Earnings Release • Mar 27, 2017
Earnings Release
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| Informazione Regolamentata n. 0915-13-2017 |
Data/Ora Ricezione 27 Marzo 2017 21:26:21 |
MTA - Star | |
|---|---|---|---|
| Societa' | : | LANDI RENZO | |
| Identificativo Informazione Regolamentata |
: | 86950 | |
| Nome utilizzatore | : | LANDIN02 - Marziali | |
| Tipologia | : | IRAG 01 | |
| Data/Ora Ricezione | : | 27 Marzo 2017 21:26:21 | |
| Data/Ora Inizio Diffusione presunta |
: | 27 Marzo 2017 21:41:22 | |
| Oggetto | : | Financial results as at 31 December 2016 | |
| Testo del comunicato |
Vedi allegato.
The Board of Directors of Landi Renzo (STAR: LR), chaired by Mrs Giovannina Domenichini, met today and approved the draft financial statements and consolidated financial results as at December 31, 2016, in accordance with the International Financial Reporting Standard (IFRS) as defined by the International Accounting Standard Board (IASB) as of December 31, 2015.
The Chairman and CEO Stefano Landi comments: "2016 was another very difficult year for our Group, whose result was impacted by a series of negative external conditions, but we remain positive about the future prospects, aware of the market potential and the strength of our brands and products. 2017 will be a pivotal year for the automotive sector where it will be crucial, for the survival of the sector itself, to find solutions for sustainable mobility with low or no environmental impact. To be ready for the challenges that await us and ride the change "- continues Landi -" we have appointed a new General Manager who will be proposed for appointment as CEO after the next Shareholders' Meeting of 28 April. Mr Musi" – the Chairman continues – "is already fully operational and has started a major restructuring and relaunch plan." - The Chairman concludes confirming as controlling shareholder - "the commitment to support the Group in this challenging project also taking part in the plan to the strengthen the Company equity."
The DG Cristiano Musi adds: "We are confident about the market outlook and the role that our Group may have in this context, but as the Chairman just said, we will have to cope with important challenges and, to address them, we must be prepared to change. We must face them with humility but also with the awareness of the potential we have. In order to be ready "- continues Musi - " we have already started a reorganization that aims to bring closer to the market our Group and we have established a structured and comprehensive program of initiatives, covering all the companies, to improve operational efficiency and recover margins on core business. These are measures that will enable us to significantly reduce the
breakeven point and also to free up resources to invest in the future." The DG Musi then noted:" This program, freeing up resources, will allow us to better exploit the opportunities that the business of the green mobility offers. In particular, we want to consolidate our role as a leader on the LPG segment and seize all growth opportunities we see in the compressed natural gas (CNG) and liquid gas (LNG), both in Europe and, above all, globally. In addition to the segment of passenger cars" - continues Musi - "we see significant opportunities in the segment of light commercial vehicles fed with gas and in the Medium & Heavy Duty and special vehicles fed with natural gas, biogas and LNG. We are also developing some hydrogen solutions, convinced that this technology has significant room for growth in the future."
With regard to other areas of business Musi highlights: "There are good growth opportunities for Safe: there are now daily programs launched worldwide for the extension of the network of natural gas refilling station and Safe is the most recognized brand in the industry. Safe also has developed important technologies for the use of bio-methane as a solution for green mobility. At the same time "- he concludes Musi -" even 18Sound, the Group company active in the production of professional speakers, has already launched a development plan with the aim to improve margins."
Coming to the outlook in 2017 the President Landi and Musi commented: "2017 will be another year of transition, where the Group, and in particular the automotive sector, will focus on 'implementation of the recovery plan, but we still expect a slight sales growth and a recovery in margins, especially from 4Q while "- continued - "the fruits of the recovery work in the implementation phase will have full effect year 2018."
Musi concludes: "We are all aware of the responsibility we have towards all the stakeholders: the controlling shareholder, which is giving great support; the banks and bondholders, with which we are completing the operation optimization of the financial structure; the employees and the suppliers. But we are confident that the actions we are going to implement can make a real dent in our Group."
