As at 30 September 2018 ,the Piaggio Group shows some remarkable performance this year compared to same period of the previous year, with the growth of all the main indicators of the income statement, higher investments and debt reduction.
Consolidated revenues 1,093.7 million euros, up 4.1% (+ 8.4% at constant exchange rates) (1,050.4 euros / million at 30 September 2017)
Ebitda 166 million euros, up 4.4% (+ 6.2% at constant exchange rates)
(159 € / mln as at 30.09.2017) Ebitda margin 15.2% (15.1% at 09.30.2017)
Gross industrial margin of € 334.4 million, up 3.5%
(€ 322.9 / mln as at 30.09.2017), 30.6% in relation to turnover (30.7% as of 09/30/2014)
Operating result (Ebit) 84.9 million euros, up 22.9%
(69.1 € / million at 30.09.2017) EBIT margin 7.8% (6.6% at 09/30/2017)
Pre-tax profit of 66.1 million euros, up 49.9%
(€ 44.1 / mln as of 30.09.2017)
Net profit 36.3 million euros, up 44.6% (25.1 € / mln as of 30.09.2017)
Net financial position – € 405.1 million
An improvement of € 41.6 / mln compared to -446.7 € / mln at 31 December 2017 e
An improvement of 25.6 € / mln compared to -430.7 € / mln at 30 September 2017
469,400 vehicles sold worldwide, up 10% (426,700 as at 30 September 2017)
The Group’s consolidated net revenues amounted to € 1,093.7 million , up by 4.1% compared to € 1,050.4 million recorded as at 30 September 2017. At constant exchange rates the growth in revenues would have been 8% , 4% compared to the same period last year.
The gross industrial margin amounted to 334.4 million euro , an increase of 3.5% compared to the 322.9 million euro recorded at 30 September 2017. The impact of the gross industrial margin on net sales is equal to 30.6% (30.7% at 30 September 2017).
The operating expenses incurred by the Group at 30 September 2018 amounted to 249.5 million of euro , down 1.7% on the figure recorded in the same period last year (253.8 million euro).
The evolution of the income statement described above leads to a consolidated EBITDA of 166 million euro , up by 4.4%compared to the 159 million euro recorded at 30 September 2017. EBITDA margin is equal to 15.2% ( 15.1% at 30 September 2017), the best result ever recorded in the reference period.
The operating result ( EBIT ) in the first nine months of 2018 amounted to 84.9 million euro, in strong growth of 22.9%compared to 69.1 million euro at September 30, 2017. L ‘ EBIT margin was found equal to 7.8% (6.6% at 30 September 2017).
At September 30, 2018 the Piaggio Group reported a profit before tax amounted to
66.1 million euro, up 49.9% compared with 44.1 million euro in the same period of 2017. Taxes for the period were equal to 29.7 million euro, with an incidence of 45% on the pre-tax result.
At September 30, 2018, the Piaggio Group had a net profit of 36.3 million euro , up by 44.6% compared to 25.1 million euro recorded as at 30 September 2017.
The ‘ net debt (PFN) at 30 September 2018 amounted to 405.1 million euro, an improvement of 41.6 million euro compared to 446.7 million euro at December 31, 2017 and improved to 25, 6 million euros compared to 430.7 million euros as at 30 September 2017.
In the first nine months of 2018 the Piaggio Group recorded investments of 72.2 million euro , an increase of 16.6 million euro compared to 55.6 million euro at 30 September 2017.
The total staff of the Piaggio Group at September 30, 2018 was 6,754 employees .
The Italian employees of the Group stood at 3,383.
Business performance at 30 September 2018
In the first nine months of 2018, the Piaggio Group sold a total of 469,400 vehicles worldwide, up 10% (426,700 units sold as at 30 September 2017), and recorded consolidated revenues of € 1,093.7 million.
In terms of geographical areas, sales volumes increased in India (+ 27.1%) and in the Asia Pacific area (+ 7.5%), while those recorded in Emea and Americas were impacted by the contraction of the market of 50cc vehicles. Positive signs of recovery in the European market have already been recorded in the third quarter.
