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| Friday, 13 May 2011, 14:00 HKT/SGT | |
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Source: Brembo | |
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Curno (BG), ITALY, May 13, 2011 - (ACN Newswire) - Brembo's Board of Directors approved the results for the first quarter of 2011: revenues and net profit grew sharply.
Highlights at 31 March 2011, vs. 31 March 2010:
-- Revenues: EU 312.2 million (+27.9% compared to Q1 2010);
-- EBITDA: EU 38.5 million (+24.2%);
-- EBIT: EU 19.7 million (+43.3%);
-- Net profit: EU 11.2 million (+68.6%):
-- Net financial position down EU 6.1 million.
Highlights for the first quarter of 2011:
(EU million) Q1 2011 Q1 2010 Ch% 11/10
Revenues 312.2 244.0 +27.9%
EBITDA 38.5 31.0 +24.2%
EBIT 19.7 13.8 +43.3%
Pretax profit 16.9 9.7 +75.5%
Net profit 11.2 6.7 +68.6%
Net financial debt 263.7 269.8 -2.2%
Group Activities in the First Quarter of 2011
Brembo's Board of Directors chaired by Alberto Bombassei met today and approved the Group's results for the quarter ended 31 March 2011.
Brembo Group's revenues for the first quarter of 2011 continued to grow sharply to EU 312.2 million, up 27.9%.
All the Group's segments of operation contributed to the growth: car applications rose by 30.2%, motorbikes by 22.0% and commercial vehicles by 15.8%. The racing and passive safety segments marked a sharp contrast to the previous months increasing by 38.0% and 52.4%, respectively.
At geographical level, growth is also evenly distributed, both in the Group's traditional and new markets.
Germany, which continues to be Brembo's main target market, increased 34.8%, Italy 21.8%, the UK 27.6% and France 55.8%.
In the Far East area, China grew 26.9%, India 55.7% and, after several sluggish months, Japan started again to grow sharply by 109.7%.
With reference to the Americas, both the NAFTA countries and Brazil grew (+16.6% and +24.8%, respectively).
During the quarter, the cost of sales and other net operating costs amounted to EU 211.6 million, with a ratio of 67.8% to sales, as against 65.3% for the same period in the previous year. Despite the increase in sales, the incidence of costs was greater in the first quarter of 2011 than in the same period of 2010 due to a higher cost of raw materials, which has not yet been transferred to selling prices.
Personnel expenses in the first quarter of 2011 amounted to EU 62.1 million, or 19.9% of revenues, down compared to the same period of the previous year (22.0%).
At 31 March 2011, the workforce numbered 6101 (5904 at 31 December 2010 and 5749 at 31 March 2010). The change compared to the previous periods is mainly due to the need to meet the increase in demand.
EBITDA for the quarter was EU 38.5 million (12.3% of sales) compared to EU 31.0 million in the first quarter of 2010 (12.7% of sales).
After depreciation and amortisation of EU 18.8 million (EU 17.2 million for the same period of the previous year), EBIT was EU 19.7 million compared to EU 13.8 million for the previous year.
Net interest expenses were EU 2.6 million (EU 3.6 million in the first quarter of 2010), broken down as follows: exchange rate gains virtually null (exchange losses of EU 1.7 million in the first quarter of 2010); interest expenses of EU 2.6 million (EU 1.9 million in the same period of the previous year).
Pretax profit amounted to EU 16.9 million (5.4% of sales), compared to EU 9.7 million (4.0% of sales) in the first quarter of 2010.
Based on tax rates applicable for the year under current tax regulations, estimated taxation amounted to EU 5.5 million (EU 3.2 million in the first quarter of 2010). Tax rate was 32.7%, compared to 33.0% of the first quarter of 2010.
Net profit for the quarter amounted to EU 11.2 million, up 68.6%.
Net debt at 31 March 2011 was EU 263.7 million, compared to EU 246.7 million at 31 December 2010 and EU 269.8 million at 31 March 2010.
