longino & cardenal investor presentation 2019: …...2019/10/21 · week 3,000+ packages sent per...

Longino & CardenalInvestor Presentation

2019: First-half consolidated results

Riccardo Uleri – CEOPaolo Barbieri – Finance Manager

London, 21st October 2019

2

Group companies

HEAD OFFICELONGINO & CARDENAL S.P.A.

(ITALY)

49%Longino & Cardenal Trading LLCDubai

Longino & Cardenal S.p.A.Pogliano Milanese

76%Il Satiro Danzante srlMazara del Vallo

100%Longino & Cardenal SulMacao

100%Longino & Cardenal USA Corp.New York

100%Longino & Cardenal LtdHong Kong

70%Longino & Cardenal NY LLC.New York

52%UMAMIBaldissero d’Alba (CN)

3

The businessFor more than 30 years, Longino & Cardenal has been active in the B2B distribution of high quality food products.

RARE AND EXQUISITE FOODS FOR THE FINEST TABLES

4

NICHEMARKET

MASS MARKET

Prem

ium

Pric

e

Italy B2B suppliers: Market Value 2018*: over € 10.0 bn Based on 2018 market analysis

Target

5

The business model

LOGISTICS MKT & COM.

SCALABLE AND EFFICIENT MODEL

SALES FORCE

6

A model to be replicated abroad

Solid position in Italy with a presence in Hong Kong, Dubai and New York

International network of suppliers and possibility to replicate the business model

2013Hong Kong

2015Dubai

2019New York

7

Acquisition in 2015 of Il Satiro Danzante, supplier fromMazara del Vallo specialized in red prawns

Rebranding of the company with the name Don Gambero

Reorganization of the product range

Improved management

Niche companies acquisitions

Acquisitions e investiments in innovative start up

Investiments in innovative start up

Set up, in June 2019, of a new company, Umami S.r.l., with a52% stake. The remaining 48% is divided equally between twoyoung entrepreneurs, food biologists, experts in the sectorsand creators of the project, who will manage the new company.

The investment in the new company will allow to expand theactivity to the production and marketing of refined products,in addition to production of fruit vinegars.

8

The numbers

100+

PartnersALL OVERTHE WORLD

1,800+

CarefullySELECTED PRODUCTS

80+Sales reps

5Area managers

OfficesALL OVERTHE WORLD

4

ITALYDUBAI

HONG KONGNEW YORK

1,500+

OrdersPERWEEK

3,000+

PackagesSENTPER WEEK

5,000+

ClientsSERVEDPER YEAR

30+

YearsOF EXPERIENCEIN THE FIELD

62

QualifiedRESOURCES

32

2018 TurnoverCONSOLIDATED, IN MILLIONSOF EUROS

€

Highlights – Turnover and EBITDA – Parent Company

10

81

323

902

1.018 935

1.131

1.572

1.681

17.415

21.305

25.701

28.476

0

200

400

600

800

1.000

1.200

1.400

1.600

1.800

0

5.000

10.000

15.000

20.000

25.000

30.000

2015 2016 2017 2018

Profit EBITDA Revenue

Figures in thousands of Euros

Grafico3

Profit

201520162017201880.878000000006494323902.16906070999631018 EBITDA

2015201620172018935.100880000006441130.62213000000181571.95333070999621681 EBIT

2015201620172018857.2191800000064210331521.72236070999611550Revenue

201520162017201817415.3091821304.85725700.92355999999928476

TABELLE E GRAFICI

Tab. 1TITOLO:CONTO ECONOMICO 2015-2017 ITALIA - 2017 CONSOLIDATOTab. 2TITOLO:STATO PATRIMONIALE 2015 -2017 ITALIA - 2017 CONSOLIDATOTab. 3TITOLO:RENDICONTO FINANZIARIO 2015 -2017 ITALIA - 2017 CONSOLIDATO

(dati in migliaria di €)2015Inc. %2016Inc. %Var. %2017Inc. %Var. %2017 cons.Inc. %

(dati in migliaria di €)2015Inc. %2016Inc. %2017Inc. %2017 cons.Inc. %(dati in migliaria di €)2015201620172017 cons.

Ricavi di vendita17,41521,30522.33%25,70120.63%28,542

Attivo immobilizzato81710.4%1,01311.0%2,40022.8%1,43613.4%EBITDA9351,1311,5721,516

EBITDA9355.4%1,1315.3%20.9%1,5726.1%39.0%1,5165.3%Attivo operativo a breve7,06789.6%8,22989.0%8,10877.2%9,28886.6%

Cash flow operativo677(8)2,7781,850

EBIT8574.9%1,0534.9%22.9%1,5225.9%44.5%1,3604.8%Totale attivo7,885100.0%9,242100.0%10,507100.0%10,724100.0%% cash conversion72.3%-0.7%176.7%122.1%

Pre Tax1961.1%5552.6%183.9%1,2995.1%134.0%9443.3%PN6818.6%1,02311.1%1,69816.2%5164.8%Flusso di cassa da investimenti(172)(273)(1,437)(832)

Fondi2743.5%2622.8%4834.6%5024.7%Flusso di cassa da finanziamenti535(501)572838

Utile dell'esercizio810.5%3431.6%323.5%9023.5%163.4%5551.9%Passivo operativo a breve4,04251.3%4,78851.8%6,21959.2%6,65062.0%

Net cash flow1,039(782)1,9141,857

Finanz. a ml termine1,35117.1%8509.2%1,69916.2%2,19420.5%

20152016201720182017 cons.2018 cons.2018PFN a breve (1)1,53619.5%2,31825.1%4083.9%8618.0%

Revenue17,41521,30525,70128,47628,54332,02528,476PFN totale2,88836.6%3,16934.3%2,10820.1%3,05528.5%

Profit813239021,0185581,1951,018EBITDA935EBITDA1,572

EBIT8571,0331,5221,5501,3631,7911,550Totale passivo7,885100.0%9,242100.0%10,507100.0%10,724100.0%Poste fin e altre(711)Cash flow operativo2,778

EBITDA9351,1311,5721,6811,5182,0111,681Delta CCN453FF1,341

(1) al netto di disponibiltà e banche attiveFlusso di cassa da investimenti(172)NCF1,914

Flusso di cassa da finanziamenti535

GRAFICO 1GRAFICO 3

2015201620172017 cons.

Attivo immobilizzato8171,0132,4001,436

PN e fondi9551,2862,1811,019

Attivo operativo a breve7,0678,2298,1089,288

Passivo operativo a breve4,0424,7886,2196,650

2015201620172017 cons.

