Le Conseil d'Administration approuve les résultats préliminaires 2008 | Bourse Reflex
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Le Conseil d'Administration approuve les résultats préliminaires 2008

Vendredi 13 Fév 2009 à 18:22

Stezzano, le 13 février 2009

Pour diffusion immédiate

Par rapport à l'année précédente :

- Chiffre d'affaires +16,3 %

- EBITDA +3,8 %

- Bénéfice net -35,2 %

(Euro million)  
Results at 31.12.08  
Results at 31.12.07  
Var % 08/07  
Revenues  1,060.9  911.9  + 16.3%  
EBITDA  142.1  136.9  + 3.8%  
EBIT  78.1  88.6  - 11.9%  
Pre-tax profit  52.7  76.5  - 31.0%  
Net profit  39.4  60.8  - 35.2%  
Net financial indebtedness  339.1  235.9  + 43.8%  

Quatrième trimestre 2008 :

- Chiffre d'affaires -3,4 %

- EBITDA -27,2 %

- Bénéfice net -117,5 %

(Euro million)  
Q4 2008  
Q4 2007  
Var % 08/07  
Revenues  230.9  239.0  - 3.4%  
EBITDA  27.4  37.7  - 27.2%  
EBIT  8.1  23.2  - 65.1%  
Pre-tax profit  -4.3  18.1  - 124.0%  
Net profit (loss)  -3.7  21.4  - 117.5%  

En 2009, les actions extraordinaires de réduction de coûts se poursuivront, en particulier en Europe et dans la zone ALENA, d'un montant d'environ 30 à 40 millions d'euros.

Résultats du quatrième trimestre 2008

Au cours du trimestre, la crise financière mondiale a directement affecté les segments de marché de Brembo, entraînant une diminution significative de la demande d'applications pour les véhicules légers et les véhicules commerciaux. La plupart des fabricants automobiles ont réduit leur production au quatrième trimestre et ont allongé la période de fermeture à l'occasion des fêtes de fin d'année.

Brembo reacted to the market slowdown by adopting extraordinary measures with a view to align its production levels to demand; workforce has been reduced in most plants in Italy and in the Group subsidiaries. Furthermore, in Italy Brembo resorted to temporary layoff schemes for the factory workers.

Brembo also implemented measures to control costs and working capital and curtailed or postponed some investment plans in order to limit the impact of the slowdown on margins and financial position.

In the above described scenario, revenues of fourth quarter amount to E230.9 million, down 3.4% over previous year. Such amount includes E22.7 million of the recently acquired companies. Like-for-like the quarter revenues are down 12.9%.

In particular, sales of applications for commercial vehicles sharply declined (-24.9%) after a long positive cycle and passenger car segment closed the quarter down 4.6%.

Racing applications sales recorded a sound growth (+26.8%), in spite of the market uncertainty, and motorcycles sales were flat, confirming the trend started during Q3.

From a geographic point of view, the main drivers of sales slowdown were Brazil (-34.5%) and the European countries, in particular United Kingdom (-28%); Nafta and Asia continued to grow thanks to the contribution of the recent acquisitions.

During the quarter, the cost of sales and other net operating costs amount to E153.7 million, with a ratio of 66.6% to sales, compared to 63.3% for the same period in the previous year. Development costs capitalized as intangible assets amount to E2.9 million (E6.7 million in 2007 forth quarter).

The personnel expenses amount to E49.8 million with and incidence on revenues of 21.6%, up compared to the same period of the previous year (20.9%) due to the volume slowdown.

The number of employees at 31 December 2008 was 5,847 (5,304 at 31 December 2007). Life-for-like, Brembo personnel is down 205 employees.

EBITDA of 2008 fourth quarter amounts to E27.4 million (11.9% of revenues), compared to E37.7 million of previous year (15.8% of revenues).

Depreciation and amortization of the quarter are E19.3 million (E14.5 million in 2007); the increase is due to the high level of investments MADE by the Group in recent years and to the write off of some development projects which have been canceled.

EBIT is E8.1 million compared to E23.2 million in Q4 2007.

Net financial charges in the quarter are E12.4 million compared to E2.6 million of previous year. The increase is mostly due to negative exchange rate differences amounting to E6.8 million, while in Q4 2007 were positive for E0.9 million. Financial charges were E5.6 million (E3.5 million in 2007). The increase is due to the higher level of net financial indebtedness.

Pre-tax income is negative (-E4.3 million) and estimated tax charges are positive for an amount of E0.5 million. The quarter records a net loss of E3.7 million.

Investments made in the quarter amount to E20.2 million, E13.5 million of which are equipment and machinery and E6.7 million intangible assets.

Net financial indebtedness reaches E339.1 million up compared to E235.9 million at 31 December 2007, but down compared to E359.3 at 30 September 2008.

