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    Presentation - 1st Quarter 2010 Results

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    Piaggiogroup
    This document summarizes Piaggio Group's financial results for the first quarter of 2010. Key highlights include: - Net sales increased 11.2% to €340.6 million compared to the first quarter of 2009. - EBITDA grew 51.2% to €31.8 million, with an EBITDA margin of 9.3% compared to 6.9% in the prior year period. - Net income improved to €2.9 million compared to a net loss of €4.7 million in the first quarter of 2009.

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    Presentation - 1st Quarter 2010 Results

    Uploaded by

    Piaggiogroup
    11 views10 pages
    This document summarizes Piaggio Group's financial results for the first quarter of 2010. Key highlights include: - Net sales increased 11.2% to €340.6 million compared to the first quarter of 2009. - EBITDA grew 51.2% to €31.8 million, with an EBITDA margin of 9.3% compared to 6.9% in the prior year period. - Net income improved to €2.9 million compared to a net loss of €4.7 million in the first quarter of 2009.

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    This document summarizes Piaggio Group's financial results for the first quarter of 2010. Key highlights include: - Net sales increased 11.2% to €340.6 million compared to the first quarter of 2009. - EBITDA grew 51.2% to €31.8 million, with an EBITDA margin of 9.3% compared to 6.9% in the prior year period. - Net income improved to €2.9 million compared to a net loss of €4.7 million in the first quarter of 2009.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    11 views10 pages

    Presentation - 1st Quarter 2010 Results

    Uploaded by

    Piaggiogroup
    This document summarizes Piaggio Group's financial results for the first quarter of 2010. Key highlights include: - Net sales increased 11.2% to €340.6 million compared to the first quarter of 2009. - EBITDA grew 51.2% to €31.8 million, with an EBITDA margin of 9.3% compared to 6.9% in the prior year period. - Net income improved to €2.9 million compared to a net loss of €4.7 million in the first quarter of 2009.

    Copyright:

    Attribution Non-Commercial (BY-NC)
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    of 10

    Piaggio Group

    First Quarter 2010 Financial Results

    Conference Call
    Milan, April 29th, 2010

    Disclaimer

    THESE SLIDES HAVE BEEN PREPARED BY THE COMPANY SOLELY FOR THE USE AT THE ANALYST CONFERENCE CALL ON PIAGGIO FIRST QUARTER 2010 CONSOLIDATED RESULTS.

    THE INFORMATION CONTAINED HEREIN HAS NOT BEEN INDEPENDENTLY VERIFIED. NONE OF THE COMPANY OR REPRESENTATIVES SHALL HAVE ANY LIABILITY WHATSOEVER IN NEGLIGENCE OR OTHERWISE FOR ANY LOSS HOWSOEVER ARISING FROM ANY USE OF THESE SLIDES OR THEIR CONTENTS OR OTHERWISE ARISING IN CONNECTION WITH THESE SLIDES OR ANY MATERIAL DISCUSSED DURING THE ANALYST CONFERENCE CALL.

    THIS DOCUMENT IS BEING FURNISHED TO YOU SOLELY FOR YOUR INFORMATION AND MAY NOT BE REPRODUCED OR REDISTRIBUTED TO ANY OTHER PERSON.

    THE INFORMATION CONTAINED HEREIN AND OTHER MATERIAL DISCUSSED DURING THE ANALYST CONFERENCE CALL MAY INCLUDE FORWARD-LOOKING STATEMENTS THAT ARE NOT HISTORICAL FACTS, INCLUDING STATEMENTS ABOUT THE COMPANY BELIEFS AND EXPECTATIONS. THESE STATEMENTS ARE BASED ON CURRENT PLANS, ESTIMATES, PROJECTIONS AND PROJECTS,AND THEREFORE YOU SHOULD NOT PLACE UNDUE RELIANCE ON THEM.

    FORWARD-LOOKING STATEMENTS INVOLVE INHERENT RISKS AND UNCERTAINTIES. WE CAUTION YOU THAT A NUMBER OF IMPORTANT FACTORS COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE CONTAINED IN ANY FORWARD-LOOKING STATEMENT.

    SUCH FACTORS INCLUDE, BUT ARE NOT LIMITED TO: TRENDS IN PIAGGIO CORE BUSINESS, ITS ABILITY TO IMPLEMENT COST-CUTTING PLANS, FUTURE CAPITAL EXPENDITURES.

