Piaggio 2023 - global PTW sales down, but highest ever net profit
For its 2023 financial year (the period to December 31, 2023), Piaggio reported Group consolidated net sales of € 1,994.6m (-4.4% from € 2,087.4m in 2022). In geographical terms, turnover made a strong improvement in India (+14.9%), was unchanged from the previous year in the EMEA and Americas area, but softened in the Asia Pacific area (-23.8% at constant exchange rates).
The industrial gross margin was € 574.7m, an improvement of 3.6% (€ 554.9m in 2022), for a return on net sales of 28.8% (26.6% in 2022). Group operating expense for 2023 was € 394m (€ 396.2m in 2022). Consolidated EBITDA was € 325m, the best ever recorded, up by 9% (€ 298.1m in 2022).
The EBITDA margin was 16.3%, with EBIT of € 180.7m, a rise of 13.8% (€ 158.7m in 2022). The EBIT margin was 9.1%. Pre-tax profit for the year was € 135.3m, an increase of 6.4% (€ 127.2 m in 2022). The Piaggio Group reported a net profit for 2023 of € 91.1m, also its best result ever, with growth of 7.3% from € 84.9m.
In the year to 31 December 2023, the Piaggio Group sold 559,500 vehicles in total worldwide (625,500 in 2022).
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| Piaggio Group CEO Michele Colaninno (seen here left with brother Matteo) said: “With each quarter, the global macroeconomic scenario is becoming more difficult to interpret and very unstable, and this situation will continue through the current year. That said, 2023 saw Piaggio consolidate its market position here in Europe and the USA, saw a slowdown in Asia and a healthy recovery in India. Against this background, the Piaggio Group closed the year with a record net profit of € 91.1m, its best result ever." |
In PTW terms, the Group sold 436,300 two-wheelers worldwide in 2023, generating net sales of € 1,535.9m (516,200 two-wheelers were sold in 2022, for net sales of € 1,683.8m).
Turnover on two-wheeler sales was stable (+0.9%) in the EMEA and Americas area, with particularly healthy performance on the Italian market (+8.7%), followed by the American market (+3%). Sales slowed in India and in the Asia Pacific region.
In the scooter sector, the Piaggio Group had a 22.4% share of the European market and a 29.7% share of the North American market. In North America, the Group continued work to consolidate the sales of Aprilia and Moto Guzzi models.
Highlights in the scooter sector were the Piaggio Beverly and Piaggio Medley high-wheel models, and the turnover growth for Vespa scooters in the EMEA area.
In the motorcycle sector, the market responded strongly to the Moto Guzzi V100 Mandello and showed clear interest in pre-booking for the new Moto Guzzi Stelvio. At Aprilia, the new 660 cc engine demonstrated outstanding versatility, taking Italian moto rally champion Jacopo Cerutti to a new victory in the famous Africa Eco Race, on an Aprilia Tuareg 660. The Aprilia RS 660 sports bike took two riders to podium places in the Twins Cup class of the MotoAmerica championship.
In commercial vehicle terms, the Piaggio Group reported 2023 sales volumes of 123,300 vehicles, up 12.8% (109,300 in 2022), for net sales of € 458.7m, an improvement of 13.6% from € 403.7m in 2022.
