BREMBO: REVENUES FOR Q1 2012 UP 12.1% TO €349.9 MILLION NET PROFIT AT €21.1 MILLION (+87.3%).
May 14 2012 - 6:20AM
Italian Regulatory (Text)
Stezzano, 14 May 2012
BREMBO: REVENUES FOR Q1 2012 UP 12.1% TO 349.9 MILLION NET PROFIT
AT 21.1 MILLION (+87.3%).
Compared to Q1 2011: Revenues grew (+12.1% to 349.9 million),
thanks to the positive contribution of the main business lines Go o
d margin performance: EBITDA +11.5% to 42.9 million; EBIT +21.3% to
23.9 million Net profit grew by 87.3% to 21.1 million Investments
for the quarter amounted to 32.4 million Net financial debt at
349.9 million, up by 34.9 million for the completion of the new
industrial plants in China, Poland and Czech Republic. First
Quarter 2012 results:
( million) Revenues EBITDA
% on revenues
2012
349.9 42.9
12.3%
2011 312.2
38.5
12.3%
Change 12.1% 11.5% 21.3% 40.4% 87.3%
EBIT
% on revenues
23.9
6.8%
19.7
6.3%
Pre-tax profit
% on revenues
23.8
6.8%
16.9
5.4%
Net profit
% on revenues
21.1
6.0%
11.2
3.6%
31.3.12
31.12.11 315.0 34.9
Net financial debt
349.9
Alberto Bombassei: "W e are continuing on a path of growth, which
we intend to support by investing in innovation, quality, research
and development and production capcity, as well as expansion of our
presence to new markets. These are the essential ingredients of the
strategy adopted by the Brembo Group, which invested over 32
million in the first quarter of 2012, of which about one third in
Italy, and is set to invest over 100 million in 2 0 1 2 ."
Results for the First Quarter of 2012 The Board of Directors of
Brembo chaired by Alberto Bombassei met today, examined and
approved the Brembo Group's quarterly results as of 31 March 2012.
Net consolidated revenues amounted to 349.9 million, up by 12.1%
compared to the first quarter of the previous year. On a
like-for-like consolidation basis (i.e., excluding the effect of
Brembo Argentina, formerly Perdriel, acquired effective August
2011), revenues would have increased by 10.8%.
1/7
The main sectors where Brembo Group operates gave a positive
contribution to the consolidated revenue growth in the reporting
quarter. In detail, racing applications grew by 14.1%, car
applications by 13.3%, commercial vehicles by 10.5%, and motorbikes
by 9.9%. The passive safety segment dropped by 6.0%, however major
investments were made for the newly acquired orders, including in
the US, which will become effective during 2012. At geographical
level, almost all the countries where the Group operates reported
growth. In Europe, Germany, the Group's key reference market
(accounting for 22.7% of total sales), continued to grow, rising
18.8% compared to the first quarter of 2011. Sales grew sharply
also in the UK (+36.1%) and France (+29.4%). Sales in Italy were
essentially stable, with a slight increase (+0.6%). North America,
the second market of reference for the Group, grew by 23.6%
compared to the same quarter of previous year. Brazil, which in the
first quarter of 2011 had performed particularly well, declined by
7.7% due to the contraction of domestic demand. A good performance
was reported in the Indian market, which grew by 10.7%, and the
Japanese market, which rose 7.1%. The sales decrease in China
(-20.7%) was mainly due to the sale of inventories of products -
which are not included in Brembo's portfolio - extant at the date
of acquisition of the foundry. On a like-for-like product
portfolio, sales would have increased by 5%. In Q1 2012, the cost
of sales and other operating costs amounted to 236.5 million,
representing 67.6% of revenues, essentially in line with the figure
of 67.8% for the previous year. Personnel costs amounted to 70.5
million or 20.2% of revenues, slightly increasing from the previous
year's figure of 19.9%. W orkforce at 31 March 2012 numbered 6,933,
increasing by 832 compared to Q1 2011 and by 198 compared to 31
December 2011. EBITDA amounted to 42.9 million (12.3% of revenues),
up by 11.5% compared to Q1 2011. EBIT amounted to 23.9 million
(6.8% of revenues), up by 21.3% compared to Q1 2011. Net interest
income for the quarter amounted to 0.5 million (2.6 million net
interest expense in Q1 2011). This item was positive as the 3.3
million (2.6 million in the first quarter of 2011) of interest
expense accrued in the quarter was more than offset by exchange
gains of 3.8 million (almost no exchange gains were recorded in the
first quarter last year). It should be noted that the exchange
gains are mere accounting items generated by the translation into
Euro of funding denominated in foreign currencies. Pre-tax profit
was 23.8 million (6.8% of sales), compared with 16.9 million for Q1
2011. Based on the tax rates applicable under current tax
regulations, estimated taxes amounted to 3.0 million (5.5 million
in Q1 2011), with a tax rate of 12.5% compared to 32.7% of Q1 2011.
