Press release
14 March 2013
Landi Renzo: 2012 closes with a profit of 2.9 million, an EBITDA of
28.3 million and a net debt improvement of 28.2 million.
o Revenues of 275.2 million Euro (an increase of 8.5% compared to
253.5 million Euro at 31 December 2011) o EBITDA of 28.3 million
Euro (an increase of 45.3% compared to 19.5 million Euro at 31
December 2011) o EBIT profit of 9.8 million Euro (compared to loss
of 3.3 million Euro at 31 December 2011) o Consolidated net profit
of 2.9 million Euro (compared to net loss of 9.1 million Euro at 31
December 2011) o Net debt of 61.9 million Euro (compared to 90.1
million Euro at 31 December 2011)
Cavriago (Reggio Emilia), 14.03.13
The Board of Directors of Landi Renzo SpA met today under the
chairmanship of Stefano Landi to approve the Company's annual draft
financial statements for the year ending 31.12.12. Overall, 2012
saw high demand for LPG and CNG systems for motor vehicles, through
both the purchase of new cars and the retrofitting of existing
ones, despite a very challenging macroeconomic environment and,
above all, automotive market. Moreover, the rise of LPG and CNG
fuel systems occurred in a global context which, unlike in the
past, did not benefit from particular government subsidies. "2012
was a year of very significant results for the Group - says CEO
Claudio Carnevale. "The ability and willingness to innovate and
improve our products allowed us to gain market share in important
areas, as well as to provide LPG and CNG systems for new car
models. All this, together with the rationalisation of the
manufacturing process, caused a recover of profitability in a
challenging and changing market environment. Furthermore, over the
past year - continues Carnevale - we have integrated our product
portfolio with the new business of building CNG fueling stations
through the SAFE operation."
Consolidated results at 31.12.12 Revenues from sales and services
of the Group amounted to 275.2 million Euro, up 8.5% over the
previous year. Consolidated revenues for 2012 consisted, for a
total of 7.5 million Euro, of sales of the new company SAFE S.p.A.;
net of this contribution, the increase in sales revenue was 5.6%.
EBITDA was 28.3 million Euro, up 45.3% compared to 19.5 million in
2011. This increase is due to: growing sales volumes; manufacturing
optimisation aimed at reducing the cost of materials through
supplies rationalisating; improved product industrialisation and,
finally, the reduction and rationalisation of overheads already put
in place during the previous year.
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Press release
14 March 2013
EBIT was positive to the tune of 9.8 million Euro, compared to a
negative 3.3 million Euro in the previous year. The consolidated
pre-tax profit for 2012 was 5.6 million Euro, compared to a pre-tax
loss of 8.2 million Euro in 2011. Revenue analysis Revenues from
sales of LPG systems stood at 171.5 million Euro, while those
related to sales of CNG systems amounted to 82.2 million Euro.
Revenues from sales of products of the Other sectors (Alarm
Systems, Sound, Aquatronics and Robotics, Compressors) amounted to
21.6 million Euro. With regard to the geographical distribution of
revenues, in 2012 71.7% of the Group's sales were made abroad
(compared to 82.3% in 2011), with 30.9% coming from Europe and 40.8
% outside Europe, confirming the Group's historically strong
international presence. The Italian market is up 74.1% compared to
the prior-year period, and sales amounted to approximately 78.0
million Euro; this increase is due to higher demand for cleaner and
cheaper fuels (LPG and CNG) and the renewed product range for the
car manufacturing market, with Euro V-compliant systems. Revenues
in other European countries grew by 28.5% compared to last year:
the Group's sales benefited from the growth in the region's main
markets and the positive effect generated by the launch of a
completely renewed range of products for the After Market segment.
The market in South West Asia saw sales drop by 70.0% compared to
last year, mainly due to geopolitical factors that caused the
Iranian and Pakistani markets to slow down sharply. The American
market grew by 16.5% over 2011, while the Rest of the World saw a
25.9% increase due to sustained demand in the Far East Asian
markets.
Consolidated financial results at 31 December 2012 The Net
financial position at 31 December 2012 was negative at 61.9 million
Euro, compared to a negative 90.1 million Euro at 31 December 2011.
The significant 28.2 million Euro fall in debt is attributable to
higher profits as well as very favourable changes in Net Working
Capital. Equity amounted to 139.1 million Euro, compared to 137.0
million Euro at 31 December 2011.
