Earnings Release • Mar 15, 2022
Earnings Release
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| Informazione Regolamentata n. 0915-9-2022 |
Data/Ora Ricezione 15 Marzo 2022 21:47:13 |
Euronext Star Milan | |
|---|---|---|---|
| Societa' | : | LANDI RENZO | |
| Identificativo Informazione Regolamentata |
: | 158532 | |
| Nome utilizzatore | : | LANDIN03 - Cilloni | |
| Tipologia | : | 1.1; REGEM; 3.1; 2.2 | |
| Data/Ora Ricezione | : | 15 Marzo 2022 21:47:13 | |
| Data/Ora Inizio Diffusione presunta |
: | 15 Marzo 2022 21:47:14 | |
| Oggetto | : | PR Financial Results FY2021 capital increase |
|
| Testo del comunicato |
Vedi allegato.
New Business Plan to accelerate Landi Group's growth as a leading strategic player in both the sustainable mobility segment and in the segment of infrastructures for developing hydrogen and biomethane as the energy sources of the future
Under the non-binding term sheet signed, Itaca Equity Holding – whose main shareholder is Tamburi Investment Partners — will acquire a minority stake, and the Landi Family will keep a controlling interest in the Group
Capital increase up to a maximum of €60 million approved, pursuant to Article 2443 of the Italian Civil Code, to be submitted to the General Shareholders' Meeting called on April 29, guaranteed up to €50 million by Itaca and by the Landi Family, assuming completion of the transaction
The Board of Directors approved the results at December 31, 2021, marked by a return to profit and with margins nearly twice as high as the previous year
March 15, 2022
The Board of Directors of Landi Renzo, chaired by Stefano Landi, met today and acknowledged the communication received by Chairman Stefano Landi on the subscription by the controlling shareholders of Landi Renzo — Girefin S.p.A and Gireimm S.r.l., which jointly hold 59.16% of Landi Renzo's share capital — of a non-binding term sheet with Itaca Equity Holding S.p.A. laying the basis of a transaction whereby the latter will acquire a minority interest in the share capital of Landi Renzo, as long-period investor, to support Landi Renzo's expansion in both the compression and the automotive segments. The main shareholder of Itaca Equity Holding is Tamburi Investment Partners. The transaction involves a coinvestment by Land Renzo's CEO Cristiano Musi.
The Board of Directors also approved the Group's new 2022-2025 Business Plan, which forecasts a significant growth for the Group as a strategic expert in the biomethane and hydrogen segments, with a product range spanning the entire value chain, from compression for injection into the grid or transport of biomethane and hydrogen to compression solutions throughout the pipeline and for distribution, with a full range of solutions also for sustainable gas-and hydrogen-powered mobility for the After Market, Passenger Car and Mid&Heavy Duty segments.
As part of the new Business Plan and with a view to providing the Group with the necessary financial resources, the Board of Directors decided to submit to the forthcoming General Shareholders' Meeting the proposal to delegate the Board of Directors itself to increase, pursuant to Article 2443 of the Italian Civil Code, the share capital up to a maximum amount of €60.0 million, not subject to split up to €50 million, with options, to be paid up by cash contributions or voluntary offsetting, pursuant to Article 1252 of the Italian Civil Code, against receivables claimed by the subscribers from Landi Renzo and to be subscribed no later than December 31, 2023, with the subscription price of the shares proposed to be set as the lesser of €0.6 per share and the TERP calculated on the basis of the weighted average market prices of the LR stock in the five days prior to the date on which the price is fixed, with a 15% discount. The capital increase is guaranteed by the
March 15, 2022
Landi Family and by Itaca Equity Holding up to €50.0 million, assuming the completion of the transaction between the Landi Family and Itaca Equity Holding themselves.
The ensuing improved capital solidity will allow the Group to increase its role as aggregator of leading technology and market players in the sectors covered at the global level.
During the same meeting, the Board of Directors also approved the Draft Financial Statement of the Company and the Consolidated Financial Statements at December 31, 2021.
