Brembo’s Board of Directors Approved the Results for the First Half of 2011: Revenues Amounted to €632.7 Million (+19%), ...
July 29 2011 - 5:55AM
Italian Regulatory (Text)
Stezzano, 29 July 2011
For immediate release
Brembo's Board of Directors Approved the Results for the First Half
of 2011:
Revenues Amounted to 632.7 Million (+19%), Net Profit Amounted to
24.7 Million (+32.6%).
Compared to the first half of 2010: Revenues: 632.7 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:
281.4 million, up by 12.6 million due to the investments made
during the period Highlights for the first half of 2011: H1 2011
(million) Revenues EBITDA
% on revenues
H1 2010 531.6 67.9
12.8%
11/10 +19.0% +19.4% +34.7% +42.2% +32.6% +12.6
632.7 81.1
12.8%
EBIT
% on revenues
42.9
6.8%
31.8
6.0%
Pretax profit Net profit Net financial debt
37.8 24.7 281.4
26.6 18.7 268.8
Highlights of the second quarter of 2011: Q2 2011 (million)
Revenues EBITDA
% on revenues
Q2 2010 287.5 36.9
12.8%
% 11/10 +11.5% +15.3% +28.1% +23.3% +12.6%
320.5 42.6
13.3%
EBIT
% on revenues
23.2
7.2%
18.1
6.3%
Pretax profit Net profit
20.9 13.5
17.0 12.0
G r oup Act ivit i es i n t h e Fir st Half o f 2 011 The Board of
Directors of Brembo chai red by Alberto Bombassei met today and
approved the Group's results for the first half of 2011: Group's
consolidated revenues amounted to 632.7 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
(+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 con tinues to be Brembo's number-one market, acc ounting 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 afte r Italy, accounting for 18.1% of total revenues for the
period, increased 8.1%. Emerging ma rkets c ontinue to show
significant incre ases 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 op era ting costs amoun ted to 425.4
million, representin g 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 126.3
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 amortisati on 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 2010. Based on tax ra tes applicable for the year unde r current
tax regulati ons, estimated tax ation 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 2010. 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 wen t from 268.8 million
at 30 June 2010 to 281.4 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
G r oup ' s R esul t s fo r t he S ec on d Qu ar t er o f 2 011 In
the second quarter alon e, revenues amounted to 320.5 million, up
11.5% compared to the same period of 2010. EBITDA amounted to 42.6
million (13.3% of revenues), up by 15.3% compared to the same
period of 2010. EBIT was 23.2 million (7.2% of revenues). The
quarter ended with a ne t profit of 13.5 million, up 12.6% compared
to the same period of the previous year. Significant Events Aft er
30 June 2011 The Board of Directors of Brembo S.p.A. approved today
the planned merger of the company Brembo Interna tional 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 Eu ropean
Truck Championship. The agreement ma rks Brembo's entrance in the
segment of racing trucks and is an importan t step, which -- after
F1, MotoGP , Superbike, Nascar, among others -- consolidates
Brembo's Intern ational leade rship in the production of braking
systems for racing vehicles. Outlook The order backlog forecasts c
onfirm that sales will con tinue to grow in the rest of the year,
across the various business areas in which the Group opera tes,
althou gh the ex treme uncertainty of the internati onal
macroeconomic scenario con tinues to require grea t prudence. The
effort made to simultaneously start ac tivities in the four new p
roduction investmen ts and the utmost a tten tion to the c
ontainmen t of s tart-up cos ts will con tinue ove r 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. +39 035 605 2899 Email: ir@brembo.it www.brembo.com
Communications Manager Thanai Bernardini Tel. +39 035 605 2277
Mobile. +39 335 7245418 Email: press@brembo.it Media Relation
Consultant: COMMUNITY Consulenza nella comunicazione Tel.