Outlook 2013 As for the outlook, despite the continuation of the
difficulties linked to the macroeconomic situation and the key
market, the Group expects that turnover in 2013 will be more than
280 million Euro. It also expects that the EBITDA will be over 10%
of revenues.
Results of the parent company In 2012 Landi Renzo S.p.A. recorded
revenues of 136.7 million Euro compared to 112.6 million Euro in
2011, up by 21.4%. The 24.1 million Euro increase is mainly
attributable to growing LPG sales, primarily in Italy and Europe,
achieving significant volumes in the OEM segment, as well as the
consolidation of the After Market. EBITDA was positive to the tune
of 8.9 million Euro, compared to the 3.3 million Euro loss in
2011.
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Press release
14 March 2013
EBIT amounted to 470 thousand Euro at 31 December 2012, and was
influenced by amortisation and depreciation recognised in the year
totalling 8.4 million Euro, of which 5.5 million Euro in
amortisation of the tangible assets. Net profit for the year was
5.5 million Euro, compared to the 8.5 million Euro loss for 2011.
The net financial position at the end of 2012 was negative to the
tune of 59.7 million Euro, of which 33.9 million Euro in
medium-to-long term debt, compared to 87.3 million Euro in net debt
at 31 December 2011.
Report on Corporate Governance and Ownership and Remuneration
Policy The Board of Directors examined and approved the Report on
corporate governance and ownership structure as well as the Report
on Remuneration for 2012. Shareholders' meeting The Board of
Directors resolved to convene the ordinary and extraordinary
Shareholders' Meeting on 24 April 2013 on first call and 26 April
2013 on second call, at 9:00 am, at the Company's registered office
in Cavriago (Reggio Emilia), Località Corte Tegge, Via Nobel 2/4.
The ordinary Shareholders' Meeting will be asked to resolve upon
the approval of the financial statements at 31 December 2012 and
the declaration of the financial results, the first part of the
Annual Report on Remuneration, the appointment of the new members
of the corporate bodies, and the renewal of the authorization to
purchase and dispose of treasury shares. The buyback programme will
last 18 months from the resolution date. The extraordinary
Shareholders' Meeting will be asked to resolve upon the proposed
amendments to Articles 10, 12, 14 and 22 of the company by-laws,
mainly concerning the procedure for calling the Shareholders'
Meeting. During 2012, the Parent Company did not trade any treasury
shares or shares of parent companies, and it currently does not
hold treasury shares or shares of parent companies. The
subsidiaries do not hold shares in 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 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) 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
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.
3 www.landi.it
Press release
14 March 2013
For further information:
Landi Renzo Pierpaolo Marziali M&A and Investor Relations
Officer 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. +39
02.624999.1
IR Top Consulting Maria Antonietta Pireddu Tel. +39 02
45.47.38.84/3 ir@irtop.com
4 www.landi.it
Press release
14 March 2013
Landi Renzo S.p.A. Consolidated Financial statements
ASSETS (thousands of Euros) Non - cur r e n t assets Pr oper ty ,
plant and equipment Dev elopment expenditure Goodw ill Other
intangible assets w ith finite useful lives Other non-current
financial assets Def er r ed tax assets T o t al non-current assets
Cu r r e nt assets Tr ade receivables Tr ade receivables - related
parties Inv entor ies Other receivables and current assets Cur r
ent financial assets Cas h and cash equivalents T o t al current
assets T OTAL ASSETS EQUIT Y AND LIABILITIES (thousands of Euros)
Gr o u p shareholders' equity Shar e capital Other reserves Pr of
it (loss) for the period T o t al equity attributable to the
shareholders of the parent M in or it y interests T OTAL EQUITY Non
- cur r e n t liabilities Non- c ur r ent bank loans Other
non-current financial liabilities Pr ov is ions for risks and
charges Def ined benefit plans Def er r ed tax liabilities T o t al