2021 was a year of transformation for the Group, which thanks to some M&As expanded its business scope both in the automotive and infrastructure segments, increasing its exposure to hydrogen and biomethane.
In particular, through the consolidation of SAFE&CEC and acquisition of Idro Meccanica, the Group has increasingly positioned itself among the global leaders in the segment of alternative compressors for the distribution of CNG, biomethane and hydrogen, which are growing rapidly at the global level. In particular, the infrastructure segment (net of Idro Meccanica) accounted for over 35% of Landi Renzo's revenues and over 50% of its adjusted EBITDA.
Through the acquisition of Metatron, the Group also positioned itself as a leader in pressure regulators for biomethane, CNG, LNG and hydrogen for the Light Commercial Vehicle and Mid&Heavy Duty segments, with access to a highly advanced product portfolio, in addition to reach the main OEMs in the sector at the global level, from Europe to China.
"We faced an intense year of work and new challenges in 2021, in which the foundations were laid for Landi Renzo Group's future. Despite the rapidly changing international macroeconomic context, our Group undertook significant transactions to reinforce its business. These included line-by-line consolidation of SAFE&CEC and the recent acquisition of Idro Meccanica, which we believed strongly in due to its potential in hydrogen solutions, as well as the acquisition of Metatron, which we plan to complete by the end of the first quarter of this year. Many new developments lie in store for 2022, starting from the minority investment by Itaca Equity Holding, which I am very satisfied with, as it is also an investee of Tamburi Investment Partner and of many major Italian family offices. The goal is to speed our strategic plan to increase our leadership in the infrastructure business — fuel and compression systems for the distribution of methane, hydrogen and biogas — as well as green mobility. Our Group has all the traits needed to grasp the opportunities that the market has to offer us, harnessing not only a broader portfolio of products, solutions and relationships, but also an expanded team of managers, employees and contractors, who are a source of strength and essential support for our development," stated Stefano Landi, Chairman of Landi Renzo S.p.A.
Cristiano Musi, Chief Executive Officer of Landi Renzo S.p.A., commented: "It was a challenging year in which our Group embarked on a major process of transformation to become an increasingly important
March 15, 2022
player in energy decarbonisation, with a strong focus on biomethane and hydrogen. We are satisfied with the constant growth of SAFE&CEC, which reported increased revenues, a significant rise in profitability and a strong cash generation, as well as with that of the Indian joint venture Krishna Landi Renzo, which achieved very positive results in terms of turnover and margins, with a strong improvement in performance expected in 2022 and sound prospects for the coming years. We are highly confident that the ongoing integration with Metatron will result in a global leader in alternative gas- and hydrogen-fueled mobility." "The transaction announced today through the signing of a non-binding term sheet," CEO Cristiano Musi continued, "leaves control with the Landi Family, yet involves the purchase of interests by highly prestigious, experienced minority shareholders, filling us all with even greater enthusiasm, in the knowledge that we are in the right position to be leading global players in the segments of sustainable mobility and infrastructures for developing hydrogen, biomethane and natural gas solutions, which are the new energy frontier. The new strategic plan seeks to enhance our strategic portfolio, with various options for growth and value creation. Today, more than ever, our Group — together with SAFE&CEC, Idro Meccanica, Metatron and the traditional automotive business — has a strategic positioning in business and market segments that are as diverse as complementary to each other, have high growth and attraction rate and offer high value added products to end customers. We entered 2022 with a strong order backlog for both the infrastructure and automotive segments, driven by the After Market recovery and facilitated by the high price of oil."
The consolidated financial results at December 31, 2021 are not directly comparable with those for the same period of the previous year due to the following factors:
line-by-line consolidation of the SAFE&CEC Group's results as of May 2021 (Clean Tech Solutions sector) following amendments to the shareholders' agreement that conferred greater decision-making autonomy on Landi Renzo, enabling it to exercise control pursuant to IFRS 10;
acquisition of a 49% equity interest in the Metatron Group in August 2021 (subsequently increase to 73% in February 2022), which, in light of the agreements in place, allowed to consolidate it pursuant to IFRS 10.
