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Net sales 1,362 million euro (1,274.6 mln in 2014) Ebitda 160.8 million euro (149 mln in 2014) with Ebitda margin 11.8% of net sales Ebit 54.1 million euro (57.6 mln in 2014) with Ebit margin 4% of net sales Consolidated net loss of 9.6 million euro (from the loss of 70.8 mln in 2014) The parent Immsi S.p.A. posts a net profit for the year of approximately 15.5 million euro (loss of 65.6 million euro for year to 31.12.2014) A decisive factor in the consolidated loss for the year was the adjustment of deferred tax assets and liabilities to the new nominal Ires tax rate ruling as from the 2017 tax period; net of this adjustment and the share attributable to minority interests, the Immsi Group would have reported a substantial break-even for the year. Net financial debt 926.7 million euro (909.8 mln at 31.12.2014) Industrial Sector (Piaggio Group): net sales 1,295.3 million euro, +6.8% from 2014. Leadership on the European two-wheeler market, with overall share of 15.2% and 24.1% share of scooter segment. Revenue growth on all lines of business (two-wheelers, commercial vehicles, spares and accessories) and in the main geographical areas (EMEA, India, Asia Pacific). In the scooter sector, revenue growth for the Vespa brand (+3.5%). In motorcycles, revenues rise 27.4% for Moto Guzzi and 36% for Aprilia. Commercial three-wheel vehicles: leadership in Cargo segment confirmed in India Naval Sector (Intermarine): 9.4% growth in net sales to 61.8 million euro, from 56.5 million euro in 2014. Order backlog at 300 million euro at the end of 2015, with projection to approximately 500 million euro by the end of 2016 Is Molas Golf Resort: significant progress in construction of first batch of villas at the residential and hotel complex in Santa Margherita di Pula *** Proposed dividend of 0,015 euro (equivalent to approximately 5,1 million euro) Mantua, 23 March 2016 – The Immsi S.p.A. Board of Directors examined and approved the 2015 draft financial statements for presentation to the shareholders’ meeting. In 2015, the Immsi Group reported an increase in net sales, Ebitda and the Ebitda margin compared with 2014. Consolidated net sales for the year to 31 December 2015 totalled 1,362 million euro – an improvement of 6.9% from 1,274.6 million euro in 2014 – of which 95.1% in the industrial sector (Piaggio Group), 4.5% in the naval sector (Intermarine S.p.A.) and the residual amount in the real estate and holding sector (Immsi S.p.A. and Is Molas S.p.A., net of intragroup eliminations). Immsi Group consolidated Ebitda for the year to 31 December 2015 was 160.8 million euro, an increase of 7.9% from 149 million euro in 2014. The Ebitda margin also showed a slight improvement, from 11.7% to 11.8% of net sales at the end of 2015. EBIT in 2015 amounted to 54.1 million euro, a small decrease of 6.2% from 57.6 million euro in 2014. The Group posted a loss before tax of 1.8 million euro, an improvement from the loss of 68.8 million euro in 2014. The result reported in 2014 included the impairment loss totalling 64.35 million euro on the equity investment in Alitalia - Compagnia Aerea Italiana S.p.A. The Immsi Group posted a net loss for the year ended 31 December 2015 – after tax and the share attributable to minority interests – of 9.6 million euro, a significant improvement of 61.3 million euro compared with the loss of 70.8 million euro for the year ended 31 December 2014. A decisive factor in the loss for the year was the adjustment of deferred tax assets and liabilities to the new nominal Ires tax rate of 24% ruling as from the 2017 tax period, compared with the current tax rate of 27.5%, as required by the 2016 Stability Law; the adjustment generated an overall negative effect of approximately 14.4 million euro. Net of this adjustment and the share attributable to minority interests, the Immsi Group would have reported a substantial break-even for the year. Immsi Group net financial debt at 31.12.2015 totalled 926.7 million euro, from 909.8 million euro at 31.12.2014. This was largely due to the year's capital expenditure, of which 5.3 million euro related to the Piaggio group. Immsi Group total shareholders' equity was 428.1 million euro at 31 December 2015, compared with 442.1 million euro at 31 December 2014. * * * Industrial Sector Analysing performance in the Immsi Group areas of operation in 2015, in the industrial sector the Piaggio group sold 322,500 two-wheelers (334,200 in 2014), generating net sales of 884.9 million euro, an improvement of 5.2% from 841 million euro in 2014. The figure includes spares and accessories, where sales totalled 123.9 million euro (+8.3% from 2014). In the two-wheeler business, the Piaggio group reported revenue growth in all the main geographical areas where it operates, with turnover of 665.5 million euro in the EMEA and Americas areas (+5% from 2014), 196.2 million euro in Asia Pacific (+3.8%) and 23.2 million euro in India (+26.2%). In the commercial vehicles sector, the group sold 197,200 vehicles (212,300 in 2014) for net sales of 410.4 million euro (+10.2% from 372.3 million euro in 2014). The figure includes spares and accessories, where sales totalled 42.7 million euro (+24.2% from 34.4 million euro in 2014). In commercial vehicles, in the EMEA and Americas area, the Piaggio group reported net sales of 79.8 million euro, with revenue growth of 21.1% from 2014, and 12,800 shipments, an increase of 27.1% from 2014. In India, net sales for commercial vehicles at the subsidiary Piaggio Vehicles Private Limited (PVPL) amounted to 330.6 million euro (+7.9% on 306.3 million euro in 2014), despite a 3.3% slowdown in sales on the Indian three-wheeler market as a whole compared with 2014. On the Indian three-wheel commercial vehicle market, PVPL had an overall share of 30.9%; it strengthened its leadership in the Cargo segment with a market share rising to 54.1% (52.2% in 2014), and maintained a significant share (25.7%) of the Passenger segment. In 2015 the PVPL production hub also exported 