Le Conseil d'Administration de BREMBO approuve les résultats financiers du 1er trimestre 2009
Vendredi 15 Mai 2009 à 10:25
Stezzano, le 14 mai 2009
Pour diffusion immédiate
Les marges restent positives malgré une chute des ventes.
Par rapport au 1er trimestre de l'année dernière (millions d'euros) :
- Chiffres d'affaires : 196,2 (-28,2 %);
- EBITDA : 17,3 (-56,8 %);
- Bénéfice net : -7,3 (-146,7 %);
- Dette nette : 345,6 (+2,4 % par rapport au 31 décembre 2008)
Des mesures de réduction de coûts ont été mises en place. Par rapport au premier trimestre 2008:
- Coûts d'exploitation et coûts de personnel réduits de 15 millions d'euros ;
- A données comparables, suppression de 676 emplois dans le monde (-12,2 %)
Matteo Tiraboschi nommé Directeur financier et Responsable Relations Investisseurs.
Q1 in summary:
(Euro million)
Q1 2009
Q1 2008
Var% 09/08
Revenues
196.2
273.2
-28.2%
EBITDA
17.3
40.0
- 56.8%
EBIT
0.3
25.7
- 98.7%
Pre-tax profit
(5.9)
22.0
- 127.0%
Net profit
(7.3)
15.5
- 146.7%
31.3.2009
31.12.2008
Net financial indebtedness
345.6
337.4
+2.4%
The Group results in the first quarter 2009
In the quarter under examination, passenger car registrations continued the downturn of the last months of 2008, resulting in a decline of approximately 17% in Europe and in even more significant drops in Japan and Nafta area. Projections for the coming months show signs of recovery, though weak. The production levels of most car makers are significantly below those of last year.
In this scenario, Brembo reported a sharp reduction in order book and revenues and, consequently, continues to adopt extraordinary measures with a view to align its production volumes to demand. The cost reduction measures implemented at the end of 2008 enabled the company to reduce other operating costs and personnel expenses by about E 15 million. The above mentioned actions will have their full impact in the coming months. In Italy, starting from March, Brembo extended the temporary leave scheme to all white-collar staff .
Revenues in the quarter amount to E 196.2 million, down 28.2% over the same period of previous year. Such amount includes E 14 million of the companies acquired in 2008 and of the Brazilian business acquired in January 2009. Like-for-like revenues would decrease 33.3%.
The downturn in sales affected all applications manufactured and sold by the Group; in particular applications for commercial vehicles, after a long positive trend, decline 46.3% and those for passenger cars decrease by 31.3%, with Aftermarket recording a lower decline than OE.
Motorcycle and competition applications are also impacted by the negative macroeconomic scenario, though to a smaller extent, and go down 14% and 10.2%, respectively. Passive safety applications grow due to the change in consolidation area.
Also in geographical terms the decline is widespread and concerns European countries, in particular UK (-41.8%), Germany (-37.1%), Italy (-27.6%) and France (-27.4%), Asia (-20.3%) and Nafta area (-19.3%). Brazil, though to a lower extent, declines by 4.8%.
During the quarter, the cost of goods sold and other operating costs amount to E 131.3 million, or 66.9% of sales, compared to E 180.2 million, or 66.0% of sales, for the same period in the previous year.
Personnel expenses amount to E 47.6 million (24.3% of sales), compared to E 53 million (19.4% of sales) of previous year. The incidence on sales increases due to the sharp decline in sales, which was only partially offset by cost cutting measures. The number of employees at the end of the period is 5,597. Like-for-like, Brembo personnel is down 676 employees compared to the first quarter of 2008 and is down 309 compared to 31 December 2008.
EBITDA in the quarter amount to E 17.3 million (8.8% of sales), down 56.8% compared to previous year. Depreciation and amortization of the quarter are E 16.9 million, up 18.7% over the same period last year, due to considerable investments in development costs and specific plant and machinery MADE in 2008.
EBIT amount to E 0.3 million, or 0.2% of sales.
Net financial charges, which amount to E 6.3 million (E 3.7 million last year), include an exchange rate loss of E 2.1 million (E 0.2 million in Q1 2008) and net financial charges of E 4.2 million (E 3.5 million for the same quarter of last year). The increase in this item may be attributed to the higher average level of indebtedness, only partially offset by the interest rate decline.
