EQS-News: PIERER Mobility AG: Record Result 2022 confirmed

EQS-News: PIERER Mobility AG / Key word(s): Annual Results
PIERER Mobility AG: Record Result 2022 confirmed

28.03.2023 / 07:00 CET/CEST
The issuer is solely responsible for the content of this announcement.

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Corporate News                          
Wels, March 28, 2023

 

PIERER Mobility AG: Record Result 2022 confirmed

 

• 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
• Outlook – positive guidance for 2023 confirmed

 

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 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 %. 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 on the
basis of the record result achieved, which will lead to a doubling of the
previous year’s dividend.

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. One of the most
significant single investments in infrastructure (property, plant and
equipment) in the 2022 financial year was the continued construction and
completion of the new headquarters of KTM North America in Murrieta,
California. Company premises have been constructed over an area of approx.
14,000 m² and comprise office and motorsport buildings as well as storage
areas. The total investment for the construction of the building was
around USD 53 million. 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. Last year,
around EUR 2.8 million was invested in staff training. In addition, the
new training centre for apprentices was opened at the main location in
Mattighofen in September. As of the balance sheet date, about 200
apprentices were employed and trained in 20 different professions.

 

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.

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 (-6 %) 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 12 % in North America in 2022. The Australian (including New
Zealand) motorcycle market also declined slightly, with a 10 % drop to
60,000 new motorcycles registered. Nevertheless, the market share of the
three brands in total increased to 21 % 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 %. The one millionth motorbike – 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 motorcycles for global distribution since 2011.

 

Bicycles sales volume: 118,465 (+15 %)

Despite massive supply problems, the new mobility 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). In the bicycle division,
the DACH region (Germany, Austria and Switzerland) continues to be the
largest sales market with around 67 %. In 2022, the share of sales in
North America could be increased from just under 1 % to around 11 % in the
bicycle division.

 

Strategic cooperation with MV Agusta & takeover of European distribution
for CFMOTO motorcycles

An important milestone for the company was the conclusion of a strategic
cooperation with the Italian premium motorbike manufacturer MV Agusta. 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. As part of
this strategic partnership between the two European motorcycle
manufacturers, KTM will provide supply chain support to MV Agusta SpA and
will take over the sourcing of components. Furthermore, through this
cooperation, MV Agusta SpA 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.

 

Outlook – positive guidance for 2023 confirmed

PIERER Mobility confirms its earnings forecast for the 2023 financial year
announced on January 9, 2023, 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 %.

 

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 193.5 235.3 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 2,550.6 25%
Equity EURm 765.6 914.4 19%
Equity ratio   37.6% 35.8%  
Net debt EURm 189.9 256.5 35%
Gearing   24.8% 28.1%  
         
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 [1] www.pierermobility.com under the following
links:

[2] https://www.pierermobility.com/en/investor-relations/reports

[3] 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: [4]ir@pierermobility.com

Website: [5] www.pierermobility.com

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28.03.2023 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: 1593687

Valorennummer (Schweiz): 41860974 Wertpapierkürzel: PMAG, Bloomberg: PMAG
SE Reuters: PMAG.S

 
End of News EQS News Service

1593687  28.03.2023 CET/CEST

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