MILAN, ITALY - Piaggio & C. S.p.A., owner of the Piaggio, Vespa, Aprilia, Moto Guzzi, Gilera and Derbi brands, sold 569,300 vehicles worldwide during the first nine months of the year, an improvement of 4.1 percent compared to sales of 545,959 units during first nine months of 2006.
Consolidated net revenue in the first nine months of the year rose to €1.369 billion ($2.002 billion), an improvement of 6.5 percent from revenue of €1.285 billion during the same period last year. Specifically, motorcycle sales revenue totaled €231.7 million, up 12.2 percent; scooter sales totaled €718.1 million, up 3 percent; and sales of spare parts and accessories totaled € 150.3 million, up 12.4 percent. Sales of Piaggio light transport vehicles (LTV) — not available in North America — totaled €255.5 million, up 7.6 percent.
Piaggio Group Outlook
The Piaggio Group projects a compound annual growth rate of nearly 7 percent in net sales over the next three-year period (2007-2009), with an EBITDA margin of around 14 percent of net sales in 2009.
Piaggio Chairman and CEO Roberto Colaninno says the Piaggio Group's business plan for 2007 through 2009 focuses on:
- extending penetration of the Indian and North American markets
- consolidating its European leadership in the scooter and light transport vehicles businesses
- growing its international motorcycle business
- introducing further innovations in its product range and engines
- expanding its Chinese joint venture
- building the new diesel engine factory in India
- planning entry on to new international markets.
Colaninno says the Piaggio Group's plan for North America specifically includes expanding the consumer awareness of the Vespa, Piaggio, Aprilia and Moto Guzzi brands while further building the operation to provide increased comprehensive customer services. Action will be taken to boost market penetration, improve after sales and service, and raise consumer awareness of the benefits of two-wheel light transport (traffic, fuel consumption, environmental impact). (Continued)