Press Release
28 August 2012
Landi Renzo: revenues up by 8.9% compared to the first half of
2011, net profit of 2.6 million Euro and reduction in net debt of
over 18 million Euro in the first half of 2012
o o o o o Revenues: 139.2 million Euro, +8.9% compared to 127.7
million Euro in 1H2011 EBITDA: 15.9 million Euro, +45.9% compared
to 10.9 million Euro in 1H2011 EBIT: 6.7 million Euro, +274.8%
compared to 1.8 million Euro in 1H2011 Net profit: 2.6 million Euro
(net loss of 2.4 million Euro in 1H2011) Net debt: 71.6 million
Euro, significantly improved compared to 90.1 million Euro at 31
December 2011.
Cavriago (Reggio Emilia), 28 August 2012 The Board of Directors of
Landi Renzo SpA met today under the chairmanship of Stefano Landi
to approve the Company's half year financial statements for the
period ending 30 June 2012. The Group recorded an increase in
revenues mainly due to two macro elements: the growth in
registrations of LPG vehicles by car makers in Italy and Europe
with Euro 5 engines and the solid recovery in transformations on
the Aftermarket, both in Italy, and in Far East countries and Latin
America, where the Group is increasing its market penetration. "The
initiatives put in place by the Group in the most recent quarters
have started to produce their first results, thus enabling us, as
early as the first half of 2012, to return a profit and, above all,
produce cash. And this in a very difficult macroeconomic context
said Landi Renzo CEO Claudio Carnevale, To grow we have focussed
on technological and product developments which have enabled us to
strengthen relationships with car manufacturers. In the Aftermarket
channel too the product innovation strategy has produced good
results, allowing us to increase our presence in strategic areas.
This approach explains the commitment to acquire SAFE, the company
which has been active for over 35 years in the manufacture of gas
compressors: we have grounds for believing that, as part of
industrial integration, filling stations could have a parallel
development, or even push the sector of alternative fuels, compared
to CNG fuel systems for motor vehicles."
Consolidated results at 30 June 2012 The Landi Renzo Group ended
the first half of 2012 with net profit of 2.61 million Euro,
compared to a net loss of 2.40 million Euro in the first half of
2011. Revenues stood at 139.16 million Euro, up by 8.9% compared to
the prior-year period. EBITDA totalled 15.89 million Euro, compared
to 10.89 million Euro at 30 June 2011, up by 45.9%. EBIT totalled
6.74 million Euro, compared to 1.80 million Euro at 30 June 2011,
up by 274.8%. In the second quarter of 2012 the Group achieved
revenues of 79.56 million Euro, up by 19.96 million Euro compared
to the first quarter of 2012 (+33.5%). The Group's net profit in
the quarter stood at 3.40 million Euro compared to a loss of 0.82
million Euro in the first quarter of 2012.
1 www.landi.it
Press Release
28 August 2012
Breakdown of revenues Revenues from the sales of LPG systems
totalled 92.45 million Euro, while those from the sale of CNG
systems totalled 39.62 million Euro. Revenues from product sales in
Other sectors (Alarm systems, Sound, Acquatronic and Robotic)
totalled 7.08 million Euro. The geographic breakdown of revenues
shows that in the first half of 2012 the Landi Group realised 69.1%
(82.9% at 30 June 2011) of its consolidated revenues abroad (32.3%
in Europe and 36.8% outside of Europe). The Italian market grew by
96.7% compared to the prior-year period and revenues stood at 42.95
million Euro; this increase was caused by the rise in demand for
vehicles that use cleaner and cheaper fuels (LPG and CNG) and in
particular, in the car manufacturers' channel, by the full market
availability from the start of the year of the completely renewed
product range. The trend in revenues in Europe was also positive
(+35.8%) compared to the first half of 2011: Group sales benefitted
both from the increase of the main markets in the area and from the
positive effect generated by the launch of a renewed product range
for the Aftermarket channel. The South-Western Asia market, as
already highlighted in the first quarter of 2012, saw sales drop by
64.8% compared to the prior-year period, mainly due to a sharp
slowdown in the Iranian and Pakistani markets. Markets in the Rest
of the World recorded an increase of 11.8% compared to the first
half of 2011, following the favourable trend in demand in the Far
East countries where the Group is increasing its penetration, also
thanks to its direct presence. Meanwhile American markets recorded
a slight fall of around 5.8% compared to the prior-year period.
Equity and financial results at 30 June 2012 Net debt at 30 June
2012 amounted to 71.56 million Euro compared to 96.55 million Euro
at 31 March 2012 and 90.11 million Euro at 31 December 2011. The
significant fall in debt, down by 24.99 million Euro in the second
quarter, is attributable to higher profits and the change in net
working capital. Shareholders' equity amounted to 139.85 million
Euro, compared to 135.97 million Euro at 31 March 2012 and 137.00
million Euro at 31 December 2011.
