Landi Renzo returns to profit and announces a capital increase. The company specializing in systems for LPG and methane engines makes it known in a note to have closed 2021 with a positive net result of 545 thousand euros, after the loss of 7,8 million recorded in 2020.
Il turnover consolidated reached 242 million, a sharp increase compared to 142,5 million in the previous year. On a like-for-like basis, consolidated revenues increased by 17,1% over the year.
As for profitability, adjusted Ebitda it stands at 14,6 million, almost double the 8 million in 2020. Ebitda on the other hand, it is equal to 12,6 million (5,2% of turnover), up by 89,6%.
La net financial position is negative for 133 million euros (from 73 million at the end of 2020), of which 25 relating to the financial commitment for the acquisition of Metatron SpA.
Itaca enters the NewCo which will control Landi Renzo
Furthermore, Girefin and Gireimm, which hold 59,16% of Landi Renzo, subscribed with Ithaca Equity Holding a non-binding agreement on Itaca's entry into the company that will control Landi Renzo. “The operation – reads the company note – is aimed at supporting LR's investment plan in the segment of sustainable mobility and in that of the infrastructures necessary for the development of hydrogen, biomethane and biogas as sources of the future”.
The agreement envisages that the current shareholders will transfer all their stakes in Landi Renzo to the NewCo and that they will transfer their receivables from LR up to 18,1 million euros without recourse.
A capital increase up to a maximum of 60 million is on the way
The Landi Renzo board of directors then passed a resolution a capital increase up to a maximum of 60 million euros to be proposed to the shareholders' meeting convened for 29 April. The operation will be guaranteed up to 50 million by Itaca and the Landi family.
The CEO of LR, Cristiano Musi, will invest 300 thousand euros in the NewCo. The participation of the current shareholders in the NewCo will in any case be equal to or greater than 51% of the share capital, therefore they will retain legal and de facto control of the NewCo and, indirectly, of Landi Renzo.
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