Landi Renzo

Annual / Quarterly Financial Statement • Apr 16, 2016

LANDI RENZO S.P.A.

Financial Statements

Foreign non UE subsidiaries on December,31 2015 –

Art. 36 Consob Regulation on Markets

Non UE foreign subsidiaries Financial Statements on December, 31 2015 ex art.36 Consob Regulation on Markets

1.	Introduction	pg.3
2.	Beijing Landi Renzo Autogas System Co. Ltd Statement of financial position Income Statement	pg.4 pg.4 pg.5
3.	LR Pak (Pvt) Limited Statement of financial position Income Statement	pg.6 pg.6 pg.7
4.	LR Industria e comercio Ltda Statement of financial position Income Statement	pg.8 pg.8 pg.9

1. Introduction

In accordance with the provisions of art. 36, paragraph 1, lett. a) of CONSOB Market Regulation (adopted by resolution no. 16191 of 29 October 2007 and subsequent amendments and additions), Landi Renzo S.p.A. provides to public by this document, the financial statements of its subsidiaries that are established and governed by the laws of non-EU countries that have been identified as relevant in terms of the criteria referred to in paragraph 2 of the same Article 36 of the Consob Market Regulations.

In particular, are reported below the statements of financial position and income statements of those companies as well as stated for the purposes of preparing the consolidated financial statements of Landi Renzo S.p.A. on December 31, 2015.

2. Beijing Landi Renzo Autogas System Co. Ltd

Registered office: Building No.5, Jing Yuan Bei Jie No.2, Beijing Economic-Technological Development Area, Beijing P.R.China Share Capital: 20.854.030 RMB Currency: Chinese Renminbi Group ownership percentage: 100%

Beijing Landi Renzo Autogas System Co. Ltd
ASSETS	31/12/2015	31/12/2014
Non-current assets
Property, plant and equipment	12.524.583	13.675.439
Intangible assets	45.490	73.338
Total non-current assets	12.570.074	13.748.777
Current assets
Trade receivables	12.473.034	23.131.580
Inventories	14.288.757	8.449.181
Other receivables and current assets	2.403.585	1.170.327
Cash and cash equivalents	11.205.442	11.432.081
Total current assets	40.370.819	44.183.169
TOTAL ASSETS	52.940.892	57.931.946

EQUITY AND LIABILITIES	31/12/2015	31/12/2014
Net Equity
Share capital	20.854.030	20.854.030
Other reserves	22.845.651	17.959.514
Profit (loss) of the period	-2.614.471	4.886.137
TOTAL NET EQUITY	41.085.211	43.699.681
Non-current liabilities
Provisions for risks and charges	1.210.000	309.335
Total non-current liabilities	1.210.000	309.335
Current liabilities
Trade payables	9.252.148	4.890.831
Tax liabilities	101.616	1.018.853
Other current liabilities	1.291.918	8.013.246
Total current liabilities	10.645.682	13.922.930
TOTAL LIABILITIES AND EQUITY	52.940.892	57.931.946

Beijing Landi Renzo Autogas System Co. Ltd
Income Statement	31/12/2015	31/12/2014
Revenues (goods and services)	40.149.229	38.052.300
Other revenue and income	8.298	31.785
Cost of raw materials, consumables and goods and change in inventories	25.660.392	21.420.490
Costs for services and use of third party assets	7.775.160	4.394.935
Personnel expenses	5.976.238	5.500.645
Accruals, impairment losses and other operating expenses	1.459.156	623.688
Gross Operating Profit	-713.418	6.144.327
Amortization, depreciation and impairment losses	1.205.037	1.413.799
Net Operating Profit	-1.918.456	4.730.528
Financial income	64.247	198.611
Financial expenses	82.461	32.414
Gains (losses) on exchange rate	-699.988	502.555
Profit (Loss) before tax	-2.636.657	5.399.280
Current and deferred taxes	-22.187	513.143
Profit (loss) of the period	-2.614.471	4.886.137

3. LR Pak (Pvt) Limited

Registered office: LR Pak ( Pvt ) Ltd., C – 11, S.I.T.E, Karachi, Pakistan Share Capital: 75.000.000 PKR Currency: Pakistani Rupies Group ownership percentage: 70%

LR Pak (Pvt) Limited
ASSETS	31/12/2015	31/12/2014
Non-current assets
Property, plant and equipment	94.044.439	115.958.960
Intangible assets	11.437	18.423
Other non-current assets	20.643.814	46.256.964
Total non-current assets	114.699.690	162.234.347
Current assets
Trade receivables	95.123.746	88.576.171
Inventories	331.679.180	376.797.135
Other receivables and current assets	162.508.207	158.982.983
Cash and cash equivalents	59.056.209	30.960.047
Total current assets	648.367.342	655.316.336
TOTAL ASSETS	763.067.032	817.550.683