Significant events for the period On 23 May 2012 Landi Renzo S.p.A.
sent Agave S.r.l., a company in liquidation which was preparing to
submit request for arrangement with creditors, an irrevocable
proposal for the temporary lease and subsequent purchase of the
SAFE corporate business. Agave S.r.l., through the SAFE brand, has
operated for over 35 years in the manufacture of gas compressors
that are used for a number of applications; the main business areas
concern compressed natural gas (CNG fuelling systems for motor
vehicles), Oil and Gas (compressors and support systems for gas
processing activities from extraction to distribution), biogas
processing systems, and hydrogen and LNG systems. The lease of the
corporate business was formalised in July and the subsequent final
acquisition is dependent on the approval of the arrangement plan
which will be submitted to creditors by Agave S.r.l.
2 www.landi.it
Press Release
28 August 2012
Outlook The trend in the first half of the year is in line with the
Group's forecasts for 2012 and shows positive results in terms of
both revenues and profits, despite the ongoing difficulties
relating to the macroeconomic scenario and the key market,
including business restrictions caused by specific country
problems, such as in Iran and Pakistan. As for the outlook, for
2012 the Landi Group confirms a positive outlook with revenues
growing by over 5% compared to 2011, as well as an EBITDA margin of
over 10%. The extraordinary operation relating to the possible
acquisition of SAFE could bring additional 2012 revenues for more
than 6 million Euro. In compliance with the provisions of art. 2428
of the Italian Civil Code, it should be noted that during 2011 the
Parent Company did not trade any treasury shares companies and
currently does not hold any treasury shares. The subsidiaries do
not hold any shares of the Parent Company.
Paolo Cilloni, Manager in charge of preparing the financial
reports, declares pursuant to article 154bis, par. 2 of
Legislative Decree no. 58 of 24 February 1998 that the accounting
information provided herein is in line with the documented results
and to the accounting books and entries. This press release,
together with a set of slides, is also available on the company's
website www.landi.it. This press release is a translation. The
Italian version prevails
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 Italy) 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 with almost 70% of sales
generated abroad. Landi Renzo S.p.A. has been listed in the STAR
segment of Borsa Italiana MTA market since June 2007.
Landi Renzo Pierpaolo Marziali M&A and Investor Relations
Manager ir@landi.it Corrado Storchi External Relations 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
3 www.landi.it
Press Release
28 August 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
30/06/2012 139,143 12 959 -62,422 -37,961 -788 -21,846 -1,212
15,885 -9,149 6,736 352 -2,177 -9 4,902 -2,177 2,725 119 2,606
30/06/2011 126,844 899 678 -61,296 -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
Bas ic earnings (loss) per share (calculated on 112.500.000 shares)
Dilu te d earnings (loss) per share
0.0232 0.0232
-0.0213 -0.0213
4 www.landi.it
Press Release
28 August 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
30/06/2012 33,341 8,875 55,582 28,233 192 13,992 140,215
31/12/2011 35,096 10,346 55,582 29,506 170 13,274 143,974
30/06/2011 37,156 10,992 59,498 30,328 259 9,632 147,865
92,423 285 79,028 20,549 174 24,978 217,437 357,652 30/06/2012
11,250 125,212 2,606 139,068 780 139,848 30,442 49 5,292 2,938
11,060 49,781 65,978 74 86,358 61 6,965 8,587 168,023 357,652
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
79,837 461 74,079 30,389 152 24,557 209,475 357,340 30/06/2011
11,250 132,951 -2,397 141,804 447 142,251 53,580 123 4,240 3,067
13,103 74,113 50,996 252 75,671 334 5,203 8,520 140,976 357,340
5 www.landi.it
Press Release
28 August 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
Cas h receipts from disposals 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 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
30/06/2012 - 49,819 4,782 1,834 9,149 0 347 1,105 - 2,008 - 11,621
- 14,994 76 6,526 30,454 0 1,321 26,971 - 1,630 - 1,152 24,189 -
1,062 - 1,238 - 3,850 478 - 21 - 5,693 0 - 9,677 0 - 9,677 8,819 -
41,000
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 - 27,079 - 447 -
33,714 - 47,709 - 49,819
30/06/2011 - 2,110 - 1,489 4,878 9,088 0 22 - 513 0 - 7,099 348 251
- 9,062 11,198 - 20 1,796 9,398 - 1,334 - 2,946 5,118 - 1,559 -
1,450 - 6,514 0 0 - 9,523 - 6,188 - 13,417 - 318 - 19,923 - 24,328
- 26,438
6 www.landi.it
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