PRESS RELEASE
(Translation from the Italian original which remains the definitive version)
Pininfarina Group interim financial report
Events after the reporting period
Outlook
Cambiano, 11 May 2020- The Board of Directors of Pininfarina S.p.A., chaired by Silvio Pietro Angori, met today and approved the Group's interim financial report at 31 March 2020. The Q1 2020 and Q1 2019 key financial figures of the Pininfarina Group are as follows:
(€/million) | Q1 2020 | Q1 2019 | 2019 | Variation* |
Revenue | 18.8 | 25.2 | -6.4 | |
Ebitda | -3.3 | 1.8 | -5.1 | |
Ebit | -4.6 | 0.7 | -5.3 | |
Profit(loss) for the period | -5.1 | 0.4 | -5.5 | |
Net financial position (debt) | -10.5 | -6.8 | -12.0 | 1.5 |
Equity | 33.9 | 62.5 | 39.0 | -5.1 |
* Variations in the statement of financial position figures relate to the corresponding figures at 31 December 2019.
EBITDA is the operating profit or loss gross of amortisation, depreciation and provisions. EBIT is the operating profit or loss.
Pursuant to article 154-bis.2 of the Consolidated finance act, the manager in charge of financial reporting, Gianfranco Albertini, states that the financial disclosures provided in this press release are consistent with the relevant documentation, ledgers and accounting records.
The Q1 2020 saw the continuation of the struggles highlighted in 2019 by the global automotive market, with decreasing sales volumes and consequent strong pressure on the margins of the entire automotive chain.
The most important contraction occurred on the Chinese and US markets. It has led automotive manufacturers to review and limit the development plans of the new cars also due to lower financial resources.
In this negative context, in the first three months of 2020 the difficulties of the pandemic caused by the spread of the Coronavirus were added, especially as regards the Chinese activities of the Pininfarina group and certain types of services carried out in Italy.
The most significant issues that arise from a comparison of the Q1 2020 and Q1 2019 consolidated financial figures are as follows:
- revenue decreased by 25% mainly due to the smaller contribution of the design and engineering services which affected all the Group companies; the most important reduction - in relative terms - occurred in China, the first market to suffer from the effects of theCoronavirus-induced health emergency;
- as a result of significant decrease in revenue, the Group recorded a gross operating loss and operating loss compared to the gross operating profit and the operating profit recorded in 2019;
- within the Group and compared to 2019, the German companies improve their income profile, the Chinese and US operations were stable while the contribution of the Italian companies decreased;
- equity at the reporting date, compared to 31 December 2019, decreased due to the result for the period. The net financial position, negative also due to the FTA of IFRS 16 (applicable from 1 January 2019), improves compared to the figure at 31 December 2019 for the dynamics of working capital.
The headcount increased by 7 units from 696 at 31 March 2019 to 703 at the reporting date. The 2020 data include 44 employees transferred with effect from 1 April 2011 to a third party company, through a company branch lease agreement and returned to Pininfarina S.p.A. on 1 January 2020.
D I R E Z I O N E C O M U N I C A Z I O N E E I M M A G I N E - W W W . P I N I N F A R I N A . C O M - I N F O @ P I N I N F A R I N A . C O M
PRESS RELEASE
The key financial figures of the parent, Pininfarina S.p.A., are summarised below:
(€/million) | Q1 2020 | Q1 2019 | 2019 | Variation* |
Revenue | 9.6 | 13.2 | -3.6 | |
Ebitda | -2.4 | 0.8 | -3.2 | |
Ebit | -3.1 | 0.1 | -3.2 | |
Profit (loss) for the period | -3.5 | -0.1 | -3.4 | |
Net financial position (debt) | -5.2 | -1.8 | -6.6 | 1.4 |
Equity | 51.7 | 70.6 | 55.3 | -3.6 |
* Variations in the statement of financial position figures relate to the corresponding figures at 31 December 2019.
EBITDA is the operating profit or loss gross of amortisation, depreciation, provisions, impairment losses, reversals of impairment losses and utilisation of provisions. EBIT is the operating profit or loss.
Events after the reporting period
There are no significant events that occurred after the reporting date.