Landi Renzo Group's revenues for 2021 totaled €241,994 thousand (€142,455 thousand at December 31, 2020), up €99,539 thousand (+69.9%) compared to the same period of the previous year. On a like-forlike consolidation basis, the increase was 17.1%. Revenues of the Green Transportation sector at December 31, 2021 amounted to €172,914 thousand and included €6,095 thousand attributable to Metatron for the period August-December 2021.
At December 31, 2021, adjusted EBITDA was positive at €14,614 thousand (6% of revenues), compared to €8,017 thousand for the previous year (5.6% of revenues).
March 15, 2022
EBITDA was positive at €12,615 thousand (positive at €6,652 thousand at December 31, 2020), including non-recurring costs amounting to €1,999 thousand (€1,365 thousand at December 31, 2020).
EBIT for the reporting period was negative at €2,941 thousand (negative at €5,541 thousand at December 31, 2020), after amortization, depreciation and impairment losses totaling €15,556 thousand (€12,193 thousand at December 31, 2020), of which €3,136 thousand due to the application of IFRS 16 – Leases (€2,254 thousand at December 31, 2020).
The Indian joint venture Krishna Landi Renzo, consolidated using the equity method, continued to report very positive results: in 2021, it significantly increased its sales to a major Indian OEM customer, recording €19.6 million revenues and €3.6 million EBITDA. Accordingly, the equity interest was written up for €1,286 thousand (compared to a write-up of €90 thousand at December 31, 2020). India thus confirmed its position as one of the countries where gas mobility will develop faster both in the Passenger Car and the Mid&Heavy Duty segments, thanks to the growing interest of the Indian government in developing a sustainable mobility based on natural gas.
EBT was positive at €1,771 thousand (negative at €11,391 thousand at December 31, 2020).
Net Result for the Group and minority interests at December 31, 2021 was positive at €545 thousand compared to a €7,850 thousand loss for the same period of 2020.
Net Financial Debt totaled €133,493 thousand at December 31, 2021 (€72,917 thousand at December 31, 2020), of which €12,821 thousand due to the application of IFRS 16 — Leases, €99 thousand due to the fair value of financial derivative contracts and €25,436 thousand due to the residual debt for the acquisition of the Metatron Group (the amount has been classified in item Other current liabilities in the consolidated financial statements). Excluding the effects arising from the application of this standard, the fair value of financial derivative contracts and the remaining debt for the acquisition of equity interests, Net Financial Debt at December 31, 2021 would have been €95,137 thousand, of which €4,023 thousand attributable to the Clean Tech Solutions sector (strongly improving compared to the previous quarter), and €91,114 thousand attributable to the Green Transportation sector.
March 15, 2022
Revenues from sales within the Green Transportation sector at December 31, 2021 amounted to €172,914 thousand, up €30,459 thousand (+21.4%) compared to the same period of the previous year and including €6,095 thousand revenues generated by the Metatron Group, consolidated by Landi Renzo Group as of August 2021.
The Group's sales within the OEM channel were €77.9 million, thanks to the growing order backlog of a major OEM client that has focused on LPG bifuel engines to broaden its range of 'green' products. Sales include Metatron's contribution.
Sales within the After Market channel amounted to €95 million (€77.5 million at December 31, 2020), and mainly referred to orders from both national and foreign distributors and authorized installers. This item grew chiefly as a result of the recovery of some LATAM, North African and Asian markets.
In detail, with regard to the geographical breakdown of sales on the Green Transportation sector:
In 2021, adjusted EBITDA of the Green Transportation sector, net of €1,668 thousand non-recurring costs, was positive at €7,205 thousand, accounting for 4.2% of revenues, down compared to the previous year (€8,017 thousand, or 5.6% of revenues, net of non-recurring costs of €1,365 thousand).
The item included the contribution of the Metatron Group, consolidated as of August 2021, which recorded a negative margin of €236 thousand, mainly due to the current difficult situation of the Chinese
March 15, 2022
market. In terms of percentage weight on sales revenues, this figure was however in line with that of preexisting operations.
EBITDA of the Green Transportation sector was positive at €5,537 thousand and accounted for 3.2% of revenues (€6,652 thousand; or 4.7% of revenues at December 31, 2020).