Estimated taxes for the quarter amount to E 1.7 million (E 6.7 million in Q1 2008) due to the provision of the Italian IRAP and to the recognition, on a prudential basis, of deferred tax assets.
Net loss for the quarter is E 7.3 million.
Net financial indebtedness at 31 March 2009 amounts to E 345.6 million, compared to E 337.4 million at 31 December 2008 and to E 280.6 million at 31 March 2008. During the quarter under examination the net financial position deteriorated slightly, due to a severe worsening of payment flows from some customers, partially offset by stock and investment reduction measures.
The BoD appoints new CFO and Investor Relator
The Board of Directors appointed Matteo Tiraboschi CFO, Investor Relator and Manager in charge of preparing financial reports. Matteo Tiraboschi is also member of the Board of Directors of Brembo SpA and Foreign Companies Director of Brembo Group.
Significant events after 31 March 2009
On April 2nd, Brembo and SGL Group announced that they were in an advanced stage of negotiations aimed at merging their respective activities in the field of carbon ceramic brakes for the automotive industry into a 50-50 joint venture. The agreement will combine the high levels of expertise of the two companies - SGL Group's carbon fiber materials know-how and Brembo's experience in high-end brake systems, also in carbon ceramic.
Carbon-ceramic brakes are expected to be used in an increasing number of vehicles in coming years, due to their light weight, longer lifetime, corrosion resistance and thermal stability compared to cast-iron brakes. The execution of the deal is expected by May 2009.
Brembo's General Shareholders' Meeting held on April 24th voted, among other, on:
- Approval of the 2008 financial statements of Brembo SpA (and looked over the Group Consolidated Annual Report, that reported revenues of E 1,060.8 million and a net profit of E 37.5 million);
- payment of a dividend in the amount of E 0.225 per outstanding share, not including own shares.
Foreseeable evolution
The uncertainty of the current international macroeconomic scenario, and in particular of the automotive sector, projects a demand level for the second quarter in line with the first quarter of 2009. Should the automotive market trend show a slight upturn during the second half of the year, as generally expected, the cost reduction measures should allow the Group to safeguard its profitability.
The Manager in charge of preparing the Company's financial reports, Corrado Orsi, declares pursuant to paragraph 2 of Article 154-bis of the Consolidated Finance Law that the accounting information contained in this press release agrees with the underlying accounting documentation, entries and 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 :
Media Relations:
Matteo Tiraboschi
Tel. +39 035 605 2884
Gianfranco De Marchi
Roberto Vavassori
Tel. +39 035 605 2223
Francesca Muratori
Mobile +39 035 605 2277
e-mail :
ir@brembo.it
e-mail :
press@brembo.it
www.brembo.com
CONSOLIDATED INCOME STATEMENT - IFRS
A
B
(A-B)
(euro million)
31.03.2009
31.03.2008 (*)
CHANGE
%
Sales of good and services
196.2
273.2
(77.0)
-28.2%
Other revenues and income
3.4
2.4
1.1
44.4%
Costs for capitalised internal works
2.9
2.5
0.4
16.7%
Raw materials, consumables and goods
(95.3)
(133.1)
37.9
-28.4%
Other operating costs
(42.4)
(52.0)
9.6
-18.4%
Personnel expenses
(47.6)
(53.0)