****
| Press Release | |||||
|---|---|---|---|---|---|
| 27th March, 2017 | |||||
| Consolidated Financial Results highlights | |||||
| Income statement | |||||
| M€ | FY 2016 | FY 2015 | Delta M€ | Delta % | |
| Revenues | 184.2 | 205.5 | -21.3 | -10.4% | |
| EBITDA Adj. | 2.7 | 5.8 | -3.1 | -52.5% | |
| % on Revenues | 1.5% | 2.8% | |||
| EBITDA | -2.9 | -1.3 | -1.6 | n.a. | |
| % on Revenues | -1.6% | -0.6% | |||
| -26.9 | 8.0 | 29.7% | |||
| EBIT | -18.9 | ||||
| % on Revenues | -10.3% | -13.1% | |||
| Financials | -4.2 | -5.8 | 1.6 | -27.1% | |
| EBT Taxes |
-23.1 -2.9 |
-32.7 -2.9 |
9.6 0.0 |
29.2% n.a. |
Revenues from the Automotive business totalled 143.3€ million (78% of total), compared to 161.7€ in FY15; revenues from the Gas Distribution SAFE were equal to 24.1€ million (13% of total), compared to 23,3€ million in FY15. Other Businesses (including Alarms, Audio, Oil&Gas) totalled 16.8€ million (9% of total), compared to 20.5€ million in FY15.
The reduction in revenues of the Automotive business is primarily a consequence of the decrease in the After Market segment and a temporary slowdown in the OEM segment in Italy and Europe, due to the switch from Euro V to Euro VI engines. The decrease of the Other Businesses is primarily attributable to the Oil&Gas segment sales.
The 79.1% of revenues were generated outside Italy (vs 79.7% in FY15), confirming the strong international mind-set that has always characterised the Landi Renzo Group.
The revenue contribution by geographic area is as follows: Italy 20.9% (vs 20.3% in FY15); rest of Europe 45.3% (vs 41.0% in FY15); America 16.7% (vs 21.1% in FY15); Asia and the Rest of the World 17.1% (vs 17.6% in FY15). The performance of the American area, particularly in the After Market segment, was not homogeneous, characterized by Countries performing above (e.g. Brazil) and below (e.g. US, Colombia, Bolivia and Argentina) expectations.
Adjusted EBITDA amounted to 2.7€ million (5.8€ million in FY15): the change is mainly due to a volume effect in the Automotive business, greater price pressure as well as a less favourable product mix for the After Market segment, which has higher margins, in the period. EBITDA was negative at 2.9€ million, including non-recurring expenses -
EBIT was negative at 18.9€ million (a reduction from a loss of 26.9€ million in FY15).
A loss before taxes of 23.1€ million was recorded (compared with a loss of 32.7€ million in FY15). A net loss of 26€ million was recorded (a loss of 35.6€ million in FY15).
| Press Release | ||
|---|---|---|
| 27th March, 2017 | ||
| Net financial position | ||
| M€ | FY 2016 | FY 2015 |
| Cash and cash equivalents | 16.5 | 38.4 |
| Short-term debts | -41.1 | -51.2 |
| -13.4 | ||
| Long-term debts | -19.7 | |
| Bond | -31.4 | -33.1 |
| Total Gross Debt | -92.2 | -97.7 |
January 2017 - The Group has launched a new organization structure for the "Automotive Business", aimed at exploiting all the full potential of different segments: OEM, AM and Electronic Equipment with the aim of bringing the Group to the market, improve the ability to meet the different requirements of customers, reduce time to market, and in general, to align the efficiency level of the Automotive business to the market best practices.
February 2017 - The Group has launched a structured and extensive program of initiatives, involving the whole Company, to improve the operational efficiency and recover the marginality on the core business. An action plan has been spotted to intervene significantly on reducing the breakeven and to improve the operating leverage, with the identification of a series of interventions on the cost structure, both on fixed costs and on variable costs of the product, with the aim to align them with the international automotive best practices. The project includes a review of the production footprint and processes, sourcing & procurement strategies and supply chain at international level, as well as actions on the general cost structure. In order to start quickly the improvement plan and "EBITDA Improvement" it has been given a mandate to a leading consultancy firm, which is joining the Group in the preparation and implementation of an action plan. Concrete benefits on the P&L are expected from the Q4 2017, with full benefits from 2018.
