Landi Renzo

Earnings Release • Mar 27, 2018

STAR Conference 2018

Milan, 28th March 2018

Cristiano Musi Group CEO

Paolo Cilloni Group CFO & IR

‣ Landi Renzo Group

‣ Re-launch program: Achieved Results and 2017 FY Financials

‣ Market trends and Landi Renzo Group 2018 – 2022 Strategic Plan

‣ "G-Mobility Way" – Landi Renzo Group Forward Looking Integrated Strategy

‣ SAFE – Clean Energy Compression merger

Landi Renzo Group promotes, designs and produces highly advanced integrated solutions, from gas distribution infrastructures to alternative fuel systems

Landi Renzo Group

LRG owns a large international footprint, through direct presence in key markets

• Headquarter in Reggio Emilia
• Founded in 1954
• Stock exchange listing in 2007 (MTA Star segment)
• 14 branch offices in 11 countries
• About 600 employees worldwide, of which 80 in R&D
• 5 manufacturing plants located in 5 Countries

• Widespread presence worldwide both in OEM and AM

• Global sales coverage (75+ Countries) in five continents

• Widespread distribution network served: more than 100 distributors and 400+ workshops
• Direct sales and technical assistance forces
• Sales subsidiaries directly cover more than 20 Countries

LRG produces and sells Natural Gas bi-fuel conversion solutions for passenger cars and mono / dual fuel solutions for Mid – Heavy Duty vehicles …

• Landi Renzo Group's Product Portfolio covers all Natural Gas conversion solutions (CNG, LNG and LPG):
• o systems and components
• o supporting passenger cars, medium & heavy duty and off-road vehicles
• o and for OEM Market and AfterMarket Market applications
• Landi Renzo Group is starting to enter Hydrogen - Fuel Cell segment with integrated systems and components

… providing expertise and knowledge on components and integrated solutions

	Product Portfolio	Components	Integrated solutions
s nt e n o p m	Pressure Regulators	• Landi Renzo Group core products • Tailor-made solutions for CNG, LNG and LPG:	• Integrated solutions for OEM
o C e r u s s	Rail & Injectors	o Internal R&D centre covering all core product development o specifically designed for OEM customers and AM markets	• Integrated solutions for AM markets (LPG / CNG passenger
e r P w o L	Electronic solutions (ECU and Switch)	s o Highly suitable for Hydrogen n o applications uti • Manufactured in Landi Renzo plants ol s d	cars with different technologies, Dual fuel for M&HD)
s nt e n o p m	Valves & multi-valves	e at • Core products (multi-valves and filling r receptacles) e nt o Internally designed and produced for I CNG and LPG solutions	• Applications for Medium & Heavy g Duty vehicles
o C e r u s s e	Filling receptacles	• Purchased parts (tanks, hoses and valves) o Supplied on LRG specifications	• Integrated solutions for North American QVM market (Light & Medium
r P h g Hi	Tanks and hoses		Duty)

6

‣ Landi Renzo Group

‣ Re-launch program: Achieved Results and 2017 FY Financials

‣ Market trends and Landi Renzo Group 2018 – 2022 Strategic Plan

‣ "G-Mobility Way" – Landi Renzo Group Forward Looking Integrated Strategy

‣ SAFE – Clean Energy Compression merger

LRG completed the Re-Launch program, started in January 2017, to align profitability and reach a leading performance in the market

	New CEO appointment	• Appointment of Mr. Cristiano Musi as LR group CEO (in charge since Dec. 2016)
	Operational efficiency Completed	• Structured and extensive operational efficiency program with a top tier consulting company: o improved operational efficiency and redefine manufacturing footprint o Streamlined R&D activities to recover the marginality on the core business o Redefined LRG organization and management position needs
m a r g o	Management reinforcement	• Mr. Paolo Ferrero, Former FCA Group Executive joined LRG appointed as VP Strategic Development and Group CTO, with the aim to sustain the long term relaunch of the Group (Oct. 2017)
	Completed	• Mr. Gianni Monteforte appointed as Global Head of Manufacturing and Supply Chain with the aim to implement the "center of excellence" project and implementing operational efficiency to sustain the relaunch of the Group
r P h c	Business resources rationalization	• Debt renegotiated with banks and bondholders and 8,9 M€ capital injection by the main shareholder (Mar.'17)
n u a L		• Sale of a company branch to AVL and agreement on R&D project development (Apr. 2017) • Sale of 18S to B&C Speakers (Oct. 2017)
e- R	Completed	• Merge of SAFE (gas distribution) and Clean Energy Compression (fully owned by Clean Energy Fuels, listed in the Nasdaq), setting up a new worldwide leading Group in the compression segment
	Strategic plan	• Presented the New 2018-2022 strategic plan in Sep. 2017
		• Launched implementation in Nov. 2017:
	Implementation	o New organization
	Ongoing, on track	o LRG product portfolio innovation and evolution (OEM projects for the Medium & Heavy Duty segment)
		o Rationalization opportunities completed

