Le Conseil d'Administration de Brembo a approuvé le projet de Bilan pour l'exercice 2009. | Bourse Reflex
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Le Conseil d'Administration de Brembo a approuvé le projet de Bilan pour l'exercice 2009.

Lundi 15 Mar 2010 à 17:59

Communiqué de Presse

Stezzano, le 15 mars 2010

Pour diffusion immédiate

Le Conseil d'Administration de Brembo a approuvé le projet de Bilan pour l'exercice 2009.

- Le chiffre d'affaires atteint 825,9 millions d'euros (soit une baisse de 22,1 %) ;

- L'EBITDA est de 101,2 millions d'euros (12,3 % des ventes) ; au net des postes exceptionnels 108,4 millions d'euros (13,1 % des ventes) ;

- L'EBIT est de 22,6millions d'euros (2,7 % des ventes) ; au net des postes exceptionnels 39,4 millions d'euros ou 4,8 % des ventes ;

- Bénéfice net de 10,5 millions d'euros.

- Dette financière en baisse de 82,4 milions d'euros (- 24,4 %).

- Proposition de distribution de dividendes de 0,225 euro par action.

- On s'attend à une augmentation des parts de marché en 2010, grâce à la politique d'internationalisation progressive mise en place par le Groupe.

Résultats pour l'excercice clôturé au 31 décembre 2009 :

(E million)  
31/12/2009  
%  
31/12/2008  
%  
Var % 09/08  
   on sales    on sales    
           
Revenues  825.9    1,060.8    -22.1%  
EBITDA  101.2  12.3%  140.9  13.3%  -28.2%  
Adjusted EBITDA  108.4  13.1%        
EBIT  22.6  2.7%  74.8  7.0%  -69.7%  
Adjusted EBIT  39.4  4.8%        
Pretax profit  10.7  1.3%  53.6  5.1%  -80.1%  
Net income  10.5  1.3%  37.5  3.5%  -71.9%  
Net financial debt  255.0    337.4    -24.4%  

Results for the fourth quarter of 2009, summarised:

(E million)  
Q4 2009  
Q4 2008  
Var % 09/08  
Revenues  211.6  230.8  -8.3%  
EBITDA  25.7  26.3  -2.0%  
EBIT  5.6  5.1  +9.4%  
Pretax result  5.0  (3.1)  -258.8%  
Net income  7.2  (5.3)  -237.1%  

* *** *

Group's Consolidated 2009 Results

Brembo Group closed the difficult 2009 financial year with consolidated net revenues of E825.9 million, down by 22,1% compared to 2008.

On a like-for-like basis in terms of consolidation area (therefore excluding the effect of the acquisitions of Sabelt, the Chinese Brembo Nanjing, the Indian Brembo Brake India and the Brazilian business line Sawem) net sales decreased by 25%.

A breakdown of sales by application shows that all the segments in which the Group operates have been affected by the severe crisis that hit the world economy and especially the automotive industry. Applications for commercial vehicles decreased by 37.2%, the racing segment by 22.9%, the motorbike segment by 19.5% and car segment by 18.5%. The passive safety segment grew by 5.3% in 2009, thanks to the change in consolidation area.

Breaking down performance by geographical area, growth in Asia (with India growing by E18.5 million), which benefited both from the change in consolidation area and a positive market trend, marked a sharp contrast to the trend in the rest of the world; China grew by 87.5% to E22,5 million.

Brazil also continued to grow, closing the year at E53.3 million, up 22.9% compared to 2008.

The traditional main markets of operation of the car industry inevitably bore the impact of the global severe economic crisis: Italy -32.4%, Germany -29.2%, France -28.1%, UK -29.1%, Japan -54.6%, Nafta -12.1%, although during the fourth quarter of the year the latter showed the first signs of recovery.

In financial year 2009, the cost of sales and other operating costs amounted to E539.6 million, representing 65.3% of sales, compared to 66.8% for the same period in the previous year.

