DOCSLIB.ORG

Annual Report 2003

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Annual Report 2003 Gruppo Piaggio & C. Annual Report 2003 PIAGGIO GROUP Financial Statements And Consolidated Financial Statements at 31-12-2003 Gruppo Piaggio & C Annual Report 2003 CONTENTS Financial Highlights Page 4 Company Boards Page 6 Group structure at 31.12.2003 Page 8 REPORT ON OPERATIONS Foreword Page 9 The market scenario Page 10 The legislative framework Page 14 The Piaggio Group Page 18 Quality and Safety Page 33 Personnel Page 34 Operations of the Piaggio Group Page 36 Operations of Piaggio & C. S.p.A. Page 45 Important events during the first months of 2004 Page 51 Operating trends Page 52 Relations between Group companies Page 53 Other information Page 53 • Changes in group structure • Disputes • Corporate Governance • Relations with related parties PROPOSED RESOLUTIONS Page 59 GRUPPO PIAGGIO & C. CONSOLIDATED FINANCIAL STATEMENTS 2 Gruppo Piaggio & C Annual Report 2003 PIAGGIO & C. S.p.A. STATUTORY FINANCIAL STATEMENTS Gruppo Piaggio & C. S.p.a. Consolidated Financial Statements Page 61 • Balance Sheet • Income Statement • Notes to Company Financial Statements Piaggio & C. S.p.A. Statutory Financial Statements at 31 December 2003 Page 164 • Balance Sheet • Income Statement • Notes to Company Financial Statements 3 Gruppo Piaggio & C Annual Report 2003 FINANCIAL HIGHLIGHTS (in millions of euro) Income Statement (reclassified) 2003 2003 2002 Statutory (1) (Proforma) (2) (3) Net Sales 921.7 987.2 945.8 Gross Industrial Margin 241.6 225.4 241.1 Operating Costs (219.2) (231.2) (234.8) Operating Result 22.4 24.2 6.3 Income before tax (124.8) (126.0) (118.7) Net Result (138.0) (139.5) (129.2) .Third parties 1.0 .Group (138.0) (139.5) (130.2) Gross Margin on Net Sales % 26.2 25.8 25.5 Operating Result on Net Sales % 2.4 2.4 0.6 Net Result on Net Sales % (15.0) (14.1) (13.6) EBITDA 87.2 93.6 77.6 EBITDA on Net Sales % 9.5 9.5 8.2 Balance Sheet Net Working Capital (42.6) (42.6) 55.8 Net Tangible Fixed Assets 182.2 182.2 196.3 Net Intangible Fixed Assets 421.4 421.4 503.7 Financial Fixed Assets 19.5 19.5 20.6 Funds (118.4) (118.4) (93.1) Net Invested Capital 462.1 462.1 683.3 Net Financial Position 281.9 281.9 577.1 Stockholders’ Equity 180.2 180.2 106.2 Sources of Finance 462.1 462.1 683.3 Minority Equity 1.0 1.0 15.9 Change in Net Financial Position Financial Position at Start of Year (577.1) (577.1) (568.7) Operating Cashflow (Result + Depreciation) (37.7) (39.2) (23.1) (Increase)/Reduction Working Capital 98.4 98.4 39.1 (Increase)/Reduction Fixed Assets (32.3) (32.3) (0.6) Change in Funds 25.3 25.3 (11.3) Change in Stockholders’ Equity 241.5 243.0 (12.5) Of which increase in Capital Stock 235.0 235.0 Total Change 295.2 295.2 (8.4) Financial Position at Year End (281.9) (281.9) (577.1) 4 Gruppo Piaggio & C Annual Report 2003 1. Statutory: 2003 consolidated financial data of the Piaggio Group reclassified from an operational standpoint. We remind you that, as envisaged by Accounting Principle no. 17 of the National Council “dei Dottori Commercialisti e dei Ragionieri” (Book-Accountants and Keepers), the 2003 consolidated financial statements include the Income Statement of the Nacional Motor Group only for the final two months of the year, because ownership of this Group was transferred at the end of October 2003. The Income Statement for the first ten months of the year has been booked as an adjustment of initial Stockholders Equity. 2. Pro forma: illustrate the Group’s performance with its current structure, for 12 months of 2003, reclassified for operational purposes. 3. 