In the first quarter of 2023, the cost of sales and other net operating costs amounted to €636.1 million, with a 66.1% ratio to sales, in line with the same period of the previous year in percentage terms (Q1 2022: €568.0 million or 66.2% of sales).
Personnel expenses amounted to €162.4 million, with a 16.9% ratio to sales, slightly increasing compared to the same period of the previous year (16.7% of sales). At 31 March 2023, Brembo people numbered 15,305, compared to 14,966 at 31 December 2022 and 14,632 at 31 March 2022.
In the reporting quarter, EBITDA amounted to €168.3 million (EBITDA margin: 17.5%), compared to €150.8 million (EBITDA margin: 17.6%) for Q1 2022. EBIT amounted to €104.0 million (EBIT margin: 10.8%) compared to €92.9 million (EBIT margin: 10.8%) for Q1 2022.
Net interest income for the quarter amounted to €1.0 million (€1.9 million in Q1 2022); this item includes interest expense amounting to €5.1 million (€3.0 million in Q1 2022) and net exchange gains of €6.1 million (€4.9 million in Q1 2022).
Pre-tax profit was €105.0 million (10.9% of sales) compared to €94.8 million (11.1% of sales) for Q1 2022. Based on the tax rates applicable under current tax regulations in force in each country, estimated taxes amounted to €27.9 million (€23.4 million in Q1 2022), with a tax rate of 26.6% compared to 24.7% for the same period of 2022.
The reporting period ended with a net profit of €76.8 million (8.0% of sales) compared to €71.7 million (8.4% of sales) for the same period of the previous year.
Net financial debt at 31 March 2023 amounted to €506.4 million, up €4.4 million compared to 31 December 2022. Excluding the impact of IFRS 16, net financial debt would have been €329.0 million, up €68.2 million compared to 31 December 2022. It should be noted that the Mexican building subject to expansion works — previously held under finance lease — was acquired in March.