Revenues Amounted to Million (+19%), Net Profit Amounted to 24.7 Million (+32.6%).

Transcription

1 Stezzano, 29 July 2011 For immediate release Brembo s Board of Directors Approved the Results for the First Half of 2011: Revenues Amounted to Million (+19%), Net Profit Amounted to 24.7 Million (+32.6%). Compared to the first half of 2010: Revenues: million (+19.0%). EBITDA: 81.1 million (+19.4%). EBIT: 42.9 million (+34.7%). Net profit: 24.7 million (+32.6%). Net financial debt: million, up by 12.6 million due to the investments made during the period Highlights for the first half of 2011: ( million) H H /10 Revenues % EBITDA % % on revenues 12.8% 12.8% EBIT % % on revenues 6.8% 6.0% Pretax profit % Net profit % Net financial debt Highlights of the second quarter of 2011: ( million) Q Q % 11/10 Revenues % EBITDA % % on revenues 13.3% 12.8% EBIT % % on revenues 7.2% 6.3% Pretax profit % Net profit % Group Activities in the First Half of 2011 The Board of Directors of Brembo chaired by Alberto Bombassei met today and approved the Group s results for the first half of 2011: Group s consolidated revenues amounted to million, up 19% compared to the same period of the previous year. During the first half of 2011 all businesses showed a positive performance: growth was mainly driven by car applications (+15.6%), commercial vehicles (+31.5%) and motorbikes 1/8

2 (+22.5%); the passive safety and the racing segments also posted good performances, increasing by 29% and 20%, respectively. At geographical level, growth is also evenly distributed: Germany, which continues to be Brembo's number-one market, accounting for the 21.6% of total revenues, increased 19.7%, Italy 26.6%, the UK 22.8% and France 39.7%. The NAFTA area, the Group s third reference market after Italy, accounting for 18.1% of total revenues for the period, increased 8.1%. Emerging markets continue to show significant increases in sales, specifically India grew by 36%, China 14.2% and Brazil 16.7%. Japan increased by 23.5%. In H1 2011, the cost of sales and other operating costs amounted to million, representing 67.2% of revenues, essentially in line with the figure of 67% for the same period in the previous year. Personnel costs for the first half of 2011 amounted to million, with a 20% ratio on revenues, substantially in line with the same period of the previous year. At 30 June 2011, the workforce numbered 6,387 (5,904 at 31 December 2010 and 5,603 at 30 June 2010). The increase was primarily due to the rise in the number of employees required for the higher level of production. EBITDA for the first half was 81.1 million (12.8% of revenues), up 19.4% on the amount of 67.9 million in the first half of 2010 (12.8% of revenues). EBIT amounted to 42.9 million (6.8% of revenues), compared to 31.8 million for the first half of 2010 (6% of revenues), after depreciation and amortisation of 38.2 million ( 36.1 million for the same period of 2010). Net interest expenses amounted to 4.5 million, compared to 4.1 million in the first half of Based on tax rates applicable for the year under current tax regulations, estimated taxation amounted to 12.6 million ( 8.1 million in the first half of 2010). The tax rate for the period was 33.4%, compared to 30.5% for the first half of The period ended with a net profit of 24.7 million, up 32.6% compared to the same period of the previous year. Net debt went from million at 30 June 2010 to million, up by 12.6 million, mainly due to the significant production investments made during the period and the dividend pay-out in May. 2/8