Preliminary results of the period ended 31 December 2008

In the period closed at 31 December 2008 revenues grew by 16.3% to E1,060.9 million. Such an amount includes E99.8 million connected with the recent acquisitions made in China, India, Italy, Spain and USA. Like-for-like revenues growth would be 5.4%.

EBITDA amounts to E142.1 million, or 13.4% of revenues, up 3.8% over previous year.

Amortization and depreciation are E64 million, up 32.5% due to the acquisitions and the already mentioned capex increase of the last quarters.

EBIT amounts to E78.1 million, down 11.9% over previous year.

Net profit of the period is E39.4 million, down 35.2% compared to 2007 profit that benefited from positive non-recurring items.

Significant events of the quarter

On 27 October 2008 Brembo signed an agreement with Bosch Chassis Systems India Ltd. for the acquisition of 50% of KBX motorbike Products Private Ltd (KBX), based in Pune (India), previously a 50-50 joint-venture. The agreed upon price was E10.7 million. The acquisition was executed in November, after completing the mandatory legal fulfilments required by the Indian Law.

On 18 December 2008 Brembo Shareholders resolved to appoint Mr. Mauro Pessi, coopted by the Board of Directors on 6 June 2008, Director and to renew the buyback plan.

Significant events after the close of the quarter

On 9 January 2009 Brembo purchased, through Brembo do Brasil Ltda., a fully owned subsidiary, from the Brazilian Company Sawem Industrial Ltda., assets and business relating to the production and sale of flywheels for the automotive industry. The amount of the transaction was approximately R$8.2 million (about E2.8 million) debt free.

The 2008 turnover of the purchased business is of R$15 million (about E5 million).

On 20 January 2009 Brembo celebrated the official opening of KBX new plant in India. The facility will manufacture disc braking systems for scooters and motorcycles between 125 and 250 cc for the Indian market. The plant is in the city of Pune, about 160 km south of Mumbai, the capital of India's automotive sector.

During the month of January the Mexican subsidiary Brembo Rassini S.A. de C.V. started a restructuring plan of its Puebla plant which implies about 160 job cuts.

Foreseeable evolution

During the month of January, passenger car sales were as sluggish as the previous months recording a decline of about 25% compared to the previous year and the coming months forecasts are not showing any signs of recovery.

Consequently production levels of most car makers are significantly below last year.

In this scenario, Brembo order book is weak and the company will continue to adopt all the extraordinary measures needed to align production to demand.

Brembo will also continue with all actions implemented during the fourth quarter of 2008 to reduce costs, inventory and investments and to ensure customers honor payment terms.

Furthermore, Brembo will extend the temporary layoff schemes to all headquarters employees in Italy, starting from next March.

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:

Investor Relations :

Orsi Corrado Tel. +39 035 605 2884

Vavassori Roberto Tel. +39 035 605 2223

e-mail : ir@brembo.it

Internet website: www.brembo.com

Media Relations:

De Marchi Gianfranco Tel. +39 035 605 2576

Francesca Muratori Tel. +39 329 300 7882

e-mail : press@brembo.it

CONSOLIDATED INCOME STATEMENT - IFRS

 
A  
B  
(A-B)  
 
C  
D  
(C-D)  
 
(in million of euro)  31.12.2008  31.12.2007  CHANGE  %  Q4 '08  Q4 '07  CHANGE  %  
Sales of good and services  1,060.9  911.9  149.0  16.3%  230.9  239.0  (8.1)  -3.4%  
Other revenues and income  18.9  12.7  6.1  48.2%  4.8  4.8  (0.0)  -0.1%  
Costs for capitalised internal works  13.7  12.5  1.2  9.8%  2.9  6.7  (3.9)  -57.6%  
Cost of raw materials, consumables, goods and change in inventories  (530.6)  (449.9)  (80.7)  17.9%  (110.2)  (115.5)  5.3  -4.6%  
Other operating costs for production  (210.0)  (177.5)  (32.5)  18.3%  (51.1)  (47.4)  (3.7)  7.8%  
Personnel expenses  (210.8)  (172.8)  (38.0)  22.0%  (49.8)  (50.0)  0.2  -0.4%  
GROSS OPERATING INCOME  142.1  136.9  5.2  3.8%  27.4  37.7  (10.2)  -27.2%  
% of sales  13.4%  15.0%      11.9%  15.8%      
Depreciation, amortization and other write-downs  (64.0)  (48.3)  (15.7)  32.5%  (19.3)  (14.5)  (4.8)  33.1%  
NET OPERATING INCOME  78.1  88.6  (10.5)  -11.9%  8.1  23.2  (15.1)  -65.0%  
% of sales  7.4%  9.7%      3.5%  9.7%      
Net financial income (charges)  (23.9)  (9.9)  (14.0)  141.0%  (12.4)  (2.6)  (9.8)  380.6%  
Net financial income (charges) from investments  (1.5)  (2.2)  0.8  -34.8%  (0.0)  (2.5)  2.5  -99.4%  
INCOME (LOSS) BEFORE TAXES  52.7  76.5  (23.7)  -31.0%  (4.3)  18.1  (22.4)  -124.0%  
% of sales  5.0%  8.4%      -1.9%  7.6%      
Taxes  (14.5)  (14.9)  0.4  -2.8%  0.5  3.5  (3.0)  -87.0%  
INCOME (LOSS) BEFORE MINORITY INTERESTS  38.3  61.6  (23.3)  -37.9%  (3.9)  21.6  (25.5)  -118.0%  
% of sales  3.6%  6.8%      -1.7%  9.0%      
Minority interests  1.1  (0.8)  1.9  -230.5%  0.1  (0.2)  0.3  -180.3%  
NET INCOME (LOSS) FOR THE PERIOD  39.4  60.8  (21.4)  -35.2%  (3.7)  21.4  (25.2)  -117.5%  
% of sales  3.7%  6.7%      -1.6%  9.0%      
                 
