MILAN, May 8 (Class Editori) – Asia Pacific and India remain promising markets for Piaggio, on which to focus to grow. The company closed the first three months of 2019 with a profit up to 7.8 million, against 4 million in the same period last year. The result was higher than the expectations of the consensus gathered by Bloomberg and by the company, which stood at 6.3 euros.
Consolidated revenues to 346.2 million euros, up 10.8% (+10% at constant exchange rates). In the same period of 2018, revenues amounted to 312.3 million and the consensus expected revenues of 336.7 million.
The gross operating income increased to 103.9 million euros, up 7.5% (+8% at constant exchange rates). EBITDA is 49.5 million euros, up 14.5% (+16.8% at constant exchange rates), while the EBITDA margin stands at 14.3% (13.8% in the first quarter 2018). The consensus expected a 46.4 million EBITDA and an EBITDA margin of 13.8%.
EBIT increased to 20.7 million euros, up 42.6%, while the EBIT margin is 6% (4.6% in the first quarter of 2018). The before taxes result is a positive 14.2 million euros.
The net financial position at March 31, 2019, including IFRS 16, is equal to -47.4 million, an improvement of 26.5 million euro. 140,400 vehicles sold worldwide, up 8.2% (129,700 in the first quarter of 2018).
The Group's shareholders' net worth at March 31, 2019 amounted to 402.1 million euros (392 million euros at December 31, 2018). During that period, the Piaggio group made investments of 29.3 million euros, up 31.4% compared to 22.3 million euros in the first quarter of 2018.
The Board of Directors also called the extraordinary shareholders' meeting by June 30, 2019.
Concerning the prospects, in a context of strengthening Piaggio in global markets, the group is committed to consolidating its presence in the Asia Pacific area, exploring new opportunities in the countries of that area, always with particular attention to the premium segment of the market.
"At the same time, the group is committed to strengthening sales in the Indian scooter market thanks to the offer of Vespa and Aprilia products; and increasing the sales of commercial vehicles in India, thanks also to the introduction of new engines", explains a note.
Piaggio aims to reach a leadership position in the European two-wheeler market, making the most of the expected recovery by further strengthening the product range, both scooters and motorcycles, and maintaining current positions on the European commercial vehicle market, strengthening the sales network.
From a technological point of view, the Piaggio group will continue to search for new solutions to solve the current and future mobility problems - thanks to the commitment of Piaggio Fast Forward (Boston) and to the new boundaries of design by PADc (Piaggio Advanced Design center) to Pasadena.
"More generally, the commitment that has characterized these last few years and which will also characterize the activities in 2019 remains firm, to generate productivity growth with a strong focus on cost and investment efficiency, in compliance with the principles ethically accepted by the group", the company underlines. For the entire 2019, the consensus gathered by Bloomberg and the company expects revenues of 1.47 billion euros, compared with 1.389 billion in 2018. In terms of 2019 EBITDA, the consensus expects 215 million (compared to 201.8 million in 2018), while net profit for 2019 is expected from the consensus to 44 million euro, against 36.1 million in 2018.
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