Results for the First Quarter of 2022
Brembo’s Board of Directors, chaired by Matteo Tiraboschi, met today and approved the Group’s quarterly results at 31 March 2022.
In the first quarter of 2022, net consolidated revenues amounted to €857.6 million, up 27.0% (+22.7% on a like-for-like exchange rate basis) compared to the first quarter of the previous year.
Following the acquisition of the Spanish J.Juan Group, effective 1 November 2021, the consolidation scope changed; on a like-for-like consolidation basis, the increase was 23.0%. On a like-for-like exchange rate and consolidation basis, revenues rose by 18.7% compared to the same period of the previous year.
In the reporting quarter, all segments in which the Group operates grew: the car segment rose by 26.2%, motorbike applications by 39.9% (+8.0% on a like-for-like consolidation basis), applications for commercial vehicles by 16.6% and those for racing vehicles by 28.1% compared to the same quarter of 2021.
At geographical level, sales rose by 19.3% in Italy, by 27.3% in Germany and by 4.8% in France, whereas they declined by 6.9% in the United Kingdom (-8.1% on a like-for-like exchange rate basis). India grew by 6.1% (+2.0% on a like-for-like exchange rate basis) and China by 39.8% (+28.3% on a like-for-like exchange rate basis), while Japan decreased by 29.9% (-31.1% on a like-for-like exchange rate basis). The North American market (USA, Mexico and Canada) rose by 40.5% (+31.9% on a like-for-like exchange rate basis) and the South American market (Brazil and Argentina) grew by 28.2% (+15.3% on a like-for-like exchange rate basis).
In the first quarter of 2022, the cost of sales and other net operating costs amounted to €568.0 million, with a 66.2% ratio to sales, up in percentage terms compared to €419.7 million in the same period of the previous year (62.2% of sales).
Personnel expenses amounted to €143.3 million, with a 16.7% ratio to sales, decreasing compared to the same period of the previous year (18.4% of sales). At 31 March 2022, workforce numbered 12,656 (of which 604 from the Spanish company J.Juan) compared to 12,225 (of which 570 from the Spanish company J.Juan) at 31 December 2021 and 11,408 at 31 March 2021.
EBITDA for Q1 2022 amounted to €150.8 million (EBITDA margin: 17.6%), compared to €135.6 million for Q1 2021 (EBITDA margin: 20.1%). EBIT was €92.9 million (EBIT margin: 10.8%) compared to €83.7 million (EBIT margin: 12.4%) for Q1 2021.
Net interest income for the quarter amounted to €1.9 million (net interest expense of €2.7 million in Q1 2021); this item includes interest expense amounting to €3.0 million (€2.8 million in Q1 2021) and net exchange gains of €4.9 million (net exchange gains of €0.1 million in Q1 2021).
Pre-tax profit was €94.8 million (11.1% of sales) compared to €81.1 million (12.0% of sales) for Q1 2021. Based on the tax rates applicable under current tax regulations in force in each country, estimated taxes amounted to €23.4 million (€19.5 million in Q1 2021), with a tax rate of 24.7% compared to 24.0% for the same period of 2021.
The period ended with a net profit of €71.7 million (8.4% of sales) compared to €61.4 million for the same period of the previous year. 3/7 Net financial debt at 31 March 2022 amounted to €456.5 million, up by €17.6 million compared to 31 March 2021.
Excluding the impact of IFRS 16, net financial debt would have been €229.2 million, unchanged compared to 31 December 2021.