Basic earning per Share/diluted earnings per share (in euro)  0.59  0.91      (0.06)  0.32      

CONSOLIDATED BALANCE SHEET - IFRS

 
A  
B  
C  
A-B  
A-C  
(in million of euro)  31.12.2008  31.12.2007  30.09.2008  VARIAZ.  VARIAZ.  
ASSETS            
NON-CURRENT ASSETS            
Property, plant, equipment and other equipment  354.5  327.3  372.6  27.2  (18.1)  
Development costs  40.5  33.1  41.0  7.5  (0.4)  
Goodwill and other undefined useful life assets  45.5  28.5  43.7  17.0  1.8  
Other intangible assets  24.4  13.0  15.3  11.4  9.1  
Investments accounted for using the equity method  0.8  15.4  6.9  (14.5)  (6.1)  
Other financial assets (investments in other companies and derivatives)  0.5  2.9  0.9  (2.5)  (0.4)  
Other non-current assets  0.4  0.7  0.5  (0.3)  (0.0)  
Deferred tax assets  13.0  14.3  15.2  (1.4)  (2.2)  
TOTAL NON-CURRENT ASSETS  479.6  435.2  495.9  44.4  (16.4)  
       10.2%  (3.3%)  
CURRENT ASSETS            
Inventories  197.5  166.1  211.8  31.5  (14.3)  
Trade receivables and receivables from other Group companies  187.2  196.6  247.2  (9.4)  (60.0)  
Other receivables and current assets  47.6  37.5  39.8  10.1  7.8  
Financial current assets and derivatives  0.2  0.8  1.0  (0.6)  (0.8)  
Cash and cash equivalents  45.6  53.5  40.9  (7.9)  4.8  
TOTAL CURRENT ASSETS  478.1  454.5  540.6  23.6  (62.5)  
       5.2%  (11.6%)  
NON-CURRENT ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS  0.0  8.5  0.0  (8.5)  0.0  
       (100.0%)  0.0%  
TOTAL ASSETS  957.7  898.2  1,036.6  59.5  (78.9)  
EQUITY AND LIABILITIES            
GROUP EQUITY            
Share capital  34.7  34.7  34.7  0.0  0.0  
Other reserves  97.2  120.0  129.6  (22.8)  (32.5)  
Retained earnings  112.5  85.9  110.6  26.6  1.9  
Profit / (loss) for the period  39.4  60.8  43.1  (21.4)  (3.7)  
TOTAL GROUP EQUITY  283.8  301.4  318.1  (17.6)  (34.3)  
       (5.9%)  (10.8%)  
MINORITY INTERESTS  12.3  12.6  14.4  (0.3)  (2.2)  
       (2.6%)  (15.0%)  
TOTAL EQUITY  296.0  314.0  332.5  (18.0)  (36.5)  
           
NON-CURRENT LIABILITIES            
Non-current payables to banks  107.7  38.5  72.1  69.2  35.5  
Other non-current financial payables  87.7  84.8  90.4  2.9  (2.7)  
Other non-current payables  0.2  8.3  0.4  (8.1)  (0.2)  
Provisions for contingencies and charges  5.0  3.1  4.5  1.9  0.6  
Long term provisions for employee benefits  22.8  23.6  23.6  (0.8)  (0.8)  
Deferred tax liabilities  15.1  22.7  16.0  (7.6)  (1.0)  
TOTAL NON-CURRENT LIABILITIES  238.5  180.9  207.0  57.5  31.5  
       31.8%  15.2%  
CURRENT LIABILITIES            
Current payables to banks  180.7  161.0  232.2  19.7  (51.5)  
Other current financial payables  8.6  6.7  6.7  2.0  1.9  
Trade payables and payables to other Group companies  176.5  186.1  192.3  (9.6)  (15.8)  
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