March 2017 - The Group has renegotiated the debt with banks, with a new debt maturity that allows the Group to implement its new strategy.
Given the set of launched actions, the Group expects moderate business growth and marginality recovery at EBITDA adj. level already in 2017. The trend on sales and order intake in Q1 2017 confirm the FY17 outlook.
****
Landi Renzo S.p.A. totalled 72.8€ million of revenues, down by 11.7% compared to previous year. The EBITDA was negative at 9.1€ million (negative at 10.8€ million in FY15) after non-recurring expenses of 5.6€ million. EBIT was negative 17.8€ million (negative at 21.7€ million in FY15). A Net Loss of 29.0€ million was recorded (a loss of 37.7€ million in FY15).
Net indebtedness was negative at 71.6€ million, and negative 60.3€ million at FY15.
****
Today, the Company and its subsidiaries AEB S.p.A., Eighteen Sound S.r.l., SAFE S.p.A., Lovato Gas S.p.A., Emmegas S.r.l. and Sound & Vision S.r.l. signed with the lending banks an optimization agreement of the Group's financial structure (the "Optimization Agreement") with the exception of a bank, engaged only for the short term, that will end its approval process in time for the publication of the draft statutory financial statement and consolidated financial statement of the Company as at 31 December 2016. The Company is not, as of today, aware of facts and events that may lead to believe that there are grounds for refusal of the successful conclusion of the authorization process and the subsequent signing of this Optimization Agreement by this last bank.
The Optimization Agreement, in line with the project to optimize the financial structure of the Group, sets the postponement of the debt maturity date of the Company and of the other signing companies of the Group in 2022, the rescheduling of repayments through the provision of instalments of increasing amount, consistent with the cash generation targets of the Business Plan, the reshaping of the financial ratio more in line with the business outlook and the Group's projected cash in. Furthermore it sets the confirmation short-term lines according to terms and ways of Optimization Agreement and in an amount that is in line with the needs sets in the Industrial Plan.
In parallel with the signing of the said Optimization Agreement, the controlling shareholders have undertaken to carry out within the effective date of the Optimization Agreement, an advance payment for a future capital increase or for a capital increase in the parent Company's share capital totalling Euro 8,866,500. As a further measure of equity strengthening, the Optimization Agreement provides that by 31 December 2018 an increase of the share capital must be executed by a total amount of EUR 15,000,000 that, as far as for the portion attributable to the controlling shareholders, will run through the conversion of the said payment for a future capital increase.
Finally, we note that was convened for March 30, 2017 on first call and for 31 March 2017 on second call the General Meeting of Bondholders of bond known as "LANDI RENZO 6.10% 2015-2020" to deliberate some amendments to the Loan Regulation to align some provisions of the same in terms of the agreement Optimization.
In particular, as better illustrated in the documentation available on the Company's website, the proposed amendments relate to, among other things: the rescheduling of the repayment with instalments of rising amount and in line with the Optimization Agreement; the reshaping of the financial covenants in line with the expected results of the Business Plan; a temporary decrease in the interest rate from the current 6,10% to 5.50% on an annual basis for the period starting from the payment date of 30 April 2017 till the payment date that falls on 30 June 2019.
As of today, the Company is not aware of facts and events that may lead to believe that there are grounds for refusal of a favourable resolution of Bondholders.
It follows therefore that the Company does not consider that there is, as of today, facts or elements which
could make critical the adoption of the going concern basis as the underlying principle of the consolidated financial statements drafting process.
In structuring and in the negotiation of the financial Optimization Agreement the Company was advised by Mediobanca - Banca di Credito Finanziario S.p.A., acting as financial advisor and Clifford Chance as legal advisor.