Personnel expenses for 2009 amounted to E185.1 million, with a ratio of 22.4% to sales, increasing 19.9% compared to the previous year, due to several non-recurring expenses incurred for reorganisation initiatives and the natural increasing trend in labour costs.

The workforce numbered 5,417 at 31 December 2009 (5,847 at 31 December 2008). Like-for-like in terms of consolidation area, Group personnel decreased by 6.7% (- 383 people) compared to 31 December 2008.

EBITDA for the year totalled E101.2 million (12.3% of revenues), compared to E140.9 million of 2008.

Net of certain non-recurring items recognised in the year, adjusted EBITDA was E108.4million (13.1% of revenues).

Depreciation, amortisation and impairment losses amounted to E78.5 million, up 18.7% compared to E66.2 million for 2008. This item includes certain non-recurring impairment losses that lead to an adjusted EBIT of E39.4 million (4.8% of revenues); taking into account such non-recurrent items, EBIT was E22.6 million (2.7% of revenues).

Net interest expenses in 2009 were E10.6 million (E19.4 million in 2008) and consist of exchange rate losses of E1.5 million (E6.3 million in 2008) and net interest expenses of E9.1 million (E13.1 million for the previous year). The decrease in net interest expenses resulted from a reduction in the interest rates applied and a careful management of financial leverage.

The company reported an income before taxes of E10.7 million (E53.6 million for 2008).

Estimated taxation, calculated based on the tax rates applicable for the year under current tax regulations, amounted to E1.2 million (E17.4 million in 2008), with a tax rate of 10.8% compared to 32.4% of 2008.

The tax rate decreased as the Group companies that posted positive results for the year benefited from tax reliefs and other companies that reported losses prudentially recognised deferred tax assets.

The period ended with a net income of E10.5 million.

Net debt as of 31 December 2009 decreased by 24.4% to E255.0 million, down by E82.4 million compared to 2008 (E337.4 million) and by E31.4 million compared to 30 September 2009 (E286.4 million).

The improvement in net financial position is the result of the steps taken to reduce net working capital and the downsizing of the investment policy in order to react to declining demand.

Q4 2009

Net consolidated revenues amounted to E211.6 million in the fourth quarter of 2009, down 8.3% compared to the same period of 2008.

EBITDA amounted to E25.7 million, down 2.0% compared to 2008; EBITDA margin was 12.2%, up compared to 11.4% for the same period of the previous year.

EBIT amounted to E5.6 million, up 9.4% compared to 2008; EBIT margin was 2.6%, compared to 2.2% for Q4 2008.

The period ended with a net income of E7,2 million, compared to a net loss of E5.3 million for Q4 2008.

Results of the Parent Company Brembo S.p.A.

Revenues of the Parent Company Brembo S.p.A. amounted to E459.7 million for 2009, down 28.7% compared to the previous year.

Net income amounted to E21.1 million (E16.7 million for 2008).

The Shareholders' Meeting will propose the following distribution of net income:

- to the shareholders a gross dividend of E0.225 per ordinary share outstanding at ex-coupon date, consequently excluding own shares;

- the remaining amount to reserves.

It will also be proposed that dividends should be paid as of 6 May 2010, ex-coupon No.18 that will be completed on 3 May 2010. Director co-opted

During today's meeting of the Board of Directors, a new Director has been co-opted. Bruno Saita, who has collaborated with the Group for several years, takes up the position of non-executive Director.

Call to Shareholders' Meeting

The General Shareholders' Meeting is convened (first call) on 27 April 2010 at 11.00 a.m. at the Company offices in Stezzano (BG, Italy).

