BREMBO : Le Conseil d'Administration de Brembo approuve les r?sultats financiers au 30 septembre 2007

COMMUNIQUE DE PRESSE


Stezzano, le 13 novembre 2007
Pour diffusion immédiate

Le Conseil d'Administration de Brembo approuve les résultats financiers au 30 septembre 2007:
- Chiffre d'affaires +12,3 %
- EBITDA +10,7 %
- Bénéfice net +32 %
par rapport à la même période l'année dernière

+-----------------------------+---------------------+---------------------+---------------+
|        (Euro million)       |  Results at 30.9.07 |  Results at 30.9.06 |  Var. % 07/06 |
+-----------------------------+---------------------+---------------------+---------------+
|  Revenues                   |               672.9 |               598.9 |       + 12.3% |
+-----------------------------+---------------------+---------------------+---------------+
|  EBITDA                     |                99.3 |                89.7 |       + 10.7% |
+-----------------------------+---------------------+---------------------+---------------+
|  EBIT                       |                65.5 |                61.5 |        + 6.5% |
+-----------------------------+---------------------+---------------------+---------------+
|  Pre-tax profit             |                58.4 |                51.2 |       + 14.0% |
+-----------------------------+---------------------+---------------------+---------------+
|  Net profit                 |                39,4 |                29,8 |       + 32,0% |
+-----------------------------+---------------------+---------------------+---------------+
|  Net financial indebtedness |               203.7 |               238.8 |        -14.7% |
+-----------------------------+---------------------+---------------------+---------------+

Troisième trimestre 2007:
- Chiffre d'affaires + 16,8 %
- EBITDA +23,6 %
- Bénéfice net +86,8 %

+-----------------+----------+----------+---------------+
|  (Euro million) |  Q3 2007 |  Q3 2006 |  Var. % 07/06 |
+-----------------+----------+----------+---------------+
|  Revenues       |    216.2 |    185.1 |       + 16.8% |
+-----------------+----------+----------+---------------+
|  EBITDA         |     32.2 |     26.0 |       + 23.6% |
+-----------------+----------+----------+---------------+
|  EBIT           |     20.3 |     16.5 |       + 23.0% |
+-----------------+----------+----------+---------------+
|  Pre-tax profit |     17.5 |     11.7 |       + 49.5% |
+-----------------+----------+----------+---------------+
|  Net profit     |     12.4 |      6.7 |       + 86.8% |
+-----------------+----------+----------+---------------+

Résultats du troisième trimestre 2007

Le chiffre d'affaires de ce trimestre s'élève à 216,2 millions d'euros, soit une hausse de 16,8 % par rapport à la même période en 2006

Le secteur des applications pour véhicules commerciaux a contribué à la croissance de ce trimestre (+45,2 %) qui bénéficie de la mise en place des nouvelles plateformes acquises et du cycle positif du transport routier.

Also the motorcycle segment grew decidedly (+41.2%) thanks to the main motorcycle manufacturers positive sales trend, magnified by the extension of supplies to Harley Davidson.

Also racing (+9.9%) and passenger cars segments (+5.4%) keep on growing.

Brembo returns to be a supplier of braking systems, in addition to brake discs, for passenger cars to BMW Group.
During the quarter Brembo began supplying the front braking system (6-piston calliper and disc) for a top-of-the-range model of the German car manufacturer and obtained other supplies that will grant, in the mid-term, additional yearly revenues of over E10 million.

Furthermore, Brembo will supply, starting 2008, special braking kits that the final customer may choose as optional.

From a geographic point of view, Italy and other EU countries grew by 17.3% and 12.1% respectively, thanks to the positive sales trend of Original Equipment applications; sales to Germany grew by 1.8%
After several weak months, Asian and NAFTA regions show an upturn, growing by +57% and 38,2%, respectively; the former thanks to the phase-in of some new car models in Japan, the latter mainly thanks to motorcycle applications.
Brazil continues to grow sharply (+54.2%).

In the quarter under exam the cost of goods sold and other operating costs amount to E 144,8 million, or 67% of sales, substantially in line with previous year.

Personnel expenses amount to E 39.2 million, compared to E 36.2 million of the third quarter 2006, reducing their incidence on sales from 19.6% to 18.2%.

Due to the above, EBITDA increases sharply (+23.6%), from E 26 million (14% of sales) to E 32.2 million (14,9% of sales).

Amortization and depreciation increase by 24.8% to E 11.8 million.
This growth is related to the investments made in the last few quarters, aimed at expanding the company's production capacity in Italy and Europe to face increasing demand.

