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Pininfarina Turns a Profit for the First time Since 2004

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Being a world-renowned name, which is inextricably-linked to the Italian car design scene like few others, you'd expect Pininfarina to bask in the glory of their 83-year history, and not have any financial troubles. However, that would not be a fair assumption, because the company has actually been struggling for the past decade.

Most recently, in the spotlight for the creation of the Sergio concept, they announced that they were in the plus, in 2012, for the first time since 2004. They even completely shut down their manufacturing operations, in 2009, in order to steer the business solely toward the direction of design. That's not to say they weren't making money, they were, but they were giving most of it away, it seems, in order to repay a €182.6 million ($235 million) debt.

However, company officials signed a restructuring agreement, in April of 2012, which allowed Pininfarina to repay the loan three years later than originally planned, in 2018.

According to a report from Reuters, for 2012, they reported an operating loss of €8.2 million ($10.5 million) , and a net profit of €32.9 million ($42.3 million). For comparison, their 2011 financial statement said they had a total loss figure of €11.5 million ($14.7 million), which they had to contend with.

By Andrei Nedelea


PHOTO GALLERY

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4 Comments:

Anonymous said... »March 29, 2013

Nissan could use their services

Ivan Delev said... »March 29, 2013

Japs, germans, americans - they all lack style and elegance and could use their services

huarcaya's padawan said... »March 30, 2013

last time I was there they were trying to gain projects for bmw and peugeot (for this visit all yard in cambiano was filled with 406 coupes) but they failed. then they did some chinese stuff and after this electric luxurious car in 2009.
I don't know why such successful company could fall into such deep crisis

Catalin said... »March 30, 2013

It's probably because every company thinks "the design is the best part - we can surely do it ourselves". They try to adapt their designs to their platforms (form follows function), but they really should pay attention to design also. If BMW used Pininfarina for their 5GT I am sure it wouldn't turn out so ugly, same with the 3GT and even the new F30 3-series is a bit un the ugly side, not to mention their latest 1-series which is hideous (they will radically redesign the front end very shortly).

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