2002 Piaggio Holding consolidated financial statements with the company structure as it was at that date. Reclassification of the income statements for the two years from an operational standpoint envisages: 1. the adjustment of the revenues of some recovered costs (Euro/1000 3,000 for 2003 and Euro/1000 7,000 for 2002) 2. the inclusion under extraordinary charges of all adjustments in value and/or provisions to obsolescence risk fund and the provision of non-operating items (such as goodwill). 5 Gruppo Piaggio & C Annual Report 2003 COMPANY BOARDS - MEMBERS1 Board of Directors Chairman Roberto Colaninno Managing Director Rocco Sabelli Directors Luciano La Noce Giorgio Magnoni Matteo Colaninno Piero Faraoni Gaetano Micciché Graham Clempson Vincenzo De Bustis Figarola Board of Auditors Chairman Antonino Parisi Auditors Attilio Francesco Arietti Alessandro Lai Alternate Auditors Maurizio Maffeis Mauro Girelli 1 Appointed by the Stockholders’ Meeting on October 16, 2003 for the three year period 2003 - 2004 - 2005 and thus until approval of the financial statements at December 31, 2005. 6 Gruppo Piaggio & C Annual Report 2003 Secretary of the Board of Directors Alberto Casacchia External Auditors Deloitte & Touche S.p.A.2 2 Appointed by the Stockholders’ Meeting on January 26, 2004, for the three year period 2003, 2004 and 2005. 7 Gruppo Piaggio & C Annual Report 2003 GROUP STRUCTURE AT 31/12/2003 PIAGGIO & C. SpA Italia 100 % NACIONAL MOTOR SA Spagna 100 % MOT O S P ORT SA DERBI RETAIL DERBI ITALIA SRL DERBI RACING SL MA DRI D S L Spagna Spagna Italia Spagna 100 % 99,99% 100 % 99,9 % DERBI DEUTSCHLAND GMBH Germania 100% ALMEC SpA MI T S UB A F. N. MOT ORI DE S pA P&D SpA PIAGGIO VEHICLES PIAGGIO VESPA PIAGGIO CHINA PIAGGIO FOSHAN UNIVERSAL PONT-TECH SRL E UROPE SpA PVT. LTD B.V. CO. LTD MOT. COMP. LTD DYNAMIC INV. Italia Italia Italia Italia India Olanda Hong Kong Cina Hong Kong Italia 30% 20% 28,29% 100 % 91,18% 100 % 99,99% 25% 99,99% 20% 25 % 25 % CONSORZIO RICERCHE B E NE VE NT O Italia PIAGGIO USA INC. PIAGGIO PORTUGAL 33% PIAGGIO FRANCE SA PIAGGIO BENELUX BV LT DA USA Portogallo Francia Olanda 100 % 100 % 99,82 % 100 % PIAGGIO ASIA PIAGGIO LIMITED PIAGGIO ESPANA SA SAT SA PACIFIC LTD Tunisia Singapore Regno Unito Spagna 100 % 99,99 % 100 % 20% 30 % PIAGGIO INDOCHINA LTD PIAGGIO P I A GGI O DE UT SC H LA N D PIAGGIO HRVATSKA ARGENTINA SA GMBH DOO Singapore Argentina Germania Croazia 100 % 99,99 % 70 % 75 % società n on atti ve o i n liq uidazi on e PIAGGIO HELLAS EPE Grec ia 99,98 % 8 Gruppo Piaggio & C Annual Report 2003 FOREWORD On October 23, 2003, after the necessary formalities and corporate procedures had been completed, the closing pursuant to the contract signed on September 24, 2003 by Immsi S.p.A., the "Dep IV" Fund (managed by Morgan Grenfell Private Equity Ltd), Morgan Grenfell Development Capital Syndications Ltd (a member of the Deutsche Bank group of companies), Piaggio Holding S.p.A. and PB s.r.l., a company created by the banks financing the Piaggio Group, was carried out. As a result, control of Piaggio Group activities in Italy and abroad was transferred to Immsi. Under the Group’s new structure, Piaggio & C. S.p.A. is now controlled 100% by the newly incorporated Dutch company Piaggio Holding Netherlands B.V., which has fully subscribed a share capital increase in Piaggio & C. S.p.A. for a total of Euro 235 million following the restructuring of the debt with its banks. Piaggio Holding Netherlands B.V. has Stockholders’ Equity of Euro 320 million, consisting of ¤ 235 million of financial receivables (Euro 120 million of which contributed by PB s.r.l., Euro15 million by the company representing the previous controlling stockholders, and Euro 100 million by