Informazione Regolamentata n. 0835-32-2017		Data/Ora Ricezione 22 Marzo 2017 16:47:39
Societa'	:	PIAGGIO & C.
Identificativo Informazione Regolamentata	:	86679
Nome utilizzatore	:	PIAGGION02 - LUPOTTO
Tipologia	:	AVVI 16
Data/Ora Ricezione	:	22 Marzo 2017 16:47:39
Data/Ora Inizio Diffusione presunta	:	22 Marzo 2017 17:02:40
Oggetto	:	Rectification_22 March 2017
Testo del comunicato

Vedi allegato.

PRESS RELEASE

Rectification

Financial Statements Piaggio & C. S.p.A.

Pontedera, 22nd March 2017 – Piaggio & C. S.p.A. announces that with reference to the Press Release published on February 27, 2017, the charts relating to the separate Financial Statements of Piaggio & C. S.p.A. as of the 31 December 2016, are entirely replaced by the attached charts.

For further information:

Investor Relations Office Viale Rinaldo Piaggio, 25 56025 Pontedera (PI) +39 0587 272286 [email protected]

Ufficio Stampa Gruppo Piaggio Via Broletto, 13 20121 Milan – Italy +39 02 02.319612.19 [email protected] [email protected] piaggiogroup.com press.piaggiogroup.com

Corporate Affairs Viale Rinaldo Piaggio, 25 56025 Pontedera (PI) + 39 0587 276294 [email protected]

Piaggio & C. S.p.A., Viale Rinaldo Piaggio n. 25 Pontedera (PI) Capitale sociale: Euro 207.613.944,37 i.v. Registro Imprese di Pisa – Codice Fiscale 04773200011 - Partita Iva 01551260506 - R.E.A. Pisa n. 134077 Direzione e Coordinamento IMMSI S.p.A. Sito internet: www.piaggiogroup.com

Separate Financial Statements of the Parent Company as of 31 December 2016

Income Statement

	2016		2015 restated
		of which		of which
		related		related
	Total	parties	Total	parties
In thousands of euros
Net revenues	788,397	94,910	743,470	95,344
Cost for materials	478,185	88,039	433,400	56,407
Cost for services and leases and rentals	180,531	41,965	182,570	43,449
Employee costs	159,871	52	159,033	42
Depreciation and impairment costs of property,
plant and equipment	26,752		27,561
Amortisation and impairment costs of
intangible assets	54,469		46,909
Other operating income	117,694	43,187	113,109	43,915
Other operating costs	15,244	746	15,582	770
Operating income	(8,961)		(8,476)

Income/(loss) from investments	43,523	43,499	47,043	46,889
Financial income	530	287	705	352
Borrowing costs	27,112	135	26,750	167
Net exchange gains/(losses)	(574)		(590)
Profit before tax	7,406		11,932
Taxes for the period	(6,597)	497	(737)	(534)
Profit from continuing operations	14,003		12,669

Assets held for sale:
Profits or losses arising from assets held for
sale
Net profit	14,003		12,669

Statement of Comprehensive Income

	2016	2015 restated
In thousands of euros
Net Profit (Loss) for the period (A)	14,003	12,669

Items that will not be reclassified in the income statement
Remeasurements of defined benefit plans	(2,377)	2,080

Portion of components of the Statement of Comprehensive Income of subsidiaries/associates measured with the equity method	(285)	(243)
Total	(2,662)	1,837

Items that may be reclassified in the income statement
Total profits (losses) on cash flow hedges	198	245
Portion of components of the Statement of Comprehensive Income of
subsidiaries/associates measured with the equity method	1,469	3,661
Total	1,667	3,906
Other components of the Statement of Comprehensive Income (B)*	(995)	5,743
Total Profit (loss) for the period (A + B)	13,008	18,412

* Other Profits (and losses) take account of relative tax effects

Statement of Financial Position

	As of 31 December 2016		As of 31 December 2015 restated		As of 1 January 2015 restated
		of which relate d		of which related		of which related
In thousands of euros ASSETS	Total	parties	Total	parties	Total	parties
Non-current assets
Intangible assets	562,760		566,338		560,402
Property, plant and equipment	183,904		188,433		197,006
Investment Property
Investments	123,983		81,227		79,025
Other financial assets	17,469		20,328		13,316
Long-term tax receivables	6,176		634		893
Deferred tax assets	39,872		35,577		33,421
Other receivables	3,000	133	2,839	152	3,430	197
Total non-current assets	937,164		895,376		887,493
Assets held for sale
Current assets
Trade receivables	52,937	25,81 9	57,244	18,428	74,669	35,867
Other receivables	49,839	38,85 1	91,417	77,052	82,536	64,364
Short-term tax receivables	4,817		5,942		3,266
Inventories	152,541		157,233		170,645
Other financial assets
Cash and cash equivalents	13,715 90,882	9,714	13,403 12,745	13,403	13,669 29,196	13,669
Total current assets	364,731		337,984		373,981

