Earnings Release • Mar 15, 2018
Earnings Release
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| Informazione Regolamentata n. 0915-8-2018 |
Data/Ora Ricezione 15 Marzo 2018 18:45:43 |
MTA - Star | |
|---|---|---|---|
| Societa' | : | LANDI RENZO | |
| Identificativo Informazione Regolamentata |
: | 100329 | |
| Nome utilizzatore | : | LANDIN02 - Cilloni | |
| Tipologia | : | 1.1 | |
| Data/Ora Ricezione | : | 15 Marzo 2018 18:45:43 | |
| Data/Ora Inizio Diffusione presunta |
: | 15 Marzo 2018 18:45:44 | |
| Oggetto | : | FY17 financial results | |
| Testo del comunicato |
Vedi allegato.
The Board of Directors of Landi Renzo S.p.A., chaired by Stefano Landi, today examined and approved the draft Financial Statements and the Consolidated Financial Statements at December 31, 2017. The Group recorded positive results thanks to the successful turnaround achieved a year ahead of the timetable set by the 2018- 2022 Strategic Plan. Landi Renzo S.p.A.'s key economic and financial indicators resumed growth, thanks to the favorable trend experienced by the market of reference, and, particularly, to the management's significant efficiency-building measures and industrial reorganization.
"The year 2017 was a period of very intense efforts that reinforced our conviction that we are headed in the right direction: the extraordinary success represented by the Group's turnover a year ahead of the timetable set by the Strategic Plan is proof that believing in this Group was the right decision, both for us and for our shareholders. Our Group and its professionals still have a great deal of potential and resources. We must continue with our work by seeking to consolidate our growth and strengthen the Group's positioning in the new automotive industry scenario," commented Stefano Landi, Chairman of Landi Renzo S.p.A.
Cristiano Musi, Chief Executive Officer of Landi Renzo S.p.A., added: "In 2017, we laid the foundation on which to build our positioning for the future, as we pursue the goal of offering integrated solutions to reduce pollutant emissions: our Group will position itself as a full-service player in the gas mobility sector, with an increasingly strategic role in alternative fuels, which are revolutionizing the industry, not by competing with e-mobility, but rather by providing a fundamental tool capable of yielding an 'immediate' benefit in solving problems relating to pollution and emissions reduction at a global level. The restructuring was a necessary step, as was focusing on our core businesses and significant partnerships such as that between SAFE and Clean Energy Compression, in addition to the creation of flagship production hubs and the launch of initiatives to innovate the product
March 15, 2018
range. The results we have achieved stem from an intense teamwork, in which a team of colleagues with strong professional and interpersonal skills work side-by-side highly experienced and capable managers such as Paolo Cilloni, Paolo Ferrero and Gianni Monteforte, who are working with us on the ongoing improvement process. Above all, I would like to thank the Chairman for the confidence and support he has given us during a period crucial to the Group's future.
We are pleased to have completed the reorganization ahead of schedule. Landi Renzo can now concentrate on innovating its products in both the automotive and mid and heavy duty segments, with a focus on all forms of natural gas-based transport, from CNG to biomethane and LNG, and a strong emphasis on hydrogen, redoubling our efforts to achieve global growth, while also focusing on improving margins. We are proud of what we have achieved in 2017: it encourages us to continue with our ambitious Strategic Plan for the next five years and is already yielding tangible results, giving rise to an increasingly sound Group, also from a financial standpoint."
Consolidated revenues for 2017 amounted to €206,294 thousand, up by €22,052 thousand (+12.0%), compared to the same period of the previous year. The rise in revenues was driven both by the good sales performance in the Automotive business (+15%), and the revenue increase recorded in the Gas Distribution and Compressed Natural Gas business, which improved by 7.1% compared to 2016.
Sales of products and services in the Automotive business went from €145,325 thousand in 2016 to €167,144 thousand in 2017, with a 15% increase (€21,819 thousand). The uptrend in the Automotive business was attributable to the increase in revenues from the OEM channel (+34.1%), and, albeit to a lesser extent, from the After Market (5.8%). Revenues in the Gas Distribution and Compressed Natural Gas business totaled €28,137 thousand, up by €1,868 thousand compared to 2016 (+7.1%). The order backlog increase after the end of Q3 2017 was confirmed in Q4, guaranteeing revenue growth and the achievement of the Group's objectives. In the Sound sector — in which the Group no longer operates, as it sold Eighteen Sound S.r.l. in December 2017 —-revenues, went from €12,648 for 2016 to €11,013 thousand at the end of November 2017.