Outlook for 2020
The situation of the struggling international automotive segment, that characterized 2019, was aggravated by the global spread of the Covid-19 virus (Coronavirus), which slowed down and, in some cases, suspended commercial activities for a significant period of time. In order to raise enough funds to meet the group's financial requirements, Pininfarina S.p.A. took out a 36-month loan of €20 million from PF Holdings B.V. in February 2020. Not yet used at the date of this report, these funds will help ensure the operation of the Group in a foreseeable future.
Based on the current situation of the business sectors where the Pininfarina Group operates, its outlook for 2020 is a fall in revenue compared to 2019, along with an operating loss and a loss for the year.
Contacts:
Pininfarina:
Gianfranco Albertini, C.F.O. and Investor Relations, Phone 011.9438367 Francesco Fiordelisi, Corporate communication, Phone 011.9438105/335.7262530
Studio Mailander:
Carolina Mailander, Phone 011.5527311/335.6555651
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PRESS RELEASE
RECLASSIFIED FINANCIAL STATEMENTS (*)
- The reclassified financial statements group the figures presented in thelegally-required statements to improve their understanding, without however changing their presentation logic.
The terms "EBITDA" and "EBIT" as used in the reclassified financial statements are the "operating profit or loss", gross of amortisation, depreciation, provisions, impairment losses, reversals of impairment losses and utilisation of provisions, and "operating profit or loss" presented in the IFRS financial statements, respectively.
D I R E Z I O N E C O M U N I C A Z I O N E E I M M A G I N E - W W W . P I N I N F A R I N A . C O M - I N F O @ P I N I N F A R I N A . C O M
PRESS RELEASE
PININFARINA GROUP
Reclassified income statement
(€'000)
Data at | Data at | ||||||
Q1 2020 | % | Q1 2019 | % | Variation | 2019 | ||
Revenue for sales and services | 18,537 | 98.72 | 23,234 | 92.03 | (4,697) | 85,301 | |
Change in finished goods | - | - | 6 | 0.02 | (6) | (17) | |
Other revenue and income | 240 | 1.28 | 2,007 | 7.95 | (1,767) | 5,114 | |
Revenue | 18,777 | 100.00 | 25,247 | 100.00 | (6,470) | 90,398 | |
Net gains on the sale of non-current assets | 947 | 5.04 | - | - | 947 | (34) | |
Materials and services (*) | (10,259) | (54.63) | (10,043) | (39.78) | (216) | (37,076) | |
Change in raw materials | 94 | 0.50 | 55 | 0.22 | 39 | (32) | |
Value added | 9,559 | 50.91 | 15,259 | 60.44 | (5,700) | 53,256 | |
Labour cost (**) | (12,852) | (68.45) | (13,410) | (53.12) | 558 | (54,996) | |
Gross operating profit (loss) | (3,293) | (17.54) | 1,849 | 7.32 | (5,142) | (1,740) | |
Amortisation and depreciation | (1,042) | (5.55) | (1,156) | (4.58) | 114 | (4,918) | |
(Additions to)/utilisation of provisions and impairment losses | (269) | (1.43) | 20 | 0.08 | (289) | (12,711) | |
Operating profit (loss) | (4,604) | (24.52) | 713 | 2.82 | (5,317) | (19,369) | |
Net financial expense | (443) | (2.36) | (162) | (0.64) | (281) | (1,469) | |
Share of loss of equity-accounted investees | (9) | (0.05) | (33) | (0.13) | 24 | (2) | |
Profit (loss) before taxes | (5,056) | (26.93) | 518 | 2.05 | (5,574) | (20,840) | |
Income taxes | (46) | (0.24) | (104) | (0.41) | 58 | (2,235) | |
Profit (loss) for the period | (5,102) | (27.17) | 414 | 1.64 | (5,516) | (23,075) | |
- | - | - | - | - | |||
-
Materials and servicesare net of utilisations of the provisions for product warranties and risks (€12.6 thousand and €1 thousand for 2019 and 2020, respectively).
(**) Labour costis net of utilisations of the restructuring provision (€7.7 thousand for 2019 and non-use for 2020).
