COMMUNIQUÉ DE PRESSE
Stezzano, le 14 février 2008 Pour publication immédiate
Le Conseil d'Administration de Brembo approuve les résultats préliminaires de l'année 2007.
En comparaison avec l'année précédente :
Chiffre d'affaires + 13,1 %
EBITDA + 15,2 %
Bénéfices nets provenant d'éléments exceptionnels positifs : +45,3 %
| Revenues | 912.0 | 806.0 | + 13.1% |
| EBITDA | 137.1 | 119.0 | + 15.2% |
| EBIT | 88.8 | 79.5 | + 11.6% |
| Pre-tax profit | 79.2 | 70.4 | + 12.5% |
| Net profit | 62.4 | 42.9 | + 45.3% |
| Net financial indebtedness | 236.0 | 193.3 | +22.1% |
Quatrième trimestre 2007 :
Chiffre d'affaires + 15,5 %
EBITDA + 29,2 %
Bénéfice net +75,5 %
| Revenues | 239.1 | 207.1 | + 15.5% |
| EBITDA | 37.8 | 29.3 | + 29.2% |
| EBIT | 23.3 | 18.0 | + 29.2% |
| Pre-tax profit | 20.9 | 19.2 | + 8.7% |
| Net profit | 23.0 | 13.1 | + 75.5% |
Résultats du quatrième trimestre 2007
Les recettes du quatrième trimestre s'élèvent à 239,1 millions d'euros, soit une augmentation de 15,5 % par rapport à l'année précédente. Ce montant comprend les 8,1 millions d'euros de la filiale américaine récemment acquise. A données comparables, la croissance annuelle serait de 11,6 %.
Revenue growth was driven by applications for racing (+51.2%) and for motorcycles (+47.3%), the latter primarily thanks to the new Harley Davidson Touring platform.
Commercial vehicles keep on growing (+34.4%) thanks to the newly acquired platforms and to the persistent positive trend of road transportation. Passenger car segment grew by 2.1%, penalized by the comparison with 2006 fourth quarter that posted a 25% growth.
From a geographic point of view Italy and other EU countries grew well, +9% and 21.5% respectively; Germany is down 1.3% compared with a very good 2006 fourth quarter.
Asia continued to grow sharply (+82.9%), thanks to the positive trend of the Japanese customers; Nafta countries grew by 53.5%, mainly thanks to applications for motorcycles. Brazil keeps on growing (+47.9%).
EBITDA of 2007 fourth quarter amounts to E 37.8 million (15.8% of revenues), up 29.2% thanks to a favourable sales mix of high value-added applications.
Depreciation and amortization of the quarter are E 14.5 million, up 29% over the same quarter last year, due to the increasing investments MADE by the Group in recent years.
EBIT is up 29.2% to E 23.3 million, or 9.8% of sales.
Financial charges are negative in the quarter for E 2.5 million, compared to E 1.2 million positive of previous year; the latter benefited from positive extraordinary items.
At tax level, E 9.3 million positive non-recurring items were registered in the quarter.
The Polish subsidiary Brembo Poland Spolka Zo.o. is located in a special economic zone and benefits from a tax shield. At the end of the year, considering the 2007 results and the business plan of the subsidiary, the company revised its estimates regarding the recoverability of such benefit and posted E 5.7 million deferred tax assets.
Moreover, the Italian companies benefit from a E 3.6 million reduction of deferred tax assets and liabilities, due to the 2008 Tax Law changes in terms of tax rate reduction and tax base calculation, with a view to aligning the Italian tax regime to the other European countries.
Net of non recurring items, tax rate would be 33.3% in the quarter and 32.7% for the full-year respectively.
Investments made in the quarter amount to E 72.0 million, E 36.8 million of which are connected with the acquisition of Hayes Lemmerz' automotive brake components division. The remaining were made mostly in Italy and Poland in order to align the production capacity to the level of demand.
Net financial indebtedness reaches E 236 million form E 193.3 million at 31 December 2006, mainly due to the US acquisition.
After the Board Meeting the Chairman of Brembo Group, Alberto Bombassei, commented:
"The year just ended was another record one for Brembo. Also thanks to the recent acquisitions in America and China, 2008 sales will exceed one billion Euro. For the first time in the history of our Group the headcount abroad surpasses the Italian workforce.
