Press release
26 August 2011
Landi Renzo: Board of Directors approves results at 30 June 2011
and appoints Paolo Cilloni as the Group's General Manager
Revenues 127.7 million ( 172.1 million at 30 June 2010) EBITDA 10.9
million ( 32.6 million at 30 June 2010) EBIT 1.8 million ( 27.3
million at 30 June 2010) Consolidated net loss 2.4 million ( 18.5
million net income at 30 June 2010) Net debt 80.4 million ( 78.8
million at 31 March 2011) after the payment of 6.2 million
dividends
Cavriago (Reggio Emilia), 26 August 2011 The Board of Directors of
Landi Renzo SpA met today under the chairmanship of Stefano Landi
to approve the Interim Financial Report for the period ending at 30
June 2011 and appointed Paolo Cilloni, who was previously Chief
Financial Officer, as the Group's General Manager. "The results for
the first half of 2011," said Claudio Carnevale, Landi Renzo Chief
Executive Officer, "are characterized by a second quarter which saw
a marked reversal in trend compared to the first three months of
the year and show the Group's ability to take advantage of the
opportunities that have arisen in the various countries which have
chosen to make systematic use of alternative fuels since they are
less polluting and cheaper for the community as a whole. Our
strategic priority is to enhance the Group's flexibility in seizing
the new global commercial opportunities. The appointment of Paolo
Cilloni as the Group's General Manager is part of our plan to
enhance the leading managerial team and to strengthen the Company's
governance model. His professional skills will be instrumental in
optimizing and improving the Group's organisational efficiency."
Consolidated income results at 30 June 2011 Consolidated net
revenues total 127.7 million, down by 25.8% compared to 172.1
million at 30 June 2010. EBITDA amounts to 10.9 million, a 66.7%
loss compared to 32.6 million in 1H10. EBIT totals 1.8 million
compared to 27.3 million in 1H10. The fall is also attributable to
further 1.4 million linked to the increase in amortisation and
depreciation following the Purchase Price Allocation on Baytech
Corporation, which was bought at the end of July 2010, and the
consequent amortisation of the development and trademark costs of
the US subsidiary. It should be noted that this amount is purely
for accounting purposes and has no impact on company cash flow. The
net loss before taxes is 1.7 million compared to net profit before
taxes of 28.2 million in 1H10. The consolidated net loss amounts to
2.4 Million, in 1H10 the net profit was 18.5 million. Analysis of
revenues Methane gas returned to be the most important sector
thanks to the recovery in the markets which normally use this
resource as one of the main fuels for the transport sector.
Compared to 1H10, revenues
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Press release
26 August 2011
from the sales of Methane systems (up by 30.8% at 61.4 million)
represented 48.1% of total revenues. Sales of LPG systems accounted
for 46.7%, while the remaining 5.2% related to the sales in other
businesses. In terms of geographical distribution, the Group
achieved 82.9% of its consolidated revenues abroad (25.9% in Europe
and 57.0% outside of Europe). In particular, net sales on
non-European markets rose by 37.8% to stand at 72.8 million at 30
June 2011. The excellent result in these countries was achieved
thanks to the company's ability to take effective advantage of the
new commercial opportunities and to exploit the favourable market
conditions. Compared to 1H10: Southwest Asia saw a rise of 43.4%
continuing the trend which started in the second half of 2010;
America grew 38.8%, driven by the pick-up in sales, especially in
the South-American market where the Group has maintained a strong
and constant presence; the Rest of the World saw a rise of 28.1%
due to the solid demand for methane systems, especially in Asia;
Italy and the Rest of Europe stood at 55.0 million, down by over
50.0% due to the decrease in OEM sales. Consolidated equity and
financial results at 30 June 2011 Net debt stands at 80.4 million;
the figure is largely in line with that at 31 March 2011 ( 78.8
million) despite the payment of dividends for 6.2 million.
Shareholders' equity stands at 142.2 million, compared to 145.6
million at 31 March 2011 and 152.7 million at 31 December 2010.
Appointment of the Group's new General Manager The Board of
Directors also appointed Paolo Cilloni as the Group's General
Manager, to promote his professional skills which he has already
widely proven in twenty years working at the company to make a
significant and decisive contribution to the management and
evolution of the business. In the carrying on of his activities,
Paolo Cilloni will be focusing on the Group's structure
optimization. Paolo Cilloni's curriculum vitae is available at
www.landi.it in the Investor Relations section.
