Le Conseil d'administration de Brembo approuve les résultats financiers du premier semestre 2010: forte augmentation du chiffre d'affaires, des marges et des bénéfices. | Bourse Reflex
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Le Conseil d'administration de Brembo approuve les résultats financiers du premier semestre 2010: forte augmentation du chiffre d'affaires, des marges et des bénéfices.

Mercredi 04 Aoû 2010 à 17:43

COMMUNIQUE DE PRESSE

Stezzano, le 4 août 2010. Pour diffusion immédiate

Le Conseil d'administration de Brembo approuve les résultats financiers du premier semestre 2010: forte augmentation du chiffre d'affaires, des marges et des bénéfices.

Par rapport au premier semestre 2009 :

- Recettes : 531,6 millions EUR (+31,5%);

- EBITDA : 67,9 millions EUR (+40,8%);

- EBIT : 31,8 millions EUR (+215,4%);

- Résultat net : 18,7 millions EUR (soit une hausse de plus de 19 millions EUR par rapport au 30 juin 2009);

- Endettement financier net : 268,8 millions EUR, soit une diminution de 34,6 millions EUR (-11,4%)

Faits marquants du premier semestre 2010 :

(E million)  
H1 2010  
H1 2009  
Var % 10/09  
Revenues   531.6   404.2   +31.5%  
EBITDA   67.9   48.2   +40.8%  
EBIT   31.8   10.1   +215.4%  
Pretax profit   26.6   3.2   +726.2%  
Net profit   18.7   (0.5)   +19.1mn  
  30.6.2010   30.6.2009    
Net financial debt   268.8   303.4   -11.4%  

Faits marquants du deuxième trimestre 2010 :

(E million)  
Q2 2010  
Q2 2009  
Var % 10/09  
Revenues   287.5   208.0   +38.2%  
EBITDA   36.9   31.0   +19.3%  
EBIT   18.1   9.8   +85.2%  
Pretax profit   17.0   9.2   +85.2%  
Net profit   12.0   6.8   +76.8%  

Activités du groupe au premier semestre 2010

Le revenu net au titre du premier semestre 2010 s'élève à 531,6 millions EUR, reflétant une nette augmentation par rapport à la même période en 2009 (+31,5%), Les résultats de la période incluent également les ventes à hauteur de 8,8 millions EUR réalisées par la fonderie chinoise acquise début 2010. A périmètre comparable, les ventes ressortent en hausse de 29,3%.

Growth for the period mainly referred to car applications (+42.3%) and commercial vehicles (+41.7%); the motorbike sector increased slightly (+2.6%), whereas the racing sector and especially the passive safety sector decreased by 2.2% and 13.2%, respectively.

At geographical level, the recovery was significant in almost all of the markets where the Group operates and was particularly strong in emerging countries: China grew 121.4%, also thanks to the acquisition carried out (+42.9% on a like-for-like basis), India grew 40.9% and Brazil 35%. Among traditional markets, sales increased 40.3% in Germany, which is once again the Group's main reference market, accounting for 21.5% of total turnover; the United Kingdom and the Nafta area showed an excellent turnover, with an increase of 36.1% and 49%, respectively; a good performance was also reported on the French market, which grew by 27.7%, and Europe in general, whereas Italy showed a more limited increase by 3.7%. Japan showed a decrease by 23.5% in the six-month period, however marking a turnaround in the second quarter, when it improved by 19.3% compared to the second quarter of the previous year.

During H1 2010, the cost of sales and other operating costs amounted to E356.1 million, with a ratio of 67% to sales, as against 64.8% for the same period in the previous year. The ratio of these costs, despite a sharp recovery of turnover and the constant strict cost control policy, increased, as the 2009 item "Other revenues and income" included the compensation from a supplier in the amount of E4 million and the capital gain on the sale of a 50% stake in Brembo SGL Carbon Ceramic Brakes S.p.A. for a total amount of E3.9 million. Moreover, subsidies for research investments, which amounted to E1.2 million in 2009, are not present in 2010.

Net of the above-mentioned effects the 2009 ratio of these costs would be in line with the one of the period under exam.

Development costs capitalised as intangible assets amounted to E5.8 million, virtually unvaried compared to the first half of 2009.