IMMSI S.p.A.) and Euro 85 million from the contribution of the equity participation in Piaggio & C. S.p.A., through the previous parent company Piaggio Holding S.p.A. by the previous stockholders. Piaggio Holding BV is owned 31.25% by Immsi S.p.A., 37.5% by PB s.r.l. and 31.25% by Scooter Holding 3 B.V., a company established by the former Piaggio Holding S.p.A. and the previous stockholders. Immsi holds the majority of voting rights at the Piaggio Holding Netherlands B.V. Stockholders’ meeting, as well as the majority among the members of the Supervisory Boards of both the latter company and Piaggio & C. S.p.A. Among the other formalities envisaged under the contract for the acquisition of 9 Gruppo Piaggio & C Annual Report 2003 the Piaggio Group, Piaggio & C. S.p.A. has acquired the Nacional Motor S.A. company, owner of the DERBI trademark, from the former Piaggio Holding S.p.A. as well as the company division of Piaggio Holding S.p.A. responsible for all the Group’s administration, finance and control activities. REPORT ON OPERATIONS 1. THE MARKET SCENARIO 1 . 1 TWO-WHEEL VEHICLE BUSINESS In 2003, the world market for motorised two-wheel vehicles expanded by about 11%, to almost 32 million vehicles. Asia remained the most important area: the Chinese People’s Republic grew in volume by about 14%, exceeding 14 million vehicles and confirming its position as the largest world market. India took second place, having grown by 7%, with sales of more than 5 million vehicles. Southeast Asia continued to grow strongly, accounting for 7 million vehicles; all the markets in the area expanded, except Vietnam. Indonesia (close to 3 million vehicles, +23%) and Thailand (over 1 million, +32%) both maintained strong growth rates, and even the minor markets recorded significant increases: they are led by Taiwan with over 700,000 units sold (+17%).
Load more

Recommended publications
  • Future Mobility
    FUTURE MOBILITY Sector report 29 October 2019 – 5:30 PM Automotive – Mobility - Infrastructures CASE: what will change for OEMs CASE (Connectivity, Autonomous, Sharing and Electric) will change the way consumers see mobility and will dramatically transform the industry. Quarterly results will be useful to assess short-term price reactions but, we believe, how every company is positioned in a fast- changing environment cannot be ignored for long-term returns. The industry transformation doesn’t necessarily mean “shrinking”: we believe that the overall size of the profit should rise. But a large amount of business centred on ownership models will be transacted in the future through mobility providers (i.e. services) and current incumbents may not be the winners. We initiate coverages on CNH (NEUTRAL, TP EUR10.3) that aims to be a disruptor in its sector thanks profiting from future mobility trends but it is witnessing an unpredictable AG cycle, Ferrari (BUY, TP EUR163.0) which will use the hybrid technology at its advantages and Piaggio (BUY, TP EUR3.20) where electric will support a new replacement cycle. > Regulators are forcing the transition to electric but pick-up will be slowed down by the lack of infrastructure: EU CO2 targets are forcing carmakers to introduce EVs despite they are still losing money on it and consumers are wobbling. However, slow deployment of charging infrastructure, lack in electricity storage and grids last mile capacity, constraints on battery production and recycling should limit PHEV and BEV to 16% of total registrations by 2025. We believe that electric is a perfect technology for 2 wheelers where “range anxiety” doesn’t apply Massimo Vecchio Senior Analyst and could trigger a long-awaited replacement cycle.
