Piaggio Group 2010-2013

Investor Day
Milano, September 23rd, 2010

Growing International Presence

2003

2009

Asia: 8%

Rest of the
world: 92%

2013 E

Asia: 25%

Rest of the
world: 75%

Asia: 40%

Rest of the
world: 60%

Key Financial Indicators evolution

Mln euro, %
Net Financial
Position

360
352

~ 300

Revenues
Ebitda Margin

1.570

1.487

~1.500

~1.650

~1.780

~1.900
~15,0%

12,0%

13,5%

~13,3%

~13,4%

~14,2%

2008

2009

2010E

2011E

2012E

2013E
3

2011 2013 Capex Plan

Mln euro

~25

~312

Other

Total
Capex

~100

~50
~137

Product
2 wheels

Product
CVs

Manufacturing

Volumes Breakdown by Business Unit

.000 sell-in units

09-13 Growth: ~200

CAGR 09-13
66
75

607,7

CV India

181,7

CV Europe
2w India
2w Asia

15,7
36,9

2w EMEA +

7,5%
7,5%

248

8,1%
8,1%

CV India

13
75

-4,5%
-4,5%

CV Europe

n.a.
n.a.

2w India

106

30,3%
30,3%

2w Asia

370

-0,2%
-0,2%

(3)

70

Total

Total

~810

(4)

0,0

373,4

2w EMEA +
Americas

Americas

2009

2w EMEA +
Americas

2w
Asia

2w
India

CV
Europe

CV
India

2013 E
5

Volumes Breakdown by Business

.000 sell-in units

09-13 Growth: ~200

CAGR 09-13
66
133

Total

7,5%
7,5%

248

8,1%
8,1%

CV India

-4,5%
-4,5%

CV Europe

4,4%
4,4%

Bikes

8,0%
8,0%

Scooters

(3)

607,7

CV India

181,7

CV Europe
Bikes

15,7
41,3

13
49

502

Scooters

Total

~810

369,0

2009

Scooters

Bikes

CV
Europe

CV
India

2013 E
6

Net sales breakdown by Business Unit

Mln euro

09-13 Growth: ~410

CAGR 09-13

199
51
104

Total

CV India

287,0

CV Europe
2w India
2w Asia

134,7

2w EMEA +

84,0

6,2%
6,2%

486

14,1%
14,1%

CV India

-6,2%
-6,2%

CV Europe
2w India

(30)

85

1.486,9

Total

~1.895

104
51

n.a.
n.a.

188

22,3%
22,3%

2w Asia

1065

2,1%
2,1%

2w EMEA +

0,0

Americas

981,2

Americas

2009

2w EMEA +
Americas

2w
Asia

2w
India

CV
Europe

CV
India

2013 E
7

Net sales breakdown by Business

Mln euro

09-13 Growth: ~410

CAGR 09-13
~1.895

190
88

Total

1.486,9

6,2%
6,2%

Total

66

(34)

254

7,8%
7,8%

Other

96

Spare Parts,
Acc. & Other**

187,7

459

14,3%
14,3%

CV India

CV India*

268,8

80

-8,4%
-8,4%

CV Europe

CV Europe*

114,3

246

11,7%
11,7%

Bikes

Bikes*

158,2

854

3,0%
3,0%

Scooters

Scooters*

757,8

2009
* Vehicles net sales
** Engines, racing, other

Scooters*

Bikes*

CV
Europe*

CV
India*

Other**

2013 E
8

EBITDA Bridge
Mln. Euro, %

09-13 Growth: ~85

(40)
EBITDA
% on sales

200,8

~285
15,0%

125

13,5%

2009

Cash Gross
Margin

Cash
Opex

2013 E

Net Result Bridge

Mln. Euro, %

09-13 Growth: ~43

(4)

(40)

~90
4,7%

85
Net result
% on sales

47,4
3,2%

2009

Ebitda

Deprec.

Financial

Tax

2013 E

Expenses

10

NFP Evolution 2010 2013

Mln. Euro,

303

(312)

(352)

(300)

207

(86)
(60)

NFP
YE 10

Net Result

Amortization

Capex

Dividend

Working Capital

NFP
YE 13

11