1

Year 2012

Second quarter and half year results

August 27th, 2012

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Recent market trend

3

World market trend

Numberof lifttruckssold

Avg Q 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012

Q2 2012

vs

Q1 2012

Q2 2012

vs

Q2 2011

West Europe 20.671 28.204 28.509 23.237 25.356 27.042 24.030 -11,1% -15,7%

USA and CANADA 18.839 21.828 24.626 23.633 26.378 23.392 24.890 6,4% 1,1%

Asia 67.644 82.458 85.605 75.498 70.130 82.501 78.862 -4,4% -7,9%

Rest of the world 17.073 24.136 25.527 23.386 22.779 22.445 21.386 -4,7% -16,2%

World 124.226 156.626 164.267 145.754 144.643 155.380 149.168 -4,0% -9,2%

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World market trend

Number of lift trucks sold

Avg Q 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012

Q2 2012

vs

Q1 2012

Q2 2012

vs

Q2 2011

West Europe 20.671 28.204 28.509 23.237 25.356 27.042 24.030 -11,1% -15,7%

USA and CANADA 18.839 21.828 24.626 23.633 26.378 23.392 24.890 6,4% 1,1%

Asia 67.644 82.458 85.605 75.498 70.130 82.501 78.862 -4,4% -7,9%

Rest of the world 17.073 24.136 25.527 23.386 22.779 22.445 21.386 -4,7% -16,2%

World 124.226 156.626 164.267 145.754 144.643 155.380 149.168 -4,0% -9,2%

5

Financials 2012

6

Net sales breakdown: Q2 2012 vs Q2 2011

+ 0,5%

30,230,4

+24,8%

+10,2%

-3,7%

Net Sales – Geographic breakdown(2nd Quarter 2011 – 2nd Quarter 2012; €/Mln)

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Net sales breakdown: H1 2012 vs H1 2011

+ 4,3%

58,160,6

+11,4%

+24,1%

+1,1%

Net Sales – Geographic breakdown(1st semester 2011 – 1st semester 2012; €/Mln)

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Main performance indicators: 2nd quarter

Thousands of Euro

2nd quarter

2011

Official

2nd quarter

2012% Var.

2012

vs 2011

TURNOVER 30.238 30.386 0,5%

EBITDA 2.324 2.504 7,7%

EBIT 1.038 1.241 19,6%

RESULT BEFORE TAXES 772 1.160 50,3%

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Main performance indicators: 1st semester

Thousands of Euro

1st half 2011

Official

1st half 2012% Var.

2012

vs 2011

TURNOVER 58.070 60.592 4,3%

EBITDA 4.677 5.235 11,9%

EBIT 2.063 2.532 22,7%

RESULT BEFORE TAXES 1.357 1.958 44,3%

NET RESULT 622 1.051 69,0%

OF WHICH THIRD PARTIES (69) (13) -81,2%

GROUP RESULT 553 1.038 87,7%

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Consolidated Income Statement: 2nd quarter

2nd quarter

2011

Official

2nd quarter

2012

2012

vs

2011

Thousands of Euro

Turnover 30.238 100,0% 30.386 100,0% 0,5%

Other operating revenue 409 1,4% 138 0,5% (66,3%)

Total revenue 30.647 101,4% 30.524 100,5% (0,4%)

Costs for raw material and consumables (13.667) -45,2% (14.378) -47 ,3% 5,2%

Costs for services (6.029) -19,9% (5.396) -17 ,8% (10,5%)

Personnel expenses (8.312) -27,5% (8.133) -26 ,8% (2,2%)

Other operating expenses (280) -0 ,9% (217) -0 ,7% (22,5%)

Result of associated companies at Net Equity (35) -0 ,1% 104 0,3% n.c.

Gross Operating Result (EBITDA) 2.324 7,7% 2.504 8,2% 7,7%

Depreciation & Amortisation (1.230) -4 ,1% (1.188) -3 ,9% (3,4%)

Provisions and write-downs (56) -0 ,2% (75) -0 ,2% 33,9%

Operating result 1.038 3,4% 1.241 4,1% 19,6%

Financial income and expenses (331) -1,1% (442) -1,5% 33,5%

Exchange rate earnings and losses 65 0,2% 361 1,2% 455,4%

Result before tax 772 2,6% 1.160 3,8% 50,3%

Income taxes (300) -1,0% (522) -1,7% 74,0%

Net result 472 1,6% 638 2,1% 35,2%

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Consolidated Income Statement: 1st semester

30 June

2011

Official

30 June

2012

2012

vs

2011

Thousands of Euro

Turnover 58.070 100,0% 60.592 100,0% 4,3%

Other operating revenue 640 1,1% 266 0,4% (58,4%)

Total revenue 58.710 101,1% 60.858 100,4% 3,7%

Costs for raw material and consumables (25.916) -44,6% (27.697) -45,7% 6,9%

Costs for services (11.460) -19,7% (10.975) -18,1% (4,2%)

Personnel expenses (16.133) -27,8% (16.706) -27,6% 3,6%

Other operating expenses (502) -0 ,9% (385) -0 ,6% (23,3%)

Result of associated companies at Net Equity (22) 0,0% 140 0,2% n.c.