+39.02.89404231 Giorgio Maugini Mobile 348 3219 990 Marco Rubino
- Mobile 335 6509 552 Pasquo Cicchini Mobile 345 1462429
3/8
CONSOLIDA TED INCOME STA TEMENT - IFRS A 30.06.2011 632.7 5.7 5.9
(317.6) (119.3) (126.3) 81.1 12. 8% (38. 2) 42.9 6.8% (4. 5) (0. 5)
37.8 6.0% (12. 6) 25.2 4.0% (0. 5) 24.7 3.9% 0.38 B 30.06.2010 531.
6 5. 5 5. 8 (270.0) (97.5) (107.6) 67. 9 12.8% (36.1) 31. 8 6.0%
(4.1) (1.1) 26. 6 5.0% (8.1) 18. 5 3.5% 0. 2 18. 6 3.5% 0.29 (A -
B) CHA NGE 101.1 0.2 0.0 (47.7) (21.8) (18.7) 13.1 C Q2 '11 320.5
3.2 3.1 (158.9) (61.2) (64.1) 42.6 13.3% (19.4) 23.2 7.2% (2.0)
(0.3) 20.9 6.5% (7.1) 13.8 4.3% (0.3) 13.5 4.2% 0.20 D Q2 '10 287.5
3.3 2.9 (151.3) (51.6) (53.9) 36.9 12.8% (18.9) 18.1 6.3% (0.5)
(0.7) 17.0 5.9% (4.9) 12.0 4.2% (0.0) 12.0 4.2% 0.18 (C-D) CHA NGE
33.0 (0.0) 0.2 (7.5) (9.7) (10.3) 5.7
(euro million)
Sa les o f goo d a nd ser v ices Other reven ues and incom e Co sts
for ca pitalise d inter nal wor ks Co st of r aw ma terials, con su
mables, go ods and chan ge in invento ries Other oper ating costs f
or pr oduction Per sonnel expenses GROSS OPERA TING INCOME % o f
sales De preciation, amor tization a nd othe r wr ite- downs NET
OPERA TING INCOME % o f sales Ne t financial incom e (char ges) Ne
t financial incom e (char ges) fro m investme nts INCOME (LOSS)
BEFORE TA XES % o f sales Ta xes INCOME (LOSS) BEFORE MINORITY
INTERESTS % o f sales Minor ity inter ests NET INCOME (LOSS) FOR
THE PERIOD % o f sales Ba sic e ar ning per Shar e/ dilute d e ar
nings per s har e (in eur o)
% 19.0% 3.5% 0.5% 17.7% 22.4% 17.4% 19.4%
% 11.5% - 0.6% 6.6% 5.0% 18.8% 19.0% 15.3%
(2.1) 11.0
5.8% 34.7%
(0.6) 5.1
3.1% 28.1%
(0.4) 0.6 11.2
10.4% - 55.6% 42.2%
(1.5) 0.4 3.9
309.8% -54.1% 23.3%
(4.5) 6.7
55.7% 36.3%
(2.2) 1.8
44.0% 14.7%
(0.6) 6.1
-399.4% 32.6%
(0.3) 1.5
647.5% 12.6%
4/8
C ONS OLID ATED BAL ANC E SHEET - IF RS A B 31 .12 .20 10 C 3 0.0
6. 20 10 A-B CHANGE A-C C HAN GE
(e ur o milli on) ASS ETS N ON-CU RRENT ASS ETS Pr operty , plant,
equipment and other equipment Dev elopment cost s Goodwil and ot
her undefined useful life assets Other intangible assets Inv
estments accounted for using the equity method Other financial
assets (inv estment s in ot her companies and der iv ativ es) Other
non- cur rent asset s Deferred tax assets TOTAL NO N-CU RRENT ASS
ETS
C UR REN T AS SETS Inv entories T rade receiv ables and receiv
ables fr om other Group companies Other receivables and current
