MILAN, March 2 (Class Editori) — "A lot of progress has been made in China on the reorganization front. The results have been incredibly good and we expect sales to increase this year". This was stated by Piaggio's Chairman and CEO Roberto Colaninno during the conference call on the 2021 results, which closed with double-digit performance.
The Group's consolidated net revenues amounted to 1.66 billion euros, up by 27% (+28.1% at constant exchange rates) from the 1.31 billion euros recorded in 2020, during which, following the health emergency, a freeze on production and sales activities had been implemented, affecting the EMEA, the Americas and India.
The evolution of the income statement leads to a consolidated EBITDA of 240.6 million euros, an improvement of 29.3% compared to 186.1 million euros recorded to December 31, 2020, with an EBITDA margin at 14.4%, while net income almost doubled to 60 million euros.
Piaggio's leader focused in particular on Asia, explaining that by 2022 he expects an increase in sales in all Asian countries. In China, Colaninno's Group sold 2.4 million scooters, up by 12% on 2019.
Colaninno claimed to be very confident about Indonesia's market, which "will be a pleasant surprise for Piaggio". As for India — which is still the world's largest market for two- and three-wheeled vehicles and in which Piaggio is a leader — just over 4.3 million scooters were sold, a 3% increase compared to 2019, meaning a good recovery after the sharp drop in 2020, while the market for three-wheeled vehicles is still weak.
Finally, the Chairman and CEO pointed out that Piaggio has no business relations with Russia and Ukraine, neither in terms of supply nor in terms of product sales and that "we do not see our future as problematic or negative," for the Group.
The results for the year 2021 were better than expected, both on European and Asian markets, confirming the Group's capacity to face the continuing various uncertainties that have been characterizing the global economy's performance.
Colaninno acknowledged that "the results highlight a clear improvement in all the main economic and financial indicators, confirming the validity of our strategy and the Group's ability to respond effectively to the context related challenges". (All rights reserved)
(Source:Class Editori)
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