Piaggio Group
First Nine Months of 2020 Financial Results
1. | First Nine MonthsConferenceof 2020 FinancialCall |OctoberResults30| October2020 | 30 | th | 2020 |
th | ||||
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. | First Nine Months of 2020 Financial Results | October 30th 2020 |
Highlights
Back to growth in Q3, with significant improvement of all key operating metrics and all-time high cash generation
NET SALES* €m, Y/Y change % | Net Profit* €m | ||||||||
Q1 '20 | Q1 '20 | ||||||||
311 | -10% | 3 | |||||||
Q2 '20 | Q2 '20 | 6 | |||||||
289 | -39% | ||||||||
Q3 '20 | +3% | Q3 '20 | 20 | ||||||
394 | |||||||||
Trend reverted to positive in Q3 | Strong sequential acceleration | ||||||||
leading to the best Q3 result to date |
Q3 FREE CASH FLOW*
+81€m
Highest third quarter cash generation to date
EBITDA* €m, Y/Y change %, (Margin %)
Q1 '20 | 40 | (12.8%) | -20% | |
Q2 '20 | ||||
43 | (15.0%) | -49% | ||
Q3 '20 | ||||
67 | (17.0%) +23% | |||
Best Q3 absolute result to date
Best Q3 % result of last 11 years
NET DEBT €m
March '20 | 549 | ||||
June '20 | |||||
528 | -104 | ||||
Sept. '20 | |||||
445 | |||||
Deleveraging at full throttle
* Quarterly data showed on this slide are based on management estimates to facilitate the reading of the evolution of results and of covid-19 effects throughout the year. Liquidity profile calculated as liquidity plus committed undrawn credit lines
3. | First Nine Months of 2020 Financial Results | October 30th 2020 |
Key markets demand
Highlights
EMEA
2-Wheelers(k units)
USA
2-Wheelers(k units)
1,161 +0.5% 1,167
565 +1.0% 571
Q3 +27%
596 +0.1% 596
2019 | 2020 |
Bikes | Scooters |
VIETNAM
2-Wheelers(m units)
2.3 - 17.4%
1.9
20192020
INDIA*
Commercial Vehicles (k units)
511
-63.1%
94
-46.4%
EMEA & Americas
As expected, 2 Wheeler demand bounced back strongly as lockdown measures eased:
European 2 Wheeler already back at 2019 level at the end of September, boosted by demand surging around 27% in Q3 on the back of strong acceleration across product and displacement segments; notably in Germany and The Netherlands demand ended up double-digits at end of September. Piaggio gained market share, strengthening its leadership position
USA confirmed the upward trend started in Q2 ending up by 10% vs. prior year at the end of September
Asia Pacific
Asia Pacific kept on posting diverging trends:
Asean 5 demand continued its slowdown, albeit at a minor pace in Q3; Vietnam and Thailand kept being the most resilient, whereas Indonesia and The Philippines had been hit the most with demand plummeting ~30% and ~40% respectively
In stark contrast, other key reference countries posted sequentially stronger demand; notably, in China scooters ended up high single digit and in Taiwan the positive trend accelerated in Q3 leading to 20% growth YTD
India
Demand dipped across segments hit by persistent and stringent lockdown measures,
+10.2% 414
37620
18 +9.7%
Q3 +18%
357 +10.2% 394
20192020 Bikes Scooters
ASEAN 5 ex. VIETNAM
2-Wheelers(m units)
7.9 - 34.8%
5.1
20192020
INDIA*
Scooters (m units)
4.5
- 38.0%
2.8
417
188
50
but encouraging signs of inflection of the cycle materialized in Q3 both for Scooters and Cargo Light Commercial Vehicles.
- 66.9% 138
2019 | 2020 |
Pax | Cargo |
Piaggio LCV market share on the rise, notably in the Cargo segment
20192020
* SIAM sell-in data
4. | First Nine Months of 2020 Financial Results | October 30th 2020 |
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Piaggio & C. S.p.A. published this content on 30 October 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 November 2020 10:43:05 UTC