Investor Presentation • Mar 14, 2019
Investor Presentation
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Due to the deconsolidation of Gas Distribution and Compressed Natural Gas and Sound sectors, FY 2018 financial figures are notdirectly comparable with the same period of previous year
To provide a meaningful explanation of main difference, in the following of this document 2018 FY results are compared only with previous years FY Automotive sector figures
Automotive sector
Gas Distribution and Compressed Natural Gas and Sound sectors
| l i k f e |
l i k o r e |
||||||
|---|---|---|---|---|---|---|---|
| M € |
2 0 1 8 F Y |
2 0 1 7 ( 1) F Y |
D l t e a M € |
D l % t e a |
2 0 1 7 F Y Au iv t t o m o e |
D l t e a M € |
D l % t e a |
| R e v e n u e s |
1 8 8, 1 |
2 0 6, 3 |
1 8, 2 - |
8, 8 % - |
1 6 7, 1 |
2 0, 9 |
1 2, 5 % |
| A d j. E B I T D A |
5, 2 2 |
1 2, 7 |
5 1 2, |
9 8, 4 % |
1 0, 7 |
5 1 4, |
1 3 4, 9 % |
| % R o n e v e n u e s |
1 3, 4 % |
6, 2 % |
6, 4 % |
||||
| E B I T D A |
2 1, 5 |
4, 7 |
1 6, 8 |
3 5 7, 8 % |
2, 7 |
1 8, 8 |
6 9 0, 6 % |
| R % o n e v e n u e s |
1 1, 4 % |
2, 3 % |
1, 6 % |
||||
| E B I T |
1 1, 3 |
-1 1, 5 |
2 2, 8 |
N / A |
-1 1, 9 |
2 3, 1 |
N / A |
| % R o n e e n e s v u |
6, 0 % |
6 % -5 , |
1 % -7 , |
||||
| C G / i l i L t a p a a n o s s |
-1 6 , |
2 1, 1 |
-2 2, 7 |
/ N A |
|||
| F i i l n a n c a s |
-5 5 , |
-6 2 , |
0, 7 |
1 1, 1 % |
|||
| E B T |
4, 2 |
3, 5 |
0, 7 |
2 0, 5 % |
|||
| T a e s x |
0, 3 |
0, 2 |
0, 1 |
/ N A |
|||
| N I t e n c o m e |
4, 5 |
3, 7 |
0, 8 |
2 2, 4 % |
|||
| % R o n e v e n u e s |
2, 4 % |
1, 8 % |
(1): 2017 FY P&L included sectors that were out of consolidation perimeter (Gas Distribution and Compressed Natural Gas) or no longer present in 2018 (Sound)
2017 FY "Automotive" figures refer to the same perimeter of 2018 FY
Highlights
• Revenues increased by 20,9M€(+12,5%), both on AM and OEM
Working capital KPI:o DSO: stable o DIOH: stock rotation improve at 75 days, best performance of last three yearso DPO: stable quarter by quarterHighlights
| F Y 2 0 1 6 |
F Y 2 0 1 7 |
3 1. 0 3. 2 0 1 8 |
3 0. 0 6. 2 0 1 8 |
3 0. 0 9. 2 0 1 8 |
F Y 2 0 1 8 |
|
|---|---|---|---|---|---|---|
| S D O |
0 7 |
6 4 |
6 6 |
7 5 |
6 8 |
6 8 |
| D P O |
1 3 6 |
1 3 8 |
1 3 8 |
1 3 4 |
1 3 7 |
1 4 1 |
| D I O H |
1 0 1 |
8 0 |
8 5 |
8 0 |
9 1 |
7 5 |
| M € |
2 0 1 8 Q 1 |
2 0 1 8 Q 2 |
2 0 1 8 Q 3 |
2 0 1 8 Q 4 |
2 0 1 8 F Y |
|
|---|---|---|---|---|---|---|
| R e v e n u e s |
9, 9 |
1 6, 4 |
1 4, 1 |
1 8, 6 |
5 8 9 , |
|
| E B I T D A A d j. |
1, 0 - |
1, 5 |
1, 0 |
2, 5 |
4 0 , |
|
| R % o n e e n e s v u |
1 0, 4 % - |
9, 4 % |
6, 8 % |
1 3, 7 % |
6, 8 % |
|
| E B I T D A |
5 1, - |
0, 3 |
0, 9 |
1, 2 - |
1 5 - , |
|
| % R o n e e n e s v u |
1 4, 9 % - |
1, 8 % |
6, 3 % |
6, 4 % - |
2, 5 % - |
|
| E B I T |
1, 8 - |
0, 1 - |
0, 7 |
1, 7 - |
2 9 - , |
|
| % R o n e v e n u e s |
1 8, 3 % - |
0, 6 % - |
5, 3 % |
9, 1 % - |