EBIT increases by 23% to E 20.3 million; it is 9.4% of sales and compares with E 16.5 million (8.9% of sales) of the same period last year.

Net financial charges decrease by 39.2% to E 3 million.

Expected taxes due in the quarter are a E 4.8 million, or 27.7% of pre-tax profit (41.7% in the third quarter 2006). Tax rate decrease is mainly due to the different breakdown of taxable income by country.

The Polish subsidiary Brembo Poland Spolka Zo.o. is located in a special economic zone and benefits from a tax shield. At the end of current year the Company will revise its estimates regarding the recoverability of such benefit; should the above mentioned subsidiary confirm its positive results, a non-recurrent positive impact could be posted.

Investments in tangible and intangible assets, E 12.5 million, were mainly made in Italy and Poland, to align production capacity to the level of demand.

Net financial debt at 30 September 2007 amount to E 203.7 million, down compared to E 232.9 million at 30 June 2007 but up compared to E 193.3 million at 31 December 2006.

Results of the nine-month period ended 30 September 2007

Consolidated revenues of the first nine months of 2007 amount to E 672.9 million, up 12.3% over the same period of last year.
After deducting cost of goods sold and other operating costs for E 450.8 million, up 14.6%, EBITDA amounts to E 99.3 million (+10.7%).
Amortization and depreciation of the period are E 33,8 million, up 19.9% over the same period of last year due to higher investments made in the last few quarters.
EBIT amounts to E 65.5 million, up 6.5% over previous year.
Net profit for the period is E 39.4 million, up 32%.

Significant events after the close of the quarter

On 9th Novembrer 2007 Brembo SpA and Hayes Lemmerz Int. Inc. signed an agreement for the sale of Hayes Lemmerz' Automotive Brake Component division to Brembo North America.

Hayes Lemmerz' Automotive Brake Components division includes production facilities in Homer, Michigan and Apodaca, Mexico that manufacture brake rotors and drums for the North American passenger car and light truck markets. The division employs approximately 250 people, including 64 technical associates.
Brembo North America, Inc., a subsidiary of Brembo S.p.A., has acquired all of the stock of two Hayes Lemmerz' subsidiary companies that own the brake manufacturing operations in Homer and Apodaca.
The amount of the transaction is approximately $ 58 million, debt-free.

No other significant events occurred following the close of the third quarter of 2007.

Foreseeable evolution

The orders portfolio for the months to come appears to confirm a good performance of the Group for the current year.
The raw materials and energy markets are still positioned around all time peaks and show no improvement.

Here attached you will find the consolidated Income Statement and Balance Sheet, that are not subject to review by the Independent Audit Company.

The manager responsible for preparing the company's financial reports Corrado Orsi declares, pursuant to paragraph 2 of Article 154-bis of the Consolidated Law of Finance, that the accounting information contained in this press release corresponds to the document results, books and accounting records.

For further information:

+-----------------------+------------------------+-----------------------+------------------------+
|  Investor Relations : |                        |    Media Relations:   |                        |
+-----------------------+------------------------+-----------------------+------------------------+
|  Orsi Corrado         |  Tel. +39 035 605 2884 |  De Marchi Gianfranco |  Tel. +39 035 605 2576 |
+-----------------------+------------------------+-----------------------+------------------------+
|                       |                        |                       |                        |
+-----------------------+------------------------+-----------------------+------------------------+
|  Vavassori Roberto    |  Tel. +39 035 605 2223 |    Francesca Muratori |  Tel. +39 035 605 2277 |
+-----------------------+------------------------+-----------------------+------------------------+
|                       |                        |                       |                        |
+-----------------------+------------------------+-----------------------+------------------------+
|  e-mail :             |           [email protected] |              e-mail : |        [email protected] |
+-----------------------+------------------------+-----------------------+------------------------+
|                       |                        |                       |                        |
+-----------------------+------------------------+-----------------------+------------------------+
|  Internet website:    |         www.brembo.com |                       |                        |
+-----------------------+------------------------+-----------------------+------------------------+

