2012 Half year financial report

Comments on main results and significant events of the sector

In the first half of 2012, the Commercial Vehicles business generated a turnover of approximately 202.2 million Euro, including approximately 18.7 million Euro relative to spare parts and accessories, registering a 19.6% decrease over the same period of 2011. Units sold fell from 118,800 units in the first half of 2011 to 98,700 units in the first 6 months of 2012, with a downturn, lower than turnover, of 16.9%.

On the EMEA and Americas markets, the Piaggio Group sold 6,100 units in the first half of 2012, generating a net total turnover of approximately 40.9 million Euro, including spare parts and accessories for 8.7 million Euro. The decrease in units sold of 17.1% and in turnover of 24.0%, compared to the same period in 2011, is mainly due to the continuing downturn on the reference market comprising chassis-cab Commercial Vehicles with a total maximum mass of up to 3.5 tons of 18.3% in Europe and 33% on the Italian domestic market. In particular, in Italy, the Porter range improved its performance in relation to the market decline, with a market share of 13.4%, which is nearly one percentage point higher than the same period in 2011. Sales of the Ape range were stable, with figures changing from 4,189 units in 2011 to 4,071 in 2012.

On the Indian three-wheeler market, down 4.6% compared to the first half of 2011, Piaggio Vehicles Private Limited, with 83,187 units sold against 97,030 units in 2011, retained its position as reference player, with a market share of 34.5%. In more detail, Piaggio Vehicles Private Limited consolidated its role as market leader in the cargo segment, with a market share of 51.3% and 25,300 units sold, and as a leading player in the important passenger segment with a market share of 30.1% and 57,900 units sold.

Sales on the four-wheeler market, which is dominated by Indian vehicle manufacturers, went up from 110,750 units in 2011 to 128,350 units in 2012. Piaggio Vehicles Private Limited still has a marginal role in this segment, with a 2.3% market share, down on the same period of 2011. 

Investments and product development

In the first half of 2012, investments and product development focussed on supporting the Piaggio Vehicles Private Limited range for the Indian market. Two vehicles which will consolidate Piaggio's role on the Indian four-wheeler market are in the final stages of completion, and are scheduled to go on the market in the second half of 2012. In particular, the new 1000cc P100 Diesel engine, based on the P120 engine already used for the European market, will be assembled on one of the two products.