Piaggio - results for 2022 half year
Commenting on its 2022 Q2 and first half year results, Piaggio Group Chairman and CEO Roberto Colaninno stated that "the Piaggio Group closed the first half of 2022 with very positive results at global level.
"Consolidated net sales, EBITDA and net profit were among our best-ever results for the first half. 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.
"Thanks to its unique brand portfolio, Piaggio will nonetheless continue along its growth path in the second half of 2022, confirming the investments planned in new products and new facilities, and also strengthening its commitment to ESG issues."
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| Piaggio Group CEO Roberto Colaninno: "The Piaggio Group closed the first half of 2022 with very positive results at global level." |
Across all segments, Piaggio sold 320,600 total vehicles worldwide in the first half to 30 June 2022 (+11.7% from 287,100 in the year-earlier period) and reported consolidated net sales of € 1,053.1m. The growth in volumes arose in all geographical regions.
In its two-wheeler activities, the Group had sold 271,600 two-wheelers worldwide (+11.8% from 242,800 in the first half of 2021), as of June 30, 2022, generating net sales of € 875.8m, an increase of +15.1% from € 761m in the year-earlier period. The figure includes € 73.9m in spares and accessories turnover (+6.3%).
Two-wheeler sales in the first half of 2022 were particularly strong in Asia Pacific (+27%), followed by the Americas (+26.3%) and EMEA (+7%). On the Indian market, sales volumes fell by -7.4% while net sales were up 11.2%.
In Europe, the Piaggio Group says it confirmed its leadership in the scooter segment with a share of 22.5% and maintained a strong positioning on the North American scooter market, with a share of 31%. "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 sector saw double-digit growth in global sales volumes, driven in particular by the Vespa brand, which reported strong performance in Asia Pacific (mainly in Indonesia, Vietnam and China), India, the Americas and Italy, and by Aprilia scooters.
In motorcycles, where overall sales volumes rose by around +30%, Moto Guzzi reported a very strong first half, with volumes and net sales showing double-digit growth, thanks especially to sales of the Moto Guzzi V7 and V85TT.
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| Moto Guzzi V85TT |
The first six months were also extremely positive for Aprilia motorcycles, chiefly as a result of sales of the new Aprilia Tuareg and Aprilia RS 660 cc, which benefited from Aprilia Racing's excellent performance in the MotoGP championship.
In commercial vehicles, the Piaggio Group reported sales volumes of 49,000 vehicles (+10.8% compared to the figure of 44,200 in the first half of 2021), with net sales of € 177.3m (+26%).
The EMEA and Americas markets reported turnover growth of +10%; on the Italian market in particular, sales of the new Porter NP6 were a key factor. The Indian market regained strength to report a rise of almost +40% in turnover for commercial vehicles, with sales volumes increasing by more than +20%.
Piaggio Fast Forward (PFF), the Piaggio Group's robotics and future mobility company based in Boston, 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.
PFF kicked off a series of pilot programmes, 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. In March, PFF announced an agreement with Trimble, a Nasdaq-listed company, to develop robots and machines to follow humans and other devices in industrial applications.
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| Aprilia Tuareg 660 |
PFF has also designed and developed an innovative sensor technology, which made its debut on the new Piaggio MP3 three-wheel scooter, "to deliver unparalleled safety. Thanks to the integration of advanced rider assistance systems (ARAS), the new sensors play a vital role in accident prevention and rider protection".
Group consolidated net sales for the first half of 2022 were € 1,053.1m, an increase of +16.8%, the best-ever first-half result. Industrial gross margin of € 277.1m was up +5.8%, a 26.3% return on net sales.
EBITDA was € 152.2m, the strongest result achieved in the first half (+ 5.3%); EBITDA margin was 14.5%. EBIT was € 85.8m, up +6.7%; EBIT margin was 8.1%. Profit before tax was € 72.9m, up +3.9%; net profit was € 45.2m, the best first-half result since 2008.