The sharp fall in the tax rate can be attributed to the positive
effect of deferred tax assets recorded during the year and the tax
benefits obtained by the special Polish region where the new brake
disc foundry is located.
2/7
The reporting quarter ended with a net profit of 21.1 million, up
87.3% compared to 11.2 million for Q1 2011. Net financial debt at
31 March 2012 was 349.9 million, compared to 315.0 million as of 31
December 2011, increasing mainly as a result of investments for the
period (32.4 million). Outlook The orders backlog projections
confirm a revenue growth trend for the rest of the year in all the
segments in which the Group operates, although a certain degree of
caution is in order, in light of the uncertain world economic
scenario. The completion of the new production facilities will
contribute to increasing margins as of the second half of the year.
Significant Events After 31 March 2012 On 25 April the new
production hub in Nanjing was officially inaugurated, with Chairman
Alberto Bombassei and major representatives from Italian and
Chinese authorities in attendance. After more than ten years of
presence on the Chinese market, Brembo has concentrated all of the
Group's production into a single area of 95,000 square metres
outside the city of Nanjing. Within the new facility, the Group has
integrated all phases of production in the value chain, from the
arrival of raw materials to the shipping of finished products, for
a planned total investment of 70 million. The facilities will
employ a staff of 850 (approxi mately 1,000 when fully operational)
and their 41 production lines and foundry will yield an output of
approximately six million discs a year.
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 unaudited Income Statement and Balance Sheet.
Com pany contacts:
Invest or R elat ions Matteo Tir aboschi Tel. +39 035 605 2899
e-mail: ir@br embo.it www.br embo.c om Communications M anager
Thanai Ber nar dini Tel. +39 035 605 2277 - Mobile. +39 335 7245418
e-mail: pr ess@br embo.it M edia Relation Consult ant : COMMUNIT Y
C onsulenza nella c omunic azione Tel. +39 02 89404231 Pasquo C
icchini - C ell. 345 1462429
3/7
CONSOLIDA TED INCOME STA TEMENT - IFRS
(euro million)
Sa les of goods a nd s er v ice s Ot her rev enues and income C
osts f or capitalised internal works Raw mat erials, consumables
and goods Ot her operating cost s Personnel ex penses GROSS OPERA
TING INCOME 31.03.2012 349.9 2. 2 3. 2 (177. 3) (64. 5) (70. 5)
42.9 31.03.2011 312.2 2. 4 2. 8 (158. 7) (58. 0) (62. 1) 38.5 Cha
nge 37.7 (0. 3) 0. 4 (18. 6) (6. 4) (8. 4) 4.4 % 12.1% -10. 5% 14.
