2012 Half year financial report

Share capital €/000 201,511

During the period, share capital changed, following the purchase of 1,259,062 treasury shares. Broken down as follows:

In thousands of Euros
Subscribed and paid up capital 205,941
Treasury shares as of 31.12.2011 (3,732)
Acquisition of treasury shares in the period (698)
Share capital as of 30 June 2012 201,511

As of 30 June 2012, the Parent Company held 8,103,142 treasury shares, equal to 2.1795% of the share capital.

In accordance with international accounting standards, the acquisitions were recognised as a decrease of shareholders' equity.

As of 30 June 2012, according to the shareholder ledger, notifications received pursuant to article 120 of Legislative Decree no. 58/1998 and other information available, the following shareholders hold voting rights, either directly or indirectly, exceeding 2% of the share capital:

Declarer Direct shareholder % of ordinary
share capital
% of shares with
voting rights
Omniaholding S.p.A. IMMSI S.p.A. 53.048 53.048
Omniaholding S.p.A. 0.027 0.027
Total 53.075 53.075
Diego della Valle Diego della Valle & C. S.a.p.a. 5.336 5.336
Total 5.336 5.336
Financiere de
l’Echiquier
Financiere de l’Echiquier 4.980 4.980
Total 4.890 4.980
Share premium reserve €/000 3,493

The share premium reserve as of 30 June 2012 was unchanged and amounted to €/000 3,493.

Legal reserve €/000 14,593

The legal reserve increased by €/000 2,352 as a result of the allocation of earnings for the last period.

Other provisions €/000 (8,708)

This item consists of:

In thousands of Euros As of 30 June
2012
As of 31 December
2011
Change
Translation reserve (14,060) (13,087) (973)
Stock option reserve 13,085 12,700 385
Financial instruments’ fair value reserve (2,213) (1,510) (703)
Termination benefit adjustment reserve (654) 1,447 (2,101)
IFRS transition reserve (5,859) (5,859) 0
Total other provisions (9,701) (6,309) (3,392)
Consolidation reserve 993 993 0
Total (8,708) (5,316) (3,392)

As already indicated, following the adoption of IAS 19 Revised, in advance, published data relative to the half-year period of the previous year have been restated to make them uniform with current data.

The financial instruments fair value provision is negative by €/000 2,213 and refers to the effects of cash flow hedge accounting in foreign currencies, interest and specific business transactions. These transactions are described in full in the note on financial liabilities.

The consolidation reserve was generated after the acquisition - in the month of January 2003 - of the shareholding in Daihatsu Motor Co. Ltd in P&D S.p.A., equal to 49% of the share capital, by Piaggio & C. S.p.A.

Distributed dividends €/000 29,877

In May 2012, dividends totalling €/000 29,877 were paid. In May 2011, dividends totalling €/000 25,684 were paid.

Performance reserve €/000 33,734
Non-controlling interests capital and reserves €/000 1,243

The end of period figures refer to minority interest in Piaggio Hrvatska Doo.

Other net income (losses) €/000 (2,804)

The value of Other net income (losses) consists of:

 1st half of 2012
In thousands of Euros
 
The effective portion of net income (losses) on cash flow hedging instruments generated in the period
 (423) 
The effective portion of net income (losses) on cash flow hedging instruments reclassified in the consolidated income statement
 (280) 
Effective portion of profits (losses) on cash flow hedges  (703) 
Actuarial gains (losses) relative to defined benefit
plans
 (2,101) 
   
Total gains (losses)  (2,804)