LRG had a successful 2017 overall result leveraging the first outcomes of the turnaround plan and active asset management

FY 2017 P&L improves in all financial indicators - Automotive business, net of Labs and extraordinary effect, has reached break-even (adj. Ebit 0,1M€)

M€	FY 2017	FY 2016	Delta M€	Delta %
Revenues	206,3	184,2	22,1	12,0%
EBITDA Adj.	12,7	2,7	10,0	363,7%
% on Revenues	6,2%	1,5%
EBITDA	4,7	-2,9	7,6	262,0%
% on Revenues	2,3%	-1,6%
EBIT Adj.	-1,5	-13,3	11,8	88,7%
% on Revenues	-0,7%	-7,2%
EBIT	-11,5	-18,9	7,4	39,3%
% on Revenues	-5,6%	-10,3%
Capital Gain	21,1	0,0	21,1
Financials	-6,1	-4,2	-1,9	46,3%
EBT	3,5	-23,1	26,6	115,2%
Taxes	0,2	-2,9	3,1	107,9%
Net Income	3,7	-26,0	29,7	114,2%
% on Revenues	1,8%	-14,1%

Highlights

• Revenue increased by 22,1M€ (+12%), thanks to outstanding performance of the automotive sector
• Adjusted EBITDA improved 10,0M€ (+364%) due to increased volumes and first results of restructuring activities
• EBITDA is impacted by Extraordinary costs (11,0M€) to support restructuring activities (less than 1 year payback) and Extraordinary profit due to the sales of the Chinese building (+3,0M€)
• EBIT also impacted by capital loss due to the tech lab. to AVL (-2,0M€)
• Capital gain due to the merger of SAFE with Clean Energy Compressor (plus) and the sale of 18sound (minus)
• First positive Net Income since 2012

¹⁰ All extraordinary costs are included in Automotive sector P&L (11,0M€)

2017 Adjusted EBITDA improvement is supported by volume effect, ongoing cost reduction and price management

• 2018 Adj. Ebitda outlook will benefit from
• o confirmation of 2017 market penetration and volume increase
• o leverage of operational restructuring improvement on variable, fixed cost and payroll cost reduction

In 2017 Landi Renzo Group made extraordinary activities to optimize the effectiveness and the speed of Re-launch program

• Feb. Group -	In 2017, the Group completed a structured and extensive turnaround program, to recover the marginality on the core business	• Restructuring costs: 11,0M€
restructuring Dec • (i.e. Excellence prj.) 2017	Most Departments and Business areas were involved in the program (e.g. Procurement, Manufacturing, Logistics, R&D, S&OP, Admin.), in Italy and abroad	• Costs reduction: 1,1M€ (2017); 13-15M€ (run-rate)
• Technical Jul. Laboratory sale 2017 • to AVL	Landi Renzo-AVL signed (April) and finalized (July) the agreement for the sales of a company branch concerning the technical laboratories The agreement also entail the cooperation on R&D strategic projects on CNG, LNG and Hydrogen, that will strengthen innovation	• Sale value: 5,7M€ • Cash-in: 0,6M€ (10 years) • Capital Loss: 2,0M€ • Fixed cost reduction: ext 3,0M€ per year (from 2018)
• 18 Sound sale to Dec. • 2017 B&C Speakers	The Group completed the sale of Eighteen Sound in December '17 The subsidiary was considered as a non-core asset; the operation further strengthen the capital of the Group	• Cash-in 2017: 6,8M€ • Debt Reduction: 0,6M€ • Capital Loss: 0,7M€
• Merge of Safe Dec. 2017 CEC in a NewCo •	SAFE (gas distribution) and Clean Energy Compression merged, setting up a new worldwide leading Group in the compression segment Landi Renzo holds a 51% majority share of the NewCo, while Clean Energy Fuels Corp. holds the remaining 49%	• Capital Gain: 21,8M€ • Debt Reduction: 2,9M€
•	The focus of the business will be on the compressor sectors for CNG stations and on Renewable Natural Gas (RNG) at a global level; with a market share above 15% in Europe and the United States
• China Dec. 2017 building sale •	The building owned in China (Beijing), considered as a non-core asset, was disposed, in line with the Strategic Plan's guidelines The full payment was received in December '17	• Cash-in 2017: 4,5M€ • Capital Gain: 3,0M€
		12