5.3
-10.1%
GROSS OPERATING INCOME
17.3
40.0
(22.7)
-56.8%
% of sales
8.8%
14.6%
Depreciation, amortization and impairment losses
(16.9)
(14.3)
(2.7)
18.7%
NET OPERATING INCOME
0.3
25.7
(25.4)
-98.7%
% of sales
0.2%
9.4%
Net interest income (expense)
(6.3)
(3.7)
(2.5)
67.5%
Interest income (expense) from investments
(0.0)
(0.0)
0.0
-96.6%
INCOME (LOSS) BEFORE TAXES
(5.9)
22.0
(27.9)
-127.0%
% of sales
-3.0%
8.0%
Taxes
(1.7)
(6.7)
5.0
-74.5%
INCOME (LOSS) BEFORE MINORITY INTERESTS
(7.6)
15.2
(22.9)
-150.1%
% of sales
-3.9%
5.6%
Minority interests
0.4
0.3
0.1
31.0%
GROUP NET RESULT FOR THE PERIOD
(7.3)
15.5
(22.8)
-146.7%
% of sales
-3.7%
5.7%
Basic/diluted earnings per share (in euro)
(0.11)
0.23
(*) Revised data following the purchase price allocation process relating to a business combination
CONSOLIDATED BALANCE SHEET - IFRS
A
B
C
A-B
A-C
(euro million)
31.03.2009
31.12.2008
31.03.2008 (*)
CHANGE
CHANGE
ASSETS
NON-CURRENT ASSETS
Property, plant, equipment and other equipment
344.9
354.2
335.0
(9.3)
9.9
Development costs
42.2
40.7
35.8
1.6
6.4
Goodwill and other undefined useful life assets
44.2
43.3
36.0
0.9
8.2
Other intangible assets
23.2
24.5
14.3
(1.3)
8.9
Shareholdings valued using the equity method
0.8
0.8
14.8
(0.0)
(14.0)
Other financial assets (investments in other companies and derivatives)
0.3
0.3
2.5
0.0
(2.2)
Receivables and non-current assets
0.3
0.4
0.7
(0.2)
(0.4)
Deferred tax assets
14.0
14.6
14.6
(0.6)
(0.6)
TOTAL NON-CURRENT ASSETS
469.9
478.7
453.7
(8.8)
16.2
(1.8%)
3.6%
CURRENT ASSETS
Inventories
185.6
197.6
181.1
(11.9)
4.5
Trade receivables
172.2
189.1
228.8
(16.9)
(56.6)
Other receivables and current assets
46.0
44.3
34.3
1.7
11.7
Financial current assets and derivatives
0.1
0.1
0.7
0.1
(0.6)
Cash and cash equivalents
46.5
45.6
59.9
0.9
(13.4)
TOTAL CURRENT ASSETS
450.5
476.6
504.9
(26.1)
(54.4)
(5.5%)
(10.8%)
NON-CURRENT ASSETS HELD FOR SALE AND/OR DISPOSAL GROUPS AND/OR
0.0
0.0
8.5
0.0
(8.5)
0.0%
(100.0%)
TOTAL ASSETS
920.4
955.3
967.1
(34.9)
(46.7)
EQUITY AND LIABILITIES
GROUP EQUITY
Share capital
34.7
34.7
34.7
0.0
0.0
Other reserves
88.7
97.2
117.0
(8.5)
(28.4)
Retained earnings/ (losses)
146.6
109.5
138.8
37.1
7.8
Profit / (loss) for the period
(7.3)
37.5
15.5
(44.8)
(22.8)
TOTAL GROUP EQUITY
262.7
278.9
306.0
(16.2)
(43.4)
(5.8%)
(14.2%)
MINORITY INTERESTS
11.9
12.1
12.3
(0.1)
(0.3)
(1.1%)
(2.7%)
TOTAL EQUITY
274.6
291.0
318.3
(16.4)
(43.7)
NON-CURRENT LIABILITIES
Non-current payables to banks
121.8
107.7
35.8
14.1
85.9
Other non-current financial payables and derivatives
85.4
86.3
92.6
(0.8)
(7.2)
Other non-current liabilities
1.2
1.1
4.4
0.0
(3.2)
Provisions
3.9
5.0
3.1
(1.1)
0.8
Provisions for employee benefits
22.7
22.8
23.3
(0.1)
(0.5)
Deferred tax liabilities
14.8
16.7
21.1
(1.9)
(6.3)
TOTAL NON-CURRENT LIABILITIES
249.8
239.7
180.3
10.2
69.5
4.2%
38.6%
CURRENT LIABILITIES
Current payables to banks
176.6
180.5
206.6
(3.9)
(30.0)
Other current financial payables and derivatives
8.4
8.6
6.5
(0.2)
1.9
Trade payables
148.4
178.9
196.9
(30.5)
(48.5)
Tax payables
5.5
3.8
3.9
1.8
1.6
Other current payables
57.0
52.8
54.5
4.2
2.5
TOTAL CURRENT LIABILITIES
395.9
424.7
468.5
(28.7)
(72.5)
(6.8%)
(15.5%)
TOTAL EQUITY AND LIABILITIES
920.4
955.3
967.1
(34.9)
(46.7)
(*) Revised data following the purchase price allocation process relating to a business combination
GROSS SALES BREAKDOWN BY GEOGRAPHICAL AREA AND APPLICATION