TOTAL ASSETS	1,301,895		1,233,360		1,261,474

	As of 31 December 2016		As of 31 December 2015 restated		As of 1 January 2015 restated
	Total	of which related parties	Total	of which related parties	Total	of which related parties
In thousands of euros
SHAREHOLDERS' EQUITY AND LIABILITIES
Shareholders' equity
Capital	207,614		207,614		207,614
Share premium reserve	7,171		7,171		7,171
Legal reserve	18,395		17,643		16,902
Other reserves	(4,770)		(6,437)		(10,343)
Retained earnings (losses carried forward)	76,505		90,825		100,137
Profit (loss) for the period	14,003		12,669		14,810
Total shareholders' equity	318,918		329,485		336,291
Non-current liabilities
Financial liabilities falling due after one year	508,766	2,900	495,386	2,900	472,439	2,900
Other long-term provisions	8,384		7,220		8,089
Retirement funds and employee benefits	47,241		47,885		54,051
Tax payables
Other long-term payables	1,408	163	1,434		1,666
Total non-current liabilities	565,799		551,925		536,245
Current liabilities
Financial liabilities falling due within one year	97,137		49,704	4,205	62,380	3,856
Trade payables	269,770	24,562	246,893	19,754	266,143	29,578
Tax payables	4,185		6,465		7,131
Other short-term payables	39,142	9,062	41,365	12,304	46,961	16,974
Current portion of other long-term provisions	6,944		7,523		6,323
Total current liabilities	417,178		351,950		388,938
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES	1,301,895		1,233,360		1,261,474

Statement of Cash Flows

This statement shows the factors behind changes in cash and cash equivalents, net of short-term bank overdrafts, as required by IAS 7.

	2016	2015 restated
In thousands of euros
Operating activities
Profit (Loss) for the period	14,003	12,668
Taxes for the period	(6,597)	(738)
Depreciation of property, plant and equipment	25,752	27,561
Amortisation of intangible assets	54,090	46,909
Provisions for risks and retirement funds and employee benefits	15,580	15,911
Write-downs / (Reinstatements)	(41,088)	(45,215)
Losses / (Gains) on the disposal of property, plants and equipment	(3,934)	(46)
Financial income	(530)	(704)
Dividend income	(24)	(154)
Borrowing costs	27,041	27,340
Change in working capital:
(Increase)/Decrease in trade receivables	11,034	(1,594)
(Increase)/Decrease in other receivables	(6,125)	8,576
(Increase)/Decrease in inventories	4,692	13,412
Increase/(Decrease) in trade payables	18,069	(9,506)
Increase/(Decrease) in other payables	2,558	(15,571)
Increase/(Decrease) in the current portion of provisions for risks	(7,619)	(5,730)
Increase/(Decrease) in the non-current portion of provisions for risks	1,164	(869)
Increase/(Decrease) in retirement funds and employee benefits	(9,183)	(15,147)
Other changes	513	7,126
Cash generated from operating activities	99,396	64,229
Interest paid	(23,816)	(24,230)
Taxes paid	(3,810)	(7,927)
Cash flow from operating activities (A)	71,770	32,072

Investment activities
Investment in property, plant and equipment	(22,330)	(19,053)
Sale price, or repayment value, of property, plant and equipment	4,042	112
Investment in intangible assets	(50,891)	(56,010)
Sale price, or repayment value, of intangible assets	0	56
Investment in non-current financial assets	(3,494)	(2,785)
Loans provided	3,689	266
Sale price of financial assets	0	0
Collected interests	505	565
Dividends from investments	41,427	46,469
Cash flow from investment activities (B)	(27,052)	(30,380)

Financing activities
Purchase of treasury shares	(5,612)	(34)
Outflow for dividends paid Loans received	(17,962) 84,397	(26,007) 51,119
Outflow for repayment of loans	(38,640)	(41,423)
Financial leases	12,839	0
Repayment of finance leases	(1,570)	0
Cash flow from funding activities (C)	33,452	(16,345)

Increase / (Decrease) in cash and cash equivalents (A+B+C)	78,170	(14,653)

Opening balance	12,692	27,416
Exchange differences	10	(71)
Closing balance	90,872	12,692

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