EQS-News: PIERER Mobility AG: Another record year in 2022
EQS-News: PIERER Mobility AG: Another record year in 2022
EQS-News: PIERER Mobility AG / Key word(s): Preliminary Results
PIERER Mobility AG: Another record year in 2022
31.01.2023 / 07:00 CET/CEST
The issuer is solely responsible for the content of this announcement.
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Corporate News
Wels, January 31, 2023
PIERER Mobility AG: Another record year in 2022
• Revenues: EUR 2,437 million (+19 %)
• EBIT: EUR 235 million (+22 %)
• EBITDA: EUR 381 million (+15 %)
• Sales volume: 375,492 motorcycles (+13 %)
• Sales volume: 118,465 E-bicycles & bicycles (+15 %)
• Number of employees increased by 839 (+16 %) to 6,088
• Dividend of EUR 2.0 per share
• Positive outlook for 2023
Preliminary revenues and earnings in the 2022 financial year
The PIERER Mobility Group increased its consolidated sales by 19.4 % to a
new record of EUR 2,437 million (previous year: EUR 2,042 million) in the
2022 financial year despite severe supply chain challenges. The
preliminary operating result (EBIT) improved by about 22 % to EUR 235
million (previous year: EUR 193 million), which corresponds to an EBIT
margin of 9.7 %. The operating result before depreciation and
amortisation (EBITDA) of EUR 381 million is approximately EUR 50 million
more than in the previous year. The EBITDA margin amounts to 15.6 %.
In the 2022 financial year, about EUR 268 million were invested in growth
initiatives, of which approximately EUR 161 million in product development
& tools and EUR 62 million in plant & infrastructure. Due to the continued
high levels of investment and an increase in working capital, the free
cash flow was slightly negative at EUR -3 million in 2022. In the last
three financial years, we generated average free cash flows of 5.6 % of
sales, which is above the sustainable target range of 3 % to 5% of
revenues.
In the past financial year, the number of employees increased by 839. As
of December 31, 2022, the PIERER Mobility Group had a total of 6,088
employees, thereof about 5,000 in Austria. Approximately 1,200 employees
or 20 % of the workforce are engaged in research & development.
Motorcycle sales volume: 375,492 (+13%)
With 268,575 KTM motorcycles, 75,266 HUSQVARNA motorcycles and 31,651
GASGAS motorcycles sold in the 2022 financial year, a sales volume of
375,492 motorcycles (2021: 332,881 units) was achieved. The motorcycles
segment thus achieved an increase in sales volumes of 13 %. In the sales
regions in Europe, unit sales were around 122,000 motorcycles (+2 %) and
around two-thirds of the motorcycles (approx. 253,000) were sold in the
markets outside Europe. Growth was particularly strong in North America,
where almost 110,000 motorcycles were sold, an increase of 67 % compared
to the previous year. Sales also developed well in South America with
37,600 (+16 %) and in Asia with about 32,000 (+7 %) motorcycles sold.
Sales in Australia were roughly at the previous year’s level (-6 %) with
around 19,500 motorcycles sold. In India/Nepal, sales were around 51,500
units (-15 %).
After a strong increase in global demand for motorcycles in the previous
year, both the European motorcycle market (-3 %) with a volume of about
730,000 units, and the North American motorcycle market (-5 %) with a size
of about 470,000 units have slightly decreased and stabilised at a high
level in 2022. The market share of all three brands was about 10 % in
Europe and 11 % in North America in 2022. The Australian (including New
Zealand) motorcycle market also declined slightly, with a 10% drop to
70,000 new motorcycles registered. Nevertheless, the market share of the
three brands in total increased to 20% in this market. The relevant Indian
motorcycle market, on the other hand, is clearly on the upswing (+23%).
Bajaj sold almost 50,000 KTM and Husqvarna motorcycles in India, resulting
in a market share of 5 %.
Bicycles sales volume: 118,465 (+15 %)
In addition, the bicycle division with the brands HUSQVARNA, R RAYMON,
GASGAS and FELT achieved sales volume growth of more than 15 % and sold
118,465 bicycles (previous year: 102,753), of which 74,479 were e-bicycles
(previous year: 76,916). About 81 % of the sales volume can be attributed
to Europe and here in particular to the DACH region (Germany, Austria and
Switzerland). Another 11 % relates to the North American sales region and
around 7 % to the Asian sales region.
Global milestone: The 1,000,000^th KTM motorcycle left the production
plant of the strategic partner Bajaj in Pune/India
PIERER Mobility AG has reached a significant milestone with its leading
premium motorcycle brand KTM in India. The one millionth motorcycle – a
KTM Adventure 390 – has rolled off the production line at Bajaj’s Chakan
plant in Pune. This Bajaj Auto Limited plant has been co-developing and
producing KTM (125 cc to 390 cc) and Husqvarna (125 cc to 401 cc)
motorcycles for global distribution since 2011.
Strategic cooperation with MV Agusta & takeover of European distribution
for CFMOTO motorcycles
In November 2022, KTM AG acquired a stake of 25.1 % in MV Agusta Motor
S.p.A., based in Varese (Italy), by ways of a capital increase. MV Agusta
is a European motorcycle manufacturer with a long tradition in the premium
segment, which brand is a symbol of Italian design and engineering. As
part of this strategic partnership between the two European motorcycle
manufacturers, KTM will provide MV Agusta with supply chain support and
will take over the sourcing of components. Furthermore, through this
cooperation, MV Agusta will partly distribute its product range through
the worldwide distribution network of PIERER Mobility.
The cooperation with CFMOTO will intensify with the launch of the newly
founded KTM Group subsidiary CFMOTO Motorcycles Distribution GmbH,
Munderfing, Austria. This company will take over the distribution of
CFMOTO motorcycles in Europe, especially in Germany, Austria, Switzerland,
Spain and Great Britain.
