Piaggio & C. S.p.a. · MIL:PIA

Piaggio & C — Piaggio Group — 9M 2010 Earnings Presentation

10 slides from Piaggio & C's earnings presentation, Oct 29, 2010

1. Slide 1: Piaggio Group Nine Months 2010 Financial Results

   Piaggio Group Nine Months 2010 Financial Results Conference Call Milan, October 29th, 2010 1

2. Slide 2: Disclaimer

   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 an

3. Slide 3: Financial Statement 9M '10 vs 9M '09

   Financial Statement 9M ’10 vs 9M ’09 (mln €, %) 9M 9M D% 2009 2010 '10-'09 Net Sales 1.173,1 1.176,3 0,3% EBITDA 172,1 172,3 0,1% % on Sales 14,7% 14,7% Depreciation 69,0 64,2 -7,0% Ebit 103,1 108,1 4,9% % on Sales 8,8% 9,2% Financial Expenses -23,6 -19,5 -17,5% Income before Tax 79,5 88,7 11,5% Tax

4. Slide 4: Key Figures 9M '10 vs 9M '09

   Key Figures 9M ‘10 vs 9M ’09 (mln €, %) Net Sales EBITDA % on sales 14,7% 14,7% 14,7% 14,7% 1.173,1 +0,3% 1.176,3 172,1 +0,1% 172,3 9M ‘09 9M ‘10 9M ‘09 9M ‘10 Net Income Net Financial Position % on sales 3,4% 3,4% 4,0% 4,0% +16,5% 46,7 40,1 (342,9) (352,6) -2,8% 9M ‘09 9M ‘10 9M ‘09 9M ‘10 4

5. Slide 5: Net Sales trend (by Business Unit, by Business)

   Net Sales trend (by Business Unit, by Business) 9M ’10 vs 9M ’09 (mln €, %) +0,3% +0,3% 1.173,1 1.176,3 1.173,1 1.176,3 Other 3,1 +30,1% 4,0 Acc. & S.Parts 141,3 +1,0% 142,8 CV India 207,7 +35,8% 282,0 CV Europe 102,9 CV India 195,5 +36,4% -20,2% 266,7 2w Asia 44,0 82,2 2w Americas 52,5 +111,5% CV E

6. Slide 6: Volumes trend (by Business Unit, by Business)

   Volumes trend (by Business Unit, by Business) 9M ’10 vs 9M ’09 (’000 sell-in units, %) +3,9% +3,9% 493,7 493,7 475,1 475,1 CV India 130,5 +21,9% 159,1 CV India 130,5 +21,9% 159,1 CV Europe -14,2% -14,2% 12,1 CV Europe 12,1 2w Asia 18,6 10,4 Bikes 33,4 10,4 2w Americas 16,4 +120,0% -4,2% 32,0 40,9 -7

7. Slide 7: EBITDA Evolution

   EBITDA Evolution 9M ’10 vs 9M ’09 (mln €, %) 5,4 (5,2) 172,1 172,3 14,7% 14,7% 9M ‘09  Cash Gross Margin  Cash Opex 9M ‘10 7

8. Slide 8: Net Income Evolution

   Net Income Evolution 9M ’10 vs 9M ’09 (mln €, %) 4,1 (2,5) 5,0 46,7 4,0% 40,1 3,4% 9M ‘09  Ebit  Financial  Tax 9M ‘10 Expenses 8

9. Slide 9: Group Balance Sheet

   Group Balance Sheet 9M ’10 vs 9M ’09 (mln €, %) 2008 9M 2009 2009 9M 2010 Trade Receivable 88,0 177,2 99,0 130,4 Inventories 258,0 278,8 252,5 267,5 Commercial Payables -359,9 -410,0 -341,8 -374,1 Other assets / liabilities 10,3 -35,6 7,5 6,7 Working Capital -3,7 10,4 17,2 30,6 Tangibles Fixed Asset

10. Slide 10: Group Cash Flow and NFP Evolution

    Group Cash Flow and NFP Evolution 9M ’10 vs Year End ’09 (mln €) (352,0) 108,2 (13,3) (55,9) (29,9) (342,9) NFP Operating  Working Capex  Equity NFP YE ‘09 Cash Flow Capital and Others 9M ‘10 10

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