2017 Working Capital is reduced by 19,1M€ (-53%) despite increased revenue thanks to better management of stocks and DSO

13

In 2017 NFP reduced by 26,7M€ mainly due to active asset management for 15,4M€ and positive net cash from ordinary activities for 2,5M€

• For recently financial structure optimization operation signed with banks, loans have been reclassified from short to long-term (excluding the first portion expiring on June 30, 2018)

• Short and long terms debt and bond are inclusive of amortized cost effect

2018 Outlook confirms 2018-2022 Strategic Plan with ~ 25M€ of Adj. Ebitda

• 2018 revenue outlook is expected to confirm Strategic Plan guidelines
• 2018 Adj. Ebitda outlook is expected to achieve ~25M€ (~ +130%) in line with 2018-2022 Strategic Plan, thanks to cost reduction implementation:
• o Direct Costs optimization
• o Personnel cost alignment
• o Fixed costs structure review
• 2018 revenue outlook is expected to increase vs. 2017 pro-forma results
• 2018 Adj. Ebitda is expected to be in line with M&A Strategic Plan guidelines

‣ Landi Renzo Group

‣ Re-launch program: Achieved Results and 2017 FY Financials

‣ Market trends and Landi Renzo Group 2018 – 2022 Strategic Plan

‣ "G-Mobility Way" – Landi Renzo Group Forward Looking Integrated Strategy

‣ SAFE – Clean Energy Compression merger

Transportation market evolution is driven by three main factors, all of them mainly impacted by "decarbonization" targets

Regulations

• Emission limits get tighter and too expensive, even for OEMs
• Tighter CO² and NO^X emission limits, with increasing risk of ban for "diesel only" vehicles
• Heavy Duty vehicles are becoming more and more the main target for GHG regulations for emission limits application
• Several OEMs required to more deeply embrace Natural Gas car conversions to respect emission targets starting from 2018
• New Incentive Initiatives: at worldwide level, local Governments are again promoting incentive plans on Natural Gas and Hydrogen

Vehicles fleet and sales trends

• Worldwide Car fleet from 1,2billion to 1,6billion in 2025 (mainly concentrated in emerging economies)
• Large part of new M&HD vehicle sales expected with "decarbonized" powertrains
• CNG, RNG, LNG and LPG are one of the solutions for CO² and pollution and will maintain also in the future an important role
• FCEVs are expected to enter in the worldwide sales mix in the next years, also supported by the projected hydrogen refueling station installation
• BEVs entrance and adoption is still constrained by infrastructure distribution network and limited range

Technology evolution

• New powertrain technologies are transforming the automotive sector in conjunction with connectivity and autonomous driving features
• Natural Gas and Hydrogen solutions require:
• o Integrated Solutions (at system level) vs. components
• o Introduction of new components generation (e.g.: electronic pressure regulator, new injectors)
• o Increasing of technological level of each solution's component (ECU with more processing capacity, high pressure pump required, higher injection precision, more advanced raw materials …)

Note: NGV = Natural Gas Vehicle (ICE vehicles converted to LPG, CNG, LNG and RNG gases) FCEV = Fuel Cell Electric Vehicle BEV = Battery Electric Vehicle PHEV = Plug-in Hybrid Electric Vehicle

2018 – 2022 LRG Strategic Plan has set clear directions to drive LRG towards a "virtuous" journey inside NG and Hydrogen alternative fuels …

