1. Piaggio Group – First Quarter 2011 Financial Results
Conference Call
April 29th, 2011
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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.
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3. Financial Statement
1Q ’11 vs 1Q ’10 (€m)
1Q 2010 1Q 2011 % Change
Net Sales 340.6 351.7 3.3%
Gross Margin 102.5 102.6 0.1%
% on Sales 30.1% 29.2%
EBITDA 31.8 33.7 6.1%
% on Sales 9.3% 9.6%
Depreciation (20.5) (21.6) 5.4%
EBIT 11.3 12.2 7.3%
% on Sales 3.3% 3.5%
Financial Expenses (5.9) (6.5) 10.7%
Income before Tax 5.4 5.6 3.5%
Tax (2.6) (2.6) 2.8%
Net Income 2.9 3.0 4.1%
% on Sales 0.8% 0.8% 3

4. Key Figures
1Q ’11 vs 1Q ’10 (€m)
Net Sales EBITDA
% on sales 9.3%
9.3% 9.6%
9.6%
340.6 +3.3% 351.7 +6.1%
31.8 33.7
1Q '10 1Q '11 1Q '10 1Q '11
Net Income Net Financial Position
% on sales 0.8%
0.8% 0.8%
0.8% 1Q '10 1Q '11
2.9 +4.1% 3.0
-3.8%
(406.4)
(422.6)
1Q '10 1Q '11 4

5. Net Sales trend
1Q ’11 vs 1Q ’10 (€m)
by Cash Generating Unit by Business
+3.3%
+3.3% 351.7 +3.3%
+3.3% 351.7
340.6 340.6
n.m. 3.3
Other 1.6
+1.2% 40.6
Acc. & S.Parts 40.1
Commercial
86.9 +26.6% 110.0
Vehicles India
Commercial
82.4 +26.7% 104.3
Vehicles India
Commercial
33.4 -20.8%
Vehicles Europe 26.5
2 Wheels Asia 33.9 Commercial 27.8
-5.0% 32.2 Vehicles Europe -23.5% 21.2
Bikes 35.5
+13.2% 40.2
2 Wheels
Western 186.3 -1.8% 183.0
Countries Scooters 153.2 -7.3% 142.0
1Q '10 1Q '11 1Q '10 1Q '11
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6. Volumes trend
1Q ’11 vs 1Q ’10 (‘000 sell-in units)
by Cash Generating Unit by Business
+3.7%
+3.7% +3.7%
+3.7%
149.0 149.0
143.7 143.7
Commercial Commercial
Vehicles India 52.2 +18.1% 61.7 52.2 +18.1% 61.7
Vehicles India
Commercial -7.1% Commercial -7.1%
Vehicles Europe 3.9 Vehicles Europe 3.9
3.6 3.6
2 Wheels Asia 15.1 Bikes 9.8 +4.5%
+15.1% 10.3
17.4
2 Wheels
Western -8.5% Scooters 77.8
72.5 -5.6% 73.4
Countries 66.3
1Q '10 1Q '11 1Q '10 1Q '11
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7. EBITDA Evolution
1Q ’11 vs 1Q ’10 (€m, % on sales)
2.0
33.7
31.8 (0.1) (9.6%)
(9.3%)
1Q '10 Change in Cash Gross Change in Cash Opex 1Q '11
Margin
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8. Net Income Evolution
1Q ’11 vs 1Q ’10 (€m, % on sales)
0.8
(0.6) (0.1) 3.0
2.9
(0.8%)
(0.8%)
1Q '10 Change in EBIT Change in Financial Change in Taxes 1Q '11
Expenses
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9. Group Balance Sheet
1Q ’11 vs 1Q ’10 (€m)
2009 1Q 2010 2010 1Q 2011
Trade Receivable 99.0 149.2 78.0 134.2
Inventories 252.5 276.4 240.1 259.0
Commercial Payables (341.8) (342.0) (340.3) (340.9)
Other assets/liabilities 7.5 9.1 31.1 14.2
Working Capital 17.2 92.8 8.8 66.5
Tangible Fixed Assets 250.4 248.9 256.8 250.9
Intangible Fixed Assets 641.3 645.8 652.6 650.4
Financial Investments 0.6 0.4 0.5 0.5
Provisions (133.7) (132.1) (125.9) (122.4)
Net Invested Capital 775.8 855.7 792.8 845.8
Net Financial Position 352.0 422.6 349.9 406.4
Equity 423.8 433.2 442.9 439.4
Total Sources 775.8 855.7 792.8 845.8
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10. Group Cash Flow and NFP evolution
1Q ’11 vs 1Q ’10 (€m)
Operating Cash Change in Change in
NFP YE '10 Flow Working Capital Capex Equity and Other NFP 1Q '11
21.1
(349.9)
1.9 (406.4)
(57.6)
(21.9)
1Q ‘10
(352.0) 21.7 (75.6) (14.7) (2.0) (422.6)
NFP YE ‘09 NFP 1Q ‘10
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