MILAN, May 2 (Class Editori) — A two-speed Asia for Piaggio's vehicles: against a record slump in India (-27%), in the first quarter of this year, the rest of the continent recorded +32% in sales, as President and CEO of the Group Roberto Colaninno reported today regarding the results for the period.
The very positive figure for the continent as a whole — where the markets of Indonesia, Vietnam and China are leading — has led the Group to boost investments in Indonesia, a market of 250 million people. "Our position in Asia is strategic. We are working on the construction of a new plant in Indonesia, which we expect to open in October. We want to use this plant to develop Aprilia scooters as well. Work is progressing on schedule," Colaninno stated.
The collapse of the Indian market has mainly concerned three-wheeled commercial vehicles and, according to the entrepreneur, it can be explained by the effects on the economy of the COVID-19 pandemic, still unresolved in the subcontinent. The Group's subsidiary in India, PVPL, achieved an overall share of the Indian three-wheeler market of 16.8%, maintaining a prominent role in the cargo segment with a market share of 32.2%.
"Thanks to the great strength of our brands, we are still managing to win more and more customers around the world, and I believe we can return to normal business operations by September," Colaninno stated. "We ended the first quarter of 2022 with very positive results at a global level. Consolidated revenues, EBITDA and net income reached their best ever values for the period.
However, unlike other manufacturers in the industry, he did not estimate supply problems related to semi-conductor shortages in the second half of the year. "Suppliers have guaranteed us punctuality," Colaninno assured.
Consolidated revenue amounted to 455.8 million euros, increasing by 18.5% (+15.5% at constant exchange rates) — the best result recorded during the period — and gross profit amounted to 116.8 million euros, increasing by 5% and by 25.6% in relation to turnover. The EBITDA stood at 60.1 million euros, the highest value achieved during the period, increasing by 7.2%. The EBITDA margin grew to 13.2%.
As of March 31, 2022, the company had sold a total of 141,800 vehicles worldwide (+5% from the 135,000 of the first quarter of 2021), recording consolidated revenue of 455.8 million euros. Geographically, volume growth was particularly strong in Asia Pacific, followed by EMEA and Americas (+22.6%).
The scooter sector recorded an increase exceeding 12.4% in sales at a global level, driven mainly by the Vespa brand, which recorded double-digit volume growth, performing significantly well in Europe, America and Asia Pacific — particularly in Indonesia, China and Vietnam — and by Aprilia scooters.
The motorcycles segment saw an increase in overall sales of around 45%. Moto Guzzi closed a very positive first quarter, with volumes and revenues growing at double digit rates, driven mainly by the sales of Moto Guzzi V7 and V85TT. The first quarter of 2022 was also extremely positive for Aprilia motorcycles, thanks to the sales of the new Aprilia Tuareg and Aprilia RS 660 cc, positively influenced by the excellent results achieved by Aprilia Racing in the MotoGP championship.
During the period, in the commercial vehicles sector Piaggio Group sold 22,800 units (-28.5% compared to the 31,900 as of March 31, 2021), with net sales amounting to 81.8 million euros (-6.8% compared to 87.8 million euro as of March 31, 2021). The figure includes spare parts and accessories, which recorded 12.7 million euros (12.8 million euros as of March 31, 2021) in revenues.
(Source:Class Editori)
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