    [Show full text]
  • 1230019 Ritchie Bros
    Unreserved Public Auction Caorso, IT Timed auction only, see notice >> Tel: .. Fax: .. Auction location: Via Canada snc Angolo SP R, Caorso (PC), Italy facebook.com/ritchiebrositalia KOMATSU PCNLC VOLVO AG UNUSED MANITOU MRT S PRIVILEGE+ FENDT VARIO PROFI IVECO STRALIS X W/ EFFER /S KG . M rbauction.com/caorso © Copyright Ritchie Bros. Auctioneers – CAT K DOOSAN DL KOMATSU WA NEW HOLLAND WB HITACHI ZW CAT C DYNAPAC CAD BOMAG BWDH HAMM HT More items added daily! View the latest listings for this auction at rbauction.com/caorso HITACHI ZX LCN- NEW HOLLAND EC KOMATSU PCNHD KOMATSU PCNLC / HITACHI ZXLCN JCB JSN CAT D LCR JCB JSW KOMATSU PWESK More items added daily! View the latest listings for this auction at rbauction.com/caorso VOLVO ECR D KUBOTA KX KUBOTA KX HITACHI ZX USBLC CASE CXB S KOMATSU PCMR QTY OF UNUSED HITACHI ZXU YR SUNWARD SWTL CAT B More items added daily! View the latest listings for this auction at rbauction.com/caorso UNUSED — MANITOU MRT Easy S DIECI PEGASUS . DIECI PEGASUS . / & MERLO ROTO . MANITOU MTL MANITOU MVT MERLO P. / MERLO P . DIECI APOLLO . More items added daily! View the latest listings for this auction at rbauction.com/caorso / HAULOTTE HAPX / HAULOTTE HAPX / HAULOTTE HTPX JLG SJP JLG AJP / JLG SJ JLG SJ / HAULOTTE HAPX / HAULOTTE HA SPX More items added daily! View the latest listings for this auction at rbauction.com/caorso CLAAS DOMINATOR SL NEW HOLLAND T. JOHN DEERE PREMIUM UNUSED SAME EXPLORER UNUSED SAME EXPLORER UNUSED SAME
    [Show full text]
  • Federico Vidari Resume
    FEDERICO VIDARI I use my dierent professional and personal experiences to achieve business goals. Together with a passion for work and continuous change, I practice a holistic approach to generate innovation inside and outside companies. > https://www.linkedin.com/in/federicovidari SUMMARY MY LIFE PHILOSOPHY I have been working in marketing, in particular, digital communication, since 1995. Life is what happens while you're My education Architecture Degree, Politecnico di Milano; busy making your excuses. Erasmus at TUBerlin) has provided me with a highly Simple Plan methodological, results-oriented and client-centred approach to digital design and development, from conception and planning to execution, through iterative revisions. MOST PROUD OF My experience has been consolidated through a wide range of different marketing projects. I am a skilled interlocutor with clients from all backgrounds, and a team leader able to World Citizen generate a high level of engagement in all stakeholders: Lived in Berlin and Aachen DE clients, team and suppliers. Worked in Rio de Janeiro, Berlin, Aachen, Modena, Imola. I am an expert about Business Design and Transformation, Branding, Communication and Digital Strategy, UX/UI Design, Ecommerce, Email Marketing, Social Media Marketing, Social Maserati & Ferrari websites Selling, Sales enablement and digital coaching. Delivered in a complex stakeholders I am Adjunct Professor of Communication MetaDesign and environment Service Design at Politecnico di Milano. % Next Level Fest Organized a Music Festival
    [Show full text]
  • Presentation of the Sintonia SA and Schemaventotto Spa Lists of Candidates for the Board of Directors and Board of Statutory Auditors of Atlantia Spa
    ATLANTIA - ROME Arrival Prot. 015 Res. of 6 April 2009 2 April 2009 Atlantia SpA Via Antonio Nibby, 20 00161 ROME Re: Presentation of the Sintonia SA and Schemaventotto SpA lists of candidates for the Board of Directors and Board of Statutory Auditors of Atlantia SpA In conformity with articles 20 and 30 of the Articles of Association of Atlantia SpA and for the election of the Boards of Directors and Statutory Auditors to be made at the Shareholders’ Meeting, the first meeting, which has been called for 22 April 2009, in first call, and for 23 April 2009, in second call, the lists of candidates of Sintonia SA and Schemaventotto SpA are, hereby, presented. These companies hold, respectively, 8% and 30.06% of Atlantia’s share capital; List of candidates for the Board of Directors 1. CLO’ Alberto 2. BENETTON Gilberto 3. BERTANI Alessandro 4. CAO Stefano 5. CASTELLUCCI Giovanni 6. CERA Roberto 7. GROS-PIETRO Gian Maria 8. MALINCONICO Carlo 9. MARI Giuliano 10. MATTIOLI Francesco Paolo 11. MION Gianni 12. PIAGGIO Giuseppe 13. BELLAMOLI Valerio 14. LAPUCCI Massimo 15. TRONCONE Marco List of Candidates for the Board of Statutory Auditors 1. DI TANNO Tommaso (Statutory Auditor) 2. LUPI Raffaello (Statutory Auditor) 3. TROTTER Alessandro (Statutory Auditor) 1. CIPOLLA Giuseppe Maria (Alternate Auditor) The curricula vitae of the candidates, their representations, warranties and acceptance of their candidature and the attestation required by articles 20 and 32 of the articles of association as well as, for certain candidates, the requisites of independence as determined by applicable legislation and regulations.
