Press Release
27 August 2013
Landi Renzo: The BoD approves the results as at 30 June 2013
o Revenues: 112.0 million Euro (139.2 million Euro as at 30 June
2012) o EBITDA: 5.1 million Euro (16.2 million Euro as at 30 June
2012) o Write off, without any impact on cash flows, negative to
the tune of 15.2 million Euro due to non-recurring charges related
to intangible assets o EBIT negative to the tune of 19.1 million
Euro (3.9 million Euro loss net of the write off), compared to 7.0
million Euro gains as at 30 June 2012 o Net loss amounting to 20.9
million Euro (5.7 million loss net of the write off), compared to a
2.8 million Euro profit as at 30 June 2012 o Net Debt: 61.3 million
Euro (71.6 million Euro as at 30 June 2012)
Cavriago (RE), 27 August 2013 The Board of Directors of Landi Renzo
met today under the chairmanship of Stefano Landi to approve the
Company's half-year financial statements for the period ending 30
June 2012. "2013 is certainly a challenging year - says Stefano
Landi, chairman and CEO of the Group Nonetheless, car
manufacturers investing in the segment, governments' plans to adopt
LPG and CNG fuel systems for public transportation, and several
countries safeguarding the environment with cleaner fuels are
factors that make the outlook for the industry and our Group
promising. Both through strategic investments, especially in
research, and further actions aimed at boosting efficiency, the
Group is positioning itself to seize as many of the above
opportunities as possible. Examples from the first six months of
the year are the launch of the dual fuel technology (diesel and
CNG) on the market, expanding the options for heavy vehicles and
public transportation, as well as the ongoing manufacturing and
distribution of SAFEbranded gas compressors, allowing us to win
significant orders in Italy and abroad."
Consolidated results at 30 June 2013 Landi Group's consolidated
financial statements as at 30 June 2013 showed a 20.9 million Euro
loss (of which 15.2 million Euro due to non-recurring charges
related to the partial write off of goodwill allocated to the Cash
Generating Unit Lovato Gas, without any impact on financial
resources), compared to a 2.8 million Euro profit in the first half
of 2012. Revenues totalled 112.0 million Euro, down 19.5% compared
to the prior-year period. EBITDA amounted to 5.1 million Euro,
compared to 16.2 million Euro in June 2012, dropping by 68.6% EBIT
was negative to the tune of 19.1 million Euro, of which 15.2
million Euro for non-recurring charges, compared to 7.0 million
Euro gains in June 2012. Normalised EBIT, net of the above
impairment losses, was negative to the tune of 3.9 million Euro.
The net loss amounted to 20.9 million Euro (of which 15.2 million
Euro due to non-recurring charges), compared to a 2.8 million Euro
profit in the prior-year period.
Breakdown of revenues Revenues from the sales of the GAS Sector's
products and services fell by 25.0%, from 132.1 million Euro in the
first half of 2012 to 99.0 million Euro in the first half of 2013.
Revenues from the sales of products in the Alarm Systems, Sound,
Compressors and Other Sectors rose
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Press Release
27 August 2013
from around 7.1 million Euro in the first half of 2012 to 13.0
million Euro, up 83.4%. The increase was mainly due to the
expansion of the sector's scope, which now includes the
"Compressors" segment. In the first half of 2013, the Landi Group
realized 73.6% of consolidated revenues abroad (69.1% as at 30 June
2012). During the reporting period, revenues from the Italian
market dropped by 31.1% year-on-year. The main cause was the
adverse macroeconomic scenario, which weighed also on the demand
for LPG/CNG fuel systems for motor vehicles, especially as far as
the retrofitting of used cars is concerned. In Europe, revenues
dropped by 15.0% from the prior-year period, although a number of
eastern markets bucked the trend and there were promising signs of
improvement. In the first half of 2013, the American market fell by
2.5% compared to the prior-year period. The decrease was mainly due
to Venezuela, which is going through a challenging political and
institutional transition. The other American markets show promising
signs of growth. Asia and the Rest of the World were down 20.4%
compared to the first half of 2012, mainly due to lacklustre demand
in countries such as, among others, Pakistan. Growth in other
markets did not offset such a negative performance.
Equity and financial results at 30 June 2013 Net Debt amounted to
61.3 million Euro as at 30 June 2013, compared to 64.6 million Euro
as at 31 March 2013 (71.6 million Euro as at 30 June 2012). As at
30 June 2013, Shareholders' equity totalled 117.7 million Euro,
compared to 139.8 million euro as at 30 June 2012.
Outlook In 2013, the Landi Group expects to generate 210 to 240
million Euro in revenues and to achieve a consolidated EBITDA
margin between 3% and 6%.