CONSOLIDATED INCOME STATEMENT - IFRS

+----------------------------------------------------------------------+-------------+-------------+---------+-----------+----------+---------+---------+---------+
|                                                                      |      A      |      B      |  (A-B)  |           |     C    |    D    |  (C-D)  |         |
+----------------------------------------------------------------------+-------------+-------------+---------+-----------+----------+---------+---------+---------+
|  (in million of euro)                                                |  30.09.2007 |  30.09.2006 |  CHANGE |         % |   Q3 '07 |  Q3 '06 |  CHANGE |       % |
+----------------------------------------------------------------------+-------------+-------------+---------+-----------+----------+---------+---------+---------+
|  Sales of good and services                                          |       672.9 |       598.9 |    73.9 |     12.3% |    216.2 |   185.1 |    31.1 |   16.8% |
+----------------------------------------------------------------------+-------------+-------------+---------+-----------+----------+---------+---------+---------+
|  Other revenues and income                                           |         7.9 |         4.5 |     3.4 |     76.8% |      3.0 |     2.2 |     0.8 |   36.7% |
+----------------------------------------------------------------------+-------------+-------------+---------+-----------+----------+---------+---------+---------+
|  Costs for capitalised internal works                                |         5.8 |         7.2 |   (1.4) |    -19.8% |      1.2 |     2.0 |   (0.8) |  -40.1% |
+----------------------------------------------------------------------+-------------+-------------+---------+-----------+----------+---------+---------+---------+
|  Cost of raw materials, consumables, goods and change in inventories |     (334.3) |     (291.8) |  (42.6) |     14.6% |  (105.9) |  (86.3) |  (19.6) |   22.7% |
+----------------------------------------------------------------------+-------------+-------------+---------+-----------+----------+---------+---------+---------+
|  Other operating costs for production                                |     (130.2) |     (113.4) |  (16.8) |     14.8% |   (43.1) |  (40.8) |   (2.3) |    5.6% |
+----------------------------------------------------------------------+-------------+-------------+---------+-----------+----------+---------+---------+---------+
|  Personnel expenses                                                  |     (122.8) |     (115.7) |   (7.1) |      6.1% |   (39.2) |  (36.2) |   (3.1) |    8.4% |
+----------------------------------------------------------------------+-------------+-------------+---------+-----------+----------+---------+---------+---------+
|  GROSS OPERATING INCOME                                              |        99.3 |        89.7 |     9.6 |     10.7% |     32.2 |    26.0 |     6.1 |   23.6% |
+----------------------------------------------------------------------+-------------+-------------+---------+-----------+----------+---------+---------+---------+
|  % of sales                                                          |       14.8% |       15.0% |         |           |    14.9% |   14.0% |         |         |
+----------------------------------------------------------------------+-------------+-------------+---------+-----------+----------+---------+---------+---------+
|  Depreciation, amortization and other write-downs                    |      (33.8) |      (28.2) |   (5.6) |     19.9% |   (11.8) |   (9.5) |   (2.3) |   24.8% |
+----------------------------------------------------------------------+-------------+-------------+---------+-----------+----------+---------+---------+---------+
|  NET OPERATING INCOME                                                |        65.5 |        61.5 |     4.0 |      6.5% |     20.3 |    16.5 |     3.8 |   23.0% |
+----------------------------------------------------------------------+-------------+-------------+---------+-----------+----------+---------+---------+---------+
|  % of sales                                                          |        9.7% |       10.3% |         |           |     9.4% |    8.9% |         |         |
+----------------------------------------------------------------------+-------------+-------------+---------+-----------+----------+---------+---------+---------+
|  Net financial income (charges)                                      |       (7.3) |      (10.3) |     3.0 |    -28.8% |    (3.0) |   (4.9) |     1.9 |  -39.2% |
+----------------------------------------------------------------------+-------------+-------------+---------+-----------+----------+---------+---------+---------+
|  Net financial income (charges) from investments                     |         0.2 |       (0.0) |     0.2 |  -2000.0% |      0.1 |     0.1 |     0.1 |   89.5% |
+----------------------------------------------------------------------+-------------+-------------+---------+-----------+----------+---------+---------+---------+
|  INCOME BEFORE TAXES                                                 |        58.4 |        51.2 |     7.2 |     14.0% |     17.5 |    11.7 |     5.8 |   49.5% |
+----------------------------------------------------------------------+-------------+-------------+---------+-----------+----------+---------+---------+---------+
|  % of sales                                                          |        8.7% |        8.6% |         |           |     8.1% |    6.3% |         |         |
+----------------------------------------------------------------------+-------------+-------------+---------+-----------+----------+---------+---------+---------+
|  Taxes                                                               |      (18.4) |      (20.5) |     2.1 |    -10.2% |    (4.8) |   (4.9) |     0.0 |   -0.6% |
+----------------------------------------------------------------------+-------------+-------------+---------+-----------+----------+---------+---------+---------+
|  INCOME BEFORE MINORITY INTERESTS                                    |        40.0 |        30.8 |     9.3 |     30.1% |     12.6 |     6.8 |     5.8 |   85.5% |
+----------------------------------------------------------------------+-------------+-------------+---------+-----------+----------+---------+---------+---------+
|  % of sales                                                          |        5.9% |        5.1% |         |           |     5.8% |    3.7% |         |         |
+----------------------------------------------------------------------+-------------+-------------+---------+-----------+----------+---------+---------+---------+
|  Minority interests                                                  |       (0.6) |       (0.9) |     0.3 |    -31.3% |    (0.2) |   (0.1) |   (0.0) |   24.7% |
+----------------------------------------------------------------------+-------------+-------------+---------+-----------+----------+---------+---------+---------+
|  NET INCOME (LOSS) FOR THE PERIOD                                    |        39.4 |        29.8 |     9.5 |     32.0% |     12.4 |     6.7 |     5.8 |   86.8% |
+----------------------------------------------------------------------+-------------+-------------+---------+-----------+----------+---------+---------+---------+
|  % of sales                                                          |        5.8% |        5.0% |         |           |     5.8% |    3.6% |         |         |
+----------------------------------------------------------------------+-------------+-------------+---------+-----------+----------+---------+---------+---------+
|                                                                      |             |             |         |           |          |         |         |         |
+----------------------------------------------------------------------+-------------+-------------+---------+-----------+----------+---------+---------+---------+
|  Earnings per share/Basic earnings per share (euro)                  |        0.59 |        0.45 |         |           |     0.19 |    0.10 |         |         |
+----------------------------------------------------------------------+-------------+-------------+---------+-----------+----------+---------+---------+---------+

