See Full Year 2022 Financial Results | March 2nd 1. 2023
PIAGGIO GROUP
Full Year 2022 Financial Results
Full Year 2022 Financial Results | March 2nd 2. 2023
Disclaimer
This presentation contains forward-looking statements regarding future events and future results of Piaggio & C S.p.A. (the “Company”) that are based on the current expectations, estimates, forecasts and projections about the industries in which the Company operates, and on the beliefs and assumptions of the management of the Company. In particular, among other statements, certain statements with regard to management objectives, trends in results of operations, margins, costs, return on equity, risk management, competition, changes in business strategy and the acquisition and disposition of assets are forward-looking in nature. Words such as ‘expects’, ‘anticipates’, ‘scenario’, ‘outlook’, ‘targets’, ‘goals’, ‘projects’, ‘intends’, ‘plans’, ‘believes’, ‘seeks’, ‘estimates’, as well as any variation of such words and similar expressions, are intended to identify such forward-looking statements. Those forward-looking statements are only assumptions and are subject to risks, uncertainties and assumptions that are difficult to predict because they relate to events and depend upon circumstances that will occur in the future. Therefore, actual results of the Company may differ materially and adversely from those expressed or implied in any forward-looking statement and the Company does not assume any liability with respect thereto. Factors that might cause or contribute to such differences include, but are not limited to, global economic conditions, the impact of
competition, or political and economic developments in the countries in which the Company operates. Any forward-looking statements made by or on behalf of the Company speak only as of the date they are made. The Company does not undertake to update forward-looking statements to reflect any change in its expectations with regard thereto, or any change in events, conditions or circumstances which any such statement is based on. The reader is advised to consult any further disclosure that may be made in documents filed by the Company with Borsa Italiana S.p.A (Italy).
The Manager in Charge of preparing the Company financial reports hereby certifies pursuant to paragraph 2 of art. 154-bis of the Consolidated Law on Finance (Testo Unico della Finanza), that the accounting disclosures of this document are consistent with the accounting documents, ledgers and entries.
This presentation has been prepared solely for the use at the meeting/conference call with investors and analysts at the date shown below. Under no circumstances may this presentation be deemed to be an offer to sell, a solicitation to buy or a solicitation of an offer to buy securities of any kind in any jurisdiction where such an offer, solicitation or sale should follow any registration, qualification, notice, disclosure or application under the securities laws and regulations of any such jurisdiction.
Full Year 2022 Financial Results | March 2nd 3. 2023
Full Year 2022 Financial Results | March 2nd 4. 2023
FY 2022 – Highlights
Another record year, exceeding upward-revised targets…
Net Sales €m
298
241
FY ’22
FY ’21
2,087
1,669
FY ’22
FY ’21
EBITDA €m (Margin %)
EPS €
Net Debt €m
Best Ever
(14.4 %)
(14.3 %)
+23.9%
+25.1%
0.24
0.17
FY ’22
FY ’21
+42.3%
~ -12
(14.6% ex. FX )
368
380
FY ’22
FY ’21 Further
de-leveraging
Best Ever
Best Ever
Full Year 2022 Financial Results | March 2nd 5. 2023
3.3x
3.1x 3.1x
2.9x
2.3x
2.1x
1.9x
2.3x
1.6x
1.2x
487
493
498
491
447
429 430
424
380
368
360
410
460
510
560
1.0x
1.5x
2.0x
2.5x
3.0x
