H1 2016 Results
Brembo’s Board of Directors chaired by Alberto Bombassei approved the Group’s half-year results at 30 June 2016.
Brembo Group’s net consolidated revenues amounted to €1,146.8 million in the first half of 2016, up by 10.4% compared to the same period of the previous year. On a like-for-like exchange rate basis, revenues increased by 12.2%.
All market segments in which the Group operates positively contributed to the results of the reporting period, with the exception of the racing sector that declined by 18.1% due to the exit of Sabelt S.p.A. and Belt & Buckle S.r.o. from the consolidation area; on a like-for-like comparison, there was an increase of 5.6%. Car applications rose by 14.3%, commercial vehicles by 13.8% and motorbikes by 3.3%.
At geographical level, sales in Germany increased by 14.8%, in the United Kingdom by 22.2%, in France by 11.4% and in Italy by 1.0%. The positive trend of Asian countries continued in the period: India grew by 8.8% (+16.4% on a like-for-like exchange rate basis), China by 35.9%, also thanks to the €11.3 million contribution of Asimco Meilian Braking Systems (+15.9% on a like-for-like consolidation basis and +42.8% on a like-for-like exchange rate basis), and Japan by 24.5%. The North American market also performed well, with sales in the United States, Mexico and Canada up by 8.6%, whereas in South America (Brazil and Argentina) sales further declined by 27.6% (-0.5% on a like-for-like exchange rate basis), due to the continuing difficulties of the macroeconomic and market situation.
In H1 2016, the cost of sales and other net operating costs amounted to €734.0 million, with a 64.0% ratio to sales, down in percentage terms compared to the same period of the previous year (66.1% ratio to sales for €686.3 million).
Personnel expenses amounted to €192.2 million, with a 16.8% ratio to sales, down in percentage terms compared to the first half of 2015, when they were €181.5 million (17.5% of revenues). At 30 June 2016, workforce numbered 8,883, increasing by 1,016 employees compared to 31 December 2015, 657 of which due to the inclusion of Asimco Meilian Braking Systems in the consolidation area.
EBITDA for H1 2016 amounted to €226.5 million (EBITDA margin: 19.8%), up by 29.5% compared to the same period of 2015.
EBIT amounted to €173.3 million (EBIT margin: 15.1%), up 42.9% compared to H1 2015.
Net interest expense for H1 2016 amounted to €7.3 million (€3.5 million in H1 2015); this item includes interest expense amounting to €4.6 million (€6.9 million in H1 2015) and net exchange losses for €2.8 million (exchange gains of €3.5 million in H1 2015).
Pre-tax profit was €166.0 million (14.5% of revenues), compared to €117.8 million for H1 2015.
Based on the applicable tax rates, estimated taxes amounted to €38.6 million (€27.3 million in H1 2015), with a tax rate of 23.2%, stable compared to the same period of the previous year.
The reporting period ended with a net profit of €127.1 million, up 42.8% compared to €89.0 million for the same period of the previous year.
Net financial debt at 30 June 2016 amounted to €259.4 million, slightly up (€9.6 million) compared to 30 June 2015.