Performance by Business Division

(Includes fluid filters, air intake and engine cooling systems activities)

The following tables show the key results and economic indicators for the year 2012 and the three previous years. Note the improvement achieved in 2012, basically traced back to the full year consolidation of Systèmes Moteurs S.A.S..

KEY ECONOMIC DATA

(in millions of Euro)	2009	2010	2011 (*)	2012	Change '12 vs '11
Sales revenues	414.8	465.1	612.9	792.6	29.3%
EBITDA	27.1	39.2	52.0	74.7	43.5%
Operating result	22.1	35.8	42.7	56.6	32.3%
Ebit	9.7	19.4	24.4	39.0	59.6%
Net result	5.0	12.1	14.7	28.9	97.1%

KEY FINANCIAL DATA

(in millions of Euro)	2009	2010	2011 (*)	2012	Change '12 vs '11
Shareholders' equity	116.2	111.7	204.1	220.9	8.3%
Net financial surplus (indebtedness)	30.3	2.3	3.7	34.0	820.9%

OTHER INDICATORS

(in millions of Euro)	2009	2010	2011	2012	Change '12 vs '11
Number of employees	3,400	3,170	4,136	4,090	- 1.1%

^{(*) Certain values as at December 31, 2011 were redetermined after the completion of the Purchase Price Allocation process in connection with the Systèmes Moteurs S.A.S. acquisition.}

The performance posted by the division's activities in the two main areas in which it operates is analysed in greater detail in the table below:

(in millions of Euro)	FLUID FILTERS		AIR INTAKE AND COOLING		Interc. elimin.	TOTAL ENGINE SYSTEMS DIVISION
	Amount	%	Amount	%	Amount	Amount	%
Sales revenues	453.0	100.0	339.8	100	(0.2)	792.6	100.0
Operating result	31.4	6.9	25.1	7.4	0.1	56.6	7.1
EBIT	18.8	4.2	20.2	5.9	-	39.0	4.9
Result before taxes	16.7	3.7	18.7	5.5	-	35.4	4.5
Net result	15.6	3.5	13.3	3.9	-	28.9	3.7
Net financial surplus (indebtedness)	11.4		22.6		-	34.0
Shareholders' equity	114.3		106.6		-	220.9
Number of employees at December 31	2,917		1,173		-	4,090

Overall, the full-year consolidation of the activities of subsidiary Systèmes Moteurs S.A.S. (versus five months only in 2011) enabled the division to achieve sales revenues of Euro 792.6 million versus 612.9 million in 2011, with significant growth in the North American market, further expansion in the Chinese and Indian markets and basically stable performance in the Latin American market.

Operating result is also on an uptrend at Euro 56.6 million (7.1% of revenues), up from the 42.7 million (7% of revenues) in the previous year, whereas EBITDA and EBIT were adversely affected by Euro 8.7 million of costs associated with the final shutdown of the Llantrisant plant (Wales).

The following projects were implemented during the year: expansion of the production capacity of the Bangalore plant (India), start up of new plant construction in Wujiang (China) and expansion of the production capacity at Prichard (USA).

Division's consolidated net result rose to Euro 28.9 million (up +97.1%) from Euro 14.7 million in 2011.

As of December 31, 2012 the Division's shareholders' equity amounted to Euro 220.9 million compared to 204.1 million at the end of 2011, whereas net financial position recorded a surplus of Euro 34 million versus 3.7 million as of December 31, 2011.

At the end of 2012, the Division's workforce had decreased to 4,090 from the 4,136 units employed at the end of the year 2011

The sharp drop in business experienced with European generalist manufacturers (Fiat, PSA, Renault) during the last four months of the year impacted the performance of the Division, that recorded a downtrend in sales revenues and economic data at year end.

Sales revenues fell to Euro 528.6 million from 547.7 million in the previous year (-3.5%).
Operating result dropped to Euro 41.3 million (7.8% of revenues) from the 49.1 million (9% of revenues) in the previous year.
EBITDA decreased by 16.8%, from Euro 68.3 million (12.5% of revenues) to 56.9 million (10.8% of revenues).
Likewise, EBIT dropped to Euro 32.3 million from the previous figure of 44.1 million (-26.8%).

During the year, the new Indian plant in Pune was inaugurated and the construction of a third production site in Wujiang, China, was started.

The Division's net result amounted to Euro 12.3 million, down 40.8% from Euro 20.8 million in 2011.

The Division's shareholders' equity as of December 31, 2012 amounted to Euro 142.2 million (versus 137.2 million at the end of 2011), whereas net financial position recorded an indebtedness of Euro 45.2 million versus 48.4 million at the end of 2011.

At the end of 2012, the number of employees was 2,571 people, up 2.5% compared to December 31, 2011.

KEY ECONOMIC DATA

(in millions of Euro)	2009	2010	2011	2012	Change '12 vs '11
Sales revenues	368.0	461.6	547.7	528.6	- 3.5%
EBITDA	24.0	52.1	68.3	56.9	- 16.8%
Operating result	15.0	35.9	49.1	41.3	- 15.8%
Ebit	(0.1)	27.5	44.1	32.3	- 26.8%
Net result	(5.3)	13.7	20.8	12.3	- 40.8%

KEY FINANCIAL DATA

(in millions of Euro)	2009	2010	2011	2012	Change '12 vs '11
Shareholders' equity	120.4	139.1	137.2	142.2	3.6%
Net financial surplus (indebtedness)	(63.0)	(46.9)	(48.4)	(45.2)	6.7%

OTHER INDICATORS

(in millions of Euro)	2009	2010	2011	2012	Change '12 vs '11
Number of employees	2,312	2,347	2,508	2,571	2.5%