2013 2014 2015 2016 2017 2018 2019* 2020 2021 2022
147
159 162
171
192
202
228
186
241
298
12.1%
13.1%
12.5%
13.0%
14.4%
14.5%
15.0%
14.2%
14.4% 14.3%
11.0%
12.0%
13.0%
14.0%
15.0%
16.0%
17.0%
70
120
170
220
270
2013 2014 2015 2016 2017 2018 2019* 2020 2021 2022
1,212 1,213
1,295 1,313 1,332
1,390
1,521
1,314
1,669
2,087
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Leverage (x) and Net
Financial Position (€m) Revenues (€m) EBITDA €m (Margin %)
* Since 2019 ex IFRS 16
FY 2022 – Highlights
…another step forwards in the profitable growth of the group…
Full Year 2022 Financial Results | March 2nd 6. 2023
FY 2022 – Highlights
… driven by top brands continuing to deliver outstanding growth
Revenues * Revenues * Revenues *
∆22/21 ∆22/21 ∆22/21
* Based on management estimates 0 – 15% 15 – 30% Over 30%
Full Year 2022 Financial Results | March 2nd 7. 2023
Full Year 2022 Financial Results | March 2nd 8. 2023
Full Year 2022 Financial Results | March 2nd 9. 2023
Full Year 2022 Financial Results | March 2nd 10. 2023
Full Year 2022 Financial Results | March 2nd 11. 2023
Other
188
Motoplex
Apac
479
Other
1,663
Other
0
Other
1,338
Motoplex
Americas
21
Motoplex
Emea
245
Motoplex
India
254
Motoplex
World
999
Other
107
Providing a 1-stop-shop for
all or most Group brands,
original vehicle accessories,
apparel, official
merchandising and lifestyle
THE MOTOPLEX CONCEPT: ONE STORE – THREE WORDS
Providing assistance, instore services, maintenance,
repairs and customisation
Offering the opportunity to
attend events, meet experts in
the field, book test rides and
attend live performances
PRODUCT SERVICE ENTERTAINMENT ✓ ✓ ✓
Strengthened dealer network with relentless extension of Motoplex
2- Wheelers Point of Sales
MOTOPLEX % weight
Full Year 2022 Financial Results | March 2nd 12. 2023
World-class global industrial footprint strengthened in ‘22 with the opening of the
Indonesian plant
Europe
(Italy: Pontedera, Scorzè, Mandello del Lario)
3 plants for 2W and LCV
China
(Foshan City)
1 plant for 2W
Vietnam
(Vinh Phuc Province)
1 plant for 2W
Indonesia
(Jakarta)
1 plant for 2W
India
(Baramati)
1 plant for 2W and LCV
USA
(Boston)
Robotics
Scorzè
Pontedera
Mandello
del Lario
2W: 2-Wheelers; LCV: Light Commercial Vehicles
Full Year 2022 Financial Results | March 2nd 13. 2023
181
223
250
333
523
FY’18 FY’19 FY’20 FY’21 FY’22
CHINA
INDONESIA OTHER
VIETNAM
Revenues
∆22/21
∆22/21 ∆22/21
Revenues
Revenues Revenues
0 – 30% 30 – 60% Over 60%
APAC
Revenues (€m)
∆22/21
CAGR 18-22
+30%
+57%
YoY
APAC: powerful engine of consistent and accretive growth
Full Year 2022 Financial Results | March 2nd 14. 2023
Full Year 2022 Financial Results | March 2nd 15. 2023
Full Year 2022 Financial Results | March 2nd 16. 2023
*SIAM sell-in data; LCV excluding e-rickshaw and e-cart
FY 2022 – Key market demand
Highlights
Asia Pacific
Asia Pacific saw dual-speed demand trends:
Asean 5 rebounded strongly in the second half of the year: positive
contributions from all countries with Indonesia by far the best performer
China’s uneven and subdued demand trend continued across the year mainly
reflecting COVID-19 restrictions.
India
After two years of sharp decline, demand reverted to positive in H2 with the end of
COVID-19 restrictions, although remaining largely below pre-pandemic levels,
especially in Light Commercial Vehicles.
Europe & Americas
European trend reverted to positive in Q4 as supply constraints gradually receded,
leading total demand in line with prior year.
Scooters and Motorbikes continued to see varying trends both in USA and Europe.
Among main countries, France and USA were the soft spots, while Germany, Spain
and Italy posted healthy demand.
