Notes to the Consolidated Financial Statements as of 31 December 2011

Chapter Note no. DESCRIPTION
A   GENERAL ASPECTS
  1 Form and content of the financial statements
  2 Consolidation principles and evaluation criteria
B   SEGMENT REPORTING
  3 Reporting by operating segments
C   INFORMATION ON THE CONSOLIDATED INCOME STATEMENT
  4 Net revenues
  5 Costs for materials
  6 Costs for services and lease and rental costs
  7 Employee costs
  8 Amortisation, depreciation and impairment costs
  9 Other operating income
  10 Other operating costs
  11 Income/(loss) from investments
  12 Net financial income/(borrowing costs)
  13 Taxation
  14 Gain/(loss) from assets held for disposal or sale
  15 Earnings per share
D   INFORMATION ON THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION - ASSETS
  16 Intangible assets
  17 Property, plant and equipment
  18 Investment Property
  19 Investments
  20 Other non-current financial assets
  21 Current and non-current tax receivables
  22 Deferred tax assets
  23 Current and non-current trade receivables
  24 Other current and non-current receivables
  25 Inventories
  26 Other current financial assets
  27 Cash and cash equivalents
  28 Assets held for sale
  29 Breakdown of assets by geographical segment
  30 Receivables due after 5 years
    INFORMATION ON THE CONSOLIDATED
BALANCE SHEET: LIABILITIES
  31 Share capital and reserves
  32 Current and non-current financial liabilities
  33 Current and non-current trade payables
  34 Reserves (current and non-current portion)
  35 Deferred tax liabilities
  36 Retirement funds and employee benefits
  37 Current and non-current tax payables
  38 Other payables (current and non-current)
  39 Breakdown of liabilities by geographical segment
  40 Payables due after 5 years
E   TRANSACTIONS WITH RELATED PARTIES
F  
COMMITMENTS AND RISKS

41 Guarantees provided
G   NON-RECURRENT TRANSACTIONS
H   INFORMATION ON FINANCIAL INSTRUMENTS
I   RULINGS
L   SUBSEQUENT EVENTS
M COMPANIES IN WHICH THE GROUP HAS EQUITY INVESTMENTS
  42 Piaggio Group Companies
N   INFORMATION PURSUANT TO ARTICLE 149 DUODIECIES OF THE CONSOB REGULATION ON ISSUERS