Market Focalization and Business Development

• Become one of the leading companies in M&HD and Off-road segments
• Benefit from current M&HD demand / opportunities to establish LRG presence in high growth markets
• Develop M&HD new Product Portfolio also leveraging EU6 discontinuity
• Consolidate leading global market position in Passenger Cars LPG (AM and OEM) with current Product Portfolio
• Enrich Passenger Cars CNG offering for OEMs with advanced products
• Increase market share in AM emerging growing markets both with LPG and CNG

Targeted Partnerships for accelerating results achievement

• Evaluate sales and technical synergies to
• o Leverage LRG sales & manufacturing network
• o Accelerate new M&HD product portfolio go-to-market
• o Improve current Passenger Cars CNG product portfolio with "ready-to-use" advanced products
• o Provide vehicle integration service solutions in M&HD segments

• o Leverage LRG Hydrogen capabilities to provide FCEV solutions

• Assure the adoption of "continuous improvement" as structured approach to maintain the focus on efficiency

• Manufacturing Centre of Excellence
• o Started the adoption of WCM in Reggio Operation
• o Focusing on having assembly facilities worldwide with the higher standard of quality, efficiency with performance aligned to top players
• Purchasing optimization
• o Full adoption of Sourcing effectiveness improvement
• o Strong connection between R&D and purchasing
• o Continuous spending containment

… stating an articulated vision both on strategic elements …

Product Portfolio evolution	Market development	R&D and Innovation
• Develop / launch new products in the next 18 -24 months, incl. • M&HD components / solutions • Passenger cars CNG new solutions • Modularize product architecture • Develop Hydrogen's solutions starting from existing capabilities and product features	• Enlarge presence in China by entering the M&HD segment and developing the AM business • Leverage LPG position in OEM market to consolidate relationships with clients and target CNG development Increase the focus on 2nd • Tier OEMs, starting through the understanding their needs to provide a reliable offer • Defend market share in mature AM markets • Expand presence in new markets	• Become a center of excellence in powertrain electronics by leveraging existing expertise • Evolve After Market solutions with connectivity features to improve customer experience • Introduce new advanced components (e.g.: electronic pressure reducer, top feed injectors, mono-fuel ECU, …) • Make the first step in new segments (Hydrogen)
Increase revenues and profitability of new products	Add new markets	Smart R&D design, Electronic capabilities. new material knowledge as main elements for product innovation

… and growth and operational excellence targets

Automotive Business	Infrastructure Business
Turnover Evolution	EBITDA Evolution	SAFE-CEC Joint Venture
M&HD: new products PC: market share consolidation	Operations optimization and R&D effectiveness	Full exploitation of infrastructure, RNG and Gas recovery demand • Business focus on Compressors for CNG stations and Renewable Natural Gas (RNG) at a global level o becoming the global leader exploiting existing market demand o targeting a market share above 15% in Europe and the United States
• Become a leader in M&HD and Off road segments • Consolidate global leadership in Passenger Car LPG (OEM) and CNG /LPG (AM) • Grow PC CNG offering to OEMs • Increase market share in AM growing and emerging markets	• Purchasing costs reduction • Manufacturing cost reduction • Functions centralization and cost optimization • SG&A rationalization • "Continuous improvement" approach to drive efficiency
164MEur 211MEur (2018E) (2022E)	25MEur 42MEur (2018E) (2022E)	58MEur 107MEur (2018E) (2022E)

Note: M&HD: Mid & Heady Duty Vehicles; PC: Passenger Cars; EPC: Engineering Procurement Construction; LCC: Low Cost Countries;

LRG has launched numerous projects to extend the Group in the CNG/LNG Heavy Duty business

Landi Renzo Group strategic plan targets 42 MEur adj. EBITDA in 2022

	LRG_Automotive Business
		2018E	2022E
Turnover	• Group turnover (Automotive Sector) growing with a CAGR of 6,5% over the five year plan period, driven by expansion into new segment (M&HD) and markets	€164M	€211M
Adjusted EBIDTA(1)	• LRG Adj. EBIDTA growing from 15% to 20% over revenues	€25M	€42M
EBT	• Group EBT growing up to 13,4% over revenues at the end of the plan	€10M	€28M
Cash Flow	• Cumulated free cash flow totalling €93M over the plan period, to repay LRG debt and finance growth, including sale of non-core asset	Cum. FCF 93M€

