Bolzoni : 12 May 2016 - BoD approval Q1 2016

Press release Q1 2016 approval

PRESS RELEASE

BOLZONI S.p.A.: Q1 2016 Turnover at 33.7 Million Euros Ebitda at 2.7 Million Euros Net Debt at 29.5 Million Euros

The Board of Directors of Bolzoni S.p.A. (BLZ.MI), in today's meeting chaired by Roberto Scotti, approves the Group's results at 31 March 2016.

Consolidated results at 31 March 2016:

Turnover stands at 33.7 million euros at 31 March 2016, a 0.8% decrease compared to the 34.0 million achieved in the same period last year, in line with the lift truck market.

In North America the increase is 0.7%, compared to the 3.7% slackening of the benchmark market, whereas in Europe the turnover is stable and the rest of the world has decreased volumes by 5.9%.

Ebitda at 31 March 2016 amounts to 2.7 million euros (8.0% on the turnover) compared to 3.4 million in Q1 2015 (10.0% on the turnover). In the quarter, there are non-current costs about legal expenses due to Hyster- Yale operation.

Net result before tax, which stands at 0.2 million euros, pays off a negative exchange rate effect of 0.6 million euros compared to a positive exchange rate effect of 1.3 million euros in the same period of 2015.

Net debt stands at 29.5 million euros, compared to the opening net debts of 29.1 million euros and 36.5 million euros at 31 March 2015.

In his note, the Chairman and CEO Roberto Scotti has commented: "The turnover of the first quarter, although obtained in a fluctuating market, is aligned with the first quarter of last year. The increase of costs is mainly related to non-current expenses regarding Hyster-Yale operation and the net financial position remains on the minimum level".

The interim management report is available on the company website www.bolzonigroup.com, in the Investor Relations area and with the authorized storage system "1info", on the website www.1info.it.

Bolzoni, a company listed in the STAR segment of Borsa Italiana, is the European leader in the production of

lift-truck attachments and the second major manufacturer both worldwide and in the US market.

Through the design, production and distribution of a wide range of attachments, Bolzoni is an important presence in the market niche of lift-truck attachments and industrial material handling.

With a 2015 turnover of approx. 138 million euros, 19 companies (including the parent company) of which 8 are manufacturing plants situated in Italy, U.S.A., Finland, Germany and China, 10 are commercial subsidiaries and 1 is a financial holding company, Bolzoni represents a true multinational group with a global organisation present in all continents and one of the most dynamic realities at a worldwide level within the vast market segment of logistics and material handling.

Contact: Eleonora Palumbo

Investor Relations - Bolzoni S.p.A. Tel. [phone]

[e-mail]

Piacenza, March 12, 2016

CONSOLIDATED BALANCE SHEET at 31 March 2016

BALANCE SHEET €/000	31.03.2016	31.12.2015
ASSETS
Non-current assets	32,127	33,170
Property, plant and equipment
Goodwill	10,618	10,618
Intangible fixed assets	3,864	3,937
Investments in associated companies assessed on N.E.	391	380
Receivables and other financial assets	82	82
Deferred tax assets	3,981	3,615
Total non-current assets	51,063	51,802
Current assets	25,355	24,862
Inventory
Trade receivables	28,918	28,034
- of which relating to associated companies	281	318
Tax receivables	579	648
Other receivables	416	380
Financial assets available for sale	-	-
Cash and cash equivalents	7,137	9,080
Total current assets	62,405	63,004
TOTAL ASSETS	113,468	114,806

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CONSOLIDATED BALANCE SHEET at 31 March 2015

BALANCE SHEET €/000	31.03.2016	31.12.2015
GROUP NET EQUITY
Share capital	6,498	6,498
Reserves	33,860	29,666
Result of the period	196	4,782
TOTAL GROUP NET EQUITY	40,554	40,946
NET THIRD PARTY EQUITY
Capital, reserves and retained earnings	3,156	3,124
Result of the period	44	142
TOTAL NET GROUP AND THIRD PARTY EQUITY	43,754	44,212
LIABILITIES
Non-current liabilities	20,808	22,146
Long term loans
T.F.R. provision (retirement allowance)	2,629	2,646
Deferred tax liability	1,331	1,496
Contingency and expenses provisions	200	200
Liabilities for derivatives	390	362
Other long term liabilities	471	471
Total non-current liabilities	25,829	27,321
Current liabilities	19,483	19,427
Trade payables
- of which relating to associated companies and related parties	-	-
Payables to banks and current portion of long-term loans	15,425	15,706
Other payables	7,103	6,605
Liabilities for current tax	1,593	1,254
Current portion of long-term provisions	281	281
Total current liabilities	43,885	43,273
TOTAL LIABILITIES	69,714	70,594
TOTALE NET EQUITY AND LIABILITIES	113,468	114,806

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