    [Show full text]
  • Table of Contents
    A periodic pubblication from the Italian Trade Volume 12 Issue1 .it italian trade 1 Table of contents 22. CREDITS EDITORIALS 24. “Italy and Miami: a long lasting bond of friendship”: a message from Tomas Regalado, Mayor of the City of Miami 26. “The US Southeast, a thriving market for Italian companies”: a message from Gloria Bellelli, Consul General of Italy in Miami 28. “The United States of America, a strategic market for Italian food industry”: a message from Gian Domenico Auricchio, President of Assocamerestero 30. “25 years supporting Italy and its businesses”: a message from Gianluca Fontani, President of Italy-America Chamber of Commerce Southeast SPECIAL EDITORIAL CONTRIBUTIONS 32. “Andrea Bocelli, when simplicity makes you the greatest”, interview with Andrea Bocelli, Italian classical crossover tenor, recording artist, and singer-songwriter. 40. “Santo Versace, Style is the Man!”, interview with Santo Versace, President of Gianni Versace Spa 47. “Italians in Miami: a unique-of-its-kind community”, by Antonietta Di Pietro Italian Instructor in the Department of Modern Languages at Florida International University 53. “Italy and the US: a strong relationship” by Andrea Mancia e Simone Bressan, Journalists and Bloggers THE “MADE IN ITALY AMBASSADOR AWARD” WINNERS 58. “Buccellati, a matter of generations”, interview with Andrea Buccellati, President and Creative Director of Buccellati Spa 63. “The Made in Italy essence” interview with Dario Snaidero, CEO of Snaidero USA INTRODUCING “THE BEST OF ITALY GALA NIGHT” 69. “The Best of Italy Gala Night” Program THE PROTAGONISTS OF “THE BEST OF ITALY GALA NIGHT” 76. “Alfa Romeo, Return of a legend”, by Alfa Romeo 82.
    [Show full text]
  • Amac Aerospace and Pininfarina Present An
    MAY 2019/PRESS RELEASE AMAC AEROSPACE AND PININFARINA PRESENT AN INNOVATIVE CABIN CONCEPT FOR THE AIRBUS A350-900 A new way to live and enjoy the on-board experience leveraging on the 360° Pininfarina design expertise and on AMAC Aerospace unique completion capabilities. Turin, May 20, 2019 – Imagine entering in a luxury hotel This concept is expressed in the cabin lounge by a unique lounge, enjoying a drink and then relaxing on comfortable open space sculptured by a flowing band that gives life couches surrounded by the green. Imagine having dinner to different environments. The welcoming area is furnished gazing at the sunset on the ocean and then watching a movie with a wet bar to receive guests. Following the band, the on a giant screen. Now open your eyes: you are on board traveler finds the relaxing area conceived as a cocoon on an Airbus A350-900. characterized by an intimate atmosphere: embracing sofas facing a transparent giant screen allowing either to project or AMAC Aerospace and Pininfarina present at EBACE an to enjoy the view. The lounge is completed by a dining area innovative cabin concept for the Airbus A350-900 aimed conceived both to eat and to hold meetings and a chaise- to innovate the onboard experience. The inspiration came long green space dedicated to personal relaxing moments. from the eclectic Pininfarina design expertise ranging for the nautical to the architectural interior design with the AMAC Aerospace competencies lie in bespoke conceiving, goal to create a comfortable and enjoyable space able to production and installation of the most discerning cabins make you forget to be on a jet.
