% -1.6% 1,686,347   100.0% 1,680,770   100.0% 0.3%
 
 
BREAKDOWN BY BRAND
NET SALES (in €, million) NET SALES (in seats sold)
Twelve months ended on Twelve months ended on
 
BRAND 31-Dec-13   % 31-Dec-12   % delta 31-Dec-13   % 31-Dec-12   % delta
Natuzzi Italia 132.0 32.8% 139.9 34.2% -5.6% 319,250 18.9% 326,830 19.4% -2.3%
Natuzzi Editions 160.7 39.9% 164.9 40.3% -2.5% 680,168 40.3% 721,088 42.9% -5.7%
Unbranded 110.0   27.3% 104.6   25.5% 5.2% 686,930   40.7% 632,853   37.7% 8.5%
TOTAL 402.8   100.0% 409.4   100.0% -1.6% 1,686,347   100.0% 1,680,770   100.0% 0.3%

 
 
Natuzzi S.p.A. and Subsidiaries
 
Unaudited Consolidated Balance Sheets on the basis of Italian GAAP
(Expressed in millions of Euro)
         
ASSETS       31-Dec-13     31-Dec-12
 
Current assets:
Cash and cash equivalents 61.0 77.7
Marketable debt securities 0.0 0.0
Trade receivables, net 77.3 93.1
Other receivables 48.9 51.0
Inventories 79.0 82.3
Unrealized foreign exchange gains 0.6 0.9
Prepaid expenses and accrued income 1.9 2.0
Deferred income taxes       0.3     0.5
Total current assets       269.0     307.5
 
Non-current assets:
Net property, plant and equipment 142.9 161.5
Other assets       8.8     7.1
Total non-current assets       151.7     168.5
 
TOTAL ASSETS       420.7     476.1
 
LIABILITIES AND SHAREHOLDERS' EQUITY              
 
Current liabilities:
Short-term borrowings 25.0 26.9
Current portion of long-term debt 3.3 3.5
Accounts payable-trade 68.6 63.3
Accounts payable-other 23.7 21.0
Accounts payable-shareholders for dividends - 0.1
Unrealized foreign exchange losses 0.2 0.0
Income taxes 7.1 9.2
Deferred income taxes 1.1 1.1
Salaries, wages and related liabilities       7.5     8.0
Total current liabilities       136.5     133.2
 
Long-term liabilities:
Employees' leaving entitlement 24.8 25.7
Long-term debt 4.2 7.3
Deferred income taxes - long term - -
Deferred income for capital grants 9.1 9.2
Other liabilities       34.5     17.0
Total long-term liabilities       72.6     59.2
               
Minority interest       2.7     2.5
 
Shareholders' equity:
Share capital 54.9 54.9
Reserves 42.8 42.8
Additional paid-in capital 8.4 8.4
Retained earnings       102.8     175.1
Total shareholders' equity       208.9     281.1
 
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY       420.7     476.1

 
 
Natuzzi S.p.A. and Subsidiaries
     
Consolidated Statements of Cash Flows Twelve months ended on
   
(Expressed in million of Euro)       31-Dec-13     31-Dec-12
Cash flows from operating activities:
Net earnings (loss) (68.6) (26.1)
 
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization 16.6 17.0

Write-off of fixed assets

6.0 0.3
Impairment of long lived assets 2.4 0.9
Deferred income taxes 0.2 (6.0)
Minority interest 0.2 0.1

(Gain) loss on disposal of assets

(0.1) 1.3
Unrealized foreign exchange losses (gains) 0.5 (1.5)
Extraordinary items, net 18.5 -
Deferred income for capital grants       (0.5)     (0.6)
Non monetary operating items       43.8     11.6
 
Change in assets and liabilities:
Receivables, net 14.5 (0.1)
Inventories 3.3 11.3
Prepaid expenses and accrued income 0.1 0.6
Other assets 4.9 -
Accounts payable 2.1 (0.2)
Income taxes (2.1) 7.9
Salaries, wages and related liabilities (0.4) (0.1)
Employees' leaving entitlement - (1.0)
Other liabilities       0.2     (11.9)
Net working capital       22.6     6.3
               
Net cash generated/(used) by operating activities       (2.2)     (8.2)
 
Cash flows from investing activities:
Property, plant and equipment:
Additions (8.3) (7.5)
Disposals 0.2 1.7
Other Assets - (0.3)
Dividends distribution (0.2) (0.2)
Purchase of business, net of cash acquired       -     (0.2)
Net cash generated/(used) by in investing activities       (8.3)     (6.5)
 
Cash flows from financing activities:
Long-term debt:
Proceeds - -
Repayments (3.3) (3.8)
Short-term borrowings       (1.9)     2.8
Net cash generated/(used) by financing activities       (5.2)     (0.9)
               
Effect of translation adjustments on cash       (1.0)     (0.7)
               
Increase (decrease) in cash and cash equivalents       (16.7)     (16.3)
               
Cash and cash equivalents, beginning of the year       77.7     94.0
               
Cash and cash equivalents, end of the period       61.0     77.7

CONTACT:
NATUZZI INVESTOR RELATIONS
Piero Direnzo, +39.080.8820.812
pdirenzo@natuzzi.com
or
NATUZZI CORPORATE COMMUNICATION
Vito Basile (Press Office), +39.080.8820.676
vbasile@natuzzi.com



SIGNATURES

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.

NATUZZI S.p.A.

 
(Registrant)

 

 

 

Date:

March 26, 2014

By:

/s/ Pasquale Natuzzi

Pasquale Natuzzi