4% 11. 7% 11. 1% 13. 5% 11.5%
% of s a le s of goods a nd s e r v ices
Depreciation, amortisation and impairment losses NET OPERA TING
INCOME
12.3%
(19. 0) 23.9
12.3%
(18. 8) 19.7 (0. 2) 4.2 1. 1% 21.3%
% of s a le s of goods a nd s e r v ices
Net interest income (expense) Interest income (ex pense) f rom
investments RESULT BEFORE TA XES
6.8%
0. 5 (0. 6) 23.8
6.3%
(2. 6) (0. 2) 16.9 3. 1 (0. 4) 6.8 -118. 9% 205. 5% 40.4%
% of s a le s of goods a nd s e r v ices
Tax es RESULT BEFORE M INORITY INTERESTS
6.8%
(3. 0) 20.8
5.4%
(5. 5) 11.4 2. 6 9.4 -46. 4% 82.5%
% of s a le s of goods a nd s e r v ices
Minority int erests NET RESULT FOR THE PERIOD
6.0%
0. 2 21.1
3.7%
(0. 2) 11.2 0. 4 9.8 -232. 8% 87.3%
% of s a le s of goods a nd s e r v ices
BA SIC/DILUTED EA RNINGS PER SHA RE
6.0%
0.32
3.6%
0.17
4/7
CONSOLIDA TED BA LA NCE SHEET - IFRS
A B C 31.03.2012 31.12.2011 31.03.2011 A -B Cha nge A -C Cha
nge
(euro million) A SSETS
NON-CURRENT A SSET S Prope rt y , plant , e quipment a nd ot her
equipment Dev e lo pment cost s Goodwill and ot her indef inite
useful lif e asset s Ot her inta ngible a sse ts Share holdings v
alued using t he e quity met hod Ot her fina ncial assets
(including inv estme nt s in other co mpanie s and deriv ativ e s)
Receiv able s and other non-current asset s Def erred t ax assets T
OTA L NON-CURRENT A SSET S CURRENT A SSET S Inv entories Trade re
ce iv ables Ot her re ce iv ables a nd curre nt assets C urrent f
inancial asset s and deriv at iv es C ash a nd cash equiv a le nts
T OTA L CURRENT A SSETS T OTA L A SSET S EQUIT Y A ND LIA BILIT IES
GROUP EQUIT Y Share capit al Ot her re se rv es Ret ained e
arnings/(losses) Net result f or t he perio d T OTA L GROUP EQUITY
T OTA L MINORIT Y INT ERESTS T OTA L EQUIT Y NON-CURRENT LIA BILIT
IES Non-current pa y ables t o banks Ot her non-curre nt f inancial
pay able s and deriv ativ e s Ot her non-curre nt liabilities Prov
isions Prov isions f or employ ee be nef its Def erred t ax
liabilities T OTA L NON -CURRENT LIA BILIT IES CURRENT LIA BILIT
IES C urrent pa y able s to banks Ot her current f inancial pay
ables a nd de riv a tiv es Trade pay ables Ta x pa y ables Ot her
current pa y ables T OTA L CURRENT LIA BILIT IES T OTA L LIA
BILITIES T OTA L EQUIT Y A ND LIA BILIT IES
429. 5 42. 4 41. 9 17. 8 20. 2 0. 2 3. 5 26. 9 582.5 238. 7 237. 3
38. 8 9. 7 123. 3 647.7 1,230.2
406. 6 41. 4 42. 3 19. 1 20. 8 0. 2 2. 8 23. 5 556.6 225. 0 208. 3
37. 2 9. 8 95. 7 576.1 1,132.7
330. 1 39. 2 42. 5 18. 5 22. 3 0. 1 0. 5 21. 4 474.7 189. 1 230. 4
31. 8 0. 1 96. 5 547.9 1,022.6
22. 9 1. 0 (0. 3) (1. 3) (0. 6) 0. 0 0. 7 3. 5 25.9 13. 6 29. 0 1.
6 (0. 1) 27. 6 71.7 97.5
99. 3 3. 2 (0. 5) (0. 6) (2. 1) 0. 0 3. 0 5. 5 107.8 49. 6 6. 8 7.
0 9. 6 26. 8 99.8 207.6
34. 7 110. 0 187. 0 21. 1 352.8 10.3 363.1 249. 4 23. 0 7. 4 5. 3
19. 6 7. 5 312.2 201. 4 9. 1 268. 0 8. 5 68. 0 554.9 867.1
1,230.2
34. 7 101. 8 144. 1 42. 9 323.6 10.3 333.9 230. 8 23. 8 6. 6 5. 6
19. 6 8. 6 295.0 158. 8 7. 1 266. 6 5. 7 65. 7 503.8 798.8
1,132.7
34. 7 106. 0 169. 9 11. 2 321.9 7.8 329.7 222. 2 22. 6 3. 0 4. 9
19. 8 11. 2 283.6 109. 0 6. 4 236. 8 5. 8 51. 3 409.3 692.9
1,022.6
0. 0 8. 2 42. 9 (21. 9) 29.2 0.0 29.2 18. 6 (0. 8) 0. 8 (0. 3) 0. 0
(1. 1) 17.2 42. 6 2. 0 1. 4 2. 8 2. 3 51.1 68.3 97.5
0. 0 3. 9 17. 1 9. 8 30.9 2.5 33.4 27. 2 0. 4 4. 4 0. 4 (0. 2) (3.