EBIT was negative at €8,331 thousand (negative at €5,541 thousand at December 31, 2020).
The Group's margins at December 31, 2021 were impacted both by the significant ratio of sales on the OEM channel to total revenues, as the former provide lower margins than those on the After Market channel, and by the effects of the increase in raw material prices. However, margins grew significantly during the fourth quarter, thanks both to the agreement reached with a major OEM client involving sales price adjustments based on the main commodities trends, and the recovery of sales on the After Market channel, especially in the last months of the year.
Adjusted Net Financial Position of the Green Transportation sector, net of the Metatron Group's contribution (€7,355 thousand), was virtually stable compared to the previous quarter.
Revenues of the Clean Tech Solutions sector are not directly comparable to the same period of the previous year, as the SAFE&CEC Group was fully consolidated in May 2021.
With regard to the eight months (May-December) consolidated by Landi Renzo Group, the Clean Tech Solutions sector reported revenues amounting to €69,080 thousand, adjusted EBITDA positive at €7,409 thousand and EBITDA positive at €7,078 thousand. EBIT was positive at €5,390 thousand.
At pro-forma level, i.e., considering the results of the SAFE&CEC Group for 12 months of operations in 2021, the Clean Tech Solutions sector recorded a significant increase in revenues, from €79,458 thousand at December 31, 2020 to €92,343 thousand at December 31, 2021 (+16.2%).
Despite the negative impacts on global economy due to the persistence of the Covid-19 pandemic and the difficulty in procuring raw materials on the market, the SAFE&CEC Group continued to report increasingly positive results and an order backlog able to cover the whole first half of 2022, also thanks to the expansion of biomethane applications, and grid injection applications in particular.
Revenues by geographical area showed important results in the Asia and Rest of the world area, chiefly due to significant contracts for the Northern African market.
In the period May-December 2021, adjusted EBITDA of the Clean Tech Solutions sector was positive at €7,409 thousand, equal to 10.7% of revenues. At pro-forma level, i.e., considering the results of the SAFE&CEC Group for full year 2021, adjusted EBITDA was €8,343 thousand (9% of revenues), up compared to the same period of the previous year (€5,073 thousand, equal to 6.4% of revenues).
The Clean Tech Solutions sector's pro-forma EBIT at December 31, 2021 was €4,576 thousand, up sharply
March 15, 2022 by €2,382 thousand compared to the same period of the previous year.
In 2021, the SAFE&CEC Group's margins improved constantly, owing to the positive effects of the budgeting process review and greater industrial cost containment, as well as to the price paid by customers for the Group's customized solutions. The revenue increase also allowed a better absorption of fixed costs.
Landi Renzo S.p.A.'s revenues for 2021 totaled €131,455 thousand compared to €112,716 thousand for the same period of the previous year. EBITDA was €5,590 thousand compared to €6,114 thousand at December 31, 2020, whereas Net Financial Debt amounted to €112,961 thousand (€84,834 thousand net of the IFRS-16 effects, the fair value of financial derivative contracts and the residual debt for the acquisition of the Metatron Group) compared to €78,971 thousand at December 31, 2020 (€74,041 thousand net of the IFRS-16 effects and the fair value of financial derivative contracts).
At year-end 2021, the Parent Company's workforce totaled 297, decreasing by 21 compared to December 31, 2020 (318 staff).
The Board of Directors will propose to the Shareholders' Meeting to cover Landi Renzo S.p.A.'s loss for the year amounting to €9,130,903.21 drawing from the unrestricted reserve.
The Board of Directors gave mandate to its Chairman and the Chief Executive Officer, severally between them, to convene the Ordinary General Shareholders' Meeting in single call on April 29, 2022 to debate and resolve on the following Agenda:
Ordinary session:
(i) Financial Statements at December 31, 2021, Directors' Report on Operations, Statutory Auditors' Report and Independent Auditors' Report; relevant and ensuing resolutions. (ii) Resolutions concerning net profit for the year; relevant and ensuing resolutions.
