4Q 2007 4Q 2007 Results Results Review Review February 2008 1 - PowerPoint PPT Presentation

4Q 2007 4Q 2007 Results Results Review Review February 2008 1

Snapshot � 12M 2007 REVENUES €163.9m (+ 18.2% vs 12M06) � 12M 2007 EBITDA €35.2m (+ 16.0% vs 12M06) REVENUES � 12M 2007 NET PROFIT €19.3m (+ 15.8% vs 12M06) � 12M 2007 LANDI ITALY MKT SHARE LPG >35.0% vs 28.7% 12M06 � 2007 ITALIAN BUDGET LAW THE MARKET GROWTH � New Project: South America- South West Asia- India � Eight new businesses with the OEM � Revenue Growth in 2008 in line with 2007 growth percentage through internal business expansions and acquisitions STRATEGY � EBITDA Growth in line with Revenue Growth � New Top Managers COMPANY PROFILE � Shareholder 2

12M 2007 results 3

12M 2007 Highlights � 18.2% revenues growth to €163.9m (€138.7m in 12M2006 � 39.6% revenues growth on 4Q07 to €46.4m (€33.3m 4Q2006) � 16.0% Ebitda growth to €35.2m (€30.3m in 12M2006) � 21.5% Ebitda margin (21.9% in 12M2006) � € 50.7m Net Financial Position � € 50.7m Net Financial Position Eur m 12M 2007 12M 2006 YoY Growth 100.0% 100.0% 163.9 138.7 18.2% REVENUES 21.5% 21.9% 35.2 30.3 16.0% EBITDA 19.1% 19.8% 31.3 27.5 14.0% EBIT 19.1% 19.4% 31.3 26.9 16.5% EBT 4

Revenues Breakdown by geography 12M 2007 Revenues by geography 4Q 2007 Revenues by geography Total 138.7 163.9 33.3 46.4 €m • ROW: growth driven + 18.2 % + 39.6 % by Venezuela tender, • Growth in CNG and Indian and Chinese LPG segment OEM LPG business 26,9 12,1 31.4% Italy growth driven by • • SW Asia: growth 20,4 OEM (zero km) driven by Iranian 175.4% market expansion and 27.4% 4,4 • • SW Asia driven by SW Asia driven by Turkey increase of Turkey increase of 60,3 60,3 OEM Iran and Turkey penetration 25.8% 47,4 15,6 • Europe: decrease in • Europe: growth in 12,4 west market partially Germany in particular -6.9% offset by east in LPG segment and 32,9 countries Romania driven by 35,3 6.2% 9,2 Dacia/Renault 8,6 • ROW driven by business Venezuela, India, 23.2% 43,8 Algeria and Australia 22.3% • Italy increase driven 35,6 9,6 7,8 by LPG OEM (zero km) 12M06 12M07 4Q06 4Q07 Italy Europe (ex Italy) South-West Asia ROW 5

12M 2007 Ebitda 12M07 EBITDA (€m) 35.2 + 16.0 % • High EBITDA margin of 21.5% on a FY 30.3 base driven by: 9,6 • pursuing of effective +32.1% procurement strategies on 4Q 7,2 electronic components electronic components • cost reduction on external 8,6 +12.3% outsourced activities 3Q 7,6 • improvement on productivity on injectors manufacturing 9.0 process 2Q +10.2% 8,1 despite a strong increase in volume in +10.4% 8,1 1Q 7,3 low margin countries. 12M06 12M07 6

12M 2007: High level on ROCE and strong control on working capital Return on Capital Employed (ROCE)* Net Working Capital 21.7% 57.4% 18.6% 35.6 3,2 25.8 33,0 53.9% 32,1 41,7 21,4 54,6 54,6 (27,6) (42.5) € m (0,1) 51,0 Dec-06 2006 dic-07 Accounts Receivables Inventory dic-06 dic-07 Accounts Payables Other Current Assets/Liabilities Capital employed ROCE ROCE remains significantly strong Ability to combine the increase in combined by an high level Ebit and a turnover with the control of Net decrease on capital employed (partially working capital still confirmed do to an asset spin off) Note: ROCE = Ebit/Capital employed 7

12M 2007: Improving cash flow generation and increase in net financial position Cash Flow (€m) Net Financial Position (€m) 11.7 11.1 11.1 5.3 47.3 50.7 4.4 2.0 1.1 (3.3) Dec-06 Jun-07 Dec-07 -7.4 (7.3) (10.0) 25.8 26.2 dec-06 giu-07 dic-07 Op. CF Capex FCF Increase in Net Financial Position on Pursuing limited Capex requirement 4Q07 due to operating and financial combined with an increase in Opex cash performance, ready to sustain acquisition flow generation 8