    [Show full text]
  • Motorcycle Parts 2010 Filtri Aria Air Filters
    FILTRI ARIA AIR FILTERS 10 060 0010 10 060 0020 10 060 0030 100600010 100600020 100600030 APRILIA APRILIA APRILIA 10 060 0040 10 060 0050 10 060 0060 100600040 100600050 100600060 APRILIA ATALA BENELLI - BETA - MALAGUTI - MBK YAMAHA 10 060 0080 10 060 0090 10 060 0110 100600080 100600090 100600110 GILERA - PIAGGIO GILERA - PIAGGIO GILERA - PIAGGIO 10 060 0120 10 060 0130 10 060 0140 100600120 100600130 100600140 APRILIA - GILERA -ITALJET - PIAGGIO PEUGEOT HONDA 10 060 0170 10 060 0200 10 060 0210 100600170 100600200 100600210 HONDA HONDA HONDA 77 WWW.RMS.IT MOTORCYCLE PARTS 2010 FILTRI ARIA AIR FILTERS 10 060 0220 10 060 0230 10 060 0240 100600220 100600230 100600240 HONDA HONDA ITALJET 10 060 0260 10 060 0270 10 060 0280 100600260 100600270 100600280 KYMCO KYMCO KYMCO 10 060 0290 10 060 0300 10 060 0310 100600290 100600300 100600310 MALAGUTI MALAGUTI MBK - YAMAHA 10 060 0320 10 060 0330 10 060 0340 100600320 100600330 100600340 MBK MBK - YAMAHA - MALAGUTI MBK 10 060 0350 10 060 0360 10 060 0370 100600350 100600360 100600370 MBK - YAMAHA PEUGEOT PEUGEOT 78 MOTORCYCLE PARTS 2010 WWW.RMS.IT FILTRI ARIA AIR FILTERS 10 060 0380 10 060 0390 10 060 0400 100600380 100600390 100600400 PEUGEOT PEUGEOT PIAGGIO 10 060 0410 10 060 0420 10 060 0430 100600410 100600420 100600430 PIAGGIO BENELLI - ITALJET - PIAGGIO GILERA - PIAGGIO 10 060 0440 10 060 0460 10 060 0470 100600440 100600460 100600470 PIAGGIO PIAGGIO PIAGGIO 10 060 0480 10 060 0500 10 060 0510 100600480 100600500 100600510 PIAGGIO PIAGGIO PEUGEOT 50 10 060 0520 10 060 0530 10 060 0600 100600520
    [Show full text]
  • Italian Morning Sight
    Italian Morning Sight 07 September 2015 Equity Research +39 02 4344 - 4389 Institutional Sales - 5101 Relative Value - 4788 Equity Derivatives - 5451 Investment Research Stock Exchanges 4 Sep 15 Last %Chg %YtD Min YtD Max YtD Technical Analysis FTSE Italy All-Share 23,072 -2.97 14.57 19,270 25,684 DJ STOXX: Daily relative performance by sector FTSE MIB 21,473 -3.18 12.94 18,123 24,031 FTSE Italy Star 23,771 -1.06 27.39 18,482 26,520 Comit 1,200.4 -1.56 15.62 1,002.9 1,323.7 Stoxx 600 353.11 -2.52 3.09 331.62 414.06 EuroStoxx 50 3,180.2 -2.75 1.08 3,007.9 3,828.8 Dow Jones Industrials 16,102 -1.66 -9.65 15,666 18,312 Nasdaq Comp 4,684 -1.05 -1.10 4,506 5,219 Nikkei 225 17,792 -2.15 1.96 16,796 20,868 Other Market Indicators 4 Sep 15 Last %Chg %YtD Min YtD Max YtD EUR/USD 1.1116 0.17 -8.14 1.0522 1.2031 USD/YEN 119.19 -0.91 -0.59 116.87 125.65 London Brent Crude Oil Index U$/BBL 50.37 2.54 -12.14 42.81 67.95 10 Yrs Bund Futures 154.89 0.58 -0.63 148.98 160.36 Source: Datastream Recommendation and target price changes Banca Carige: TP EUR 2.20 from EUR 2.30 Trevi: TP