Events during the year

6 January 2012 - the Vespa for the Indian market was unveiled at the Auto Expo show in Delhi. With a new low emission 60 km/litre engine, the scooter has been manufactured at Piaggio's production facilities in Baramati (India) since March 2012 and has been on sale in 35 major cities in India since May. Initial production capacity will amount to 150,000 vehicles/year.  

23 January 2012 - the revolving syndicated loan of 130 million euro undersigned on 29 December 2011 was finalised, as suspension conditions had been met. In particular, the remaining 65 million euro of a pooled loan, with maturity in August 2012, was paid back in advance, and the early cancellation of a loan of 100 million euro, undrawn on, with maturity in December 2012, was requested.

24 January 2012 - The Group established an organisation based on the geographic areas EMEA and Americas, Asia SEA (renamed Asia Pacific 2W) and India.  

3 February 2012 - Piaggio & C. S.p.A. was awarded the contract in the tender called by Poste Italiane S.p.A. at an EU level, with electronic bidding, to establish a framework agreement for the supply of 17,783 mopeds for postal deliveries.

1 March 2012 - A new production site for scooter engines was inaugurated at Vinh Phuc in Vietnam. The facility will have an initial production capacity of more than 200,000 engines a year, which will go up to 300,000 as production capacity at the vehicle manufacturing site is stepped up.  

20 March 2012 - A financing agreement was signed with International Finance Corporation for $/000 17,850 to cover the production investments of the Indian subsidiary.

23 March 2012 - Through the participation of Mediobanca and Intesa Sanpaolo, the medium-term revolving loan for 130 million euro undersigned on 29 December 2011 by Piaggio & C. S.p.A., was increased to the maximum value of 200 million euro.  

26 March 2012 - Production began on the new Moto Guzzi V7 range, at the Mandello del Lario production site.

11 April 2012 - Following award of the competitive tender pursuant to article 105-107 of the Italian Bankruptcy Law, a contract of purchase was signed for the company site “Tecnocontrol” situated in Pontedera, for a total value of EUR 11,323,000.  

13 April 2012 - The Meeting of Shareholders of Piaggio & C. S.p.A. appointed the new Board of Directors that will remain in office for three years until approval of the financial statements as of 31 December 2014.
The Board of Directors will comprise 11 members, based on the one list submitted by the majority shareholder Immsi S.p.A.: Roberto Colaninno, Matteo Colaninno, Michele Colaninno, Andrea Paroli, Livio Corghi, Franco Debenedetti (independent director), Daniele Discepolo (independent director), Mauro Gambaro (independent director), Luca Paravicini Crespi (independent director), Riccardo Varaldo (independent director), Vito Varvaro (independent director).
The Meeting of Shareholders also appointed the Board of Statutory Auditors, comprising: Giovanni Barbara (Chairman), Alessandro Lai and Francesco Arietti as statutory auditors and Mauro Girelli and Elena Fornara as alternate auditors.
The Curricula Vitae of Board Directors and members of the Board of Statutory Auditors are available at www.piaggiogroup.com, under Governance.

13 April 2012 - The Meeting of Shareholders resolved to appoint PricewaterhouseCoopers S.p.A. to audit the company's accounts for the 2012-2020 period.  

28 April 2012 - Two days after its presentation to the Indian and international press at Bombay, the new Piaggio Group site for manufacturing Vespas for the Indian market at Baramati (State of Maharashtra) was officially inaugurated. The new site will have an initial production capacity of 150,000 vehicles/year, which will be increased to 300,000 vehicles/year in 2013.

7 June 2012 - The fully restyled range of the new VESPA LX and S 3V models made its début. Developed and manufactured at Pontedera, the ultra-technological 4 stroke, 3 valve 125cc and 150cc engines have set new standards with: a mileage of 55 km/litre, and a 30% decrease in fuel consumption and CO2 emissions. Plus performance has been seriously boosted: the maximum power of the Vespa 125cc has improved by 7.1%, and maximum torque by 10.3%. For the Vespa LX and Vespa S 3V 150cc, maximum power and torque have increased by 6.3 and 7.8% respectively.

14 September 2012 - Production got underway at Baramati (India) of the new Ape City Passenger three-wheeler, with a new 200cc engine entirely developed by Piaggio. The Ape City Passenger is a compact and extremely versatile, practical vehicle, with superb handling in busy city traffic. The 200cc engine will be available in different versions, with petrol, natural gas and LPG options, plus it cuts fuel consumption and pollutant emission levels.

14 September 2012 - Moody’s reviewed its Ba2 rating outlook from stable to negative.

4 October 2012 - The new RSV4 Factory ABS and new Fly with 50cc and 125cc engines were unveiled at Intermot, Cologne. The new RSV4 Factory ABS features a state-of-the-art suite of electronic control systems, directly based on Piaggio's experience in the World Superbike Championships.

The new Piaggio Fly has an entirely new, sophisticated look, and with its superb handling it offers all the comfort, protection and safety of larger engine models.

7 October 2012 - Riding an Aprilia RSV4 SBK, Max Biaggi won the rider's world championship title in the Superbike World Championships and Aprilia won the world manufacturer's title. With this double victory, Aprilia has now won 51 world titles and the Piaggio Group 101 world titles with its Aprilia, Moto Guzzi, Gilera and Derbi brands.

8 October 2012 - The company Piaggio Advanced Design Center Corp., wholly owned by Piaggio & C. S.p.A. and based in Pasadena, California, was incorporated under California law.  

28 November 2012 - An agreement was signed with the European Investment Bank for a 60 million loan for research and development projects.
The seven-year loan concerns research and development projects that will take place at the Piaggio Group's Italian sites. Investments planned by Piaggio for 2013-2015 will enable the Group to consolidate R&D with the aim of manufacturing scooters, motorcycles and commercial vehicles that are innovative, environmentally-friendly, safer, more reliable and have lower consumption and pollutant emission levels.

30 November 2012 - Standard & Poor’s reduced its rating from BB to BB- and revised its outlook from Negative to Stable.  

17 December 2012 - The Board of Directors of Piaggio & C. S.p.A. appointed Gabriele Galli, Finance Director, to the position of Chief Financial Officer.