H1 2021 Results
Brembo’s Board of Directors chaired by Alberto Bombassei examined and approved the Group’s half-year results at 30 June 2021.
In the first half of 2021, net consolidated revenues amounted to €1,360.8 million, up 43.1% (+46.5% on a like-for-like exchange rate basis) compared to the first half of the previous year. On a like-for-like exchange rate and consolidation basis, following the inclusion into the consolidation scope of the Danish company SBS Friction, acquired effective 1 January 2021, the increase was 45.5%.
Compared to the first half of 2019 — a more homogeneous comparison in light of the effects of the Covid-19 pandemic — revenues for the first half of 2021 grew by 2.8%.
In the reporting period, all segments in which the Group operates reported a very positive performance: the car segment rose by 38.2%, motorbike applications by 82.9% (+72.4% on a like-for-like consolidation basis), applications for commercial vehicles by 45.2% and those for racing vehicles by 35.8% compared to the first half of 2020.
At geographical level, sales rose by 51.6% in Italy, 40.7% in Germany, 17.1% in France and 51.1% in the United Kingdom (+50.9% on a like-for-like exchange rate basis).
India grew by 74.4% (+88.6% on a like-for-like exchange rate basis), China by 44.6% (+46.0% on a like-for-like exchange rate basis) and Japan by 29.9% (+31.0% on a like-for-like exchange rate basis). The North American market (USA, Mexico and Canada) rose by 43.0% (+54.5% on a likefor- like exchange rate basis) and the South American market (Brazil and Argentina) grew by 49.1% (+76.1% on a like-for-like exchange rate basis).
In H1 2021, the cost of sales and other net operating costs amounted to €843.9 million, with a 62.0% ratio to sales, down in percentage terms compared to 63.9% for the same period of the previous year (€607.6 million).
Personnel expenses amounted to €254.3 million, with an 18.7% ratio to sales, decreasing compared to the same period of the previous year (21.2% of sales). At 30 June 2021, workforce numbered 11,402 (of which 101 from the newly acquired SBS Friction), compared to 11,039 at 31 December 2020 and 11,408 at 31 March 2021.
EBITDA amounted to €270.2 million (EBITDA margin: 19.9%), compared to €143.3 million (EBITDA margin: 15.1%) for H1 2020. EBIT was €165.8 million (EBIT margin: 12.2%) compared to €38.8 million (EBIT margin: 4.1%) for H1 2020.
Net interest and interest income from investments amounted in the period to €2.4 million (€14.1 million expense in H1 2020); this item includes exchange gains for €3.8 million (exchange losses for €7.6 million in H1 2020), interest expense for € 5.3 million (€6.6 million for H1 2020) and interest income from investments amounting to €3.9 million (€0.06 million in H1 2020).
Pre-tax profit was €168.2 million compared to €24.7 million for H1 2020. Based on the tax rates applicable under current tax regulations in force in each country, estimated taxes amounted to €41.4 million (€4.5 million in H1 2020), with a tax rate of 24.6% compared to 18.2% for the same period of the previous year.
The reporting period ended with a net profit of €126.9 million, accounting for 9.3% of sales.
Net financial debt at 30 June 2021 amounted to €496.9 million, up €58.1 million compared to 31 March 2021 and down €100.6 million compared to 30 June 2020. Without the impact of IFRS 16, net financial debt would have been €290.2 million, up €61.1 million compared to 31 March 2021 and down €117.0 million compared to 30 June 2020.
