Press release
11 November 2011
Landi Renzo: approved results at 30 September 2011
Consolidated revenues 190.1 million (230.4 million at 30 September
2010) EBITDA positive for 16.0 million (38.7 million gain at 30
September 2010) Negative operating result (EBIT) loss of 2.0
million ( 29.4 million gain at 30 September 2010); normalised by
write-off adjustment would have been positive for 2.3 million
Consolidated net loss 7.8 million (18.1 million net income at 30
September 2010) Net Financial Position stands at 89.5 million (80.4
million at 30 June 2010)
o o o
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Cavriago (Reggio Emilia), 11 November 2011
The Board of Directors of Landi Renzo SpA met today under the
chairmanship of Stefano Landi to approve the Company's quarterly
financial statements for the period ending 30 September 2011. In
the first nine months of 2011, Net Revenues for the Group amounted
to 190.1 million (230.4 million at 30 September 2010), a decrease
of 17.5%. EBITDA amounted to 16.0 million, compared to 38.7 million
in September 2010, a decrease of 58.6%. EBIT was negative and
amounted to 2.0 million, compared to a positive net operating
margin totalling 29.4 million in September 2010. Net of the
nonrecurring items - relative to depreciation/amortization and
impairment of goodwill it would be positive and equal to 2.3
million.
"The results of the first 9 months of this year, despite the
decrease over the same period last year - says CEO Claudio
Carnevale - highlight the business recovery in the aftermarket
business line, particularly in high potential regions, which only
partially compensates a significant drop in car makers business
line in European countries. Moreover - Carnevale continues - new
countries are entering the use of LPG and CNG for transport, taking
advantage from the availability of those environmentally friendly
fuels "
Consolidated financial results at 30 September 2011 Consolidated
net revenues totalled 190.1 million, (compared to 230.4 million at
30 September 2010), down by 17.5% . EBITDA totalled 16.0 million,
down by 58.6% compared to 38.7 million in the first nine months of
2010. EBIT showed a 2.0 million loss compared to a positive 29.4
million in the first nine months of 2010. The decrease in the net
operating margin was due to additional depreciation/amortization
due both to the consolidation of the companies acquired during the
last year and the re-alignment of the value of goodwill relative to
the company Baytech for an additional 4 million. Both items did not
have any effects on cash flow. The Result before taxes was negative
for 6.0 million, compared with a profit before taxes of 27.6
million in the first nine months of 2010. The Net result was
negative for 7.8 million (profit of 18.1 million at 30 September
2010).
landi.it
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Press release
11 November 2011
Analysis of revenues Revenues deriving from the sale of natural gas
systems are an increasingly important driving force for the core
business (growth of 25.8% and equal to 88.7 million), reaching
46.7% of total net revenues. Sales of LPG systems amounted to 47.5%
while the remaining 5.8% refers to minor businesses. The
geographical breakdown shows that Landi Group generated 81.9% of
its consolidated revenues abroad of which 25.4% in Europe, and
56.5% outside of Europe where net sales increased 31.3% (107.4
million at September 2011). With respect to the first nine months
of 2010: · Italy, which shows a recover in 3Q11, is decreasing
about 55.6% during the first 9 months; · European countries
envisaged a decrease of 32.1%, due mainly to western area; ·
South-western asian markets reported an overall increase of 23.9%;
· South America countries were responsible for the growth of 50.3%
in american area, where the Group has established a leadership
position in the Natural Gas sector; · The markets of the Rest of
the World (+ 30.7%) were positively affected by the confirmation of
the excellent performance levels achieved in Far East Regions;
Consolidated financial results at 30 September 2011 The Net
Financial Position at 30 September was negative for 89.5 million.
At 30 June 2011 the net financial position was negative for 80.4
million Euro. This increase was primarily due to the effect of use
of liquid assets for the implementation of operational activities
which typically are affected by a certain level of cyclicity in
this period. Outlook 2011. Following recent business performances,
particularly in some american and asian areas, the last one
impacted even by the recent climatic events, it is believed that
the current year should close with revenues of approximately 250
million and an EBITDA of approximately 7%, below forecasts reported
during the presentation of the 2011 half-year data.
Declaration of 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. The Financial Report at 30
September 2011 will be made available to the public at the
registered office of the Company as well as at Borsa Italiana SpA
and at the website www.landi.it within the legally required
deadlines. This press release is also available on the company's
website www.landi.it together with a presentation.
This press release is a translation. The Italian version will
prevail
landi.it
Page 2
Press release
11 November 2011
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
SEC Relazioni Pubbliche e Istituzionali Marco Fraquelli
fraquelli@secrp.it Daniele Pinosa pinosa@secrp.it Tel. +39
02.624999.1
IR Top Consulting Floriana Vitale, Maria Antonietta Pireddu Tel.
