2012 Half year financial report

In thousands of Euros As of 30 June 2012 As of 31 December 2011 Change
Non-current portion
   
Payables to employees 24 25 (1)
Guarantee deposits 490 332 158
Deferred liabilities
Deferred income 1,761 2,344 (583)
Amounts due to social security institutions
Fair value of hedging derivatives 2,855 2,847 8
Other payables 400 400
Total 5,530 5,948 (418)


In thousands of Euros As of 30 June 2012 As of 31 December 2011 Change
Current portion
Payables to employees 27,965 25,772 2,193
Payables to employees
1,447 1,492 (45)
Deferred liabilities
19,313 15,424 3,889
Deferred income
1,611 1,315 296
Amounts due to social security institutions
5,974 9,719 (3,745)
Fair value of hedging derivatives
1,180 961 219
Sundry payables due to affiliated companies
32 32
Sundry payables due to parent companies
53 43 10
Other payables 8,792 9,960 (1,168)
Total 66,367 64,718 1,649
 

Amounts due to employees include the amount for holidays accrued but not taken of €/000 15,962 and other payments to be made for €/000 12,027.

Payables due to affiliated companies refer to various amounts due to the Fondazione Piaggio.

The item Fair Value of hedging derivatives refers to the fair value (€/000 2,855 non-current portion and €/000 1,180 current portion) of a hedging Interest Rate Swap recognised on a cash flow hedge basis as provided for by IAS 39 and the fair value of hedging derivatives to hedge the exchange risk on forecast transactions recognised on a cash flow hedge basis (€/000 228 current portion).

The item Accrued liabilities includes €/000 3,155 for interest on hedging derivatives and relative hedged items measured at fair value.    

Mantua, 27 July 2012

 

for the Board of Directors
/f/ Roberto Colaninno
Chairman and Chief Executive Officer
Roberto Colaninno