Consolidated net sales € 1,112.3 million (1,200.2 million in the first nine months of 2011)

Net profit at 4.0% in terms of turnover (3.9% in the first 9 months of 2011) 

 Net profit € 44.4 million (47.1 million in the first nine months of 2011)

EBITDA margin at 14.0% (14.3% in the first nine months of 2011) 

EBITDA € 156.0 million (171.8 million in the first nine months of 2011)

EBIT margin at 8.6% (8.7% in the first nine months of 2011) 

Consolidated EBIT € 95.8 million (104.0 million in the first nine months of 2011) 

Gross margin at 30.3% in terms of turnover (30.6% in the first 9 months of 2011) 

Gross margin € 337.3 million (367.6 million in the first nine months of 2011) 

Net financial position € -365.3 million 

Mantua, 26 October, 2012  - At a meeting today in Mantua chaired by Roberto Colaninno, the Board of Directors of Piaggio & C. SpA has reviewed and approved the quarterly report of September 30, 2012.

The indisputably positive performance of the Piaggio Group takes on even greater significance when compared with the 2012 macroeconomic scenario -  extremely challenging and demanding for most industrial sectors - with areas of outstanding difficulty in the two wheeler and commercial vehicle markets and segments in which the Group operates.

Despite the difficulties presented by these scenarios, the performance of the Piaggio Group in the western markets highlights the continued consolidation of European leadership in the two-wheeler sector - with the European scooter share growing for the sixth consecutive quarter - and steady growth in the United States - one of the few western two-wheeler markets showing a positive trend. In Asian countries, the Group continues to reap the benefits of its strategy of investment globalization, productive assets and commercial activities, developed with the utmost determination since 2003.

Rigorous cost reduction and productivity improvement have maintained the high profitability levels of the Group, without slowing down the implementation of the global expansion strategies defined in the Strategic Plan 2011-2014. The focus remains the same: brand policies and premium price, and growth in emerging markets - which are the basis of the positive results today approved.

* * *

The consolidated net sales of the Group in the first nine months of 2012 amounted to 1,112.3 million euro, compared to 1,200.2 million euro in the first nine months of 2011.

In the first nine months of 2012, the Piaggio Group sold 475,200 vehicles around the world, compared to 512,200 vehicles sold in the first nine months of 2011.

In the two-wheeler business, the Piaggio Group in the first nine months of 2012 sold 321,300 vehicles, with a turnover of 706.3 million euro (compared to 332,800 units and 777.2 million euro in the first nine months of 2011).

The drop in sales in Europe - where the two-wheeler market recorded an overall decrease of 12.8% in scooters and 11.7% in bikes compared to the first nine months of 2011 - was partly offset by the Piaggio Group's increased share on the continent and by its strong growth in the Asia Pacific area, with units sold and Group turnover growing by 15.0% and 20.2% respectively, and in America, where units sold and revenue was up by 42.8% and 108.0% respectively.  On the Vietnamese scooter market, Piaggio rose to an 18.8% share in the automatic scooter segment - an increase of 0.8 percentage points compared to January-September 2011. On the U.S. market, the Piaggio Group consolidated its position as a primary scooter manufacturer with a share of over 25%.

The Group also consolidated its leadership of the two-wheeler industry in Europe, taking 19.8% of the total market and rising further to 28.2% in the scooter sector (+0.6 percentage points compared to the first nine months of 2011). The Poste Italiane order pushed the overall Italian market share up to 31.1%, increasing the Group's leadership by 3.1 percentage points compared to January-September 2011.

Indian market sales of Vespa scooters, produced at the new plant in Baramati, amounted to approximately 13,000 units at 30 September of this year. They were introduced to this market in May.  The start up of this new and important area of Piaggio