Appointment of the Board of Directors: 2.1 Definition of the number of members; 2.2 Appointment of the Board of Directors; 2.3 Appointment of the Chair of the Board of Directors; 2.4 Definition of Directors' term of office; 2.5 Definition of Board of Directors' remuneration; relevant and ensuing resolutions.
Appointment of the Board of Statutory Auditors: 3.1 Appointment of the Board of Statutory Auditors; 3.2 Appointment of the Chair of the Board of Statutory Auditors; 3.3 Definition of Board of Statutory Auditors' remuneration; relevant and ensuing resolutions.
Extraordinary session:
offsetting, pursuant to Article 1252 of the Italian Civil Code, against receivables claimed by the subscribers from Landi Renzo; any related and consequent resolutions.
The management foresees more positive prospects in 2022 than in 2021, due in part to significant signs of recovery in the After Market channel and a considerable order backlog for the Infrastructure Business Unit, driven by the growth of biomethane and hydrogen. With regard to the geopolitical context, on the basis of the information currently available there are no particular critical issues to be reported; upcoming developments in the conflict in Ukraine and its impacts will be monitored and assessed.
The following events occurred after December 31, 2021 and up to today's date:
Pursuant to Article 154-bis, paragraph 2, of Italian Legislative Decree No. 58 of February 24, 1998, the Officer in charge of preparing the Company's financial statements, Paolo Cilloni, declares that the accounting information contained in this press release corresponds to the documented results, books and accounting records.
This press release is also available on the corporate website www.landirenzogroup.com.
Landi Renzo is the global leader in the Methane gas, LNG, hydrogen and LPG components and systems for the motor vehicles sector. The Company is based in Cavriago (Reggio Emilia) and has over 60 years' experience in the sector, and is renowned for the extent of its international activities in over 50 countries, with export sales of about 80%. Landi Renzo S.p.A. has been listed on the Euronext STAR Milan segment of Borsa Italiana since June 2007.
Paolo Cilloni CFO and Investor Relator [email protected]
Cristina Fossati, Angela Fumis Tel.: +39 02 89011300 e-mail: [email protected]
| (thousands of Euro) | ||
|---|---|---|
| 31/12/2021 | 31/12/2020 | |
| CONSOLIDATED INCOME STATEMENT | ||
| Revenues from sales and services | 241,994 | 142,455 |
| Other revenues and income | 2,610 | 313 |
| Cost of raw materials, consumables and goods and change in inventories | -150,272 | -84,212 |
| Costs for services and use of third-party assets | -43,075 | -27,844 |
| Personnel costs | -34,920 | -22,398 |
| Allocations, write downs and other operating expenses | -3,722 | -1,662 |
| Gross Operating Profit | 12,615 | 6,652 |
| Amortization, depreciation and impairment | -15,556 | -12,193 |
| Net Operating Profit | -2,941 | -5,541 |
| Financial income | 217 | 298 |
| Financial expenses | -4,344 | -3,310 |
| Exchange gains (losses) | -362 | -2,827 |
| Income (expenses) from equity investments | 8,581 | 0 |
| Income (expenses) from joint venture measured using the equity method | 620 | -11 |
| Profit (Loss) before tax | 1,771 | -11,391 |
| Taxes | -1,226 | 3,541 |
| Net profit (loss) for the Group and minority interests, including: | 545 | -7,850 |
| Minority interests | 1,522 | -188 |
| Net profit (loss) for the Group | -977 | -7,662 |
| Basic earnings (loss) per share (calculated on 112,500,000 shares) | -0.0087 | -0.0681 |