As required by Consob resolution no. DEM/6064293 of 28 July 2006, a reconciliation of the data in the condensed interim consolidated financial statements with those in the reclassified schedules is provided below:
- Materials and servicesinclude raw materials and components, other variable production costs, external variable engineering services, exchange gains and losses and other expenses.
- Amortisation and depreciationcomprise amortisation of intangible assets and depreciation of property, plant and equipment and investment property.
- (Additions to)/utilisation of provisions and impairment lossesinclude additions to/utilisation of provisions, impairment losses and inventorywrite-downs.
- Net financial expensecomprises net financial expense and dividends.
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PRESS RELEASE | ||||||
PININFARINA GROUP | ||||||
Reclassified statement of financial position | ||||||
(€'000) | ||||||
Data at | Data at | |||||
31.03.2020 | 31.12.2019 | Variation | 31.03.2019 | |||
Net non-current assets (A) | ||||||
Net intangible assets | 6,078 | 6,092 | (14) | 7,743 | ||
Net property, plant and equipment and investment property | 40,330 | 40,481 | (151) | 49,663 | ||
Right-of-use assets | 5,648 | 5,785 | (137) | 7,189 | ||
Equity investments | 845 | 854 | (9) | 824 | ||
Total A | 52,901 | 53,212 | (311) | 65,419 | ||
Working capital (B) | ||||||
Inventories | 454 | 360 | 94 | 469 | ||
Contract assets | 5,103 | 4,617 | 486 | 4,188 | ||
Net trade receivables and other assets | 34,868 | 40,004 | (5,136) | 41,223 | ||
Assets held for sale | - | 1,819 | (1,819) | - | ||
Deferred tax assests | 840 | 839 | 1 | 3,008 | ||
Trade payables | (19,840) | (19,638) | (202) | (17,015) | ||
Contract liabilities | (13,723) | (14,624) | 901 | (14,570) | ||
Provisions for risks and charges | (3,719) | (3,452) | (267) | (562) | ||
Other liabilities (*) | (7,499) | (7,864) | 365 | (7,715) | ||
Total B | (3,516) | 2,061 | (5,577) | 9,026 | ||
Net invested capital (C=A+B) | 49,385 | 55,273 | (5,888) | 74,445 | ||
Post-employment benefits (D) | 4,932 | 4,243 | 689 | 5,065 | ||
Net capital requirements (E=C-D) | 44,453 | 51,030 | (6,577) | 69,380 | ||
Equity (F) | 33,943 | 39,001 | (5,058) | 62,531 | ||
Net financial position (G) | ||||||
Non-current loans and borrowings | 25,460 | 24,840 | 620 | 27,867 | ||
Net current financial position | (14,950) | (12,811) | (2,139) | (21,018) | ||
Total G | 10,510 | 12,029 | (1,519) | 6,849 | ||
Total as in E (H=F+G) | 44,453 | 51,030 | (6,577) | 69,380 |
- "Other liabilities" include the following items: deferred tax liabilities, other financial liabilities, current tax liabilities and other liabilities.
PININFARINA GROUP
Net financial position (debt)
(€'000)
Data at | Data at | ||||||
31.03.2020 | 31.12.2019 | Variation | 31.03.2019 | ||||
Cash and cash equivalents | 20,847 | 20,115 | 732 | 13,402 | |||
Current assets held for trading | - | - | - | 13,691 | |||
Current bank overdrafts | (1,361) | (2,368) | 1,007 | (936) | |||
Lease liabilities | (898) | (1,298) | 400 | (1,501) | |||
Loans and borrowings - related parties | - | - | - | - | |||
Current portion of bank loans and borrowings | (3,638) | (3,638) | - | (3,638) | |||
Net current financial position | 14,950 | 12,811 | 2,139 | 21,018 | |||
Non-current loans and receivables - third parties | - | - | - | - | |||
Non-current loans and receivables - related parties | 550 | 550 | - | 550 | |||
Non-current held to maturity investments | - | - | - | - | |||
Non-current lease liabilities | (5,263) | (4,990) | (273) | (5,603) | |||
Non-current bank loans and borrowings | (20,747) | (20,400) | (347) | (22,814) | |||
Non-current loans and borrowings | (25,460) | (24,840) | (620) | (27,867) | |||
NET FINANCIAL DEBT | (10,510) | (12,029) | 1,519 | (6,849) | |||
D I R E Z I O N E C O M U N I C A Z I O N E E I M M A G I N E - W W W . P I N I N F A R I N A . C O M - I N F O @ P I N I N F A R I N A . C O M
PRESS RELEASE
PININFARINA S.p.A.