4, 9 % - |
|
| N I t e n c o m e |
1, 9 - |
0, 7 - |
0, 1 - |
1, 0 - |
3, 7 - |
|
| R % o n e v e n u e s |
1 9, 0 % - |
4, 3 % - |
0, 8 % - |
-5 4 % , |
6, 3 % - |
|
| W k i C i l t o r n g a p a % R o n e v e n u e s |
6, 8 |
6, 8 |
9, 0 |
8, 7 |
8 7 , 1 4, 8 % |
Highlights
Worldwide increasing focus on climate change, with high investments in different areas and growing attention to Biomethane/RNG. Gas-mobility is the ready-to-use solution to reduce emission worldwide and improve users TCO, with high expected growth on HDs
LPG and CNG as a solution for European OEMs to respect CAFE and as main solution for the mobility of the future in India, LatAm and Russia with growing interest by fleets to convert to gas with "UBER model" as a reference
HDs gas powertrain to increase its share on total sales, with LRG to strengthen its cooperation with some of the main players in the industry, complete product range and starting new SOP
LRG to strengthen the collaboration with top market players for the development of dedicated systems and components for Hydrogen mobility
Continue investments on the infrastructure both for CNG, LNG and Biomethane production and distribution, with SAFE&CEC engaged as market leader on main projects worldwide
• 2019 Adj. Ebitda outlook is expected to achieve ~ 27M€, thanks to full benefit of cost reduction implementation and further efficiency initiatives
• 2019 revenue outlook is expected to increase by 14% vs. 2018 pro-forma results
joint ventures consolidated based on equity method
⁽¹⁾
Stefano Landi – ChairmanGiovannina Domenichini – Honorary Chairman Cristiano Musi - CEOAngelo Iori – DirectorSilvia Landi - DirectorAnton Karl – Independent DirectorSara Fornasiero - Independent DirectorIvano Accorsi – Independent Director
Investor Relations Contacts:
Paolo CilloniTel: +39 0522 9433 E-mail: [email protected]
N. of shares outstanding: 112.500.000Price as of 13/03/2019 € 1.346 Capitalization: € 151.4 mlnFTSE Italia STAR
| ( ) ho ds f Eu t us an o ro |
||
|---|---|---|
| I N C O M E S T A T E M E N T |
3 1 / 1 2 / 2 0 1 8 |
3 1 / 1 2 / 2 0 1 7 |
| Re ( ds d s ice ) ve nu es g oo an erv s |
1 8 8, 0 7 9 |
2 0 6, 2 9 4 |
| Ot he d inc r re ve nu e a n om e |
1, 4 8 2 |
4, 2 2 2 |
| Co f r ia ls, b les d g ds d c ha in inv ies st ter tor o aw ma co ns um a an oo an ng e en |
9 3, 0 9 2 - |
1 0 0, 5 27 - |
| Co for ice d u f t h ir d p sts art ts se rv s a n se o as se y |
-4 4, 1 0 0 |
3 0 5 7, 7 - |
| Pe l ex rso nn e p en se s |
-2 8, 15 0 |
4 3, 1 8 1 - |
| Ac ls, imp irm t los d o t he t ing cru a a en se s a n r o p era ex p en se s |
-2, 7 0 7 |
4, 8 0 2 - |
| Gr Op ing Pr f it at os s er o |
5 2 1, 1 2 |
4, 6 9 9 |
| Am iza ion de iat ion d imp irm los ort t t p rec an a en se s , |
-1 0, 2 4 3 |
1 6, 1 8 9 - |
| Ne Op ing Pr f it t at er o |
1 1, 2 6 9 |
1 1, 4 9 0 - |
| F ina ia l inc nc om e |
1 3 8 |
9 1 |
| F ina ia l ex nc p en se s |
-4, 0 5 8 |
