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  • Presentation - 1st Quarter 2008 Results

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    The document summarizes Piaggio Group's operating results for the first quarter of 2008 compared to the first quarter of 2007. Key highlights include: - Net sales decreased 7.7% to €363.9 million. EBITDA fell 20.9% to €35.1 million and net income declined 67.5% to €3.2 million. - Sales decreased across most business segments, with the largest declines in the Guzzi and Piaggio Scooter divisions. Volumes fell 5.8% overall to 150,600 units. - The decrease in results was primarily driven by lower gross margin and higher operating expenses, partially offset by lower amortization costs.

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    The document summarizes Piaggio Group's operating results for the first quarter of 2008 compared to the first quarter of 2007. Key highlights include: - Net sales decreased 7.7% to €363.9 million. EBITDA fell 20.9% to €35.1 million and net income declined 67.5% to €3.2 million. - Sales decreased across most business segments, with the largest declines in the Guzzi and Piaggio Scooter divisions. Volumes fell 5.8% overall to 150,600 units. - The decrease in results was primarily driven by lower gross margin and higher operating expenses, partially offset by lower amortization costs.

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    32 views11 pages

    Presentation - 1st Quarter 2008 Results

    Uploaded by

    Piaggiogroup
    The document summarizes Piaggio Group's operating results for the first quarter of 2008 compared to the first quarter of 2007. Key highlights include: - Net sales decreased 7.7% to €363.9 million. EBITDA fell 20.9% to €35.1 million and net income declined 67.5% to €3.2 million. - Sales decreased across most business segments, with the largest declines in the Guzzi and Piaggio Scooter divisions. Volumes fell 5.8% overall to 150,600 units. - The decrease in results was primarily driven by lower gross margin and higher operating expenses, partially offset by lower amortization costs.

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    Attribution Non-Commercial (BY-NC)
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    of 11

    Piaggio Group

    1 Quarter 08 Operating Results

    Milan, May 7th 2008

    Disclaimer

    THESE SLIDES HAVE BEEN PREPARED BY THE COMPANY SOLELY FOR THE USE AT THE ANALYST CONFERENCE CALL ON PIAGGIOS FIRST QUARTER 2008 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 ORANY 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 COMPANYS 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 TODIFFER MATERIALLY FROM THOSE CONTAINED IN ANY FORWARD-LOOKING STATEMENT.

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

    Financial Statement (IFRS-IAS)


    1Q 08 Vs 1Q 07 (mln )

    Piaggio Group operating results (IFRS-IAS)


    1Q 08 Vs 1Q 07 Net Sales
    (mln ) 394,2 363,9 (mln ) 44,4
    -7,7% % margin 11,3% -20,9% 9,7%

    EBITDA

    35,1

    1Q07

    1Q08

    1Q07

    1Q08

    EBIT
    (mln ) 25,6 13,1
    % margin 6,5% -48,8% 3,6% % margin

    Net Income
    (mln ) 9,7
    2,5% -67,5%

    3,2
    0,9%

    1Q07

    1Q08

    1Q07

    1Q08

    Net Financial Position


    (mln ) (344,8) 1Q07
    +9,6%

    (311,8) 1Q08
    4

    Net Sales trend


    1Q 08 Vs 1Q 07 (mln )
    -7.7%

    394,2
    RoW Asia Pacific India Americas
    3,6 11,1 55,5 16,7

    +19.4% +41.5% +12.1%

    363,9
    4,3 15,7 62,2

    -16.2%

    14,0

    RoE

    177,1

    -17.0%

    147,0

    Italy

    130,1

    -7.3%

    120,6

    1Q 07

    1Q 08

    Net Sales trend


    1Q 08 Vs 1Q 07 (mln )
    -7.7%

    -7.7%

    394,2
    Others Spare Parts LCV India LCV Eu

    394,2
    n.s. -0.3%

    16,8 45,1 52,5 31,3

    363,9
    4,2 45,0

    Guzzi

    24,1
    -37.6%

    363,9
    15,0 70,7 15,3

    Aprilia
    +11.6%

    91,3 14,2

    -22.6%

    58,6
    Derbi
    +7.2%

    -0.4%

    31,2 55,4

    Moto

    70,0

    -21.0%

    Piaggio Scooter

    264,5

    -0.6%

    262,9

    178,4

    -5.0%

    169,6

    1Q 07

    1Q 08

    1Q 07

    1Q 08

    Total Volumes trend


    1Q 08 Vs 1Q 07 (000 units, sell in)

    -5.8%

    Altro LCV Eu LCV India

    159,8
    3,9 5,2

    -5.8%

    150,6
    n.s. +1.8%
    0,4 5,3

    Guzzi Aprilia

    159,8
    2,9 29,8 7,8
    -39.9% -20.1% +4.4%

    150,6
    1,8 23,8 8,2

    37,8
    +7.0%

    40,5

    Derbi

    Moto

    17,7

    -11.6%

    15,7

    Piaggio Scooter
    95,1
    -6,7%

    119,3

    -2.0%

    116,8

    88,7

    1Q 07

    1Q 08

    1Q 07

    1Q 08

    EBITDA Evolution (IFRS-IAS)


    1Q 08 Vs 1Q 07 (mln )

    44,4

    (11,6) 3,2 (0,9)

    35,1

    Margin

    11,3%

    9,7%

    1Q 07

    Gross Margin

    Opex

    Amortiz.

    1Q 08

    Net Result Evolution (IFRS-IAS)


    1Q 08 Vs 1Q 07 (mln )

    9,7

    (12,5)

    5,8 0,2

    3,2

    1Q 07

    Ebit

    Financial Expenses

    Tax

    1Q 08

    Group Balance Sheet (IFRS-IAS)


    1Q 08 Vs 1Q 07 (mln )

    10

    PFN Evolution (IFRS-IAS)


    1Q 08 Vs 1Q 07 (mln )
    Receivable: Inventories: Payables: Others : (64,9) (53,8) 57,8 10,5

    (269,8) (344,8)

    21,9

    (50,4)

    (16,6)

    2,2

    0,9

    (311,8)

    1Q 07

    YE 07

    Operating Working Cash Flow Capital

    Capex

    Disinvest. and others

    Equity

    1Q 08

    11

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