776 763
737 749
2021 2022
EUROPE
2-Wheelers (k units)
Bikes Scooters
1,513 1,513
2.4
2.3
2021 2022
CHINA
Scooters (m units)
531 509
26 28
2021 2022
USA
2-Wheelers (k units)
Bikes Scooters
557 537
+1.7%
-1.6%
+5.7%
-4.0%
11.1
12.3
2021 2022
ASEAN 5
2- Wheelers (m units)
176
307
83
93
2021 2022
INDIA*
Commercial Vehicles (k units)
Pax Cargo
259
400
0.0%
+54.5%
+10.9%
+ 74.4%
+ 12.0% -42% vs. ‘19
4.4
5.0
2021 2022
INDIA*
Scooters (m units)
– 5.0%
-3.5%
+14.5%
-14% vs. ‘19
Full Year 2022 Financial Results | March 2nd 17. 2023
Full Year 2022 Financial Results | March 2nd 18. 2023
969.9
1,097.9
333.1
523.4 66.0
62.5
134.5
142.6
165.2
261.1
2021 2022
Volume evolution by business (k units) Net Sales evolution by business (€m)
2-Wheelers:
244.0
265.9
135.4
197.0
70.3
53.3
18.2
13.7
68.1
95.5
2021 2022
+9.0%
625.5
536.0
-24.5%
Of which:
EMEA +7.6%
+25.1%
+13.2%
+6.0%
+58.1%
+57.1%
Of which:
EMEA +10.3%
EMEA & Americas Asia Pacific India Light Commercial Vehicles: EMEA & Americas India
2,087.4
1,668.7
FY 2022-Evolution by business
+20.6% excl. FX
+48.0% excl. FX
+44.7% excl. FX
-10.5% excl. FX
+11.8% excl. FX
Highlights
CV India
Strong rebound, although on a favorable basis for comparisons, driven by
progressive improvement of both domestic and export sales as well as of electric 3-
wheelers.
2W India
Results mainly reflecting mix shifting in favour of Vespa.
2W Asia Pacific
Phenomenal growth further accelerated in H2 leading to a new record high, driven by
premium positioning and synchronised growth of all key markets, among which
Vietnam and Indonesia were the outright best performers.
2W EMEA & Americas
Healthy performance continued as the year progressed, propped up by improved
mix and market-share gains both in Europe and North America.
Country-wise USA, Germany and Italy were the main drivers of growth.
CV EMEA & Americas
Strong revenues performance driven by the Porter NP6.
Volume sequential acceleration across the year coupled with positive pricing and FX
drove Net Sales uplift to a new all-time high, with all geographies positively
contributing.
+5.3% excl. FX
+16.7%
-24.3%
+40.2%
+45.6%
-5.3%
Full Year 2022 Financial Results | March 2nd 19. 2023
Full Year 2022 Financial Results | March 2nd 20. 2023
938.6
1,153.3
289.4
250.0 373.3
339.6
189.1
219.6
1.7
1.6
2021 2022
407.8
466.1
41.9
50.1 86.3
109.3
2021 2022
+14.3%
+26.6%
+19.7%
+22.9%
+29.0%
n.m.
Scooters
Revenues reached a new record high mainly driven by the success of the new Aprilia
SR GT and MP3 together with the relentless outstanding performance of Vespa, which
posted sound growth in all geographies.
Bikes
Revenues skyrocketed to all-time highs, boosted by the success of recent product
launches, the ongoing mix shift towards high-value segments and synchronised growth
in Americas, EMEA and APAC, together with the combined positive contribution of
Aprilia and Moto Guzzi.
FY 2022-Evolution by product
Synchronised growth of all product segments; top brands drove Two Wheelers’
revenue upsurge to all-time highs.
Volume evolution by product (k units) Net Sales evolution by product (€m)
Scooters, Wi-Bike,
kick-scooter
Bikes
Light Commercial Vehicles
Spare parts and accessories
Other
+35.9%
+16.1%
Commercial Vehicles
Growth driven by improved demand in India and consistent healthy performance of
the new Porter NP6 in EMEA.
+25.1% 2,087.4
1,668.7
Highlights
625.5
536.0
+16.7%
Full Year 2022 Financial Results | March 2nd 21. 2023
Full Year 2022 Financial Results | March 2nd 22. 2023
EBITDA evolution (€m) Highlights
FY 2022 – EBITDA Evolution
241
*
(14.4%)
2021 Net Sales
Effect
Gross Margin
% Effect
Cash OpEx
Net Change
2022
298
*
(14.3%)
**(14.6%)
Remarkable top-line growth drove EBITDA
uplift to 298 €m, representing an all-time
high.
