Press Release
14 May 2012
Landi Renzo: the Board of Directors has approved results at 31
March 2012 The first quarter is characterized by significant growth
in most of the key markets and by a significant recovery in
margins
o o o o o Consolidated revenues 59.6 million (47.2 million at 31
March 2011) EBITDA 5.6 million ( 1.1 million loss at 31 March 2011)
EBIT 1.1 million (5.9 million loss at 31 March 2011) Consolidated
net loss 0.8 million (5.9 million loss at 31 March 2011) Net debt
96.5 million compared to 90.1 million at 31 December 2011
Cavriago (Reggio Emilia), 14 May 2012 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 31 March 2012. Consolidated net revenues increased
26.4% from 47.2 million in 1Q11 to 59.6 million in 1Q12. After a
1.1 million loss in 1Q11, EBITDA showed a 5.6 million profit in
1Q12, and EBIT went from a 5.9 million loss in 1Q11 to a 1.1
million profit in 1Q12. "The quarter showed a robust recovery in
the European market said the Group CEO Claudio Carnevale that
was possible thanks to the activities performed in the last years
to develop the new Euro 5 vehicles. Sales of LPG- and CNG-fuelled
vehicles, therefore, are very encouraging in this first part of the
year, especially considering that this is taking place without
Government incentives. Margins are also improving - according to
Mr. Carnevale - thanks to cost curbing measures we began to
implement last year that, essentially, enable us to profitably
benefit from all the opportunities arising from an economic
scenario in continuous and rapid change, as shown by trends in
different geographical areas."
Consolidated results at 31 March 2012 Consolidated net revenues
increased 26.4% from 47.2 million in 1Q11 to 59.6 million in 1Q12.
In the first quarter, revenues from the sales of LPG systems
increased 50.3% from 24.4 million to 36.7 million. Revenues
associated with sales of CNG fuel systems remained essentially
stable at 19.7 million. In terms of geographical distribution, the
Landi Renzo Group achieved 69.2% of its consolidated sales abroad
(29.2% in Europe, 40% outside of Europe). In Italy the market has
more than doubled at 18,4 million compared with 7,8 million of the
same quarter of 2011. Revenues in Europe increased 41.2% compared
with the same quarter of 2011; significant increases in sales are
reported in the East-European countries. In Non-European markets,
the South-Western Asia market recorded a drop of 57.1% compared
with 1Q11. The drop in sales is due to the sharp slowdown of the
Iranian market, suffering from increasingly stringent
1 www.landi.it
Press Release
14 May 2012
embargo restrictions on the one hand, and to the contraction of the
Pakistani market because of unfavourable regulatory measures on the
other. American markets grew by 149.1% compared with the previous
financial year as a result of persistently high demand notably in
Latin America markets where the Group maintained a robust and
constant presence. Markets in the Rest of the World recorded an
increase of 12% compared with the same quarter of 2011 subsequent
to the favourable trend in demand in certain Asian areas. EBITDA
amounted to 5.6 million compared to a 1.1 million loss at 31 March
2011. EBIT amounted to 1,1 million compared to a 5.9 million loss
in 1Q11. Net loss before taxes totalled 0.7 million compared to 7.3
million in the first quarter of 2011. Net debt was 96.5 million
compared to 90.1 million at 31 December 2011. The slight increase
is mainly due to marginal growth in working capital needed to
increase the business.
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. This press release and a
relevant presentation are also available on the company's website
www.landi.it This press release is a translation. Italian version
will prevail
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 about 70% 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 Officer ir@landi.it Corrado Storchi Public
Affair 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. +39 02.624999.1
IR Top Consulting Maria Antonietta Pireddu Tel. +39 02
45.47.38.84/3 ir@irtop.com 2 www.landi.it
Press Release
14 May 2012
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (thousands of Euros)
Revenues (goods and services) Rev enues (goods and services) -
related parties Other revenue and income Cos t of raw materials,
consumables and goods and change in inventories Cos ts for services
and use of third party assets Cos ts for services and use of third
party assets related parties Pers onnel expenses A c c ruals ,
impairment losses and other operating expenses Gr o s s Operating
Profit A mortiz ation, depreciation and impairment losses Ne t
