Money, money, money
Piaggio & C., SpA, the corporate parent of Vespa, Aprilia, Moto Guzzi and other brands, released its financial statements for calendar year 2012 on February 27. Back in my IT days I mostly maintained financial systems, and to this day maintain a morbid fascination with this stuff. Highlights follow the jump.
The bottom line, as were, is that the Piaggio Group is doing rather well financially, earning a 2012 net profit of €42.1 million ($54.74 million U.S.), which is down a bit from €46.3 million ($60.2 million) in 2011. The automotive sector in Europe has been on a downward trajectory for the last five years, with the major car companies gushing red ink, so the Group’s performance is all the more noteworthy.
Piaggio Group sold 615,000 vehicles worldwide in 2012, 406,100 of which were 2-wheelers. The company has increased its share of the European 2-wheeler market (particularly the scooter segment) in spite of the overall market downturn; 2-wheeler sales were up in Asia by 12.6% and a remarkable 109.2% in the U.S.
The Vespa brand has experienced strong growth since 2003, with more than 165,000 sold worldwide in 2012 (more than triple the 2003 volume). The Indian market saw sales of 26,000 locally-built Vespas between May and December.
While sales of commercial vehicles (e.g., Apes) were down worldwide, the company’s Indian subsidiary still controls over 50% of its market in this segment.
As for the future, the company sees its biggest potential for growth in the Asia-Pacific market, particularly in Vietnam, where a new engine plant came onstream in 2012. Mentioned in passing was the planned introduction of the Vespa 946 “in early 2013” (this is being written in early 2013, but at this time there’s no mention of an intro date or price on any of Vespa’s websites). No further details were offered.