Press Release
August 27, 2015
Landi Renzo: Board of Directors approves H1 2015 Results
· · · · · Revenues of Euro 98.1 mln (Euro 112.4 mln in H1 2014)
EBITDA of Euro 0.16 mln (Euro 7.6 mln in H1 2014) EBIT loss of Euro
7.6 mln (Euro 0.2 mln in H1 2014) Net Loss of Euro 7.2 mln (loss of
Euro 1.8 mln in H1 2014) Net Debt of Euro 63.7 mln (debt of Euro
58.2 mln at March 31, 2015)
Cavriago (RE), August 27, 2015 The Board of Directors of Landi
Renzo, in a meeting chaired today by Stefano Landi, approved the
HalfYear Report at June 30, 2015. "The general economic and
geopolitical conditions in the first six months of 2015 were
particularly challenging, also in view of the considerable and
continuing drop in the price of oil and the consequent impact on
the alternative fuels sector. Despite these repercussions  stated
Chief Executive Officer Stefano Landi  prospects remain
encouraging, as seen for example from the Italian LPG and methane
new vehicle registration figures and from the methane projects
undertaken and supported by a number of countries. The Group
therefore continues to invest in the innovation necessary to
consolidate its sector leadership and to tap into all available
opportunities; important cost streamlining actions also continue,
which will be reflected in margins from the second half of 2015".
H1 2015 Key Financial Highlights Revenues totalled Euro 98.1
million, compared to Euro 112.4 million in H1 2014: this result was
achieved amid a drop in the price of oil, down approx. 46% on H1
2014, with direct impacts on the price of traditional fuels and on
the number of vehicle conversions on the After Market channel.
EBITDA amounted to Euro 0.16 million (Euro 7.6 million in H1 2014).
The reduction is due to the lower volumes in the period and the
altered sales mix, with the After Market channel strongly impacted
- it features higher margins; costs were also incurred of approx.
Euro 0.35 million for the transfer of a production plant form an
external factory to a local unit already operating within the Group
in order to optimise production and streamline industrial costs.
EBIT saw a loss of Euro 7.6 million (Euro 0.2 million in H1 2014),
after amortisation and depreciation of Euro 7.7 million (Euro 7.5
million in H1 2014). The Pre-tax result was a loss of Euro 8.9
million (loss of Euro 1.7 million in H1 2014); net financial
charges of Euro 1.3 million were reported, improving on Euro 1.8
million in H1 2014. The Net Loss was Euro 7.2 million (loss of Euro
1.8 million in H1 2014). The Net Debt totalled Euro 63.7 million
(debt of Euro 58.2 million at March 31, 2015). Shareholders' Equity
amounted to Euro 101.3 million (Euro 108.1 million at December 31,
2014). Sales overview Segments Gas Segment revenues amounted to
Euro 90.4 million (Euro 102.2 million in H1 2014). In particular: ·
Vehicle System (LPG and Methane) sales revenues amounted to Euro
79.2 million (Euro 91.5 million in H1 2014); the reduction is
principally due to the impact on the After Market channel from the
drop in oil prices, partially offset by the good OEM channel
performance; · Distribution System sales revenues amounted to Euro
11.2 million (Euro 10.6 million in H1 2014).
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Press Release
August 27, 2015
Other sector revenues (Anti-theft, Sound, Aquatronics, Robotics,
Oil&Gas and other) totalled Euro 7.8 million (Euro 10.2 million
in H1 2014). Regional performances Overseas revenues totaled Euro
78.2 million, 79.7% of total revenues (Euro 90.2 million in H1
2014, 80.3%), confirming the recognised historically strong
international focus of the Landi Renzo Group. · Revenues in Italy
totalled Euro 19.9 million, reducing 10.3% compared to H1 2014. The
decrease is principally due to the general performance of
conversions on the After Market channel, which reduced in the
period on the previous year according to the Ecogas Consortium
figures. Despite this reduction, the domestic market share of the
Landi Group on the After Market channel was close to 33%. · In
Europe, revenues amounted to Euro 44.4 million compared to Euro
48.7 million in H1 2014, principally due to poor performances on a
number of Eastern European markets impacted by geopolitical
instability. · In the Americas, revenues totalled Euro 17.4
million; the contained decrease on H1 2014 (Euro 18.4 million)
reflects the strong performances in Brazil, Argentina and Columbia.
· In Asia and the Rest of the World, revenues totalled Euro 16.4
million, reducing 29%, substantially due to weak sales in a number
of areas. We highlight the strong sales in Iran, more than doubling
on the first half of 2014 - supported by the gradual easing of
international tensions.
Outlook Current sector conditions, with difficulties related to
general economic and geopolitical factors, reduce the Group's
visibility: 2015 revenues are expected at approx. Euro 210 million,
with 2015 EBITDA of approx. Euro 10 million. The Group will
continue to closely focus on operating and management cost
streamlining, in addition to the monitoring of the economic and
financial indicators. Multi-voting rights The Board of Directors
today also approved the Regulation governing the process for
inclusion in the Special List of shareholders for the obtaining of
multi-voting rights. The Regulation and the registration form are
available to shareholders on the company website
http://www.landi.it, in the Investor Relations, Governance,
Multi-vote shares section.