Finanz. a ml termine1,3518501,6992,194

PFN a breve1,5362,318408861

GRAFICO 2

Profit

20152016201720182017 cons.2018 cons.80.878000000006494323902.169060709996310185581195 EBITDA

20152016201720182017 cons.2018 cons.935.100880000006441130.62213000000181571.9533307099962168115182011 EBIT

20152016201720182017 cons.2018 cons.857.2191800000064210331521.7223607099961155013631791Revenue

20152016201720182017 cons.2018 cons.17415.3091821304.85725700.923559999999284762854332025

Attivo immobilizzato817.413000000000011013.3072399.66431000000011436.4964512574331PN e fondi955.073999999999961285.50300000000022180.97471000000181018.7146568312519Attivo operativo a breve7067.23599999999998228.74400000000068107.62761000000149287.8251059666909Passivo operativo a breve4041.9894787.58799999999976218.56399000000066650.3055932967673

PFN

Finanz. a ml termine

2015201620172017 cons.1351.31762850.468819999999941699.41627999999992194.4109800000001PFN a breve

2015201620172017 cons.1536.26799999999982318.4908999999998408.33735000000001860.89102000000003

CE

LONGINO&CARDENAL SPA - CONSOLIDATO

ITALIACONSOLIDATO

CONTO ECONOMICO RICLASSIFICATO (in €)20152016201720172018201920202021

2015201620172017 consolidato

Ricavi di Vendita netti17,415,309100.0%21,304,857100.0%25,700,924100.0%28,541,642100.0%34,734,243100.0%42,279,387100.0%51,239,243100.0%61,206,705100.0%Ricavi di Vendita netti17,415,30921,304,85725,700,92428,541,642

Costo del venduto e costi variabili di vendita(14,021,675)(17,231,834)(20,553,715)(22,559,825)(27,171,533)(32,866,995)(39,885,100)(47,646,076)EBITDA935,1011,130,6221,571,9531,515,500

Margine di contribuzione3,393,63419.5%4,073,02319.1%5,147,20920.0%5,981,81721.0%7,562,71021.8%9,412,39322.3%11,354,14322.2%13,560,63022.2%EBIT857,2191,053,1311,521,7221,360,351

Utile dell'esercizio80,878342,515902,169554,676

Costi commerciali(622,581)-3.6%(684,100)-3.2%(766,189)-3.0%(1,082,732)-3.8%(1,254,145)-3.6%(1,413,128)-3.3%(1,691,483)-3.3%(1,984,033)-3.2%

Costi di marketing(241,509)-1.4%(347,546)-1.6%(599,071)-2.3%(621,723)-2.2%(672,046)-1.9%(794,242)-1.9%(1,035,602)-2.0%(1,120,498)-1.8%

Costi di magazzino e logistica interna(742,921)-4.3%(901,939)-4.2%(1,035,773)-4.0%(1,098,524)-3.8%(1,284,298)-3.7%(1,489,011)-3.5%(1,702,057)-3.3%(1,953,030)-3.2%

Costi generali e amministrativi

samcri: samcri:Compreso gest. Imm.le(851,523)-4.9%(1,008,817)-4.7%(1,174,222)-4.6%(1,663,338)-5.8%(1,806,376)-5.2%(1,872,636)-4.4%(2,092,019)-4.1%(2,209,842)-3.6%2015201620172017 consolidato

Totale costi di struttura(2,458,534)-14.1%(2,942,401)-13.8%(3,575,256)-13.9%(4,466,317)-15.6%(5,016,865)-14.4%(5,569,018)-13.2%(6,521,161)-12.7%(7,267,403)-11.9%Ricavi di Vendita netti17,41521,30525,70128,542

EBITDA9351,1311,5721,516

EBITDA935,1015.4%1,130,6225.3%1,571,9536.1%1,515,5005.3%2,545,8457.3%3,843,3759.1%4,832,9829.4%6,293,22610.3%EBIT8571,0531,5221,360

Ammortamenti(77,882)(77,491)(50,231)(155,149)(208,928)(296,344)(266,296)(250,185)Utile dell'esercizio81343902555

EBIT857,2194.9%1,053,1314.9%1,521,7225.9%1,360,3514.8%2,336,9186.7%3,547,0318.4%4,566,6858.9%6,043,0419.9%

Gestione finanziaria(162,033)-0.9%(125,237)-0.6%(104,016)-0.4%(274,579)-1.0%(135,268)-0.4%(125,252)-0.3%(109,133)-0.2%(101,228)-0.2%

Altre voci non ricorrenti(23,362)2,957(10,776)(20,574)-

Svalutazione crediti straor.(296,299)(375,675)(107,718)(121,133)-

One shot(180,000)

Utile ante imposte195,5251.1%555,1752.6%1,299,2125.1%944,0653.3%2,201,6496.3%3,421,7798.1%4,457,5528.7%5,941,8139.7%

Imposte(114,647)-58.6%(212,660)-38.3%(397,043)-30.6%(389,388)-41.2%(665,105)-30.2%(966,190)-28.2%(1,252,119)-28.1%(1,677,305)-28.2%

Utile dell'esercizio80,8780.5%342,5151.6%902,1693.5%554,6761.9%1,536,5444.4%2,455,5895.8%3,205,4336.3%4,264,5087.0%

Shares500,000500,000500,000500,000500,000500,000500,000500,000

EPS0.160.691.801.113.074.916.418.53

Variazione %323.5%163.4%23.5%114.4%123.7%68.0%56.4%

ROI10.8%11.4%14.2%12.4%19.0%23.0%22.6%22.6%

ROE11.9%33.5%53.1%107.8%74.9%54.6%41.7%35.8%

Magazzino773,3294.4%1,192,9825.6%1,108,3304.3%1,366,5934.8%1,605,1694.6%1,820,2744.3%2,219,7234.3%2,650,9144.3%

Crediti commerciali6,151,41335.3%6,830,23432.1%6,824,30226.6%7,545,85126.4%8,579,56724.7%10,160,32524.0%11,570,21722.6%13,786,91422.5%

Debiti commerciali(3,413,887)-19.6%(3,978,442)-18.7%(5,350,505)-20.8%(5,683,478)-19.9%(7,093,366)-20.4%(8,540,674)-20.2%(10,223,920)-20.0%(12,214,207)-20.0%-

samcri: samcri:Compreso gest. Imm.le


SP (civilistico)

LONGINO&CARDENAL SPA

STATO PATRIMONIALE0

ITALIACONSOLIDATO

ATTIVO20152016201720172018201920202021

Immobilizzazioni

Immateriali67,61434,966106,753226,726570,682529,474422,771318,957

Materiali247,522364,307848,6711,208,1101,178,721990,085830,492684,120

Partecipazioni167,782253,3391,283,3391,6611,6611,6611,6611,661

Crediti intercompany334,495360,695160,9020- 0- 0- 0- 0

Totale Immobilizzazioni817,4131,013,3072,399,66422%1,436,49713%1,751,06414%1,521,22010%1,254,9246%1,004,7384%

