Press Release
November 12, 2015
Landi Renzo: Board of Directors approves 9M 2015 Results
· · · · Revenues of Euro 145.6 million (Euro 173.9 million in 9M
2014) EBITDA of Euro 1.9 million (Euro 14.1 million in 9M 2014)
EBIT loss of Euro 9.6 million (profit of Euro 2.9 million in 9M
2014) Net Debt of Euro 72.1 million (Euro 63.7 million at June 30,
2015)
Cavriago (RE), November 12, 2015 The Board of Directors of Landi
Renzo, in a meeting chaired today by Stefano Landi, approved the
Interim Report at September 30, 2015. Stefano Landi, Chairman and
Chief Executive Officer of Landi Renzo stated: "The drop in the
price of oil has impacted the sector since the beginning of the
year, although these effects are beginning to ease. However, the
repercussions are evident in the results for the first nine months
of 2015. The alternative fuel sector continues to offer interesting
opportunities, both through new projects by car manufacturers and
through the methane conversion projects which many governments are
introducing. The investments necessary to tap into these
opportunities, in addition to the realities of the current
operating environment, require us to improve both operational and
organizational efficiency. Therefore, the Group has undertaken -
and continues to pursue - a range of cost reduction activities, in
order to regain a positive financial and profitability situation
already in 2016."
9M 2015 Key Financial Highlights Revenues reached Euro 145.6
million, compared to Euro 173.9 million in 9M 2014: this result was
achieved amid a sharp drop in the price of oil, down approx. 50% on
9M 2014, with direct impacts on the price of traditional fuels and,
as a consequence, reducing partially the economic saving related to
vehicles gas conversions. Revenues in the third quarter amounted to
Euro 47.5 million (Euro 61.6 million in the third quarter of 2014).
EBITDA amounted to Euro 1.9 million (Euro 14.1 million in 9M 2014):
the contraction is principally due to lower sales volumes,
increased price pressures and a less favorable product mix for the
After Market channel, which normally features higher margins.
Operating and overhead costs streamlining continues, with positive
and gradual recovery of the margin starting in the third quarter of
2015 (EBITDA of Euro 1.7 million, a 3.7% margin) compared to the
preceding quarters of 2015. First actions taken on the cost side
will benefit further in following quarters. EBIT reported a loss of
Euro 9.6 million (a profit of Euro 2.9 million in 9M 2014), after
amortizations and depreciations of Euro 11.5 million (Euro 11.2
million in 9M 2014). The Pre-tax result reported a loss of Euro
13.5 million (profit of Euro 1 million in 9M 2014). The Net Loss
amounted to Euro 11.3 million (loss of Euro 0.2 million in 9M
2014). The Net Debt was Euro 72.1 million, compared to Euro 63.7
million at June 30, 2015 and Euro 47.2 million at December 31,
2014. Sales overview Segments Gas Segment revenues amounted to Euro
131.8 million (Euro 158.2 million in 9M 2014). In particular:
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Press Release
November 12, 2015
· ·
.
Vehicle Systems (LPG and Methane) sales revenues reached Euro 116.6
million (Euro 136.4 million in 9M 2014); the reduction is
principally due to the drop in After Market channel revenues;
Distribution System sales revenues amounted to Euro 15.2 million
(Euro 21.8 million in the first nine months of 2014), due to delays
in a number of regions with geopolitical difficulties.
