Piaggio & C. S.p.a. · MIL:PIA
Piaggio & C — H1 2023 Earnings Presentation
20 slides from Piaggio & C's earnings presentation, Jul 27, 2023
Slide 1: First Half of 2023 Financial Results
PIAGGIO GROUP First Half of 2023 Financial Results 1. First Half of 2023 Financial Results | July 27th 2023
Slide 2: First Half of 2023 Financial Results | July 27 th 2023
2. First Half of 2023 Financial Results | July 27th 2023
Slide 3: Disclaimer
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 an
Slide 4: First Half of 2023 Financial Results | July 27 th 2023
4. First Half of 2023 Financial Results | July 27th 2023
Slide 5: H1 2023 - Highlights
H1 2023 - Highlights Another set of record results, despite temporary demand headwinds in some key markets Net Sales €m H1 '22 1,053 H1 '23 1,172 +11.3% Best Ever EBITDA €m (Margin %) H1 '22 152 (14.5 %) (16.3%) +25.6% Best Ever H1 '23 191 (15.9% ex. FX ) EPS € H1 '22 0.13 +43.9% Best Ever H1 '23 0.
Slide 6: First Half of 2023 Financial Results | July 27 th 2023
6. First Half of 2023 Financial Results | July 27th 2023
Slide 7: First Half of 2023 Financial Results | July 27 th 2023
7. First Half of 2023 Financial Results | July 27th 2023
Slide 8: First Half of 2023 Financial Results | July 27 th 2023
8. First Half of 2023 Financial Results | July 27th 2023
Slide 9: First Half of 2023 Financial Results | July 27 th 2023
9. First Half of 2023 Financial Results | July 27th 2023
Slide 10: H1 2023 - Key market demand
H1 2023 - Key market demand Highlights USA EUROPE 2-Wheelers (k units) 2-WHEELERS (K UNITS) Europe & Americas 301 +4.7% 315 +3.3% 857 885 European demand held up well across the half year, with an encouraging uptick in 16 -14.2% 14 411 - 3.7% 396 June, mainly underpinned by a combination of increase
Slide 11: First Half of 2023 Financial Results | July 27 th 2023
11. First Half of 2023 Financial Results | July 27th 2023
Slide 12: H1 2023 - Evolution by business
H1 2023 - Evolution by business Volume evolution by business (k units) Highlights Net Sales evolution by business (€m) Net sales reached a new all-time high driven by Western countries and India and widespread positive pricing enabled by strong brands. +11.3% 1,172.0 +1.2% 324.6 +12.7% excl. FX 320.
Slide 13: First Half of 2023 Financial Results | July 27 th 2023
13. First Half of 2023 Financial Results | July 27th 2023
Slide 14: H1 2023 - Evolution by product
H1 2023 - Evolution by product Volume evolution by product (k units) Highlights Net Sales evolution by product (€m) Strong brands, improved mix and significant average revenue per unit uplift, drove +11.3% 1,172.0 revenue upsurge to all-time highs. +1.2% 324.6 3.8 320.6 n.m. 1.053.1 115.0 49.0 0.7 +
Slide 15: First Half of 2023 Financial Results | July 27 th 2023
15. First Half of 2023 Financial Results | July 27th 2023
Slide 16: EBITDA Evolution
H1 2023 - EBITDA Evolution EBITDA evolution (€m) Highlights Remarkable top-line growth and margin expansion drove EBITDA uplift to 191 €m, 191.2 representing an all-time high. *(16.3%) **(15.9%) 152.2 Gross margin grew by ~56 €m, underpinned *(14.5%) by the top-line increase and the significant % ma
Slide 17: First Half of 2023 Financial Results | July 27 th 2023
17. First Half of 2023 Financial Results | July 27th 2023
Slide 18: H1 2023 - To sum up
H1 2023 - To sum up P&L (€m) Highlights Change 2023 vs. 2022 2022 2023 Absolute % % excl. FX* Net Sales 1,053.1 1,172.0 119.0 11.3% 12.7% Gross Margin 277.1 332.6 55.6 20.1% 19.8% % on Net Sales 26.3% 28.4% 2.1 152.2 191.2 39.0 25.6% 24.2% 1 D&A up, reflecting recent years’ heightened EBITDA Capital
Slide 19: Net Financial Position Evolution & Gross Cash
H1 2023 - Net Financial Position Evolution & Gross Cash NFP 2023 evolution (€m) Highlights Gross Cash** (€m) YE ´22 Operating Change CapEx Change H1´23 Cash Flow Working Equity & Capital Other Net Debt well under control whilst returning value to 566 shareholders through dividends and buy-backs. Of
Slide 20: Investor Relations Office
Investor Relations Office E: investorrelations@piaggio.com T: +39 0587 272286 W: www.piaggiogroup.com Raffaele Lupotto Executive Vice President Head of Investor Relations E: r.lupotto@piaggio.com T: +39 0587 272596 20. First Half of 2023 Financial Results | July 27th 2023