EUR 1.50 from 1.90 News Banca Carige (Buy) A restructuring story with M&A appeal Enel (Accumulate) Going-on Fiat Chrysler Automobiles (Buy) FCA likely to wait until 2016 before moving on GM Telecom Italia (Accumulate) New rumours on savings' conversion Trevi (Neutral) Feedback from H1 presentation: challenging guidance UniCredit (Neutral) Interview with Mr Ghizzoni in La Repubblica All ESN research is available on Bloomberg: “ESNR” <go> Italian Morning Sight 07 September 2015 Banca Carige Italy/Banks BANKS Banca Carige (Buy) A restructuring story with M&A appeal Buy A restructuring story with M&A appeal Recommendation unchanged Share price: EUR 1.63 The facts: We are publishing this morning a company update on Banca Carige.
    [Show full text]
  • Marque Cylindré E Modèle Moteur Date
    Fiches motos Télépoche : Source http://www.motopoche.com Cylindré Date date Marque e Modèle Moteur (début) (fin) Pays N° TP ABC 400 1919 1922 UK 809 ABC / Gnome & Rhône 400 A 1919 1924 F 479 Adler 370 2 PS 1902 1903 D 943 Adler 250 MB RS course 1954 1955 D 817 Aermacchi Harley Davidson 350 Grand Prix 1973 1977 I 443 Aermacchi Harley Davidson 350 GT Sprint 1970 1972 I 375 Aermacchi Harley Davidson 125 Regolarita 1973 I 365 Aermacchi Harley Davidson 350 TV Sprint 1971 1972 I 375 Aero Caproni 150 Capriolo (cames à plateau) 1955 I 1048 AGF 175 Bol d'Or Ydral 1955 F 865 Aiglon 250 Mirus 1902 F 648 AJS 500 E 90 Porcupine 1947 UK 1033 AJS 500 Mod. 20 Spring Twin Carénage Pee 1950 1952 UK 756 AJS 350 SS 1925 UK 762 AJS 500 V4 à Compresseur 1939 1946 UK 759 AJS 350 1925 UK 409 AKD Abingdon King Dick 175 Sport Moser 1928 UK 1065 Alcyon 250 AH 1929 F 732 Alcyon 350 type 306 A Zürcher 1938 F 776 Anglian 250 2 3/4 HP De Dion 1903 UK 400 886 Anzani 2400 Stayer 1918 F 933 Ardie 200 Feuerreiter Bark 1937 1937 D 804 Ardie 305 1919 1923 D 996 Ariel 250 Leader 1959 1964 UK 871 Ariel 1000 Square Four Mk1 (2 tubes / paral 1939 1940 UK 420 Ariel Tri De Dion 1898 UK 471 Ariel 1000 MAG 1923 UK 868 Autoglider 269 2 1/2 HP Villiers 1919 1921 UK 340 1002 Automoto 500 A 30 Blackburne 1930 1933 F 779 Automoto 150 BH 1923 F 855 AWD 500 4 soupapes Rudge 4 v 1927 D 820 BAT 770 5/6 hp JAP 1913 UK 467 896 BCR 500 HS Chaise 1929 1930 F 454 887 Beardmore Precision 600 susp.
    [Show full text]
  • 2018 Annual Report
    2018 ANNUAL REPORT 2018 ANNUAL REPORT AND FORM 20-F 2 2018 | ANNUAL REPORT 2018 | ANNUAL REPORT 3 Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes No Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See definition of “large accelerated filer,” “accelerated filer,” and emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer Accelerated filer Non-accelerated filer Emerging growth company If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing: U.S.