Great racing success in 2022 – PIERER Mobility wins Dakar Rally 2023 with
KTM
With another 17 world championship titles in 2022, PIERER Mobility AG
looks back on an outstanding year in motorsports. In both the E1 and GP
classes of the EnduroGP championship, GASGAS crowned itself the winner.
Izan Guevara underlined a perfect racing season with the title in the
Moto3™ World Championship. With Manuel Lettenbichler, KTM secured the
world title in the FIM Hard Enduro World Championship. With speed and
consistency, brand colleague Tom Vialle also decided the MX2 Motocross
World Championship in his favour. Augusto Fernandez won the Moto2™ World
Championship title for KTM in a rousing finale. With two race wins and
several podium finishes, the KTM Factory Racing Team secured second place
in the MotoGP team standings. The Husqvarna brand can also look back on a
successful year. Billy Bolt dominated the FIM SuperEnduro World
Championship and not only won the title, but also the team standings for
Husqvarna.
Just as successfully as the past year ended, the new year started with the
first big success. At the beginning of 2023, PIERER Mobility AG secured
Dakar title number 20 through Argentinian Kevin Benavides on KTM in Saudi
Arabia. Toby Price (KTM) and Skyler Howes (Husqvarna) completed the podium
with second and third places, making for a perfect start to the 2023
motorsport season.
Dividend proposal of EUR 2.0 per share
As already reported, the Executive Board, in agreement with the main
shareholder Pierer Bajaj AG, will propose to the Supervisory Board and the
Annual General Meeting a dividend of EUR 2 per dividend bearing share for
the 2022 financial year due to the expected record result, which will be
double the previous year’s dividend.
Positive outlook for 2023
On January 9, 2023, PIERER Mobility AG announced its earnings forecast for
the 2023 financial year, continuing to focus on growth in both motorcycles
and (e-)bicycles in the 2023 financial year. The Executive Board expects
sales growth of between 6 and 10 % with an EBIT margin of 8 to 10 %.
Preliminary key figures 2022 of PIERER Mobility Group (consolidated)
MOST SIGNIFICANT FINANCIAL PERFORMANCE INDICATORS:
Earnings figures 2021 2022 Chg.
Revenues EURm 2,041.7 2,437.2 19%
EBITDA EURm 332.2 381.1 15%
EBITDA margin 16.3% 15.6%
EBIT EURm 193.5 235.2 22%
EBIT margin 9.5% 9.7%
FURTHER FINANCIAL KEY FIGURES:
Earnings and cash flow indicators 2021 2022 Chg.
Earnings before taxes (EBT) EURm 191.6 215.9 13%
Free Cash Flow EURm 172.2 -2.8 < 100%
Balance sheet figures 2021 2022 Chg.
Balance sheet total EURm 2,033.7 2,551.3 25%
Equity EURm 765.6 915.1 20%
Equity ratio 37.6% 35.9%
Net debt EURm 189.9 256.5 35%
Gearing 24.8% 28.0%
Other 2021 2022 Chg.
Capex^1) EURm 178.5 267.5 50%
Employees Headcount 5,249 6,088 16%
^ 1) Excluding lease additions (IFRS 16) in the amount of EUR 25.9m
The annual financial report and the sustainability report for the 2022
financial year will be published on March 28, 2023 and be made available
on the company’s website www.pierermobility.com under the following links:
[1] https://www.pierermobility.com/en/investor-relations/reports
[2] https://www.pierermobility.com/en/sustainability/sustainability-reports
About the Group
PIERER Mobility AG is the holding company of Europe’s leading manufacturer
of powered two-wheelers, producing a full range of premium brands
including KTM, GASGAS and Husqvarna motorcycles. With key strengths in
innovation, PIERER Mobility is a pioneering technology leader in
two-wheeled e-mobility through its motorcycle brands. Its Husqvarna
E-Bicycles, GASGAS Bicycles, FELT Bicycles and R Raymon complement the
two-wheeler segment. Rounding out the premium brand offering are
high-performance components produced under the WP brand and KTM X-BOW
high-end sports cars.
Legal disclaimer
THIS ANNOUNCEMENT DOES NEITHER CONSTITUTE AN OFFER TO SELL NOR AN
INTIMATION TO SUBMIT A PROPOSAL FOR THE ACQUISITION OF SECURITIES OF
PIERER MOBILITY AG. THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR
DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, INTO OR WITHIN
THE UNITED STATES, AUSTRALIA, CANADA, JAPAN OR SOUTH AFRICA OR ANY OTHER
JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS ANNOUNCEMENT.
For further information:
Investor Relations
Melinda Busáné Bellér
Tel.: +43 (0) 1 533 1 433 – 70
Email: [3]ir@pierermobility.com
Website: [4] www.pierermobility.com
ISIN: AT0000KTMI02; Swiss Valor Number: 41860974; Ticker Symbol: PMAG;
Bloomberg: PMAG SE; Reuters: PMAG.S
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31.01.2023 CET/CEST This Corporate News was distributed by EQS Group AG.
www.eqs.com
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Language: English
Company: PIERER Mobility AG
Edisonstrasse 1
4600 Wels
Austria
Phone: +43 (0) 7242 69 402
E-mail: ir@pierermobility.com
Internet: www.pierermobility.com
ISIN: AT0000KTMI02
WKN: A2JKHY
Listed: SIX, Vienna Stock Exchange
EQS News ID: 1547125
Valorennummer (Schweiz): 41860974 Wertpapierkürzel: PMAG, Bloomberg: PMAG
SE Reuters: PMAG.S
End of News EQS News Service
1547125 31.01.2023 CET/CEST
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