2008 strategic outlook 9

A clear revenue growth roadmap for 2008 PRINCIPAL JUDGED GROWING DRIVERS Growth in America specially driven by Venezuela market expansion Growth in SW Asia driven by New Business in Iran with Renault and penetration increase in LPG Turkish Market Growth in Europe driven by Italian penetration increase and LPG OEM’s market in Germany and Poland Growth in Asia driven by ramp up of LPG OE business in India and CNG Thailand and China market External Growth driven by Acquisitions or Partnerships having as target to increase the market penetration and/or to increase the perimeter of supply 10

Company Profile 11

Company Profile Board of Directors Top Managers Investor Relations Investor Relations Contacts: Giovannina Domenichini - President President and CEO Stefano Landi Stefano Landi - CEO Carlo Alberto Pedroni – COO Pierpaolo Marziali COO Carlo Alberto Paolo Gabbi - Director Tel: 0039 0522 9433 Pedroni Alessandro Ovi - Indip. Director E-mail: investorrelationslandi.it@landi.it Tomaso Tommasi di Vignano – Indip. Director www.landi.it CFO Paolo Cilloni CMSO Claudio Carnevale M&A and IR Officer M&A and IR Officer Pierpaolo Marziali Pierpaolo Marziali Shareholding Share Informations Stock Chart N. of shares outstanding: 112.500.000 Girefin S.p.A. Ipo Price: € 4,0 Gireimm S.r.l. 34,51% Ubs EFM Price as of 14/02/08: € 2.82 Kairos Partners Royce&Associates Capitalization: € 317.2m 2,03% Market 54,67% 2,04% Italian Stock Exchange-segmento STAR 2,31% 4,44% Specialist: Mediobanca S.p.A. 12

Annexes 13

Landi Renzo – World Leader in CNG and LPG Alternative Fuel Systems Integrated Systems Producer Alternative Energy Focus Alternative Energy Focus Company Main Products Electronic Control Unit Switch Injector Rail Electronic Injector Rail Switch Filter Regulator Control Unit Regulator • “Ready-to-go” systems marketed through: – Car manufacturers (OEMs) - ca. 50 – Aftermarket through distributors and installers - ca. 750 14

World Leader, Top 3 Player in All Key Markets combined with Global Presence World Number 1 in a Fragmented Market Alternative Energy Focus Presence in the Key Markets in 2006 Alternative Energy Focus Market Size Country Position Market Share Landi (% of total) ~23% Italy #1 35% 7.5% #1 (CNG) na Germany 4.0% #2 (LPG) 12% Brazil #3 20% 8.9% Pakistan #1 49% 13.2% Russia #2 18% 12.1% Others ~ 77% GLOBAL #1 ~23% 100% The Global Market Global Presence with Local Footprint Alternative Energy Focus • Combined market share of top 3 around 50% • Large number of smaller players Assembly, Testing and Packaging Distribution – Compete on a local level Italy Brazil Netherlands – Less technologically advanced products Iran Pakistan Poland – Focus on components, not systems China Source: Frost & Sullivan. Based on 2006A units sold 15

Revenues Breakdown Revenues Breakdown for Segment and Region (EUR ml) Eur m 12M 2007 12M 2006 Growth 4Q 2007 4Q 2006 Growth 44,7% 42,4% 39,2% 31,2% LPG 73,3 58,9 24,5% 18,2 10,4 75,4% Segment 52,3% 54,6% 57,8% 64,5% CNG 85,7 75,7 13,3% 26,8 21,5 25,1% 3.0% 3,0% 3,0% 4,3% Other 4,9 4,1 17,9% 1,4 1,4 (2.5%) 100,0% 100,0% 100,0% 100,0% Revenues 163,9 138,7 18,2% 46,4 33,3 39,6% 26,7% 25,7% 20,6% 23,5% Italy 43,8 35,6 23,2% 9,6 7,8 22,3% 20,0% 25,4% 19,7% 25,9% Europe (ex Italy) 32,9 35,3 (6.9%) 9,2 8,6 6,2% 36,8% 34,2% 33,7% 37,3% SW Asia 60,3 47,4 27,4% 15,6 12,4 25,8% Region 6,5% 6,4% 13,6% 6,9% America 10,6 8,9 19,3% 6,3 2,3 174,1% 9,9% 8,3% 12,4% 6,2% Other 16,3 11,6 40,6% 5,7 2,1 176,8% 100,0% 100,0% 100,0% 100,0% Revenues 163,9 138,7 18,2% 46,4 33,3 39,6% 16

Healthy Balance Sheet ASSETS (thousands of Euros) 31 December 2007 31 December 2006 Non-current assets Property, plant and equipment 14.949 24.581 Investment property 879 Development expenditure 1.844 1.095 Goodwill 2.988 2.988 Other intangible assets with finite useful lives 1.292 637 Other non-current financial assets 75 102 Deferred tax assets 1.900 1.193 Total non-current assets 23.048 31.475 Current assets Trade receivables 41.752 21.371 Inventories 33.072 32.161 Other receivables and current assets 8.872 7.368 Other receivables and current assets - related parties 88 Current financial assets 205 188 Cash and cash equivalents 58.142 9.771 Total current assets 142.131 70.858 TOTAL ASSETS 165.179 102.333 17