Attivo circolante

Rimanenze773,3291,192,9821,108,3301,366,5931,605,1691,820,2742,219,7232,650,914

Crediti verso clienti5,898,2856,575,2576,705,0487,545,8518,579,56710,160,32511,570,21713,786,914

Crediti intercompany253,128254,977119,254- 0- 0- 0- 0- 0

Altri crediti142,494205,528174,996375,381340,163338,686338,405338,866

Attività finanziarie a breve3,6503,650- 0

Cassa e banche attive18,50819,494205,027269,7691,610,8974,840,7708,928,186

Totale attivo cicolante7,089,3948,251,8888,312,65478%9,557,59487%10,524,89986%13,930,18290%18,969,11494%25,704,88096%

TOTALE ATTIVO7,906,8079,265,19510,712,319100%10,994,091100%12,275,963100%15,451,402100%20,224,038100%26,709,618100%

ITALIACONSOLIDATO

PASSIVO20152016201720172018201920202021

Patrimonio netto680,8771,023,3921,697,708514,6592,052,8314,498,1577,684,36711,920,749

Patrimonio netto di terzi1,7199210,35529,57757,704

Passività a lungo termine

Fondi274,197262,111483,267502,336676,450886,8541,126,3551,396,193

Debiti finanziari a lungo457,751311,565901,1761,143,2171,174,441657,839286,57648,964

Totale passività a lungo731,948573,6761,384,44312.9%1,645,55315.0%1,850,89215.1%1,544,69410.0%1,412,9317.0%1,445,1585.4%

Passsività a breve

Debiti finanziari a breve2,451,9932,880,5391,411,6052,181,854372,327- 0- 0- 0

Debiti verso fornitori3,413,8873,937,2415,214,7605,683,4787,093,3668,540,67410,223,92012,214,207

Debiti intercompany- 041,201135,745- 0- 0- 0- 0- 0

Altri debiti628,102809,146868,059966,828906,456857,523873,2431,071,800

Totale passività a breve6,493,9827,668,1277,630,16971.2%8,832,16080.3%8,372,14968.2%9,398,19760.8%11,097,16354.9%13,286,00749.7%

TOTALE PASSIVO7,906,8079,265,19510,712,319100%10,994,091100%12,275,963100%15,451,402100%20,224,039100%26,709,618100%

- 0- 0

1,206,578

SP riclassificato


STATO PATRIMONIALE RICLASSIFICATO (in €)

ITALIACONSOLIDATO

IMPIEGHI20152016201720172018201920202021

Attivo immobilizzzazto201520162017

Immobilizzazioni nette315,136399,273955,4231,434,8361,749,4031,519,5591,253,2631,003,077Attivo immobilizzazione817,4131,013,3072,399,664

Partecipazioni e cred. Interc.502,277614,0341,444,2411,6611,6611,6611,6611,661CCN3,025,2473,441,1561,889,064

Attivo immobilizzazione817,4131,013,3072,399,6641,436,4961,751,0641,521,2201,254,9241,004,738altro(270,547)(258,461)(483,267)

PATRIMONIO NETTO680,8771,023,3921,697,708

Capitale circolante nettoFonti di terzi2,891,2363,172,6102,107,754

Magazzino773,3291,192,9821,108,3301,366,5931,605,1691,820,2742,219,7232,650,914

Crediti commerciali6,151,4136,830,2346,824,3027,545,8518,579,56710,160,32511,570,21713,786,914

Crediti diversi142,494205,528174,996375,381340,163338,686338,405338,866

Attività correnti7,067,2368,228,7448,107,6289,287,82510,524,89912,319,28514,128,34416,776,693

Debiti vs fornitori(3,413,887)(3,978,442)(5,350,505)(5,683,478)(7,093,366)(8,540,674)(10,223,920)(12,214,207)

Altri debiti(628,102)(809,146)(868,059)(966,828)(906,456)(857,523)(873,243)(1,071,800)

Passività correnti(4,041,989)(4,787,588)(6,218,564)(6,650,306)(7,999,821)(9,398,197)(11,097,163)(13,286,007)

CCN3,025,2473,441,1561,889,0642,637,5202,525,0782,921,0883,031,1813,490,686

Attività fin. a breve3,6503,650

Fondo TFR e rischi(274,197)(262,111)(483,267)(502,336)(676,450)(886,854)(1,126,355)(1,396,193)

TOTALE IMPIEGHI3,572,1134,196,0023,805,4613,571,6803,599,6913,555,4543,159,7503,099,231

FONTI

PATRIMONIO NETTO

Capitale 500,000500,000500,000500,000500,000500,000500,000500,000

Riserve99,999180,877295,539(576,169)14,6581,552,8303,998,1567,184,366

Utile dell'eserc.80,878342,515902,169590,8271,538,1722,445,3263,186,2104,236,381

Totale PN680,8771,023,3921,697,708514,6582,052,8304,498,1567,684,36611,920,748

PN di terzi1,7199210,35529,57757,704

Fonti di terzi

Finanziamenti a m/l periodo

quota a lungo457,751311,565901,1761,143,217687,887367,67136,2690

quota a breve893,567538,904798,2401,051,194486,554290,169250,30748,964

Altri finanziamenti a breve1,539,9182,322,141408,337860,891372,327(1,610,897)(4,840,770)(8,928,186)

Totale finanziamenti di terzi2,891,2363,172,6102,107,7543,055,3021,546,769(953,058)(4,554,195)(8,879,222)

TOTALE FONTI3,572,1134,196,0023,805,4623,571,6803,599,6913,555,4533,159,7493,099,229

PFN/EBITDA3.092.811.342.020.61- 1.41

Rendiconto


ITALIACONSOLIDATO

RENDICONTO FINANZIARIO20152016201720172018201920202021

EBITDA935,1011,130,6221,571,9531,515,5002,545,8453,843,3754,832,9826,293,226

Gestione finanziaria(162,033)(125,237)(104,016)(274,579)(135,268)(125,252)(109,133)(101,228)

Imposte(114,647)(212,660)(397,043)(389,388)(665,105)(966,190)(1,252,119)(1,677,305)

Poste non ricorrenti(499,661)(372,719)(118,494)(141,707)----

Acc.ti e svalutazioni27,29223,736188,650194,282

Acc.ti e utilizzo TFR e Fondi37,688(12,086)93,300104,853174,114210,404239,501269,838

Gross operating cash flow223,740431,6561,234,3501,008,9611,919,5862,962,3373,711,2304,784,532

Delta rimanenze(101,950)(419,653)84,65236,313(238,576)(215,105)(399,449)(431,191)

Delta crediti commerciali(56,044)(702,557)(179,068)(780,458)(1,033,716)(1,580,758)(1,409,891)(2,216,698)