In 2017, 80.4% of Landi Renzo Group's revenues were generated abroad (47% in Europe and 33.4% outside Europe), with an increase compared to 79.1% for the same period of the previous year. The Group thus continued to improve its competitive position on international markets, where it targets markets with a higher growth potential, especially in the automotive sector.
The breakdown of revenues by geographical area is as follows:
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countries: the good performance in Mexico and Bolivia offset the slowdown recorded in Canada, Argentina and Brazil.
Asia and the Rest of the World grew sharply (+18.1% compared to 2016, €5,698 thousand), reaching revenues of €37,131 thousand, mostly attributable to the favorable market trend in Algeria, Uzbekistan and Iran.
EBITDA at December 31, 2017 amounted to €12,723 thousand (6.2% of revenues), sharply growing compared to the previous year (€2,744 thousand), thanks to the increase in sales volumes in the Automotive sector, as well as the first benefits obtained through the performance improvement actions focused on bringing the efficiency of the Automotive sector more in line with the market best practices, through several measures aimed at cutting both fixed and variable costs.
In detail, the Landi Renzo Group's adjusted EBITDA in the Automotive sector was €10,745 thousand (6.4% of revenues), compared to €3,773 thousand at December 31, 2016 (2.6% of revenues), whereas adjusted EBITDA in the Gas Distribution and Compressed Natural Gas sector was €936 thousand, up by €2,861 thousand compared to December 31, 2016 (+149%). EBITDA in the Sound sector was €1,042 thousand, up by €16.3% (€146 thousand) until the disposal of Eighteen Sound S.r.l.. EBITDA was €4,699 thousand, including €10,977 thousand extraordinary costs for strategic advisory fees and termination incentives agreed upon with personnel, as well as €2,953 thousand extraordinary gains on the disposal of the Group's building in China.
Net Operating Profit (EBIT) for the year was negative for €11,490 thousand (negative for €18,920 thousand at December 31, 2016), net of amortization, depreciation and impairment losses amounting to €16,189 thousand (€16,018 thousand at December 31, 2016), of which €1,984 thousand referring to the net loss on the disposal of equipment of the Technical Center. It bears noting that the Automotive sector's EBIT, net of impacts generated by the Technical Center business unit, was positive for €0.1 million.
Pre-tax profit at December 31, 2017 totaled €3,474 thousand (pre-tax loss of €23,126 thousand at December 31, 2016), after accounting for net finance costs of €-6,178 thousand and gains on equity investments of €21,142 thousand.
Net profit of the Group and minority interests at December 31, 2017 was €3,702 thousand, compared to a net loss of the Group and minority interests of €26,004 thousand at year-end 2016.
Net Financial Debt was €48,968 thousand, significantly improving compared to a debt of €75,716 thousand as of December 31, 2016, due also to an active approach to asset management, including the deconsolidation of SAFE S.p.A. following its merger into Clean Energy Compression, the disposal of Eighteen Sound S.r.l. and the property in China.
Further details on the Group's consolidated results at December 31, 2017 are given be viewed in the presentation "2017 Financial Results", which will be made available from the website www.landirenzogroup.com, Investor Relations section.
Revenues of Landi Renzo S.p.A., also following the merger of A.E.B. S.p.A., a company fully held by Landi Renzo S.p.A., effective January 1, 2017, amounted to €111.1 million, up 52.5% compared to the previous year. EBITDA was negative at €4.7 million (negative EBITDA of €9.1 million in 2016). EBIT was negative at €16.0 million (negative EBIT of €17.8 million in 2016). Net profit amounted to €1.9 million (net loss of €29.0 million in 2016), after accounting for gains from equity investments totaling €21.2 million.
March 15, 2018
Net Financial Debt was €56.9 million: negative at €71.6 million at year-end 2016.
