Financial Highlights

PIAGGIO GROUP FINANCIAL HIGHLIGHTS

In millions of euro   2009 2008
Income statement (reclassified)      
Net revenues   1,486.9 1,570.1
Gross industrial margin   467.1 468.8
Operating expenses   -362.6 -374.3
Operating income   104.4 94.5
Earnings before tax   74.1 59.6
Net income   47.4 43.3
Minority interest   1.4 0.3
Group   46.0 43.0
Gross margin on net revenues % 31.4% 29.9%
Operating income on net revenues % 7.0% 6.0%
Net income on net revenues % 3.2% 2.8%
EBITDA   200.8 189.1
EBITDA on Net Revenues % 13.5% 12.0%
Balance sheet      
Net working capital   17.2 -3.7
Tangible assets   250.4 250.4
Intangible assets   641.3 648.2
Financial assets   0.6 0.6
Provisions   -133.7 -137.5
Net capital employed   775.8 757.9
Consolidated net debt   352.0 359.7
Shareholders’ equity   423.8 398.2
Sources of funds   775.8 757.9
Minority interest capital   2.1 1.5
Cash flow      
Opening consolidated net debt   -359.7 -269.8
Cash flow from operating activities
(Net income earnings + Amortisation/depreciation)
  143.8 137.9
Change in net working capital   -20.9 3.3
Net investments   -89.4 -106.6
Change in retirement funds and other provisions   -3.8 -7.9
Other changes in Shareholders’ equity   -21.8 -116.6
Total Cash flow   7.7 -89.9
Closing consolidated net debt   -352.0 -359.7