| Diluted earnings (loss) per share | -0.0087 | -0.0681 |
| (thousands of Euro) | ||
|---|---|---|
| ASSETS | 31/12/2021 | 31/12/2020 |
| Non-current assets | ||
| Land, property, plant, machinery and other equipment | 14,977 | 13,212 |
| Development expenditure | 12,222 | 9,506 |
| Goodwill | 75,341 | 30,094 |
| Other intangible assets with finite useful lives | 16,711 | 10,860 |
| Right-of-use assets | 11,991 | 4,975 |
| Equity investments measured using the equity method | 2,028 | 22,509 |
| Other non-current financial assets | 882 | 921 |
| Other non-current assets | 2,556 | 2,850 |
| Deferred tax assets | 13,484 | 12,201 |
| Total non-current assets | 150,192 | 107,128 |
| Current assets | ||
| Trade receivables | 66,048 | 39,353 |
| Inventories | 68,896 | 42,009 |
| Contract work in progress | 15,653 | 0 |
| Other receivables and current assets | 14,443 | 6,712 |
| Other current financial assets | 0 | 2,801 |
| Cash and cash equivalents | 28,039 | 21,914 |
| Total current assets | 193,079 | 112,789 |
| TOTAL ASSETS | 343,271 | 219,917 |
| (thousands of Euro) | ||
|---|---|---|
| SHAREHOLDERS' EQUITY AND LIABILITIES | 31/12/2021 | 31/12/2020 |
| Shareholders' Equity | ||
| Share capital | 11,250 | 11,250 |
| Other reserves | 44,615 | 53,199 |
| Profit (loss) for the period | -977 | -7,662 |
| Total Shareholders' Equity of the Group | 54,888 | 56,787 |
| Minority interests | 5,738 | -473 |
| TOTAL SHAREHOLDERS' EQUITY | 60,626 | 56,314 |
| Non-current liabilities | ||
| Non-current bank loans | 10,174 | 68,181 |
| Other non-current financial liabilities | 9,320 | 408 |
| Non-current liabilities for right-of-use | 10,197 | 2,871 |
| Provisions for risks and charges | 4,535 | 2,897 |
| Defined benefit plans for employees | 3,977 | 1,556 |
| Deferred tax liabilities | 1,452 | 297 |
| Liabilities for derivative financial instruments | 99 | 458 |
| Total non-current liabilities | 39,754 | 76,668 |
| Current liabilities | ||
| Bank financing and short-term loans | 103,408 | 23,108 |
| Other current financial liabilities | 274 | 378 |
| Current liabilities for right-of-use | 2,624 | 2,228 |
| Trade payables | 82,886 | 53,509 |
| Tax liabilities | 3,758 | 2,677 |
| Other current liabilities | 49,941 | 5,035 |
| Total current liabilities | 242,891 | 86,935 |
| TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES | 343,271 | 219,917 |
| (thousands of Euro) | ||
|---|---|---|
| CONSOLIDATED CASH FLOWS STATEMENT | 31/12/2021 | 31/12/2020 |
| Financial flows deriving from operating activities | ||
| Pre-tax profit (loss) for the period | 1,771 | -11,391 |
| Adjustments for: Depreciation of property, plant and machinery |
4,301 | 3,889 |
| Amortisation of intangible assets | 8,119 | 6,050 |
| Depreciation of right-of-use assets | 3,136 | 2,254 |
| Loss (profit) from disposal of tangible and intangible assets | 305 | -36 |
| Share-based incentive plans | -296 | 177 |
| Impairment loss on receivables | 1,024 | 156 |
| Net financial charges | 4,489 | 5,839 |
| Net expenses (income) form equity investments measured using the equity method | -620 | 11 |
| Net expenses (income) form equity investments | -8,581 | 0 |
| 13,648 | 6,949 | |
| Changes in: | ||
| Inventories and work in progress | -5,120 | -2,235 |
| Trade receivables and other receivables | -1,334 | 2,244 |
| Trade payables and other payables | 2,222 | 3,291 |
| Provisions and employee benefits | 589 | -829 |
| Cash generated from operation | 10,005 | 9,420 |
| Interest paid | -2,035 | -2,456 |
| Interest received | 195 | 91 |
| Taxes paid | -1,200 | -750 |
