Piaggio - Q1 Results
Piaggio Group Chairman and CEO Roberto Colaninno is quoted as saying that "the Piaggio Group closed the first quarter of 2022 with very positive results at global level.
"Consolidated net sales, EBITDA and net profit reached best-ever levels for the first quarter. Through careful cost management, we continue to monitor the effects of the Covid pandemic, the serious crisis between Russia and Ukraine (which has no impact on our financial statements) and the current difficulties in procuring electronic components.
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| Piaggio Group Chairman and CEO Roberto Colaninno: "Consolidated net sales, EBITDA and net profit reached best-ever levels for the first quarter." |
"Thanks to the great strength of our brands, we are nonetheless winning growing numbers of customers around the world, and I believe we shall be able to return to normal company operations by September of this year."
The Group's two wheel activities sold 119,000 units worldwide (+15.3% from 103,200 at 31 March 2021), generating net sales of € 374,000m, an increase of +26% from € 296.9m in the year-earlier first quarter. The figure includes spares and accessories, on which turnover totalled € 29.4m (€ 29.6m at 31 March 2021).
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| "The first quarter was also extremely positive for Aprilia motorcycles, chiefly as a result of sales of the new Aprilia Tuareg and Aprilia RS 660, which benefited from the excellent performance of Aprilia Racing in the MotoGP championship". |
Two-wheeler sales in the first quarter of 2022 were particularly strong in Asia Pacific (+32.8%), followed by EMEA (+27.6%) and Americas (+25.8%).
In Europe, the Piaggio Group confirmed its leadership in the scooter segment with a share of 21% and maintained a strong position in the North American scooter market, with a share of 25.3%. In North America, the Group is also working to consolidate its presence in the motorcycle market with the Aprilia and Moto Guzzi brands.
The scooter sector reported an increase of more than +12.4% in global sales, driven primarily by the Vespa brand, which recorded a double-digit rise in volumes and significant performance in Europe, America and Asia Pacific (especially in Indonesia, China and Vietnam), and by Aprilia scooters.
In motorcycles, where overall sales rose by around +45%, Moto Guzzi reported a very strong first quarter, with volumes and net sales showing double-digit growth, thanks in particular to sales of the Moto Guzzi V7 and V85TT. The first quarter was also extremely positive for Aprilia motorcycles, chiefly as a result of sales of the new Aprilia Tuareg and Aprilia RS 660, which benefited from the excellent performance of Aprilia Racing in the MotoGP championship.
Piaggio Fast Forward (PFF), the Boston, USA based Piaggio Group robotics and future mobility company, expanded its offer with the presentation in September of gitamini, a new robot that condenses the technology and functions of gita, its revolutionary "big brother", in a lighter, more compact design. Gita and gitamini are made in the PFF plant in Boston's Charlestown district.
The first marketing phase for the robots focuses on the US market, where the circulation of robots on city streets is already regulated. PFF kicked off a series of pilot programs, together with partners active in various business sectors, to test further applications for gita in the travel, residential and retail sectors and in last-mile delivery.
Group consolidated net sales in Q1 were € 455.8m, an increase of 18.5% (+15.5% at constant exchange rates), compared to 384.7 € /m at 31.03.2021), the best-ever first-quarter result. Industrial gross margin was € 116.8m, up 5% (111.2 € /m at 31.03.2021), with 25.6% return on net sales.
EBITDA of € 60.1m represents the strongest result achieved in the first quarter, with an increase of 7.2%. EBITDA margin was 13.2%, EBIT € 27.7m, up 17.5%, EBIT margin 6.1%.
Profit before tax was € 20.4m, up 10.4%; net profit € 12.7m, again the best-ever first-quarter result, with an improvement of 14.1% from 11.1 € /m at 31.03.2021. The net financial position of 441.1 € /m is an improvement of 7.5 € /m from 448.6 € /m.
