The Board of Directors of Piaggio, which met today under the chairmanship of Roberto Colaninno, examined and approved the quarterly report as of 31 March 2015. The performance of the Piaggio Group in the first quarter were positive and showed a general improvement in key profitability indicators.
Economic and financial performance of the Piaggio Group at March 31, 2015
consolidated net revenues of the Group in the first quarter of 2015 amounted to 302 million euro, given an increase of over 9% compared to 276.8 million euro as at 31 March 2014.
Gross operating for the period amounted to 88.1 million euro, an increase in absolute value of approximately 5 million euro (83.2 million euro at March 31, 2014). This figure includes depreciation and amortization of 9.9 million euro (8.6 million euro at March 31, 2014). The ratio of gross margin on net sales was 29.2% (30.1% at 31 March 2014). Operating expenses incurred during the first quarter of 2015 amounted to 77.3 million euro (71.5 million euro at March 31, 2014) and include depreciation which are outside the gross margin to 15.6 million euro ( 12.1 million euro at March 31, 2014). The evolution of the income statement described above leads to a consolidated EBITDA of 36.3 million Euros, an increase compared to 32.5 million euro in the first quarter 2014. In terms of turnover, the EBITDA margin was 12 % (up from 11.7% in the first quarter of 2014), the value determined thanks to major cost efficiencies realized in the period.
Operating profit (EBIT) 31 March 2015 amounted to 10.8 million euro (11.7 million in the first quarter 2014). In terms of turnover, the EBIT margin amounted to 3.6% (EBIT margin at 31 March 2014 stood at 4.2%).
In the first quarter of 2015 the Piaggio Group reported a pre-tax result of 2 million euro, up from 1.8 million at March 31, 2014. Taxes for the period amounted to 0.8 million euro (0.7 million euro at March 31, 2014), representing an effective tax rate of 40%.
The first three months of 2015 closed with a net profit of 1.2 million euro , a slight increase compared to 1.1 million euro at March 31, last year.
‘ Net debt (PFN) 31 March 2015 amounted to 568.4 million euro, compared to 492.8 million euro at 31 December 2014. The ‘increase of 75.6 million euro compared to the end of the year is due primarily to the seasonal nature of the two-wheeler business which, as is known, absorbs cash in the first half of the year and generates cash in the second half.
In addition to this effect, in the first quarter of 2015 there was an increase in investment of 5.0 million euro compared to the same period of 2014, linked to the important program of new product launches.
Operating cash flow for the quarter, however, amounted to 28.4 million euro, an improvement of 11 million euro compared to 17.4 million euro in the same period of reference. Shareholders’ equity at March 31, 2015 amounted to 423.4 million euro, up by 10.3 million euro compared to 413.1 million euro at 31 December 2014.
In the first quarter 2015 Piaggio Group has the Actual investments for 21.3 million euro (16.3 million euro at March 31, 2014), of which 14.3 million euro in expenses for research and development (10.1 million euro at March 31, 2014 ) and about 7 million euro in tangible and intangible assets (6.2 million euro at March 31, 2014).
The total staff of the Piaggio Group amounts to 7,782 employees, an increase of 148 employees compared to 7,634 employees at March 31, 2014. The employees of the Italian Group amounted to approximately 3,750 units, as compared to the stable last year.
The trend of business 31 March 2015
In the first quarter of 2015, the Piaggio Group sold 121,000 vehicles worldwide (compared to 123,900 units sold in the first quarter 2014). From the point of view of revenues, the slight decline in terms of units sold was offset by a shift in mix toward premium products with higher unit values. In the two-wheeler, sales totaled 74,200 vehicles (76,500 in the first quarter of 2014), for a net sales of EUR 204.1 million (+ 4.3% compared to 195.7 million euro in the first quarter 2014). The figure also includes spare parts and accessories, which recorded sales of 29 million euro, up 13.5% compared to the first quarter of 2014.
All the main geographical areas in which the Piaggio Group operates in the two-wheeler sector recorded a growth in sales, thanks to a trend of foreign currencies not more penalizing as throughout the first half of last year, with revenues of 139.8 million Euros in EMEA (+2, 2% from the first quarter of 2014), 43.7 million euro in Asia Pacific (+ 17.1%) and 5.7 million euro in India (+ 43.2%).
