Press Release
10 May 2013
Landi Renzo's Board of Directors has approved the interim financial
statements as at 31 March 2013
o o o o o Revenues of 53.1 million Euro (59.6 million Euro as at 31
March 2012) EBITDA of 1.7 million Euro (5.8 million Euro as at 31
March 2012) EBIT loss of 2.8 million Euro (EBIT profit of 1.3
million Euro as at 31 March 2012) Net loss of 2.6 million Euro (0.6
million Euro as at 31 March 2012) Net debt of 64.6 million Euro
(96.5 million Euro as at 31 March 2012)
Cavriago (RE), 10 May 2013 The Landi Renzo's Board of Directors met
today under the chairmanship of Stefano Landi to approve the
Company's interim financial statements as at 31 March 2013.
Consolidated net revenues amounted to 53.1 million Euro as at 31
March 2013 compared to 59.6 million Euro as at 31 March 2012, down
by 10.9%. EBITDA decreased to 1.7 million Euro from 5.8 million
Euro as at 31 March 2012. EBIT was negative to the tune of 2.8
million Euro, compared to a profit of 1.3 million Euro in the
prior-year period. "First quarter's results says Chairman and CEO
Stefano Landi are in line with our forecasts. Within this
challenging environment, the Group has managed to increase its
presence in key geographical areas such as Italy, for example. We
are committed to pursue this strategy during the year and further
increase margins by recovering efficiency." Consolidated results as
at 31 March 2013 Consolidated net revenues decreased by 10.9% to
53.1 million Euro compared to 59.6 million Euro as at 31 March
2012. In the first quarter, revenues from the sale of LPG systems
decreased by 8.4% from 36.7 million Euro in the first quarter of
2012 to 33.6 million Euro in the first quarter of 2013. Revenues
from the sale of CNG fuel systems also fell from 19.7 to 13.5
million Euro. In terms of geographical distribution, the Landi
Renzo Group achieved 68.7% of its consolidated sales abroad (35.5%
in Europe, 33.2% outside of Europe). The good trend of revenues
from the Italian car manufacturing companies were not able to
offset the drop in the after market channel, due to the current
macroeconomic scenario. Therefore sales in this market decreased by
9.6% on the prior-year period and they amount to 16.6 million Euro
in first quarter 2013. In Europe, some countries which have an
important role in the sector development recorded significant
results, partially offsetting the drop recorded in other areas.
Thus revenues fell by 6.1% compared to the prior-year period when
they amounted to 20.0 million Euro. In Asia and in the Rest of the
world, sales decreased by 15.7% compared to the first quarter of
2012 due mainly to the disappointing demand in Pakistan and despite
a sharp increase in the Far East. Total sales in this area are,
therefore, 10.8 million Euro in first quarter 2013. The good
performance registered in key American markets partially offset the
drop in sales recorded in Venezuela, which is now going through a
crucial political and institutional phase. Therefore, revenues
1 www.landi.it
Press Release
10 May 2013
dropped by 17.7% on the prior-year period and they amount to 6.8
million Euro in first quarter 2013. EBITDA amounted to 1.7 million
Euro, down by 4.1 million Euro compared to the prior-year period
(EBITDA of 5.8 million Euro). EBIT was negative to the tune of 2.8
million Euro, compared to a profit of 1.3 million Euro posted in
the first quarter of 2012. The pre-tax loss amounted to 3.3 million
Euro compared to the 461 thousand Euro loss as at 31 March 2012. In
the first quarter of 2013 the Group recorded a 2.6 million Euro net
loss compared to a net loss of 625 thousand Euro in the same period
of 2012. Net debt amounted to 64.6 million Euro as at 31 March 2013
compared to 61.9 million Euro as at 31 December 2012. Despite the
uncertainties surrounding the macroeconomic scenario and the
reference market, the Group confirms a positive outlook for 2013
with sales over 280 million Euro and EBITDA margin over 10%.
Significant events after the reporting period and outlook After the
reporting period, on 24 April 2013 the Shareholders' Meeting
resolved, among other things, to: allocate Landi Renzo S.p.A.'s
profit of 5,531,903.97 Euro to the Extraordinary Reserve, authorise
once again the purchase and sale of treasury shares; appoint
Corporate Bodies, due to be in charge until approval of financial
statements as at 31 December 2015; change Articles 10, 12, 14 and
22 of the ByLa w s . On 24 April 2013 the Board of Directors
appointed Stefano Landi as CEO. In April 2013, Landi Renzo's
subsidiary SAFE S.p.A. closed the acquisition of the business
branch producing gas-processing compressors useful for multiple
applications from Agave S.r.l. (formerly SAFE s.r.l.), in
liquidation and in composition with creditors. The consideration
paid amounted to approximately 3.5 million Euro.
Paolo Cilloni, Manager in charge of preparing the financial
reports, declares pursuant to Article 154-bis, paragraph 2 of
Legislative Decree no. 58 dated 24 February 1998 that the
accounting information provided herein is in line with the
documented results and the accounting books and entries. This press
release and a relevant report are also available on the company's
website www.landi.it 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) 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 about 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.
