2012 Half year financial report

Their breakdown was as follows:

In thousands of Euros
As of 30 June 2012
As of 31
December
2011
Change
Trade receivables 139,470 63,107 76,363
Receivables due from Group companies valued at Equity 1,474 2,408 (934)
Receivables due from affiliated companies 12 45 (33)
Total 140,956 65,560 75,396

No non-current trade receivables were recorded for either period.
Receivables due from Group companies valued at equity comprise amounts due from Zongshen Piaggio Foshan Motorcycles.
Receivables due from affiliated companies include amounts due from the Fondazione Piaggio and Immsi Audit.
The item "Trade receivables" comprises receivables referring to normal sale transactions, recorded net of bad debt of €/000 26,427.
The Group sells a large part of its trade receivables with and without recourse. The Piaggio Group has signed contracts with some of the most important Italian and foreign factoring companies as a move to optimise the monitoring and the management of its trade receivables, besides offering its customers an instrument for funding their own inventories. As of 30 June 2012 trade receivables still due sold without recourse totalled €/000 133,747 and 2,318 to be accredited, of which the Group received payment prior to the natural maturity of the receivables for €/000 111,485. As of 30 June 2012, receivables sold with recourse by factoring companies and banks amounted to €/000 32,826, with a counter entry under current liabilities.