****
The Board of Directors resolved to request authorisation from the Shareholders' Meeting to renew the programme to purchase and/or sell treasury shares after revocation of the resolution passed by the shareholders on 29 April 2016, in order to:
The main characteristics of the proposed programme are: an 18-month duration starting from the date when the Shareholders' Meeting adopts the relative resolution; a maximum number of ordinary shares of an overall nominal value, including shares held by the Company and subsidiaries, that does not exceed one fifth of the entire capital to acquire at a price which is not less or more than 20% the benchmark price registered for the share on the trading day prior to each single purchase and, in any case, at a price not higher than the highest price between the price of the last independent transaction and the offer price of highest current independent purchase in the trading venue where the purchase is made, even when the shares are traded in different trading venues. Treasury shares will be purchased in compliance with national and EU laws and regulations, according to various methods: (i) public purchase offer or exchange, (ii) on regulated markets, (iii) the purchase or sale of derivatives with the physical delivery of underlying shares, or (iv) the assignment of sales options to shareholders. Each single sale shall be for an amount that is not less or more than 20% the benchmark price registered in the session prior to the sale.
In 2016, the Parent Company did not trade either treasury shares or Parent Companies' shares and, at present, does not hold treasury shares or Parent Company's shares. Subsidiaries do not hold Parent Company's shares.
****
The Board of Directors also approved the 2016 Corporate Governance and Ownership Structure Report and the 2017 Remuneration Report;
The Board of Directors also approved to propose to increase the number of board members from eight to nine and to appoint a Director, the current general manager, Mr Cristiano Musi, without prejudice to compliance with the minimum requirements for the number of independent directors and with the balance between genders.
The Board resolved to call the Ordinary Meeting of Shareholders for 28 April 2017, on single call, at 9:00
hours, at the Company headquarters in Cavriago (Reggio Emilia), Località Corte Tegge, Via Nobel 2/4, to discuss and resolve on the following agenda:
The notice calling the Shareholders' Meeting will be published according to applicable laws and regulations.
Paolo Cilloni, in his capacity as Financial Reporting Officer in charge of the preparation of the Company's accounting documents, declares, pursuant to Section 2 of Article 154 bis of the Italian Uniform Financial Code, that the information contained in this press release corresponds to the accounting documents, books and entries
. Tuesday 28 March 2017, at 9 AM CET, the Group Top Management will hold a teleconference. Connection details and a presentation will be available on the Company website www.landirenzogroup.com in the Investor Relations section the same day at 8 AM CET.
Landi Renzo is a world leader in LPG and natural gas fuel systems and components for motor vehicles. The Company, based in Cavriago (Reggio Emilia) with 60 years' experience in the field, stands out for its international scope, operating in more than 50 countries, with international sales accounting for around 80% of total sales. Landi Renzo has been listed on the STAR segment of the Italian Stock Exchange since June 2007.
For further information:
LANDI RENZO Pierpaolo Marziali M&A and Investor Relations Officer [email protected]
| Press Release 27th March, 2017 |
||
|---|---|---|
| Consolidate Financial Statements | ||
| (thousands of Euro) | ||
| INCOME STATEMENT | 31/12/2016 | 31/12/2015 |
| Revenues (goods and services) Other revenue and income |
184,242 1,217 |