Reclassified income statement
(€'000)
Data at | |||||||
Q1 2020 | % | Q1 2019 | % | Variation | 2019 | ||
Revenue from sales and services | 9,615 | 100.00 | 12,773 | 96.70 | (3,158) | 44,699 | |
Change in finished goods | - | - | 6 | 0.05 | (6) | (17) | |
Other revenue and income | - | - | 429 | 3.25 | (429) | 2,581 | |
Revenue | 9,615 | 100.00 | 13,208 | 100.00 | (3,593) | 47,263 | |
Net gains on the sale of non-current assets | 22 | 0.23 | - | - | 22 | ( 34) | |
Materials and services (*) | (7,319) | (76.12) | (7,600) | (57.54) | 281 | (27,068) | |
Change in raw materials | 94 | 0.98 | 55 | 0.42 | 39 | (32) | |
Value added | 2,412 | 25.09 | 5,663 | 42.88 | (3,251) | 20,129 | |
Labour cost (**) | (4,859) | (50.54) | (4,913) | (37.20) | 54 | (21,648) | |
Gross operating profit (loss) | (2,447) | (25.45) | 750 | 5.68 | (3,197) | (1,519) | |
Amortisation and depreciation | (454) | (4.71) | (642) | (4.86) | 188 | (2,630) | |
(Additions to)/utilisation of provisions and impairment (losses) and gains | (228) | (2.38) | - | - | (228) | (10,186) | |
Operating profit (loss) | (3,129) | (32.54) | 108 | 0.82 | (3,237) | (14,335) | |
Net financial expense | (346) | (3.61) | (82) | (0.62) | (264) | (579) | |
Share of loss of equity-accounted investees | (9) | (0.09) | (33) | (0.25) | 24 | (2) | |
Profit (loss) before taxes | (3,484) | (36.24) | (7) | (0.05) | (3,477) | (14,916) | |
Income taxes | (46) | (0.47) | (54) | ( 0.41) | 8 | (1,633) | |
Profit (loss) for the period | (3,530) | (36.71) | (61) | (0.46) | (3,469) | (16,549) | |
-
Materials and servicesare net of utilisations of the provisions for product warranties and risks (€12.6 thousand and €1 thousand for 2019 and 2020, respectively).
(**) Labour costis net of utilisations of the restructuring provision (€7.7 thousand for 2019 and non-use for 2020).
As required by Consob resolution no. DEM/6064293 of 28 July 2006, a reconciliation of the data in the condensed interim consolidated financial statements with those in the reclassified schedules is provided below:
- Materials and servicesinclude raw materials and components, other variable production costs, external variable engineering services, exchange gains and losses and other expenses.
- Amortisation and depreciationcomprise amortisation of intangible assets and depreciation of property, plant and equipment and investment property.
- (Additions to)/utilisation of provisions and impairment lossesinclude additions to/utilisation of provisions, impairment losses and inventorywrite-downs.
- Net financial expensecomprises net financial expense and dividends.
