Piaggio Group reported financial results for the first nine months of 2011. Net sales increased 2% overall and 4.5% excluding foreign exchange impacts. Growth was driven by strong performance in emerging markets like Asia Pacific (+31%) and India (+6.5%). Emerging markets now represent 46% of total sales, up 3 percentage points. EBITDA and net income were stable compared to the prior year despite one-time restructuring costs and negative foreign exchange effects. The net financial position improved by €20 million compared to the end of 2010 due to tight working capital controls and cash flow generation, despite higher capital expenditures to support growth in emerging countries.
Financial Results for the 2nd Quarter of the Fiscal Year Ending March 2016KDDI
The figures included in the following brief,
including the business performance target and the
target for the number of subscribers are all
projected data based on the information currently
available to the KDDI Group, and are subject to
variable factors such as economic conditions, a
competitive environment and the future prospects for
newly introduced services.
Accordingly, please be advised that the actual
results of business performance or of the number of
subscribers may differ substantially from the
projections described here.
Jagran Prakashan Q2FY15: Buy for a target of Rs165IndiaNotes.com
JAGP’s 2QFY15 EBITDA grew 16% YoY to INR1.06b (vs est of INR1.04b), supported by high single-digit growth in print advertising/circulation revenue and lower ‘other expenses’.
Tricumen / FY15 Capital Markets: Regions_open 080316Tricumen Ltd
This publication is supplementary to our quarterly Results Review; it shows banks' capital markets quarterly revenue and semi-annual pre-tax profit and productivity dynamics relative to their peers in major regions. The full dataset includes operating revenue, expenses and pre-tax profit at the Level 3 product detail in 7 regions, as well as normalised client segment revenue allocations, RWA and Equity.
All data is reconciled against the published financial statements. Further detail is available on request.
Présentation des résultats financiers Ericsson (Q4 2009)Ericsson France
Ericsson a publié ce matin les résultats de l’entreprise pour l’année 2009. Hans Vestberg, nouvellement président-directeur général du groupe depuis le 1er janvier 2010, a commenté les faits saillants au cours d’une conférence de presse en Suède. L’intégralité de ses commentaires est disponible ci-dessous.
Plus d'informations : http://www.blog-ericssonfrance.com/2010/01/le-pdg-du-groupe-ericsson-commente-les-resultats-2009/
Financial Results for the 2nd Quarter of the Fiscal Year Ending March 2016KDDI
The figures included in the following brief,
including the business performance target and the
target for the number of subscribers are all
projected data based on the information currently
available to the KDDI Group, and are subject to
variable factors such as economic conditions, a
competitive environment and the future prospects for
newly introduced services.
Accordingly, please be advised that the actual
results of business performance or of the number of
subscribers may differ substantially from the
projections described here.
Jagran Prakashan Q2FY15: Buy for a target of Rs165IndiaNotes.com
JAGP’s 2QFY15 EBITDA grew 16% YoY to INR1.06b (vs est of INR1.04b), supported by high single-digit growth in print advertising/circulation revenue and lower ‘other expenses’.
Tricumen / FY15 Capital Markets: Regions_open 080316Tricumen Ltd
This publication is supplementary to our quarterly Results Review; it shows banks' capital markets quarterly revenue and semi-annual pre-tax profit and productivity dynamics relative to their peers in major regions. The full dataset includes operating revenue, expenses and pre-tax profit at the Level 3 product detail in 7 regions, as well as normalised client segment revenue allocations, RWA and Equity.
All data is reconciled against the published financial statements. Further detail is available on request.
Présentation des résultats financiers Ericsson (Q4 2009)Ericsson France
Ericsson a publié ce matin les résultats de l’entreprise pour l’année 2009. Hans Vestberg, nouvellement président-directeur général du groupe depuis le 1er janvier 2010, a commenté les faits saillants au cours d’une conférence de presse en Suède. L’intégralité de ses commentaires est disponible ci-dessous.