| Net cash generated (absorbed) from operating activities | 6,965 | 6,305 |
| Financial flows from investment | ||
| Proceeds from sale of property, plant and machinery | 507 | 310 |
| Purchase of property, plant and machinery | -3,188 | -6,209 |
| Purchase of intangible assets | -303 | -337 |
| Development expenditure | -5,123 | -5,375 |
| Variation in consolidation area | 3,575 | 0 |
| Net cash absorbed by investment activities | -4,532 | -11,611 |
| Free Cash Flow | 2,433 | -5,306 |
| Financial flows from financing activities | ||
| Disbursements (reimbursement) of loans to associates | 0 | -600 |
| Bond repayments | 6,936 | 0 |
| Disbursements (reimbursement) of medium/long-term loans | -4,274 | 20,356 |
| Change in short-term bank debts | 6,366 | -8,943 |
| Repayment of leases IFRS 16 | -3,473 | -2,399 |
| Net cash generated (absorbed) by financing activities | 5,555 | 8,414 |
| Net increase (decrease) in cash and cash equivalents | 7,988 | 3,108 |
| Cash and cash equivalents as at 1 January | 21,914 | 22,650 |
| Effect of exchange rate fluctuations on cash and cash equivalents | -1,863 | -3,844 |
| Cash and cash equivalents at the end of the period | 28,039 | 21,914 |
| (Euro) | ||
|---|---|---|
| 31/12/2021 | 31/12/2020 | |
| INCOME STATEMENT | ||
| Revenues from sales and services | 131,455,029 | 112,715,718 |
| Other revenue and income | 1,284,814 | 65,469 |
| Cost of raw materials, consumables and goods and change in inventories | -79,199,597 | -63,678,540 |
| Costs for services and use of third party assets | -27,612,589 | -24,327,983 |
| Personnel expenses | -18,020,224 | -17,265,392 |
| Accruals, impairment losses and other operating expenses | -2,317,702 | -1,395,425 |
| Gross Operating Profit | 5,589,731 | 6,113,847 |
| Amortization, depreciation and impairment losses | -11,709,611 | -11,055,423 |
| Net Operating Profit | -6,119,880 | -4,941,576 |
| Financial income | 104,623 | 180,802 |
| Financial expenses | -3,173,620 | -3,078,318 |
| Exchange gains (losses) | 981,504 | -1,003,701 |
| Gains (Losses) on equity investments | -1,748,965 | -902,025 |
| Gains (Losses) on joint venture valuate using the equity method | 523,190 | -11,418 |
| Profit (Loss) before tax | -9,433,148 | -9,756,236 |
| Taxes | 302,245 | 3,472,611 |
| Net profit (loss) of the period | -9,130,903 | -6,283,625 |
| March 15, 2022 | ||
|---|---|---|
| ASSETS | 31/12/2021 | 31/12/2020 |
| Non-current assets | ||
| Property, plant and equipment | 9,692,899 | 11,471,406 |
| Development expenditure | 8,869,349 | 9,505,902 |
| Goodwill | 30,094,311 | 30,094,311 |
| Other intangible assets with finite useful lives | 8,639,914 | 10,178,763 |
| Right-of-use assets | 2,481,532 | 4,337,517 |
| Investments in equity | 55,574,764 | 4,189,204 |
| Investments in associated companies and joint ventures | 2,028,140 | 22,606,421 |
| Other non-current financial assets | 925,874 | 910,874 |
| Other non-current assets | 2,280,000 | 2,850,000 |
| Deferred tax assets | 11,452,050 | 11,232,648 |
| Total non-current assets | 132,038,833 | 107,377,046 |
| Current assets | ||
| Trade receivables | 27,768,652 | 27,248,343 |
| Receivables from subsidiaries | 18,696,904 | 16,368,490 |
| Inventories | 34,492,838 | 31,734,786 |
| Other receivables and current assets | 5,004,287 | 5,081,607 |
| Current financial assets | 0 | 2,800,892 |
| Cash and cash equivalents | 7,055,840 | 10,626,485 |
| Total current assets | 93,018,521 | 93,860,603 |
| TOTAL ASSETS | 225,057,354 | 201,237,649 |
| (thousands of Euro) | ||
|---|---|---|
| SHAREHOLDERS' EQUITY AND LIABILITIES | 31/12/2021 | 31/12/2020 |
