Press release
13 May 2011
Landi Renzo: Board of Directors approves results at 31 March
2011
Thanks to the consolidation of its international presence, the
Group partially counterbalances the relevant business decrease
registered in Europe during the first three months of 2011, however
in line with Group expectations o o o o Consolidated revenues 47.2
million (93.9 million at 31 March 2010) EBITDA loss 1.1 million
(18.4 million gain at 31 March 2010) EBIT loss 5.0 million (15.8
million gain at 31 March 2010) Consolidated net loss 5.3 million
(11.3 million net income at 31 March 2010)
Cavriago (Reggio Emilia), 13 May 2011
The Board of Directors of Landi Renzo SpA met today under the
chairmanship of Stefano Landi to approve the Company's quarterly
financial statements for the period ending 31 March 2011.
Consolidated net revenues decreased 49.8% from 93.9 million in 1Q10
to 47.2 million in 1Q11. After a 18.4 million gain in 1Q10, EBITDA
showed a 1.1 million loss in 1Q11, and EBIT went from a 15.8
million gain in 1Q10 to a 5.0 million loss in 1Q11. Claudio
Carnevale, Landi Renzo Chief Executive Officer, states, "The first
quarter ended with an acceleration in March after a slow start in
the first two months confirming in many regions of the world that
natural gas, along with LPG, is the top choice among alternative
and green fuels. Moreover, in many countries, Governments are
assessing major methanisation programs that could turn into
important development in the near future. In Italy, vehicles
fuelled by LPG and natural gas accounted for 4.8% of new
registrations in the first three months of the year: this is a
significant result taking into account that the supply of
LPG/natural gasfuelled Euro5 models was not immediate but rolled
out, and in any case lower than in 1Q10, just before new car
purchase incentives phased out. We are supporting car makers in the
introduction of their new LPG-fuelled Euro5 models: in the coming
months customers should be able to choose in a much wider range. In
addition, we believe that the aftermarket channel is still a major
alternative to offer to customers on both the Italian and
international markets: we believe that our assessment will be borne
out during the course of the year."
Consolidated results at 31 March 2011 Consolidated net revenues
decreased 49.8% from 93.9 million in 1Q10 to 47.2 million in 1Q11.
Compared to 1Q10, the breakdown of net revenues by sector is much
more balanced. Revenues from natural fuel system sales increased
13.1% to 19.7 million, accounting for 41.7% of total net revenues,
LPG system sales amounted to 51.8%, and anti-theft and sound system
sales accounted for the remaining 6.5%. The geographical breakdown
shows that Landi Group generated 83.4% of its consolidated revenues
abroad of which 26.2% in Europe, and 57.2% outside of Europe where
net sales increased 48.0 % to 27.0
1 www.landi.it
Press release
13 May 2011
million in 1Q11. The excellent performance outside of Europe is due
to the fact that the Company was able to effectively seize new
sales opportunities and take advantage of favourable market
conditions. Compared to 1Q10: the Southwest Asian market grew
74.3%, consistent with high growth rates in the natural gas
segment; the American market grew 45.8%, driven by the pick-up in
sales, especially in Brazil and Argentina, where the Group has
maintained a strong and constant presence; markets in the Rest of
the World increased 13.7%, driven by the high demand for natural
gas systems in Thailand, China, and India. EBITDA showed a 1.1
million loss compared to a 18.4 million gain in 1Q10. The EBIT loss
was 5.0 million in 1Q11 compared to a 15.8 million gain in the
year-before period. The net loss before taxes was 6.4 million
compared to net income before taxes of 16.4 million in 1Q10. The
consolidated net result was a 5.3 million loss compared to net
income of 11.3 million in 1Q10. The Net Financial Position totalled
a debt of 78.8 million. At 31 December 2010, the company reported
69.5 million in net debt, mainly due to use of cash for
operations.
The Manager in charge of preparing the financial reports, Paolo
Cilloni, declares pursuant to article 154 � bis, par. 2 of
Legislative Decree no. 58 of 24 February 1998 that the accounting
information provided herein corresponds to the documented results
and to the accounting books and entries. This press release is also
available on the company's website www.landi.it. This press release
is a translation. The Italian version will prevail
Landi Renzo is a world leader in the sector of LPG and CNG fuel
systems and components 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. For
further information: Landi Renzo Pierpaolo Marziali M&A and
Investor Relations Manager ir@landi.it Corrado Storchi External
Relations 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 Floriana Vitale, Maria Antonietta Pireddu Tel.