Outlook for 2011 Considering the difficulties linked to the extreme
uncertainty of the international macroeconomic scenario, the Group
expected sales in the current year are expected to be between 260.0
and 280.0 million with an EBITDA margin between 8% and 10%.
Declaration by the manager in charge of preparing the financial
reports The Manager in charge of preparing the financial reports,
Paolo Cilloni, declares pursuant to article 154 bis, par. 2 of
Legislative Decree no. 58 of 24 February 1998 that the accounting
information provided herein corresponds to the documented results
and to the accounting books and entries.
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Press release
26 August 2011
The Interim Financial Report at 30 June 2011 will be made available
to the public at the company's registered office, at Borsa Italiana
SpA and on the website www.landi.it according to time limits laid
down by law. This press release is also available on the company's
website www.landi.it.
Landi Renzo is a world leader in the sector of components and LPG
and CNG fuel systems for motor vehicles. Based in Cavriago (Reggio
Emilia) and with more than 50 years' experience in the sector,
Landi Renzo is distinguished by the sustained growth of its
revenues and the extent of its international operations, with a
presence in over 50 countries and exports accounting for more than
80% of the Company's sales. Landi Renzo S.p.A. has been listed in
the STAR segment of Borsa Italiana MTA market since June 2007.
For further information: Landi Renzo Pierpaolo Marziali M&A and
Investor Relations Manager ir@landi.it Corrado Storchi Public
Affairs Manager cstorchi@landi.it Tel. +39 0522.94.33 SEC Relazioni
Pubbliche e Istituzionali Marco Fraquelli fraquelli@secrp.it
Daniele Pinosa pinosa@secrp.it Tel.
IR Top Consulting Floriana Vitale, Maria Antonietta Pireddu Tel.
ir.landirenzo@irtop.com
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Press release
26 August 2011
CONSOLIDATED BALANCE SHEET
ASSETS (thousands of Euros) Non-current assets Property, plant and
equipment Development expenditure Goodwill Other intangible assets
with finite useful lives Other non-current financial assets
Deferred tax assets Total non-current assets Current assets Trade
receivables Trade receivables - related parties Inventories Other
receivables and current assets Current financial assets Cash and
cash equivalents Total current assets TOTAL ASSETS 79,837 461
74,079 30,389 152 24,557 209,475 357,340 80,185 712 66,980 21,348
131 26,297 195,653 347,456 31-Dec-10 restated 11,250 122,807 18,635
151,943 759 152,702 66,637 173 4,753 3,153 14,136 89,032 28,407 560
64,474 354 4,345 7,582 0 80,185 712 66,980 21,348 131 26,297
195,653 345,023 79,951 62 65,492 11,694 132 70,796 224,127 337,901
37,156 10,992 59,498 30,328 259 9,632 147,865 38,551 12,340 59,818
31,333 288 9,473 151,803 38,551 5,563 66,225 29,270 288 9,473
149,370 30,228 4,382 53,210 16,547 228 9,179 113,774 30-Jun-11
31-Dec-10 restated 31-Dec-10 30-Jun-10
EQUITY AND LIABILITIES (thousands of Euros) Group shareholders'
equity Share capital Other reserves Profit (loss) for the period
Total equity attributable to the shareholders of the parent
Minority interests TOTAL EQUITY Non-current liabilities Bank loans
Other non-current financial liabilities Provisions for risks and
charges Defined benefit plans Deferred tax liabilities Total
non-current liabilities Current liabilities Bank overdrafts and
short-term loans Other current financial liabilities Trade payables
Trade payables - related parties Tax liabilities Other current
liabilities Other current liabilities related parties
30-Jun-11
31-Dec-10
30-Jun-10
11,250 132,951 -2,397 144,804 447 142,251 53,580 123 4,240 3,067
13,013 74,113 50,996 252 75,671 334 5,203 8,520 0
11,250 121,807 19,459 152,516 759 153,275 66,637 173 4,753 3,153
11,310 86,026 28,407 560 64,474 354 4,345 7,582 0
11,250 122,590 18,461 152,301 539 152,840 45,752 246 3,539 2,500
7,132 59,169 21,408 146 85,238 3,866 7,892 7,337 533
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26 August 2011
Total current liabilities TOTAL LIABILITIES AND EQUITY
140,976 357,340
105,722 347,456
105,722 345,023
125,892 337,901
CONSOLIDATED INCOME STATEMENT
INCOME STATEMENT (thousands of Euros) Revenues (goods and services)