2 www.landi.it
Press Release
10 May 2013
For further information: Landi Renzo Pierpaolo Marziali M&A and
Investor Relations Officer ir@landi.it Corrado Storchi Public
Affair 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
3 www.landi.it
Press Release
10 May 2013
CONSOL IDAT ED STATEMENT OF COMPREHENSIVE INCOME (thousands of
Euros) Re ve n u 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 Ne t Operating Profit Financ ial income Financ ial expenses
Ex c hange rate gains and losses Pr of it (Loss) before tax Tax es
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
31/03/2013 53,048 80 182 - 23,430 - 15,834 - 392 - 11,005 - 922
1,726 - 4,518 - 2,791 184 - 875 177 - 3,305 700 - 2,605 - 10 -
2,595
31/03/2012 restated 59,596 2 843 - 25,638 - 17,943 - 390 - 10,020 -
601 5,849 - 4,543 1,306 133 - 1,060 - 840 - 461 - 194 - 655 - 30 -
625
Since first quarter 2013 the Group implements and backdates IAS 19
in accordance with Rule CE n. 475-2012. So data for 2012 are
restated.
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Press Release
10 May 2013
CONSOLIDATED STATEMENT OF FINANCIAL POSITION ASSETS (thousands of
Euros) Non- cu r r e nt assets Proper ty , plant and equipment Dev
elopment expenditure Goodw ill Other intangible assets w ith finite
useful lives Other non-current financial assets Def er red tax
assets To tal non-current assets Cur r e nt assets Trade
receivables Trade receivables - related parties Inv entor ies Other
receivables and current assets Cur rent financial assets Cas h and
cash equivalents Tot al current assets TOT AL ASSETS 65,615 229
73,631 17,929 112 34,527 192,043 330,850 69,010 229 65,928 14,213
116 38,629 188,125 326,226 82,559 296 72,052 27,466 176 23,568
206,117 346,991 33,349 7,719 55,582 26,811 665 14,681 138,807
32,972 8,365 55,582 27,169 203 13,810 138,101 32,994 9,579 55,582
28,825 171 13,723 140,874 31/03/2013 31/12/2012 31/03/2012 restated
restated
EQUITY AND LIABILITIES (thousands of Euros) Gr ou p shareholders'
equity Shar e capital Other reserves Prof it (loss) for the period
Tot al equity attributable to the shareholders of the parent M inor
ity interests TOT AL EQUITY Non- cu r r e nt liabilities Non- c ur
r ent bank loans Other non-current financial liabilities Prov is
ions for risks and charges Def ined benefit plans Def er red tax
liabilities To tal 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 Tot al current liabilities
TOT AL LIABILITIES AND EQUITY
31/03/2013
31/12/2012 31/03/2012 restated restated 11,250 124,234 2,951
138,435 623 139,058 38,465 25 5,077 3,466 10,583 57,616 62,017 24
55,722 58 2,445 9,286 129,552 326,226 11,250 124,719 - 625 135,344
628 135,972 38,052 49 5,066 2,877 11,780 57,824 81,891 125 56,267
300 6,784 7,828 153,195 346,991
11,250 127,434 - 2,595 136,089 622 136,711 46,964 25 5,650 3,393
9,792 65,824 52,143 24 62,767 10 4,270 9,101 128,315 330,850
5
www.landi.it
Press Release
10 May 2013
CONSOLIDATED CASH FLOW STATEMENT (am ou nt in thousands of euro)
Cas h flow from operating activities Pr of it (Loss) for the year
Adj us tments for: Depr ec iation A mor tiz ation of intangible
assets (Rev er s al of) impairment losses on property, plant and
equipment impair ment loss on trade receivables Net finance costs
Gain on sale of property,plant and equipment Gain on curtailment
Tax expense Changes in: inv entor ies tr ade and other receivables
tr ade and other paybles pr ov 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 Pr oc 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
31/03/2013
31/12/2012 31/03/2012 restated restated
- 2,604 2,437 2,060 21 71 514 - 24 - 90 - 700 1,685 - 7,704 - 849
8,638 126 1,896 - 280 - 368 1,248
2,686 9,896 8,570 25 1,021 4,237 - 89 -142 2,973 29,177 1,480
20,795 - 2,253 902 50,101 - 2,613 - 7,898 39,590
- 655 2,259 2,284 42 1,418 707 130 6,185 -4,644 -6,023 1,215 486
-2,781 - 378 - 163 -3,322
25 - 2,558 - 402 - 476 - 685 - 4,096
2,686 - 9,862 -845 0 - 3,273 -11,294
177 -1,979 - 211 -2 - 767 -2,782
Cas h flow from financing activities Net repayments and financings
Ne t cash from (used in) financing activities - 1,375 - 1,375 -
9,515 - 9,515 9,946 9,946
Ne t increase (decrease) in cash and cash equivalents
- 4,223
18,781
3,842
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
38,629 121 34,527
20,059 -211 38,629
20,059 - 333 23,568
6 www.landi.it
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