Plus d'informations : http://www.blog-ericssonfrance.com/2010/01/le-pdg-du-groupe-ericsson-commente-les-resultats-2009/
Bajaj Finance Q1FY15: AUM growth remained strong at Rs269.4 bn, buyIndiaNotes.com
Bajaj Finance Q1FY15 PAT stood at INR2.11b, up 20% YoY and 16% QoQ (11% above est. of INR1.9b). Strong AUM growth (+40% YoY and 12% QoQ) and stable asset quality QoQ (GNPA/NNPA 1.13/0.27%) were highlights of the quarter. Buy
Bajaj Finance Q1FY15: AUM growth remained strong at Rs269.4 bn, buyIndiaNotes.com
Bajaj Finance Q1FY15 PAT stood at INR2.11b, up 20% YoY and 16% QoQ (11% above est. of INR1.9b). Strong AUM growth (+40% YoY and 12% QoQ) and stable asset quality QoQ (GNPA/NNPA 1.13/0.27%) were highlights of the quarter. Buy
NO1 Uk Black Magic Specialist Expert In Sahiwal, Okara, Hafizabad, Mandi Bah...Amil Baba Dawood bangali
Contact with Dawood Bhai Just call on +92322-6382012 and we'll help you. We'll solve all your problems within 12 to 24 hours and with 101% guarantee and with astrology systematic. If you want to take any personal or professional advice then also you can call us on +92322-6382012 , ONLINE LOVE PROBLEM & Other all types of Daily Life Problem's.Then CALL or WHATSAPP us on +92322-6382012 and Get all these problems solutions here by Amil Baba DAWOOD BANGALI
#vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore#blackmagicformarriage #aamilbaba #kalajadu #kalailam #taweez #wazifaexpert #jadumantar #vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore #blackmagicforlove #blackmagicformarriage #aamilbaba #kalajadu #kalailam #taweez #wazifaexpert #jadumantar #vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore #Amilbabainuk #amilbabainspain #amilbabaindubai #Amilbabainnorway #amilbabainkrachi #amilbabainlahore #amilbabaingujranwalan #amilbabainislamabad
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
2. Disclaimer
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.
2
3. Key Facts (1/2)
Nine Month results confirmed Piaggio strategy is consistent with global market dynamics
Emerging Markets continuing to grow at a double digit rate
Vietnam scooter market +33% vs prior year
India 3/4 wheeler market at +14% and 2 wheeler at around +20%
Western Markets stable or decreasing, especially Italy and Spain
Piaggio position in the market is very strong…
Resilient performance in Western Countries
Market share increase in Europe, both in scooters (up to 27.5%) and bikes (6.6%), confirming Piaggio leading position
Growth in Net Sales of Bikes (+20%) for the third consecutive quarter
Revenues in America growing again (+60%)
Discipline on pricing and credit policies
Good performance in India
Net Sales increased by 6.4%
Strong growth in 3W Cargo segment and stable performance in Passenger; launch of new Apé City in August 2012
Growth in 4W Sub 0.5 Ton segment; opportunity to play a stronger role in the Sub 1 Ton segment to be pursued
Industrial and development investments to launch Vespa in April 2012 on track
Strong growth in Asia Pacific
Acceleration of growth in Vietnam coupled with market share increase (up to 18%, +4 pp)
Well on track with expansion in new markets - Indonesia launched in July 2011 (6K units already sold)
Very high Gross Margin despite enlargement of product range and geographical presence and negative currency effect
3
4. Key Facts (2/2)
…leading to an increase in Net Sales
Net Sales up 2% in real terms and around 4.5% excluding negative Forex effect
Growth underpinned by Emerging Markets (+31% in Asia Pacific, +47% net of Forex; +6.5% in India, +12% net
of Forex)
Contribution of Emerging Markets on total sales increased by 3 pp
Significant cost efficiencies offset one-off restructuring costs, negative Forex effect and
higher depreciation charges
EBITDA and Net Income in line with prior year despite:
High restructuring costs around 16 €m (5 €m in 2010) to align European structures to reduced volumes
Negative Forex effect accounting for around 9 €m
Higher depreciation charges related to increased investments to foster growth in Emerging Countries
Tight control on Balance Sheet financed further CapEx to grow in Emerging Countries and
generated an improvement of Net Financial Position
Healthy cash flow generation from operations (also including restructuring and severance payments)
Strict control on Working Capital (noteworthy on Receivables and Inventories in the current weak Western
Markets)