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 on the company website and
at www.1info.it. The present press release, together with the
presentation, is available also on the company's website. At 4 PM
the Group Top Management will hold a teleconference. Connection
details are available on the company website in the Investor
Relations section. Landi Renzo is the global leader in the LPG and
Methane gas components and systems for motor vehicles sector. The
Company is based in Cavriago (Reggio Emilia) and has over 60 years'
experience in the sector, is renowned for the extent of its
international activities in over 50 Countries, with export sales of
approx. 80%. 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 Officer
cstorchi@landi.it Tel. +39 0522.94.33 IR TOP CONSULTING Maria
Antonietta Pireddu, Domenico Gentile Tel. +39 02 45473884/3
ir@irtop.com
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Press Release
August 27, 2015
Attachments: · Consolidated Income Statement H1 2015 · Consolidated
Balance Sheet at June 30, 2015 · Consolidated Cash Flow Statement
at June 30, 2015
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Press Release
August 27, 2015
(thousands of Euros) INCOM E STATEMENT Rev enues (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 Â
related parties Per s onnel expenses A c c r uals , impairment
losses and other operating expenses Gr os s Operating Profit A
mortiz ation, depreciation and impairment losses Ne t Operating
Profit Financ ial income Financ ial expenses Gains (losses) on
exchange rate Gains (losses) on equity investments consolidated
using the equity method Pr of it (Loss) before tax Cur rent and
deferred taxes Pr of it (loss) of the period for the Group and m in
or ity interests, including: Minority interests Prof it (Loss) of
the period for the Group 30/06/2015 97,990 135 864 -46,701 -27,098
-1,561 -22,206 -1,263 160 -7,716 -7,556 224 -2,101 597 -100 -8,936
1,703 -7,233 -64 -7,169 30/06/2014 111,618 752 876 - 50,635 -
30,025 - 1,248 - 21,921 - 1,770 7,647 - 7,481 166 219 - 2,237 217 -
77 - 1,712 - 94 - 1,806 64 - 1,870
Bas ic earnings (loss) per share (calculated on 112,500,000
shares)
-0.0637
- 0.0166
Diluted earnings (loss) per share
-0.0637
- 0.0166
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Press Release
August 27, 2015
(thousands of Euros) ASSET S Non -cur r e nt assets Proper ty ,
plant and equipment Dev elopment expenditure Goodw ill Other
intangible assets w ith finite useful lives Equity investments
consolidated using the equity method Other non-current financial
assets Def er red tax assets T ot al non-current assets Cur r e nt
assets Trade receivables Trade receivables - related parties Inv
entories Contrac t w orks in progress Other receivables and current
assets Cas h and cash equivalents T ot al current assets T OT AL
ASSETS 38,001 2,426 67,382 3,993 15,787 58,942 186,531 313,428
33,069 1,986 63,269 2,590 15,533 31,820 148,267 273,424 41,301 593
68,024 4,812 17,093 28,127 159,950 285,463 35,118 7,491 39,942
23,802 297 797 19,450 126,897 35,277 7,101 39,942 24,637 180 773
17,247 125,157 34,674 6,329 40,190 25,518 364 535 17,903 125,513
30/06/2015 31/12/2014 30/06/2014
( thous ands of Euros) EQUIT Y AND LIABILITIES Gr ou p
shareholders' equity Share capital Other reserves Prof it (loss) of
the period T ot al equity attributable to the shareholders of the
parent Minority interests T OT AL EQUITY Non -cur r e nt
liabilities Non-c urrent bank loans Other non-current financial
liabilities Prov is ions for risks and charges Def ined benefit
plans Def er red tax liabilities T ot al non-current liabilities
Cur r e nt liabilities Bank overdrafts and short-term loans Other
current financial liabilities Trade payables Trade payables -
related parties Tax liabilities Other current liabilities T ot al
current liabilities T OT AL EQUITY AND LIABILITIES 56,041 268
59,569 1,756 2,360 9,707 129,701 313,428 51,580 137 54,632 1,304
4,492 8,564 120,709 273,424 47,286 25 67,192 1,101 4,120 9,671
129,395 285,463 32,299 34,041 4,399 3,374 8,324 82,437 26,171 1,178
5,055 3,818 8,417 44,639 30,138 661 5,190 3,613 8,816 48,418 11,250
96,549 -7,169 100,630 660 101,290 11,250 98,018 -1,783 107,485 591
108,076 11,250 97,748 -1,870 107,128 522 107,650 30/06/2015
31/12/2014 30/06/2014
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Press Release
August 27, 2015
(thousands of Euros) STAT EM ENT OF CASH FLOWS Cas h flow from
operating activities Prof it (Loss) of the period Adj us tments
for: Deprec iation A mortiz ation of intangible assets impairment
loss on trade receivables Net finance costs including forex
exchange Gain on curtailment Tax expense Changes in: inv entories
trade and other receivables trade and other paybles prov is ions
and employee benefits Cas h generated from operating activities
Interes 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 f f iliates
consolidated using the equity method 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 111
-117 -4,335 -414 -2,475 -7,230 226 -364 -3,329 -186 -1,432 -5,085
-5,516 -8,068 6,942 -356 -7,167 -1,562 -582 -9,311 -8,214 -4,620
17,856 -1,161 11,592 -1,857 -471 9,264 4,383 3,333 215 1,280 -444
-1,703 -169 4,593 2,888 287 1,801 -126 94 7,731 -7,233 -1,806
30/06/2015 30/06/2014
Cas h flow from financing activities Net proceeds from the issue of
bonds Net repayments and financings Ne t cash from (used in)
financing activities 32,994 10,589 43,583 -8,771 -8,771
Ne t increase (decrease) in cash and cash equivalents
27,042
-4,592
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
the period
31,820 80 58,942
32,953 -234 28,127
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