In compliance with the provisions of art. 2428 of the Italian Civil
Code, it should be noted that during the first half of 2013 the
Parent Company did not trade any treasury shares or shares of
parent companies and currently does not hold any treasury shares or
shares of parent companies. 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 slide, is also available on the company's
website www.landi.it . A conference call will be hold by Top
Management at 4 pm CET. Details to get connected are available on
the website in investor relations section. 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 rate
of its revenues and the extent of its international operations,
with a presence in over 50 countries and with over 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.
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Press Release
27 August 2013
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
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Press Release
27 August 2013
( thous ands of Euros) CONSOL IDATED STATEMENT OF COMPREHENSIVE
INCOME 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 witch non recurrent Ne t Operating Profit Financ ial
income Financ ial expenses Gains (losses) on exchange rate Pr o f
it (Loss) before tax Cur r ent and deferred taxes 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 30/06/2013 111,643 358
1,063 - 52,319 - 31,120 - 801 - 22,292 - 1,456 5,076 - 24,209 -
15,200 - 19,133 294 - 1,932 - 888 - 21,659 723 - 20,936 - 52 -
20,884 30/06/2012 restated * 139,143 12 959 - 62,422 - 37,961 - 788
- 21,577 - 1,212 16,154 - 9,149 7,005 352 - 2,177 -9 5,171 - 2,251
2,920 119 2,801
Bas ic earnings (loss) per share (calculated on 112,500,000
shares)
- 0.1856
0.0249
Dilu t e d earnings (loss) per share
- 0.1856
0.0249
*2012 items are restated according IAS 19 revised
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Press Release
27 August 2013
(thousands of Euros) ASSET S Non - cu r 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 err 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 62,245 225 71,879 16,789 0 37,124 188,262 69,010 229 65,928
14,213 116 38,629 188,125 92,423 285 79,028 20,549 174 24,978
217,437 35,139 7,019 40,382 27,365 1,101 15,275 126,281 32,972
8,365 55,582 27,169 203 13,810 138,101 33,341 8,875 55,582 28,233
192 13,992 140,215 30/06/2013 31/12/2012 30/06/2012 restated *
restated *
T OTAL ASSETS
314,543
326,226
357,652
*2012 items are restated according IAS 19 revised
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Press Release
27 August 2013
(thousands of Euros) EQUITY AND LIABILITIES Gr o up 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
ino r it y interests T OTAL EQUITY Non - cu r 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 err
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 51,443 24 65,187
444 3,931 10,138 62,017 24 55,722 58 2,478 9,286 65,978 74 86,358
61 7,039 8,587 46,956 25 5,987 3,367 9,327 65,662 38,465 25 5,077
3,466 10,550 57,583 30,442 49 5,292 2,938 10,986 49,707 11,250
126,789 - 20,884 117,155 559 117,714 11,250 124,234 2,951 138,435
623 139,058 11,250 125,017 2,801 139,068 780 139,848 30/06/2013
31/12/2012 30/06/2012 restated * restated *
T o t al current liabilities
131,167
129,585
168,097
T OTAL LIABILITIES AND EQUITY
314,543
326,226
357,652
*2012 items are restated according IAS 19 revised
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Press Release
27 August 2013
(thousands of euro) CONSOLIDATED CASH FLOW STATEMENT Cas h flow
from operating activities Prof it (Loss) for the year Adj us tments
for: Deprec iation A mor tiz ation of intangible assets (Rev er s
al of) impairment losses on property, plant and equipment impair
ment loss on intangible assets impair ment loss on trade
receivables Net finance costs Gain on sale of property,plant and
equipment Gain on curtailment Tax expense 4,814 4,172 23 15,200 170
2,526 -43 -94 -723 5,109 Changes in: inv entories tr ade and other
receivables tr ade and other paybles prov is ions and employee
benefits Cas h generated from operating activities Inter es t paid
inc ome taxes paid Ne t cash flow from (for) operating activities
Cas h flow from investing activities Proc 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 Cas h flow from financing activities Net
repayments and financings Ne t cash from (used in) financing
activities Ne t increase (decrease) in cash and cash equivalents
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 the end of
period -2,084 -2,084 -1,355 38,629 -150 37,124 -13,577 -13,577
4,884 20,059 35 24,978 132 -5,264 -2,509 -476 -1,402 -9,519 478
-3,850 -1,062 -21 -1,238 -5,693 -5,951 1,777 11,400 440 12,775
-1,776 -751 10,248 -11,621 -10,872 31,775 1,105 26,936 -1,630
-1,152 24,154 392 1,834 -75 78 2,251 16,549 4,812 4,337 -20,936
2,920 30/06/2013 30/06/2012 restated *
*2012 items are restated according IAS 19 revised
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