3 Group s Results for the Second Quarter of 2011 In the second quarter alone, revenues amounted to million, up 11.5% compared to the same period of EBITDA amounted to 42.6 million (13.3% of revenues), up by 15.3% compared to the same period of EBIT was 23.2 million (7.2% of revenues). The quarter ended with a net profit of 13.5 million, up 12.6% compared to the same period of the previous year. Significant Events After 30 June 2011 The Board of Directors of Brembo S.p.A. approved today the planned merger of the company Brembo International S.p.A. into Brembo S.p.A. From early July 2011, Brembo has been official supplier of the Truck Sport team Lutz Bernau at the FIA European Truck Championship. The agreement marks Brembo s entrance in the segment of racing trucks and is an important step, which after F1, MotoGP, Superbike, Nascar, among others consolidates Brembo s International leadership in the production of braking systems for racing vehicles. Outlook The order backlog forecasts confirm that sales will continue to grow in the rest of the year, across the various business areas in which the Group operates, although the extreme uncertainty of the international macroeconomic scenario continues to require great prudence. The effort made to simultaneously start activities in the four new production investments and the utmost attention to the containment of start-up costs will continue over the coming months. The manager in charge of the Company s financial reports, Matteo Tiraboschi, declares, pursuant to paragraph 2 of Article 154-bis of Italy's Consolidated Law on Finance, that the accounting information contained in this press release corresponds to the documented results, books and accounting records. Annexed hereto are the Income Statement, Balance Sheet and Cash Flow Statement for which the auditing process by the independent auditors is currently ongoing. For additional information: Investor Relator Matteo Tiraboschi Tel ir@brembo.it Communications Manager Thanai Bernardini Tel Mobile press@brembo.it Media Relation Consultant: COMMUNITY Consulenza nella comunicazione Tel Giorgio Maugini Mobile Marco Rubino - Mobile Pasquo Cicchini Mobile /8

4 CONSOLIDATED INCOME STATEMENT - IFRS A B (A-B) C D (C-D) (euro million) CHANGE % Q2 '11 Q2 '10 CHANGE % Sales of good and services % % Other revenues and income % (0.0) -0.6% Costs for capitalised internal works % % Cost of raw materials, consumables, goods and change in inventories (317.6) (270.0) (47.7) 17.7% (158.9) (151.3) (7.5) 5.0% Other operating costs for production (119.3) (97.5) (21.8) 22.4% (61.2) (51.6) (9.7) 18.8% Personnel expenses (126.3) (107.6) (18.7) 17.4% (64.1) (53.9) (10.3) 19.0% GROSS OPERATING INCOME % % % of sales 12.8% 12.8% 13.3% 12.8% Depreciation, amortization and other write-downs (38.2) (36.1) (2.1) 5.8% (19.4) (18.9) (0.6) 3.1% NET OPERATING INCOME % % % of sales 6.8% 6.0% 7.2% 6.3% Net financial income (charges) (4.5) (4.1) (0.4) 10.4% (2.0) (0.5) (1.5) 309.8% Net financial income (charges) from investments (0.5) (1.1) % (0.3) (0.7) % INCOME (LOSS) BEFORE TAXES % % % of sales 6.0% 5.0% 6.5% 5.9% Taxes (12.6) (8.1) (4.5) 55.7% (7.1) (4.9) (2.2) 44.0% INCOME (LOSS) BEFORE MINORITY INTERESTS % % % of sales 4.0% 3.5% 4.3% 4.2% Minority interests (0.5) 0.2 (0.6) % (0.3) (0.0) (0.3) 647.5% NET INCOME (LOSS) FOR THE PERIOD % % % of sales 3.9% 3.5% 4.2% 4.2% Basic earning per Share/diluted earnings per share (in euro) /8

5 CONSOLIDATED BALANCE SHEET - IFRS A B C A-B A-C (euro million) CHANGE CHANGE ASSETS NON-CURRENT ASSETS Property, plant, equipment and other equipment Development costs (0.8) Goodwill and other undefined useful life assets (4.3) (5.3) Other intangible assets (0.6) (4.4) Investments accounted for using the equity method (0.7) (1.6) Other financial assets (investments in other companies and derivatives) (0.0) (0.0) Other non-current assets (0.1) (1.1) Deferred tax assets (0.3) 2.4 TOTAL NON-CURRENT ASSETS % 7.3% CURRENT ASSETS Inventories Trade receivables and receivables from other Group companies (3.5) Other receivables and current assets (0.2) 3.4 Financial current assets and derivatives (0.2) Cash and cash equivalents TOTAL CURRENT ASSETS % 12.2% NON-CURRENT ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS % 0.0% TOTAL ASSETS 1, EQUITY AND LIABILITIES GROUP EQUITY Share capital Other reserves (13.9) (22.5) Retained earnings Profit / (loss) for the period (7.5) 6.1 TOTAL GROUP EQUITY (2.9) 10.7 (0.9%) 3.5% MINORITY INTERESTS % 5.5% TOTAL EQUITY (2.5) 11.1 NON-CURRENT LIABILITIES Non-current payables to banks Other non-current financial payables (2.3) (3.4) Other non-current payables Provisions for contingencies and charges (1.3) Long term provisions for employee benefits (0.5) (1.2) Deferred tax liabilities (1.6) (0.9) TOTAL NON-CURRENT LIABILITIES % 36.6% CURRENT LIABILITIES Current payables to banks Other current financial payables (1.8) (53.8) Trade payables and payables to other Group companies Tax payables Other current payables TOTAL CURRENT LIABILITIES % 0.8% TOTAL EQUITY AND LIABILITIES 1, /8