205,522 1,883 |
| Cost of raw materials, consumables and goods and change in inventories | -94,236 | -100,439 |
| of which non-recurring | -1,000 | 0 |
| Costs for services and use of third party assets | -51,601 | -58,483 |
| of which non-recurring | -2,345 | -1,296 |
| Personnel expenses | -36,364 | -43,854 |
| of which non-recurring | 0 | -3,058 |
| Accruals, impairment losses and other operating expenses | -6,160 | -5,913 |
| of which non-recurring | -2,300 | -2,700 |
| Gross Operating Profit | -2,902 | -1,284 |
| Amortization, depreciation and impairment losses | -16,018 | -25,617 |
| of which non-recurring | 0 | -10,178 |
| Net Operating Profit | -18,920 | -26,901 |
| Financial income | 117 | 412 |
| Financial expenses | -5,161 | -4,966 |
| Gains (losses) on exchange rate Gains (losses) on equity investments consolidated using the equity method |
904 -66 |
-930 -288 |
| Profit (Loss) before tax | -23,126 | -32,673 |
| Current and deferred taxes | -2,878 | -2,914 |
| Profit (loss) of the period for the Group and minority interests, including: | -26,004 | -35,587 |
| Minority interests | -759 | -299 |
| Profit (Loss) of the period for the Group | -25,245 | -35,288 |
| Basic earnings (loss) per share (calculated on 112,500,000 shares) | -0.2244 | -0.3137 |
| Diluted earnings (loss) per share | -0.2244 | -0.3137 |
| Press Release | ||
|---|---|---|
| 27th March, 2017 | ||
| (thousands of Euro) | ||
| ASSETS | 31/12/2016 | 31/12/2015 |
| Non-current assets | ||
| Property, plant and equipment | 30,500 | 35,364 |
| Development expenditure | 8,420 | 8,404 |
| Goodwill Other intangible assets with finite useful lives |
30,094 20,359 |
30,094 22,696 |
| Equity investments consolidated using the equity method | 43 | 109 |
| Other non-current financial assets | 664 | 574 |
| Deferred tax assets | 6,887 | 7,615 |
| Total non-current assets | 96,967 | 104,856 |
| Current assets | ||
| Trade receivables | 37,551 | 33,764 |
| Inventories | 49,872 | 57,528 |
| Contract works in progress | 1,281 | 2,904 |
| Other receivables and current assets | 10,082 | 16,347 |
| Cash and cash equivalents | 16,484 | 38,264 |
| Total current assets | 115,270 | 148,807 |
| TOTAL ASSETS | 212,237 | 253,663 |
| (thousands of Euro) EQUITY AND LIABILITIES |
31/12/2016 | 31/12/2015 |
| Group shareholders' equity Share capital |
11,250 | 11,250 |
| Other reserves | 59,400 | 95,428 |
| Profit (loss) of the period | -25,245 | -35,288 |
| Total equity attributable to the shareholders of the parent | 45,405 | 71,390 |
| Minority interests | -323 | 425 |
| TOTAL EQUITY | 45,082 | 71,815 |
| Non-current liabilities | ||
| 18,687 | 11,935 | |
| Non-current bank loans Other non-current financial liabilities |
22,812 | 1,468 |
| Current assets | ||
|---|---|---|
| (thousands of Euro) | ||
| Group shareholders' equity | ||
| Share capital | 11,250 | 11,250 |
| Other reserves | 59,400 | 95,428 |
| Profit (loss) of the period | -25,245 | -35,288 |
| Total equity attributable to the shareholders of the parent | 45,405 | 71,390 |
| Minority interests | -323 | 425 |
| TOTAL EQUITY | 45,082 | 71,815 |
| Non-current liabilities | ||
| Non-current bank loans | 18,687 | 11,935 |
| Other non-current financial liabilities | 22,812 | 1,468 |
| Provisions for risks and charges | 8,973 | 8,059 |
| Defined benefit plans | 3,124 | 3,313 |
| Deferred tax liabilities | 514 | 527 |
| Total non-current liabilities | 54,110 | 25,302 |
| Current liabilities | ||
| Bank overdrafts and short-term loans | 40,662 | 50,797 |
| Other current financial liabilities | 10,039 | 33,523 |
| Trade payables | 53,090 | 58,351 |
| Tax liabilities | 2,604 | 4,990 |
| Other current liabilities | 6,650 | 8,885 |
| Total current liabilities | 113,045 | 156,546 |
| 253,663 | ||
| TOTAL EQUITY AND LIABILITIES | 212,237 |
| Press Release | ||
|---|---|---|
| 27th March, 2017 | ||
| (thousands of Euro) STATEMENT OF CASH FLOWS |