Delta debiti commerciali581,218523,3541,277,5191,305,4491,409,8881,447,3081,683,2461,990,287

Delta altri crediti operativi(10,292)(63,034)30,533(16,603)35,2181,477281(461)

Delta altri debiti operativi39,866222,245330,016296,744(60,372)(48,933)15,720198,557

Variazione del CCN452,798(439,645)1,543,652841,445112,442(396,010)(110,093)(459,505)

Cash flow operativo676,538(7,989)2,778,0021,850,4062,032,0282,566,3263,601,1374,325,027

Cash convertion0.72- 0.011.771.220.800.670.750.69

Flusso dell'attività di investimento(33,908)(161,628)(606,382)(856,007)(523,495)(66,500)(0)0

Partecipazioni e crediti iscritti tra le Imm. Fin.(37,363)(85,557)(1,030,000)24,4650---

Finanziamenti intercompany(101,101)(26,200)199,793

Rimborso finanziamenti(935,407)(948,549)(884,753)(819,035)(1,019,970)(516,601)(371,264)(237,611)

Distribuzione riserve/dividendi(276,557)(276,557)

Impieghi(1,107,778)(1,221,934)(2,597,899)(1,927,134)(1,543,464)(583,101)(371,264)(237,611)

Delta riserve di PN21,559

Accensioni finanziamenti1,470,200447,7001,733,7001,933,700-

Fonti1,470,200447,7001,733,7001,955,259----

Flusso di cassa netto1,038,959(782,223)1,913,8031,878,531488,5641,983,2253,229,8734,087,416

Cassa e assegni18,50819,494205,02759,593269,769-

C/C(219,364)(151,440)(200,205)(460,948)(571,689)-1,610,8974,840,7708,928,186

Ant. Import(1,339,063)(2,190,195)(413,160)(2,338,067)(558,971)(372,327)

PFN a breve(1,539,918)(2,322,141)73.2%(408,337)19.4%(860,891)28.2%(372,327)1,610,8974,840,7708,928,186

DELTA PFN a breve1,038,959(782,223)1,913,8041,878,531488,5641,983,2253,229,8734,087,416

Finanziamenti a lungo

Valore oltre esercizio(457,751)(311,565)(901,176)(1,143,217)(687,887)(367,671)(36,269)(0)

Valore entro esercizio(893,567)(538,904)(798,240)(1,051,194)(486,554)(290,169)(250,307)(48,964)

PFN a lungo(1,351,318)(850,469)26.8%(1,699,416)80.6%(2,194,411)71.8%(1,174,441)(657,840)(286,575)(48,964)

Delta PFN a lungo(534,793)500,849(848,947)(1,114,665)1,019,970516,601371,264237,611

PFN totale(2,891,236)(3,172,610)(2,107,754)(3,055,302)(1,546,769)953,0584,554,1958,879,222

EBITDA935,1011,130,6221,571,9531,515,5002,545,8453,843,3754,832,9826,293,226

- 3.09- 2.81- 1.34- 2.02- 0.610.250.941.41

Highlights – Turnover and EBITDA Consolidated

11

558

1.195

1.518

2.011

28.543

32.025

0

500

1.000

1.500

2.000

2.500

18.000

20.000

22.000

24.000

26.000

28.000

30.000

32.000

34.000

2017 cons. 2018 cons.

Profit EBITDA Revenue

Figures in thousands of Euros

Grafico3

Profit

2017 cons.2018 cons.5581195 EBITDA

2017 cons.2018 cons.15182011 EBIT

2017 cons.2018 cons.13631791Revenue

2017 cons.2018 cons.2854332025

TABELLE E GRAFICI

Tab. 1TITOLO:CONTO ECONOMICO 2015-2017 ITALIA - 2017 CONSOLIDATOTab. 2TITOLO:STATO PATRIMONIALE 2015 -2017 ITALIA - 2017 CONSOLIDATOTab. 3TITOLO:RENDICONTO FINANZIARIO 2015 -2017 ITALIA - 2017 CONSOLIDATO

(dati in migliaria di €)2015Inc. %2016Inc. %Var. %2017Inc. %Var. %2017 cons.Inc. %

(dati in migliaria di €)2015Inc. %2016Inc. %2017Inc. %2017 cons.Inc. %(dati in migliaria di €)2015201620172017 cons.

Ricavi di vendita17,41521,30522.33%25,70120.63%28,542

Attivo immobilizzato81710.4%1,01311.0%2,40022.8%1,43613.4%EBITDA9351,1311,5721,516

EBITDA9355.4%1,1315.3%20.9%1,5726.1%39.0%1,5165.3%Attivo operativo a breve7,06789.6%8,22989.0%8,10877.2%9,28886.6%

Cash flow operativo677(8)2,7781,850

EBIT8574.9%1,0534.9%22.9%1,5225.9%44.5%1,3604.8%Totale attivo7,885100.0%9,242100.0%10,507100.0%10,724100.0%% cash conversion72.3%-0.7%176.7%122.1%

Pre Tax1961.1%5552.6%183.9%1,2995.1%134.0%9443.3%PN6818.6%1,02311.1%1,69816.2%5164.8%Flusso di cassa da investimenti(172)(273)(1,437)(832)

Fondi2743.5%2622.8%4834.6%5024.7%Flusso di cassa da finanziamenti535(501)572838

Utile dell'esercizio810.5%3431.6%323.5%9023.5%163.4%5551.9%Passivo operativo a breve4,04251.3%4,78851.8%6,21959.2%6,65062.0%

Net cash flow1,039(782)1,9141,857

Finanz. a ml termine1,35117.1%8509.2%1,69916.2%2,19420.5%

2017 cons.2018 cons.2018PFN a breve (1)1,53619.5%2,31825.1%4083.9%8618.0%

Revenue28,54332,02528,476PFN totale2,88836.6%3,16934.3%2,10820.1%3,05528.5%

Profit5581,1951,018EBITDA935EBITDA1,572

EBIT1,3631,7911,550Totale passivo7,885100.0%9,242100.0%10,507100.0%10,724100.0%Poste fin e altre(711)Cash flow operativo2,778

EBITDA1,5182,0111,681Delta CCN453FF1,341

(1) al netto di disponibiltà e banche attiveFlusso di cassa da investimenti(172)NCF1,914

Flusso di cassa da finanziamenti535

GRAFICO 1GRAFICO 3

2015201620172017 cons.

Attivo immobilizzato8171,0132,4001,436

PN e fondi9551,2862,1811,019

Attivo operativo a breve7,0678,2298,1089,288

Passivo operativo a breve4,0424,7886,2196,650

2015201620172017 cons.

