Landi Renzo

Earnings Release • May 12, 2016

Q1 2016 FINANCIAL RESULTS

1

Q1 2016 PROFIT&LOSS HIGHLIGHTS

(Eur million) Changes Q1 2016 % Q1 2015 %
Revenues (goods and services) 41,4 45,6 -4,1	% -9,1%
Ebitda 0,4 0,9% 0,0 0,1% 0,3	100,0%
Amortization, depreciation and 4,1 9,9% 3,9 8,5% 0,2 impairment losses	6,2%
Ebit -3,8 -9,1% -3,8 -8,4% 0,1	2,1%
Net Profit (Loss) of the Group -4,3 -10,4% -2,7 -6,0% -1,6	-58,9%

REVENUES BREAKDOWN GEOGRAPHIC BREAKDOWN Italy – turnover is stable although the

							REVENUES BREAKDOWN
(Millions of Euro)
Geographical distribution of revenues	Q1 2016	%	Q1 2015	%	Delta	%
Italy	9,4	22,7%	9,5	20,9%	-0,1	-1,3%
Europa (ex Italy)	18,8	45,5%	21,9	48,0%	-3,0	-13,9%
America	6,1	14,8%	8,0	17,6%	-1,9	-23,6%
Asia and rest of the w orld	7,1	17,0%	6,2	13,5%	0,9	14,5%
Total Revenues	41,4	100,0%	45,6	100,0%	-4,1	-9,1%
(M illion of Eur)
Distribution of revenues per area of activity	Q1 2016	%	Q1 2015	%	Delta	%
Gas sector - systems for cars	33,9	82,0%	38,0	83,5%	-4,1	-10,7%
Gas sector - distribution systems	3,7	8,9%	4,6	10,0%	-0,9	-19,2%
Total revenues - GAS sector	37,6	90,9%	42,6	93,5%	-5,0	-11,6%
Other (Alarm systems, Audio, Aquatronics (1), Robotics, Oil and Gas and other)	3,8	9,1%	3,0	6,5%	0,8	27,4%
Total Revenues	41,4	100,0%	45,6	100,0%	-4,1	-9,1%

(Millions of Euro)
Distribution of revenues per area of activity	Q1 2016	%	Q1 2015	%	Delta	%
Gas sector - systems for cars	33,9	82,0%	38,0	83,5%	-4,1	-10,7%
Gas sector - distribution systems		3,7 8,9%		4,6 10,0%	-0,9	-19,2%
Total revenues - GAS sector	37,6	90,9%	42,6	93,5%	-5,0	-11,6%
Other (Alarm systems, Audio, Aquatronics (1), Robotics, Oil and Gas and other)		3,8 9,1%		3,0 6,5%	0,8	27,4%
Total Revenues	41,4	100,0%	45,6	100,0%	-4,1	-9,1%
new criterion for classification of revenues by segment of the management approach. The current composition includes revenues from sales of compressors for fueling system". segment "Other - (Alarms, Sound, Robotics, Oil&Gas compressors for fuelling stations, by virtue of the above	was followed shows the stations, and other)," mentioned	starting LPG and made by the compared reclassification.	from the first CNG lines company to previous	half of 2014: in the Safe SpA results, does	this is in segment "systems in the sector not include	line with the for cars" "distribution the sale of

decrease of OEM/AM conversions. Europe – revenues in this area decrease mainly for delay of new E6 carlines in OEM segment. America – negative trend in some markets of South America Asia and Rest of the world – increase is due to Indian and Nord Africa market. SECTOR BREAKDOWN Systems for cars – the decrease is due to the OEM segment. Distribution systems – slowdown of revenues particularly in South East Asia. Other – the increase in this segment is mainly due to Oil&Gas sector.

WORKING CAPITAL

4

NET DEBT

quarter.