4, 3 9 6 - |
| Ga ( ) ins los ha ate se s on ex c ng e r |
-1, 5 7 3 |
1, 8 7 3 - |
| Ga ins ( los ) ity inv tm ts se s on eq u es en |
0 | 2 1, 1 3 4 |
| Ga ins ( los ) j int d for ing he ity ho d ntu te t t se s on o ve re ac co un us eq me u |
-1, 9 1 5 |
8 |
| Pr f it ( Lo ) be fo ta o ss re x |
4, 1 8 5 |
3, 4 4 7 |
| Cu d de fer d t nt rre an re ax es |
3 4 8 |
2 2 8 |
| ( ) Pr f it los f t he io d fo he Gr d m ino ity int inc lu d ing r t ts o s o p er ou p an r er es : , |
4, 5 3 3 |
3, 7 0 2 |
| M ino ity inte ts r res |
-1 3 8 |
4 3 7 - |
| Gr Pro f it ( Lo ) f t he io d for he t ss o p er ou p |
4, 6 7 1 |
4, 1 3 9 |
| Ba ic ing ( los ) ha ( lcu lat d o 1 1 2, 5 0 0, 0 0 0 s ha ) s ea rn s s p er s re ca e n re s |
0. 0 4 15 |
0. 0 3 6 8 |
| i ing ( ) D lut d e los ha e ar n s s p er s re |
0. 0 4 15 |
0. 0 3 6 8 |
| ( ho ds f Eu ) t us an o ro |
||
|---|---|---|
| A S S E T S |
3 1 / 1 2 / 2 0 1 8 |
3 1 / 1 2 / 2 0 1 7 |
| No t a ts n- cu rre n ss e |
||
| Pro lan d e ip ty t a t p er p n q me n u , |
1 2, 7 4 5 |
1 4, 5 8 3 |
| De lop d i t e tu ve me n xp en re |
6, 9 3 2 |
4 0 1 5, |
| Go dw i l l o |
3 0, 0 9 4 |
3 0, 0 9 4 |
| O he in i b le i h f in i fu l l ive t tan ts t te r g as se w us e s |
1 4, 0 3 9 |
1 6 9 5, 7 |
| Inv d fo ing he i ho d tm ts te t ty t es en ac co un r u s eq me u |
2 2, 2 9 2 |
2 4, 3 0 1 |
| O he f ina ia l a t t ts r n on -c ur re n nc ss e |
3 5 2 |
4 2 8 |
| O he t t a ts r n on -c ur re n ss e |
3, 9 9 1 |
4, 5 6 0 |
| De fe d tax ts rre as se |
1 0, 5 3 8 |
8, 0 1 6 |
| To ta l n t a ts on -c ur re n ss e |
1 0 0, 9 8 3 |
1 0 3, 1 5 2 |
| Cu t a ts rre n ss e |
||
| Tr de iva b les a re ce |
3 5, 1 3 1 |
2 9, 1 1 8 |
| Inv ies to en r |
3 8, 8 9 5 |
3 6, 5 6 2 |
| O he iva b les d c t t a ts r r ec e a n ur re n ss e |
8, 0 1 6 |
7, 5 2 9 |
| Ca h a d c h e iva len ts s n as q u |
1 5, 0 7 5 |
1 7, 7 7 9 |
| To l c ta t a ts ur re n ss e |
9 1 1 7, 7 |
9 0, 9 8 8 |
| S S S T O T A L A E T |
1 9 8, 1 0 0 |
1 9 4, 1 4 0 |
| ( f ) ho ds Eu t us an o ro |
||
|---|---|---|
| E Q U I T Y A N D L I A B I L I T I E S |
3 1 / 1 2 / 2 0 1 8 |
3 1 / 1 2 / 2 0 1 7 |
| i Gr ha ho l de ' e ty ou p s re rs q u |
||
| S ha i l ta re ca p |
1 1, 2 5 0 |
1 1, 2 5 0 |
| O he t r r es erv es |
4 3, 9 3 1 |
4 1, 9 8 3 |
| Pro f i ( los ) f he io d t t s o p er |
4, 6 1 7 |
4, 1 3 9 |
| To l e i i bu b le he ha ho l de f he ta ty t tr ta to t t t q a s re rs o p ar en u |
5 9, 8 5 2 |
5 7, 3 7 2 |
| M ino i in ty ter ts r es |
-2 7 6 |
6 6 9 - |
| T O T A L E Q U I T Y |
5 9, 5 7 6 |
5 6, 7 0 3 |
| No l ia b i l i ies t t n- cu rre n |
||
| No ba k loa t n-c ur ren n ns |
2 3, 0 5 5 |
2 6, 9 0 6 |
| O he f ina ia l l ia b i l i ies t t t r n on -c ur re n nc |
2 4, 4 2 7 |
2 9, 3 0 8 |
| Pro is ion fo is ks d c ha v s r r an rg es |
5, 4 4 3 |
1 1, 8 9 1 |
| f f De ine d be i lan t p ne s |
1, 6 4 6 |
2, 4 4 6 |
| fe De d l ia b i l i ies tax t rre |
3 3 9 |