+39 02 45.47.38.84/3 ir.landirenzo@irtop.com
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Press release
11 November 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 79,558 453
80,375 29,296 120 20,010 209,812 354,122 80,185 712 66,980 21,348
131 26,297 195,653 347,456 31-Dec-10 restated 11,250 122,058 18,635
151,943 759 152,702 66,637 173 4,753 3,153 14,316 89,032 28,407 560
64,474 354 4,345 7,582 105,722 347,456 80,185 712 66,980 21,348 131
26,297 195,653 345,023 68,814 187 80,744 15,766 289 37,051 202,851
353,502 30-Sep-10 Restated 11,250 121,559 18,125 150,934 554
151,488 73,000 246 4,355 3,310 14,296 95,207 26,287 737 66,668 0
5,462 7,653 106,807 353,502 68,814 187 80,744 15,766 289 37,051
202,851 350,514 35,745 10,811 55,582 29,815 253 12,104 144,310
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 37,388 12,774 59,873 30,780 225 9,611
150,651 37,388 5,503 66,262 28,674 225 9,611 147,663 30-Sep-11
31-Dec-10 restated 31-Dec-10 30-Sep-10 Restated 30-Sep-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 Total current liabilities TOTAL LIABILITIES AND
EQUITY
30-Sep-11
31-Dec-10
30-Sep-10
11,250 133,151 -7,839 136,562 693 137,255 54,810 123 4,585 2,849
12,849 75,216 54,441 123 70,961 64 7,425 8,637 141,651 354,122
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 7,582 105,722 345,023
11,250 121,413 18,471 151,134 554 151,688 73,000 246 4,355 3,310
11,108 92,019 26,287 737 66,668 0 5,462 7,653 106,807 350,514
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Press release
11 November 2011
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 of which:
non recurring 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-Sep-11 188,966 1,173 816 -91,039 0 -50,293 -1,146 -30,479 -1,994
16,004 -17,999 -4,316 -1,995 377 -2,543 -1,822 -5,983 -1,885 -7,868
-29 -7,839
30-Sep-10 restated 229,729 639 483 -92,523 -4,112 -64,659 -666
-26,868 -3,323 38,700 -9,265 29,435 195 -1,661 -357 27,612 -8,962
18,650 525 18,125
III° Q11 62,122 274 138 -29,743 0 -17,317 -384 -9,318 -653 5,119
-8,911 -4,316 -3,792 106 -943 394 -4,235 -978 -5,213 229 -5,442
III° Q10 restated 57,710 548 246 -24,910 0 -17,666 -224 -8,803 -850
6,051 -3,926 2,125 104 -633 -2,163 -567 275 -292 44 -336
Basic earnings (loss) per share (calculated on 112,500,000 shares)
Diluted earnings (loss) per share
-0.0697 -0.0697
0.1611 0.1611
-0.0484 -0.0484
-0.0030 -0.0030
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Press release
11 November 2011
CONSOLIDATED CASH FLOW STATEMENT
30-Sep11 -2,110 31-Dec10 restated 12,943 10,264 -5.954 13,683 4,316
3,989 932 -898 -168 0 -5,399 -13,395 627 259 -7,937 6,487 -290
4,138 0 390 -3,005 0 -10,754 0 0 -13,759 0 0 0 -6,188 0 -12,316
-448 -18,952 -32,321 -34,431 29,112 13,705 263 2,147 1,335 -896
2,575 4,005 -10,453 -4,496 29,228 -520 -11,555 -27,361 -3,597 4,012
0 27,504 -4,379 0 -10,047 852 -37 -13,611 -34,500 -10,742 -45,242
-6,975 153 13,157 -303 6,032 -25,317 -2,110 31-Dec10 12,943 10,264
30,360 12,458 263 2,147 1,335 -896 2,575 4,004 -10,453 -4,496
29,228 -520 -11,555 -27,361 -3,597 4,012 0 27,504 -4,379 0 -10,047
852 -37 -13,611 - 34,500 -10,742 -45,242 -6,975 153 13,157 -303
6,032 -25,317 - 2,110 30-Sep-10 restated 12,943 10,264 27,088 9,265
0 -1,823 1,002 -632 2,177 0 -3,704 -21,873 47,125 6 -5,757 -25,386
-3,243 4,567 -5 28,807 -2,186 0 -7,061 472 0 -8,775 -34,500 -10,742
-45,242 -6,975 153 19,769 -180 12,767 -12,443 10,764
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 and tangible assets 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
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