Piaggio Group: 2023 Draft Financial Statements

Piaggio Group CEO Michele Colaninno: “With each quarter the global macroeconomic scenario is becoming more difficult to interpret and very unstable, and this situation will continue through the current year. That said, 2023 was characterised by consolidation in Europe and the USA, a slowdown in Asia and a healthy recovery in India. Against this background, the Piaggio Group closed the year with a record Net Profit of 91.1 million euro, its best result ever. Our investments in new products and continuing research into new technologies in mechanics and robotics as well as in intelligent software mean we are preparing the next few years with optimism and keeping cash flow under control.
The close attention to corporate processes and productivity improvements generated very interesting margins, with an EBITDA margin of more than 16%. With regard to ESG issues and green mobility, the Group is rolling out its investments in its production facilities in Italy according to schedule, and taking concrete action to help reach the climate goals set by the European Union.”


  • Consolidated net sales 1,994.6 million euro (2,087.4 €/mln at 31.12.2022)
  • Industrial gross margin 574,7 million euro, up 3.6% (554.9 €/mln at 31.12.2022), 28.8% return on net sales (26.6% at 31.12.2022)
  • EBITDA 325 million euro, up 9% (298.1 €/mln at 31.12.2022)
    EBITDA margin 16.3% (14.3% at 31.12.2022)
  • EBIT 180.7 million euro, up 13.8% (158.7 €/mln at 31.12.2022). EBIT margin 9.1% (7.6% at 31.12.2022)
  • Profit before tax 135.3 million euro, up 6.4% (127.2 €/mln at 31.12.2022)
  • Net profit 91.1 million euro, the best result ever, up 7.3% (84.9 €/mln at 31.12.2022)
  • Net financial position -434 €/mln (-368.2 €/mln at 31.12.2022)
  • 559,500 vehicles sold worldwide (625,500 at 31.12.2022)
  • Capital expenditure 162.9 million euro (151.7 €/mln at 31.12.2022)
  • MSCI ESG AA Rating confirmed for eighth consecutive year
  • Debut of the Fashion & Apparel project reflecting the Vespa brand’s lifestyle vocation: presentation of the first creation, a varsity jacket dedicated to the year of the dragon. Vespa is a collective of ideas and cultures.
  • Dividend: proposed final per-share dividend 8 eurocents (total dividend for the year, including the interim payout, 20.5 eurocents per share)

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  • Authorisation for the purchase and disposal of own shares
  • Shareholders called to the Annual General Meeting in extraordinary and ordinary session; proposal for the adoption of a one-tier corporate governance system


Michele and Matteo Colaninno



Pontedera, 04 March 2024At a meeting today chaired by Matteo 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 as at and for the year ended 31 December 2023 and the consolidated non-financial disclosure at 31 December 20231.

Piaggio Group business and financial performance at 31 December 20232

Group consolidated net sales in 2023 totalled 1,994.6 million euro (-4.4% from 2,087.4 million euro in 2022). In geographical terms, turnover made a strong improvement in India (+14.9%), was unchanged from the previous year in the EMEA and Americas area, and slackened in the Asia Pacific area (-23.8% at constant exchange rates).

The industrial gross margin was 574.7 million euro, an improvement of 3.6% (554.9 million euro in 2022), for a return on net sales of 28.8% (26.6% in 2022).

Group operating expense for 2023 was 394 million euro (396.2 million euro in 2022).

The changes in the income statement described above generated consolidated EBITDA of 325 million euro, the best ever recorded, up by 9% (298.1 million euro in 2022). The EBITDA margin was 16.3% (14.3% at 31 December 2022).

EBIT amounted to 180.7 million euro, a rise of 13.8% (158.7 million euro in 2022). The EBIT margin was 9.1% (7.6% at 31 December 2022).

Pre-tax profit for the year was 135.3 million euro, an increase of 6.4% (127.2 million euro in 2022). Income tax for the period was 44.3 million euro, with an impact on pre-tax profit of 32.7%.

The Piaggio Group reported a net profit for 2023 of 91.1 million euro, its best result ever, with growth of 7.3% from 84.9 million euro posted at 31 December 2022.

Net financial debt at 31 December 2023 was 434 million euro (368,2 million euro at 31 December 2022).

Group shareholders’ equity at 31 December 2023 was 416 million euro (417.8 million euro at 31 December 2022).