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PRESS RELEASE | ||||||||||
PININFARINA S.p.A. | ||||||||||
Reclassified statement of financial position | ||||||||||
(€'000) | ||||||||||
Data at | Data at | |||||||||
31.03.2020 | 31.12.2019 | Variation | 31.03.2019 | |||||||
Net non-current assets (A) | ||||||||||
Net intangible assets | 5,477 | 5,450 | 27 | 6,132 | ||||||
Net property, plant and equipment and investment property | 33,140 | 33,122 | 18 | 40,372 | ||||||
Right-of-use assets | 188 | - | 188 | 256 | ||||||
Equity investments | 22,222 | 22,231 | (9) | 22,201 | ||||||
Total A | 61,027 | 60,803 | 224 | 68,961 | ||||||
Working capital (B) | ||||||||||
Inventories | 454 | 360 | 94 | 469 | ||||||
Contract assets | 1,149 | 954 | 195 | 507 | ||||||
Net trade receivables and other assets | 25,774 | 30,094 | (4,320) | 32,729 | ||||||
Assets held for sale | - | 290 | (290) | - | ||||||
Deferred tax assets | - | - | - | 1,280 | ||||||
Trade payables | (13,859) | (13,145) | (714) | (16,656) | ||||||
Contract liabilities | (9,210) | (9,658) | 448 | (7,566) | ||||||
Provisions for risks and charges | (1,094) | (867) | (227) | (508) | ||||||
Other liabilities | (3,654) | (3,950) | 296 | (3,411) | ||||||
Total B | (440) | 4,078 | (4,518) | 6,844 | ||||||
Net invested capital (C=A+B) | 60,587 | 64,881 | (4,294) | 75,805 | ||||||
Post-employment benefits (D) | 3,683 | 2,978 | 705 | 3,460 | ||||||
Net capital requirements (E=C-D) | 56,904 | 61,903 | (4,999) | 72,345 | ||||||
Equity (F) | 51,713 | 55,269 | (3,556) | 70,591 | ||||||
Net financial position (G) | ||||||||||
Non-current loans and borrowings | 17,583 | 18,309 | (726) | 20,663 | ||||||
Net current financial position | (12,392) | (11,675) | (717) | (18,909) | ||||||
Total G | 5,191 | 6,634 | (1,443) | 1,754 | ||||||
Total as in E (H=F+G) | 56,904 | 61,903 | (4,999) | 72,345 | ||||||
PININFARINA S.p.A. | ||||||||||
Net financial position (debt) | ||||||||||
(€'000) | ||||||||||
Data at | Data at | |||||||||
31.03.2020 | 31.12.2019 | Variation | 31.03.2019 | |||||||
Cash and cash equivalents | 17,797 | 17,036 | 761 | 9,241 | ||||||
Current assets held for trading | - | - | - | 13,691 | ||||||
Current loans and receivables | - | - | - | - | ||||||
Current assets held for sale | - | - | - | - | ||||||
Financial receivables - related parties | - | - | - | - | ||||||
Current bank overdrafts | - | - | - | - | ||||||
Lease liabilities | (144) | (100) | (44) | (105) | ||||||
Loans and borrowings - related parties | (1,683) | (1,683) | - | (340) | ||||||
Current portion of bank loans and borrowings | (3,578) | (3,578) | - | (3,578) | ||||||
Net current financial position | 12,392 | 11,675 | 717 | 18,909 | ||||||
Non-current loans and receivables - third parties | - | - | - | - | ||||||
Non-current loans and receivables - related parties | 3,396 | 2,191 | 1,205 | 2,227 | ||||||
Non-currentheld-to-maturity investments | - | - | - | - | ||||||
Non-current lease liabilities | (247) | (130) | (117) | (151) | ||||||
Non-current bank loans and borrowings | (20,732) | (20,370) | (362) | (22,739) | ||||||
Non-current loans and borrowings | (17,583) | (18,309) | 726 | (20,663) | ||||||
NET FINANCIAL POSITION (DEBT) | (5,191) | (6,634) | 1,443 | (1,754) | ||||||
D I R E Z I O N E C O M U N I C A Z I O N E E I M M A G I N E - W W W . P I N I N F A R I N A . C O M - I N F O @ P I N I N F A R I N A . C O M
PRESS RELEASE
Related party transactions - Pininfarina Group
The table below, which is presented pursuant to Consob communication no. DEM/6064293 of 28 July 2006, summarises related party transactions, including intragroup transactions. These transactions were carried out at market conditions, consistent with the nature of the goods exchanged or services provided. They were neither atypical nor unusual for the purposes of the above-mentioned communication.