CONSOLIDATED BALANCE SHEET - IFRS

+--------------------------------------------------------------------------+-------------+-------------+-------------+-----------+-----------+
|                                                                          |      A      |      B      |      C      |    A-B    |    A-C    |
+--------------------------------------------------------------------------+-------------+-------------+-------------+-----------+-----------+
|  (in million of euro)                                                    |  30.09.2007 |  31.12.2006 |  30.09.2006 |   VARIAZ. |   VARIAZ. |
+--------------------------------------------------------------------------+-------------+-------------+-------------+-----------+-----------+
|  ASSETS                                                                  |             |             |             |           |           |
+--------------------------------------------------------------------------+-------------+-------------+-------------+-----------+-----------+
|  NON-CURRENT ASSETS                                                      |             |             |             |           |           |
+--------------------------------------------------------------------------+-------------+-------------+-------------+-----------+-----------+
|  Property, plant, equipment and other equipment                          |       300.3 |       294.7 |       276.0 |       5.6 |      24.4 |
+--------------------------------------------------------------------------+-------------+-------------+-------------+-----------+-----------+
|  Development costs                                                       |        28.0 |        25.3 |        23.2 |       2.7 |       4.7 |
+--------------------------------------------------------------------------+-------------+-------------+-------------+-----------+-----------+
|  Goodwill and other undefined useful life assets                         |        16.9 |        15.5 |        15.3 |       1.4 |       1.6 |
+--------------------------------------------------------------------------+-------------+-------------+-------------+-----------+-----------+
|  Other intangible assets                                                 |         8.5 |         6.5 |         5.4 |       2.1 |       3.1 |
+--------------------------------------------------------------------------+-------------+-------------+-------------+-----------+-----------+
|  Investments accounted for using the equity method                       |        15.5 |        15.2 |        14.5 |       0.3 |       1.0 |
+--------------------------------------------------------------------------+-------------+-------------+-------------+-----------+-----------+
|  Other financial assets (investments in other companies and derivatives) |         5.6 |         5.6 |         5.3 |     (0.1) |       0.2 |
+--------------------------------------------------------------------------+-------------+-------------+-------------+-----------+-----------+
|  Other non-current assets                                                |         1.0 |         1.3 |         1.6 |     (0.4) |     (0.7) |
+--------------------------------------------------------------------------+-------------+-------------+-------------+-----------+-----------+
|  Deferred tax assets                                                     |         7.9 |         7.2 |         5.1 |       0.7 |       2.7 |
+--------------------------------------------------------------------------+-------------+-------------+-------------+-----------+-----------+
|  TOTAL NON-CURRENT ASSETS                                                |       383.6 |       371.3 |       346.6 |      12.3 |      37.1 |
+--------------------------------------------------------------------------+-------------+-------------+-------------+-----------+-----------+
|                                                                          |             |             |             |      3.3% |     10.7% |
+--------------------------------------------------------------------------+-------------+-------------+-------------+-----------+-----------+
|  CURRENT ASSETS                                                          |             |             |             |           |           |
+--------------------------------------------------------------------------+-------------+-------------+-------------+-----------+-----------+
|  Inventories                                                             |       154.5 |       146.6 |       151.2 |       7.8 |       3.3 |
+--------------------------------------------------------------------------+-------------+-------------+-------------+-----------+-----------+
|  Trade receivables and receivables from other Group companies            |       210.2 |       182.6 |       180.1 |      27.6 |      30.1 |
+--------------------------------------------------------------------------+-------------+-------------+-------------+-----------+-----------+
|  Other receivables and current assets                                    |        23.7 |        32.1 |        51.3 |     (8.4) |    (27.6) |
+--------------------------------------------------------------------------+-------------+-------------+-------------+-----------+-----------+
|  Financial current assets and derivatives                                |         0.8 |         0.5 |        10.2 |       0.3 |     (9.4) |
+--------------------------------------------------------------------------+-------------+-------------+-------------+-----------+-----------+
|  Cash and cash equivalents                                               |        46.0 |        40.7 |        42.2 |       5.3 |       3.8 |
+--------------------------------------------------------------------------+-------------+-------------+-------------+-----------+-----------+
|  TOTAL CURRENT ASSETS                                                    |       435.2 |       402.6 |       434.9 |      32.6 |       0.3 |
+--------------------------------------------------------------------------+-------------+-------------+-------------+-----------+-----------+
|                                                                          |             |             |             |      8.1% |      0.1% |
+--------------------------------------------------------------------------+-------------+-------------+-------------+-----------+-----------+
|  NON-CURRENT ASSETS HELD FOR SALE AND DISCONTINUED OPERATI               |         0.0 |         0.4 |        12.6 |     (0.4) |    (12.6) |
+--------------------------------------------------------------------------+-------------+-------------+-------------+-----------+-----------+
|                                                                          |             |             |             |  (100.0%) |  (100.0%) |
+--------------------------------------------------------------------------+-------------+-------------+-------------+-----------+-----------+
|  TOTAL ASSETS                                                            |       818.8 |       774.3 |       794.1 |      44.5 |      24.8 |
+--------------------------------------------------------------------------+-------------+-------------+-------------+-----------+-----------+
|  EQUITY AND LIABILITIES                                                  |             |             |             |           |           |
+--------------------------------------------------------------------------+-------------+-------------+-------------+-----------+-----------+
|  GROUP EQUITY                                                            |             |             |             |           |           |
