Press release

The Board of Directors approves the results for the financial year 2012.

Proposed dividend of € 0.020 per share.

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Summary of main results

2012 2011
Sales € 354.8 million € 204.4 million
EBITDA € 28.8 million € 17.5 million
EBIT €16.6 million € 10.4 million
Net profit € 8.6 million € 5.8 million

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Bagnolo in Piano (RE), 15 March 2013 - The Board of Directors of Emak S.p.A. today approved the consolidated and parent company financial statements at 31 December 2012.

Main consolidated results

The financial year 2012 of the Emak Group was characterized by the new scope of consolidation. Compared to the previous year. Compared to the previous year, in fact, were recorded the results of the companies that joined the Group as a result of the Greenfield operation (Comet Group, Tecomec Group, Raico Srl, Sabart Srl), whose financial data were however already been included in the financial statements that relates to 2011
During the year, in addition, the Group has further expanded its scope of consolidation with the acquisition of the U.S. company Valley LLP and the constitution of the Brazilian company Emak do Brasil Industria Ltda

During the 2012 financial year the Emak Group achieved a consolidated turnover of € 354.8 million compared to € 204.4 of the year 2011. The contribution of the companies entered in the scope of consolidation amounts to € 169.1 million.
Sales of all product lines of the Group recorded a positive trend, with the exception of products of the Gardening that have been impacted by the global economic crisis and the resulting decline in demand.
Sales of lines Agriculture&Forestry and Construction&Industry have benefited from the entrance in the scope of consolidation of Valley LLP and P.T.C. Srl.
Geographically, sales in the "Americas" have increased significantly, mainly due to the new scope of consolidation. On the European market the good sales performance in some Eastern European countries has partially offset the negative trend in western countries, and especially in the Mediterranean area (mainly impacted by the effects of macroeconomic crisis).

EBITDA for 2012 amounts to € 28.8 million, compared to € 17.5 million for last year. The contribution deriving from the change in the scope of consolidation amounts to € 16.2 million.It should be noted that the result was negatively affected by non recurring items due to the scope of consolidation compared to December 31, 2011, for an amount of € 2.9 million. EBITDA as a percentage of revenues has moved from 8.6% at 31 December 2011 to 8.1% at 31 December 2012.

EBIT for 2012 amounts to € 16.6 million, against € 10.4 million for the previous year. The contribution of the companies entered in the scope of consolidation in 2012 amounts to € 11.5 million.

Net profit for the year is € 8.6 million, compared to € 5.8 million last year


The cash flow from operations generated during the year (calculated as the sum of net profit and amortizations) is € 20.8 million, compared to € 12.9 million in 2011.

Investments in tangible and intangible assets made during 2012, excluding the acquisitions closed during the year, amount to € 9.2 million, mostly focused on product innovation, which is the main critical success factor on which is based the Group's strategy..

Consolidated net equity at 31 December 2012 stands at € 145 million, against € 140.1 million at 31 December 2011. The share capital is composed of n. 163,934,835 shares with a nominal value of € 0.26 each.

The net negative financial position at 31 December 2012 is € 99.9 million compared to € 97.3 million at 31 December 2011.

Fausto Bellamico, President of the Group: "We are satisfied with the results in a year characterized by market conditions certainly not favorable. The acquisitions completed in late 2011 have made a very positive contribution: the expansion of our offer and a greater presence in high-potential Countries have allowed us to better deal with the difficulties of the market. In addition, during 2012, we invested in two markets crucial and strategic for the Group with the acquisition of Valley in the United States and the creation of Emak do Brasil in Brazil. "

Dividend proposal

The Board of Directors resolved to propose to the General Meeting of Shareholders, convened to meet on 23 April 2013, the proposal for the distribution of a dividend (coupon no.16) of € 0.020 per share. The dividend, if approved, will be paid on 6 June 2013, with ex-dividend date 3 June 2013 and record date 5 June 2013.

Shareholders'Meeting

The Shareholders Meeting scheduled for April 23, 2013 to approve the financial statements, will also be called to resolve on the renewal of the corporate bodies, the policy of remuneration of directors, on the proposal for renewal of authorization for the purchase and disposal of treasury shares own.
In extraordinary session, the Assembly will be called to deliberate on proposals for adjustments of Corporate Bylaws as a result of regulatory changes.

All the documentation regarding the General Meeting, as prescribed by law, will be available to the public according to legal provisions and regulations at the company's registered office, and on the website www.emak.it, in the section "Investor Relations".

The main statements taken from the financial statements of Emak S.p.A. (Parent Company) are also enclosed.

The Company will attend the Milan Star Conference organized by Borsa Italiana on 26 and 27 March 2013.

Aimone Burani, the executive responsible for the preparation of the corporate accounting documents, declares and certifies in accordance with article 154 bis, paragraph 2, of the Consolidated Finance Act, that the financial statements contained in the present press release correspond to the underlying accounting documents, records and accounting entries.

For additional information:
Mr. Andrea La Fata
Investor Relation Office
Phone (+39) 0522 956332;Fax (+39) 0522 959227
alafata@emak.it; www.emak.it

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Emak is one of the main global players 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, power cutters, high pressure pumps, pressure washers. The Group distributes its products through commercial branches and a network of distributors and specialized dealers in more than 80 countries in all five continents. In 2011 Emak Group realized a total turnover of € 354.8 million and counted more than 1,500 employees. .The parent company Emak S.p.A. has obtained the following certifications: Quality ISO 9001, Ethical SA 8000 and Environmental ISO 14001.

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