4 2 3 |
| To l n l ia b i l i ies ta t t on -c ur re n |
5 4, 9 1 0 |
7 0, 9 7 4 |
| Cu ia i i ies t l b l t rre n |
||
| Ba k o dr f d s ho loa ts t- ter n ve r a an r m ns |
1 6, 2 0 3 |
7, 7 4 1 |
| O he f ina ia l l ia b i l i ies t t t r c ur re n nc |
4, 2 6 2 |
2, 7 9 2 |
| Tr de b les a p ay a |
1 6 6 5 5, |
4 8 2 9 7, |
| Ta l ia b i l i ies t x |
2, 3 8 5 |
3, 0 0 3 |
| O he l ia b i l i ies t t t r c ur re n |
9 8 5, 5 |
0 9 8 5, |
| To l c l ia b i l i ies ta t t ur re n |
8 3, 6 1 4 |
6 6, 4 6 3 |
| T O T A L E Q U I T Y A N D L I A B I L I T I E S |
1 9 8, 1 0 0 |
1 9 4, 1 4 0 |
This document has been prepared by Landi Renzo S.p.A for use during meetings with investors and financial analysts and is solelyfor information purposes. The information set out herein has not been verified by an independent audit company. Neither theCompany nor any of its subsidiaries, affiliates, branches, representative offices (the "Group"), as well as any of their directors, officers, employees, advisers or agents (the "Group Representatives") accepts any responsibility for/or makes any representation orwarranty, express or implied, as to the accuracy, timeliness or completeness of the information set out herein or any other relatedinformation regarding the Group, whether written, oral or in visual or electronic form, transmitted or made available. This document may contain forward-looking statements about the Company and/or the Group based on current expectations and opinions developedby the Company, as well as based on current plans, estimates, projections and projects of the Group. These forward-lookingstatements are subject to significant risks and uncertainties (many of which are outside the control of the Company and/or the Group)which could cause a material difference between forward-lookinginformation and actual future results.
The information set out in this document is provided as of the date indicated herein. Except as required by applicable laws andregulations, the Company assumes no obligation to provide updates of any of the aforesaid forward looking statements. Under nocircumstances shall the Group and/or any of the Group Representatives be held liable (for negligence or otherwise) for any loss ordamage howsoever arising from any use of this document or its contents or otherwise in connection with the document or theaforesaid forward-looking statements. This document does not constitute an offer to sell or a solicitation to buy or subscribe toCompany shares and neither this entire document or a portion of it may constitute a recommendation to effect any transaction or toconclude any legal act of any kind whatsoever. This document may not be reproduced or distributed, in whole or in part, by anyperson other than the Company. By viewing and/or accepting a copy of this document, you agree to be bound by the foregoinglimitations
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