Piaggio & C. SpA Announces Management Changes
Apr 20 15
Piaggio & C. SpA has named Roberto Colaninno as chairman and CEO, and Matteo Colaninno as deputy chairman. The Board of Directors carried a number of corporate governance resolutions with the following appointments: independent director Giuseppe Tesauro as Lead Independent Director; the members of the Nominations Proposal Committee in the persons of the directors Giuseppe Tesauro (Chair), Maria Chiara Carrozza and Gianmichele Visentin; the members of the Committee for Transactions with Related Parties in the persons of the directors Giuseppe Tesauro (Chair), Vito Varvaro and Gianmichele Visentin; the members of the Remuneration Committee in the persons of the directors Giuseppe Tesauro (Chair), Vito Varvaro and Gianmichele Visentin; and the members of the Control & Risks Committee in the persons of the directors Gianmichele Visentin (Chair), Giuseppe Tesauro and Vito Varvaro. The Board of Directors approved the proposal presented by Chairman Roberto Colaninno in his capacity as Director Responsible for internal control and risks management to confirm, subject to the opinion of the Control & Risks Committee and after consultation with the Board of Statutory Auditors, Maurizio Strozzi - CEO of Immsi Audit S.c.a.r.l. - as head of the Internal Audit function.
Piaggio & C. SpA Reports Earnings Results for the Full Year 2014
Mar 16 15
Piaggio & C. SpA reported earnings results for the full year 2014. The company shipped a total of 546,500 vehicles worldwide, for consolidated net sales of EUR 1,213.3 million, against EUR 1,212.5 million in 2013. Net of the exchange-rate effect, Piaggio consolidated net sales were EUR 1,228.6 million, up by 1.3% from 2013.
Piaggio Reports Earnings Results for the Fourth Quarter and Full Year of 2014; Provide Earnings Guidance for 2015
Feb 27 15
Piaggio reported earnings results for the fourth quarter and full year of 2014. For the quarter, revenue increased 12%. Net sales were up by 9.7%. EBITDA was up by nearly 85%. For the year, revenue went up. The most important countries in terms of growth have been Spain, France, U.K. and Holland, while in Italy and Germany, the demand was a little bit down. Revenues were up by 4% versus previous year, which would've been 7%, excluding the ForEx effect, on the back of a very strong third quarter, which was plus 19% in terms of revenues, and fourth quarter, which was plus 12%. Net debt was up by around EUR 17 million to EUR 493 million, but this was caused by 3 momentary causes. The first cause is the VAT credited delay the company had in India in terms of recovering it, and this has been accounting for around EUR 11 million. The second factor was the VAT recovery delay and the custom duty recovery delay in Vietnam, which has been around EUR 6 million. The third reason was the increase of warehouse, especially in raw materials, because despite the growth the company bolstered in the fourth quarter, expectation in September and October were still higher. And at the end, the reduction in this expectation caused some higher impact to it. Net sales were up by EUR 0.7 million plus 0.1%. Excluding ForEx, it is plus 1.3%. In terms of EBITDA, the company moved from around EUR 147 million to EUR 159 million, so plus EUR 12.5 million EBITDA with the net increase in terms of ratio from 12.1 to 13.1%. EBIT was up by EUR 7 million from EUR 62.6 million to EUR 69.7 million. Income before tax was EUR 26.5 million versus EUR 30.3 million last year. Last year, the company had the one-off item of EUR 24.5 million, which led this year net income at EUR 16.1 million, while last year, it was at minus EUR 6.5 million. Excluding the one-off item from 2013 and 2014, including also, of course, the tax effect for the financial one-off item in 2014, the net income adjusted last year was EUR 18.1 million, which compares to EUR 18.6 million in 2014. Operating cash flow accounted for EUR 105.3 million versus EUR 78.1 million last year. CapEx was around EUR 95 million compared with EUR 87.6 million last year. Total net invested capital is at EUR 906 million versus EUR 867 million
The company provided earnings guidance for 2015. The EUR 180 million EBITDA is absolutely in line with company’s thinking. In terms of CapEx, the CapEx for this year is forecasted at around the same level it had last year, so starting between EUR 90 million and EUR 100 million. And in terms of cash flow, the company has target of at around EUR 455 million, EUR 460 million, which is, in line with strategic plan and which would recover these one-off items the company had during last part of the year.