In 2017, the new management drafted and began to implement a five-year Strategic Plan (2018-2022). In short, in addition to the disposal of the non-core businesses, the Plan calls for the following:
The foundations for a recovery of the Group's business were laid in 2017. This was followed by the launch of the process of focusing more closely on the core businesses of Landi Renzo S.p.A. Ongoing efforts were also begun to implement the guidelines of the 2018-2022 Strategic Plan, which is supported by the pillars mentioned above.
The year's achievements are a testament to the validity of past initiatives focusing on the core business, accompanied by disposal of non-core assets such as the Sound business.
In order to expedite the process of strengthening leadership of one of the strategic segments identified in the Plan, the fully-owned subsidiary SAFE S.p.A., which manufactures and installs compressors used to process natural gas for a variety of applications, was merged into a newco (SAFE&CEC S.r.l.) together with Clean Energy Compression (CEC), a subsidiary of the U.S.-based Clean Energy Fuels Corp. that specializes in compressed natural gas (CNG) supply systems, including compressors, distributors and gas control and storage systems for various kinds of vehicles.
Combined, these two companies form the number-one player in the sector worldwide, with a focus on compressors for methane-powered fueling stations (CNG) and renewable natural gas (RNG), with over 15% market share in Europe and the United States. This entity combines the businesses of SAFE S.p.A. and Clean Energy Compression (CEC), which are complementary in terms of geographical presence, competencies and products. Consolidation of the businesses and integration of the company functions will yield increased production efficiency and an optimized cost structure, resulting in improved margins.
As majority shareholder and the world's foremost player in this business, Landi Renzo S.p.A. stands to benefit from swifter value creation. The deal gives Landi Renzo S.p.A. a 51% interest in the newco (SAFE&CEC S.r.l.), with the rest (49%) held by Clean Energy Fuels Corp.
The following events of note occurred from December 31, 2017 to today's date:
an agreement governing the reorganization of Lovato Gas S.p.A., as envisaged in the 2018-2022 Strategic Plan, was signed at the offices of the Labor Directorate of the Region of Veneto on January 15, 2018. The agreement confirms the intention of Landi Renzo S.p.A. to preserve and protect leading
March 15, 2018
local businesses such as Lovato Gas S.p.A., which will become a marketing hub and research and development center. With regard to production, a line that produces LPG pressure regulators — the company's flagship product — will continue to operate, enabling an effective response to an LPG market with attractive, stable prospects in Europe and Italy. Once the reorganization is complete, Lovato Gas S.p.A. will have a total headcount of 23 employees, compared to the former staff of 90, in keeping with its business moving forward. The agreement also allows an important objective of the 2018-2022 Strategic Plan to be achieved with regard to the restructuring of the Group within the framework of the Excellence project, by streamlining the cost structure and redesigning the production footprint at the global level, well in advance of the established timetable;
in February, the Group began to market its new pressure regulator for M&HD to an important OEM client.
In light of market performance and the order backlog, as well as of the measures taken following the approval of the 2018-2022 Strategic Plan, for 2018 the Group expects an increase in revenues in the automotive segment to between €165 million and €170 million and an adjusted EBITDA margin of approximately €25 million, or 15% of revenues.
The Joint Venture revenues of the Gas Distribution and Compressed Natural Gas segment (consolidated as of 2018, using the equity method), are expected to amount to between €57 million and €60 million, with adjusted EBITDA totaling €5 million, equal to 8% of revenues.
During its session today, the Board of Directors, acknowledging the reorganization of the Landi Group and internal functions within Landi Renzo S.p.A., by proposal of Chief Executive Officer Cristiano Musi, deemed it better suited to the needs of the Company and the market to appoint Chief Financial Officer Paolo Cilloni the new Chief Investor Relations Officer, with the aim of ensuring close correlation between these two functions. Pierpaolo Marziali will remain within the Group with the role of Head of Treasury and Corporate Finance.
The Board of Directors also appointed Standing Auditor Domenico Sardano a new member of the Supervisory Board, replacing Enrico Gardani, who tendered his resignation from this office and his positions within the Group to pursue new professional opportunities.