Preliminary results of the period ended 31 December 2007
In the period closed at 31 December 2007 revenues grew by 13.1% to E 912,0 million. Such an amount includes E 13.1 million connected with the acquisitions made in USA and Spain during the year. Like-for-like revenue growth would be 11.5%.
EBITDA amounts to E 137.1 million, or 15% of revenues, up 15.2% over previous year.
Amortization and depreciation are E 48.3 million, up 22.5% due to the already mentioned capex increase of the last quarters.
EBIT amounts to E 88.8 million, up 11.6% over previous year.
Net profit of the period, that benefits from positive non-recurring items posted in Q4 2007, is E 62.4 million, up 45.3%.
Significant events of the quarter
On 9 November 2007 Brembo signed an agreement for the acquisition of Hayes Lemmerz' Automotive Brake Component division, leader in the manufacturing of brake rotors for the North American passenger car and light truck markets.
Brembo North America, Inc., a subsidiary of Brembo S.p.A., acquired all of the stock of two Hayes Lemmerz' subsidiary companies that own the brake manufacturing operations in Homer, Michigan and Apodaca, Mexico.
The amount paid for the transaction is approximately $ 58 million, debt-free.
Significant events after the close of the quarter
On 4 February 2008 Brembo China Brake Systems Co.Ltd, a subsidiary of Brembo, acquired a 42.25% stake of the Chinese subsidiary Nanjing Yuejin Automotive Brake System Co. Ltd. from Nanjing Automobile Corp., at a price of about $ 5.9 million.
Brembo Group now owns, directly and indirectly, 70% of Nanjing Yuejin Automotive Brake System.
This further expansion of Brembo on the Far East market will grant favourable growth opportunities. Foreseeable evolution
Despite the macroeconomic uncertainty, the order visibility for the months to come highlights a good growth of revenues.
The raw materials and energy markets scenario is still negative.
The manager responsible for preparing the company's financial reports Corrado Orsi declares, pursuant to paragraph 2 of Article 154-bis of the Consolidated Law of Finance, that the accounting information contained in this press release corresponds to the document results, books and accounting records.
Here attached you will find the consolidated Income Statement and Balance Sheet, that are not subject to review by the Independent Audit Company.
For further information:
| Orsi Corrado | Tel. +39 035 605 2884 | De Marchi Gianfranco | Tel. +39 035 605 2576 |
| Vavassori Roberto | Tel. +39 035 605 2223 | Francesca Muratori | Tel. +39 329 300 7882 |
| e-mail : | ir@brembo.it | e-mail : | press@brembo.it |
| Internet website: www.brembo.com |
CONSOLIDATED INCOME STATEMENT - IFRS
| (in million of euro) | 31.12.2007 | 31.12.2006 | CHANGE | % | Q4 '07 | Q4 '06 | CHANGE | % |
| Sales of good and services | 912.0 | 806.0 | 106.0 | 13.1% | 239.1 | 207.1 | 32.0 | 15.5% |
| Other revenues and income | 12.7 | 10.8 | 1.9 | 17.3% | 4.8 | 6.4 | (1.6) | -24.7% |
| Costs for capitalised internal works | 12.6 | 11.3 | 1.3 | 11.3% | 6.9 | 4.1 | 2.7 | 65.2% |
| Cost of raw materials, consumables, goods and change in inventories | (449.8) | (396.8) | (53.0) | 13.4% | (115.5) | (105.1) | (10.4) | 9.9% |