non-current liabilities Cu r r e nt liabilities Bank overdrafts and
short-term loans Other current financial liabilities Tr ade
payables Tr ade payables - related parties Tax liabilities Other
current liabilities To t al current liabilities T OTAL LIABILITIES
AND EQUITY 62,017 24 55,722 58 2,445 9,286 129,552 326,226 69,878
125 55,903 61 6,458 7,216 139,641 336,859 38,465 25 5,077 3,466
10,583 57,616 40,119 49 4,860 2,835 12,351 60,214 11,250 124,322
2,863 138,435 623 139,058 11,250 134,154 - 9,138 136,266 738
137,004 69,010 229 65,928 14,213 116 38,629 188,125 326,226
31/12/2012 77,429 361 67,408 27,452 176 20,059 192,885 336,859
31/12/2011 32,972 8,365 55,582 27,169 203 13,810 138,101 35,096
10,346 55,582 29,506 170 13,274 143,974 31/12/2012 31/12/2011
5 www.landi.it
Press release
14 March 2013
CONSOL IDATED STATEMENT OF COMPREHENSIVE INCOME (thousands of
Euros) Re ve nu e s (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 Per s onnel expenses A
c c r uals , impairment losses and other operating expenses Gr o s
s Operating Profit A mor tiz ation, depreciation and impairment
losses of which: non recurring losses Ne t Operating Profit Financ
ial income Financ ial expenses Ex c hange rate gains and losses Pr
o f it (Loss) before tax Tax es Ne t profit (loss) for the Group
and m in o r it y interests, including: Minor ity interests Net
Profit (Loss) of the Group
31/12/2012 274,695 507 1,525 - 129,839 - 71,406 - 1,552 - 41,928 -
3,701 28,301 - 18,492 0 9,809 693 - 4,105 - 825 5,572 - 2,974 2,598
- 265 2,863
31/12/2011 252,312 1,217 1,646 - 124,018 - 66,693 - 1,528 - 39,896
- 3,563 19,477 - 22,737 - 4,316 - 3,260 482 - 3,610 - 1,825 - 8,213
- 926 - 9,139 -1 - 9,138
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Press release
14 March 2013
CONSOL IDAT ED CASH FLOW STATEMENT (am o u nt in thousands of euro)
Cas h flow from operating activities Pr of it (Loss) for the year
Adj us tments for: Depr ec iation A mor tiz ation of intangible
assets ( Rev er s al of) impairment losses on property, plant and
equipment impair ment loss on trade receivables Net finance costs
Gain on sale of property,plant and equipment Gain on curtailment
Tax expense Changes in: inv entories tr ade and other receivables
tr ade and other paybles pr ov is ions and employee benefits -
excluding gain on curtailment Cas h generated from operating
activities Inter es t paid inc ome taxes paid Ne t cash flow from
(for) operating activities
31/12/2012 31/12/2011
2,598 9,896 8,570 25 1,021 4,237 - 89 - 54 2,973 29,177 1,480
20,795 - 2,253 902 50,101 - 2,613 - 7,898 39,590
- 9,139 10,181 8,240 4,316 533 4,737 - 33 7 926 19,768 - 428 -
3,377 - 5,398 450 11,015 - 4,737 - 5,833 445
Cas h flow from investing activities Pr oc eeds from sale of
property, plant and equipment A c quis ition of property, plant and
equipment A c quis ition of intangible assets A c quis ition of
other investments Dev elopment expenditure Ne t cash used in
investing activities 2,686 - 9,862 - 845 0 - 3,273 - 11,294 569 -
10,495 - 1,307 52 - 3,089 - 14,270
Cas h flow from financing activities Net repayments and financings
pay ment of finance lease liabilities Div idends paid Ne t cash
from (used in) financing activities - 9,515 - 9,515 14,392 - 447 -
6,188 7,757
Ne t increase (decrease) in cash and cash equivalents
18,781
- 6,068
Cas h and cash equivalents at 1 January Ef f ec t of exchange rate
fluctuations on cash held Cas h and cash equivalents at 31
December
20,059 - 211 38,629
26,297 - 170 20,059
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Press release
14 March 2013
Landi Renzo S.p.A. Parent Company Financial statements
ASSETS ( in Euros) Non- cur r e nt assets Pr oper ty , plant and
equipment Dev elopment expenditure Goodw ill and other intangible
assets w ith finite useful lives Inv es tments in subsidiaries
Other non-current financial assets Other non-current assets Def er
r ed tax assets Tot al non-current assets Cur r e nt assets Tr ade
receivables Tr ade receivables to subsidiaries Inv entor ies Other
receivables and current assets Cur r ent financial assets Cas h and
cash equivalents Tot al current assets TOTAL ASSETS EQUITY AND