The Board of Directors decided to submit to the Shareholders' Meeting the proposal to renew the plan for the buy-back and/or disposal of treasury shares, after prior revocation of the resolution passed by the General Shareholders' Meeting on April 28, 2017, in order to:
(a) have treasury shares which may be used: (i) for stock option plans for executive directors, employees, including managers and staff of the Company and its subsidiaries; (ii) for the issue of bonds convertible into company shares; and (iii) for effective use of company liquidity;
(b) stabilize share trends in relation to contingent market situations, in compliance with Regulation (EU) No. 596/2014, in accordance with applicable Italian and European legislation.
The main characteristics of the proposed plan are: 18-month duration, starting from the date on which the Shareholders' Meeting passes the relevant resolution; a maximum number of ordinary shares, including shares held by the Company and its subsidiaries, with an overall nominal value not in excess of one-fifth of total capital, to be purchased at a price which is no more than 20% above or below the reference price of the shares
March 15, 2018
recorded on the trading day prior to each single purchase and that also does not exceed the higher of the price of the most recent independent transaction and the highest current bid price in the trading facility in which the purchase is undertaken, even if the shares are traded in multiple facilities. Treasury shares shall be purchased in compliance with Italian and European laws and regulations, according to various methods: (i) public purchase or exchange offer; (ii) on regulated markets or multilateral trading facilities; (iii) purchase or sale of derivatives on regulated markets or multilateral trading facilities that involve the physical delivery of underlying shares; (iv) award of put options to shareholders; (v) as part of systematic internalization services, on a non-discriminatory basis, involving the automatic, non-discretionary execution of trades according to predetermined parameters; (vi) by methods established by market practice admitted by Consob pursuant to Regulation (EU) No. 596/2014; or (vii) under the conditions laid down in Article 5 of Regulation (EU) No. 596/2014. Each sale shall be for a price that is no more than 20% above or below the reference price recorded during the session prior to the sale.
The Parent Company did not trade treasury shares or shares of parent companies in 2017 and at present it does not hold any treasury shares or shares of parent companies. The subsidiaries do not hold any shares of the Parent Company.
****
The Board of Directors also approved the 2017 Report on Corporate Governance and Ownership Structure and the 2018 Remuneration Report.
The Board of Directors decided to convene the Ordinary Shareholders' meeting on April 24, 2018 (single call), at 9:00 a.m. CET, at the company headquarters in Cavriago (Reggio Emilia), Località Corte Tegge, Via Nobel 2/4, to debate and resolve on the following Agenda:
The Notice of calling will be published in compliance with the methods established by applicable laws, including regulations.
The results at December 31, 2017 will be presented by the top managers of the Group to the financial community during a conference call to be held on Friday, March 16, 2018, at 9:00 a.m. CET. Detailed instructions about how to connect to the call will be made available in the Investor Relations section of the Company's website, www.landirenzogroup.com, by 8:00 a.m. CET on the day of the call.
March 15, 2018
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.
The Financial Statement at December 31, 2017, and the related Independent Auditors' Report will be made available to the public within the terms and in the manner set forth by applicable laws. Financial reports will also be available on the website www.landirenzogroup.com.
Landi Renzo S.p.A. is the global leader in the LPG and Methane gas components and systems for 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 STAR segment of the MTA of Borsa Italiana since June 2007.