Commercial | Financial | Operating | Financial | ||||||||||||
Assets | Liabilities | Assets | Liabilities | Revenue | Expense | Income | Expense | ||||||||
Signature S.r.l. | 88,800 | 22,051 | 550,000 | - | 40,000 | 6,398 | - | - | |||||||
Tech Mahindra Ltd | 14,473 | 441,554 | - | - | 11,351 | 294,300 | - | - | |||||||
Tech Mahindra GmbH | 29,050 | - | - | - | 59,180 | - | - | - | |||||||
Mahindra&Mahindra Ltd | 135,778 | 3,731 | - | - | 1,179,049 | - | - | - | |||||||
PT Mahindra Accelo Steel Indonesia | 13,500 | 29,645 | - | - | 15,601 | - | - | - | |||||||
Mahindra North America Technical Center | 108,212 | - | - | - | 127,459 | - | - | - | |||||||
Automobili Pininfarina GmbH | 1,987,987 | 2,613,919 | - | - | 3,460,987 | - | - | - | |||||||
Total | 2,377,800 | 3,110,900 | 550,000 | - | 4,893,627 | 300,698 | - | - | |||||||
Intragroup transactions include:
- Signature S.r.l.: loan agreement, purchases and sales of goods with Pininfarina S.p.A.;
- Tech Mahindra Ltd: services agreements in favor of Pininfarina Engineering S.r.l; services agreements with Pininfarina Engineering S.r.l., Pininfarina Deutschland GmbH and Pininfarina of America Corp.;
- Tech Mahindra GmbH: lease agreement for equipped office premises and services agreement with Pininfarina Deutschland GmbH;
- Mahindra & Mahindra Ltd: brand licence agreement and engineering services agreements with Pininfarina S.p.A. and Pininfarina Engineering S.r.l.;
- Mahindra Graphic Research Design S.r.l.: engineering services agreement in favor of Pininfarina Engineering S.r.l.;
- PT Mahindra Accelo Steel Indonesia: design services agreement with Pininfarina S.p.A.;
- Mahindra North America Technical Center: services agreement with Pininfarina Engineering S.r.l.;
- Automobili Pininfarina Gmbh: design and engineering agreement with Pininfarina S.p.A..
In addition to the above figures:
-
legal assistance activity provided to the parent by Studio Starclex - Studio Legale Associato
Guglielmetti, related to Romina Guglielmetti (director of Pininfarina S.p.A.), for €9,000.
On 26 September 2018, Pininfarina Engineering S.r.l. signed an engineering services agreement with Mahindra & Mahindra Ltd ("M&M") for the development of a project to design the upper body systems of the body shell, integration of the body shell with the main operating systems and achievement of the performance requested of a new Mahindra vehicle based on its new platform.
Pininfarina Engineering S.r.l. will receive a fee of €10,583,172 for its services to be provided over roughly 16 months. This fee qualifies the transaction as a "major transaction" pursuant to the relevant legislation. The services provided are part of the "company's normal business activities" and are rendered on an arm's length basis. At the reporting date, services provided to the customer totalled €10,553,138. The project as of 31 March 2020 has not ended because, according to the customer's instructions, the end-of-project tunnel test has been postponed to 2020.
D I R E Z I O N E C O M U N I C A Z I O N E E I M M A G I N E - W W W . P I N I N F A R I N A . C O M - I N F O @ P I N I N F A R I N A . C O M
PRESS RELEASE
The parent, Pininfarina S.p.A., signed five design and engineering services agreements with Automobili Pininfarina GmbH ("AP") on 29 June 2018, 26 March 2019, 31 May 2019, 22 July 2019 and 9 December 2019, respectively, for the development of a project to design the interior and exterior of a new car, to design the upper body systems of the body shell, integration of the body shell with the main operating systems and achievement of the performance requested of a new AP vehicle based on its new platform.
The parent will receive a total fee of €20,510,227 for its services to be provided under the above contracts from June 2018 to December 2020. This fee qualifies the transaction as a "major transaction" pursuant to the relevant legislation. The services provided are part of the "company's normal business activities" and are rendered on an arm's length basis. At the reporting date, services provided to the customer totalled €15,289,459, €1,027,826 of which in the first three months of 2020.
