2012 Half year financial report

3. Reporting by operating segments

Since 2008 and for all of 2011, the Piaggio Group's organisational structure comprised the “Two- Wheeler” and “Commercial Vehicles” divisions, further broken down into different geographic operating segments.

Since 24 January 2012, the Group's organisation has been based on the geographic areas EMEA and Americas, Asia SEA and India.

In this document, reporting by operating segments is based on the new organisational logic of the Piaggio Group, therefore published figures relative to the first half of 2011 have been reclassified where necessary for the purpose of uniform comparison.

As previously illustrated in comments on the Piaggio Group financial position and performance, consolidated EBITDA was defined as the "Operating Income" gross of amortisation of intangible assets and depreciation of plant, property and equipment, as reported within the consolidated income statement.

Income statement by operating segments

    EMEA and
Americas
India Asia SEA Total
 




Sales volumes
(unit/000)
1st half of 2012 167.1 97.5 50.8 315.4

1st half of 2011 197.9 111.4 37.2 346.5

Change (30.8) (13.9) 13.6 (31.1)

Change % -15.6% -12.4% 36.6% -9.0%
  




Net turnover (millions of
Euro)
1st half of 2012 503.5 165.0 95.6 764.1

1st half of 2011 563.3 197.6 69.1 830.0

Change (59.8) (32.6) 26.5 (65.9)

Change % -10.6% -16.5% 38.3% -7.9%






Gross margin (millions
of Euro)
1st half of 2012 163.2 37.3 35.7 236.3

1st half of 2011 175.8 50.7 26.7 253.2

Change (12.6) (13.4) 9.0 (16.9)

Change % -7.2% -26.4% 33.9% -6.7%
  




EBITDA (millions of
Euro)
1st half of 2012


114.4

1st half of 2011


121.0

Change


(6.6)

Change %


-5.4%
  




EBIT (millions of Euro) 1st half of 2012


71.7

1st half of 2011


75.6

Change


(4.0)

 Change %


-5.2%
  




Net income
(millions of Euro)
1st half of 2012


33.8

1st half of 2011


33.7

Change


0.1

Change %


0.3%