+39 02 45.47.38.84/3 ir.landi@irtop.com
2 www.landi.it
Press release
13 May 2011
Landi Renzo S.p.A. consolidated balance sheet
ASSETS (thousands of Euros) Non-current assets Property, plant and
equipment Development expenditure Goodwill Other intangible assets
with finite useful lives Other non-current financial assets
Deferred tax assets Total non-current assets Current assets Trade
receivables Trade receivables - related parties Inventories Other
receivables and current assets Current financial assets Cash and
cash equivalents Total current assets TOTAL ASSETS
31-mar-11
31-Dec-10
31-mar-10
37,613 5,763 66,225 28,988 281 11,366 150,236
38,551 5,563 66,225 29,27 288 9,473 149,37
29,573 4,381 51,961 16,895 195 9,679 112,684
65,653 902 71,212 25,12 149 22,757 185,793 336,029
80,185 712 66,98 21,348 131 26,297 195,653 345,023
119,302 58 64,195 11,344 137 46,499 241,535 354,219
3 www.landi.it
Press release
13 May 2011
EQUITY AND LIABILITIES (thousands of Euros) Group shareholders'
equity Share capital Other reserves Profit (loss) for the period
Total equity attributable to the shareholders of the parent
Minority interests TOTAL EQUITY Non-current liabilities Bank loans
Other non-current financial liabilities Provisions for risks and
charges Defined benefit plans Deferred tax liabilities Total
non-current liabilities Current liabilities Bank overdrafts and
short-term loans Other current financial liabilities Trade payables
Trade payables - related parties Tax liabilities Other current
liabilities Total current liabilities TOTAL LIABILITIES AND
EQUITY
31-mar-11
31-Dec-10
31-mar-10
11,25 140,635 -5,323 146,562 643 147,205
11,25 121,807 19,459 152,516 759 153,275
11,25 128,85 11,299 151,399 606 152,005
64,016 72 4,987 3,139 11,473 83,687
66,637 173 4,753 3,153 11,31 86,026
50,834 295 3,424 2,588 6,551 63,692
36,92 508 55,097 154 4,495 7,963 105,137 336,029
28,407 560 64,474 354 4,345 7,582 105,722 345,023
19,889 170 102,292 3,232 7,132 5,807 138,522 354,219
4 www.landi.it
Press release
13 May 2011
INCOME STATEMENT (thousands of Euros) Revenues (goods and services)
Revenues (goods and services) - related parties Other revenue and
income Cost of raw materials, consumables and goods and change in
inventories Cost of raw materials - related parties Costs for
services and use of third party assets Cost for services and use of
third party assets - related parties Personnel expenses Accruals,
impairment losses and other operating expenses Gross Operating
Profit Amortization, depreciation and impairment losses Operating
Profit Financial income Financial expenses Exchange rate gains and
losses Profit (Loss) before tax Taxes Net profit (loss) for the
Group and minority interests, including: Minority interests Net
Profit (Loss) of the Group
31-mar-11 46,545 623 211 -22,92 0 -14,486 -389 -10,147 -548 -1,111
-3,881 -4,992 91 -744 -737 -6,382 981 -5,401 -78 -5,323
31-mar-10 93,797 89 85 -34,216 -1,868 -28,573 -220 -9,39 -1,277
18,427 -2,644 15,783 44 -551 1,105 16,381 -4,759 11,622 323
11,299
Basic earnings (loss) per share (calculated on 112,500,000 shares)
Diluted earnings (loss) per share
-0,0473 -0,0473
0.1004 0.1004
OVERALL INCOME STATEMENT (thousands of Euros) Net profit for the
Group and minority interests Exchange rate differences from
conversion of foreign operations Other Equity movements from
foreign operations Profits/Losses recorded directly to Equity net
of tax effects Total overall result for the period
31-mar-11 -5,401 -668 0 -668 -6,069
31-mar-10 11,622 482 153 635 12,257
Profit for Shareholders of the Parent Company Minority
interests
-5,953 -116
11,763 494
5 www.landi.it
Press release
13 May 2011
CASH FLOW STATEMENT (thousands of Euros) Opening cash and cash
equivalents Opening cash and cash equivalents AEB S.p.A., Baytech
Corporation and AEB America Profit (Loss) before tax (less minority
interests) Amortization, depreciation and impairment losses
Impairment of intangible assets related to Lovato development costs
Net financial income and charges including exchange rate
differences Accruals to provisions for employee benefits
Utilization of provisions for employee benefits Other accruals less
utilization Net change in deferred taxes Current taxes (Increase)
decrease in current assets: Inventories trade receivables trade
receivables - related parties receivables due from others and other
assets (Increase) decrease in current liabilities: trade payables
trade payables - related parties payables to others and other
liabilities payables to others and other liabilities � related
parties Cash flow from (for) operating activities Changes in
non-current assets: Investments in intangible assets Disposals of
intangible assets Investments in property, plant and equipment
Disposals of property, plant and equipment Investments in other
non-current financial assets Cash flow from (used in) financing
activities Outlay for acquisition of AEB S.p.A. net of liquidity
Outlay for acquisition of Baytech Corporation net of liquidity Cash
flow for acquisition of equity investments Dividends paid in the
period Change in equity attributable to the shareholders of the
parent and minority interests Loans obtained/repaid to/from banks
and other financial backers during the period Payments for
reduction of payables for financial leasing Cash flow from (used
in) financing activities Total cash flow Closing cash and cash
equivalents
31-mar-11 -2,11
31-Dec-10 12,943
31-mar-10 12,943
0 -6,304 3,881 0 1,407 413 -405 234 0 -272
10,264 30,36 12,458 263 2,147 1,335 -896 2,575 4,004 -10,453
0 16,058 2,644 0 -598 352 -235 1,246 0 -265
-4,232 14,153 190 -3,79
-4,496 29,228 -520 -11,555
-5,36 -2,498 136 -1,676
-9,377 -200 531 0 -3,771
-27,361 -3,597 4,012 0 27,504
8,976 -11 4,536 -5 23,3
-1,425 40 -3,975 12 0 -5,348 0 0 0 0 0 -2,775 -159 -2,934 -12,053
-14,163
-4,379 0 -10,047 852 -37 -13,611 -34,5 -10,742 -45,242 -6,975 153
13,157 -303 6,032 -25,317 -2,11
-1,611 0 -5,357 27 -59 -7.000 0 0 0 0 153 -2,786 0 -2,633 13,667
26,61
6 www.landi.it
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