(Telestock) – Landis Renzoa company listed on Euronext STAR Milan and active in the sector of components and fuel systems for methane, LNG, hydrogen and LPG for automotive traction, has registered revenues consolidated in thefinancial year 2023 equal to 303.3 million euros, substantially in line with the previous financial year (306.3 million euros). The Adjusted EBITDA stands at 7 million euros, compared to 15.3 million euros in the same period of the previous year, while the Gross Operating Margin (EBITDA) is equal to 0.1 million euros (11 million euros at 31 December 2022), including non-recurring costs of 6.9 million euros (4.2 million euros at 31 December 2022).
The Financial charges total (interest income, interest expense and exchange rate differences) amount to 11.8 million euros (8 million euros at 31 December 2022) and include negative exchange rate effects and mainly of an evaluation nature for 1.6 million euros (negative and equal to 1.5 million euros at 31 December 2022).
The net result attributable to the Group and third parties as of December 31, 2023, it showed a loss of 36.4 million euros, after accounting for depreciated tax write-offs of 6.4 million euros and hyperinflation charges of 1.3 million euros, compared to a negative result for the Group and third parties of 14.3 million euros as of December 31, 2022.
“The work done in the first six months of my assignment was reflected first and foremost in a renewed product portfolio and in an acceleration of the go to market process – commented theAD Annalisa Stupenengo – On the Green Transportation front, we have improved management processes by focusing on sales channels to increase profitability and reduce complex dependencies. On the Clean Tech Solutions front, we have carefully followed the intrinsic growth of the market, also supported by institutional initiatives involving an ever-increasing number of countries. In this area, thanks to a highly competitive and market-recognized product range, we have focused on improving customer proximity to offer solutions that are increasingly tailored to individual projects, also leveraging possible synergies at Group level”.
“With the approval of the financial maneuver we have laid the foundation for a solid long-term growth pathwhose route will be indicated by the new five-year Industrial Plan – he added – The first stage was represented by the signing of the agreements with the banking class and with Invitalia, which will allow us to stabilize the company’s financial profile and thanks to which the Group will be able to enjoy the resources necessary to best seize the intrinsic opportunities of both sectors in which we operate”.
There net financial position as of December 31, 2023, it amounts to 112.4 million euros (92.3 million euros as of December 31, 2022), of which 12.9 million euros due to the application of the international accounting principle IFRS 16 – Leasing, a total negative 0.5 million euros relating to the fair value of derivative financial instruments and 0.5 million euros relating to the debt for the Put/Call relating to the Metatron Control System shares.
Deliberate capital increases up to a maximum of 45 million euros, to be proposed to the shareholders’ meeting to be convened by the end of September 2024. The operation, part of the financial maneuver previously approved by the Board of Directors, provides for a capital increase in option for a total maximum of 25 million euros guaranteed up to 20 million euros by the majority shareholder GBD – Green by definition SpA and, subject to the execution of the first for at least 20 million euros, a capital increase of 20 million euros reserved for Invitalia, the National Development Agency, which will see the entry into the shareholding of Landi Renzo of the Enterprise Protection Fund, promoted by the Ministry of Business and Made in Italy (MIMIT), and managed by Invitalia itself.