New Delhi: Piaggio Group on Thursday reported consolidated net sales totaling 1,053.1 million euros, the best first-half result ever reported, with an increase of 16.8% against 901.7 million euros in the first half of 2021.
The industrial gross margin was 277.1 million euros, an increase of 5.8% compared to 261.9 million euros on 30 June 2021. The return on net sales was 26.3 % (29.1% on 30 June 2021).
The Group’s operating expense was at 191.3 million euros, an increase of 9.7 million euros. The rise in operating expenses was closely linked to the growth in net sales and shipments.
The income-statement figures described above produced a consolidated EBITDA of 152.2 million euros, the best first-half result to date, with an increase of 5.3% from 144.6 million euros in the first half to 30 June 2021. The EBITDA margin was 14.5% (16% on 30 June 2021).
EBIT amounted to 85.8 million euros, a rise of 6.7% from 80.4 million euros on 30 June 2021. The EBIT margin was 8.1% (8.9% on 30 June 2021).
The Piaggio Group posted a net profit of 45.2 million euros, its best first-half result since 2008, up 3.9% from 43.5 million euros in the first half of 2021.
Roberto Colaninno, Chairman & CEO, Piaggio Group said, “Consolidated net sales, EBITDA and net profit were among our best-ever results for the first half. 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.”
In the first half to 30 June 2022, the Piaggio Group sold 320,600 vehicles worldwide (+11.7 % from 287,100 in the year-earlier period) and reported consolidated net sales of 1,053.1 million euros. The growth in volumes arose in all geographical regions.
Two-wheelers: As of 30 June 2022, the Group had sold 271,600 two-wheelers worldwide (+11.8% from 242,800 in the first half of 2021), generating net sales of 875.8 million euros, an increase of 15.1% from 761 million euros in the year-earlier period.
The figure includes spares and accessories, on which turnover totaled 73.9 million euros (+6.3% from 69.5 million euros at 30 June 2021).
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 confirmed its leadership in the scooter segment with a share of 22.5% and maintained a strong positioning in the North American scooter market, with a share of 31%. 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 saw double-digit growth in global sales volumes, driven in particular by the Vespa brand, which reported strong performance in the 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. 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.
Commercial vehicles: 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 177.3 million euros (+26% from 140.7 million euros at 30 June 2021). The figure includes spares and accessories, where turnover totaled 27.5 million euros (+27% from 21.7 million euros in the year-earlier period).
At the geographical level, 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%.
The PVPL subsidiary had an overall share of 19.9% of the Indian three-wheeler market and maintained a strong position in the Cargo segment with a share of 32.7%.
Piaggio Fast Forward: Piaggio Fast Forward (PFF), the Piaggio Group 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 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. 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.
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.
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The company’s revenue from operations in Q1 FY23 stood at INR 7,315.70 crore, up 56%, as compared to INR 4,689.34 crore in the same year-ago period.
Group revenue rose by 7% to EUR 36.4 billion and adjusted EBIT increased by 8% to EUR 4.9 billion as the company’s focus on Top-End Luxury vehicles, battery electric vehicles (BEV) and premium vans as well as a relentless focus on costs, helped to offset lower sales and higher raw material costs.
The Company ranked second in the EU30 market for BEV and LEV sales (less than 1k vehicles gap with LEV leader) and third in the U.S. market for LEV sales.