Piaggio Group: 2022 draft financial statements

Record results, the best year ever

Piaggio Group Chairman and CEO Roberto Colaninno: "The Piaggio Group closed 2022 with its best results ever, setting new records for all indicators, including net sales of more than 2 billion euro and net profit up 41.4% to 84.9 million euro. The geopolitical and macroeconomic situation was and continues to be complicated, but we are confident and optimistic about 2023 and will continue along the important growth path we have already mapped out, confirming our investment plans and our commitment to ESG issues. Our constant focus on innovation and safety means our brands have worldwide appeal and are some of the most representative of made in Italy, with the most advanced range yet of scooters, motorcycles and commercial vehicles, in terms of performance, active and passive safety and environmental sustainability. 

  • Consolidated net sales 2,087.4 million euro, the highest figure ever reported, up 25.1% (1,668.7 €/mln at 31.12.2021)
  • Industrial gross margin 554.9 million euro, up 20% (462.5 €/mln at 31.12.2021), 26.6% return on net sales (27.7% at 31.12.2021)
  • EBITDA 298.1 million euro, up 23.9% (240.6 €/mln at 31.12.2021)
    EBITDA margin 14.3% (14.4% at 31.12.2021)
  • EBIT 158.7 million euro, up 41% (112.6 €/mln at 31.12.2021). EBIT margin 7.6% (6.7% at 31.12.2021)
  • Profit before tax 127.2 million euro, up 35.8% (93.7 €/mln at 31.12.2021)
  • Net profit 84.9 million euro, the best result ever, up 41.4% (60.1 €/mln at 31.12.2021)
  • Net financial position 368.2 €/mln, an improvement of 12.1 €/mln (380.3 €/mln at 31.12.2021)
  • 625,000 vehicles shipped worldwide, up by 16.7% (536,000 at 31.12.2021)
  • Capital expenditure approximately 151.7 million euro
  • MSCI ESG AA Rating confirmed for seventh consecutive year
  • Proposed final per-share dividend 10 eurocents (total dividend for the year, including the interim payout, 18.5 eurocents per share)

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  •  Authorisation for the purchase and disposal of own shares
  • Call of the Annual General Meeting

 Pontedera, 02 March 2023 – At a meeting today chaired by Roberto Colaninno, the Board of Directors of Piaggio & C. S.p.A. (PIA.MI), examined and approved the draft financial statements and the Piaggio Group consolidated financial statements for 2022 and the consolidated non-financial disclosure at 31 December 20221.

Piaggio Group economic and financial performance at 31 December 20222

Group 2022 consolidated net sales amounted to 2,087,4 million euro, the best result ever reported, with an improvement of 25.1% from 1,668,7 million euro and growth in all the regions where the Group operates: EMEA and Americas (+12.3%), Asia Pacific (+57.1%) and India (+40%).

The industrial gross margin was 554.9 million euro, an improvement of 20% (462.5 million euro in 2021), for a return on net sales of 26.6% (27.7% at 31 December 2021).

Group operating expense in 2022 was 396.2 million euro (350 million euro in 2021). The rise in operating expense was closely linked to the increase in turnover and shipments.

The changes in the income statement described above generated consolidated EBITDA of 298.1 million euro, the best ever recorded, up by 23.9% (240.6 million euro in 2021). The EBITDA margin was 14.3% (14.4% at 31 December 2021).

EBIT amounted to 158.7 million euro, a rise of 41% (112.6 million euro in 2021). The EBIT margin was 7.6% (6.7% at 31 December 2021).

Pre-tax profit for the year was 127.2 million euro, an increase of 35.8% (93.7 million euro in 2021). Income tax for the period was 42.3 million euro, with an impact on pre-tax profit of 33.3%.

The Piaggio Group reported a net profit for 2022 of 84.9 million euro, its best result ever, with growth of 41.4% from 60.1 million euro posted for 2021.

Net financial debt at 31 December 2022 was 368.2 million euro, an improvement of 12.1 million euro over 380.3 million euro at 31 December 2021, reflecting the Group’s positive sales performance and prudent management of working capital.

Group shareholders’ equity at 31 December 2022 was 417.8 million euro (404.1 million euro at 31 December 2021).

Business performance in 2022

In the year to 31 December 2022, the Piaggio Group sold 625,000 vehicles worldwide (536,000 in 2021), an increase of 16.7%, and reported consolidated net sales of 2,087.4 million euro (1,668.7 million euro in 2021). All the regions in which the Group operates made a positive contribution to growth.


For the year ended 31 December 2022, the Group sold 516,200 two-wheelers worldwide, an increase of 14.8% from 449,700 in 2021, generating net sales of 1,683.8 million euro (+23% from 1,369 million euro at 31 December 2021).