Gross margin grew by ~92 €m, underpinned
by the top-line increase more than offsetting
the % margin dilution mainly driven by:
the spike in energy costs in EMEA
the lingering effects of inflation on all
modes of freight, expected to revert in ’23
Cash OpEx weight on sales was held below the
prior year, further proving the company’s
ability to curb cost dynamics without hampering
top-line growth.
* % On Net Sales ** Excluding FX Effect
2021 Net Sales
Effect
Gross Margin
% Effect Cash OpEx
Net Change
2021 Net Sales
Effect
Gross
Margin
% Effect
2021 Net Sales
Effect
Full Year 2022 Financial Results | March 2nd 23. 2023
* Figures at constant exchange rates are management estimates calculated using the average exchange rates for the corresponding period in the previous year
FY 2022 – To sum up
2021 2022
Change 2022 vs. 2021
Absolute % % excl. FX*
Net Sales 1,668.7 2,087.4 418.8 25.1% 20.6%
Gross Margin 462.5 554.9 92.4 20.0% 17.3%
% on Net Sales 27.7% 26.6% -1.1
EBITDA 240.6 298.1 57.5 23.9% 22.0%
% on Net Sales 14.4% 14.3% -0.1
Depreciation (128.0) (139.4) (11.4) 8.9%
EBIT 112.6 158.7 46.2 41.0%
% on Net Sales 6.7% 7.6% 0.9
Financial Expenses (18.9) (31.5) (12.6) 66.8%
Earning before tax 93.7 127.2 33.5 35.8%
Tax (33.6) (42.3) (8.7) 25.9%
Net Income 60.1 84.9 24.8 41.4%
% on Net Sales 3.6% 4.1% 0.5
P&L (€m)
Financial expenses affected by negative
result in foreign-exchange due to high
volatility of currencies.
1
3
EBIT grew by 46€m, with significant uplift
of % margin on sales.
1
2
2
3
Tax rate down 2.6 p.p. @ 33.3%, mostly
benefiting from different EBT geographical
mix.
D&A up, reflecting recent years’ heightened
Capital Expenditure to strengthen brand &
product portfolio.
4
4
Highlights
Full Year 2022 Financial Results | March 2nd 24. 2023
FY 2022 – Net Financial Position Evolution & Debt Maturity Profile
NFP 2022 evolution (€m) Highlights
YE ´21 Operating YE ´22
Cash Flow
Change
Working
Capital
CapEx Change
Equity &
Other
(423.6)
YE ‘21 YE ‘22
180.0 49.4 (154.1) (32.0) (380.3)
NFP 2021 evolution (€m)
∆22/21 +15.9 -13.1 +0.8 -44.0 +2.9
Net Debt trimmed for the seventh straight year,
pushing down leverage to 1.2x, further proving our
ability to reduce debt whilst returning value to
shareholders through dividends & buybacks and
stepping up CapEx to nurture growth.
Effective Working Capital management driven by
containment of receivables coupled with heightened
efficiencies on payables, enabled cash generation for
the seventh consecutive year, notwithstanding significant
build-up of inventories to secure production.
CapEx progressed in line with prior year and with fullyear target.
Solid debt profile, with no significant short-term
maturities and weighted average life of around 2.6
years.
Of which:
Receivables +4
Inventories -101
Payables +117
Other +10
(380.3)
(368.2)
Debt Maturity Profile (€m)
Average life
~2.6 years
0
100
200
300
2023 2024 2025 2026 2027 Beyond
Bank loans Bonds Short term debt
Full Year 2022 Financial Results | March 2nd 25. 2023
Investor Relations Office
E: [email protected]
T: +39 0587 272286
W: www.piaggiogroup.com
Raffaele Lupotto
Executive Vice President
Head of Investor Relations
E: [email protected]
T: +39 0587 272596