Other sector revenues (Anti-theft, Sound, Robotics, Oil&Gas and
other) totalled Euro 13.8 million (Euro 15.7 million at September
30, 2014). Regional performances Overseas revenues totalled Euro
117 million, 80.4% of total revenues (Euro 143.1 million in 9M
2014, 82.3%), confirming the recognized strong international focus
of the Landi Renzo Group. · Revenues in Italy amounted to Euro 28.6
million (Euro 30.8 million in 9M 2014). The decrease is mainly due
to the general decline in the number of conversions on the After
Market channel, which reduced 20.6% in the quarter on the previous
year according to the Ecogas Consortium figures. · In Europe,
revenues totalled Euro 62.5 million, reducing on the first nine
months of 2014 (Euro 80.3 million), due to contractions on a number
of Eastern European markets and to the temporary slowdown in
procurement by a major OEM client for the delay on the launch of a
new model platform. · In the Americas, sales reached Euro 29.2
million, up 5.7% (Euro 27.6 million in 9M 2014), thanks to improved
sales on the North American market of refuelling station
compressors. · In Asia and the Rest of the World, revenues amounted
to Euro 25.3 million (Euro 35.2 million), with the reduction due to
poor performances in a number of areas, including Thailand and
China. We highlight the strong sales in Iran, supported by the
gradual easing of international tensions, in addition to
development on the Middle Eastern market. Outlook On the basis of
the current sector outlook, revenues are expected between Euro 205
and 210 million for FY 2015. 2015 EBITDA, excluding eventual
non-recurring charges related to the cost streamlining, will be
between Euro 7 and 10 millions, thanks also to the efficiency
measures introduced, which are increasingly providing returns. The
Group will continue however to closely focus on operating and
management costs streamlining, in addition to the monitoring of the
economic and financial indicators. In parallel initiatives have
been implemented to fully grasp all opportunities in the sector
with the aim to increase the market impact of the Landi Group. The
executive officer responsible for the preparation of the financial
statements 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, together with the presentation, is
available also on the company's website. This press release is a
translation. The Italian version will prevail. 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 over 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
2 www.landi.it
Press Release
November 12, 2015
Attachments: · · · Consolidated Income Statement - 9M 2015
Consolidated Balance Sheet at September 30, 2015 Consolidated Cash
Flow Statement at September 30, 2015
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Press Release
November 12, 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 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 Gains (losses) on
exchange rate Gains (losses) on equity investments consolidated
using the equity method Pr o f it (Loss) before tax Cur r ent and
deferred taxes Pr o f it (loss) of the period for the Group and m
in or ity interests, including: Minority interests Pr of it (Loss)
of the period for the Group 30/09/2015 145,453 158 1,443 - 70,666 -
39,185 - 2,339 - 31,232 - 1,718 1,914 - 11,509 - 9,595 314 - 3,437
- 525 - 210 - 13,453 2,157 - 11,296 - 145 - 11,151 30/09/2014
172,824 1,110 1,254 - 79,724 - 45,386 - 1,870 - 31,760 - 2,323
14,125 - 11,245 2,880 339 - 3,172 1,015 -111 951 - 1,172 -221 109
-330
Bas ic earnings (loss) per share (calculated on 112,500,000
shares)
- 0.0991
- 0.0029
Diluted earnings (loss) per share
- 0.0991
- 0.0029
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Press Release
November 12, 2015
(thousands of Euros) ASSET S No n -cu r 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 err ed tax assets To t al non-current assets Cu r r e nt
assets Trade receivables Trade receivables - related parties Inv
entories Contr ac t w orks in progress Other receivables and
current assets Cas h and cash equivalents To t al current assets
TOTAL ASSETS 33,202 2,408 61,416 3,744 15,609 29,517 145,896
272,688 33,069 1,986 63,269 2,590 15,533 31,820 148,267 273,424
42,066 601 70,109 2,214 14,973 31,533 161,496 286,164 34,917 7,524
39,942 23,384 186 792 20,047 126,792 35,277 7,101 39,942 24,637 180
773 17,247 125,157 34,974 6,367 40,190 25,068 330 538 17,201
124,668 30/09/2015 31/12/2014 30/09/2014
( thous ands of Euros) EQUIT Y AND LIABILITIES Gr o up
shareholders' equity Shar e capital Other reserves Prof it (loss)
of the period To t al equity attributable to the shareholders of
the parent Minor ity interests TOTAL EQUITY No n -cu r r e nt
liabilities Non- c urr ent bank loans Other non-current financial
liabilities Prov is ions for risks and charges Def ined benefit
plans Def err ed tax liabilities To t al non-current liabilities Cu
r 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 To t al
current liabilities TOTAL EQUITY AND LIABILITIES 32,266 268 45,500
1,909 1,603 9,891 91,437 272,688 51,580 137 54,632 1,304 4,492
8,564 120,709 273,424 49,186 31 63,526 1,327 2,576 12,978 129,624
286,164 34,990 34,093 3,902 3,385 8,172 84,542 26,171 1,178 5,055
3,818 8,417 44,639 28,834 661 5,362 3,706 8,573 47,136 11,250
96,035 -11,151 96,134 575 96,709 11,250 98,018 - 1,783 107,485 591
108,076 11,250 97,847 -330 108,767 637 109,404 30/09/2015
31/12/2014 30/09/2014
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November 12, 2015
(thousands of Euros) ST AT 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 entor ies
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 207 -6
-6,326 -664 -3,536 -10,325 234 -330 -5,936 -362 -2,308 -8,702 699
-3,779 -8,722 -820 -11,022 -2,054 -969 -14,045 -7,701 -2,545 16,000
-1,146 18,904 -2,339 -1,146 15,419 6,480 5,029 329 3,648 -433
-2,157 1,600 6,893 4,352 315 1,818 -33 1,172 14,296 -11,296 -221
30/09/2015 30/09/2014
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 33,046 -10,495 22,551 -8,169 -8,169
Ne t increase (decrease) in cash and cash equivalents
-1,819
-1,452
Cas h and cash equivalents as 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 -484 29,517
32,953 32 31,533
6 www.landi.it
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