Finanz. a ml termine1,3518501,6992,194

PFN a breve1,5362,318408861

GRAFICO 2

Profit

2017 cons.2018 cons.05581195 EBITDA

2017 cons.2018 cons.015182011 EBIT

2017 cons.2018 cons.013631791Revenue

2017 cons.2018 cons.02854332025

Attivo immobilizzato817.413000000000011013.3072399.66431000000011436.4964512574331PN e fondi955.073999999999961285.50300000000022180.97471000000181018.7146568312519Attivo operativo a breve7067.23599999999998228.74400000000068107.62761000000149287.8251059666909Passivo operativo a breve4041.9894787.58799999999976218.56399000000066650.3055932967673

PFN

Finanz. a ml termine

2015201620172017 cons.1351.31762850.468819999999941699.41627999999992194.4109800000001PFN a breve

2015201620172017 cons.1536.26799999999982318.4908999999998408.33735000000001860.89102000000003

CE


ITALIACONSOLIDATO

CONTO ECONOMICO RICLASSIFICATO (in €)20152016201720172018201920202021

2015201620172017 consolidato

Ricavi di Vendita netti17,415,309100.0%21,304,857100.0%25,700,924100.0%28,541,642100.0%34,734,243100.0%42,279,387100.0%51,239,243100.0%61,206,705100.0%Ricavi di Vendita netti17,415,30921,304,85725,700,92428,541,642

Costo del venduto e costi variabili di vendita(14,021,675)(17,231,834)(20,553,715)(22,559,825)(27,171,533)(32,866,995)(39,885,100)(47,646,076)EBITDA935,1011,130,6221,571,9531,515,500

Margine di contribuzione3,393,63419.5%4,073,02319.1%5,147,20920.0%5,981,81721.0%7,562,71021.8%9,412,39322.3%11,354,14322.2%13,560,63022.2%EBIT857,2191,053,1311,521,7221,360,351

Utile dell'esercizio80,878342,515902,169554,676

Costi commerciali(622,581)-3.6%(684,100)-3.2%(766,189)-3.0%(1,082,732)-3.8%(1,254,145)-3.6%(1,413,128)-3.3%(1,691,483)-3.3%(1,984,033)-3.2%

Costi di marketing(241,509)-1.4%(347,546)-1.6%(599,071)-2.3%(621,723)-2.2%(672,046)-1.9%(794,242)-1.9%(1,035,602)-2.0%(1,120,498)-1.8%

Costi di magazzino e logistica interna(742,921)-4.3%(901,939)-4.2%(1,035,773)-4.0%(1,098,524)-3.8%(1,284,298)-3.7%(1,489,011)-3.5%(1,702,057)-3.3%(1,953,030)-3.2%

Costi generali e amministrativi

samcri: samcri:Compreso gest. Imm.le(851,523)-4.9%(1,008,817)-4.7%(1,174,222)-4.6%(1,663,338)-5.8%(1,806,376)-5.2%(1,872,636)-4.4%(2,092,019)-4.1%(2,209,842)-3.6%2015201620172017 consolidato

Totale costi di struttura(2,458,534)-14.1%(2,942,401)-13.8%(3,575,256)-13.9%(4,466,317)-15.6%(5,016,865)-14.4%(5,569,018)-13.2%(6,521,161)-12.7%(7,267,403)-11.9%Ricavi di Vendita netti17,41521,30525,70128,542

EBITDA9351,1311,5721,516

EBITDA935,1015.4%1,130,6225.3%1,571,9536.1%1,515,5005.3%2,545,8457.3%3,843,3759.1%4,832,9829.4%6,293,22610.3%EBIT8571,0531,5221,360

Ammortamenti(77,882)(77,491)(50,231)(155,149)(208,928)(296,344)(266,296)(250,185)Utile dell'esercizio81343902555

EBIT857,2194.9%1,053,1314.9%1,521,7225.9%1,360,3514.8%2,336,9186.7%3,547,0318.4%4,566,6858.9%6,043,0419.9%

Gestione finanziaria(162,033)-0.9%(125,237)-0.6%(104,016)-0.4%(274,579)-1.0%(135,268)-0.4%(125,252)-0.3%(109,133)-0.2%(101,228)-0.2%

Altre voci non ricorrenti(23,362)2,957(10,776)(20,574)-

Svalutazione crediti straor.(296,299)(375,675)(107,718)(121,133)-

One shot(180,000)

Utile ante imposte195,5251.1%555,1752.6%1,299,2125.1%944,0653.3%2,201,6496.3%3,421,7798.1%4,457,5528.7%5,941,8139.7%

Imposte(114,647)-58.6%(212,660)-38.3%(397,043)-30.6%(389,388)-41.2%(665,105)-30.2%(966,190)-28.2%(1,252,119)-28.1%(1,677,305)-28.2%

Utile dell'esercizio80,8780.5%342,5151.6%902,1693.5%554,6761.9%1,536,5444.4%2,455,5895.8%3,205,4336.3%4,264,5087.0%

Shares500,000500,000500,000500,000500,000500,000500,000500,000

EPS0.160.691.801.113.074.916.418.53

Variazione %323.5%163.4%23.5%114.4%123.7%68.0%56.4%

ROI10.8%11.4%14.2%12.4%19.0%23.0%22.6%22.6%

ROE11.9%33.5%53.1%107.8%74.9%54.6%41.7%35.8%

Magazzino773,3294.4%1,192,9825.6%1,108,3304.3%1,366,5934.8%1,605,1694.6%1,820,2744.3%2,219,7234.3%2,650,9144.3%

Crediti commerciali6,151,41335.3%6,830,23432.1%6,824,30226.6%7,545,85126.4%8,579,56724.7%10,160,32524.0%11,570,21722.6%13,786,91422.5%

Debiti commerciali(3,413,887)-19.6%(3,978,442)-18.7%(5,350,505)-20.8%(5,683,478)-19.9%(7,093,366)-20.4%(8,540,674)-20.2%(10,223,920)-20.0%(12,214,207)-20.0%-



SP (civilistico)

LONGINO&CARDENAL SPA

STATO PATRIMONIALE0

ITALIACONSOLIDATO

ATTIVO20152016201720172018201920202021

Immobilizzazioni

Immateriali67,61434,966106,753226,726570,682529,474422,771318,957

Materiali247,522364,307848,6711,208,1101,178,721990,085830,492684,120

Partecipazioni167,782253,3391,283,3391,6611,6611,6611,6611,661

Crediti intercompany334,495360,695160,9020- 0- 0- 0- 0

Totale Immobilizzazioni817,4131,013,3072,399,66422%1,436,49713%1,751,06414%1,521,22010%1,254,9246%1,004,7384%

Attivo circolante

Rimanenze773,3291,192,9821,108,3301,366,5931,605,1691,820,2742,219,7232,650,914

Crediti verso clienti5,898,2856,575,2576,705,0487,545,8518,579,56710,160,32511,570,21713,786,914

