Confirmation of members of the board of directors
Milan, 30 March 2006 – The Annual General Meeting of Piaggio & C. S.p.A. was held today in Milan. The shareholders approved the figures for financial year 2005 for the parent company and the Group set out in the draft financial statements presented by the Board of Directors and already announced last 8 March.
Briefly, consolidated net sales totalled € 1451.8 million, EBITDA was € 184.8 million and a profit of € 37.9 million was posted after tax and minority interest. Net debt at 31 December 2005 stood at € 411.4 million.
The shareholders confirmed all the members of the outgoing Board of Directors, namely: Roberto Colaninno (Chairman), Rocco Sabelli, Luciano Pietro La Noce, Giorgio Magnoni, Matteo Colaninno, Gaetano Micciche, Daniele Discepolo, Carlo Pirzio Broli and Graham Clempson. The Board of Directors will remain in office until the date of the first ordinary Shareholders’ Meeting held after trading of Piaggio & C. ordinary shares begins on the automated trading system of Borsa Italiana; the meeting must be called within 60 days of admission for trading and in any case no later than 30 September 2006.
The shareholders also confirmed the members of the Board of Statutory Auditors, namely Giovanni Barbara (Chairman), Attilio Francesco Arietti and Alessandro Lai as acting auditors, Maurizio Maffeis and Mauro Girelli as substitute auditors, for financial years 2006-2007-2008, and approved the engagement of the independent auditors Deloitte&Touche S.p.A. for financial years 2006-2011.
The Board of Directors of Piaggio & C. S.p.A. met after the Shareholders’ Meeting and confirmed Matteo Colaninno’s appointment as Deputy Chairman and Rocco Sabelli as Chief Executive Officer.
This announcement is not an offer for sale of securities in the United States. The securities referred to herein may not be sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended. Piaggio & C. S.p.A. does not intend to register any portion of the offering of the securities in the United States or to conduct a public offering of the securities in the United States. Copies of this announcement are not being made and may not be distributed or sent into the United States, Canada, Australia or Japan.
This communication is directed only at persons who (i) are outside of the United Kingdom or (ii) have professional experience in matters relating to investments or (iii) are persons falling within Article 49(2)(a) to (d) (“high net worth companies, unincorporated associations etc”) of The Financial Services and Markets Act 2000 (Financial Promotion) Order 2001 (all such persons together being referred to as “relevant persons”). This communication must not be acted on or relied on by persons who are not relevant persons. Any investment activity to which this communication relates is available only to relevant persons and will be engaged in only with relevant persons.