26,100 three-wheel commercial vehicles worldwide. These sales arose in part in the EMEA and Americas area and in part in the India area, in connection with responsibility for management of the individual markets. Naval Sector The naval sector (Intermarine S.p.A.) reported an increase in net sales in 2015 – turnover and changes in contract work in progress – with growth of 9.4% to 61.8 million euro, against 56.5 million euro in 2014. Production progress referred mainly to the Defence division, with 58.6 million euro (52 million euro in 2014), arising largely from progress on the revamping of the Italian Navy’s Gaeta minehunters, on the construction and supply of logistics packages for the Guardia di Finanza police corps, on the construction of the remaining mine counter measures vessel for the Finnish Navy and on the Selex order for construction of an integrated minehunter platform as a subcontractor to a leading constructor in the sector; and, to a lesser extent, to the Fast Ferries and Yacht divisions, which reported aggregate turnover of 3.2 million euro (4.5 million euro in 2014), mainly for repair work. The Intermarine order backlog stood at approximately 300 million euro at 31 December 2015, relating almost entirely to the Defence division. Net sales in the real estate and holding sector totalled 4.9 million euro for the year ended 31 December 2015, substantially in line with 2014. * * * Immsi S.p.A. parent company The parent Immsi S.p.A. posted a net profit for the year of approximately 15.5 million euro, compared with a net loss of approximately 65.6 million euro for the year to 31 December 2014. The parent had net cash inflows of 14.6 million euro, arising chiefly from dividends of 13.2 million euro collected from Piaggio in 2015 and from the capital gain of 2.7 million euro on the sale of Piaggio shares (a sharp improvement from net cash outflows of 66.4 million euro in 2014, due to the impairment loss of 64.35 million euro on Alitalia – CAI). At 31 December 2015, the parent Immsi S.p.A. had net financial debt of 78.2 million euro, a decrease of approximately 7.7 million euro from the figure at 31 December 2014 (85.8 million euro). The decrease arose chiefly from the collection in April 2015 of dividends of approximately 13.2 million euro from the subsidiary Piaggio & C. S.p.A. and from 5.2 million euro in May on the sale of 1.9 million Piaggio & C. S.p.A. shares; these inflows were offset only in part by cash flows used in operations and by amounts totalling approximately 1.8 million euro paid in 2015 for “future share capital increase”, in compliance with the stand-by equity commitment undertaken in September 2014 to subscribe and pay for a maximum amount of 10 million euro the share capital increase approved by the Alitalia - CAI shareholders’ meeting on 25 July 2014. The Board of Directors will ask the Immsi Shareholders' Meeting, to be held on 29 April 2016 on first call and on 13 May 2016 on second call, to approve payment of a gross dividend of 0,015 euro per share, for an overall maximum amount of 5,1 million euro. The ex dividend date (coupon no.12) is 23 May 2016, the record date is 24 May 2016 and the payment date is 25 May 2016. * * * 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, which is due to expire during 2016. The proposal aims to provide the company with a valid strategic investment opportunity for all purposes allowed under current law, including the purposes contemplated in the “market practices” allowed by the Consob pursuant to art. 180, paragraph 1, lett c) of the Consolidated Finance Act with resolution no. 16839 of 19 March 2009 (”Market Practices”) and Regulation CE no. 2273/2003 of 22 December 2003 (the “Safe Harbour Regulation”), where applicable, and also for purchases of own shares for subsequent cancellation. 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. * * * Outlook In 2016, the subsidiary Is Molas S.p.A. expects to complete construction of the first group of 15 residential units and the first lot of urbanisation works, which will enable it to verify the response of the market and to draw up the first preliminary sales agreements, and thus move the Is Molas project forward. At the Piaggio group, in a general economic context likely to see 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 emerging countries, 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:a further strengthening of the product range, to grow sales and margins in the high-wheel scooter sector with the new Liberty and Medley and in the motorcycle sector, with the renewed Moto Guzzi and Aprilia ranges;entry on to the e-bike market, with the new Piaggio Wi-Bike, leveraging the Group’s leadership in technology and design;maintenance of current positions on the European commercial vehicle market;consolidation in the Asia Pacific region by exploring new opportunities in mid-range motorcycles and replicating the premium strategy in Vietnam throughout the region, with a special focus on the Chinese market;strengthening sales on the Indian scooter market by extending the offer of Vespa products and introducing new models in the premium scooter and motorcycle segments for the other group brands;growing commercial vehicle sales in India and the emerging countries, aiming for further growth in exports to Africa and South America. In the naval sector (Intermarine S.p.A.), 2016 will see significant developments in activities on the contract with the Asian builders for the construction of the floating platform at Sarzana. The sector also expects to start up and develop construction work on further two special units. On the contract with the Finnish Navy, operations are underway for the issue of the final acceptances on the two units that have been delivered, and work will continue on the third unit, delivery of which is scheduled by the end of September 2016. Every opportunity will be taken to cut direct and indirect costs in order to report positive earnings figures and consequently increase shareholders’ equity and reduce financial exposure.