The Agenda includes:

- approval of the Financial Statements of the Parent Company for the year ended 31 December 2009;

- approval of the own shares buy-back plan;

- appointment of a Director;

- approval of the three-year Incentives Plan 2010-2012 for Brembo's executive directors and top managers;

- integration of audit fees for the firm PricewaterhouseCoopers S.p.A. Significant Events After Year-EndOn 15 January 2010, Brembo Nanjing Foundry Co. Ltd. (100% held by Brembo SpA) and Donghua Automotive Industrial Co. Ltd. (part of the Saic Group, China's top manufacturer of cars and commercial vehicles) finalised agreements for the purchase of foundry plants and equipment.

The agreements will strengthen the Brembo Group's presence in China by creating an integrated production centre in Nanjing, including a foundry and a production facility for brake callipers and discs (for cars and commercial vehicles) that will be able to offer the Chinese market braking systems built to meet Brembo's standards of performance, style and comfort.

On 12 March 2010, Brembo announced they will invest E 83 million in the period 2010-2014 on increasing the production capacity of their plant at Dabrowa Gornicza in Poland, which makes brake discs for the cars and commercial vehicles market.<0}

The investment has been prompted by the capture of a growing share in the European brake disc market, which even now is guaranteed to exploit the capacity of the new foundry to the full. <0}{0>Gli investimenti saranno finanziati attraverso la generazione di cassa dell'azienda e, in parte, con contributi europei a fondo perduto (E 13,5 milioni); sono previste inoltre agevolazioni fiscali della Zona Speciale<}0{>The project will be financed with cash generated by the Group, with EIB loan, and in part by a grant from the European Union (E 13.5 million); the new development also benefits from tax breaks, as part of the Katowice Economic Special Zone.

Outlook

After a year marked by severe difficulties, 2010 is expected to show a growth in market shares in the various segments in which the Group operates, especially thanks to the ongoing internationalisation policy that Brembo has been implementing for some time.

The strong cost containment measures taken during 2009 and the partial recovery of demand expected for the year underway should allow the Group to achieve a profitability realignment.

During financial year 2010, the Group is also forecast to go back to a normal level of investments, given the start of the previously announced manufacturing expansion in China and Poland and the increase in production capacity to match expected demand levels.

The manager in charge of the Company's financial reports, Matteo Tiraboschi, declares, pursuant to paragraph 2 of Article 154-bis of Italy's Consolidated Law on Finance, that the accounting information contained in this press release corresponds to the documented results, books and accounting records.

Annexed hereto are the Income Statement, Balance Sheet and Cash Flow Statement for which the auditing process by the independent auditors is currently ongoing.

Investor Relations:

Matteo Tiraboschi

Tel. +39 035 605 2899

Tel. +39 035 605 2223

Email: ir@brembo.it

www.brembo.com

Media Relations:

Francesca Muratori

Tel. +39 035 605 2576

Email: press@brembo.it

CONSOLIDATED INCOME STATEMENT - IFRS

 
A  
B  
(A-B)  
 
C  
D  
(C-D)  
 
(euro million)  31.12.2009  31.12.2008 (*)  CHANGE  %  Q4 '09  Q4 '08 (*)  CHANGE  %  
                 
Sales of good and services  825.9  1,060.8  (234.9)  -22.1%  211.6  230.8  (19.2)  -8.3%  
Other revenues and income  20.1  19.2  1.0  5.0%  0.7  5.1  (4.4)  -85.4%  
Costs for capitalised internal works  9.2  13.7  (4.5)  -32.8%  1.0  2.9  (1.9)  -65.0%  
Cost of raw materials, consumables, goods and change in inventories  (411.0)  (532.1)  121.0  -22.7%  (108.5)  (111.7)  3.2  -2.9%  
Other operating costs for production  (157.9)  (209.9)  51.9  -24.8%  (35.2)  (50.9)  15.7  -30.9%  
Personnel expenses  (185.1)  (210.8)  25.7  -12.2%  (43.9)  (49.8)  5.9  -11.8%  
                 
GROSS OPERATING INCOME  101.2  140.9  (39.8)  -28.2%  25.7  26.3  (0.5)  -2.0%  
% of sales  12.3%  13.3%      12.2%  11.4%      
                 