| Shareholders' Equity | ||
| Share capital | 11,250,000 | 11,250,000 |
| Other reserves | 40,637,158 | 46,408,791 |
| Profit (loss) of the period | -9,130,903 | -6,283,625 |
| TOTAL SHAREHOLDERS' EQUITY | 42,756,255 | 51,375,166 |
| Non-current liabilities | ||
| Non-current bank loans | 0 | 64,790,359 |
| Other non-current financial liabilities | 360,000 | 0 |
| Non-current liabilities for right-of-use | 1,372,967 | 2,702,205 |
| Provisions for risks and charges | 5,760,190 | 2,176,989 |
| Defined benefit plans for employees | 1,298,127 | 1,541,413 |
| Liabilities for derivative financial instruments | 96,386 | 457,514 |
| Total non-current liabilities | 8,887,670 | 71,668,480 |
| Current liabilities | ||
| Bank overdrafts and short-term loans | 91,847,372 | 22,770,692 |
| Other current financial liabilities | 0 | 209,684 |
| Current liabilities for right-of-use | 1,222,008 | 1,770,414 |
| Trade payables | 47,022,574 | 45,031,759 |
| Payables to subsidiaries | 3,028,357 | 2,132,747 |
| Tax liabilities | 886,760 | 2,332,550 |
| Other current liabilities | 29,406,358 | 3,946,157 |
| Total current liabilities | 173,413,429 | 78,194,003 |
| TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES | 225,057,354 | 201,237,649 |
| (thousands of Euro) |
| March 15, 2022 | |
|---|---|
| ---------------- | -- |
| CASH FLOWS STATEMENT | 31/12/2021 | 31/12/2020 |
|---|---|---|
| Financial flows deriving from operating activities | ||
| Pre-tax profit (loss) for the period | -9,433 | -9,756 |
| Adjustments for: | ||
| Depreciation of property, plant and equipment | 3,129 | 3,270 |
| Amortisation of intangible assets | 6,805 | 5,951 |
| Depreciation of right-of-use assets | 1,775 | 1,834 |
| Loss (profit) from disposal of tangible and intangible assets | 249 | 8 |
| Performanche share | -296 | 177 |
| Impairment loss on trade receivables | 829 | 150 |
| Net finance expenses | 2,087 | 3,901 |
| Loss (Profit) attributable to investments valued using equity method | 1,225 | 913 |
| 6,370 | 6,448 | |
| Changes in: | ||
| inventories | -2,758 | -3,566 |
| trade receivables and other receivables | -3,030 | -252 |
| trade payables and other payables | 91 | -2,777 |
| provisions and employee benefits | 219 | -752 |
| Cash generated from operation | 892 | -899 |
| Interest paid | -1,639 | -2,293 |
| Interest received | 95 | 83 |
| income taxes paid | 0 | 0 |
| Net cash generated (absorbed) from operating activities | -652 | -3,109 |
| Financial flow from investment | ||
| Proceeds from sale of property, plant and equipment | 474 | 420 |
| Purchase of property, plant and equipment | -2,074 | -5,462 |
| Purchase of intangible assets | -292 | -310 |
| Development expenditure | -4,350 | -5,376 |
| Purchase of equity investments | -1,693 | 0 |
| Net cash absorbed by investment activities | -7,395 | -10,728 |
| Free Cash Flow | -8,587 | -13,837 |
| Financial flow from financing activities | ||
| Disbursements (reimbursement) of loans to associates | 2,489 | -600 |
| Disbursements (reimbursement) of bond loan | 0 | 0 |
| Disbursements (reimbursement) of medium/long-term loans | -5,305 | 19,451 |
| Cash provision from merger | 0 | 2,853 |
| Change in short-term bank debts | 9,738 | -6,994 |
| Repayment of leases IFRS 16 | -1,905 | -1,960 |
| Net cash generated (absorbed) by financing activities | 5,017 | 12,750 |
| Net increase (decrease) in cash and cash equivalents | -3,570 | -1,087 |
| Cash and cash equivalents as at 1 January | 10,626 | 11,713 |
| Cash and cash equivalents at the end of the period | 7,056 | 10,626 |
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