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Consolidated net sales 1,454.9 million euro, up 5.1% (1,383.8 €/mln in 2016) Ebitda 209.6 million euro, up 24.4% (168.5 €/mln in 2016)Ebitda margin 14.4% (12.2% in 2016) Ebit 86.4 million euro, up 51.6% (57 €/mln in 2016)Ebit margin 5.9% (4.1% in 2016) Profit before tax 39 million euro (4.5 €/mln in 2016) Net profit including minority interests 14.9 million euro (loss of 8.3 €/mln in 2016), Strong growth in consolidated net profit to 8.2 million euro(loss of 8.7 €/mln in 2016) Net financial position -858.9 million euro,an improvement of 48 €/mln from -906.9 €/mln at 31 December 2016 *** Industrial Sector (Piaggio Group): improvements in all the main financial indicators and reduction in debt. Consolidated net sales +2.2%, Ebitda +12.6%, Ebitda margin +14.3%, Ebit +18.8%, net profit of 19.7 million euro, +40.5%. Confirmation of leadership on European two-wheeler market, with a share of 15.1% Naval Sector (Intermarine): strong rise in all key indicators as a result of production progress and significant reduction in debt. Further increases in production volumes and profits, and a consequent reduction in debt, forecast for the next three years (2018-2020) Real Estate Sector (Is Molas): completion of first lot of 15 residences and urbanisation works*** Authorisation for the purchase and sale of own shares Mantua, 21 March 2018 – At a meeting today chaired by Roberto Colaninno, the Board of Directors of Immsi S.p.A. (IMS) examined and approved the 2017 draft financial statements. Immsi Group financial and business performance in the year ended 31 December 2017 Compared with 2016, the Immsi Group reported a strongly improved positive performance in the year ended 31 December 2017, with a return to net profit and a reduction in debt. Consolidated net sales totalled 1,454.9 million euro, up by 5.1% from 1,383.8 million euro in the previous year. Immsi Group consolidated Ebitda amounted to 209.6 million euro, an improvement of 24.4 % from 168.5 million euro in 2016. The Ebitda margin was 14.4% (12.2% in 2016). Ebit was 86.4 million euro, up 51.6% from 57 million euro in 2016. The Ebit margin was 5.9% (4.1% at 31 December 2016). Profit before tax in 2017 was 39 million euro (4.5 million euro in 2016). Income tax expense amounted to 24.1 million euro (12.8 million euro in 2016). Net profit including minority interests totalled 14.9 million euro (a loss of 8.3 million euro in2016). The Immsi Group posted a consolidated net profit of 8.2 million euro for 2017, a significant improvement from the loss of 8.7 million euro for 2016. Immsi Group net financial debt at 31 December 2017 was 858.9 million euro, an improvement of 48 million euro from debt of 906.9 million euro at 31 December 2016, largely arising from operating cash flows. Immsi Group human resources at 31 December 2017 numbered 6,964 employees worldwide. The figure includes the Group’s 3,788 Italian employees, substantially unchanged from the figure at the end of 2016. Business performance in 2017 Industrial Sector: Piaggio Group In the industrial sector, for the year ended 31 December 2017 the Piaggio Group reported consolidated net sales of 1,342.5 million euro (+2.2% from 2016), consolidated Ebitda of 192.3 million euro (+12.6%) and an Ebitda margin of 14.3% (the best result reported to date). EBIT in 2017 amounted to 72.3 million euro, up 18.8%. Piaggio Group net profit for the year ended 31 December 2017 was 19.7 million euro, up by 40.5%. Net financial debtat 31 December 2017 stood at 452 million euro, an improvement of 39 million euro from 31 December 2016. In 2017, the Piaggio Group shipped 552,800 vehicles worldwide (+3.9%), with volume growth of 3.5% in the Emea and Americas areas and of 7.4% in India. Looking at the Piaggio Group's individual businesses, a total of 376,000 two-wheelers were sold worldwide (+9.3%), maintaining the Group's leadership in Europe with an overall market share of 15.1%, rising to 24.2% in scooters alone. In light commercial vehicles, shipments totalled 176,800 vehicles. On the Indian three-wheeler market, the subsidiary PVPL confirmed its leadership in the cargo segment with a 48.8% market share. On the robotics front, the subsidiary Piaggio Fast Forward continues development of the innovativeGita and Kilo projects for smart, autonomous vehicles to enhance the productivity of mobility in today’s increasingly complex urban environments. Naval Sector: Intermarine S.p.A. In the naval sector, Intermarine S.p.A. reported a strong improvement in all key indicators in 2017: net sales of 107.7 million euro, a significant increase (+64.1%) from 65.7 million euro in 2016; positive Ebitda of 20.6 million euro, a notable improvement (2.7 million euro in 2016); Ebitda margin of 19.1%; Ebit of 17.9 million euro (1.5 million euro in 2016) with a positive Ebit margin of 16.6%. Net profit for the year was 10.2 million euro, a strong improvement from the net loss of 1.8 million euro in 2016, with a return of 9.4% on value of production. Net debt at 31 December 2017 was 43.3 million euro, an