Personnel expenses amount to € 39.2 million, compared to € 36.2 million of the third quarter 2006, reducing their incidence on sales from 19.6% to 18.2%.
Due to the above, EBITDA increases sharply (+23.6%), from € 26 million (14% of sales) to € 32.2 million (14,9% of sales).
Amortization and depreciation increase by 24.8% to € 11.8 million.
This growth is related to the investments made in the last few quarters, aimed at expanding the company’s production capacity in Italy and Europe to face increasing demand.
EBIT increases by 23% to € 20.3 million; it is 9.4% of sales and compares with € 16.5 million (8.9% of sales) of the same period last year.
Net financial charges decrease by 39.2% to € 3 million.
Expected taxes due in the quarter are a € 4.8 million, or 27.7% of pre-tax profit (41.7% in the third quarter 2006). Tax rate decrease is mainly due to the different breakdown of taxable income by country.
The Polish subsidiary Brembo Poland Spolka Zo.o. is located in a special economic zone and benefits from a tax shield. At the end of current year the Company will revise its estimates regarding the recoverability of such benefit; should the above mentioned subsidiary confirm its positive results, a non-recurrent positive impact could be posted.
Investments in tangible and intangible assets, € 12.5 million, were mainly made in Italy and Poland, to align production capacity to the level of demand.
Net financial debt at 30 September 2007 amount to € 203.7 million, down compared to € 232.9 million at 30 June 2007 but up compared to € 193.3 million at 31 December 2006.