In the period under review, personnel expenses amounted to E107.6 million, with a ratio of 20.2% to sales, decreasing compared to the same period of 2009 (23.3%). At 30 June 2010, the workforce numbered 5,603 (5,417 at 31 December 2009 and 5,375 at 30 June 2009). The increase compared to year-end 2009 is mainly linked to the acquisition of the foundry in China (142 workers).

In the first half 2010, EBITDA amounted to E67.9 million (12.8% of revenues), with an increase of 40.8% compared to E48.2 million of the first half of 2009 (11.9% of revenues).

EBIT amounted to E31.8 million, compared to E10.1 million of the previous year, after depreciation and amortisation of E36.1 million, compared to E38.1 million of first half of 2009, which included E 3.8 million of extraordinary write-offs.

Net interest expenses were E4.1 million (E6.9 million in the first half of 2009), broken down as follows: negligible net exchange rate gains (a loss of E0.7 million in 2009); interest expenses of E4.1 million (E6.2 million in the same period of the previous year). The sharp fall in interest expenses (-40.2%) is due to the lower level of average debt and especially to the reduction in the interest rates applied.

Income before taxes amounted to E26.6 million, compared to E3.2 in H1 2009.

Based on tax rates applicable for the year under current tax regulations, estimated taxes amounted to E8.1 million (E4.3 million in H1 2009). The tax rate for the period was 30.5%.

The period ended with a net income of E18.7 million, compared to a net loss of E0.5 million for H1 2009.

Group's results for the second quarter of 2010

In the second quarter alone, revenues amounted to E287.5 million, up 38.2% compared to the same period of 2009 (+35.9% on a like-for-like basis).

EBITDA amounted to E36.9 million (12.8% of revenues), up by 19.3% compared to the previous year. EBIT was E18.1 million (6.3% of revenues).

The quarter ended with a net income of E12 million, up 76.8% compared to E6.8 million for the same period of the previous year.

Significant reduction of net financial position

At 30 June 2010, the net financial position was E268.8 million, with a decrease of E34.6 million (-11.4%) compared to 30 June 2009.

Various medium-/long-term loans were approved by leading financial institutions, two of which, for a total amount of E80 million, were disbursed in the second quarter of 2010. These new loans have allowed Brembo to increase the non-current portion of its debt to over 66% of the total.

New Technical Center opened in Plymouth, Michigan (USA)

Brembo North America's new headquarters in Plymouth, Michigan (USA) was inaugurated on 24 June.

The facility, which also hosts the new Research and Development Center, will offer North American customers a full range of services from design to development, engineering and product sale and distribution.

Brembo has had a presence in the NAFTA area since 1998, where it operates two facilities located in Homer, Michigan, and Apodaca, Mexico, in addition to the Plymouth location.

On 24 June, the Company also announced that the Homer plant will begin to manufacture and assemble callipers and full side-wheel modules for high-performance motor vehicles in late 2010.

Significant events after 30 June 2010

The Brembo Group's structure has been streamlined as follows:

- In Q3 2010 will enter into effect the merger into Brembo México S.A. de C.V voted on 21 June 2010 by the Shareholders' Meetings of the two Mexican firms Brembo México S.A. de C.V. (formerly Brembo México Puebla S.A. de C.V.) and Brembo México Apodaca S.A. de C.V.;

- on 3 August 2010, Brembo S.p.A. and the minority-interest shareholders of Brembo Performance S.p.A entered into a new agreement (consensually terminating that dated 19 February 2008). Under this new agreement, Brembo S.p.A. undertakes to acquire 30% of the shares of Brembo Performance S.p.A. Thereafter, the former minority-interest shareholders of Brembo Performance will acquire 35% of Sabelt S.p.A.. The net effect of the transaction will be a cash inflow of approximately E5 million for the Brembo Group.

Outlook

The results for the first six months of 2010 and the order portfolio appear to confirm expectations of an improvement in terms of sales and margins over the rest of the year.

Brembo will continue to take severe measures aimed at limiting working capital and costs while nonetheless increasing its investment expenditures in order to support the Group's international growth.

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.

For additional information:

Investor Relator

Matteo Tiraboschi

Tel. +39 035 605 2899

Email: ir@brembo.it

www.brembo.com

Communications Manager

Gianfranco De Marchi

Tel. +39 035 605 2708

Cell. +39 336 634686

e-mail : press@brembo.it

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[CN#169151]

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