The figure includes spares and accessories, on which turnover totalled 155.5 million euro, (+11.6% from 139.4 million euro in 2021).

Turnover from two-wheeler sales in 2022 was particularly strong in Asia Pacific (+57.1%), followed by the Americas (+42.7%) and EMEA (+10.3%), while a slight decrease was reported in India (-5.3%).

In Europe, the Piaggio Group confirmed its leadership in the scooter segment with a share of 22.9% (22.7% at 31 December 2021) and further strengthened its positioning on the North American scooter market, with a share of 35.4% (35% at 31 December 2021). In North America, the Group is also consolidating its presence in the motorcycle segment with the Aprilia and Moto Guzzi brands.

The scooter sector reported a 14.3% rise in worldwide sales, led by the Vespa brand, which recorded a turnover increase of almost 30%, by the Piaggio Liberty high-wheel scooter, by the new Piaggio 1 electric scooter and by the Aprilia scooters.

The motorcycle sector closed 2022 with a 19.7% improvement in sales volumes and record results. The Aprilia brand reported its highest ever turnover, up more than 30%, with particularly strong support from the Aprilia RS, Tuareg 660 and Tuono 1100, and a positive effect from the excellent results achieved by Aprilia Racing in the MotoGP championship: in addition to Aleix Espargaró’s historic first victory, the team achieved 8 podiums and 2 pole positions.

Moto Guzzi reported record sales volumes and turnover up by more than 15% to the best result ever, led by the all-terrain V85TT, the new Moto Guzzi V100 Mandello and the V7 range.

Commercial vehicles:

In commercial vehicles, the Piaggio Group reported 2022 sales volumes of 109,300 vehicles, up 26.6% (86,300 in 2021), with net sales of 403.7 million euro, up 34.7% from 299.7 million euro at 31 December 2021. The figure includes spares and accessories, where turnover totalled 64 million euro (+28.7% from 49.7 million euro in 2021).

At geographical level, the Indian market reported a recovery with turnover from commercial vehicles rising 58.1% and sales volumes up 40.2%. The EMEA & Americas region reported a 6% rise in turnover, despite a slackening in sales volumes.

Piaggio Fast Forward:

Piaggio Fast Forward (PFF), the Piaggio Group robotics and future mobility company based in Boston, expanded its product portfolio with the addition of gitamini®, a new robot that condenses the technology and functions of gita®, its revolutionary “big brother”, in a lighter, more compact design.
Gita® and gitamini® are made in the Piaggio Fast Forward plant in Boston’s Charlestown district. The first marketing phase for the robots focuses on the US market, where the circulation of robots on city streets is already regulated.

PFF moved ahead with a series of pilot programs, together with partners active in various business sectors, to test further applications for gita® in the travel, residential and retail sectors and in last-mile delivery. PFF also announced an agreement with Trimble, a Nasdaq-listed company, to develop robots and machines to follow humans and other devices in industrial applications.

PFF has designed and developed sensors with an innovative technology, which made their debut on the new Piaggio MP3 three-wheel scooter, to deliver unparalleled safety. Thanks to the integration of advanced rider assistance systems (ARAS), the new sensors play a vital role in accident prevention and rider protection.

Sustainability and Consolidated Non-Financial Disclosure:

At today’s meeting, the Board of Directors also approved the Consolidated Non-Financial Disclosure at 31 December 2022, drawn up in compliance with Lgs.Decree no. 254/2016 (Sustainability Report). As noted in the Sustainability Report, the Piaggio Group consolidated its position among the international players in its sector leading the way in sustainability, receiving an AA rating for the seventh consecutive year from Morgan Stanley Capital International (MSCI) Research, one of the top ESG rating agencies, which assesses the environmental, social and governance performance of the world’s largest corporations.

The MSCI rating together with the “B” ratings (Climate Change and Water Security) assigned by CDP (Carbon Disclosure Project) represent the mid-term path taken by the Group around the world to make a concrete contribution to the attainment of the UN Sustainable Development Goals.


Significant events in and after 2022

Supplementing the information published above or at the time of approval of the 2022 third-quarter results (directors’ meeting of 28 October 2022), this section illustrates key events in and after 2022.

On 8 November, the Piaggio Group presented a number of new products at the EICMA tradeshow in Milan. Key new entries include: the Aprilia Elettrica project, the Aprilia RS 660 Extrema, the special Moto Guzzi V7 and V9 versions, the new Vespa GTS and GTV, the Piaggio 1 electric scooter model year 2023, the 10th anniversary Vespa 946 and the related limited-editions project based on the lunar calendar.