Paolo Cilloni CFO and Investor Relator e-mail [email protected]
Cristina Fossati, Angela Fumis, Anna Pirtali Tel. 02 89011300 e-mail [email protected]
March 15, 2018
| (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 |
| (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 | 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 |
| (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 |
| (thousands of Euro) | ||
|---|---|---|
| STATEMENT OF CASH FLOWS | 31/12/2017 | 31/12/2016 |
| Cash flow from operating activities | ||
| Profit (Loss) of the period | 3,702 | -26,004 |
| Adjustments for: | ||
| Impairment loss on tangible assets | 1,984 | |
| Depreciation | 7,115 | 8,522 |
| Amortization of intangible assets | 7,090 | 7,191 |
| Imperment losses on intangible assets | -2,953 | 305 |
| impairment loss on trade receivables | 632 | 1,985 |
| Net finance costs including forex exchange | 6,178 | 4,140 |
| Net gains/losses on trade receivables Income tax for the year |
-21,142 -228 |
0 2,878 |
| 2,378 | -983 | |
| Changes in: | ||
| inventories | 4,310 | 9,279 |
| trade and other receivables | -1,694 | 1,717 |
| trade and other paybles | 5,641 | -10,900 |
| provisions and employee benefits | 3,036 | 598 |
| Cash generated from operating activities | 13,671 | -289 |
| Interest paid | -4,195 | -4,754 |
| Interest received | 55 | 56 |
| income taxes paid | -577 | -1,117 |
| Net cash flow from (for) operating activities | 8,954 | -6,104 |
| Cash flow from investing activities | ||
| Proceeds from sale of property, plant and equipment | 4,724 | 166 |
| Disposal of activities and changes in consolidation scope | 3,948 | 0 |
| Affiliates consolidated using the equity method | -204 | 66 |
| Acquisition of property, plant and equipment | -2,479 | -4,412 |
| Acquisition of intangible assets | -370 | -418 |
| Development expenditure | -2,300 | -4,546 |
| Net cash used in investing activities | 3,319 | -9,144 |
| Cash flow from financing activities | ||
| Payment for a future capital increase | 8,867 | 0 |
| Bond repayments | 0 | -2,040 |
| Disbursements (reimbursement) of medium/long-term loans | -755 | -17,320 |
| Change in short-term bank debts | -18,390 | 13,837 |
| Net cash from (used in) financing activities | -10,278 | -5,523 |
| Net increase (decrease) in cash and cash equivalents | 1,995 | -20,771 |
| Cash and cash equivalents as at 1 January | 16,484 | 38,264 |
| Effect of exchange rate fluctuations on cash held | -700 | -1,009 |
| Cash and cash equivalents at the end of the period | 17,779 | 16,484 |
March 15, 2018
| (Euros) | ||
|---|---|---|
| INCOME STATEMENT | 31/12/2017 | 31/12/2016 |
| Revenues (goods and services) | 111,073,954 | 72,818,797 |
| Other revenue and income | 915,334 | 640,308 |
| Cost of raw materials, consumables and goods and change in inventories |
-53,624,202 | -39,620,622 |
| Costs for services and use of third party assets | -35,903,190 | -22,956,348 |
| Personnel expenses | -24,632,353 | -16,453,241 |
| Accruals, impairment losses and other operating expenses | -2,577,608 | -3,571,541 |
| Gross Operating Profit | -4,748,065 | -9,142,647 |
| Amortization, depreciation and impairment losses | -11,270,976 | -8,705,745 |
| Net Operating Profit | -16,019,041 | -17,848,392 |
| Financial income | 201,481 | 30,897 |
| Income from investments | 21,232,561 | 1,112,693 |
| Financial expenses | -3,641,463 | -4,041,953 |
| Expenses from investments | -58,000 | -9,161,915 |
| Exchange rate gains (losses) | -1,298,666 | 379,366 |
| Profit (Loss) before tax | 416,872 | -29,529,304 |
| Taxes | 1,522,114 | 543,443 |
| Profit (loss) for the year | 1,938,986 | -28,985,861 |
| (Euros) | ||
|---|---|---|
| ASSETS | 31/12/2017 | 31/12/2016 |
| Non-current assets | ||
| Property, plant and equipment | 9.964.851 | 18.992.782 |
| Development expenditure | 4.953.932 | 5.822.036 |
| Goodw ill |
2.372.845 | 0 |
| Other intangible assets w ith finite useful lives |