SAFE-CEC join venture targets more than 100MEur of revenue and 20% of Adj. Ebitda in 2022

	SAFE – CEC join venture
Turnover	• SAFE-CEC revenues (CAGR: 16,6%) leveraging on market penetration	2018E €58M	2022E €107M
Adjusted EBIDTA(1)	• EBITDA positively impacted by synergies between SAFE and Clean Energy Compression • In 2022, Adj.EBITDA on revenues growing up to 20% (from 8% in 2018)	€5M	€22M
Cash Flow	• Cumulated free cash flow totalling €34M over the plan period • Possibility to pay dividends to shareholder	Cum. FCF 34M€

‣ Landi Renzo Group

‣ Re-launch program: Achieved Results and 2017 FY Financials

‣ Market trends and Landi Renzo Group 2018 – 2022 Strategic Plan

‣ "G-Mobility Way" – Landi Renzo Group Forward Looking Integrated Strategy

‣ SAFE – Clean Energy Compression merger

In a transformational environment and while implementing the Strategic Plan, Landi Renzo Group is forward looking …

Forward looking: extend our leadership in the gas-mobility by enlarging our offering

• Develop multi-disciplinary skills to navigate the "new era of automotive" alongside Electric Vehicles
• Enlarge technology capabilities to all alternative fuels developments, with strong focus on Hydrogen
• Exploit the opportunity to become a center of excellence to investigate new Alternative Fuels technologies, such as LNG-battery series solutions and off-road applications

… to affirm its own "G-Mobility Way" integrated Strategy to complement BEVs technology in the next decades for transportation decarbonization

	Landi Renzo Group "G-Mobility Way" Landscape
Natural Gas Vehicles (NGVs)	• OEM LPG passenger car conversions are expected to decline in the next 4 – 6 years (mainly in Europe) • CNG passenger cars (both OEM and AM) are expected to grow o Europe: the short – mid term complementary solution to BEVs to support all OEMs not having an immediate answers based on PHEVs / BEVs, bridging the entrance of BEVs o Russia and India and other Asia Pac Countries: for all the countries with an internal production of CNG, NG-CNG ICE is the solution to contain the TCO costs o China, South America and Africa: OEM and AM solution for all car owners not able to move to BEV solution in the next 10 – 15 years • Mid - Heavy Duty: CNG is the primary solution for respecting emissions limits and contain transportation costs
Hydrogen Vehicles (FCEVs and H ICEs) 2	• Passenger cars: Fuel cell is the first and necessary complementary solution to BEVs outside metropolitan / city areas (mid term solution bridged by LPG and / or CNG solution) mainly due to refueling time and autonomy range o Complementary is also due to technology similarities (electrical vehicles powered by batteries (BEVs) and fuel cell (FCEVs) • Mid – Heavy Duty vehicles: Hydrogen vehicles (both Hydrogen ICEs and FCEVs) are expected to be the primary global solution for decarbonization (mid term solution bridged by LPG and / or CNG solution) o Weight impact of batteries and short autonomy range are the insuperable gaps of BEVs

Landi Renzo Group "G-Mobility Way" integrated Strategy embraces all Alternative Gas Fuel to concretely make real transportation decarbonization …

"G-Mobility Way" is the Forward Looking Integrated Strategy to make Landi Renzo Group providing full alternative fuel solutions for supporting transportation decarbonization

Integrated Portfolio for providing Passenger Cars and Heavy Duty

• Components
• Full Solutions
• Vehicle solution integration services

… through an integrated Solutions Portfolio …

… to fulfil also benefitting a focused partnership strategy

‣ Landi Renzo Group

‣ Re-launch program: Achieved Results and 2017 FY Financials

‣ Market trends and Landi Renzo Group 2018 – 2022 Strategic Plan

‣ "G-Mobility Way" – Landi Renzo Group Forward Looking Integrated Strategy

‣ SAFE – Clean Energy Compression merger

Landi Renzo Group and Clean Energy Fuel merged their wholly owned subsidiaries SAFE and Clean Energy Compression into a new company

