Shareholders? AGM approves 2013 Annual Accounts and renews authorization for the purchase and sale of treasury shares
24 April 2014 - 11:39AM
Italian Regulatory (Text)
Press Release
April 24, 2014
Landi Renzo: Shareholders' AGM approves 2013 Annual Accounts and
renews authorization for the purchase and sale of treasury
shares
· · · 2013 Separate Financial Statements approved First Section of
the Remuneration Report pursuant to Article 123-ter of Legs. Decree
No. 58/1998 approved Authorization renewed for purchase and sale of
treasury shares
Cavriago (RE), April 24, 2014 The Shareholders' AGM of Landi Renzo,
held today, reviewed the 2013 Consolidated Financial Statements,
approved the 2013 Separate Financial Statements and renewed the
authorization to purchase and/or dispose of treasury shares. 2013
Separate Financial Statements The Shareholders' AGM approved the
2013 Separate Financial Statements and also the covering of the
loss for the year of Euro 15,582,930.64, through the utilisation of
the extraordinary reserve. Consolidated Revenues in 2013 totalled
Euro 222.8 million, reducing on Euro 275.2 million in 2012. The
EBITDA for the year was Euro 11.0 million, compared to Euro 28.4
million in 2012. The decrease relates to the sales performance and
the impact of heightened competition on sales prices. The Group has
begun to offset the impact through cost reduction and streamlining.
EBIT reports a loss of Euro 22.2 million; the reduction compared to
2012 (profit of Euro 9.9 million) is principally due to
non-recurring charges of Euro 15.6 million, related primarily to
the write-down of the Lovato Gas Cash Generating Unit goodwill. The
Pre-tax result reports a loss of Euro 26.8 million, of which Euro
15.6 million concerning non-recurring charges, compared to a profit
of Euro 5.7 million in 2012. The Net Loss amounted to Euro 25.6
million, of which Euro 15.6 million concerning non-recurring
charges, compared to a net profit of Euro 3.0 million in 2012. The
Net Financial Position reports a net debt of Euro 53.9 million,
improving on Euro 61.9 million at December 31, 2012. Net Equity
totalled Euro 109.8 million, compared to Euro 139.1 million at
December 31, 2012. Parent Company Revenues amounted to Euro 93.0
million (Euro 136.7 million in 2012); the performance principally
relates to the reduction in LPG line sales in Italy and in Europe,
with a drop in new cars supply, in addition to the stagnation of
the After Market. EBITDA reports a loss of Euro 0.6 million (profit
of Euro 8.9 million in 2012); personnel costs reduced 8.4% to Euro
16.4 million. EBIT saw a loss of Euro 8.9 million (profit of Euro
0.5 million in 2012), after amortisation and depreciation of Euro
8.3 million, of which Euro 3.4 million concerning intangible
assets. The Net Loss amounted to Euro 15.5 million (profit of Euro
5.5 million in 2012). Remuneration Report pursuant to Article 123
ter of Legs. Decree No. 58/1998 The AGM approved the First Section
of the Remuneration Report in accordance with Article 123-ter of
the Consolidated Finance Act and Article 84-quater of the Consob
Issuers' Regulation. Proposal to renew authorization for the
purchase and sale of treasury shares The AGM also authorized the
renewal of the purchase and/or disposal of treasury shares
programme, with prior revocation, where not utilised, of the
previous Shareholders' AGM motion of April 24, 2013. The principal
aims of the programme include: (a) to avail of interesting
investment and/or financial structure improvement opportunities for
the Company; (b) to undertake, in compliance with current
regulations, a stabilisation action on share price movements in
relation to market anomalies, improving the liquidity of the share;
(c) to utilise treasury shares: (i) within the stock option plans
for the executive directors, employees,
www.landi.it
1
Press Release
April 24, 2014
including senior managers and collaborators of the Company and of
the subsidiary companies, (ii) as part of acquisition operations or
for any issues of bond loans convertible into shares of the
Company, (iii) for efficient use of liquidity; (d) to utilise an
important management and strategic flexibility instrument. The
principal features of the proposed programme include: duration of
18 months from today's date; maximum number of ordinary shares with
a total nominal value, including shares held by the Company and
subsidiaries, not exceeding one-fifth of the entire share capital,
to be acquired at a price not lower or greater than 20% of the
share price recorded on the trading day preceding each purchase.
Each sales operation must be concluded at a price not lower or
greater than 20% of the share price recorded on the trading day
preceding the sales operation. In 2013 the Parent Company did not
trade treasury shares or holding company shares and currently does
not hold treasury shares or holding company shares. The subsidiary
companies do not hold shares in the Parent Company. Filing of
documentation The minutes of the Shareholders' AGM and a summary of
the voting will be made available in accordance with the provisions
required by law at the company's registered office, Borsa Italiana
and on the company's website www.landi.it. The executive
responsible for the preparation of the corporate accounting
documents Mr. Paolo Cilloni declares in accordance with Article 154
bis, paragraph 2, of Leg. Decree No. 58 of February 24, 1998, that
the accounting information contained in the present press release
corresponds to the underlying accounting documents, records and
accounting entries.
The present press release is available also on the company's
website www.landi.it. This press release is a translation. The
Italian version prevails. Landi Renzo is the global leader in the
LPG and Methane gas components and systems for motor vehicles
sector. The Company, based in Cavriago (Reggio Emilia) and with 60
years experience in the sector, is present in over 50 Countries,
with export sales of over 77%. Landi Renzo SpA has been listed on
the STAR segment of the MTA Market of Borsa Italiana since June
2007. LANDI RENZO Pierpaolo Marziali M&A and Investor Relations
Officer ir@landi.it Corrado Storchi Public Affairs Director
cstorchi@landi.it Tel. +39 0522.94.33 IR TOP CONSULTING Maria
Antonietta Pireddu, Domenico Gentile Tel. +39 02 45473884/3
ir@irtop.com
www.landi.it
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