6 CASH-FLOW STATEMENT - IFRS (euro million) Cash and cash equivalents at beginning of period 40.6 (34.4) Net income for the period before taxes Depreciation, amortisation/impairment losses Gains/Losses from disposal of fixed assets (0.4) (0.1) Write-ups/Write-downs of shareholdings Financial portion of funds relating to payables for personnel Long-term provisions for employee benefits 0.8 (0.3) Other provisions net of utilisations Cash flows generated by operations Paid current taxes (6.5) (5.5) Uses of long-term provisions for employee benefits (1.6) (1.6) (Increase) reduction in current assets: inventories (25.3) (17.0) financial assets (0.0) (0.6) trade receivables and receivables from companies valued using the equity method (20.7) (65.0) receivables from others and other assets (1.2) (6.5) Increase (reduction) in current liabilities: trade payables and payables to companies valued using the equity method payables to others and other liabilities Translation differences on current assets (2.7) 7.3 Net cash flow from (for) operating activities Investments in: intangible assets (10.1) (9.5) property, plant and equipment (67.2) (15.9) Business combination China (*) 0.0 (10.0) Capital increase in consolidated companies by minorities Price for disposal, or reimbursement value, of fixed assets Cash flow from (for) investments (76.0) (34.2) Dividends paid in the period (19.6) (14.7) Loans and financing granted by banks and other financial institutions in the period Repayment of long-term loans (30.6) (22.6) Cash flow from (for) financing activities Total cash flow Cash and cash equivalent at the end of period (*) Translated using the exchange rate at 30 June /8

7 NET SALES BREAKDOWN BY GEOGRAPHICAL AREA AND APPLICATION A B C D GEOGRAPHICAL AREA % % A-B % Q2 '11 % Q2 '10 % C-D % (euro million) Italy % % % % % % Germany % % % % % % France % % % % % % United Kingdom % % % % % % Other EU countries % % % % % % India % % % % % % China % % % % % % Japan % % % % % (1.2) -25.1% Other Asia Countries % % % % % % Brazil % % % % % % NAFTA Countries % % % % % % Other Countries % % (0.1) -4.9% % % (0.3) -25.8% Total % % % % % % A B C D APPLICATION % % A-B % Q2 '11 % Q2 '10 % C-D % (euro million) Auto % % % % % % Motorbike % % % % % % Commercial Vehicles % % % % % % Racing % % % % % % Passive Safety % % % % % (0.3) -5.0% Miscellaneous % % (1.9) -41.3% % % (2.5) -70.7% Total % % % % % % 7/8

8 MAIN RATIOS Net operating income/sales 9.9% 9.1% 2.5% 6.0% 6.8% Result before taxes/sales 9.0% 7.7% 0.8% 5.0% 6.0% Capital Expenditure/Sales 7.6% 12.1% 7.0% 6.4% 12.2% Net Financial indebtedness/shareholders' equity 81.8% 102.7% 110.2% 86.1% 87.0% Financial charges/sales 0.9% 1.1% 1.7% 0.8% 0.7% Financial charges/net Operating Income 9.6% 12.4% 68.0% 12.9% 10.6% ROI 16.8% 15.4% 3.4% 10.7% 13.8% ROE 19.4% 18.9% -0.8% 11.9% 15.7% Notes: ROI: Net operating income/ Net invested capital multiply by year days/period days. ROE: Result before minority interests/ Shareholders equity multiply by year days/period days. 8/8