In the scooter sector emphasizes the performance on world markets the brand Vespa, with a revenue growth of 14.1% over the first quarter of 2014. Performances in growth for Piaggio MP3 range of scooters three wheels Group recorded in the first three months of 2015, an increase in turnover of 12.7% compared to the first quarter of 2014.
In the field motion, were up both the brand Aprilia (about 3,450 motorcycles sold in the first quarter of 2015 for an increase of 3.4% over the first three months of last year) and the Moto Guzzi brand with 2,200 vehicles sold and a 6.1% increase. Both brands will benefit, from the second quarter of 2015, the launch of important new products such as Aprilia RSV4 and Tuono 1100 and, for the brand Moto Guzzi, the new Bold and Eldorado 1400cc.
In relation to the Commercial Vehicles sector, sales totaled 46,800 vehicles (47,500 units in the first quarter of 2014) for a turnover of € 97.9 million, an increase of 20.8% compared to 81.1 million euro of the first quarter of 2014. The figure includes spare parts and accessories, which recorded sales of 9.3 million euro (+ 13.3% compared to 8.3 million euro at March 31, 2014).
In EMEA and Americas, the Piaggio Group reported a net turnover of 19.6 million euro, a growth of 30.6%.
In India the net sales of the subsidiary Piaggio Vehicles Private Limited (PVPL) amounted to 78.4 million euro (+ 18.6% compared to 66.1 million euro in the first quarter 2014). Exports of the three-wheel hub production PVPL reported revenues of 6.5 million euro, in line with the figure for the first quarter of 2014. In India, the market of reference worldwide for the type of vehicles three-wheeled Piaggio maintains and strengthens its role as market leader in freight (Cargo) with a market share of 54.1% (49.7% in the first quarter 2014); also it maintains a significant share (25.9%) and in the Passenger segment, total market Indian three-wheeler, stands at a share of 32.2%.
share buyback program
At the same meeting, the Board of Directors – following the authorization to purchase and dispose of treasury shares approved by Shareholders of Piaggio held April 13, 2015 – approved a program to purchase treasury shares in the market practices allowed by Consob pursuant to art. 180, paragraph 1, lett. c) of the TUF with resolution no. 16839 of 19 March 2009 and the EC Regulation. 2273/2003 of 22 December 2003.
In particular, the purchase program will have as its goal the creation of a “bank of shares” to be used in the implementation of any future investment operations to be carried out by means of exchanges, swaps, assignment, transfer or other disposition of shares, including the pledge to guarantee financing operations of the Company.
The purchase of shares under the program will take place in the manner and in accordance with the shareholders’ resolution mentioned above, specifically:
– the purchase can cover up to No. 15,000,000 ordinary shares of no par value expressed Piaggio, and, therefore, within the limits of the law (20% of the share capital in accordance with art. 2357, paragraph 3, cc) given that at present the Company does not hold any own shares in portfolio;
– the purchase of own shares shall take place within the limits of distributable profits and available reserves resulting from the latest financial statements (including interim) approved at the time of the transaction;
– purchases of own shares will be made in compliance with the operating conditions established by Consob pursuant to art. 180, paragraph 1, lett. c) of the TUF with resolution no. 16839 of 19 March 2009, as well as by EC Regulation no. 2273/2003 of 22 December 2003 where applicable, and in particular at a price that does not exceed the higher price between the price of the last independent trade and the highest current independent bid on the trading venues where it is carried out the ‘purchase, provided that the unit price shall in no case be less than the minimum of 20% and higher by more than 10% of the average official price registered Piaggio share during the ten trading days prior to each single purchase transaction;
– purchases will be made in compliance with art. 144-bis, paragraph 1, lett. b) of Consob Regulation 11971/1999 (as subsequently amended) and the applicable provisions, in order to ensure compliance with the equal treatment of shareholders pursuant to art. 132 of TUF, and so on regulated markets, according to the procedures established in the regulations for the organization and management of said markets, which do not allow direct matching of buy orders with predetermined offers to sell;
– the purchase program will be implemented in one or more tranches, by 13 October 2016. Please note that, to date, the Company does not hold any own shares in portfolio.
