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Piaggio Group - Full Year 2009 Financial Results
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Piaggio Group - Full Year 2009 Financial Results

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  • 1. Piaggio Group Full Year 2009 Financial Results Conference Call Milan, February 26th, 2010 1
  • 2. Disclaimer THESE SLIDES HAVE BEEN PREPARED BY THE COMPANY SOLELY FOR THE USE AT THE ANALYST CONFERENCE CALL ON PIAGGIO FULL YEAR 2009 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 TODIFFER 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. 2
  • 3. Financial Statement Year ’09 vs Year ’08 (mln €, %) 3
  • 4. Key Figures Year ’09 vs Year ’08 (mln €, %) Net Sales EBITDA % on sales 12,0% 12,0% 13,5% 13,5% 1.570,1 1.486,9 200,8 189,1 -5,3% +6,2% 2008 2009 2008 2009 Net Income Net Financial Position % on sales 2,8% 2,8% 3,2% 3,2% 47,4 43,3 (359,7) (352,0) +9,4% 2008 2009 2008 2009 4
  • 5. Net Sales trend (by Business Unit, by Business) Year ’09 vs Year ’08 (mln €, %) 1.570,1 1.570,1 -5,3% -5,3% 1.486,9 1.486,9 Other 21,2 n.s. CV India 244,0 Acc.& S.Parts 190,3 4,2 17,5% 286,8 -4,3% 182,1 CV Europe 145,4 CV India 229,0 45,2 -7,4% 17,9% 2w Asia 134,7 270,0 2w Americas 93,5 85,9% CV Europe 83,9 124,5 -35,1% -8,2% 60,7 114,3 Moto 210,2 -24,7% 158,2 2w EMEA 1042,0 -11,6% 920,8 Scooter 794,9 -4,6% 758,1 2008 2009 2008 2009 5
  • 6. Volumes trend (by Business Unit, by Business) Year ’09 vs Year ’08 (’000 sell-in units, %) 648,6 -6,3% 648,6 -6,3% 607,7 607,7 Other 2,3 n.a. CV India 158,9 CV India 158,9 14,3% 14,3% 181,7 181,7 CV Europe 19,2 CV Europe 19,2 2w Asia 22,8 -18,4% -18,4% 31,0 62,6 2w Americas 61,8% 15,7 Moto -34,1% 15,7 -41,2% 36,9 41,3 18,2 2w EMEA 416,7 -14,8% 405,7 Scooter -9,0% 369,0 355,1 2008 2009 2008 2009 6
  • 7. EBITDA Evolution Year ’09 vs Year ’08 (mln €, %) 13,0 (1,3) 200,8 189,1 13,5% 12,0% Δ Gross Δ Cash 2008 2009 Margin Opex 7
  • 8. Net Income Evolution Year ’09 vs Year ’08 (mln €, %) 47,4 43,3 9,9 4,6 (10,4) 3,2% 2,8% Δ Ebit Δ Financial 2008 Δ Tax 2009 Expenses 8
  • 9. Group Balance Sheet Year ’09 vs Year ’08 (mln €, %) 9
  • 10. Group Cash Flow and NFP Evolution Year End ’09 vs Year End ’08 (mln €) (359,7) 140,0 (20,9) (93,8) 4,2 (21,8) (352,0) NFP Operating Δ Working Capex Disinvest. Δ Equity NFP YE ‘08 Cash Flow Capital and others YE ‘09 10