Le Conseil d'administration de Brembo a approuvé les résultats du premier trimestre 2010 : tous les indicateurs économiques se sont considérablement améliorés. | Bourse Reflex
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Le Conseil d'administration de Brembo a approuvé les résultats du premier trimestre 2010 : tous les indicateurs économiques se sont considérablement améliorés.

Vendredi 14 Mai 2010 à 15:33

COMMUNIQUÉ DE PRESSE

Stezzano, le 13 mai 2010

Pour publication immédiate

Le Conseil d'administration de Brembo a approuvé les résultats du premier trimestre 2010 : tous les indicateurs économiques se sont considérablement améliorés.

Par rapport au premier trimestre 2009 :

- Recettes : 244 millions E (+ 24,4 %) ;

- EBITDA : 31 millions E (+ 79,4 %) ;

- EBIT : 13,8 millions E (soit une hausse de 13,5 millions par rapport au 31 mars 2009)

- Résultat net : 6,7 millions E (soit une hausse de 14 millions par rapport au 31 mars 2009)

La position financière nette s'est rééquilibrée : plus de 70% des créances sont à moyen ou long terme.

Le premier trimestre en bref :

(millions E)  
T1 2010  
T1 2009  
% dif. au 10/09  
Recettes  244.0  196.2  +24.4%  
EBITDA  31.0  17.3  +79.4%  
EBIT  13.8  0.3  +4.069.1%  
Bénéfices avant impôts  9.7  (5.9)  -262.8%  
Bénéfice net  6.7  (7.3)  -191.8%  
 31/3/2010  31/12/2009    
Endettement financier net  269.8  255.0  +5.8%  

Group activities in the first quarter of 2010

Also thanks to newly acquired businesses, Brembo Group's revenues for the first quarter grew 24.4% to E244 million. In the first quarter of the year, the newly acquired foundry of Nanjing (Brembo Nanjing Foundry Co. Ltd.) was consolidated for the first time; on a like-for-like basis the revenue increase would have amounted to 22.4%.

Growth was influenced positively by the sectors of car applications (+36.9%) and commercial vehicles (51.6%), also due to the comparison with a particularly difficult first quarter 2009. The motorbike sector decreased 2.5%, whereas the passive safety and racing sectors continue to be affected by the difficult economic context and fell 30.7% and 15.9%, respectively.

At geographical level, in Europe the United Kingdom (+44,1%) and Germany (+28.1%) performed well, also in this case favoured by a comparison with the sharp decreases reported in the first quarter of 2009. France and Italy showed more limited growth of 7% and 0.8%, respectively.

Results in emerging countries were satisfactory: China +110.6% also due to the change in the consolidation area, India +31.8% and Brazil +49.9%.

Also the countries of the Nafta area performed well, growing 39.9%.

During the first quarter, the cost of sales and other net operating costs amounted to E159.4 million, with a ratio of 65.3% to sales, as against 66.9% for the same period in the previous year. The improvement was linked to the recovery of sales on the one hand and the maintenance of a strict cost control on the other.

Development costs capitalised as intangible assets amounted to E2.9 million, substantially unvaried compared to the first quarter of 2009.

Personnel expenses amounted to E53.7 million, or 22% of revenues, down compared to the same period of the previous year (24.3%).

At 31 March 2010, Brembo employed 5,749 staff (5,417 staff at 31 December 2009 and 5,597 at 31 March 2009). The increase compared to 2009 is linked to the acquisition of the foundry in China.

EBITDA for the quarter totalled E31 million (12.7% of revenues), compared to E17.3 million (8.8%) for the first quarter of 2009.

EBIT was E13.8 million, or 5.6% of revenues, compared to E0.3 million for the first quarter of 2009 (0.2%), after depreciation and amortisation of E17.2 million (E16.9 million for Q1 2009).

Net interest expenses amounted to E3.6 million (E6.3 million in Q1 2009) and consist of exchange rate losses of E1.7 million (E2.1 million in Q1 2009) and net interest expenses of E1.9 million (E4.2 million in Q1 2009). The sharp fall in net interest expenses (-52.6%) is due to the lower level of average debt and to the reduction in the rates applied.

Income before taxes was E9.7 million, as against a loss of E5.9 million for the first quarter of 2009.

Based on tax rates applicable for the year under current tax regulations, estimated taxes amounted to E3.2 million (E1,7 million in Q1 2009). The tax rate for the quarter was 33%.

The period ended with a net income of E6.7 million, compared to a net loss of E7.3 million for Q1 2009.

Net debt at 31 March amounted to E269.8 million, compared to E255 million at 31 December 2009 and E345.6 million at 31 March 2009. The slightly worsened net FINANCIAL position compared to the end of 2009 was mainly linked to the acquisition of the Chinese foundry (about E8 million) and the seasonal nature of the business.

Rebalanced net financial position

Leading credit institutions recently approved medium/long-term loans, which enable Brembo to bring the long-term portion of debt to over 70% of total debt.

Significant events after 31 March 2010

On 27 April the General Shareholders' Meeting of Brembo voted, among other, on:

- The approval of the Annual Report of Brembo SpA for the year ended 31 December 2009 (and looked over the Group Consolidated Annual Report, that reported revenues of E 825.9 million and a net profit of E 10.5 million)

- the distribution of a gross dividend of E0.225 per outstanding share, excluding Company's own shares.

Outlook

During this first quarter of the year, the global scenario was less critical than in the first quarter of 2009, although there continues to be a great degree of uncertainty surrounding the evolution of the economic situation.

Within this scenario, Brembo expects a better performance, in terms of sales and margins, than in the previous year, also thanks to the positive signs from the BRIC markets, and will continue to take strict measures aimed at limiting working capital and containing costs.

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 unaudited Income Statement and Balance Sheet.

For further information:

Investor Relations:  
Media Relations:  
Matteo Tiraboschi  Francesca Muratori  
Tel. +39 035 605 2899  Tel. +39 035 605 2576  
Email: ir@brembo.it  cell. +39 035 605 2277  
www.brembo.com  Email: press@brembo.it  

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Ce communiqué de presse est diffusé par Hugin. L'émetteur est seul responsable du contenu de ce communiqué.

[CN#166575]

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