    Financial Statement
    1Q 10 vs 1Q 09 (mln , %)

    1Q 2009 Net Sales EBITDA % on Sales Depreciation EBIT % on Sales Financial Expenses Income before Tax Tax Net Income % on Sales Gross Margin % on Sales 306,3 21,0 6,9% 20,8 0,2 0,1% -8,4 -8,2 3,5 -4,7 -1,5% 87,8 28,7%

    1Q 2010 340,6 31,8 9,3% 20,5 11,3 3,3% -5,9 5,4 -2,6 2,9 0,8% 102,5 30,1%

    % '10-'09 11,2% 51,2%

    -1,7% 5509,4% -30,0% n.a. n.a. n.a.

    16,8%

    Key Figures
    1Q 10 vs 1Q 09 (mln , %)

    Net Sales
    340,6 306,3
    +11,2% % on sales 6,9% 6,9%

    EBITDA
    9,3% 9,3%

    31,8 21,0
    +51,2%

    1Q 09

    1Q 10

    1Q 09

    1Q 10

    Net Income
    % on sales -1,5% -1,5% 0,8% 0,8%

    Net Financial Position

    2,9 (4,7)
    n.a. -5,4%

    (446,7)

    (422,6)

    1Q 09

    1Q 10

    1Q 09

    1Q 10

    Net Sales trend (by Business Unit, by Business)


    1Q 10 vs 1Q 09 (mln , %)

    +11,2%

    +11,2%

    340,6 306,3
    CV India CV Europe 2w Asia 2w Americas
    61,3

    340,6 306,3
    1,3

    -22,5%
    40,4

    +41,7% -5,8% +419,8% -77,3%

    86,9

    Other Acc. & S.Parts CV India CV Europe Moto

    1,7

    +2,7%
    39,4 82,4

    35,5 6,5 21,0

    33,4 33,7 4,8

    57,8 30,0 36,1

    +42,5% -7,6% -1,7%


    27,8 35,5

    2w EMEA

    182,1

    -0,2%

    181,7

    Scooter

    141,4

    +8,4%

    153,2

    1Q 09

    1Q 10

    1Q 09

    1Q 10

    Volumes trend (by Business Unit, by Business)


    1Q 10 vs 1Q 09 (000 sell-in units, %)

    +19,7%

    +19,7%

    143,7 120,1
    52,2

    143,7 120,1
    52,2

    +38,0%

    +38,0%

    CV India CV Europe 2w Asia 2w Americas

    37,9

    CV India
    -10,0%
    3,9 15,0 1,1

    37,9

    -10,0%

    4,3 2,5 6,4

    +504,7% -82,4%

    CV Europe Moto

    4,3 9,4

    3,9 9,8

    +4,0%

    2w EMEA

    69,0

    +3,5%

    71,4

    Scooter

    68,5

    77,8

    +13,6%

    1Q 09

    1Q 10

    1Q 09

    1Q 10

    EBITDA Evolution
    1Q 10 vs 1Q 09 (mln , %)

    14,6

    (3,8)

    31,8
    9,3%

    21,0
    6,9%

    1Q 09

    Cash Gross Margin

    Cash Opex

    1Q 10

    Net Income Evolution


    1Q 10 vs 1Q 09 (mln , %)

    2,5 11,1

    (6,1)

    2,9
    0,8%

    (4,7)
    -1,5%

    1Q 09

    Ebit

    Financial Expenses

    Tax

    1Q 10

    Group Balance Sheet


    1Q 10 vs 1Q 09 (mln , %)
    2008
    Trade Receivable Inventories Commercial Payables Other assets / liabilities Working Capital Tangibles Fixed Assets Intangibles Fixed Assets Financial Investments Provisions 88,0 258,0 -359,9 10,3 -3,7 250,4 648,2 0,6 -137,5

    1Q 2009
    149,3 286,5 -353,9 -1,5 80,5 248,7 649,8 0,6 -136,8

    2009
    99,0 252,5 -341,8 7,5 17,2 250,4 641,3 0,6 -133,7

    1Q 2010
    149,2 276,4 -342,0 9,1 92,8 248,9 645,8 0,4 -132,1

    Net Invested Capital


    Net Financial Position Equity

    757,9
    359,7 398,2

    842,8
    446,7 396,1

    775,8
    352,0 423,8

    855,7
    422,6 433,2

    Total Sources

    757,9

    842,8

    775,8

    855,7

    Group Cash Flow and NFP Evolution


    1Q 10 vs Year End 09 (mln )

    (352,0)

    21,7 Operating Cash Flow

    (75,6) Working Capital

    (14,7)

    (3,1)

    1,1 Equity

    (422,6)

    NFP YE 09

    Capex

    Others

    NFP 1Q 10

    10

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