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Piaggio Group

1 Quarter 08 Operating Results

Milan, May 7th 2008

Disclaimer

THESE SLIDES HAVE BEEN PREPARED BY THE COMPANY SOLELY FOR THE USE AT THE ANALYST CONFERENCE CALL ON PIAGGIOS FIRST QUARTER 2008 CONSOLIDATED RESULTS.

THE INFORMATION CONTAINED HEREIN HAS NOT BEEN INDEPENDENTLY VERIFIED. NONE OF THE COMPANY OR REPRESENTATIVES SHALL HAVE ANY LIABILITY WHATSOEVER IN NEGLIGENCE OR OTHERWISE FOR ANY LOSS HOWSOEVER ARISING FROM ANY USE OF THESE SLIDES OR THEIR CONTENTS OR OTHERWISE ARISING IN CONNECTION WITH THESE SLIDES ORANY MATERIAL DISCUSSED DURING THE ANALYST CONFERENCE CALL.

THIS DOCUMENT IS BEING FURNISHED TO YOU SOLELY FOR YOUR INFORMATION AND MAY NOT BE REPRODUCED OR REDISTRIBUTED TO ANY OTHER PERSON.

THE INFORMATION CONTAINED HEREIN AND OTHER MATERIAL DISCUSSED DURING THE ANALYST CONFERENCE CALL MAY INCLUDE FORWARD-LOOKING STATEMENTS THAT ARE NOT HISTORICAL FACTS, INCLUDING STATEMENTS ABOUT THE COMPANYS BELIEFS AND EXPECTATIONS. THESE STATEMENTS ARE BASED ON CURRENT PLANS, ESTIMATES, PROJECTIONS AND PROJECTS,AND THEREFORE YOU SHOULD NOT PLACE UNDUE RELIANCE ON THEM.

FORWARD-LOOKING STATEMENTS INVOLVE INHERENT RISKS AND UNCERTAINTIES. WE CAUTION YOU THAT A NUMBER OF IMPORTANT FACTORS COULD CAUSE ACTUAL RESULTS TODIFFER MATERIALLY FROM THOSE CONTAINED IN ANY FORWARD-LOOKING STATEMENT.

SUCH FACTORS INCLUDE, BUT ARE NOT LIMITED TO: TRENDS IN PIAGGIOS CORE BUSINESS, ITS ABILITY TO IMPLEMENT COST-CUTTING PLANS, FUTURE CAPITAL EXPENDITURES.

Financial Statement (IFRS-IAS)


1Q 08 Vs 1Q 07 (mln )

Piaggio Group operating results (IFRS-IAS)


1Q 08 Vs 1Q 07 Net Sales
(mln ) 394,2 363,9 (mln ) 44,4
-7,7% % margin 11,3% -20,9% 9,7%

EBITDA

35,1

1Q07

1Q08

1Q07

1Q08

EBIT
(mln ) 25,6 13,1
% margin 6,5% -48,8% 3,6% % margin

Net Income
(mln ) 9,7
2,5% -67,5%

3,2
0,9%

1Q07

1Q08

1Q07

1Q08

Net Financial Position


(mln ) (344,8) 1Q07
+9,6%

(311,8) 1Q08
4

Net Sales trend


1Q 08 Vs 1Q 07 (mln )
-7.7%

394,2
RoW Asia Pacific India Americas
3,6 11,1 55,5 16,7

+19.4% +41.5% +12.1%

363,9
4,3 15,7 62,2

-16.2%

14,0

RoE

177,1

-17.0%

147,0

Italy

130,1

-7.3%

120,6

1Q 07

1Q 08

Net Sales trend


1Q 08 Vs 1Q 07 (mln )
-7.7%

-7.7%

394,2
Others Spare Parts LCV India LCV Eu

394,2
n.s. -0.3%

16,8 45,1 52,5 31,3

363,9
4,2 45,0

Guzzi

24,1
-37.6%

363,9
15,0 70,7 15,3

Aprilia
+11.6%

91,3 14,2

-22.6%

58,6
Derbi
+7.2%

-0.4%

31,2 55,4

Moto

70,0

-21.0%

Piaggio Scooter

264,5

-0.6%

262,9

178,4

-5.0%

169,6

1Q 07

1Q 08

1Q 07

1Q 08

Total Volumes trend


1Q 08 Vs 1Q 07 (000 units, sell in)

-5.8%

Altro LCV Eu LCV India

159,8
3,9 5,2

-5.8%

150,6
n.s. +1.8%
0,4 5,3

Guzzi Aprilia

159,8
2,9 29,8 7,8
-39.9% -20.1% +4.4%

150,6
1,8 23,8 8,2

37,8
+7.0%

40,5

Derbi

Moto

17,7

-11.6%

15,7

Piaggio Scooter
95,1
-6,7%

119,3

-2.0%

116,8

88,7

1Q 07

1Q 08

1Q 07

1Q 08

EBITDA Evolution (IFRS-IAS)


1Q 08 Vs 1Q 07 (mln )

44,4

(11,6) 3,2 (0,9)

35,1

Margin

11,3%

9,7%

1Q 07

Gross Margin

Opex

Amortiz.

1Q 08

Net Result Evolution (IFRS-IAS)


1Q 08 Vs 1Q 07 (mln )

9,7

(12,5)

5,8 0,2

3,2

1Q 07

Ebit

Financial Expenses

Tax

1Q 08

Group Balance Sheet (IFRS-IAS)


1Q 08 Vs 1Q 07 (mln )

10

PFN Evolution (IFRS-IAS)


1Q 08 Vs 1Q 07 (mln )
Receivable: Inventories: Payables: Others : (64,9) (53,8) 57,8 10,5

(269,8) (344,8)

21,9

(50,4)

(16,6)

2,2

0,9

(311,8)

1Q 07

YE 07

Operating Working Cash Flow Capital

Capex

Disinvest. and others

Equity

1Q 08

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