Crediti intercompany253,128254,977119,254- 0- 0- 0- 0- 0

Altri crediti142,494205,528174,996375,381340,163338,686338,405338,866

Attività finanziarie a breve3,6503,650- 0

Cassa e banche attive18,50819,494205,027269,7691,610,8974,840,7708,928,186

Totale attivo cicolante7,089,3948,251,8888,312,65478%9,557,59487%10,524,89986%13,930,18290%18,969,11494%25,704,88096%

TOTALE ATTIVO7,906,8079,265,19510,712,319100%10,994,091100%12,275,963100%15,451,402100%20,224,038100%26,709,618100%

ITALIACONSOLIDATO

PASSIVO20152016201720172018201920202021

Patrimonio netto680,8771,023,3921,697,708514,6592,052,8314,498,1577,684,36711,920,749

Patrimonio netto di terzi1,7199210,35529,57757,704

Passività a lungo termine

Fondi274,197262,111483,267502,336676,450886,8541,126,3551,396,193

Debiti finanziari a lungo457,751311,565901,1761,143,2171,174,441657,839286,57648,964

Totale passività a lungo731,948573,6761,384,44312.9%1,645,55315.0%1,850,89215.1%1,544,69410.0%1,412,9317.0%1,445,1585.4%

Passsività a breve

Debiti finanziari a breve2,451,9932,880,5391,411,6052,181,854372,327- 0- 0- 0

Debiti verso fornitori3,413,8873,937,2415,214,7605,683,4787,093,3668,540,67410,223,92012,214,207

Debiti intercompany- 041,201135,745- 0- 0- 0- 0- 0

Altri debiti628,102809,146868,059966,828906,456857,523873,2431,071,800

Totale passività a breve6,493,9827,668,1277,630,16971.2%8,832,16080.3%8,372,14968.2%9,398,19760.8%11,097,16354.9%13,286,00749.7%

TOTALE PASSIVO7,906,8079,265,19510,712,319100%10,994,091100%12,275,963100%15,451,402100%20,224,039100%26,709,618100%

- 0- 0

1,206,578

SP riclassificato


STATO PATRIMONIALE RICLASSIFICATO (in €)

ITALIACONSOLIDATO

IMPIEGHI20152016201720172018201920202021

Attivo immobilizzzazto201520162017

Immobilizzazioni nette315,136399,273955,4231,434,8361,749,4031,519,5591,253,2631,003,077Attivo immobilizzazione817,4131,013,3072,399,664

Partecipazioni e cred. Interc.502,277614,0341,444,2411,6611,6611,6611,6611,661CCN3,025,2473,441,1561,889,064

Attivo immobilizzazione817,4131,013,3072,399,6641,436,4961,751,0641,521,2201,254,9241,004,738altro(270,547)(258,461)(483,267)

PATRIMONIO NETTO680,8771,023,3921,697,708

Capitale circolante nettoFonti di terzi2,891,2363,172,6102,107,754

Magazzino773,3291,192,9821,108,3301,366,5931,605,1691,820,2742,219,7232,650,914

Crediti commerciali6,151,4136,830,2346,824,3027,545,8518,579,56710,160,32511,570,21713,786,914

Crediti diversi142,494205,528174,996375,381340,163338,686338,405338,866

Attività correnti7,067,2368,228,7448,107,6289,287,82510,524,89912,319,28514,128,34416,776,693

Debiti vs fornitori(3,413,887)(3,978,442)(5,350,505)(5,683,478)(7,093,366)(8,540,674)(10,223,920)(12,214,207)

Altri debiti(628,102)(809,146)(868,059)(966,828)(906,456)(857,523)(873,243)(1,071,800)

Passività correnti(4,041,989)(4,787,588)(6,218,564)(6,650,306)(7,999,821)(9,398,197)(11,097,163)(13,286,007)

CCN3,025,2473,441,1561,889,0642,637,5202,525,0782,921,0883,031,1813,490,686

Attività fin. a breve3,6503,650

Fondo TFR e rischi(274,197)(262,111)(483,267)(502,336)(676,450)(886,854)(1,126,355)(1,396,193)

TOTALE IMPIEGHI3,572,1134,196,0023,805,4613,571,6803,599,6913,555,4543,159,7503,099,231

FONTI

PATRIMONIO NETTO

Capitale 500,000500,000500,000500,000500,000500,000500,000500,000

Riserve99,999180,877295,539(576,169)14,6581,552,8303,998,1567,184,366

Utile dell'eserc.80,878342,515902,169590,8271,538,1722,445,3263,186,2104,236,381

Totale PN680,8771,023,3921,697,708514,6582,052,8304,498,1567,684,36611,920,748

PN di terzi1,7199210,35529,57757,704

Fonti di terzi

Finanziamenti a m/l periodo

quota a lungo457,751311,565901,1761,143,217687,887367,67136,2690

quota a breve893,567538,904798,2401,051,194486,554290,169250,30748,964

Altri finanziamenti a breve1,539,9182,322,141408,337860,891372,327(1,610,897)(4,840,770)(8,928,186)

Totale finanziamenti di terzi2,891,2363,172,6102,107,7543,055,3021,546,769(953,058)(4,554,195)(8,879,222)

TOTALE FONTI3,572,1134,196,0023,805,4623,571,6803,599,6913,555,4533,159,7493,099,229

PFN/EBITDA3.092.811.342.020.61- 1.41

Rendiconto


ITALIACONSOLIDATO

RENDICONTO FINANZIARIO20152016201720172018201920202021

EBITDA935,1011,130,6221,571,9531,515,5002,545,8453,843,3754,832,9826,293,226

Gestione finanziaria(162,033)(125,237)(104,016)(274,579)(135,268)(125,252)(109,133)(101,228)

Imposte(114,647)(212,660)(397,043)(389,388)(665,105)(966,190)(1,252,119)(1,677,305)

Poste non ricorrenti(499,661)(372,719)(118,494)(141,707)----

Acc.ti e svalutazioni27,29223,736188,650194,282

Acc.ti e utilizzo TFR e Fondi37,688(12,086)93,300104,853174,114210,404239,501269,838

Gross operating cash flow223,740431,6561,234,3501,008,9611,919,5862,962,3373,711,2304,784,532

Delta rimanenze(101,950)(419,653)84,65236,313(238,576)(215,105)(399,449)(431,191)

Delta crediti commerciali(56,044)(702,557)(179,068)(780,458)(1,033,716)(1,580,758)(1,409,891)(2,216,698)

Delta debiti commerciali581,218523,3541,277,5191,305,4491,409,8881,447,3081,683,2461,990,287

Delta altri crediti operativi(10,292)(63,034)30,533(16,603)35,2181,477281(461)

Delta altri debiti operativi39,866222,245330,016296,744(60,372)(48,933)15,720198,557