Strong increase in strategic CapEx to launch new products and enlarge production capacity in Emerging Markets
… Overall effect of 20 €m Net Financial Position improvement vs. December 2010 and 13 €m compared to
September 2010
4
5. Net Income in line with PY despite significant one-off restructuring costs;
NFP improved even with a strong increase of growth CapEx
P&L
Change 2011 vs. 2010
€m 9M 2010 9M 2011
Absolute % % excl. FX
Net Sales 1,176.3 1,200.2 +23.9 +2.0% +4.5%
Gross Margin 380.3 367.6 (12.7) -3.3% -0.1%
% on Net Sales 32.3% 30.6% -1.7%
EBITDA 172.3 170.4 (1.9) -1.1% +4.0%
% on Net Sales 14.7% 14.2% -0.5%
Depreciation (64.2) (67.8) (3.6) +5.5%
EBIT 108.1 102.7 (5.5) -5.1% +3.7%
% on Net Sales 9.2% 8.6% -0.6%
Financial Expenses (19.5) (16.7) +2.8 -14.2%
Income before Tax 88.7 85.9 (2.7) -3.1%
Tax (41.9) (39.6) +2.3 -5.5%
Net Income 46.7 46.3 (0.4) -0.9%
% on Net Sales 4.0% 3.9% -0.1%
NFP
Change 2011 vs. 2010
€m 2010 9M 2011
Absolute %
Net Financial Position (349.9) (330.1) +19.8 -5.7%
Further improvement of financial performance excluding negative Forex effect
5
6. Increase of Volumes came from Emerging Markets with 2W Asia growing at
double digit rate; Western Countries decreased less than the market
by Cash Generating Unit by Business Weight by Geographic Area
Kunits Kunits
+3.7% +3.7%
512.2 493.7 512.2
493.7
169.2 179.4 Emerging
CV India 159.1 +6.4% CV 169.4 +5.9% 40.5%
Markets 46.3%
-1.1%
CV Europe 10.4 10.2
Bikes 32.0 +2.2% 32.7
2W Asia 40.9 +66.0% 67.8
2W Mature
Western Scooters 292.3 +2.7% 300.0 59.5%
283.4 -6.5% 264.9
Markets 53.7%
Countries
9M '10 9M '11 9M '10 9M '11 9M '10 9M '11
2W – 2 Wheeler CV - Commercial Vehicles 6
7. Strong sales in Emerging Countries more than offset weak Western Markets
leading to an overall 2% growth; ongoing good performance of Bikes
by Cash Generating Unit by Business Weight by Geographic Area
€m €m
+2.0% +2.0%
+4.5%
1,176.3 Exl. FX 1,200.2 1,176.3 1,200.2
n.m. 12.4
Other 2.4
+6.8% Spares 142.8 -1.6% 140.5
CV India 282.0 301.2 Emerging
+12% 31.9%
Exl. FX Markets 35.2%
74.7 CV 333.3 +3.0% 343.3
CV Europe 82.2 -9.0%
2W Asia 93.0 +30.9% 121.7
+47%
Exl. FX Bikes 109.6 +19.7% 131.2
Mature
2W Markets 68.1% 64.8%
Western 719.1 -2.3% 702.5
Countries Scooters 588.3 -2.6% 572.8
9M '10 9M '11 9M '10 9M '11 9M '10 9M '11
2W – 2 Wheeler CV - Commercial Vehicles 7
8. Financial performance in line with PY even after one-off restructuring cost
of 16 €m vs 5 €m in 2010 and negative Forex effect of around 9 €m (1/2)
EBITDA evolution (€m)
+11.2
172.3 170.4
(14.7%) (13.1) (14.2%)
9M '10 Change in Cash Gross Change in Cash Opex 9M '11
Margin
Group profitability will benefit in the future from lower fixed costs in European Markets
8
9. Financial performance in line with PY even after one-off restructuring cost
of 16 €m vs 5 €m in 2010 and negative Forex effect of around 9 €m (2/2)
Net Income evolution (€m)
+2.3
46.7 +2.8
(1.9) 46.3
(4.0%) (3.9%)
(3.6)
9M '10 Change in Change in Change in Change in Taxes 9M '11
EBITDA Depreciation Financial
Expenses
Consolidation of Chinese JV results valued at Equity had a positive impact of 3 €m on Financial Income
substantially offsetting the increase in Depreciation due to growth CapEx in Emerging Countries
9
10. Tight control on Working Capital allowed improvement on NFP while
financing the increase of CapEx for international expansion (1/2)
€m Chg. Chg.
2009 9M 2010 2010 9M 2011
‘10 vs ‘09 ’11 vs ‘10
Trade Receivable 99.0 130.4 +31.4 78.0 123.6 +45.6
Inventories 252.5 267.5 +15.0 240.1 256.9 +16.9
Commercial Payable (341.8) (374.1) (32.3) (340.3) (402.7) (62.4)
Other assets/liabilities 7.5 6.7 (0.8) 31.1 (0.4) (31.4)
Working Capital 17.2 30.6 +13.3 8.8 (22.5) (31.4)
Tangible Fixed Assets 250.4 244.2 (6.2) 256.8 267.4 +10.7
Intangible Fixed Assets 641.3 644.4 +3.1 652.6 648.5 (4.1)
Financial Investments 0.6 0.5 (0.1) 0.5 3.7 +3.2
Provisions (133.7) (131.0) +2.7 (125.9) (115.1) +10.8
Net Invested Capital 775.8 788.6 +12.9 792.8 782.1 (10.8)
Net Financial Position 352.0 342.9 (9.0) 349.9 330.1 (19.8)
Equity 423.8 445.7 +21.9 442.9 451.9 +9.0
Total Sources 775.8 788.6 +12.9 792.8 782.1 (10.8)
NFP/Equity 0.83 0.77 0.79 0.73
10
11. Tight control on Working Capital allowed improvement on NFP while
financing the increase of CapEx for international expansion (2/2)
€m Operating Cash Change in Change in Equity
NFP YE '10 Flow Working Capital Capex and Other NFP 9M '11
+31.4
+103.3
(87.1) (330.1)
(349.9)
(27.7)
9M ‘10
€m
(352.0) 108.2 (13.3) (55.9) (29.9) (342.9)
NFP YE ‘09 NFP 9M ‘10
11