    [Show full text]
  • Piaggio Mp3 Range the Piaggio Mp3 Range Grows and Is Completed Stability and Ease of Riding Combined with Agility, Brilliant
    PIAGGIO MP3 RANGE THE PIAGGIO MP3 RANGE GROWS AND IS COMPLETED STABILITY AND EASE OF RIDING COMBINED WITH AGILITY, BRILLIANT PERFORMANCE AND REDUCED CONSUMPTION. TOP SHELF SAFETY AND COMFORT AS ALWAYS FOR THE THREE- WHEELED PATRIARCH OF THE CATEGORY AND BEST SELLER FOR MORE THAN 10 YEARS YOURBAN ALSO UPDATED TO COMPLY WITH EURO 4 EMISSIONS STANDARDS, THE MOST COMPACT AND CITY PIAGGIO MP3 MODEL Piaggio MP3 is the world's first 3-wheel scooter, the concrete response to the demand for easy-to-handle, extremely safe city vehicles to get about in the city or reach the city centre from the ever growing suburbs. The two front wheels and the exclusive patented suspension system, conceived and developed by Piaggio before any other global manufacturer, combine the safety of a car with the simplicity and practicality of a scooter and the fun of a motorcycle with dynamic riding on corners. This is why Piaggio MP3 is able to satisfy a truly global demand: from drivers looking for a more practical yet safe alternative to the experienced motorcyclist able to appreciate the advantages and technical features of a vehicle that has, on its own, created a new market segment of which it is the undisputed leader. “Two wheels ahead of the rest”: a definition which not only indicates the peculiar characteristic of Piaggio MP3, but also suggests technological superiority that the revolutionary Piaggio Group “three wheeler” has managed to affirm. Two front wheels to travel in total safety in any weather or road surface conditions and at the same time have fun riding just as on a conventional two-wheeled vehicle.
    [Show full text]
  • KWD Webranking Italy 2013 EN
    IN COLLABORATION WITH lundquist. KWD WEBRANKING 2013 ITALY THE RESEARCH IN NUMBERS KWD Webranking is the most in-depth analysis of online nancial and corporate communications in Europe th th 17 EUROPEAN EDITION AND 12 ITALIAN EDITION THE “BLACK SHEEP” 40 ITALIAN COMPANIES EXCLUDED Spotlight on best practice and companies investing in their LESS THAN 25 POINTS IN THE 2012 RANKING online communications THE BEST IN 2013 TOP 10 IN 2013 BEST IMPROVERS ITALIAN AVERAGE 11 88.8 Eni +9.9 Mondadori 22 86.1 Telecom Italia 42.2 POINTS OUT OF 100 +9.3 Campari 33 80.5 Hera -2 POINTS 73.5 Snam 44 VS 2012 +5.5 Prysmian 55 71.3 Pirelli & C. 66 68.5 Terna +5.3 Eni 66.8 UniCredit 77 ONLY +4.1 Igd 88 63.5 Generali 1 COMPANY OUT OF 3 99 63.3 Mondadori IMPROVED 1010 62 Piaggio & C. ITS SCORE NEW WEBSITES BREMBO FIAT SPA CAMPARI LUXOTTICA CNH INDUSTRIAL PIAGGIO & C. FINMECCANICA ST MICROELECTRONICS ITALIAN COMPANIES DOING WELL IN DISCLOSURE Italian companies are doing well in the presentation of the “ company, nancial results and governance, information“ usually found inside nancial reports. Sustainability, employer branding and social media are the weakest areas. Joakim Lundquist, Head of KWD in Italy POSITIVE NEGATIVE PRESENTATION OF THE COMPANY SUSTAINABILITY 98% Present their history 25% Do not present sustainability information other than the code of ethics PRESENTATION OF FINANCIAL RESULTS EMPLOYER BRANDING 100% Have reports, documents 21% Do not present the company and presentations in English to potential candidates GOVERNANCE SOCIAL MEDIA 95% Include information 55% Do not include any social media concerning their AGM accounts on their website TECHNOLOGY VSVS STORIES INNOVATIONS TO BE TOLD Italian companies rely on technology to close the gap with “ “ European companies but corporate website is not used effectively to communicate identity and future vision.
    [Show full text]