EQUITY AND LIABILITIES	31/12/2015	31/12/2014
Net Equity
Share capital	75.000.000	75.000.000
Other reserves	124.650.364	13.882.525
Profit (loss) of the period	-60.072.547	110.767.838
TOTAL NET EQUITY	139.577.817	199.650.363
Non-current liabilities
Provisions for risks and charges	7.689.764	10.697.695
Defined benefit plans	3.195.039	3.195.039
Deferred tax liabilities	13.682.198	21.142.628
Total non-current liabilities	24.567.001	35.035.362
Current liabilities
Trade payables	542.393.367	524.138.685
Tax liabilities	1.149.991	1.085.156
Other current liabilities	55.378.856	57.641.117
Total current liabilities	598.922.214	582.864.958
TOTAL LIABILITIES AND EQUITY	763.067.032	817.550.683

LR Pak (Pvt) Limited
Income Statement	31/12/2015	31/12/2014
Revenues (goods and services)	172.561.083	598.047.791
Other revenue and income	16.188.863	7.161.937
Cost of raw materials, consumables and goods and change in inventories	141.189.806	436.954.662
Costs for services and use of third party assets	54.682.428	48.386.520
Personnel expenses	36.121.852	43.306.903
Accruals, impairment losses and other operating expenses	2.022.269	4.640.209
Gross Operating Profit	-45.266.409	71.921.434
Amortization, depreciation and impairment losses	21.874.816	23.440.860
Net Operating Profit	-67.141.225	48.480.574
Financial expenses	240.920	398.019
Gains (losses) on exchange rate	32.077.193	92.081.048
Profit (Loss) before tax	-35.304.952	140.163.603
Current and deferred taxes	24.767.595	29.395.765
Profit (loss) of the period	-60.072.547	110.767.838

4. LR Industria e comercio Ltda

Registered office: LR Industria e comercio Ltda, Av. Paulo Miguel Bohomoletz nº 175, Qd XV Lotes 03,04 e 05,Cep: 29.168-010,CIVIT I, Serra-ES - Brasil Share Capital: 4.320.000 BRL Currency: Brasilian Real Group ownership percentage: 99,99%

LR Industria e Comercio Ltda
ASSETS	31/12/2015	31/12/2014
Non-current assets
Property, plant and equipment	141.926	95.159
Total non-current assets	141.926	95.159
Current assets
Trade receivables	16.594.083	11.544.425
Inventories	5.722.685	6.679.818
Other receivables and current assets	2.127.755	2.353.781
Cash and cash equivalents	1.556.607	1.172.736
Total current assets	26.001.130	21.750.760
TOTAL ASSETS	26.143.056	21.845.919

EQUITY AND LIABILITIES	31/12/2014	31/12/2013
Net Equity
Share capital	4.320.000	4.320.000
Other reserves	2.368.190	1.717.982
Profit (loss) of the period	-6.144.523	650.209
TOTAL NET EQUITY	543.668	6.688.191
Non-current liabilities
Provisions for risks and charges	780.000	507.607
Total non-current liabilities	780.000	507.607
Current liabilities
Trade payables	24.377.912	13.911.753
Tax liabilities	227.510	390.870
Other current liabilities	213.965	347.498
Total current liabilities	24.819.388	14.650.121
TOTAL LIABILITIES AND EQUITY	26.143.056	21.845.919

LR Industria e Comercio Ltda
Income Statement	31/12/2015	31/12/2014
Revenues (goods and services)	24.087.667	19.669.819
Other revenue and income	103.505	280.497
Cost of raw materials, consumables and goods and change in inventories	20.753.243	14.864.569
Costs for services and use of third party assets	2.166.502	1.857.648
Personnel expenses	1.736.002	1.603.969
Accruals, impairment losses and other operating expenses	405.872	385.442
Gross Operating Profit	-870.447	958.191
Amortization, depreciation and impairment losses	29.737	22.398
Net Operating Profit	-900.184	935.793
Financial income	152.859	259.312
Financial expenses	125.747	34.844
Gains (losses) on exchange rate	-4.856.930	-129.844
Profit (Loss) before tax	-5.730.003	1.030.417
Current and deferred taxes	414.520	660.705
Profit (loss) of the period	-6.144.523	369.712