Business performance in 2023

In the year to 31 December 2023, the Piaggio Group sold 559,500 vehicles worldwide (625,500 in 2022), and reported consolidated net sales of 1,994.6 million euro (2,087.4 million euro in 2022).


For the year ended 31 December 2023, the Group sold 436,300 two-wheelers worldwide, generating net sales of 1,535,9 million euro (516,200 two-wheelers were sold in 2022, for net sales of 1,683.8 million euro).

The figure includes spares and accessories, on which turnover totalled 157.1 million euro (+1% from 155.5 million euro in 2022).

Turnover on two-wheeler sales was stable (+0.9%) in the EMEA & Americas area, with particularly healthy performance on the Italian market (+8.7%), followed by the American market (+3%). Sales slowed in India and in the Asia Pacific region.

In the scooter sector, the Piaggio Group had a 22.4% share of the European market and a 29.7% share of the North American market. In North America the Group continued work to consolidate its presence on the motorcycle market with the Aprilia and Moto Guzzi brands.

Highlights in the scooter sector were the excellent sales performance of the Piaggio Beverly and Piaggio Medley high-wheel models, and the turnover growth for Vespa scooters in the EMEA area.

In the motorcycle sector, the market responded strongly to the Moto Guzzi V100 Mandello and showed clear interest in pre-booking for the new Moto Guzzi Stelvio, which has been praised by the international press. At Aprilia, the new 660cc engine demonstrated outstanding versatility, taking Italian moto rally champion Jacopo Cerutti to a new victory in the famous Africa Eco Race, on an Aprilia Tuareg 660. The Aprilia RS 660 sportsbike was an outstanding protagonist in the Twins Cup class of the prestigious USA MotoAmerica championship, with two riders reaching the podium in the general ranking.

Commercial vehicles:

In commercial vehicles, the Piaggio Group reported 2023 sales volumes of 123,300 vehicles, up 12.8% (109,300 in 2022), for net sales of 458.7 million euro, an improvement of 13.6% from 403.7 million euro in 2022.
The figure includes spares and accessories, where turnover totalled 62 million euro (-3.2% from 64 million euro in 2022).

At geographical level, the Indian market confirmed its recovery, with turnover from commercial vehicles rising 24.2% (+33.9% at constant exchange rates) and sales volumes up 15.8%.

Piaggio Fast Forward:

Piaggio Fast Forward (PFF), the Piaggio Group robotics and future mobility company based in Boston, continued sales of the gita® terrestrial drone and the new gitamini® robot, which condenses the technology and functions of its revolutionary “big brother”, in a more compact design. The company is developing new products to expand its offer.

Gita® and gitamini® are produced 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 designed and developed sensors with an innovative technology offering unparalleled safety, which have been fitted on the new Moto Guzzi Stelvio, to guarantee unmatched levels of safety and comfort. 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 2023, 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 who lead the way in sustainability, receiving an AA rating for the eighth 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 2023

Supplementing the information published above or at the time of approval of the 2023 third-quarter results (directors’ meeting of 30 October 2023), this section illustrates key events in and after 2022.

On 7 November, the Piaggio Group presented a number of new products at the EICMA tradeshow in Milan. These included: the Aprilia RS 457, the Moto Guzzi Stelvio, the new Moto Guzzi V85 range, the new Vespa Primavera and Vespa Sprint range, which includes an electric model, and the updated version of the Piaggio1 electric scooter.

On 15 November, Piaggio & C. S.p.A. entered into an agreement with a pool of banks for a 200 million euro 4-year revolving line of credit, with an option for a one-year extension. The agreement was signed with BNP Paribas-Banca Nazionale del Lavoro, Bank of America, HSBC, ING Bank, Intesa Sanpaolo and Unicredit (all acting as mandated lead arrangers and bookrunners).

On 30 November Vespa and (RED) signed a new agreement extending their partnership for the two years 2024-2025. Established in 2016, the Vespa and (RED) partnership has created a series of iconic products that have raised more than USD 1.5 million for the Global Fund to Fight AIDS, Tuberculosis and Malaria.

On 4 December 2023, the study commissioned by the Piaggio Group from Interbrand, a global leader in brand consultancy, declared the economic value of the Vespa brand to be more than 1 billion (1,079 million). 

