2012 Half year financial report

The Investments heading comprises:

In thousands of Euros As of 30 June
As of 31 December
Investments in joint ventures 4,838 2,288 2,550
Investments in affiliated companies 194 194 0
Total 5,032 2,482 2,550

The value of investments in joint ventures refers to the valuation of the portion of shareholders' equity in the Zongshen Piaggio Foshan joint venture, held by the Group.