Piaggio Group’s First Half 2023 Financial Results

Key highlights from the India Market:

• Group consolidated net sales amounted to 1,172 million euro, the best result ever reported for the first half, with an improvement of 11.3% from 1,053.1 million euro at 30 June 2022. The increase arose in the EMEA and Americas region (+13.7%) and India (+20%), while turnover in the Asia Pacific region was substantially stable.
• At geographical level, the Indian market regained strength with turnover from commercial vehicles rising 34.7% and sales volumes up 20%. The EMEA & Americas region as a whole reported a 2% improvement in turnover
• The Indian, European and US markets remain positive despite the increase in interest rates in the last 12 months.

 

 

PIAGGIO GROUP: FIRST HALF 2023

 

Piaggio Group Chair and CEO Roberto Colaninno: "The Piaggio Group has closed the seventh consecutive quarter to report growth[1], with its best results to date. At 30 June, net sales had risen by more than 11%, to over one billion euro, EBITDA was 191.2 million euro, with an EBITDA margin of 16.3%, and net profit was a first-half record of 64.8 million euro. For the rest of the year, all our factories will be applying the management productivity system that has enabled us to achieve larger profit margins without substantial price increases. We shall continue to move ahead with the investments set out in our strategic plans for electric mobility and ESG issues.”

 

·         Consolidated net sales up 11.3% to 1,172 million euro, the highest ever first-half result (1,053.1 €/mln at 30.06.2022)

 ·         Industrial gross margin 332.6 million euro, up 20.1% (227.1 €/mln at 30.06.2022), with a 28.4% return on net sales (26.3% at 30.06.2022)

 ·         EBITDA 191.2 million euro, the highest ever first-half result, with an improvement of 25.6% (152.2 €/mln at 30.06.2022). EBITDA margin 16.3% (14.5% at 30.06.2022)

 

·         EBIT 117.6 million euro, up 37.1% (85.8 €/mln at 30.06.2022). EBIT margin 10% (8.1% at 30.06.2022)

 

·         Profit before tax 98.2 million euro, +34.7% (72.9 €/mln at 30.06.2022)

 

·         Net profit 64.8 million euro, the best-ever first-half result, up 43.4% from 45.2 €/mln at 30.06.2022

 

·         Net financial position -384.4 €/mln, an improvement of 13 €/mln from -397.4 €/mln at 30.06.2022.

 

·         324,600 vehicles shipped worldwide, up by 1.2% (320,600 at 30.06.2022)

 

·         Capital expenditure approximately 65.8 million euro

 

·         2023 interim dividend of 12.5 eurocents per ordinary share (2022 interim dividend 8.5 eurocents)