On 25 July 2019, Pininfarina Engineering S.r.l. signed an engineering services agreement with Mahindra & Mahindra Ltd ("M&M") for the development of a project to design the upper body systems of the body shell, integration of the body shell with the main operating systems and achievement of the performance requested of a new vehicle.
Pininfarina Engineering S.r.l. will receive a fee of €3,950,000 for its services to be provided over roughly 14 months. This fee qualifies the transaction as a "major transaction" pursuant to the relevant legislation. The services provided are part of the "company's normal business activities" and are rendered on an arm's length basis. Services provided to the customer at the reporting date totalled €1,965,727.
Directors' and statutory auditors' fees
(€'000) | Q1 2020 | Q1 2019 | |
Directors | 137 | 137 | |
Statutory Auditors | 28 | 25 | |
Total | |||
165 | 162 | ||
Related party transactions - Pininfarina S.p.A.
Commercial | Financial | Operating | Financial | ||||||||||||
Assets | Liabilities | Assets | Liabilities | Revenue | Expense | Income | Expense | ||||||||
Signature Srl | 88,800 | 22,051 | 550,000 | - | 40,000 | 6,398 | - | - | |||||||
Pininfarina Engineering S.r.l. | 2,632,552 | 942,327 | 1,345,195 | 1,683,087 | 233,072 | 1,118,028 | 4,118 | - | |||||||
Pininfarina Deutschland GmbH | 23,500 | - | 1,500,887 | - | - | 2,156 | 2,605 | - | |||||||
Pininfarina Shanghai Co. Ltd | 1,134,807 | 18,138 | - | - | 229,080 | 18,138 | - | - | |||||||
Pininfarina of America Corp. | 117,665 | 3,945 | 104,240 | 3,945 | - | - | |||||||||
Tech Mahindra Ltd | 11,735 | - | - | - | 8,535 | - | - | - | |||||||
Mahindra&Mahindra Limited | 135,778 | 3,731 | - | - | 167,447 | - | - | - | |||||||
Pt Mahindra Accelo Steel Indonesia | 13,500 | 29,645 | 15,601 | ||||||||||||
Automobili Pininfarina GMBH | 1,973,888 | 2,598,679 | - | - | 3,382,670 | - | - | - | |||||||
Total | 6,132,225 | 3,618,516 | 3,396,082 | 1,683,087 | 4,180,645 | 1,148,665 | 6,723 | - | |||||||
Intragroup transactions include:
- Signature S.r.l.: loan agreement and purchases of goods;
- Pininfarina Engineering S.r.l.: lease for the equipped premises, secondment agreements, cost sharing agreement and services agreements, loan agreement;
- Pininfarina Deutschland GmbH: loan agreement;
D I R E Z I O N E C O M U N I C A Z I O N E E I M M A G I N E - W W W . P I N I N F A R I N A . C O M - I N F O @ P I N I N F A R I N A . C O M
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- Pininfarina Shanghai Co Ltd: services agreement, secondment agreement and cost sharing agreement;
- Pininfarina of America Corp.: secondment agreement and cost sharing agreement;
- Tech Mahindra Ltd: services agreement and recharge of costs incurred by Pininfarina S.p.A. on the company's behalf;
- Mahindra & Mahindra Ltd: brand licence agreement;
- Automobili Pininfarina GmbH: design and engineering services agreement.
In addition to the above figures, Studio Starclex - Studio Legale Associato Guglielmetti, related to Romina Guglielmetti (director of Pininfarina S.p.A.), provided legal assistance to the company for €9,000.
Directors' and statutory auditors' fees
(€'000) | Q1 2020 | Q1 2019 | |
Directors | 137 | 137 | |
Statutory Auditors | 25 | 25 | |
Total | 162 | 162 | |
The total fees to Pininfarina S.p.A.'s key management personnel approximate €0.26 million for the first three months of 2020.
D I R E Z I O N E C O M U N I C A Z I O N E E I M M A G I N E - W W W . P I N I N F A R I N A . C O M - I N F O @ P I N I N F A R I N A . C O M
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Pininfarina S.p.A. published this content on 11 May 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 May 2020 08:13:03 UTC