Emak SpA : Shareholders'Meeting approves 2011 financial statements and dividend proposal

Press Release

Emak S.p.A. shareholders' meeting approves 2011 financial statements.

Resolution passed to pay a dividend of € 0.025

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Bagnolo in Piano (RE), 23 April 2012 - The Ordinary Shareholders' meeting of Emak S.p.A. met today and approved the financial statements for the period ending 31 December 2011 and passed a resolution for the distribution of a dividend of €0.025 (coupon no.15), to be paid on 7 June 2012 with date of coupon detachment 4 June 2012.

The Shareholders'' Meeting has also positively resolved on the top management remuneration policy adopted by the company.

The Shareholders' Meeting also renewed authorisation of the buy-back program for up to a maximum of 9,000,000 shares, equal to approximately 5.490% of the current share capital. For the aims and conditions regarding operations for the purchase and disposal of treasury shares, reference should be made to the proposal of the Board of Directors made to the Meeting, which is available at the company's head office, at Borsa Italiana S.p.A. and also at the web site www.emak.it.

Please note that during the year 2011 the Group has finalized important acquisitions. Starting from 1 October 2011, the Ukrainian company Epicenter LLC entered in the scope of consolidation of the Group. On 22 December 2011 the parent company Emak S.p.A. finalized the acquisition from the related Yama Group, of Tecomec Group, Comet Group, Sabart and Raico, whose only the assets, liabilities and financial situation have been consolidated in the Emak Group's balance sheet at 31 December 2011. The operation has been financed mainly through a capital increase.

During the 2011 financial year the Emak Group achieved a consolidated turnover of € 204.4 million compared to € 206.8 of the year 2010. EBITDA for 2011 amounts to € 17.5 million, compared to € 23.5 million for 2010 (respectively € 19.6 million and € 21.3 million excluding the most significant non-recurring transactions for both years). Consolidated net profit for 2011 is € 5.8 million, compared to €11.6 million last year

In order to give a better representation of the Emak Group, pro-forma consolidated economic figures have been prepared as if the Emak Group and the acquired companies would have worked as a single group led by Emak S.p.A. since 1 January 2011.
Consolidated pro-forma net sales for 2011 stand at € 356.9 million compared to € 348.9 million in 2010. EBITDA for the period is € 35.7 million, against € 39.6 million of the previous year (respectively € 37.8 million and € 37.4 million excluding the most significant non recurring operations for both years). Net profit of 2011 reaches € 13 million, against € 18.2 million of the previous year. Adjusting both figures, net profit of 2011 amounts to € 14.5 million, compared to € 16.4 million in 2010.
Consolidated net equity at 31 December 2011 stands at € 140.1 million, against € 114 million at 31 December 2010. The net negative financial position moved from € 27.4 million at 31 December 2010to € 97.3 million at 31.12.2011 mainly due to the change in the scope of consolidation

For additional information:
Mr. Andrea La Fata
Investor Relation Office
Phone [phone];Fax [phone]
[e-mail]; www.emak.it

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Emak is one of the main global palyers in the production and distribution of machines, components and accessories for gardening, agriculture, forestry and industry such as chainsaws, brushcutters, lawnmowers, garden tractors, motor hoes and power cutters. The Group distributes its products through commercial branches and a network of nearly 20,000 dealers in more than 80 countries in all five continents. In 2011 Emak Group realized a total turnover of € 204.4 million and counted around 1,000 employees. .The parent company Emak S.p.A. has obtained the following certifications: Quality ISO 9001, Ethical SA 8000 and Environmental ISO 14001.