presentation - 1st quarter 2011 results

8/6/2019 Presentation - 1st Quarter 2011 Results

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Piaggio Group – First Quarter 2011 Financial Results

Conference CallApril 29th, 2011



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This presentation contains forward-looking statements regarding future events and future results of Piaggio & C S.p.A (the “Company”).

that are based on the current expectations, estimates, forecasts and projections about the industries in which the Company operates,

and on the beliefs and assumptions of the management of the Company. In particular, among other statements, certain statements with

regard to management objectives, trends in results of operations, margins, costs, return on equity, risk management, competition,

changes in business strategy and the acquisition and disposition of assets are forward-looking in nature. Words such as ‘expects’,

‘anticipates’, ‘scenario’, ‘outlook’, ‘targets’, ‘goals’, ‘projects’, ‘intends’, ‘plans’, ‘believes’, ‘seeks’, ‘estimates’, as well as any variation of

such words and similar expressions, are intended to identify such forward-looking statements. Those forward-looking statements are

only assumptions and are subject to risks, uncertainties and assumptions that are difficult to predict because they relate to events and

depend upon circumstances that will occur in the future. Therefore, actual results of the Company may differ materially and adversely

from those expressed or implied in any forward-looking statement and the Company does not assume any liability with respect thereto.

Factors that might cause or contribute to such differences include, but are not limited to, global economic conditions, the impact of

competition, or political and economic developments in the countries in which the Company operates. Any forward-looking statements

made by or on behalf of the Company speak only as of the date they are made. The Company does not undertake to update forward-

looking statements to reflect any change in its expectations with regard thereto, or any change in events, conditions or circumstances

which any such statement is based on. The reader is advised to consult any further disclosure that may be made in documents filed by

the Company with Borsa Italiana S.p.A (Italy).

The Manager in Charge of preparing the Company financial reports hereby certifies pursuant to paragraph 2 of art. 154-bis of the

Consolidated Law on Finance (Testo Unico della Finanza), that the accounting disclosures of this document are consistent with the

accounting documents, ledgers and entries.This presentation has been prepared solely for the use at the meeting/conference call with investors and analysts at the date shown

below. Under no circumstances may this presentation be deemed to be an offer to sell, a solicitation to buy or a solicitation of an offer to

buy securities of any kind in any jurisdiction where such an offer, solicitation or sale should follow any registration, qualification, notice,

disclosure or application under the securities laws and regulations of any such jurisdiction.

Disclaimer



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Financial Statement1Q ’11 vs 1Q ’10 ( €m)

1Q 2010 1Q 2011 % Change

Net Sales 340.6 351.7 3.3%

Gross Margin 102.5 102.6 0.1%

% on Sales 30.1% 29.2%

EBITDA 31.8 33.7 6.1%% on Sales 9.3% 9.6%

Depreciation (20.5) (21.6) 5.4%

EBIT 11.3 12.2 7.3%

% on Sales 3.3% 3.5%

Financial Expenses (5.9) (6.5) 10.7%

Income before Tax 5.4 5.6 3.5%

Tax (2.6) (2.6) 2.8%

Net Income 2.9 3.0 4.1%

% on Sales 0.8% 0.8%



2.9 3.0

1Q '10 1Q '11

31.8 33.7

1Q '10 1Q '11

340.6 351.7

1Q '10 1Q '11

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Key Figures1Q ’11 vs 1Q ’10 ( €m)

EBITDANet Sales

Net Financial PositionNet Income

+3.3%

9.3%

9.3% 9.6%

9.6%% on sales

0.8%

0.8% 0.8%

0.8%% on sales

+6.1%

+4.1%

(422.6)(406.4)

1Q '10 1Q '11

-3.8%



153.2 142.0

35.540.2

27.821.2

82.4 104.3

40.140.6

1.63.3

1Q '10 1Q '11

186.3 183.0

33.9 32.2

33.426.5

86.9 110.0

1Q '10 1Q '11

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Net Sales trend1Q ’11 vs 1Q ’10 ( €m)

CommercialVehicles Europe

2 WheelsWestern

Countries

CommercialVehicles India

2 Wheels Asia

-1.8%

-20.8%

+26.6%

-5.0%

by Cash Generating Unit by Business

Other

Acc. & S.Parts

Bikes

Scooters

CommercialVehicles India


340.6351.7+3.3%

+3.3%

+1.2%

+26.7%

-23.5%

-7.3%

+13.2%

n.m.

340.6351.7+3.3%

+3.3%



77.873.4

9.810.3

3.93.6

52.2 61.7

1Q '10 1Q '11

72.566.3

15.117.4

3.93.6

52.2 61.7

1Q '10 1Q '11

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Volumes trend1Q ’11 vs 1Q ’10 (‘000 sell-in units)


2 WheelsWestern

Countries

Commercial

Vehicles India

2 Wheels Asia

-8.5%

-7.1%

+18.1%

+15.1%

by Cash Generating Unit by Business

Bikes

Scooters

Commercial

Vehicles India


143.7149.0+3.7%

+3.7%

+18.1%

-7.1%

-5.6%

+4.5%

143.7149.0+3.7%

+3.7%



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EBITDA Evolution1Q ’11 vs 1Q ’10 ( €m, % on sales)

31.8

(9.3%)

33.7

(9.6%)(0.1)

2.0

1Q ' 10 Change in Cash Gross

Margin

Change in Cash Opex 1Q ' 11



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3.0(0.8%)

2.9

(0.8%)

(0.1)

0.8

(0.6)

1Q ' 10 Change in EBIT Change in Financial

Expenses

Change in Taxes 1Q '11

Net Income Evolution1Q ’11 vs 1Q ’10 ( €m, % on sales)



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Group Balance Sheet1Q ’11 vs 1Q ’10 ( €m)

2009 1Q 2010 2010 1Q 2011

Trade Receivable 99.0 149.2 78.0 134.2

Inventories 252.5 276.4 240.1 259.0

Commercial Payables (341.8) (342.0) (340.3) (340.9)

Other assets/liabilities 7.5 9.1 31.1 14.2

Working Capital 17.2 92.8 8.8 66.5

Tangible Fixed Assets 250.4 248.9 256.8 250.9

Intangible Fixed Assets 641.3 645.8 652.6 650.4

Financial Investments 0.6 0.4 0.5 0.5

Provisions (133.7) (132.1) (125.9) (122.4)

Net Invested Capital 775.8 855.7 792.8 845.8

Net Financial Position 352.0 422.6 349.9 406.4

Equity 423.8 433.2 442.9 439.4

Total Sources 775.8 855.7 792.8 845.8



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Group Cash Flow and NFP evolution1Q ’11 vs 1Q ’10 ( €m)

(406.4)

(349.9)

1.9

(21.9)(57.6)

21.1

NFP YE '10

Operating Cash

Flow

Change in

Working Capital Capex

Change in

Equity and Other NFP 1Q '11

(352.0) 21.7 (75.6) (14.7) (2.0) (422.6)

NFP YE ‘09 NFP 1Q ‘10

1Q ‘10

presentation - 1st quarter 2011 results

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