• Landi Renzo Group and Clean Energy Fuel (CLNE – NASDAC) merged their wholly owned subsidiaries SAFE and Clean Energy Compression into a new company
• Closing occurred on 31st December 2017

Deal

• On Safe side the deal accelerates turnover growth and international development, with few overlapping in terms of market coverage and product portfolio

• The deal created the second largest player world-wide in the natural gas compression market, with significant opportunities for further market expansion

• NewCo Strategy and Expected Results

• Fully integration is expected to be completed by 3Q 2018, with very few overlapping
• SAFE-CEC NewCo will have a market leading position in Europe and America and will benefit from cross selling of products and potential market growth in the next years

• Thanks to «immediate» expected synergy effect (from ~2,6M€ in 2018 to more than 7M€ and in 2020) NewCo will be able to create higher value for shareholders starting from 2018 (expected adj. EBITDA: 4,9M€ in 2018, 16M€ in 2020), with dividends distribution along the years

• Landi Renzo Group took benefit from a «non monetary» capital gain of 24,2M€ at closing

• With deal completion LRG deconsolidated 3,4M€ net debt
• Based on LRG assumptions, the book value of NewCo on LRG Assets will be significantly higher than the book value of SAFE stand alone, starting from 2018

NewCo - Strategy and Pillars

Several fundamental rationales underneath the merger of SAFE and CEC, that will create the second player worldwide

1	Strong market fundamentals	The Partnership allows to better exploit CNG market growth (that is driven by several external factors) in Europe, Russia, North America and Latam
2	CNG leading global position	NewCo would become the second market player with a global footprint Strong complementarity in geographical footprint of the two entities
3	Complementary business models	CEC and SAFE show the right fit in terms of product, in terms of compressor range (from low to high power), Technologies (from air to water cooled), with potential to expand consolidated RNG expertise in the US
4	Profitability gain through cost synergies	Merge allows quick-win synergies not achievable on the stand-alone basis with a tangible impact on profitability, starting from 2018
5	Reduced risk of execution	Broader geographical coverage and integrated product portfolio decrease the risk of market volatility: higher chances to achieve industrial plan targets on sales growth and profitability gain
6	Value creation	NewCo shows higher cash flow generation, with opportunities to take higher value for the current shareholders
			31

NewCo strategy is based on quickly achieving market leadership position that will lead to a value increase for both shareholders

	5-year plan
2018 2019	2020	2021	2022
1 Quick-win actions Deploy NewCo full potential	2	Consolidation phase Create long-term value
• Achieve full integration of SAFE and CEC: • NewCo operating at its full capacity and potential, exploiting all synergies to increase competitiveness • • Consolidate market positioning: focus effort on core CNG segment, and expand existing • market share in key markets (Americas and Europe) • Expand in RNG growing market: strengthen commercial network on RNG growing market segment • Operational improvement: achieve product components standardization and review key operations processes to reduce direct cost and ODT • After sales: leverage on large installed compressor base to implement international based after sales service	player in the market plans to increase the value of the NewCo – shareholders	Reinforce leadership market positioning: leverage on acquired efficiency and market presence to gain market share and become the first Explore further consolidation: smaller players might not be able to operate stand-alone in a more competitive market (opportunities for M&A) Assess best strategy to maximize value for shareholder: explore new	and thus the value for the

www.landirenzogroup.com ³³

BOARD OF DIRECTORS

Stefano Landi – Chairman Giovannina Domenichini – Honorary Chairman Cristiano Musi - CEO Angelo Iori – Director Silvia Landi - Director Anton Karl – Independent Director Sara Fornasiero - Independent Director Ivano Accorsi – Independent Director

TOP MANAGERS INVESTOR RELATIONS

Investor Relations Contacts:

Paolo Cilloni Tel: +39 0522 9433 E-mail: ir@landi.it www.landirenzogroup.com

59.11% 8.36% 32.53% Trust Landi AERIUS Market

SHAREHOLDING SHARE INFORMATION

N. of shares outstanding: 112.500.000 Price as of 23/03/18 € 1.516 Capitalization: € 170.5 mln

FTSE Italia STAR

STOCK VS MARKET

LandiRenzo – FTSE MIB

CONSOLIDATED P&L

(thousands of Euro)
INCOME STATEMENT	31/12/2017	31/12/2016
Revenues (goods and services)	206,294	184,242
Other revenue and income	4,222	1,217
Cost of raw materials, consumables and goods and change in inventories	-100,527	-94,236
Costs for services and use of third party assets	-57,307	-51,601
Personnel expenses	-43,181	-36,364
Accruals, impairment losses and other operating expenses	-4,802	-6,160
Gross Operating Profit	4,699	-2,902
Amortization, depreciation and impairment losses	-16,189	-16,018
Net Operating Profit	-11,490	-18,920
Financial income	91	117
Financial expenses	-4,396	-5,161
Gains (losses) on exchange rate	-1,873	904
Gains (losses) on equity investments	21,142	-66
Profit (Loss) before tax	3,474	-23,126
Current and deferred taxes	228	-2,878
Profit (loss) of the period for the Group and minority interests, including:	3,702	-26,004
Minority interests	-437	-759
Profit (Loss) of the period for the Group	4,139	-25,245
Basic earnings (loss) per share (calculated on 112,500,000 shares)	0,0368	-0,2244
Diluted earnings (loss) per share	0,0368	-0,2244

CONSOLIDATED BALANCE SHEET

(thousands of Euro)
ASSETS	31/12/2017	31/12/2016
Non-current assets
Property, plant and equipment	14,583	30,500
Development expenditure	5,401	8,420
Goodw ill	30,094	30,094
Other intangible assets w ith finite useful lives	15,769	20,359
Equity investments consolidated using the equity method	24,301	43
Other non-current financial assets	428	664
Other non-current assets	4,560	0
Deferred tax assets	8,016	6,887
Total non-current assets	103,152	96,967
Current assets
Trade receivables	29,118	37,551
Inventories	36,562	49,872
Contract w orks in progress	0,000	1,281
Other receivables and current assets	7,529	10,082
Cash and cash equivalents	17,779	16,484
Total current assets	90,988	115,270
TOTAL ASSETS	194,140	212,237

CONSOLIDATED BALANCE SHEET

(thousands of Euro)
EQUITY AND LIABILITIES	31/12/2017	31/12/2016
Group shareholders' equity
Share capital	11,250	11,250
Other reserves	41,983	59,400
Profit (loss) of the period	4,139	-25,245
Total equity attributable to the shareholders of the parent	57,372	45,405
Minority interests	-669	-323
TOTAL EQUITY	56,703	45,082
Non-current liabilities
Non-current bank loans	26,906	18,687
Other non-current financial liabilities	29,308	22,812
Provisions for risks and charges	11,891	8,973
Defined benefit plans	2,446	3,124
Deferred tax liabilities	423	514
Total non-current liabilities	70,974	54,110
Current liabilities
Bank overdrafts and short-term loans	7,741	40,662
Other current financial liabilities	2,792	10,039
Trade payables	47,829	53,090
Tax liabilities	3,003	2,604
Other current liabilities	5,098	6,650
Total current liabilities	66,463	113,045
TOTAL EQUITY AND LIABILITIES	194,140	212,237

This presentation has been prepared by Landi Renzo S.p.A. for information purposes only and for use in presentations of the Group's results and strategies.

This presentation contains forward-looking statements regarding future events and the future results of Landi Renzo S.p.A. that are based on current expectations, estimates, forecasts, and projections about the industries in which Landi Renzo operates and the beliefs and assumptions of the management of Landi Renzo. Words such as 'expects', 'anticipates', 'targets', 'goals', 'projects', 'intends', 'plans', 'believes', 'seeks', 'estimates', variations of such words, and similar expressions are intended to identify such forward-looking statements. These forward-looking statements are only predictions and are subject to risks, uncertainties, and assumptions that are difficult to predict because they relate to events and depend on circumstances that will occur in the future.

Therefore, Landi Renzo's actual results may differ materially and adversely from those expressed or implied in any forward-looking statements. Factors that might cause or contribute to such differences include, but are not limited to, economic conditions globally, political, economic and regulatory developments in Italy and internationally. Any forward-looking statements made by or on behalf of Landi Renzo speak only as of the date they are made.

Any reference to past performance of the Landi Renzo shall not be taken as an indication of future performance.

This document does not constitute an offer or invitation to purchase or subscribe for any shares, for any other financial instruments and no part of it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever.