Le conseil d'administration de Brembo approuve le projet de rapport annuel 2008 : Chiffre d'affaires +16,3 % - EBITDA +2,9 % - Bénéfice net -38,3 % | Bourse Reflex
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Le conseil d'administration de Brembo approuve le projet de rapport annuel 2008 : Chiffre d'affaires +16,3 % - EBITDA +2,9 % - Bénéfice net -38,3 %

Jeudi 19 Mar 2009 à 18:00

COMMUNIQUE DE PRESSE

Le conseil d'administration de Brembo approuve le projet de rapport annuel 2008 :

- Chiffre d'affaires +16,3 %

- EBITDA +2,9 %

- Bénéfice net -38,3 %

Proposition de dividende de 0,225 euro par action (-19,6 %).

- Résultats au 31.12.2008 :

E Million  
31.12.08  
31.12.07  
Var % 08/07  
Revenues   1,060.8   911.9   +16.3%  
EBITDA   140.9   136.9   +2.9%  
EBIT   74.8   88.6   ­15.6%  
Pre-­tax profit   53.6   76.5   ­ 29.9%  
Net profit   37.5   60.8   ­38.3%  
Net financial indebtedness   337.4   235.9   +43.1%  

- Les actionnaires sont conviés le 24 avril 2008 pour approuver le rapport annuel 2008.

- Réunion du conseil d'administration pour les résultats du S1 repoussée au 27 août.

Le conseil d'administration de Brembo s'est réuni aujourd'hui et a approuvé le projet de rapport annuel 2008.

Consolidated Group results

Financial year 2008 showed diametrically different trends in the first and second half. H1 recorded a strong top line growth (+24.4%), thanks to a 14% organic growth combined with the consolidation of the recently acquired companies. During the second half of 2008, in particular in Q4, the global financial crisis affected Brembo market segments causing a sizeable decline of passenger cars and commercial vehicles demand. However sales growth during H2 was positive (+8.3%) but organic growth was negative (-3.1%)

Furthermore, during H1 ferrous materials and energy costs showed highly inflationary trends which were completely reversed during H2. Exchange rates of all major currencies vs. Euro were also extremely volatile throughout the year.

Brembo reacted to the market slowdown emerged late in September by implementing extraordinary measures to control costs and working capital and curtailed or postponed some investment plans in order to limit the impact of the negative business cycle on margins and financial position.

In the above scenario, consolidated revenues of the Group amount to E1,060.8 million, up 16.3% over previous year.

Revenue growth was driven by the recent acquisitions in United States, China, India and Italy. Like-for-like the revenue growth would be 5.5%.

Commercial vehicle and passenger cars applications were respectively up 8.3% and 15.9%, thanks to an excellent performance in H1, partly compensated by the slowdown in H2.

Racing applications sales grew by 9.1% and, in spite of the weak market situation, recorded a sound growth also in H2, confirming Brembo technical and market leadership in the most prestigious car and motorcycle championships.

Motorcycle segment recorded a 12.6% growth, with a positive H1 and flat sales in H2.

From a geographic standpoint, growth was mainly concentrated in Nafta countries (+64.1%), also thanks to the recent acquisitions.

Germany and Italy are the main Group markets with a combined 45.8% share of Brembo revenues.

During 2008 cost of goods sold and other operating costs amount to E709 million (66.8% of sales compared to 66% of previous year).

Personnel expenses amount to E210.8 million, or 19.9% of sales, up from 18.9% of previous year. It is worth underlining that 2007 benefited from non recurring positive effects due to law changes in Italy, while 2008 was impacted by some one-off restructuring costs.

The headcount at year-end amounts to 5,847 people (5,304 in 2007). Like for like the Group headcount is down 205 employees.

EBITDA is E140.9 million, up 2.9%, with a 13.3% ratio to sales (15% in 2007).

Amortization and depreciation are E66.2 million, up 36.9% over previous year due to the increasing investments MADE by the Group in recent years, a partial goodwill write off based on the IAS 36 impairment tests and the cancellation and subsequent write off of some development projects.

EBIT is E74.8 million, compared to E88.6 million in 2007.

Net financial charges are E19.4 million, compared to E9.9 million of 2007. The increase is due to negative exchange rate differences amounting to E6.3 million (in 2007 exchange rate differences were positive by E1.2 million) and financial charges of E17.2 million (E11.1 million in 2007) due to a higher average debt, partly compensated by the reduction of value of some put options held by third parties towards Brembo (E4.1 million).

Taxes for the year amount to E17.4 million; tax rate is 32.4%, considerably higher than 2007 rate (19.5%) which benefited from positive non-recurring items connected with deferred tax assets of the Italian and Polish subsidiaries.

The estimated taxes are higher compared to the data reported on 13 February, due a different accounting treatment, based on the IAS/IFRS framework, which affected the total tax charges

Net profit for the year ended 31 December 2008 is E37.5 million, down 38.3% over previous year.

Net financial indebtedness at 31.12.2008 amount to E337.4 million (E235.9 million at 31.12.2007).

Brembo S.p.A. results

The parent Company Brembo S.p.A. posted E645.1 million sales, up 7% over previous year. Net profit amounts to E16.7 million (E28.2 million in 2007).

The following allocation of net profit will be submitted to the AGM:

- To the Shareholders a gross dividend of E 0.225 for each ordinary share (excluding treasury shares) in circulation at the date of coupon detachment;

- the remaining to riserve.

The dividend should be paid starting from 7 May 2009, with dividend coupon no. 17.

Annual General Meeting

The Shareholders are convened to the Ordinary General Meeting to be held at Stezzano offices (Bergamo, Italy) on 24 April 2009 at 11:00, to resolve on the following: 2008 Annual Report approval, modification of the Board of Directors total compensation, integration of the audit assignment and compensation to PricewaterhouseCoopers and ratification of the 2009 Rewarding plan.

Significant events after the close of the year

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.

Starting from March 1st, Brembo extended the temporary leave schemes to all headquarters employees in Italy.

Foreseeable evolution

During the months of January and February, passenger car sales were as sluggish as the previous months recording a decline of about 22% 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 to reduce costs, inventory and investments and to ensure customers honor payment terms.

Here attached you will find the consolidated Balance Sheet, Income Statement and cash-flow statement, currently under examination by the Independent Audit Company.

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.

For further information:

Investor Relations :  
 
Media Relations:  
 
       
Orsi Corrado   Tel. +39 035 605 2884   De Marchi Gianfranco   Tel. +39 035 605 2576  
Vavassori Roberto   Tel. +39 035 605 2223   Muratori Francesca   Tel. +39 035 6052277  
e-mail :   ir@brembo.it   e-mail :   press@brembo.it  
       
Sito Internet: www.brembo.com        

CONSOLIDATED INCOME STATEMENT - IFRS

 
A  
B  
(A-B)  
 
(euro million)   31.12.2008   31.12.2007   CHANGE   %  
Sales of good and services   1,060.8   911.9   148.9   16.3%  
Other revenues and income   19.2   12.7   6.4   50.6%  
Costs for capitalised internal works   13.7   12.5   1.2   9.9%  
Cost of raw materials, consumables, goods and change in inventories   (532.1)   (449.9)   (82.2)   18.3%  
Other operating costs for production   (209.9)   (177.5)   (32.3)   18.2%  
Personnel expenses   (210.8)   (172.8)   (38.0)   22.0%  
GROSS OPERATING INCOME   140.9   136.9   4.0   2.9%  
% of sales   13.3%   15.0%      
Depreciation, amortization and other write-downs   (66.2)   (48.3)   (17.8)   36.9%  
NET OPERATING INCOME   74.8   88.6   (13.8)   -15.6%  
% of sales   7.1%   9.7%      
Net financial income (charges)   (19.4)   (9.9)   (9.5)   96.0%  
Net financial income (charges) from investments   (1.7)   (2.2)   0.5   -22.3%  
INCOME (LOSS) BEFORE TAXES   53.6   76.5   (22.9)   -29.9%  
% of sales   5.1%   8.4%      
Taxes   (17.4)   (14.9)   (2.5)   16.8%  
INCOME (LOSS) BEFORE MINORITY INTERESTS   36.2   61.6   (25.4)   -41.2%  
% of sales   3.4%   6.8%      
Minority interests   1.3   (0.8)   2.1   -253.7%  
NET INCOME (LOSS) FOR THE PERIOD   37.5   60.8   (23.3)   -38.3%  
% of sales   3.5%   6.7%      
         
Basic earning per Share/diluted earnings per share (in euro)   0.57   0.91      

CONSOLIDATED BALANCE SHEET - IFRS

 
A  
B  
C  
A-B  
A-C  
(euro million)   31.12.2008   31.12.2007   30.09.2008   CHANGE   CHANGE  
ASSETS            
NON-CURRENT ASSETS            
Property, plant, equipment and other equipment   354.2   327.3   372.6   26.9   (18.4)  
Development costs   40.7   33.1   41.0   7.6   (0.3)  
Goodwill and other undefined useful life assets   43.3   28.5   43.7   14.8   (0.4)  
Other intangible assets   24.5   13.0   15.3   11.5   9.2  
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)   0.3   2.9   0.9   (2.6)   (0.6)  
Other non-current assets   0.4   0.7   0.5   (0.3)   (0.0)  
Deferred tax assets   14.6   14.3   15.2   0.2   (0.6)  
TOTAL NON-CURRENT ASSETS   478.7   435.2   495.9   43.5   (17.2)  
        10.0%   (3.5%)  
CURRENT ASSETS            
Inventories   197.6   166.1   211.8   31.5   (14.2)  
Trade receivables and receivables from other Group companies   189.1   196.6   247.2   (7.5)   (58.1)  
Other receivables and current assets   44.3   37.5   39.8   6.7   4.5  
Financial current assets and derivatives   0.1   0.8   1.0   (0.7)   (0.9)  
Cash and cash equivalents   45.6   53.5   40.9   (7.9)   4.7  
TOTAL CURRENT ASSETS   476.6   454.5   540.6   22.1   (64.0)  
        4.9%   (11.8%)  
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   955.3   898.2   1,036.6   57.2   (81.2)  
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   109.5   85.9   110.6   23.6   (1.1)  
Profit / (loss) for the period   37.5   60.8   43.1   (23.3)   (5.6)  
TOTAL GROUP EQUITY   278.9   301.4   318.1   (22.5)   (39.1)  
        (7.5%)   (12.3%)  
MINORITY INTERESTS   12.1   12.6   14.4   (0.5)   (2.4)  
        (4.1%)   (16.3%)  
TOTAL EQUITY   291.0   314.0   332.5   (23.0)   (41.5)  
           
NON-CURRENT LIABILITIES            
Non-current payables to banks   107.7   38.5   72.1   69.2   35.5  
Other non-current financial payables   86.3   84.8   90.4   1.5   (4.1)  
Other non-current payables   1.1   8.3   0.4   (7.2)   0.8  
Provisions for contingencies and charges   5.0   3.1   4.5   1.9   0.5  
Long term provisions for employee benefits   22.8   23.6   23.6   (0.7)   (0.7)  
Deferred tax liabilities   16.7   22.7   16.0   (5.9)   0.7  
TOTAL NON-CURRENT LIABILITIES   239.7   180.9   207.0   58.7   32.7  
        32.5%   15.8%  
CURRENT LIABILITIES            
Current payables to banks   180.5   161.0   232.2   19.5   (51.7)  
Other current financial payables   8.6   6.7   6.7   2.0   1.9  
Trade payables and payables to other Group companies   178.9   186.1   192.3   (7.2)   (13.4)  
Tax payables   3.8   2.4   5.9   1.3   (2.2)  
Other current payables   52.8   47.0   60.0   5.9   (7.2)  
TOTAL CURRENT LIABILITIES   424.7   403.2   497.1   21.4   (72.5)  
        5.3%   (14.6%)  
TOTAL EQUITY AND LIABILITIES   955.3   898.2   1,036.6   57.2   (81.2)  

CASH-FLOW STATEMENT - IFRS

(euro million)  
31.12.2008  
31.12.2007  
Cash and cash equivalent at beginning of period   (95.3)   (71.8)  
     
Net income for the period before taxes   53.6   76.5  
Depreciation, amortisation/Write-downs   66.2   48.3  
Gains/Losses from disposal of fixed assets   (3.0)   (2.2)  
Write-ups/Write-downs of shareholdings and other write-ups   1.8   2.3  
Financial portion of funds relating to payables for personnel   0.7   0.6  
Long-term provisions for employee benefits   1.1   (2.6)  
Other provisions net of utilisations   6.6   1.4  
Net working capital generated by operations   126.9   124.3  
Paid current taxes   (12.0)   (31.3)  
Uses to long-term provisions for employee benefits   (2.9)   (3.1)  
(Increase) reduction in current assets:      
inventories   (20.1)   (19.0)  
financial assets   (11.4)   0.0  
trade receivables  
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