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03-26-2013, 09:37 AM
Filed under: Europe (http://www.autoblog.com/category/euro/), Earnings/Financials (http://www.autoblog.com/category/earnings-financials/), Design/Style (http://www.autoblog.com/category/design-style/)
http://www.blogcdn.com/www.autoblog.com/media/2013/03/pininfarina-sergio-concept-1364230099.jpg (http://www.autoblog.com/photos/pininfarina-sergio-concept-geneva-2013/#photo-5686028)
Italian design house Pininfarina (http://www.autoblog.com/tag/pininfarina) predicted last May that it would face an operating loss for 2012 but still come out with a net profit (http://www.autoblog.com/2012/05/16/pininfarina-turns-first-net-profit-since-2004/). Both predictions have come true - the company is reporting an operating loss of 8.2 million euros and a net profit of 32.9 million euros ($42.5 million US).
According to Reuters, the good news came because of a debt restructuring arranged last year that gives the company three more years to repay its $182.6 million in debt, and a one-time gain of roughly 45 million euros ($57.6 million US). It is the company's first profit since 2004, and is a more robust sign of forward progress than the retrospective museum exhibits (http://www.autoblog.com/2012/11/13/are-the-best-days-behind-the-italian-carrozzeria/) held in the company's honor last year. Perhaps the company's better financial condition will help it pull the trigger on a limited production run of the Sergio (http://www.autoblog.com/tag/sergio/) barchetta concept (shown above) as rumored (http://www.autoblog.com/2013/03/18/pininfarina-to-build-handful-of-sergio-roadster-models/).Pininfarina in the black for first time since 2004 (http://www.autoblog.com/2013/03/26/pininfarina-in-the-black-for-first-time-since-2004/) originally appeared on Autoblog (http://www.autoblog.com) on Tue, 26 Mar 2013 10:59:00 EST. Please see our terms for use of feeds (http://www.weblogsinc.com/feed-terms/).
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http://www.blogcdn.com/www.autoblog.com/media/2013/03/pininfarina-sergio-concept-1364230099.jpg (http://www.autoblog.com/photos/pininfarina-sergio-concept-geneva-2013/#photo-5686028)
Italian design house Pininfarina (http://www.autoblog.com/tag/pininfarina) predicted last May that it would face an operating loss for 2012 but still come out with a net profit (http://www.autoblog.com/2012/05/16/pininfarina-turns-first-net-profit-since-2004/). Both predictions have come true - the company is reporting an operating loss of 8.2 million euros and a net profit of 32.9 million euros ($42.5 million US).
According to Reuters, the good news came because of a debt restructuring arranged last year that gives the company three more years to repay its $182.6 million in debt, and a one-time gain of roughly 45 million euros ($57.6 million US). It is the company's first profit since 2004, and is a more robust sign of forward progress than the retrospective museum exhibits (http://www.autoblog.com/2012/11/13/are-the-best-days-behind-the-italian-carrozzeria/) held in the company's honor last year. Perhaps the company's better financial condition will help it pull the trigger on a limited production run of the Sergio (http://www.autoblog.com/tag/sergio/) barchetta concept (shown above) as rumored (http://www.autoblog.com/2013/03/18/pininfarina-to-build-handful-of-sergio-roadster-models/).Pininfarina in the black for first time since 2004 (http://www.autoblog.com/2013/03/26/pininfarina-in-the-black-for-first-time-since-2004/) originally appeared on Autoblog (http://www.autoblog.com) on Tue, 26 Mar 2013 10:59:00 EST. Please see our terms for use of feeds (http://www.weblogsinc.com/feed-terms/).
Permalink (http://www.autoblog.com/2013/03/26/pininfarina-in-the-black-for-first-time-since-2004/) | Email this (http://www.autoblog.com/forward/20516839/) | Comments (http://www.autoblog.com/2013/03/26/pininfarina-in-the-black-for-first-time-since-2004/#comments)
More... (http://www.autoblog.com/2013/03/26/pininfarina-in-the-black-for-first-time-since-2004/)