On 23 November, the Piaggio Group’s new manufacturing facility was opened in Jakarta, the capital of Indonesia, an increasingly important market for the Group. Built on a 55,000 square metre site, the new factory is located in the Cikarang district of West Java.

On 29 November, the Piaggio Group and Foton Motor Group signed a preliminary agreement for the development of a new range of four-wheel light commercial vehicles. The agreement consolidates the partnership set up by the two groups in September 2017 for joint development of innovative solutions for the light commercial vehicles market.

On 28 December, the European Investment Bank and the Piaggio Group signed a 9-year 60 million euro loan agreement to fund research and development work in electric-vehicle technologies for 2022-2025.

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Piaggio & C. S.p.A.

In 2022, the parent company reported net sales of 1,284.0 million euro and net profit of 75.1 million euro.

The Board of Directors will ask the AGM to approve payment of a final dividend of 10 eurocents, gross of taxes, to each entitled ordinary share (in addition to the interim dividend of 8.5 eurocents paid on 21.09.2022, ex-dividend date 19.09.2022), for a total per-share dividend for 2022 of 18.5 eurocents, amounting overall to 65,663,291.29 euro. The ex-dividend date (coupon no. 20) is 24.04.2023, the record date is 25.04.2023 and the payment date is 26.04.2023.

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2022 closed with better than expected results on both the European and the Asian markets, demonstrating the ability of the Group to respond to the continuing uncertainties affecting the world economy.

Thanks to its unique brand portfolio, Piaggio will continue along its growth path in 2023, confirming its planned investments in new products and new plants and strengthening its commitment to ESG issues, despite the current international geopolitical tensions and volatile macroeconomic conditions.

In this general situation, Piaggio will continue as ever to work to meet its commitments and objectives, keeping a constant focus on efficient management of its economic and financial structure so that it can respond immediately and in a effective manner to the challenges of 2023.

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Authorisation for the purchase and disposal of own shares

At today’s meeting, the Board of Directors agreed to present to the shareholders’ meeting a proposal for the renewal of the authorisation for the purchase and sale of own shares granted by the Annual General Meeting of 11 April 2022, which is due to expire on 11 October 2023. The proposal aims to provide the company with a useful strategic investment opportunity for the purposes allowed under law, including the purposes contemplated in art. 5 of EU Regulation 596/2014 (Market Abuse Regulation, hereinafter “MAR”) and in the practices allowed under art. 13 MAR, and also for purchases of own shares for subsequent cancellation.

Authorisation to purchase own sales will be requested for a period of 18 months, as from the shareholder resolution date; authorisation to sell own shares will be requested for an unlimited period. As of today, the company holds 3,521,595 own shares. 

All information concerning the terms and procedures of the authorisation will be set out in the Illustrative Report on Own Share Purchases, to be made available to shareholders within the terms envisaged by current laws.

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 Proposal for cancellation of own shares

The Piaggio & C. S.p.A. Board of Directors carried a resolution to propose to shareholders the cancellation of 3,521,595 own shares in portfolio (representing 0.83% of share capital), without variation to current share capital.

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 The Board of Directors agreed to convene the Annual General Meeting for 18 April 2023, on first call, and 19 April 2023, on second call.

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 Conference call with analysts


The presentation of the financial results as at 31 December 2022, which will be illustrated during a conference call with financial analysts, is available on the corporate website at www.piaggiogroup.com/it/investor.

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The Piaggio Group consolidated income statement, consolidated statement of financial position and consolidated statement of cash flows as at 31 December 2022 are set out below.

The manager in charge of preparing the company accounts and documents, Alessandra Simonotto, certifies, pursuant to paragraph 2 of art. 154 bis of the Consolidated Finance Act, that the accounting disclosures in this statement correspond to the accounting documents, ledgers and entries.

1 The 2022 draft financial statements and the Piaggio Group 2022 consolidated financial statements have been prepared with the XHTML electronic format pursuant to Delegated Regulation (EU) 2019/815 (known as the ESEF Regulation); with the approval of the consolidated financial statements, the related mark-ups using XBRL tags have also been approved.

2 The main alternative performance indicators used by the Piaggio Group, representing the data monitored by management, are as follows:

  • EBITDA: earnings (EBIT) before amortisation and depreciation and impairment losses on property, plant and equipment, intangible assets, and rights of use, as reflected in the consolidated income statement;
  • Industrial gross margin: net sales less costs to sell;
  • Net financial position: gross financial debt less cash and cash equivalents, and other current financial receivables. Determination of the net financial position does not include other financial assets and liabilities arising from measurement at fair value, derivatives designated or not as hedges, fair value adjustments of the related hedged items and related accruals.
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