+--------------------------------------------------------------------------+-------------+-------------+-------------+-----------+-----------+
|  Share capital                                                           |        34.7 |        34.7 |        34.7 |       0.0 |       0.0 |
+--------------------------------------------------------------------------+-------------+-------------+-------------+-----------+-----------+
|  Other reserves                                                          |       117.6 |       107.6 |       105.8 |      10.0 |      11.8 |
+--------------------------------------------------------------------------+-------------+-------------+-------------+-----------+-----------+
|  Retained earnings                                                       |        85.9 |        72.9 |        72.3 |      13.1 |      13.6 |
+--------------------------------------------------------------------------+-------------+-------------+-------------+-----------+-----------+
|  Profit / (loss) for the period                                          |        39.4 |        42.9 |        29.8 |     (3.6) |       9.5 |
+--------------------------------------------------------------------------+-------------+-------------+-------------+-----------+-----------+
|  TOTAL GROUP EQUITY                                                      |       277.6 |       258.1 |       242.6 |      19.4 |      34.9 |
+--------------------------------------------------------------------------+-------------+-------------+-------------+-----------+-----------+
|                                                                          |             |             |             |      7.5% |     14.4% |
+--------------------------------------------------------------------------+-------------+-------------+-------------+-----------+-----------+
|  MINORITY INTERESTS                                                      |        12.6 |        12.4 |        12.2 |       0.2 |       0.4 |
+--------------------------------------------------------------------------+-------------+-------------+-------------+-----------+-----------+
|                                                                          |             |             |             |      1.6% |      3.2% |
+--------------------------------------------------------------------------+-------------+-------------+-------------+-----------+-----------+
|  TOTAL EQUITY                                                            |       290.2 |       270.6 |       254.9 |      19.6 |      35.3 |
+--------------------------------------------------------------------------+-------------+-------------+-------------+-----------+-----------+
|  NON-CURRENT LIABILITIES                                                 |             |             |             |           |           |
+--------------------------------------------------------------------------+-------------+-------------+-------------+-----------+-----------+
|  Non-current payables to banks                                           |        25.6 |        30.9 |        31.4 |     (5.4) |     (5.8) |
+--------------------------------------------------------------------------+-------------+-------------+-------------+-----------+-----------+
|  Other non-current financial payables                                    |        86.4 |        73.2 |        69.4 |      13.2 |      17.0 |
+--------------------------------------------------------------------------+-------------+-------------+-------------+-----------+-----------+
|  Other non-current payables                                              |         7.8 |         9.1 |         7.9 |     (1.2) |     (0.0) |
+--------------------------------------------------------------------------+-------------+-------------+-------------+-----------+-----------+
|  Provisions for contingencies and charges                                |         5.7 |         5.0 |         3.6 |       0.6 |       2.0 |
+--------------------------------------------------------------------------+-------------+-------------+-------------+-----------+-----------+
|  Long term provisions for employee benefits                              |        23.4 |        28.7 |        28.9 |     (5.3) |     (5.5) |
+--------------------------------------------------------------------------+-------------+-------------+-------------+-----------+-----------+
|  Deferred tax liabilities                                                |        22.7 |        20.1 |        19.2 |       2.7 |       3.6 |
+--------------------------------------------------------------------------+-------------+-------------+-------------+-----------+-----------+
|  TOTAL NON-CURRENT LIABILITIES                                           |       171.5 |       167.0 |       160.3 |       4.6 |      11.3 |
+--------------------------------------------------------------------------+-------------+-------------+-------------+-----------+-----------+
|                                                                          |             |             |             |      2.7% |      7.0% |
+--------------------------------------------------------------------------+-------------+-------------+-------------+-----------+-----------+
|  CURRENT LIABILITIES                                                     |             |             |             |           |           |
+--------------------------------------------------------------------------+-------------+-------------+-------------+-----------+-----------+
|  Current payables to banks                                               |       132.8 |       127.1 |       175.0 |       5.7 |    (42.2) |
+--------------------------------------------------------------------------+-------------+-------------+-------------+-----------+-----------+
|  Other current financial payables                                        |         6.6 |         4.3 |         6.3 |       2.3 |       0.3 |
+--------------------------------------------------------------------------+-------------+-------------+-------------+-----------+-----------+
|  Trade payables and payables to other Group companies                    |       169.9 |       161.1 |       146.6 |       8.8 |      23.3 |
+--------------------------------------------------------------------------+-------------+-------------+-------------+-----------+-----------+
|  Tax payables                                                            |         4.7 |         7.5 |         8.1 |     (2.7) |     (3.3) |
+--------------------------------------------------------------------------+-------------+-------------+-------------+-----------+-----------+
|  Other current payables                                                  |        43.1 |        36.9 |        43.0 |       6.2 |       0.1 |
+--------------------------------------------------------------------------+-------------+-------------+-------------+-----------+-----------+
|  TOTAL CURRENT LIABILITIES                                               |       357.1 |       336.8 |       378.9 |      20.3 |    (21.8) |
+--------------------------------------------------------------------------+-------------+-------------+-------------+-----------+-----------+
|                                                                          |             |             |             |      6.0% |    (5.8%) |
+--------------------------------------------------------------------------+-------------+-------------+-------------+-----------+-----------+
|  TOTAL EQUITY AND LIABILITIES                                            |       818.8 |       774.3 |       794.1 |      44.5 |      24.8 |
+--------------------------------------------------------------------------+-------------+-------------+-------------+-----------+-----------+