Gross Operating Result (EBITDA) 4.677 8,1% 5.235 8,6% 11,9%

Depreciation & Amortisation (2.488) -4 ,3% (2.371) -3 ,9% (4,7%)

Provisions and write-downs (126) -0 ,2% (332) -0 ,5% 163,5%

Operating result 2.063 3,6% 2.532 4,2% 22,7%

Financial income and expenses (558) -1,0% (846) -1,4% 51,6%

Exchange rate earnings and losses (148) -0 ,3% 272 0,4% (283,8%)

Result before tax 1.357 2,3% 1.958 3,2% 44,3%

Income taxes (735) -1,3% (907) -1,5% 23,4%

Net result 622 1,1% 1.051 1,7% 69,0%

Third parties result (69) -0 ,1% (13) 0,0% (81,2%)

Group result 553 1,0% 1.038 1,7% 87,7%

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Net financial position

The negative balance of the net financial position has increased from 22,4 million Euros at31.12.2011 to 24,4 million Euros at the end of the first semester of 2012.

The increase in the period is mainly due to the payment of:• dividends to shareholders for 1,039 million Euros;• China investments for 0,87 million Euros;

In Q2 the net financial position improved by 1,5 million respect to the end of March (25,9million Euros) mainly thanks to the to the positive cash flow generated by ordinaryoperations.

Thousands of Euro31/12/2011 30/06/2012

Cash and cash equivalent 6.716 6.938

Current portion of long term debts (13.135) (17.266)

Net financial position - short term (6.419) (10.328)

Financial assets held to maturity 60 0

Non current portion of long term debts (16.113) (14.075)

Net financial position - M/L term (16.053) (14.075)

Net financial position (22.472) (24.403)

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Consolidated cash flow statement 30.06.2012

30.06.2012

Thousands of Euro

OPENING NET FINANCIAL POSITION 01.01.2012 (22.472)

Net result 1.038

Change in reserves (441)

Depreciation 2.371

Change in net working capital (2.232)

- Inventories (2.414) - Trade receivables (1.545) - Trade payables 190 - Others 1.537

Net capital expenditure (2.420)

FREE CASH FLOW (1.684)

Equity, other financial assets and third parts changes 792

Dividend distribution (1.039)

CLOSING NET FINANCIAL POSITION 30.06.2012 (24.403)

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Cash flow statement: bridge analysis

15

Consolidated assets and liabilities

Thousands of Euro31.12.2011 30.06.2012

Net fixed assets 46.698 46.916

Net working capital 21.123 23.359

Leaving indemnity and other reserves (5.640) (5.221)

Net capital employed 62.181 65.054

Net Equity 36.494 36.692

Minority interest 3.215 3.959

Net financial position 22.472 24.403

Net Debt / Equity 0,57 0,60

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Other KPI

Working Capital (€m) Accounts payable turnover ratio (days) (1)

Accounts receivable turnover ratio (days) (2) Inventory turnover (days) (2)

(1) On Cost of purchased goods and Cost of services (2) On Sales

% on Net Sales

19,4% 16,5% 17,9% 18,9% 24,0% 19,3% 18,2% 20,3% 19,22%

103

115

102

82

9686 82 86 83

2005 2006 2007 2008 2009 2010 2011 Q1 2012 H1 2012

18,6 17,7

26,1 26,7

18,4 18,121,1

24,6 23,4

2005 2006 2007 2008 2009 2010 2011 Q1 2012 H1 2012

8187

77 77

111

8173

78 76

2005 2006 2007 2008 2009 2010 2011 Q1 2012 H1 2012

67 69

60 60

86

66

6063 64

2005 2006 2007 2008 2009 2010 2011 Q1 2012 H1 2012

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Shareholders structure

Shareholders at 27/08/2012

The share price on 24th August 2012 was € 1,293 (corresponding to a market cap of 33,6 €/mln), witha variation from 1st January 2012 by – 31,22%.

(*) Shareholders are: Emilio Bolzoni, Franco Bolzoni, PierLuigi Magnelli, Luigi Pisani, Roberto Scotti

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Contacts

Contacts:investor.relator@bolzoni-auramo.com+39 0523 555511

Visit our web.site:www.bolzoni-auramo.com

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