| Other operating costs for production | (180.3) | (155.8) | (24.5) | 15.8% | (50.1) | (42.4) | (7.8) | 18.4% |
| Personnel expenses | (170.1) | (156.6) | (13.5) | 8.6% | (47.3) | (40.9) | (6.4) | 15.7% |
| GROSS OPERATING INCOME | 137.1 | 119.0 | 18.1 | 15.2% | 37.8 | 29.3 | 8.5 | 29.2% |
| % of sales | 15.0% | 14.8% | 15.8% | 14.1% | ||||
| Depreciation, amortization and other write-downs | (48.3) | (39.4) | (8.9) | 22.5% | (14.5) | (11.2) | (3.3) | 29.0% |
| NET OPERATING INCOME | 88.8 | 79.5 | 9.3 | 11.6% | 23.3 | 18.0 | 5.3 | 29.2% |
| % of sales | 9.7% | 9.9% | 9.8% | 8.7% | ||||
| Net financial income (charges) | (9.8) | (9.4) | (0.5) | 5.0% | (2.5) | 0.9 | (3.4) | -372.9% |
| Net financial income (charges) from investments | 0.3 | 0.2 | 0.1 | 22.6% | 0.0 | 0.2 | (0.2) | -79.4% |
| INCOME BEFORE TAXES | 79.2 | 70.4 | 8.8 | 12.5% | 20.9 | 19.2 | 1.7 | 8.7% |
| % of sales | 8.7% | 8.7% | 8.7% | 9.3% | ||||
| Taxes | (16.0) | (26.2) | 10.2 | -38.9% | 2.4 | (5.8) | 8.1 | -140.8% |
| INCOME BEFORE MINORITY INTERESTS | 63.2 | 44.2 | 19.0 | 43.0% | 23.2 | 13.4 | 9.8 | 72.7% |
| % of sales | 6.9% | 5.5% | 9.7% | 6.5% | ||||
| Minority interests | (0.8) | (1.3) | 0.4 | -34.9% | (0.2) | (0.3) | 0.1 | -45.8% |
| NET INCOME (LOSS) FOR THE PERIOD | 62.4 | 42.9 | 19.5 | 45.3% | 23.0 | 13.1 | 9.9 | 75.5% |
| % of sales | 6.8% | 5.3% | 9.6% | 6.3% | ||||
| Earnings per share (euro) | 0.93 | 0.64 | 0.35 | 0.20 | ||||
| Basic earnings per share (euro) | 0.94 | 0.64 | 0.35 | 0.20 |
CONSOLIDATED BALANCE SHEET - IFRS
| (in million of euro) | 31.12.2007 | 31.12.2006 | 30.09.2007 | VARIAZ. | VARIAZ. |
| ASSETS | |||||
| NON-CURRENT ASSETS | |||||
| Property, plant, equipment and other equipment | 329.3 | 294.7 | 300.3 | 34.6 | 29.0 |
| Development costs | 33.1 | 25.3 | 28.0 | 7.9 | 5.2 |
| Goodwill and other undefined useful life assets | 32.4 | 15.5 | 16.9 | 16.9 | 15.5 |
| Other intangible assets | 10.4 | 6.5 | 8.5 | 3.9 | 1.8 |
| Investments accounted for using the equity method | 15.4 | 15.2 | 15.5 | 0.2 | (0.1) |
| Other financial assets (investments in other companies and derivatives) | 5.4 | 5.6 | 5.6 | (0.2) | (0.1) |
| Other non-current assets | 0.8 | 1.3 | 1.0 | (0.5) | (0.2) |
| Deferred tax assets | 13.1 | 7.2 | 7.9 | 5.9 | 5.2 |
| TOTAL NON-CURRENT ASSETS | 439.9 | 371.3 | 383.6 | 68.6 | 56.3 |
| 18.5% | 14.7% | ||||
| CURRENT ASSETS | |||||
| Inventories | 166.1 | 146.6 | 154.5 | 19.5 | 11.7 |
| Trade receivables and receivables from other Group companies | 196.9 | 182.6 | 210.2 | 14.2 | (13.4) |
| Other receivables and current assets | 36.0 | 32.1 | 23.7 | 3.9 | 12.3 |
| Financial current assets and derivatives | 0.8 | 0.5 | 0.8 | 0.3 | (0.0) |
| Cash and cash equivalents | 53.5 | 40.7 | 46.0 | 12.8 | 7.6 |
| TOTAL CURRENT ASSETS | 453.4 | 402.6 | 435.2 | 50.8 | 18.2 |
| 12.6% | 4.2% | ||||
| NON-CURRENT ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS | 6.8 | 0.4 | 0.0 | 6.4 | 6.8 |
| 1632.5% | 0.0% | ||||
| TOTAL ASSETS | 900.1 | 774.3 | 818.8 | 125.8 | 81.3 |
| EQUITY AND LIABILITIES | |||||
| GROUP EQUITY | |||||
| Share capital | 34.7 | 34.7 | 34.7 | 0.0 | 0.0 |
| Other reserves | 120.0 | 107.6 | 117.6 | 12.4 | 2.5 |
| Retained earnings | 85.9 | 72.9 | 85.9 | 13.0 | (0.0) |
| Profit / (loss) for the period | 62.4 | 42.9
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