Results at 31 December 2015
Brembo S.p.A.’s Board of Directors, chaired by Alberto Bombassei, met today and approved the Group’s annual results at 31 December 2015.
The Group's net consolidated revenues amounted to €2,073.2 million, up 15.0% compared to 2014. On a like-for-like exchange rate basis, revenues increased by 9.2%. During the year, the car applications sector mostly contributed to growth, closing 2015 with an increase of 18.8% compared to 2014. However, there were also significant increases in motorbike applications (+11.6%) and the commercial vehicles sector (+10.4%). The racing sector declined by 4.7% in the reporting period due to the exclusion of Sabelt from the consolidation area effective 1 June 2015. On a like-for-like comparison, the racing sector grew by 10.8%.
At geographical level, almost all the areas in which the Group operates reported growth. Germany — Brembo’s second largest outlet market with 23.2% of sales — showed an 11.2% increase compared to 2014; the United Kingdom grew by 15.8%, Italy by 2.3%, whereas France reported a slight decline (-1.2%). North America (USA, Canada and Mexico) — Brembo’s top market at 29.1% of sales — rose by 30.0%, whereas South America (Argentina, Brazil) reported a 21.0% decrease, also due to currency effect. The main Asian markets showed a very healthy performance, with China growing by 29.2%, India by 26.3% and Japan by 39.0%.
In 2015, the cost of sales and other operating costs amounted to €1,366.3 million, with a 65.9% ratio to sales, down in percentage terms compared to 66.6% for the previous year. Personnel expenses amounted to €356.4 million with a 17.2% ratio to revenues, decreasing by over 1% from the previous year’s figure (18.3% of revenues).
At 31 December 2015, the workforce numbered 7,867, increasing by 177 compared to 2014.
EBITDA for the year totalled €359.9 million (EBITDA margin: 17.4%), compared to €279.8 million (EBITDA margin: 15.5%) for 2014.
EBIT amounted to €251.3 million (EBIT margin: 12.1%) compared to €178.4 million (EBIT margin: 9.9%) for 2014. Depreciation and amortisation increased by 7.2% to €108.6 million due to the recent investments in new production facilities. Net interest expense amounted to €7.8 million at 31 December 2015 (€13.7 million in 2014) and consisted of net exchange gains of €4.6 million (losses of €1.0 million in 2014) and net interest expense of €12.4 million (€12.7 million in the previous year). Pre-tax profit was €243.5 million compared to €164.9 million for the previous year. Based on tax rates applicable under current tax regulations, estimated taxes amounted to €57.7 million, with a tax rate of 23.7%, compared to €36.2 million in 2014 (tax rate of 22.0%).
Net profit amounted to €184.0 million, up by 42.5% compared to €129.1 million for the previous year.
Net financial debt at 31 December 2015 was €160.7 million, a €109.7 million improvement compared to 31 December 2014.