assets Financial cur rent asset s and deriv at iv es Cash and cash
equiv alents TOTAL C URR EN T AS SETS N ON-CU RRENT ASS ETS HELD F
OR SALE AND DISC ONTINUED O PERATIONS TOTAL ASS ETS EQU ITY AND L
IABILITIES G ROU P EQU ITY Share capit al Other reserv es Retained
earnings Pr of it / (loss) for t he period TOTAL G ROUP EQUITY MIN
ORITY INTERESTS TOTAL EQUITY N ON-CU RRENT L IABILITIES Non-current
payables to banks Other non- cur rent financial pay ables Other
non- cur rent pay ables Pr ov isions for contingencies and charges
Long term pr ov isions for employ ee benef it s Deferred tax
liabilities TOTAL NO N-CU RRENT L IABILITIES C UR REN T LIABIL
ITIES Current pay ables to banks Other current f inancial payables
T rade pay ables and payables t o other Gr oup companies T ax pay
ables Other current pay ables TOTAL C URR EN T LIABIL ITIES TOTAL
EQ UITY AND L IABIL ITIES
30 .0 6.2 01 1
3 59 .1 39 .9 40 .4 19 .6 21 .8 0 .1 0 .4 20 .6 5 01 .9
32 3.0 3 9.2 4 4.8 2 0.2 2 2.5 0.2 0.5 2 0.8 47 1.2
3 14 .1 40 .7 45 .7 24 .0 23 .4 0 .2 1 .5 18 .1 4 67 .6
36 .1 0 .7 (4 .3) (0 .6) (0 .7) (0 .0) (0 .1) (0 .3) 30 .7 6 .5% 25
.3 20 .7 (0 .2) 0 .0 8 .5 54 .4 11 .0 % 0 .0 0 .0% 85 .0
45 .0 (0.8 ) (5.3 ) (4.4 ) (1.6 ) (0.0 ) (1.1 ) 2 .4 34 .3 7.3 % 46
.2 (3.5 ) 3 .4 (0.2 ) 13 .9 59 .8 1 2.2 % 0 .0 0.0 % 94 .0
2 07 .0 2 22 .0 36 .3 0 .5 84 .8 5 50 .6 0 .0 1 ,0 52 .4
18 1.7 20 1.3 3 6.5 0.4 7 6.3 49 6.2 0.0 96 7.4
1 60 .8 2 25 .5 32 .9 0 .7 70 .9 4 90 .8 0 .0 9 58 .4
34 .7 1 07 .0 1 48 .7 24 .7 3 15 .1 8 .3 3 23 .4
3 4.7 12 0.9 13 0.1 3 2.3 31 8.0 7.8 32 5.9
34 .7 1 29 .5 1 21 .6 18 .7 3 04 .4 7 .8 3 12 .3
0 .0 (13 .9) 18 .6 (7 .5) (2 .9) (0 .9 %) 0 .4 5 .4% (2 .5)
0 .0 (2 2.5 ) 27 .1 6 .1 10 .7 3.5 % 0 .4 5.5 % 11 .1
2 32 .9 23 .4 4 .7 5 .8 19 .7 9 .6 2 96 .1
19 9.7 2 5.7 2.4 5.0 2 0.2 1 1.2 26 4.3
1 50 .4 26 .8 1 .1 7 .1 20 .9 10 .5 2 16 .7
33 .1 (2 .3) 2 .3 0 .8 (0 .5) (1 .6) 31 .8 12 .0 % 14 .2 (1 .8) 34
.4 6 .0 2 .9 55 .7 14 .8 % 85 .0
82 .4 (3.4 ) 3 .6 (1.3 ) (1.2 ) (0.9 ) 79 .3 3 6.6 % 1 .0 (5 3.8 )
50 .6 2 .6 3 .2 3 .6 0.8 % 94 .0
1 03 .7 6 .3 2 58 .4 8 .6 56 .1 4 33 .0 1 ,0 52 .4
8 9.5 8.1 22 4.0 2.5 5 3.1 37 7.3 96 7.4
1 02 .7 60 .1 2 07 .8 5 .9 52 .9 4 29 .4 9 58 .4
5/8
CA SH-FLOW ST A T EMENT - IFRS
(eur o million)
Cash and ca sh eq uivalent s at be ginning of per iod Net income
for t he p er io d bef or e t axes Depreciation, amortis
ation/Impairm ent loss es Gains/ Los s es f rom dis posal of f ixed
as sets Write- ups/ Write- dow ns of shar eholdings Financial