Depreciation, amortization and other write-downs  (78.5)  (66.2)  (12.4)  18.7%  (20.1)  (21.1)  1.0  -4.8%  
                 
NET OPERATING INCOME  22.6  74.8  (52.1)  -69.7%  5.6  5.1  0.5  9.4%  
% of sales  2.7%  7.0%      2.6%  2.2%      
                 
Net financial income (charges)  (10.6)  (19.4)  8.9  -45.7%  (0.3)  (8.0)  7.7  -96.3%  
Net financial income (charges) from investments  (1.4)  (1.7)  0.3  -18.8%  (0.3)  (0.3)  (0.0)  6.8%  
                 
INCOME (LOSS) BEFORE TAXES  10.7  53.6  (42.9)  -80.1%  5.0  (3.1)  8.1  -258.8%  
% of sales  1.3%  5.1%      2.4%  -1.4%      
                 
Taxes  (1.2)  (17.4)  16.2  -93.4%  2.0  (2.5)  4.4  -181.0%  
                 
INCOME (LOSS) BEFORE MINORITY INTERESTS  9.5  36.2  (26.7)  -73.7%  7.0  (5.6)  12.6  -224.7%  
% of sales  1.2%  3.4%      3.3%  -2.4%      
                 
Minority interests  1.0  1.3  (0.3)  -21.2%  0.2  0.3  (0.1)  -32.4%  
                 
NET INCOME (LOSS) FOR THE PERIOD  10.5  37.5  (27.0)  -71.9%  7.2  (5.3)  12.5  -237.1%  
% of sales  1.3%  3.5%      3.4%  -2.3%      
                 
Basic earning per Share/diluted earnings per share (in euro)  0.16  0.56      0.11  (0.08)      

(*) Revised data following the purchase price allocation process relating to business combinations

CONSOLIDATED BALANCE SHEET - IFRS

 
A  
B  
C  
A-B  
A-C  
(euro million)  31.12.2009  31.12.2008 (*)  30.09.2009  CHANGE  CHANGE  
ASSETS            
NON-CURRENT ASSETS            
Property, plant, equipment and other equipment  311.8  354.2  318.2  (42.4)  (6.3)  
Development costs  39.8  40.7  41.7  (0.9)  (1.9)  
Goodwill and other undefined useful life assets  40.9  44.2  40.1  (3.2)  0.8  
Other intangible assets  22.6  24.7  22.7  (2.1)  (0.2)  
Investments accounted for using the equity method  24.5  0.8  26.4  23.6  (1.9)  
Other financial assets (investments in other companies and derivatives)  0.2  0.3  0.2  (0.2)  (0.0)  
Other non-current assets  1.0  0.4  0.2  0.6  0.7  
Deferred tax assets  17.7  14.6  14.4  3.1  3.3  
TOTAL NON-CURRENT ASSETS  458.4  479.8  463.9  (21.4)  (5.4)  
       (4.5%)  (1.2%)  
CURRENT ASSETS            
Inventories  142.9  197.6  144.0  (54.7)  (1.1)  
Trade receivables and receivables from other Group companies  161.7  189.1  163.3  (27.4)  (1.6)  
Other receivables and current assets  26.7  44.3  22.5  (17.6)  4.2  
Financial current assets and derivatives  0.1  0.1  0.1  0.0  0.0  
Cash and cash equivalents  64.7  45.6  40.9  19.0  23.8  
TOTAL CURRENT ASSETS  396.0  476.6  370.8  (80.6)  25.2  
       (16.9%)  6.8%  
NON-CURRENT ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS  0.0  0.0  0.0  0.0  0.0  
       0.0%  0.0%  
TOTAL ASSETS  854.4  956.4  834.6  (102.0)  19.8  
EQUITY AND LIABILITIES            
GROUP EQUITY      
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