Revenues (goods and services) - related parties Other revenue and
income Cost of raw materials, consumables and goods and change in
inventories Cost of raw materials - related parties Costs for
services and use of third party assets Cost for services and use of
third party assets - related parties Personnel expenses Accruals,
impairment losses and other operating expenses Gross Operating
Profit Amortization, depreciation and impairment losses Operating
Profit Financial income Financial expenses Exchange rate gains and
losses Profit (Loss) before tax Taxes Net profit (loss) for the
Group and minority interests, including: Minority interests Net
Profit (Loss) of the Group
30-Jun-11 126,844 899 678 -61,296 0 -32,976 -762 -21,161 -1,341
10,885 -9,088 1,797 271 -1,600 -2,216 -1,748 -907 -2,655 -258
-2,397
31-Jun-10 172,019 91 237 -67.613 -4,112 -46,993 -442 -18,065 -2,473
32,649 -5,339 27,310 91 -1,028 1,806 28,179 -9,237 18,942 481
18,461
Basic earnings (loss) per share (calculated on 112,500,000 shares)
Diluted earnings (loss) per share
-0,0213 -0,0213
0,1641 0,1641
OVERALL INCOME STATEMENT (thousands of Euros) Net profit for the
Group and minority interests Exchange rate differences from
conversion of foreign operations Other Equity movements from
foreign operations Profits/Losses recorded directly to Equity net
of tax effects Total overall result for the period Profit for
Shareholders of the Parent Company Minority interests
30-Jun-11 -2,655 -1,609 -1,609 -4,264 -3,952 -312
30-Jun-10 18,492 973 973 19,915 19,393 522
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CONSOLIDATED CASH FLOW STATEMENT
CASH FLOW STATEMENT (thousands of Euros) Opening cash and cash
equivalents Opening cash and cash equivalents AEB S.p.A., Baytech
Corporation and AEB America Profit (Loss) before tax (less minority
interests) Amortization, depreciation and impairment losses
Impairment of intangible assets related to Lovato development costs
Net financial income and charges including exchange rate
differences Accruals to provisions for employee benefits
Utilization of provisions for employee benefits Other accruals less
utilization Net change in deferred taxes Current taxes (Increase)
decrease in current assets: Inventories trade receivables trade
receivables - related parties receivables due from others and other
assets (Increase) decrease in current liabilities: trade payables
trade payables - related parties payables to others and other
liabilities payables to others and other liabilities related
parties Cash flow from (for) operating activities Changes in
non-current assets: Investments in intangible assets Disposals of
intangible assets Investments in property, plant and equipment
Disposals of property, plant and equipment Investments in other
non-current financial assets Cash flow from (used in) financing
activities Outlay for acquisition of AEB S.p.A. net of liquidity
Outlay for acquisition of Baytech Corporation net of liquidity Cash
flow for acquisition of equity investments Dividends paid in the
period Change in equity attributable to the shareholders of the
parent and minority interests Loans obtained/repaid to/from banks
and other financial backers during the period Payments for
reduction of payables for financial leasing Cash flow from (used
in) financing activities Total cash flow Closing cash and cash
equivalents -6,188 -9,523 -7,964 -10,047 852 -37 -13,611 - 34,500
-10,742 -45,242 -6,975 153 -13,417 -318 19,923 -24,328 -26,438
13,157 -303 6,032 -25,317 - 2,110 -10,047 852 -37 -13,611 - 34,500
-10,742 -45,242 -6,975 153 13,157 -303 6,032 -25,317 - 2,110 -6,975
153 -7,941 -73 -14,836 36,446 49,388 -4,104 293 -92 -6,347 -1,559
-4,379 -4,379 -2,443 11,198 -20 1,796 0 5,118 -27,361 -3,597 4,012
0 27,504 -27,361 -3,597 4,012 0 27,504 -8,078 623 6,830 0 57,629
-7,099 348 251 -9,062 -4,496 29,228 -520 -11,555 -4,496 29,228 -520
-11,555 -6,656 40,853 131 -2,022 -2,946
30-Jun-11 31-Dec-10 Restated 31-Dec-10 30-Jun-10
-2,110
12,493 10,264
12,943 10,264 30,360 12,458 263 2,147 1,335 -896 2,575 4,004
-10,453
12,943 0 27,968 5,339 0 869 561 -155 416 -8,778
-1,489 9,088 0 3,544 778 -756 -513
29,112 13,705 263 2,147 1,335 -896 2,575 4,005 -10,453
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