In H1 2023, the cost of sales and other net operating costs amounted to €1,279.0 million, with a 65.6% ratio to sales, virtually unchanged compared to 65.8% of H1 2022 (€1,148.5 million).
Personnel expenses amounted to €336.2 million, with a 17.2% ratio to sales, slightly decreasing compared to the same period of the previous year (17.3% of sales). At 30 June 2023, Brembo People numbered 15,550, compared to 15,305 at 31 March 2023 and 14,966 at 31 December 2022.
EBITDA amounted to €344.0 million (EBITDA margin: 17.6%) compared to €305.3 million (EBITDA margin: 17.5%) for H1 2022. EBIT amounted to €217.9 million (EBIT margin: 11.2%) compared to €187.5 million (EBIT margin: 10.7%) for H1 2022.
Net interest expense for the period amounted to €6.6 million (net interest income of €2.9 million in H1 2022) and included interest expense amounting to €9.9 million (€6.0 million in H1 2022) and net exchange gains of €3.3 million (€8.9 million in H1 2022). Income from investments was €12.2 million compared to €7.8 million in H1 2022.
Pre-tax profit was €223.4 million compared to €198.2 million for H1 2022. Based on the tax rates applicable under current tax regulations in force in each country, estimated taxes amounted to €55.0 million (€49.0 million in H1 2022), with a tax rate of 24.6% compared to 24.7% for the same period of the previous year.
The first half of the year ended with a net profit of €167.8 million, up 12.7% compared to the same period of the previous year (€148.9 million).
Net financial debt at 30 June 2023 amounted to €562.3 million, down €32.8 million compared to 30 June 2022. Excluding the impact of IFRS 16, net financial debt would have been €388.5 million, up €20.5 million compared to 30 June 2022.