On 5 December, Aprilia Racing signed a three-year agreement with Trackhouse, an American motorsports organisation that competes in the NASCAR Cup Series. Under the agreement, which represents an important step forward in the MotoGP project, Aprilia Racing will handle all technical questions, from management of racing bikes to development work during the season, through a special unit.

On 15 December, the Piaggio Group presented its Decarbonisation Plan, drawn up with advisory support from the European Investment Bank (EIB), in line with the EIB PATH framework and the support of the EY consultancy firm (engaged by the EIB), under which it undertakes to put measures in place to cut its Scope 1, 2 and 3 emissions over two time horizons: 2030 and 2050.

Vespa expressed its lifestyle vocation with the introduction of the Fashion & Apparel project, whose mission is to create a Vespa collective embracing art, fashion, music and every other cultural experience for a legendary journey around the world. The official debut took place in Hong Kong on 19 January 2024, with the presentation of a varsity jacket inspired by the new Vespa 946 Dragon, a limited edition of 1,888 scooters designed to celebrate the lunar calendar’s year of the dragon.

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Piaggio & C. S.p.A.

In 2023, the parent company reported net sales of 1,246.2 million euro and net profit of 90.6 million euro.

The Board of Directors will ask the AGM to approve payment of a final dividend of 8 eurocents, gross of taxes, to each entitled ordinary share (in addition to the interim dividend of 12.5 eurocents paid on 20.09.2023, ex-dividend date 18.09.2023), for a total dividend for 2023 of 20.5 eurocents, amounting overall to 72,630,957.04 euro. The ex-dividend date (coupon no. 22) is 22.04.2024, the record date is 23.04.2024 and the payment date is 24.04.2024.

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Although it is still difficult to provide guidance given the persistent difficulties caused by geopolitical tensions and the global macroeconomic situation, Piaggio confirms that, thanks to its portfolio of iconic brands, it will continue to pursue profit margin and productivity goals in the management of its production, logistic and procurement costs and in the management of all its international markets.

The current difficulties in international transport arising from the Israeli-Palestinian conflict and the related rise in transport costs and times will be managed through close attention to inventory management and procurement planning together with steps to raise efficiency.

In light of this, Piaggio confirms the investments planned in new products in the two-wheeler sector and in commercial vehicles, and the consolidation of its commitment to ESG issues.

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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 18 April 2023, which is due to expire on 18 October 2024. 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 426,161 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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The Board of Directors agreed to convene the Annual General Meeting to discuss both ordinary and extraordinary business for 17 April 2024, on first call, and 18 April 2024, on second call.

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Proposed amendments to the articles of association: adoption of a one-tier governance system, proceedings of the meetings of the governing bodies

At today’s meeting, the Piaggio & C. S.p.A. Board of Directors also decided to ask the AGM to approve amendments to the articles of association in order to adopt a one-tier governance and supervision system, and to bring a series of clauses relating to the proceedings at meetings of the governing bodies into line with the latest practices and guidelines.

The purpose of the proposal to adopt a one-tier governance and supervision system is to align the Piaggio & C. S.p.A. system of governance with international best practice. The one-tier system is the model most frequently adopted by companies listed on the European stock markets and around the world.

One-tier governance consists of a Board of Directors, which is responsible for management, and a Management Control Committee, formed within the board itself, which performs supervisory activities. This type of system helps companies achieve operating efficiency objectives and establish effective internal controls by enabling the management and supervisory functions to build more productive and faster forms of synergy.

The Board of Directors also decided to ask the shareholders to amend the articles relating to online proceedings for the meetings of the governing bodies, in line with the latest practices and guidelines. With specific reference to the shareholders’ meeting, the Board will propose the introduction of the option for the company, where allowed by law, to designate for each shareholders’ meeting a party on whom shareholders may confer a proxy to represent them at the meeting pursuant to art. 135-undecies of the Consolidated Finance Act and, where allowed by law, that attendance and exercise of voting rights at the shareholders’ meeting by entitled parties may also be made exclusively through the designated representative, in accordance with law.

The documentation illustrating these amendments to the articles of association will be made available for the shareholders as required by law.

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Conference call with analysts

The presentation of the financial results as at and for the year ended 31 December 2023, 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 2023 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.

1The 2023 draft financial statements and the Piaggio Group 2023 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.

2The 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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