LANDI RENZO COMPANY PROFILE

BOARD OF DIRECTORS

Claudio Carnevale - Executive Director Angelo Iori – Director Silvia Landi - Director Anton Karl - Director Sara Fornasiero - Indip. Director Ivano Accorsi – Indip. Director

TOP MANAGERS INVESTOR RELATIONS

Investor Relations Contacts: Pierpaolo Marziali Tel: +39 0522 9433 E-mail: ir@landi.it www.landi.it

N. of shares outstanding: 112.500.000

FTSE Italia STAR

CONSOLIDATED BALANCE SHEET

BALANCE SHEET	CONSOLIDATED
(thousands of Euro)
ASSETS	31/03/2016	31/12/2015	31/03/2015
Non-current assets
Property, plant and equipment	33,998	35,364	35,191
Development expenditure	8,464	8,404	7,121
Goodw ill	30,094	30,094	39,942
Other intangible assets w ith finite useful lives	22,017	22,696	24,288
Equity investments consolidated using the equity method	71	109	491
Other non-current financial assets	453	574	788
Deferred tax assets	14,705	13,779	18,493
Total non-current assets	109,802	111,020	126,314
Current assets
Trade receivables	33,279	31,340	33,321
Trade receivables - related parties	2,371	2,424	2,507
Inventories	60,955	57,528	72,862
Contract w orks in progress	2,457	2,904	2,732
Other receivables and current assets	15,582	16,347	15,771
Cash and cash equivalents	20,263	38,264	22,588
Total current assets	134,907	148,807	149,781
TOTAL ASSETS	244,709	259,827	276,095

CONSOLIDATED BALANCE SHEET

CONSOLIDATED BALANCE SHEET
(thousands of Euros)
EQUITY AND LIABILITIES	31/03/2016	31/12/2015	31/03/2015
Group shareholders' equity
Share capital	11,250	11,250	11,250
Other reserves	59,349	95,428	96,688
Profit (loss) of the period	-4,190	-35,288	-2,754
Total equity attributable to the shareholders of the parent	66,409	71,390	105,184
Minority interests	359	425	725
TOTAL EQUITY	66,768	71,815	105,909
Non-current liabilities
Non-current bank loans	26,899	11,935	26,645
Other non-current financial liabilities	29,850	1,468	1,178
Provisions for risks and charges	7,498	8,059	5,234
Defined benefit plans	3,277	3,313	3,827
Deferred tax liabilities	6,531	6,691	8,615
Total non-current liabilities	74,055	31,466	45,499
Current liabilities
Bank overdrafts and short-term loans	36,725	50,797	52,847
Other current financial liabilities	5,223	33,523	137
Trade payables	50,248	56,260	58,382
Trade payables - related parties	2,364	2,091	1,493
Tax liabilities	1,683	4,990	2,344
Other current liabilities	7,643	8,885	9,484
Total current liabilities	103,886	156,546	124,687
TOTAL EQUITY AND LIABILITIES	244,709	259,827	276,095

CONSOLIDATED PROFIT&LOSS

CONSOLIDATED PROFIT&LOSS (thousands of Euro) INCOME STATEMENT 31/03/2016 31/03/2015 Revenues (goods and services) 41,416 45,466 Revenues (goods and services) - related parties 4 92 Other revenue and income 195 220 Cost of raw materials, consumables and goods and change in inventories -19,105 -19,852 Costs for services and use of third party assets -11,312 -13,658 Costs for services and use of third party assets - related parties -775 -669 Personnel expenses -9,466 -10,929 Accruals, impairment losses and other operating expenses -594 -627 Gross Operating Profit 363 43 Amortization, depreciation and impairment losses -4,118 -3,878 Net Operating Profit -3,755 -3,835 Financial income 39 115 Financial expenses -1,301 -799 Gains (losses) on exchange rate -159 1,024
Gains (losses) on equity investments consolidated using the equity method -38
Profit (Loss) before tax -5,214 -3,491 Current and deferred taxes 898 774
Profit (loss) of the period for the Group and minority interests, including: -4,316 -2,717
Minority interests -126 37
Profit (Loss) of the period for the Group -4,190 -2,754
Basic earnings (loss) per share (calculated on 112,500,000 shares) -0.0372 -0,0245
Diluted earnings (loss) per share -0.0372 -0,0245

DISCLAIMER

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. For further details on the Landi Renzo Group, reference should be made to publicly

available information, including the Quarterly Reports and the Annual Reports.

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of future performance.

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