Variazione del CCN452,798(439,645)1,543,652841,445112,442(396,010)(110,093)(459,505)

Cash flow operativo676,538(7,989)2,778,0021,850,4062,032,0282,566,3263,601,1374,325,027

Cash convertion0.72- 0.011.771.220.800.670.750.69

Flusso dell'attività di investimento(33,908)(161,628)(606,382)(856,007)(523,495)(66,500)(0)0

Partecipazioni e crediti iscritti tra le Imm. Fin.(37,363)(85,557)(1,030,000)24,4650---

Finanziamenti intercompany(101,101)(26,200)199,793

Rimborso finanziamenti(935,407)(948,549)(884,753)(819,035)(1,019,970)(516,601)(371,264)(237,611)

Distribuzione riserve/dividendi(276,557)(276,557)

Impieghi(1,107,778)(1,221,934)(2,597,899)(1,927,134)(1,543,464)(583,101)(371,264)(237,611)

Delta riserve di PN21,559

Accensioni finanziamenti1,470,200447,7001,733,7001,933,700-

Fonti1,470,200447,7001,733,7001,955,259----

Flusso di cassa netto1,038,959(782,223)1,913,8031,878,531488,5641,983,2253,229,8734,087,416

Cassa e assegni18,50819,494205,02759,593269,769-

C/C(219,364)(151,440)(200,205)(460,948)(571,689)-1,610,8974,840,7708,928,186

Ant. Import(1,339,063)(2,190,195)(413,160)(2,338,067)(558,971)(372,327)

PFN a breve(1,539,918)(2,322,141)73.2%(408,337)19.4%(860,891)28.2%(372,327)1,610,8974,840,7708,928,186

DELTA PFN a breve1,038,959(782,223)1,913,8041,878,531488,5641,983,2253,229,8734,087,416

Finanziamenti a lungo

Valore oltre esercizio(457,751)(311,565)(901,176)(1,143,217)(687,887)(367,671)(36,269)(0)

Valore entro esercizio(893,567)(538,904)(798,240)(1,051,194)(486,554)(290,169)(250,307)(48,964)

PFN a lungo(1,351,318)(850,469)26.8%(1,699,416)80.6%(2,194,411)71.8%(1,174,441)(657,840)(286,575)(48,964)

Delta PFN a lungo(534,793)500,849(848,947)(1,114,665)1,019,970516,601371,264237,611

PFN totale(2,891,236)(3,172,610)(2,107,754)(3,055,302)(1,546,769)953,0584,554,1958,879,222

EBITDA935,1011,130,6221,571,9531,515,5002,545,8453,843,3754,832,9826,293,226

- 3.09- 2.81- 1.34- 2.02- 0.610.250.941.41

Highlights - Consolidated income statement

12

Euro 30.06.2019 30.06.2018 Var. Var. %

REVENUE 15,652,387 14,810,165 842,223 +5.7%

EBITDA 624,581 605,693 18,888 +3.1%

EBITDA MARGIN 3.99% 4.09%

EBIT 468,643 500,911 (32,268) -6.4%

EBIT MARGIN 2.99% 3.38%

PRE-TAX PROFIT 404,362 434,839 (30,477) -7.0%

NET PROFIT 318,446 289,402 29,045 +10.0%

Highlights – Consolidated Balance sheet

13

Euro 30.06.2019 31.12.2018 Var. Var. %

Non-current assets 2,351,525 2,178,435 173,090

Net working capital 3,557,062 3,475,244 81,818

Reserves (607,526) (615,157) 7,631

CAPITAL EMPLOYED 5,301,061 5,038,522 262,539 +5.2%

NET EQUITY 6,552,742 6,233,546 319,196 +5.1%

Non-current NFP 501,919 722,430 (220,511)

Current NFP (1,753,600) (1,917,453) 163,853

NET FINANCIAL POSITION (1,251,681) (1,195,023) (56,658) +4.7%

Highlights – Consolidated cash flow

14

30.06 .2019 30.06 .2018 Var. %

1. Pre-tax profit 431.822 478.047 ( 9,7%)Depreciation, provisions and other non monetary items 328.069 230.580

2. Cash f low before c hanges in net working c apital 759.891 708.627 7,2%Changes in net working capital (263.390) (945.769)

3 . Cash f low after c hanges in net working c apital 496.501 (237.142)

Other adjustments (101.035) (57.233)

(A) Cash f low from operating ac tiv ities 395.467 (294.375) 234,3%Investment in property, plant and equipment (42.996) (222.560)

Investment in intangible assets (295.813) (153.098)

(B) Cash f low from investing ac tiv ities (338.810) (375.658) 9,8%(C) Cash f low from financ ing ac tiv ities (493.486) 597.266 182,6%

Total c ash f low (A±B±C) (436.829) (72 .768)

Cash balance at beginning of year 2.905.632 269.887

Cash balance at year end 2.468.803 197.119

16

L&C Group – Strategy

- ↑ Product portfolio

- ↑ Strengthen commercial network- ↑ Geographic coverage

- ↑ Number of customers

- ↑ Average turnover per customer

Organic By acquisition

GROWTH STRATEGY

- Internationalization- Upstream vertical integration

Financial Media Relations Irtop ConsultingDomenico Gentile - Antonio Buozzi [email protected] T: +39 02 45473884 Via C. Cantù, 1 - 20123 Milano (MI) www.irtop.com – www.aimnews.it

NomAd & SpecialistIntegrae SIM S.p.A. Via Meravigli 13 – 20123 Milan T +39 02 87208720 [email protected]

Investor Relations OfficerPaolo [email protected] M. +39 340 6641792

Appendix

18

(EURO) 1st half 2019 % of revenue 1st half 2018 % of revenue

Revenue 15.652.387 100,0% 14.810.165 100,0%Cost of goods sold and variable selling costs ( 11.981.852) ( 76,5%) ( 11.558.342) ( 78,0%)Contribution margin 3.670.535 23,5% 3.251.823 22,0%Sales & Marketing costs ( 1.274.420) ( 8,1%) ( 1.186.353) ( 8,0%)Warehouse & logistical costs ( 754.256) ( 4,8%) ( 594.651) ( 4,0%)General & administrative costs ( 1.017.279) ( 6,5%) ( 865.126) ( 5,8%)Total overheads ( 3.045.955) ( 19,5%) ( 2.646.130) ( 17,9%)EBITDA 624.581 4,0% 605.693 4,1%Depreciation ( 155.938) ( 1,0%) ( 104.782) ( 0,7%)EBIT 468.643 3,0% 500.911 3,4%Net financial income (charges) ( 27.460) ( 0,2%) ( 65.972) ( 0,4%)Net non-recurring income (charges) 79.051 0,5% ( 99) 0,0%Start up costs ( 115.871) ( 0,7%) - - Pre-tax profit 404.362 2,6% 434.839 2,9%Income tax ( 85.916) ( 0,5%) ( 145.438) -1,0%

Net profit 318.446 2,0% 289.402 2,0%


19

REVENUERevenue increased by 5.69%, + €842 thousand compared to the first half of 2018.All group companies enjoyed revenue growth:

CONTRIBUTION MARGINThe profit margin comes to 23,5%, an increase of 1.5 points compared to the first half of 2018. The parent company contribution margin is steady, while all the subsidiaries show an improvement. In particular, the performance of the Dubai subsidiary is highly positive, getting very close to the break even point.

