For the three months ended December 31, 2012 the Group reported a net loss of €12.1 million.FISCAL YEAR 2012 CONSOLIDATED FINANCIAL RESULTS Total net sales (including raw materials and semi-finished products sold to third parties) for the whole 2012 were €468.8 million, down 3.6% over 2011. Total upholstery net sales amounted to €409.4 million, down 3.7% from €425.3 million reported in 2011. Net sales from the Natuzzi Italia branded products totaled €139.9 million, down 22.8% from €181.4 million in 2011, with Europe (Italy included) reporting a 27.4% decrease over 2011. The medium/low-end products, under the “Other Brands” item, reported an average 10.5% increase over 2011, thanks in particular to the good performance from the Americas region (+20.9%) and the “Rest of the World” region (+10.8%), and although disappointing sales from Europe (-4.6%). According to a geographical breakdown of sales, we highlight the overall positive result in 2012 from the “Americas” region (+18.3% over 2011), thanks to the effectiveness of the commercial actions in that region and also to the favorable foreign exchange trend over the period; in particular, it is worth being noted the performance from the USA (+14.7%), Canada (+26.5%) and Brazil (+84.2% at €6.6 million). Sales from Europe are still disappointing (-18.2% versus 2011, Italy included), being affected by the economic slowdown and decreasing consumption. Sales from the “Rest of the World” region were at €59.5 million, down by 3.2% over the previous year. The Industrial Margin during 2012 as percentage of total net sales was 33.1%, substantially in line with the 33.0% reported for 2011, thanks especially to the efficiency recovery measures implemented in the manufacturing plants that have offset the negative contribution from a different sales mix. Selling expenses as percentage of total net sales were flat (16.4% for both 2012 and 2011). In particular, transportation costs (at €47.6 million), passed form 9.5% in 2011 to 10.2% in 2012; commissions paid to third-party agents (at €9.7 million) passed from 1.9% reported for 2011 to 2.1% in 2012. Advertising costs (at €19.5 million), passed from 5.0% in 2011 to 4.2% reported for 2012.