improvement of 24 million euro from 67.3 million euro at 31 December 2016. The Intermarine order book at 31 December 2017 stood at approximately 209 million euro. Over the next three financial years(2018-2020) the company projects an additional improvement in production volumes and profits, and consequently an increase in shareholders' equity and a reduction in financial exposure. Real Estate and Holding sector For 2017, the real estate and holding sector reported net sales of approximately 4.8 million euro (5.1 million euro in 2016) and a consolidatable net loss of 9.1 million euro, an improvement from the loss of 14.5 million euro in the previous year. The subsidiary Is Molas S.p.A., which manages the Is Molas Golf Resort project in the Sardinian province of Cagliari, substantially completed the first lot of residences and initial urbanisation works. In the next few weeks, the 4 finished showhomes will be delivered and the remaining 11 residences will be made available in an advanced stage of construction to enable future buyers to choose the finishes. Meanwhile, commercial operations are underway to identify possible national/international purchasers. *** Immsi S.p.A. parent company The parent Immsi S.p.A. posted a net profit for the year of approximately 3 million euro (5.5 million euro for 2016), which was also a result of adjustments to the carrying amounts of equity investments held. At 31 December 2017, the parent Immsi S.p.A. had net financial debt of 73.5 million euro, a decrease of 6.1 million euro from the figure at 31 December 2016 (79.6 million euro). The Board of Directors will ask the Shareholders’ Meeting to be held on 30 April 2018 on first call and on 10 May 2018 on second call not to distribute a dividend for financial year 2017 (a similar proposal was approved for financial year 2016). *** Outlook In the industrial sector, in a general economic context witnessing a strengthening of the global economic upturn, where uncertainty will nonetheless remain with regard to the speed of European growth and the risk of a slowdown in some Asian countries in the Far East, Piaggio Group commercial and industrial operations will focus on: confirming the leadership position on the European two-wheeler market, taking full advantage of the expected recovery through:further strengthening of its product range;maintenance of current positions on the European commercial vehicle market;consolidating its presence in Asia Pacific, in part through the opening of new Motoplex stores, the exploration of new opportunities in countries in the region, with a particular focus on the premium segment of the market;increasing sales on the Indian scooter market thanks to the Vespa offer and the success of the new Aprilia SR 150;growing the penetration of commercial vehicles in India, in part through the introduction of new engine displacements, and related sales in the emerging countries, aiming for further growth in exports to Africa and South America. From the technological viewpoint, the Piaggio Group will continue research on new solutions to current and future mobility problems, through the work of Piaggio Fast Forward (Boston) and new advances in design at PADc (Piaggio Advanced Design center) in Pasadena. At a more general level, the Group maintains its commitment – a characteristic of recent years and continuing in 2018 – to generate higher productivity through close attention to cost and investment efficiency, in compliance with its ethical principles. In the naval sector (Intermarine S.p.A.) intensive international commercial activity will continue during 2018, with a specific focus on Asia and Europe, and progress will continue on the orders acquired in the Mediterranean area. Intermarine management will also pursue every opportunity to contain direct and indirect costs. * * * Non-financial disclosure At today’s meeting, the Board of Directors approved the first Immsi S.p.A. non-financial disclosure drawn up pursuant to legislative decree 254/2016, included in the Directors’ Report on Operations as at and for the year ended 31 December 2017. * * * Authorisation for the purchase and sale of own shares At today’s meeting, the Board of Directors also agreed to ask the ordinary session of the shareholders' meeting to renew the authorisation for the purchase and disposal of Immsi own shares granted by the AGM of 12 May 2017, which is due to expire during 2018. The proposal aims to provide the company with a useful strategic investment opportunity for all purposes allowed under current regulations, including the purposes contemplated in art. 5 of EU Regulation 596/2014 (Market Abuse Regulation, hereinafter “MAR”) and in the practices allowed under art. 13 MAR, including purchases of own shares for subsequent cancellation, on the terms and conditions that will be approved by the relevant governance bodies. All information relating to the terms and procedures of the authorisation will be set out in the Report on the purchase and disposal of own shares, which will be made available to shareholders as required by law.