The increase compared to 31 December 2010 was EU 17.0 million, mainly as a result of the launch of the new production investments already described several times and of the net working capital absorption connected with the revenue increase.
Significant Events After 31 March 2011
On 29 April 2011, the Ordinary Shareholders' Meeting of Brembo S.p.A. resolved, among other things:
-- to approve Brembo S.p.A.'s financial statements, as well as acknowledge Brembo Group's consolidated financial statements for 2010, which showed revenues of EU 1,075.3 million and a net profit of EU 32.3 million;
-- to distribute a gross dividend of EU 0.30 per outstanding share at ex-coupon date 9 May 2011;
-- to appoint the members of the Board of Directors and the Board of Statutory
Auditors, which are made up as follows:
Board of Directors:
Name and Surname Position
Alberto Bombassei Executive. Confirmed as Chairman and
Managing Director.
Cristina Bombassei Executive
Matteo Tiraboschi Executive
Giovanni Cavallini Independent pursuant to the Finance Consolidation
Law (TUF) and Corporate Governance Code
Giancarlo Dallera Independent pursuant to the Finance Consolidation
Law (TUF) and Corporate Governance Code
Pasquale Pistorio Independent pursuant to the Finance Consolidation
Law (TUF) and Corporate Governance Code
Gianfelice Rocca Independent pursuant to the Finance Consolidation
Law (TUF) and Corporate Governance Code
Pierfrancesco Saviotti Independent pursuant to the Finance Consolidation
Law (TUF) and Corporate Governance Code
Giovanna Dossena Independent pursuant to the Finance Consolidation
Law (TUF)
Umberto Nicodano Non-executive
Bruno Saita Non-executive
Board of Statutory Auditors:
Acting Auditors Alternate Auditors
Sergio Pivato (Chairman) Gerardo Gibellini
Enrico Colombo Marco Salvatore
Mario Tagliaferri
Outlook
The order backlog forecast confirms that sales will continue to show strong growth in the coming months across the various business segments in which the Group operates.
The simultaneous launch of the four international production initiatives - a unique event in the history of Brembo - will require a considerable effort in terms of investments, cost containment and net working capital control.
Brembo Celebrates 50 Years of Operation
The year 2011 marks an historic milestone for Brembo: 50 years of operation punctuated by impressive achievements in the technical, competitive and commercial arena.
On 11 January 1961, Emilio Bombassei and Italo Breda founded Officine Meccaniche di Sombreno, the original nucleus of today's Brembo. Among them was the current chairman, Alberto Bombassei, who had just recently turned 20 years of age.
Since then, Brembo has completed a journey of half a century to become the undisputed leader in the high-performance braking systems market. In 1964, Brembo began to manufacture brake discs for cars; in 1972, it added brake discs for motorbikes, and in 1975 it made its debut in Formula One, where it provided its systems for the Ferrari single-seater. Over the years, technological innovation and constant research in the fields of materials and manufacturing techniques have led the Brembo brand to win great esteem at a global level.
In 1995, the company became listed on the Milan stock exchange and embarked upon a process of growth and internationalization that soon allowed it to exceed EU 1 billion in revenues, with 35 facilities in 15 countries and a workforce of more than 6000. Today, Brembo is a constantly growing company that is celebrating its first 50 years of quality and innovation, ready to meet the new challenges posed by world markets.
The executive officer in charge of the Company's financial reports, Matteo Tiraboschi, declares, pursuant to paragraph 2 of Article 154-bis of Italy's Finance Consolidation Law, that the accounting information contained in this press release corresponds to the documented results, books and accounting records.
Contact:
Investor Relator:
Matteo Tiraboschi
Tel. +39 035 605 2899
Email: ir@brembo.it
Media Relations:
Monica Michelini
+39 035 6052173
press@brembo.it
Press Release: http://hugin.info/144497/R/1515186/451430.pdf
Source: Brembo via Thomson Reuters ONE
Topic: Earnings
Source: Brembo
Sectors: Automotive
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