GROSS SALES BREAKDOWN BY GEOGRAPHICAL AREA AND APPLICATION

+-----------------------+-------------+---------+-------------+---------+--------+---------+---------+---------+---------+---------+--------+---------+
|                       |      A      |         |      B      |         |        |         |    C    |         |    D    |         |        |         |
+-----------------------+-------------+---------+-------------+---------+--------+---------+---------+---------+---------+---------+--------+---------+
|  GEOGRAPHICAL AREA    |  30.09.2007 |       % |  30.09.2006 |       % |    A-B |       % |  Q3 '07 |       % |  Q3 '06 |       % |    C-D |       % |
+-----------------------+-------------+---------+-------------+---------+--------+---------+---------+---------+---------+---------+--------+---------+
|  (in million of euro) |             |         |             |         |        |         |         |         |         |         |        |         |
+-----------------------+-------------+---------+-------------+---------+--------+---------+---------+---------+---------+---------+--------+---------+
|                       |             |         |             |         |        |         |         |         |         |         |        |         |
+-----------------------+-------------+---------+-------------+---------+--------+---------+---------+---------+---------+---------+--------+---------+
|  Italy                |       166.6 |   24.3% |       147.9 |   24.2% |   18.8 |   12.7% |    48.8 |   22.2% |    41.6 |   22.0% |    7.2 |   17.3% |
+-----------------------+-------------+---------+-------------+---------+--------+---------+---------+---------+---------+---------+--------+---------+
|  Germany              |       173.9 |   25.4% |       155.1 |   25.4% |   18.8 |   12.1% |    53.0 |   24.1% |    52.1 |   27.5% |    0.9 |    1.8% |
+-----------------------+-------------+---------+-------------+---------+--------+---------+---------+---------+---------+---------+--------+---------+
|  France               |        40.1 |    5.9% |        40.3 |    6.6% |  (0.2) |   -0.4% |    11.1 |    5.1% |    14.0 |    7.4% |  (2.8) |  -20.3% |
+-----------------------+-------------+---------+-------------+---------+--------+---------+---------+---------+---------+---------+--------+---------+
|  United Kingdom       |        50.0 |    7.3% |        43.7 |    7.2% |    6.3 |   14.4% |    16.0 |    7.2% |    11.4 |    6.0% |    4.5 |   39.7% |
+-----------------------+-------------+---------+-------------+---------+--------+---------+---------+---------+---------+---------+--------+---------+
|  Other EU countries   |       110.9 |   16.2% |        95.0 |   15.6% |   15.9 |   16.8% |    35.0 |   15.9% |    31.2 |   16.5% |    3.8 |   12.1% |
+-----------------------+-------------+---------+-------------+---------+--------+---------+---------+---------+---------+---------+--------+---------+
|  NAFTA Countries      |        77.1 |   11.3% |        73.8 |   12.1% |    3.3 |    4.4% |    30.6 |   13.9% |    22.2 |   11.7% |    8.5 |   38.2% |
+-----------------------+-------------+---------+-------------+---------+--------+---------+---------+---------+---------+---------+--------+---------+
|  Asia                 |        21.8 |    3.2% |        22.2 |    3.6% |  (0.4) |   -1.9% |     9.0 |    4.1% |     5.7 |    3.0% |    3.3 |   57.0% |
+-----------------------+-------------+---------+-------------+---------+--------+---------+---------+---------+---------+---------+--------+---------+
|  Brazil               |        26.0 |    3.8% |        19.6 |    3.2% |    6.4 |   32.8% |    10.4 |    4.7% |     6.7 |    3.6% |    3.7 |   54.2% |
