Piaggio - full year 2021
For the full year 2021, Piaggio reports a total of 536,000 vehicles shipped worldwide, up by 11% on 2020 (482,700).
The company reports particularly strong turnover growth in EMEA & Americas (+32.9%) and Asia Pacific (+33.4%; +35.1% at constant exchange rates). In India, where the market is still feeling the effects of the pandemic, turnover was substantially unchanged (-0.8%; +2.5% at constant exchange rates).
At a corporate level, consolidated net sales were € 1,668.7m, up 27% (+28.1% on 2020); the industrial gross margin was € 462.5m, up 24.2% with a 27.7% return on net sales (28.3% for 2020). EBITDA was € 240.6m, up 29.3% on 2020 and 5.6% on 2019; EBIT was € 112.6m, up 58.9%; profit before tax was € 93.7m, up 86.7% on 2020; net profit was € 60.1m, almost doubling from € 31.3m net profit in 2020. Piaggio's net financial position was € 380.3m, an improvement of € 43.3m from € 423.6m at the end of 2020.
In two-wheeler terms, the 2021 full year saw the Group sell 449,700 two-wheelers worldwide, an increase of 16.9% from 384,700 in 2020, generating net sales of € 1,369m (+31.5% from € 1,040.9m at 31 December 2020, +32.3% at constant exchange rates).
The figure includes spares and accessories, on which turnover totalled € 139.4m, (+16.8% from € 119.4m in 2020).
Sales of motorcycles and scooters were positive in all the regions where the Group operates in 2021. Specifically, sales volumes rose by 36.4% on the Indian market and by 26.1% in Asia Pacific. In the EMEA & Americas area, volumes increased by 8.1%, driven largely by the upturn on the American market (+50.6%) and the Italian market (+18.8%).
In Europe, the Piaggio Group confirmed its leadership in the scooter segment with a share of 22.7% and further strengthened its positioning on the North American scooter market, with a share of 35% (28.2% at 31 December 2020). In North America, the Group is also working to consolidate its presence on the motorcycle market with the Aprilia and Moto Guzzi brands.
The scooter segment reported double-digit growth in global sales, led by the Vespa brand (with sales volumes rising 26% from 2020), the Piaggio Beverly and Piaggio Liberty high-wheel scooters and the Aprilia scooters.
Performance was also very positive in the motorcycle sector, and both the Aprilia and the Moto Guzzi brands closed the year with record revenues. There was a strong market response to the new Aprilia RS and Aprilia Tuono bikes with 660 cc engines, and to the Moto Guzzi V7 and V85TT.
Piaggio Group Chairman and CEO Roberto Colaninno: "The results reflect a clear improvement in all the key business and financial indicators, confirming the strength of the Group's strategy and its ability to respond effectively to the challenging situation. Net sales rose by 27% from 2020 and by 9.7% from 2019, while net debt was down by approximately € 43.3m from 2020 and approximately € 49.4m from 2019."
In commercial vehicle terms, the Piaggio Group sold 86,300 vehicles in 2021 (-12% from 98,000 at 31 December 2020), for net sales of € 299.7m, an increase of 9.9% from € 272.8m at 31 December 2020 (+12% at constant exchange rates). The figure includes spares and accessories, where turnover totalled € 49.7m (+29.5% from € 38.4m in 2020).