Significant events during the first quarter of 2015
The March 5, 2015, the Piaggio Group has presented the 2015 season the brand Aprilia. The brand is back in the competition world of motorcycling, the MotoGP, ahead of a year the debut of schedule initially announced; also confirmed the participation in the World Superbike Championship which is World Champion in office, and he made his debut in the World Superstock with the new Aprilia RSV4 RF.
On March 9, 2015, Piaggio Vehicles Private Ltd. (PVPL) announced the launch of the new model of commercial vehicle, the Ape Xtra Dlx. 31 March 2015 Piaggio & amp; C. S.p.A. has signed with ING Bank NV the act of access for 30 million euro credit line of 220 million euro five-year formalized with a syndicate of banks in July 2014. By this act, the amount of which is available from early April 2015, the syndicated credit has reached the maximum amount provided 250 million euro.
Events subsequent to March 31, 2015
On April 13, the General Meeting of Shareholders of Piaggio & amp; C. S.p.A. He appointed the members of the Board of Directors, electing Roberto Colaninno, Matteo Colaninno, Michele Colaninno, Giuseppe Tesauro, Gianmichele Graziano Visentin, Maria Chiara Carrozza, Federica Savasi, Vito Varvaro and Andrea Formica.
The Meeting also appointed the Board of Auditors, provided for the distribution of a dividend of 7.2 euro cents per ordinary share and of cancellation of nr. 2,466,500 treasury shares.
On the same date the Board of Directors of Piaggio & amp; C. SpA, which met after the shareholders’ meeting, assigned the following positions: President and CEO Roberto Colaninno, Vice Chairman Matteo Colaninno.
The April 15, 2015 were launched the new Aprilia RSV4 motorcycles RF and RR and Aprilia Tuono 1100 Factory and RR.
On 21 April 2015, the lines of Piaggio Vietnam plant in Vinh Phuc have produced the 500,000th scooter start of operations – a Vespa Sprint 125 – marking a new milestone in the operations of the Piaggio Group in the markets South East Asia.
On April 23, 2015 was registered in the Companies Register, the new composition of the share capital of Piaggio & amp; C. S.p.A. (Fully paid) following the cancellation of 2,466,500 treasury shares without changing the share capital, approved by the Extraordinary Shareholders’ Meeting held on 13 April 2015. The share capital therefore amounted to EUR 207,613,944.37 and it is composed of n. 361,208,380 ordinary shares.
Outlook
In a macroeconomic environment characterized by a likely strengthening of global economic recovery, which still remain uncertainties related to the speed European growth and risks of a slowdown in some emerging countries, the Piaggio Group in terms of trade and industry is committed to:
* confirm the Group’s leadership position in the European market of the two wheels, making the better the expected recovery through:
? further strengthening the product range which is aimed at increasing the sales and margins in the field of motion thanks to renewed ranges Moto Guzzi and Aprilia;
? entry into the market of electric bicycles, relying on technological leadership and design;
? maintaining the existing positions on the European market for commercial vehicles;
* continue the path of growth in the Asia Pacific, exploring new opportunities in the segment of medium and large displacement motorcycle and replicating the premium strategy in Vietnam across the region. During the year 2015 will also be established – also thanks to the opening of new stores – its direct sales activities of the Group in the Chinese market, with the aim to penetrate the premium segment of the market Wheels 2;
* strengthen sales in the Indian scooter market by focusing on increasing supply of Vespa products and the introduction of new models in the premium segments of scooters and motorcycles;
* increase sales of Commercial Vehicles in India and in emerging countries aiming to further export development targeted to African and Latin American markets.
From the technological point of view, the Piaggio Group will continue in the development of technologies and platforms that emphasize functional aspects and emotional vehicles through the constant evolution of the engine, an extension of the use of digital platforms of the relationship between vehicle and user and the testing of new product configurations and service. More generally, we must finally stop the constant effort – that has characterized the last few years and that will also feature activities in 2015 – to generate productivity growth with a strong focus on efficiency and cost of investments, while respecting the principles ethical endorsed by the Group.
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