portion of funds r elating to payables for per sonnel Long- term pr
ovis ions for employee benef its Other provisions net of
utilisations Cash flows g ener at ed by op er atio ns Paid curr ent
taxes Us es of long- term pr ovis ions f or employee benef its
(Increas e) r eduction in curr ent ass ets : inventories financial
ass ets tr ade receivables and receivables fr om companies valued
us ing the equity method r eceivables f rom other s and other as
sets Incr ease ( reduction) in curr ent liabilities : tr ade
payables and payables to companies valued us ing the equity m ethod
payables to others and other liabilities Trans lation dif ferences
on cur rent as sets Net cash flow f ro m (for ) oper at ing activit
ies 30.06.2011 40.6 37.8 38.2 ( 0.4) 0.5 0.4 0.8 0.8 78.1 ( 6.5) (
1.6) ( 25.3) ( 0.0) ( 20.7) ( 1.2) 34.4 5.3 ( 2.7) 59.7 ( 10.1) (
67.2) 0.0 0.2 1.1 (76.0) ( 19.6) 71.7 ( 30.6) 21.6 5.3 45.9
30.06.2010 (34.4) 26.6 36.1 ( 0.1) 1.1 0.5 ( 0.3) 1.5 65.4 ( 5.5) (
1.6) ( 17.0) ( 0.6) ( 65.0) ( 6.5) 48.5 10.3 7.3 35.4 ( 9.5) (
15.9) ( 10.0) 0.0 1.3 (34.2) ( 14.7) 85.8 ( 22.6) 48.5 49.7
15.3
Inves tments in: intangible as sets pr operty, plant and equipment
Bus iness combination China (* ) Capital incr eas e in consolidated
companies by minorities Price for dis posal, or reimburs ement
value, of fixed as sets
Cash flow f ro m (for ) invest ment s Dividends paid in the period
Loans and financing gr anted by banks and other financial
institutions in the per iod Repayment of long-term loans Cash flow
f ro m (for ) financing act ivit ie s Tot al cash f low Cash and ca
sh eq uivalent at t he end o f pe riod (* ) Tr anslated us ing the
exchange r ate at 30 June 2010.
6/8
NET SA LES BREA KDOWN BY GEOGRA PHICA L A REA A ND A PPLICA TION A
30.06.2011 B % 30.06.2010 C Q2 ' 11 D Q2 '10
GEOGRA PHICA L A REA
%
A -B
%
%
%
C-D
%
(euro million)
Ita ly Ge rm any F r ance Unite d Kingdom Othe r EU c ountr ies
India China Ja pa n Othe r Asi a Countr ies Br azil NAF T A Countr
ie s Othe r Countr ie s Tot al 121.3 136.5 32.4 38.7 92.9 17.2 28.3
8.9 3.4 36.4 114.4 2.2 632.7 A 30.06.2011 19.2% 21.6% 5.1% 6.1%
14.7% 2.7% 4.5% 1.4% 0.5% 5.8% 18.1% 0.3% 100.0% 95.8 114.1 23.2
31.5 80.7 12.7 24.7 7.2 2.4 31.2 105.8 2.3 531.6 18.0% 21.5% 4.4%
5.9% 15.2% 2.4% 4.7% 1.4% 0.5% 5.9% 19.9% 0.4% 100.0% 25. 5 22. 5
9. 2 7. 2 12. 3 4. 6 3. 5 1. 7 1. 0 5. 2 8. 6 (0. 1) 101.1 26. 6%
19. 7% 39. 7% 22. 8% 15. 2% 36. 0% 14. 2% 23. 5% 42. 8% 16. 7% 8.
