Piaggio & C. S.p.a. · MIL:PIA
Piaggio & C — FY2023 Earnings Presentation
25 slides from Piaggio & C's earnings presentation, Mar 4, 2024
Slide 1: Full Year 2023 Financial Results
1. Full Year 2023 Financial Results | March 4th 2024
Slide 2: Full Year 2023 Financial Results
2. Full Year 2023 Financial Results | March 4th 2024
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: Full Year 2023 Financial Results
4. Full Year 2023 Financial Results | March 4th 2024
Slide 5: FY 2023 - Highlights
FY 2023 - Highlights Breaking record operating results, despite temporary demand headwinds in some key markets, … NET SALES €m, Y/Y change % EBIT €m, Y/Y change %, (Margin %) FY '22 2,087 FY '22 159 (7.6%) -4.4% +13.8% FY '23 1,995 ∆23/22 FY '23 181 (9.1%) ∆23/232 Best Ever ROE (*) 21.9% Best Ever E
Slide 6: FY 2023 - Highlights
FY 2023 - Highlights …and adding another step in the path toward heightened profitability. EBITDA €m (Margin %) EBIT €m (Margin %) NET PROFIT €m (Margin %) 12.0% 9.0% 325 200 17.0% 320 8.0% 180 11.0% 100 298 16.3% 180 91 16.0% 159 85 7.0% 10.0% 160 270 80 15.0% 9.1% 6.0% 241 140 9.0% 15.0% 228 14.5%
Slide 7: Full Year 2023 Financial Results
7. Full Year 2023 Financial Results | March 4th 2024
Slide 8: Full Year 2023 Financial Results
8. Full Year 2023 Financial Results | March 4th 2024
Slide 9: Full Year 2023 Financial Results
9. Full Year 2023 Financial Results | March 4th 2024
Slide 10: Nurturing brand community with ultimate client experiences on track, on roads and on trails
Nurturing brand community with ultimate client experiences on track, on roads and on trails. 10. Full Year 2023 Financial Results | March 4th 2024
Slide 11: Full Year 2023 Financial Results
11. Full Year 2023 Financial Results | March 4th 2024
Slide 12: Full Year 2023 Financial Results
12. Full Year 2023 Financial Results | March 4th 2024
Slide 13: Full Year 2023 Financial Results
13. Full Year 2023 Financial Results | March 4th 2024
Slide 14: Full Year 2023 Financial Results
14. Full Year 2023 Financial Results | March 4th 2024
Slide 15: FY 2023 - Key market demand
FY 2023 - Key market demand Highlights EUROPE USA 2- Wheelers (k units) 2-Wheelers (k units) 1,513 +3.5% 1,566 Europe & Americas 537 +2.6% 551 European demand maintained positive momentum across all quarters, confirming a 28 -8.7% 25 749 -3.3% 725 multi-year growth trajectory, mainly underpinned by
Slide 16: Full Year 2023 Financial Results
16. Full Year 2023 Financial Results | March 4th 2024
Slide 17: FY 2023 - Evolution by business
FY 2023 - Evolution by business Volume evolution by business (k units) Highlights Net Sales evolution by business (€m) Top line affected by market weakness in APAC and prudent management of dealers’ -4.4% stock. Widespread positive mix and pricing enabled by strong brands. 2,087.4 625.5 -10.5% -2.0%
Slide 18: Full Year 2023 Financial Results
18. Full Year 2023 Financial Results | March 4th 2024
Slide 19: FY 2023 - Evolution by product
FY 2023 - Evolution by product Volume evolution by product (k units) Highlights Net Sales evolution by product (€m) Strong brands and improved mix drove significant average revenue per unit uplift -4.4% across all product segments. 2,087.4 625.5 -10.5% 1.6 n.m. 1,994.6 219.6 5.4 109.3 559.5 -0.2% Co
Slide 20: Full Year 2023 Financial Results
20. Full Year 2023 Financial Results | March 4th 2024
Slide 21: FY 2023 - EBITDA Evolution
FY 2023 - EBITDA Evolution EBITDA evolution (€m) Highlights Outstanding margin expansion drove EBITDA 325.0 uplift to 325 €m, representing an all-time *(16.3%) high. 298.1 *(14.3%) Gross margin grew by ~20 €m, driven by a combination of: enhanced pricing power enabled by the premium positioning of P
Slide 22: Full Year 2023 Financial Results
22. Full Year 2023 Financial Results | March 4th 2024
Slide 23: FY 2023 - To sum up
FY 2023 - To sum up P&L (€m) Highlights Change 2023 vs. 2022 2022 2023 Absolute % % excl. FX* Net Sales 2,087.4 1,994.6 (92.9) -4.4% -2.0% Gross Margin 554.9 574.7 19.7 3.6% 3.6% 1 D&A up, reflecting recent years’ heightened Capital Expenditure to strengthen brand & % on Net Sales 26.6% 28.8% 2.2 pr
Slide 24: FY 2023 - Net Financial Position & Leverage evolution
FY 2023 - Net Financial Position & Leverage evolution NFP YE 2023 evolution (€m) Highlights Leverage (x) YE ´22 Operating Change CapEx Change YE´23 Cash Flow Working Equity & 3.3x Capital Other Temporary Net Debt growth mainly reflecting negative 3.1x 3.1x Of which: Working Capital dynamic driven by
Slide 25: 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 25. Full Year 2023 Financial Results | March 4th 2024