31/12/2016 | 31/12/2015 |
| Cash flow from operating activities | ||
| Profit (Loss) of the period | -26,004 | -35,587 |
| Adjustments for: | ||
| Depreciation | 8,522 | 8,463 |
| Amortization of intangible assets | 7,191 | 6,966 |
| Imperment losses on intangible assets impairment loss on trade receivables |
305 1,985 |
10,178 800 |
| Net finance costs including forex exchange | 4,140 | 5,484 |
| Income tax for the year | 2,878 | 2,914 |
| Changes in: | -983 | -782 |
| inventories | 9,279 | 5,427 |
| trade and other receivables | 1,717 | 3,345 |
| trade and other paybles provisions and employee benefits |
-10,900 598 |
-1,281 2,850 |
| Cash generated from operating activities | -289 | 9,559 |
| Interest paid | -4,754 | -4,233 |
| Interest received income taxes paid |
56 -1,117 |
314 -1,455 |
| Net cash flow from (for) operating activities | -6,104 | 4,185 |
| Cash flow from investing activities Proceeds from sale of property, plant and equipment |
166 | 228 |
| Affiliates consolidated using the equity method | 66 | 72 |
| Acquisition of property, plant and equipment | -4,412 | -9,053 |
| Acquisition of intangible assets | -418 | -1,108 |
| Development expenditure | -4,546 | -5,362 |
| Net cash used in investing activities | -9,144 | -15,223 |
| Cash flow from financing activities | ||
| Net proceeds on the bond issue | 0 | 33,098 |
| Bond repayments | -2,040 | 0 |
| Disbursements (reimbursement) of medium/long-term loans Change in short-term bank debts |
-17,320 13,837 |
4,200 -18,641 |
| Net cash from (used in) financing activities | -5,523 | 18,657 |
| Net increase (decrease) in cash and cash equivalents | -20,771 | 7,619 |
| Cash and cash equivalents as at 1 January | 38,264 | 31,820 |
| Effect of exchange rate fluctuations on cash held | -1,009 | -1,175 |
| Cash and cash equivalents at the end of the period | 16,484 | 38,264 |
| Press Release | ||
|---|---|---|
| 27th March, 2017 | ||
| Landi Renzo S.p.A. – Parent Company Financial Statements | ||
| (Euros) | ||
| INCOME STATEMENT | 31/12/2016 | 31/12/2015 |
| Revenues (goods and services) | 72,818,797 | 82,452,280 |
| Other revenue and income | 640,308 | 902,104 |
| Cost of raw materials, consumables and goods and change in inventories | -39,620,622 | -44,380,128 |
| non recurring | -1,000,000 | |
| Costs for services and use of third party assets | -22,956,348 | -25,902,727 |
| non recurring | -2,345,010 | -1,242,222 |
| Personnel expenses | -16,453,241 | -20,316,165 |
| non recurring | 0 | -1,790,265 |
| Accruals, impairment losses and other operating expenses | -3,571,541 | -3,594,266 |
| non recurring | -2,300,000 | -2,700,000 |
| Gross Operating Profit | -9,142,647 | -10,838,903 |
| Amortization, depreciation and impairment losses | -8,705,745 | -10,844,667 |
| non recurring | 0 | -2,547,561 |
| Net Operating Profit | -17,848,392 | -21,683,570 |
| Financial income | 30,897 | 111,071 |
| Income from investments | 1,112,693 | 275,000 |
| Financial expenses | -4,041,953 | -3,754,705 |
| Expenses from investments | -9,161,915 | -12,158,734 |
| Exchange rate gains (losses) | 379,366 | 555,035 |
| Profit (Loss) before tax | -29,529,304 | -36,655,903 |
| Taxes | 543,443 | -1,046,287 |
| Profit (loss) for the year | -28,985,861 | -37,702,190 |
| Press Release | ||
|---|---|---|
| 27th March, 2017 | ||
| (Euros) | ||
| ASSETS | 31/12/2016 | 31/12/2015 |
| Non-current assets | ||
| Property, plant and equipment | 18,992,782 | 22,065,561 |
| Development expenditure | 5,822,036 | 6,170,928 |
| Goodwill Other intangible assets with finite useful lives | 657,850 | 963,084 |
| Investments in subsidiaries | 102,383,265 | 103,076,335 |
| Equity investments in associated companies and joint ventures | 214,958 | 280,794 |
| Other non-current financial assets | 340,274 | 6,128,235 |
| Other non-currant assets | 1,066 | 71,292 |
| Deferred tax assets | 8,102,793 | 8,143,970 |