Operating Profit Financ ial income Financ ial expenses Ex c hange
rate gains and losses Pr o fit (Loss) before tax Tax es Ne t profit
(loss) for the Group and m inor ity interests, including: Minority
interests Net Profit (Loss) of the Group
31/03/2012 59,596 2 843 -25,638 -17,943 -390 -10,251 -601 5,618
-4,543 1,075 133 -1,060 -840 -692 -130 -822 - 30 -792
31/03/2011 46,545 623 211 -22,920 -14,486 - 389 -10,147 - 548
-1,111 -4,772 -5,883 91 - 744 - 737 -7,273 1,284 -5,989 -78
-5,911
Bas ic earnings (loss) per share (calculated on 112,500,000 shares)
Dilu te d earnings (loss) per share
-0.0070 -0.0070
-0.0525 -0.0525
3 www.landi.it
Press Release
14 May 2012
ASSETS (thousands of Euros) No n-cu r r e nt assets Pr operty ,
plant and equipment Dev elopment expenditure Goodw ill Other
intangible assets w ith finite useful lives Other non-current
financial assets Def erred tax assets To tal non-current assets Cu
r r e n t assets Tr ade receivables Tr ade receivables - related
parties Inv entor ies Other receivables and current assets Current
financial assets Cas h and cash equivalents To tal current assets
TOTAL ASSETS EQUITY AND LIABILITIES (thousands of Euros) Gr oup
shareholders' equity Share capital Other reserves Pr of it (loss)
for the period Total equity attributable to the shareholders of the
parent M ino r ity interests TOTAL EQUITY No n-cu r r e nt
liabilities Non-c ur rent bank loans Other non-current financial
liabilities Pr ov is ions for risks and charges Def ined benefit
plans Def erred tax liabilities Total non-current liabilities Cu r
r e n t liabilities Bank overdrafts and short-term loans Other
current financial liabilities Tr ade payables Tr ade payables -
related parties Tax liabilities Other current liabilities Total
current liabilities TOTAL LIABILITIES AND EQUITY
31/03/2012 32,994 9,579 55,582 28,825 171 13,723 140,874
31/12/2011 35,096 10,346 55,582 29,506 170 13,274 143,974
31/03/2011 37,613 11,528 59,566 30,681 281 11,366 151,035
82,559 296 72,052 27,466 176 23,568 206,117 346,991 31/12/2011
11,250 124,886 -792 135,344 628 135,972 38,052 49 5,066 2,877
11,780 57,824 81,891 125 56,267 300 6,784 7,828 153,195 346,991
77,429 361 67,408 27,452 176 20,059 192,885 336,859 31/12/2011
11,250 134,154 -9,138 136,266 738 137,004 40,119 49 4,860 2,835
12,351 60,214 69,878 125 55,903 61 6,458 7,216 139,641 336,859
65,653 902 71,212 25,120 149 22,757 185,793 336,828 31/03/2011
11,250 139,486 -5,911 144,825 643 145,468 64,016 72 4,987 3,139
14,009 86,223 36,920 508 55,097 154 4,495 7,963 105,137 336,828
4 www.landi.it
Press Release
14 May 2012
CONSOLIDATED CASH FLOW STATEMENT (thousands of Euros) Ope ning cash
and cash equivalents Pr of it (Loss) before tax (less m inor it y
interests) Adj us tments : Financ ial net expenses / (income),
including exchange differences A mor tiz ation, depreciation Impair
ment of intangible and tangible assets Changes in provisions and
employee benefits Changes in other provisions Net change in
deferred taxes ( Inc r eas e) decrease in current assets: Inv entor
ies tr ade receivables tr ade receivables - related parties r ec
eiv ables from others and other assets Inc r eas e (decrease) in
current liabilities: tr ade payables tr ade payables - related
parties pay ables to others and other liabilities Cas h flow from
(for) operating activities Net interest paid (including realized
exchange rate differences) Inc ome taxes paid Fr e e Cash flow from
(for) operating activities Inv es tments in intangible assets Dev
elopment expenditure Inv es tments in property, plant and equipment
Dis pos als of intangible and tangible assets Inv es tments in
other non-current financial assets Cas h flow from (for) investing
activities Div idends 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 Pay ments for reduction of payables for
financial leasing Cas h flow from (used in) financing activities
Tot al cash flow Clos ing cash and cash equivalents
31/03/2012 - 49,819 - 662 1,418 4,543 0 486 874 - 1,020 - 4,644 -
5,130 65 - 261 364 239 612 - 3,116 - 378 - 163 - 3,657 - 211 - 767
- 1,979 177 -2 - 2,782 0 0 - 2,067 0 - 2,067 - 8,505 - 58,325
31/12/2011 - 2,110 - 8,212 4,737 18,421 4,316 343 107 - 2,567 - 428
2,757 351 - 6,149 - 4,285 - 293 1,747 10,845 - 4,737 - 5,833 275 -
1,307 - 3,089 - 10,495 569 52 - 14,270 - 6,188 0 - 27,079 - 447 -
33,714 - 47,709 - 49,819
31/03/2011 - 2,110 - 5,788 1,407 4,772 0 8 234 0 - 4,232 14,153 190
- 3,790 - 9,377 - 200 531 - 2,092 - 1,407 - 272 - 3,771 - 581 - 844
- 3,975 52 0 - 5,348 0 0 - 2,775 - 159 - 2,934 - 12,053 -
14,163
5 www.landi.it
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