6) 28.6 92. 4 2. 7 31. 2 2. 6 16. 7 145.6 174.2 207.6
5/7
NET SA LES BREA KDOWN BY GEOGRA PHICA L A REA A ND A PPLICATION
(euro million)
GEOGRA PHICA L A REA Italy Germany F rance Unit ed Kingdom Ot her
EU count ries India C hina J apan Ot her A sia C ount ries Brazil
North A merica (US, C anada & Mex ico) Ot her C ount ries Tot a
l
31.03.2012
% 31.03.2011
%
Cha nge
%
57. 4 79. 5 20. 1 27. 2 43. 8 9. 7 11. 1 5. 8 2. 8 16. 6 70. 6 5. 3
349.9 31.03.2012
16. 4% 22. 7% 5. 7% 7. 8% 12. 5% 2. 8% 3. 2% 1. 7% 0. 8% 4. 7% 20.
2% 1. 5% 100.0%
57. 1 66. 9 15. 5 20. 0 46. 5 8. 7 14. 0 5. 5 1. 6 17. 9 57. 1 1. 3
312.1
18. 3% 21. 4% 5. 0% 6. 4% 14. 9% 2. 8% 4. 5% 1. 7% 0. 5% 5. 7% 18.
3% 0. 4% 100.0% %
0. 3 12. 6 4. 6 7. 2 (2. 8) 0. 9 (2. 9) 0. 4 1. 1 (1. 4) 13. 5 37.9
Cha nge
0. 6% 18. 8% 29. 4% 36. 1% -6. 0% 10. 7% -20. 7% 7. 1% 68. 4% -7.
7% 23. 6% 12.1% %
4. 1 319. 7%
(euro million)
A PPLICA TION Passenger C ar Mot orbike C ommercial Vehicles Racing
Passiv e Saf ety Miscellaneous Tot a l
% 31.03.2011
218. 1 40. 5 51. 4 31. 1 6. 9 1. 9 349.9
62. 3% 11. 6% 14. 7% 8. 9% 2. 0% 0. 5% 100.0%
192. 4 36. 8 46. 6 27. 2 7. 4 1. 7 312.1
61. 6% 11. 8% 14. 9% 8. 7% 2. 4% 0. 5% 100.0%
25. 6 3. 7 4. 9 3. 8 (0. 4) 0. 2 37.7
13. 3% 9. 9% 10. 5% 14. 1% -6. 0% 10. 2% 12.1%
6/7
MA IN RA TIOS Net operating income/S ales of goods and services
Result befor e taxes/S ales of goods and ser vices Capital
Expenditure/S ales of goods and ser vices Net Financial
indebtedness/S hareholder s' equity Financial charges/S ales of
goods and ser vices Financial charges/Net Oper ating Income ROI
ROE
Q1' 11 6.3% 5.4% 9.1% 80.0% 0.8% 13.2% 13.0% 14.0%
Q2' 11 7.2% 6.5% 15.3% 86.9% 0.6% 8.6% 14.9% 17.1%
Q3' 11 4.9% 3.0% 13.7% 102.5% 2.0% 40.5% 9.2% 7.1%
Q4' 11 4.9% 2.4% 14.6% 94.3% 2.1% 42.4% 2.3% 3.7%
Q1' 12 6.8% 6.8% 9.3% 96.4% -0.1% -2.1% 13.2% 23.2%
Not es : ROI: Net operating income/ Net invested capit al mult iply
by y ear days/period day s. ROE: Result bef ore minority int
erests/ Shareholders equit y multiply by y ear day s/period
days.
7/7
Brembo NV (BIT:BRE)
Historical Stock Chart
From Jun 2024 to Jul 2024
Brembo NV (BIT:BRE)
Historical Stock Chart
From Jul 2023 to Jul 2024