| Total non-current assets | 136,515,024 | 146,900,199 |
| Current assets | ||
| Trade receivables | 10,360,249 | 7,408,585 |
| Receivables form susbsidiaries | 7,274,896 | 9,612,948 |
| Inventories | 14,412,905 | 18,923,621 |
| Other receivables and current assets | 2,091,214 | 4,049,868 |
| Cash and cash equivalents Total current assets |
4,185,332 38,324,596 |
14,668,191 54,663,213 |
| TOTAL ASSETS | 174,839,620 | 201,563,412 |
| (Euros) | ||
| EQUITY AND LIABILITIES | 31/12/2016 | 31/12/2015 |
| Equity | ||
| Share capital | 11,250,000 | 11,250,000 |
| Other reserves | 61,857,026 | 99,616,303 |
| Profit (loss) of the period | -28,985,861 | -37,702,190 |
| TOTAL EQUITY | 44,121,165 | 73,164,114 |
| Non-current liabilities | ||
| Bank loans | 13,653,090 | 6,820,149 |
| Other non-current financial liabilities | 25,861,927 | 1,467,786 |
| Provisions for risks and charges | 6,313,602 | 5,076,042 |
| 1,471,069 |
| Current assets | ||
|---|---|---|
| (Euros) | ||
| Equity | ||
| Share capital | 11,250,000 | 11,250,000 |
| Other reserves | 61,857,026 | 99,616,303 |
| Profit (loss) of the period | -28,985,861 | -37,702,190 |
| TOTAL EQUITY | 44,121,165 | 73,164,114 |
| Non-current liabilities | ||
| Bank loans | 13,653,090 | 6,820,149 |
| Other non-current financial liabilities | 25,861,927 | 1,467,786 |
| Provisions for risks and charges | 6,313,602 | 5,076,042 |
| Defined benefit plans | 1,471,069 | 1,685,242 |
| Total non-current liabilities | 47,299,688 | 15,049,219 |
| Current liabilities | ||
| Bank overdrafts and short-term loans | 26,572,038 | 39,331,906 |
| Other current financial liabilities | 10,033,054 | 33,517,342 |
| Trade payables | 23,631,251 | 25,506,986 |
| Payables to subsidiaries | 19,951,986 | 10,566,579 |
| Tax liabilities | 829,577 | 924,080 |
| Other current liabilities | 2,400,861 | 3,503,186 |
| Total current liabilities | 83,418,767 | 113,350,079 |
| TOTAL EQUITY AND LIABILITIES | 174,839,620 | 201,563,412 |
| Press Release | ||
|---|---|---|
| 27th March, 2017 | ||
| (thousands of Euro) STATEMENT OF CASH FLOWS |
31/12/2016 | 31/12/2015 |
| Cash flow from operating activities | ||
| Profit (Loss) of the period | -28,986 | -37,702 |
| Adjustments for: Depreciation |
4,810 | 4,361 |
| Amortization of intangible assets | 3,896 | 5,975 |
| Imperment losses on intangible assets | 777 | 124 |
| impairment loss on trade receivables | 3,632 | 3,089 |
| Net finance costs including forex exchange | 8,049 | 11,884 |
| Income tax for the year | 543 | -1,046 |
| Changes in: | -7,279 | -13,316 |
| inventories | 4,511 | 3,023 |
| trade and other receivables | 6,431 | 8,136 |
| trade and other paybles | 3,302 | -2,883 |
| provisions and employee benefits | 966 | 2,819 |
| Cash generated from operating activities | 7,931 | -2,221 |
| Interest paid | -3,448 | -3,300 |
| Interest received Net cash flow from (for) operating activities |
13 4,496 |
49 -5,471 |
| Cash flow from investing activities | ||
| Dividend Cash | 1,113 | 275 |
| Proceeds from sale of property, plant and equipment | 154 | 625 |
| Increase in capital of subsidiaries company | -305 | |
| Acquisition of property, plant and equipment | -1,891 | -5,854 |
| Acquisition of intangible assets | -223 | 33 |
| Development expenditure | -3,018 | -3,844 |
| Net cash used in investing activities | -3,865 | -9,070 |
| Cash flow from financing activities Net proceeds on the bond issue |
0 | 33,098 |
| Bond repayments | -2,040 | 0 |
| Disbursements (reimbursement) of medium/long-term loans | -17,201 | 453 |
| Change in short-term bank debts | 8,127 | -16,121 |
| Net cash from (used in) financing activities | -11,114 | 17,430 |
| Net increase (decrease) in cash and cash equivalents | -10,483 | 2,889 |
| Cash and cash equivalents as at 1 January | 14,668 | 11,779 |
| Cash and cash equivalents at the end of the period | 4,185 | 14,668 |
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