In the first half of 2018 the Piaggio Group reported an improvement in all its main earnings indicators and a reduction in debt. The group sold 304,000 vehicles of all the kinds it makes worldwide in total, an increase of +8.3%, and reported consolidated net sales of 729.6 million euro.
Sales volumes increased in India and in the Asia Pacific region, while volumes in the EMEA and Americas regions were affected by the fall in demand for 50cc vehicles.
In terms of two-wheelers, the group sold 203,900 PTWs worldwide (202,100 in H1 2017), generating net sales of 520.5 million euro (538 million euro in the year-earlier period). The figure includes spares and accessories, on which turnover totalled 64.3 million euro, up from the first half of 2017.
Group two-wheeler sales volumes in the first six months of 2018 increased by +0.9%, with a downturn in net sales (-3.3%) largely caused by the exchange rate effect and a different geographical sales mix. In the first half, the Piaggio Group reported a sharp increase of +36.8% in two-wheeler sales volumes on the Indian market, assisted in particular by sales of Vespa scooters, the Aprilia SR, and the growth of the network, with the opening of more than 60 Motoplex stores in India in the first six months of 2018. There was also an increase of +9.8% in two-wheeler sales volumes in Asia Pacific compared with the year-earlier period.
In Europe, the Piaggio Group confirmed its leadership of the scooter segment with a share of 25.6%. In the scooter segment, the Vespa brand boosted sales volumes by approximately +10% from 30 June 2017, with a particularly positive contribution from the Indian market and the ASEAN area, and the Medley high-wheel scooter, which achieved growth of +12% in sales volumes.
In the Group motorcycle business, important results were achieved by the Aprilia brand, with a +17% increase in sales. Sales of the V7 family were a significant driver in Moto Guzzi net sales.
In commercial vehicles, the Piaggio Group reported strong progress with sales of 100,100 vehicles, up +27.3% from 78,700 in the first half of 2017, and net sales of 209.1 million euro, up +14.4% from 182.8 million euro in the year-earlier period (+21.3% at constant exchange rates). The figure includes spares and accessories, where sales totalled 23.7 million euro, up 8.6% from the first half of 2017.
Demand on the Indian market for three-wheel commercial vehicles showed strong signs of recovery, and the PVPL subsidiary had an overall three-wheeler market share of 22.8%. In the first half of 2018 the PVPL production hub exported 14,800 commercial vehicles.
Piaggio reported consolidated net sales up 729.6 million euro, up 1.2% (+6.2% at constant exchange rates); Ebitda of 116.6 million euro, up 2.3% (+3.1% at constant exchange rates); Ebitda margin up at 16%; industrial gross margin of 228.3 million euro, up +1.4% (+3.3% at constant exchange rates) and 31.3% return on net sales with Ebit of 61.9 million euro, up +16.8%, and profit before tax of 48.5 million euro, up +33.1%, with net profit of 26.7 million euro, up +26.2%.
Their net financial position (debt) is -431.4 million euro, an improvement of 15.3 €/mln. The industrial gross margin was 228.3 million euro, up by +1.4%; the return on net sales was 31.3% (31.2% in the first half of 2017).
