In 2019 the Piaggio Group performed significantly better than the previous year, the growth of all the main income statement indicators, the increase in net profit, greater investments and the reduction of debt.
Consolidated revenues 1,521.3 million euros, up 9.5% (1,389.5 € / mln in 2018)
Industrial gross margin 458.8 million euros, up 8.3%
(423.6 € / mln in 2018), 30.2% in relation to turnover
Ebitda 227.8 million euro, up 12.9% (220.2 € / mln pursuant to IFRS 16)
(201.8 € / mln in 2018). Ebitda margin 15% (14.5% in 2018)
Best Ebitda margin since 2006 (year of listing)
Operating result (Ebit) 104.5 million euro, up 12.7% (103.9 € / mln ex IFRS 16)
(92.8 € / mln in 2018). Ebit margin 6.9% (6.7% in 2018)
Positive pre-tax result of 80.7 million euros, up 18.9%
(€ 67.8 million in 2018)
Net profit 46.7 million euro, up 29.6% (36.1 € / mln in 2018)
Adjusted net financial position of -389.7 € / mln, an improvement of 39.5 € / mln compared to -429.2 € / mln as at 31.12.2018
611,300 vehicles sold worldwide, up 1.3% (603,600 in 2018)
Investments for 140.9 million euro, up 22.2% (115.3 € / mln in 2018)
Dividend balance of 5.5 euro cents per share proposed
(total dividend for the year, including advance payment, 11 cents per share)
The economic, equity and financial values as at 31.12.2019 incorporate the effects of IFRS 16 on the accounting of operating leases . To allow a homogeneous comparison with 31.12.2018 not redetermined according to the new standard, the effects of the latter are highlighted in the comment of the individual values affected.
Adjusted net financial position: Net financial position at 31 December 2019 net of 20.4 € / mln due to the application of IFRS 16 in force since
1 January 2019 and for 19.6 € / mln following the change to the dividend distribution policy introduced in July 2019.