At September 30, 2018, the Group sold 312,200 two-wheeled vehicles worldwide, up 4.3% (299,400 at 30 September 2017), for a net turnover of 772.3 million euros (765.9 million euros at 30 September 2017).
The figure also includes spare parts and accessories, which recorded a turnover of 97.7 million euro , an increase of 2.4% compared to the 95.5 million euro recorded at 30 September 2017.
In the first nine months of 2018, the Piaggio Group recorded a sharp increase of 31.4% in sales volumes in the Indian two-wheeler market , driven in particular by the excellent results of the Vespa and Aprilia SR, and an increase of 7 , 5% of the two-wheeler volumes in Asia Pacific .
In Europe, the Piaggio Group confirmed its leadership in the scooter segment with a 25.4% share. The Group’s position on the North American scooter market also remains strong with a 23.3% share.
In the scooter sector , in particular, the excellent results of the Vespa brand were highlighted, which increased sales units worldwide by 14% compared to 30 September 2017; All geographical areas contributed to this result, with a significant increase in India, Asia Pacific and Europe during the third quarter following the success of the launch of the special series . Also in the scooter segment, the growth in volumes of the Medley high wheel and the three-wheeled MP3 was noted , in particular thanks to the positive feedback obtained from the new engines in the third quarter.
The Group’s motorcycle sector recorded an increase in volumes mainly driven by the Aprilia brand, which increased by 13.2% thanks also to the new Shiver 900 and Dorso Duro 900 and the SX 50 .
In the field of commercial vehicles , the Piaggio Group reported a significant increase, with sales of 157,200 vehicles, an increase of 23.5% compared to 127,300 at September 30, 2017, consuntivando a net turnover of € 321.4 million of Euros , + 13% compared to 284.5 million euro at 30 September 2017.
The figure includes spare parts and accessories , which recorded sales of € 35.7 million, up 8.3% (€ 33 million in the same period of 2017).
The Indian market of three-wheeler commercial vehicles continues to record sustained growth and the PVPL affiliate settled on a total 3-wheel share of 23% and confirmed its leadership in the freight (cargo) segment with a market share of 45.7%.
At September 30, 2018 the PVPL production pole exported 33,400 vehicles.
Piaggio Fast Forward:
Piaggio Fast Forward (PFF) , the Piaggio Group company based in Boston focused on robotics, is continuing its development activities with the first innovative projects, Gita and Kilo, and are also being implemented for indoor activities , developing multiple new functions dedicated to closed domestic and professional environments. Gita and Kilo are intelligent vehicles, able to move autonomously in increasingly complex urban developments. They can accompany a person, map the environment around them, exchange data and control what moves around
Significant events at September 30, 2018 and later
In addition to what was communicated in the approval of the results for the first half of 2018 (Board of Directors meeting of 27 July 2018):
During the period, the Piaggio Group presented in Pune (India) the new range of gas and methane-powered Ape, Ape Xtra LDX and Ape Auto DX, initially destined for the Indian market and subsequently for developing countries (press release of 24 September ).
These are the first variants of Ape equipped with a water-cooled engine, able to offer the best performance in the category while responding to the growing demand for solutions for commercial mobility – in particular for travel between urban centers in India – and the growing attention to alternative energy sources, thanks to the latest generation of eco-compatible engines.
On 8 October the online pre-booking campaign for Vespa Elettrica was launched, produced at the Italian plant in Pontedera. Full commercialization is expected in November in conjunction with the Milan EICMA 2018 show, starting from Europe and then being extended to other countries starting from the beginning of 2019.
Expected evolution of management
In a context of strengthening the Piaggio Group on global markets, the Group undertakes to:
- confirm the leadership position in the European two-wheeler market through:
- a further strengthening of the product range;
- maintaining current positions on the European commercial vehicle market;
- consolidate its presence in the Asia Pacific area, exploring new opportunities in the countries of the area, always with particular attention to the premium segment of the market;
- strengthen sales on the Indian scooter market thanks to the Vespa and Aprilia SR product offer;
- increase the penetration of commercial vehicles in India, thanks to the introduction of new engines.
Source : Piaggio Group