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][email protected]

   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:      [email protected]
   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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