LIABILITIES (in Euros) Equit y Shar e capital Other reserves Pr of
it (loss) for the period TOTAL EQUITY Non- cur r e nt liabilities
Non- c ur r ent bank loans Other non-current financial liabilities
Pr ov is ions for risks and charges Def ined benefit plans Def er r
ed tax liabilities Tot al non-current liabilities Cur r e nt
liabilities Bank overdrafts and short-term loans Other current
financial liabilities Tr ade payables Tr ade payables - related
parties Liabilities to subsidiaries Tax liabilities Other current
liabilities Tot al current liabilities TOTAL LIABILITIES AND EQUITY
52,558,891 24,072 28,284,168 0 7,275,782 815,424 3,968,183
92,926,520 259,024,920 55,788,687 124,545 27,279,875 4,981
5,978,508 811,580 4,015,107 94,003,283 258,803,470 34,799,095
24,812 2,403,444 1,618,990 974,659 39,821,000 38,087,264 48,883
3,038,309 1,679,707 1,200,527 44,054,690 11,250,000 109,495,495
5,531,905 126,277,400 11,250,000 118,025,250 - 8,529,753
120,745,497 24,854,908 18,587,958 28,662,302 3,791,162 7,769,001
19,108,428 102,773,759 259,024,920 31/12/2012 32,304,547 24,243,496
28,566,101 12,798,635 3,997,053 2,122,670 104,032,502 258,803,470
31/12/2011 17,326,221 5,643,221 3,469,276 121,656,312 890,977
93,693 7,171,461 156,251,161 19,773,270 4,990,547 4,079,283
118,263,787 722,382 69,867 6,871,832 154,770,968 31/12/2012
31/12/2011
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Press release
14 March 2013
L ANDI RENZO S.p.A. STATEMENT OF COMPREHENSIVE INCOME (in Euros) Re
ve nu e s (goods and services) 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 Per s onnel expenses
A c c r uals , impairment losses and other operating expenses Gr o
s s Operating Profit A mor tiz ation, depreciation and impairment
losses Op e r at ing Profit Financ ial income Inc ome from
investments Financ ial expenses Ex pens es from investments Ex c
hange rate gains and losses Pr o f it (Loss) before tax Tax es Pr o
f it (loss) for the period
31/12/2012 136,703,141 580,944 - 70,471,878 - 39,156,606 -
17,890,200 - 913,837 8,851,564 - 8,381,251 470,313 217,684
8,535,186 - 3,100,727 - 479,260 - 185,088 5,458,108 73,797
5,531,905
31/12/2011 112,591,892 799,123 - 58,871,929 - 37,572,954 -
19,082,324 - 1,209,711 - 3,345,903 - 9,086,137 - 12,432,040 218,432
7,600,299 - 2,829,527 - 4,551,000 - 233,216 - 12,227,052 3,697,299
- 8,529,753
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Press release
14 March 2013
CASH FLOW STATEMENT (am ount in thousands of euros) Cas h flow from
operating activities Pr of it (Loss) for the year Adj us tments
for: Depr ec iation A mor tiz ation of intangible assets ( Rev er s
al of) impairment losses on property, plant and equipment Impair
ment losses on intangible assets impair ment loss on trade
receivables Net finance costs Gain from investments Gain on sale of
property,plant and equipment Gain on curtailment Tax expense
2012
2011
5,532
- 8,529
5,504 2,877
6,230 2,814 43
479 197 3,068 - 8,535 - 61 - 61 74 9,074
4,551 291 2,844 - 7,600 - 15 - 186 - 3,698 - 3,255
Changes in: inv entor ies tr ade and other receivables tr ade and
other paybles pr ov is ions and employee benefits - excluding gain
on curtailment Cas h generated from operating activities - 96
20,363 2,128 - 696 30,773 3,611 5,955 - 4,401 - 1,307 603
Inter es t paid Ne t cash flow from (for) operating activities
- 2,351 28,422
- 2,499 - 1,896
Cas h flow from investing activities Div idends received Pr oc eeds
from sale of property, plant and equipment A c quis ition of
subsidiary, net of cash acquired A c quis ition of property, plant
and equipment A c quis ition of intangible assets Dev elopment
expenditure Ne t cash used in investing activities 8,211 2,022 -
2,500 - 5,331 - 310 - 3,065 - 973 - 3,342 - 719 - 2,513 1,540 7,600
514
Cas h flow from financing activities Repay ment of borrow ings Net
granted and repaid loans to subsidiaries Div idends paid Ne t cash
from (used in) financing activities - 10,464 - 6,519 - 3,945 9,380
- 3,943 - 6,188 - 751
Ne t increase (decrease) in cash and cash equivalents
16,985
- 1,107
Cas h and cash equivalents at 1 January Cas h and cash equivalents
at 31 December
2,123 19,108
3,230 2,123
10 www.landi.it
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