6.483.969 | 657.850 |
| Investments in subsidiaries | 56.013.238 | 102.383.265 |
| Equity investments in associated companies and joint ventures | 24.473.316 | 214.958 |
| Other non-current financial assets | 395.874 | 340.274 |
| Other non-currant assets | 4.561.430 | 1.066 |
| Deferred tax assets | 7.751.453 | 8.102.793 |
| Total non-current assets | 116.970.908 | 136.515.024 |
| Current assets | ||
| Trade receivables | 12.799.945 | 10.360.249 |
| Receivables form susbsidiaries | 13.434.065 | 7.274.896 |
| Inventories | 20.271.041 | 14.412.905 |
| Other receivables and current assets | 5.179.972 | 2.091.214 |
| Cash and cash equivalents | 7.225.430 | 4.185.332 |
| Total current assets | 58.910.453 | 38.324.596 |
| TOTAL ASSETS | 175.881.361 | 174.839.620 |
| (Euros) | ||
|---|---|---|
| EQUITY AND LIABILITIES | 31/12/2017 | 31/12/2016 |
| Equity | ||
| Share capital | 11.250.000 | 11.250.000 |
| Other reserves | 38.032.481 | 61.857.026 |
| Profit (loss) of the period | 1.938.986 | -28.985.861 |
| TOTAL EQUITY | 51.221.467 | 44.121.165 |
| Non-current liabilities | ||
| Bank loans | 23.338.908 | 13.653.090 |
| Other non-current financial liabilities | 32.257.572 | 25.861.927 |
| Provisions for risks and charges | 9.012.497 | 6.313.602 |
| Defined benefit plans | 1.999.508 | 1.471.069 |
| Total non-current liabilities | 66.608.485 | 47.299.688 |
| Current liabilities | ||
| Bank overdrafts and short-term loans | 6.129.157 | 26.572.038 |
| Other current financial liabilities | 2.792.482 | 10.033.054 |
| Trade payables | 35.924.139 | 23.631.251 |
| Payables to subsidiaries | 8.391.553 | 19.951.986 |
| Tax liabilities | 1.153.057 | 829.577 |
| Other current liabilities | 3.661.021 | 2.400.861 |
| Total current liabilities | 58.051.409 | 83.418.767 |
| TOTAL EQUITY AND LIABILITIES | 175.881.361 | 174.839.620 |
| (thousands of Euro) | ||
|---|---|---|
| STATEMENT OF CASH FLOWS | 31/12/2016 | 31/12/2016 |
| Cash flow from operating activities | ||
| Profit (Loss) of the period | 1,939 | -28,986 |
| Adjustments for: | ||
| Impairment loss on tangible assets | 1,984 | 0 |
| Depreciation Amortization of intangible assets |
4,574 4,713 |
4,810 3,896 |
| impairment loss on trade receivables | 139 | 777 |
| Net finance costs including forex exchange | 4,739 | 3,632 |
| Net gains/losses from subsidiaries | -21,175 | 8,049 |
| Income tax for the year | -1,522 | 543 |
| -4,609 | -7,279 | |
| Changes in: | ||
| inventories | 553 | 4,511 |
| trade and other receivables | 2,323 | 6,431 |
| trade and other paybles | 6,015 | 3,302 |
| provisions and employee benefits | 1,680 | 966 |
| Cash generated from operating activities | 5,962 | 7,931 |
| Interest paid | -3,721 | -3,448 |
| Interest received | 35 | 13 |
| Net cash flow from (for) operating activities | 2,276 | 4,496 |
| Cash flow from investing activities | ||
| Dividend Cash | 0 | 1,113 |
| Proceeds from sale of property, plant and equipment | 663 | 154 |
| Increase in capital of subsidiaries company | 6,788 | 0 |
| Acquisition of property, plant and equipment | -1,174 | -1,891 |
| Acquisition of intangible assets | -316 | -223 |
| Increase of Intercompany loans | -1,536 | 0 |
| Development expenditure | -1,910 | -3,018 |
| Net cash used in investing activities | 2,515 | -3,865 |
| Cash flow from financing activities | ||
| Payment for a future capital increase | 8,867 | 0 |
| Bond repayments | 0 | -2,040 |
| Disbursements (reimbursement) of medium/long-term loans | -755 | -17,201 |
| Cash and cash equivalents from AEB merger | 987 | 0 |
| Change in short-term bank debts | -10,850 | 8,127 |
| Net cash from (used in) financing activities | -1,751 | -11,114 |
| Net increase (decrease) in cash and cash equivalents | 3,040 | -10,483 |
| Cash and cash equivalents as at 1 January | 4,185 | 14,668 |
| Cash and cash equivalents at the end of the period | 7,225 | 4,185 |
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