2012 Half year financial report

Consolidated Cash Flow Statement

The Consolidated Cash Flow Statement, prepared in accordance with the schedules envisaged by international financial reporting standards, is presented in the “Consolidated Financial Statements and Notes as of 30 June 2012”; the following is a comment relating to the summary statement shown.

 1st half 
In millions of Euro 2012
2011
Change
Change in consolidated net debt      
Opening consolidated net debt (335.9) (349.9) 14.0
Cash flow from operating activities  79.1 67.7 11.4
(Increase)/reduction in working capital (15.6) 21.8 (37.4)
(Increase)/reduction in net investments  (76.0) (37.7) (38.2)
Change in shareholders' equity (35.7) (34.0) (1.7)
Total change (48.1) 17.8 (65.9)
Closing consolidated net debt (384.0) (332.1) (51.9)
   

During the first half of 2012 the Piaggio Group used financial resources amounting to 48.1 million Euro.

Cash flow from operating activities, defined as net income minus non-monetary costs and charges, was equal to 79.1 million Euro.

Working capital involved a cash flow of 15.6 million Euro.

Investment activities involved a total of 69.7 million Euro of financial resources, in addition to 11.3 million Euro relative to the acquisition of Tecnocontrol. These investments refer to approximately 28.1 million Euro for capitalised research and development expenditure, and approximately 40.2 million Euro for plant, property and equipment and intangible assets.

The impact of the distribution of dividends in 2012 on cash flow was equal to 29.9 million Euro.

As a result of the above financial dynamics, which generated a use of 48.1 million Euro, the net debt of the Piaggio Group stood at – 384.0 million Euro.