Consolidated results for the first half of 2019

Revenue 15.652.387 100,0% 14.810.165 100,0%Cost of goods sold and variable selling costs ( 11.981.852) ( 76,5%) ( 11.558.342) ( 78,0%)Contribution margin 3.670.535 23,5% 3.251.823 22,0%




Net profit 318.446 2,0% 289.402 2,0%


20

OVERHEADSOverheads amount to €3,046 thousand; the % of revenue increases by 1.6 points compared to the firsthalf of 2018, due to the increase in the organisational structure of the parent company, started in thesecond half of 2018.Sales and marketing costs show a light increase even though they are substantially stable in term of % ofrevenue.Warehouse & logistical costs, as well as general and administrative cost have increased in relation to thenew recruitments mentioned above. Moreover, the cost of the listing have an impact of €59 thousand.


Sales & Marketing costs ( 1.274.420) ( 8,1%) ( 1.186.353) ( 8,0%)Warehouse & logistical costs ( 754.256) ( 4,8%) ( 594.651) ( 4,0%)General & administrative costs ( 1.017.279) ( 6,5%) ( 865.126) ( 5,8%)Total overheads ( 3.045.955) ( 19,5%) ( 2.646.130) ( 17,9%)




Net profit 318.446 2,0% 289.402 2,0%


21

DEPRECIATIONDepreciation came to €155,9 thousand, compared with € 104,8 thousand in the first half of 2018. The increase reflects the cost of the AIM listing, that has taken place in the second half of 2018.


Depreciation ( 155.938) ( 1,0%) ( 104.782) ( 0,7%)




Net profit 318.446 2,0% 289.402 2,0%


22

NET FINANCIAL AND NON-RECURRING CHARGESThe first half of 2019 shows a significant improvement in financial charges as a percentage ofrevenue compared with the same period last year.The reason of the reduction of financial costs is the improvement in bank balances due to thecollection of financial resources from the listing on the AIM market in the second half of the previousyear, in addition to the effect of the cash flow produced by operating activities. The positive effect ispartially offset by exchange losses, amounting to € 14.4 thousand.

The following income components are classified under extraordinary management:

Non-recurring items: tax credit on listing fees, accounted for consistently with the amortizationperiod relating to the costs capitalized during the second half of 2018.Start-up costs incurred for the establishment of the companies Longino & Cardenal USA Corp.(holding) and Longino & Cardenal NY LLC, the latter operating since the second half of 2019.



Net financial income (charges) ( 27.460) ( 0,2%) ( 65.972) ( 0,4%)Net non-recurring income (charges) 79.051 0,5% ( 99) 0,0%Start up costs ( 115.871) ( 0,7%) - -

Highlights - Balance sheet and cash flow

23

Non-current assets recorded an increase of €173.0 thousandmainly due to costs incurred in launching the activity on theUS market.

Net working capital increased by €81.8 thousand comparedwith December 31, 2018 due to the typical pattern in the firsthalf of the year, when liquidity is generally absorbed, partiallyoffset by the focus on the inventory and trade receivablebalance.

Consolidated net equity increased to €6.553 thousand from€6.234 thousand at the end of 2018, reflecting the profit forthe period.

Net financial position improved by € 56.7 thousand comparedto 31 December 2018. Financial debt, represented exclusivelyby mortgages and payables to other lenders for leasingcontracts, decreased by € 493 thousand. During the first halfof 2019, the company did not enter into other loanagreements.


USE O F FUNDING June 30 , 2019 Dec ember 31 , 2018 Change

Non-current assets 2 .351.525 2.178.435 173.090

- Inventory 1.685.224 1.716.007 (30.783)

- Trade receivables 7.867.318 7.769.529 97.789

- Trade payables (5.359.167) (5.637.911) 278.744

- Other receivables 656.945 512.361 144.584

- Other payables (1.293.257) (884.741) (408.516)

NET WO RKING CAPITAL 3.557.062 3.475.244 81.818

Reserves (607.526) (615.157) 7.631

NET CAPITAL EMPLO YED 5.301.062 5.038.523 262.539

-

SO URCES O F FUNDING 30.06 .19 31.12 .18 Variazione

Net equity (group's share) 6.569.472 6.243.685 325.787

Non-controlling interests in net equity (16.730) (10.139) (6.591)

TO TAL NET EQUITY 6.552.742 6.233.546 319.196

Non-current NFP 501.919 722.430 (220.511)

Current NFP (1.753.600) (1.917.453) 163.854

NET FINANCIAL PO SITIO N (1 .251.680) (1 .195.023) (56 .657)

TO TAL SO URCES 5.301.062 5.038.523 262.539

30.06 .2019 30.06 .2018 Var. %

1. Pre-tax profit 431.822 478.047 ( 9,7%)Depreciation, provisions and other non monetary items 328.069 230.580

2. Cash f low before c hanges in net working c apital 759.891 708.627 7,2%Changes in net working capital (263.390) (945.769)

3 . Cash f low after c hanges in net working c apital 496.501 (237.142)

Other adjustments (101.035) (57.233)

(A) Cash f low from operating ac tiv ities 395.467 (294.375) 234,3%Investment in property, plant and equipment (42.996) (222.560)

Investment in intangible assets (295.813) (153.098)

(B) Cash f low from investing ac tiv ities (338.810) (375.658) 9,8%(C) Cash f low from financ ing ac tiv ities (493.486) 597.266 182,6%

Total c ash f low (A±B±C) (436.829) (72 .768)

Cash balance at beginning of year 2.905.632 269.887

Cash balance at year end 2.468.803 197.119

Diapositiva numero 1Diapositiva numero 2Diapositiva numero 3Diapositiva numero 4The business modelA model to be replicated abroadDiapositiva numero 7The numbersDiapositiva numero 9Highlights – Turnover and EBITDA – Parent CompanyHighlights – Turnover and EBITDA ConsolidatedHighlights - Consolidated income statementHighlights – Consolidated Balance sheetHighlights – Consolidated cash flowDiapositiva numero 15L&C Group – StrategyDiapositiva numero 17AppendixHighlights - Consolidated income statementHighlights - Consolidated income statementHighlights - Consolidated income statementHighlights - Consolidated income statementHighlights - Balance sheet and cash flow

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