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Revenues are shown net of premiums recognised to customers (dealers).

This item does not include transport costs, which are recharged to customers (/000 15,235) and invoiced advertising cost recoveries (/000 4,194), which are posted under other operating income.

The revenues for disposals of Group core business assets essentially refer to the marketing of vehicles and spare parts on European and non-European markets.

Revenues by business segment

The breakdown of revenues by business segment is shown in the following table:

In thousands of Euros 1st half of 2011 1st half of 2010 Changes
Value % Value % Value %
Two-wheeler 578,682 69.72 581,996 70.90 (3,314) -0.57
Commercial Vehicles 251,330 30.28 238,823 29.10 12,507 5.24
Total 830,012 100.00 820,819 100.00 9,193 1.12

Revenues by geographical segment

The breakdown of revenues by geographical segment is shown in the following table:

In thousands of Euros 1st half of 2011 1st half of 2010 Changes
Value % Value % Value %
EMEA 541,113 65.19 563,674 68.67 (22,561) -4.00
Americas 22,239 2.68 13,322 1.62 8,917 66.93
India 197,564 23.80 176,791 21.54 20,773 11.75
Pacific Asia 69,096 8.32 67,032 8.17 2,064 3.08
Total 830,012 100.00 820,819 100.00 9,193 1.12

In the first half of 2011, net sales revenues were stable overall compared to figures for the same period of the previous year. The increases recorded on the Asian, Indian and American markets offset the downturn on the European market.