1% - 4. 9% 19.0% 64.3 69.6 16.8 18.7 46.4 8.5 14.3 3.5 1.8 18.5
57.3 0.9 320.5 C Q2 ' 11 20.0% 21.7% 5.3% 5.8% 14.5% 2.6% 4.5% 1.1%
0.6% 5.8% 17.9% 0.3% 100.0% 49.0 64.4 13.2 15.8 44.0 7.0 13.7 4.6
0.8 16.8 56.8 1.2 287.5 D Q2 '10 17. 0% 22. 4% 4. 6% 5. 5% 15. 3%
2. 5% 4. 8% 1. 6% 0. 3% 5. 9% 19. 8% 0. 4% 100.0% 15. 3 5. 2 3. 6
2. 9 2. 4 1. 4 0. 6 (1. 2) 1. 0 1. 7 0. 4 (0. 3) 33.0 31. 2% 8. 1%
27. 5% 18. 2% 5. 4% 20. 3% 4. 0% -25. 1% 124. 5% 9. 8% 0. 8% -25.
8% 11.5%
A PPLICA TION
B % 30.06.2010
%
A -B
%
%
%
C-D
%
(euro million)
Auto Motor bike Commer cia l Ve hicle s Ra cing Pass ive S a fe ty
Misce lla ne ous Tot al 402.3 73.4 97.1 43.8 13.3 2.8 632.7 63.6%
11.6% 15.4% 6.9% 2.1% 0.4% 100.0% 348.0 59.9 73.9 34.0 11.1 4.7
531.6 65.5% 11.3% 13.9% 6.4% 2.1% 0.9% 100.0% 54. 2 13. 5 23. 3 9.
8 2. 2 (1. 9) 101.1 15. 6% 22. 5% 31. 5% 29. 0% 20. 0% - 41. 3%
19.0% 207.1 36.6 50.6 19.3 6.0 1.1 320.5 64.6% 11.4% 15.8% 6.0%
1.9% 0.3% 100.0% 198.1 29.7 33.7 16.2 6.3 3.6 287.5 68. 9% 10. 3%
11. 7% 5. 6% 2. 2% 1. 2% 100.0% 8. 9 6. 8 16. 9 3. 1 (0. 3) (2. 5)
33.0 4. 5% 23. 0% 50. 3% 19. 2% - 5. 0% -70. 7% 11.5%
7/8
MAIN RATIOS Net operating incom e/Sales Res ult before tax es
/Sales Capital Ex penditure/Sales Net Financial indebtedness
/Shareholders' equity Financial charges/Sales Financial charges/Net
Operating I ncom e ROI ROE
30.06.2007
30.06.2008
30.06.2009
30.06.2010
30.06.2011
9.9% 9.0% 7.6% 81.8% 0.9% 9.6% 16.8% 19.4%
9.1% 7.7% 12.1% 102.7% 1.1% 12.4% 15.4% 18.9%
2.5% 0.8% 7.0% 110.2% 1.7% 68.0% 3.4% -0.8%
6.0% 5.0% 6.4% 86.1% 0.8% 12.9% 10.7% 11.9%
6.8% 6.0% 12.2% 87.0% 0.7% 10.6% 13.8% 15.7%
No t e s: ROI: Ne t o pe rat in g in co me / Ne t inv est ed c apit
al mu lt iply by ye ar d ays/ pe riod days. ROE : Re su lt b ef ore
min orit y int e re st s/ S h are ho lde rs eq uit y mu lt ip ly b
y ye ar d ays/ pe rio d day s.
8/8
Brembo NV (BIT:BRE)
Historical Stock Chart
From Sep 2024 to Oct 2024
Brembo NV (BIT:BRE)
Historical Stock Chart
From Oct 2023 to Oct 2024