BREMBO
milan : BRE

July 29, 2011 11:57 ET

Brembo's Board of Directors Approved the Results for the First Half of 2011

CURNO, ITALY--(Marketwire - Jul 29, 2011) -



Brembo's Board of Directors Approved the Results for the First Half of 2011:

Revenues Amounted to EUR632.7 Million (+19%),

Net Profit Amounted to EUR24.7 Million (+32.6%).

Compared to the first half of 2010:

  * Revenues: EUR632.7 million (+19.0%).
  * EBITDA: EUR81.1 million (+19.4%).
  * EBIT: EUR42.9 million (+34.7%).
  * Net profit: EUR24.7 million (+32.6%).
  * Net financial debt: EUR281.4 million, up by EUR12.6 million due to the
    investments made during the period
  * 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 EUR632.7 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 (+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 EUR425.4 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 EUR126.3 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 EUR81.1 million (12.8% of revenues), up 19.4% on the amount of EUR67.9 million in the first half of 2010 (12.8% of revenues).

EBIT amounted to EUR42.9 million (6.8% of revenues), compared to EUR31.8 million for the first half of 2010 (6% of revenues), after depreciation and amortisation of EUR38.2 million (EUR36.1 million for the same period of 2010).

Net interest expenses amounted to EUR4.5 million, compared to EUR4.1 million in the first half of 2010. Based on tax rates applicable for the year under current tax regulations, estimated taxation amounted to EUR12.6 million (EUR8.1 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 EUR24.7 million, up 32.6% compared to the same period of the previous year.

Net debt went from EUR268.8 million at 30 June 2010 to EUR281.4 million, up by EUR12.6 million, mainly due to the significant production investments made during the period and the dividend pay-out in May.


Group's Results for the Second Quarter of 2011

In the second quarter alone, revenues amounted to EUR320.5 million, up 11.5% compared to the same period of 2010. EBITDA amounted to EUR42.6 million (13.3% of revenues), up by 15.3% compared to the same period of 2010. EBIT was EUR23.2 million (7.2% of revenues). The quarter ended with a net profit of EUR13.5 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.






Brembo: Results for the First Half of 2011: http://hugin.info/144497/R/1535015/468000.pdf




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Source: BREMBO via Thomson Reuters ONE

[HUG#1535015]

Contact Information

  • For additional information:

    Investor Relator
    Matteo Tiraboschi
    Tel. +39 035 605 2899
    Email: Email Contact
    www.brembo.com

    Communications Manager
    Thanai Bernardini
    Tel. +39 035 605 2277
    Mobile. +39 335 7245418
    Email: Email Contact

    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