+-----------------------+-------------+---------+-------------+---------+--------+---------+---------+---------+---------+---------+--------+---------+
|  Other Countries      |        18.8 |    2.7% |        12.9 |    2.1% |    5.9 |   46.0% |     6.3 |    2.8% |     4.4 |    2.3% |    1.9 |   41.9% |
+-----------------------+-------------+---------+-------------+---------+--------+---------+---------+---------+---------+---------+--------+---------+
|  Total                |       685.2 |  100.0% |       610.5 |  100.0% |   74.7 |   12.2% |   220.2 |  100.0% |   189.3 |  100.0% |   30.8 |   16.3% |
+-----------------------+-------------+---------+-------------+---------+--------+---------+---------+---------+---------+---------+--------+---------+
|                       |           A |         |           B |         |        |         |       C |         |       D |         |        |         |
+-----------------------+-------------+---------+-------------+---------+--------+---------+---------+---------+---------+---------+--------+---------+
|  APPLICATION          |  30.09.2007 |       % |  30.09.2006 |       % |    A-B |       % |  Q3 '07 |       % |  Q3 '06 |       % |    C-D |       % |
+-----------------------+-------------+---------+-------------+---------+--------+---------+---------+---------+---------+---------+--------+---------+
|  (in million of euro) |             |         |             |         |        |         |         |         |         |         |        |         |
+-----------------------+-------------+---------+-------------+---------+--------+---------+---------+---------+---------+---------+--------+---------+
|                       |             |         |             |         |        |         |         |         |         |         |        |         |
+-----------------------+-------------+---------+-------------+---------+--------+---------+---------+---------+---------+---------+--------+---------+
|  Auto                 |       419.8 |   61.3% |       389.0 |   63.7% |   30.8 |    7.9% |   135.9 |   61.7% |   128.9 |   68.1% |    7.0 |    5.4% |
+-----------------------+-------------+---------+-------------+---------+--------+---------+---------+---------+---------+---------+--------+---------+
|  Motorbike            |        85.4 |   12.5% |        71.5 |   11.7% |   13.9 |   19.5% |    28.0 |   12.7% |    19.8 |   10.5% |    8.2 |   41.2% |
+-----------------------+-------------+---------+-------------+---------+--------+---------+---------+---------+---------+---------+--------+---------+
|  Commercial Vehicles  |       119.6 |   17.5% |        91.4 |   15.0% |   28.2 |   30.8% |    41.2 |   18.7% |    28.3 |   15.0% |   12.8 |   45.2% |
+-----------------------+-------------+---------+-------------+---------+--------+---------+---------+---------+---------+---------+--------+---------+
|  Racing               |        53.9 |    7.9% |        51.0 |    8.4% |    2.9 |    5.7% |    13.2 |    6.0% |    12.0 |    6.3% |    1.2 |    9.9% |
+-----------------------+-------------+---------+-------------+---------+--------+---------+---------+---------+---------+---------+--------+---------+
|  Miscellaneous        |         6.5 |    0.9% |         7.6 |    1.2% |  (1.1) |  -14.6% |     1.9 |    0.9% |     0.3 |    0.1% |    1.7 |  636.1% |
+-----------------------+-------------+---------+-------------+---------+--------+---------+---------+---------+---------+---------+--------+---------+
|  Total                |       685.2 |  100.0% |       610.5 |  100.0% |   74.7 |   12.2% |   220.2 |  100.0% |   189.3 |  100.0% |   30.8 |   16.3% |
+-----------------------+-------------+---------+-------------+---------+--------+---------+---------+---------+---------+---------+--------+---------+

