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  • Presentation - Nine Months 2007 Results

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    The document summarizes Piaggio Group's operating results for the first nine months of 2007 compared to the same period in 2006. Some key points: - Net sales increased 6.5% to €1.369 billion driven by higher sales across product lines except for LTV Europe. - EBITDA rose 9.2% to €200.4 million due to improved gross margin partially offset by higher operating expenses. - Net income decreased 14.4% to €66.4 million as a deferred tax asset reversal reduced profits. - Total vehicle sales volumes increased 4.2% to 569,300 units with growth across most brands except LTV Europe. - Working capital improvements and operating

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    The document summarizes Piaggio Group's operating results for the first nine months of 2007 compared to the same period in 2006. Some key points: - Net sales increased 6.5% to €1.369 billion driven by higher sales across product lines except for LTV Europe. - EBITDA rose 9.2% to €200.4 million due to improved gross margin partially offset by higher operating expenses. - Net income decreased 14.4% to €66.4 million as a deferred tax asset reversal reduced profits. - Total vehicle sales volumes increased 4.2% to 569,300 units with growth across most brands except LTV Europe. - Working capital improvements and operating

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

    Presentation - Nine Months 2007 Results

    Uploaded by

    Piaggiogroup
    The document summarizes Piaggio Group's operating results for the first nine months of 2007 compared to the same period in 2006. Some key points: - Net sales increased 6.5% to €1.369 billion driven by higher sales across product lines except for LTV Europe. - EBITDA rose 9.2% to €200.4 million due to improved gross margin partially offset by higher operating expenses. - Net income decreased 14.4% to €66.4 million as a deferred tax asset reversal reduced profits. - Total vehicle sales volumes increased 4.2% to 569,300 units with growth across most brands except LTV Europe. - Working capital improvements and operating

    Copyright:

    Attribution Non-Commercial (BY-NC)
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    of 10

    Piaggio Group

    First Nine Months 07 Operating Results

    Milan, November 5th 2007

    Disclaimer

    THESE SLIDES HAVE BEEN PREPARED BY THE COMPANY SOLELY FOR THE USE AT THE ANALYST CONFERENCE CALL ON PIAGGIOS FIRST NINE MONTHS 2007 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) Sep. Ytd 07 vs Sep. Ytd 06 (mln )

    Piaggio Group operating results (IFRS-IAS)


    Sep. Ytd 07 vs Sep. Ytd 06
    Net Sales
    (mln ) 1.285,8 1.369,8 183,5
    +6,5% +9,2% % margin 14,3% 14,6%

    EBITDA
    (mln )

    200,4

    Sep. Ytd 06

    Sep. Ytd 07

    Sep. Ytd 06

    Sep. Ytd 07

    EBIT
    (mln ) (mln )

    Net Income

    118,5
    % margin 9,2% +16,7%

    138,3 77,6
    10,1% % margin 6,0% -14,4%

    66,4
    4,8%

    Sep. Ytd 06

    Sep. Ytd 07

    Sep. Ytd 06

    Sep. Ytd 07

    Net Sales trend


    Sep. Ytd 07 vs Sep. Ytd 06 (mln )

    +6.5%

    +6.5%

    1.285,8
    Others 10,6 Spare Parts 133,7 Ltv India Ltv Eu Moto
    142,0 95,5 206,4
    n.m. +12.4% +15.3% -4.0% +12.2%

    1.369,8
    14,2 150,3 163,8 91,7 231,7

    1.285,8 Guzzi Aprilia


    64,0 262,1
    +3.5% 326,1 +9.2%

    1.369,8
    66,3 286,0
    352,3 +8.0%

    Piaggio
    Scooter
    697,5
    +3.0%

    959,7

    +6.0%

    1017,5

    718,1

    Sep. Ytd 06

    Sep.Ytd 07

    Sep. Ytd 06

    Sep. Ytd 07

    Note: 2006 Net Sales include 36,5M turnover Vs Poste Italiane

    Total Volumes trend Sep. Ytd 07 vs Sep. Ytd 06 (000 units, sell in)

    +4.2% +4.2%

    546.6 LTV Eu LTV India Moto


    15,7 101,4 54,5
    -4.6%

    569.3
    15,0 113,8
    +12.2% +22.2%

    569.3 546.6 Guzzi Aprilia


    8,1 94,0
    102.1 +7.3%

    8,2
    +1.2%

    100,8

    109.0 +6.8%

    66,6

    Scooter

    Piaggio
    375,1
    -0.0%

    444,5

    +3.6%

    460,3

    373,9

    Sep. Ytd 06

    Sep. Ytd 07

    Sep. Ytd 06

    Sep. Ytd 07

    Note: 2006 Volumes include 24.3 K vehicles sold to Poste Italiane

    EBITDA Evolution (IFRS-IAS)


    Sep. Ytd 07 vs Sep. Ytd 06 (mln )

    + 9.2%

    9.3

    10.5

    (2.9)

    200.4

    183.5

    14.6%

    EBITDA Margin

    14.3%

    Sep. Ytd 06

    Gross Margin

    Opex

    Amortiz.

    Sep. Ytd 07

    Net Result Evolution (IFRS-IAS)


    Sep. Ytd 07 vs Sep. Ytd 06 (mln )
    Income Before Tax +17.4% -14.4%

    Deferred tax asset reversal (20,5)

    77,6

    9,3

    10,5

    (2,8)

    (28,2)

    66,4

    Sep. Ytd 06

    Gross Margin

    Opex

    Financial Expenses

    Tax

    Sep. Ytd 07

    Group Balance Sheet (IFRS-IAS)


    YE 06 vs Sep. 07 (mln )

    PFN Evolution (IFRS-IAS)


    YE 06 vs Sep. Ytd 07 (mln )

    Receivable: Inventories: Payables: Others :

    (94.9) (12.0) 58.5 71.9 AuCap Stock Options: 6.3 Buy Back: (26.8) Dividends (11.9) Exchange & Others: 5.3

    23.6

    (57.9)

    (2.9)

    (27.1)

    (259.5)

    (318.0)

    122.8

    Cash Flow Generation + 58.5

    YE 06

    Operating Cash Flow

    Working Capital

    Capex

    Disinvest. and others

    Equity

    Sep. Ytd 07

    10

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