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IMMSI GROUP: FIRST 9 MONTHS OF 2010Consolidated:Net sales € 1,252.4 million (-1.0% from first 9 months of 2009)Consolidated net profit € 13.5 million (+40.7% from first 9 months of 2009)EBITDA € 162.5 mln (+0.1% from first 9 months of 2009)EBITDA margin up to 13% (12.8% in first 9 months of 2009)EBIT € 95.2 mln (+5.5% from first 9 months of 2009)Net debt € 647.3 mln (from 638.0 mln at 31.12.2009)* * *Parent company Immsi S.p.A.:Net profit € 22.1 mln (+100.7% from first 9 months of 2009)Net debt € 63.4 mln (down by € 16.8 mln from € 80.2 mln at 31.12.2009)* * *Closure of share buyback program  Milan, 3 November 2010 - At a meeting today in Milan chaired by Roberto Colaninno, the Immsi S.p.A. Board of Directors examined and approved the Group figures for the first nine months of 2010.  Immsi Group consolidated net sales for the nine months to 30 September 2010 totalled 1,252.4 million euro, down by 1% from 1,264.9 million euro in the first nine months of 2009.   Consolidated EBITDA to 30 September 2010 was 162.5 million euro, an increase of 0.1% from 162.3 million euro in the first nine months of 2009. The EBITDA margin also improved, rising from 12.8% in the first nine months of 2009 to 13% in the first nine months of 2010.   Consolidated EBIT for the first nine months of 2010 was 95.2 million euro, up by 5.5% from 90.2 million euro in the first nine months of 2009. The EBIT margin also rose, to 7.6%, compared with 7.1% in the year-earlier period.   Consolidated earnings before tax at 30 September 2010 were 69.8 million euro, an increase of 13.4% from 61.5 million euro in the first nine months of 2009.   Tax for the nine months amounted to 41.4 million euro, compared with 39.5 million euro for the first nine months of 2009.   After tax and minority interests, the Group posted a consolidated net profit of 13.5 million euro at 30 September 2010, for growth of 40.7% from 9.6 million euro in the first nine months of 2009.   Group net debt at 30 September 2010 stood at 647.3 million euro, compared with 638.0 million euro at 31 December 2009.   Group consolidated shareholders' equity (gross of minority interests) was 638.7 million euro at 30 September 2010, against 620.6 million euro at 31 December 2009.   Looking at performance in the Immsi Group core businesses, in the industrial sector (Piaggio group) net sales in the first nine months of 2010 were 1,176.3 million euro, an increase of 0.3% from the year-earlier period.   In the first nine months of 2010 the Piaggio group sold a total of 493,700 vehicles worldwide, a volume improvement of 3.9% from January-September 2009. The increase arose largely as a result of the group’s success on the Asian two-wheeler market and the Indian commercial vehicle market, which, combined with the rise in Piaggio group two-wheeler sales in Europe, excluding Italy, more than made up for the downturns reported on the Italian and US markets.   For the first nine months of 2010, the Piaggio group reported a net profit of 46.7 million euro (+16.5% from the first nine months of 2009), EBITDA of 172.3 million euro (+0.1% from the first nine months of 2009), EBIT of 108.1 million euro (+4.9%) and profit before tax of 88.7 million euro (+11.5% from the first nine months of 2009).   In the shipbuilding sector (Rodriquez group), consolidated net sales at 30 September 2010 amounted to 71.4 million euro, down by 18.0% from 87.1 million euro at 30 September 2009. The decrease related largely to the parent company Rodriquez Cantieri Navali S.p.A. and the subsidiary Intermarine S.p.A.; specifically, the latter was affected by production delays at its Sarzana shipyard caused when the river Magra broke its banks at the beginning and the end of 2009, which led to a four-month standstill in production at the whole Sarzana shipyard (the Rodriquez group’s main production unit).   In the real estate sector and the holding, including the Is Molas S.p.A. subsidiary, which runs a tourist, hotel and sports complex in Pula (Cagliari), net sales at 30 September 2010 were 4.7 million euro, a slight improvement (+1.2%) on net sales in the first nine months of 2009.   Parent company Immsi S.p.A.   The parent company Immsi S.p.A. reported a net profit for the first nine months of 2010 of approximately 22.1 million euro, compared with 11.0 million euro at 30 September 2009. Net debt at 30 September 2010 stood at 63.4 million euro, a significant decrease (approximately 16.8 million euro) from the figure at 31 December 2009. The improvement in the first nine months of 2010 was due largely to proceeds arising on the sales of Piaggio shares and Unicredit rights (for 22.1 and 0.9 million euro respectively) and to the dividends collected from Piaggio & C. S.p.A. and from Unicredit, of 14.2 million euro and 0.3 million euro respectively.   Closure of share buyback program During the meeting, the Chairman informed the directors that the authorisation for the Immsi share buyback approved by the shareholders' meeting of 29 April 2009 had expired on 29 October 2010.   During the period in question, the company did not buy back any shares and currently holds 2,670,000 own shares in portfolio, representing 0.778% of share capital. The authorisation to dispose of own shares was granted without any time restrictions.   Events after 30 September 2010 and full-year outlook On 2 November 2010, Immsi S.p.A. sold 5,000,000 Piaggio & C. S.p.A. ordinary shares, representing 1.345% of total share capital, to Banca IMI S.p.A., for placement with institutional investors. As a result of the transaction, Immsi S.p.A.’s shareholding in Piaggio & C. S.p.A. decreased from 54.393% to 53.048% of share capital. The proceeds from the sale amount to approximately 12.2 million euro, and the gross capital gain is approximately 5.5 million euro.  At the Rodriquez Cantieri Navali group, in October the Boards of Directors and the extraordinary shareholders' meetings approved the upstream merger of the wholly owned subsidiaries Conam S.p.A. and Rodriquez Marine System s.r.l. into and with Rodriquez Cantieri Navali S.p.A.   As far as the full-year outlook is concerned, in the industrial sector, the Piaggio group will continue its industrial and commercial growth strategy on key Asian markets during the fourth quarter of 2010, in order to strengthen its leadership on the Indian three- and four-wheel light commercial vehicle market and win additional market share in the scooter sector in Vietnam. At corporate level, Piaggio group R&D will focus on the renewal of the product ranges – scooters, motorcycles and commercial vehicles – with particular attention to development of energy-efficient engines with little or zero environmental impact.   * * *   The manager in charge of preparing the company accounts and documents, Andrea Paroli, certifies, in accordance with paragraph 2 Art. 154-bis of Legislative Decree no. 58/1998 (Consolidated Financial Act), that the accounting disclosures in this press release correspond to the documentation, the ledgers and the accounting records.   The Quarterly Report to 30 September 2010 is not subject to auditing.   Immsi S.p.A. said that the Quarterly Report to 30 September 2010 would be available for the public at the company head office in Mantua and at Borsa Italiana S.p.A., and posted on the company website www.immsi.it, as from 5 November 2010.     For more information:Immsi Group Press OfficeRoberto M. ZerbiVia Broletto, 1320121 Milan – Italy+39 02 02.319612.15/16/17/18ufficiostampa@immsi.it / press@piaggio.comwww.immsi.it