(see graphics in attachment)

+--------------------------------------------------+---------+---------+---------+---------+---------+
|                    MAIN RATIOS                   |  Q3 '06 |  Q4 '06 |  Q1 '07 |  Q2 '07 |  Q3 '07 |
+--------------------------------------------------+---------+---------+---------+---------+---------+
|                                                  |         |         |         |         |         |
+--------------------------------------------------+---------+---------+---------+---------+---------+
|  Net operating income/Sales                      |    8.9% |    8.7% |    9.9% |    9.9% |    9.4% |
+--------------------------------------------------+---------+---------+---------+---------+---------+
|                                                  |         |         |         |         |         |
+--------------------------------------------------+---------+---------+---------+---------+---------+
|  Income before taxes/Sales                       |    6.3% |    9.3% |    8.6% |    9.4% |    8.1% |
+--------------------------------------------------+---------+---------+---------+---------+---------+
|  Capital Expenditure/Sales                       |    8.7% |   14.6% |    4.4% |   10.8% |    5.8% |
+--------------------------------------------------+---------+---------+---------+---------+---------+
|                                                  |         |         |         |         |         |
+--------------------------------------------------+---------+---------+---------+---------+---------+
|  Net Financial indebtedness/Shareholders' equity |   93.7% |   71.4% |   70.6% |   81.8% |   70.2% |
+--------------------------------------------------+---------+---------+---------+---------+---------+
|                                                  |         |         |         |         |         |
+--------------------------------------------------+---------+---------+---------+---------+---------+
|  Financial charges/Sales                         |    2.7% |   -0.4% |    1.4% |    0.5% |    1.4% |
+--------------------------------------------------+---------+---------+---------+---------+---------+
|                                                  |         |         |         |         |         |
+--------------------------------------------------+---------+---------+---------+---------+---------+
|  Financial charges/Net Operating Income          |   29.8% |   -5.1% |   13.7% |    5.4% |   14.7% |
+--------------------------------------------------+---------+---------+---------+---------+---------+
|  ROI                                             |   15.1% |   14.4% |   16.9% |   15.2% |   18.8% |
+--------------------------------------------------+---------+---------+---------+---------+---------+
|                                                  |         |         |         |         |         |
+--------------------------------------------------+---------+---------+---------+---------+---------+
|  ROE                                             |   12.8% |   19.5% |   17.2% |   18.8% |   20.8% |
+--------------------------------------------------+---------+---------+---------+---------+---------+

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