Brembo to expand its industrial presence in Thailand
As announced on 22 February 2024, Brembo will expand its global industrial presence by opening its first production site in Thailand dedicated to the motorbike market. The planned investment amounts to approximately €40 million and reflects the Group’s strategy to strengthen its position in the two-wheeler segment and seize new growth opportunities in the Southeast Asian region. The new site will manufacture braking systems for motorbike manufacturers in Thailand, starting with European and American producers. It will be built within the country's motorbike industrial hub, located in the Rayong province, south of Bangkok. Once fully operational, in the first quarter of 2025, the site will employ around 150 people and will manufacture approximately 700 thousand brake discs a year.
This project follows Brembo’s investments in the motorbike market in recent years, including the acquisitions of SBS Friction in Denmark and J.Juan in Spain between 2020 and 2021. These acquisitions have enabled the Group to enhance its product offerings dedicated to two-wheelers.
Foreseeable Evolution
Based on the order book and barring significant changes in the current macro-economic and geopolitical context, Brembo expects an increase in revenues in the mid-single digit range for the current year compared to the previous year.
Approval of the Consolidated Disclosure of Non-Financial Information for 2023
Brembo’s Board of Directors examined and approved the Consolidated Disclosure of Non-Financial Information for 2023 pursuant to Legislative Decree No. 254/2016. Brembo updated its materiality analysis — the tool used to identify its material sustainability topics — and therefore aligned the content of its Disclosure of Non-Financial Information, instrumental to providing an overview of the Group’s operations, performance, results and future strategies and targets. Brembo applied in advance the requirements of EU Directive No. 2022/2464 on a voluntary basis by launching the double materiality process, namely integrating the impact assessment based on GRI Universal Standards 2021 with the risks and opportunities that may influence the Group’s value creation, strategy, operating and financial performance and positioning in the short, medium and long term.
The Disclosure will be made available to the public on the Group’s website within the terms established by applicable laws and will be submitted to the forthcoming General Shareholders’ Meeting.
Calling of General Shareholders' Meeting – 23 April 2024
Today, the Board of Directors called the General Shareholders’ Meeting on 23 April at 11:00 a.m. (CET).
It bears noting that the Company has decided to exercise the option afforded by Article 106, paragraph 4, of Italian Decree-Law No. 18 of 17 March 2020 (converted into Law No. 27 of 24 April 2020, as further amended) regarding the procedure for holding general meetings of listed companies and to require that shareholders’ attendance of and exercise of the voting rights at General Shareholders’ Meetings take place solely through the Designated Representative pursuant to Article 135-undecies of TUF, i.e., Computershare S.p.A.
Accordingly, individual shareholders will not be allowed to attend in physical presence. The instructions and form for granting, at no charge, the proxy and the documentation related to the General Shareholders' Meeting will be available, within the terms established by applicable laws, from the website www.brembo.com, Investors, For Shareholders, Shareholders’ Meeting.
Among the items on the Agenda, the Board of Directors resolved to submit the following matters to the forthcoming General Shareholders’ Meeting:
• Examination and approval of the Financial Statements for the year ended 31 December 2023.
• The following proposal for the distribution of profit of the Parent Brembo S.p.A.:
- a gross ordinary dividend of €0.30 per ordinary share outstanding at ex-coupon date;
- the remaining amount carried forward.
It will also be proposed that dividends should be paid as of 22 May 2024, ex-coupon No. 1 on 20 May 2024 (record date: 21 May 2024).
• Report on Remuneration Policy for 2024 and Remuneration Paid in 2023.
• Plan for the buy-back of own shares with the following objectives:
- undertaking any investments, directly or through intermediaries, including aimed at containing abnormal movements in stock prices, stabilising stock trading and prices, supporting the liquidity of the Company’s stock on the market, so as to foster the regular conduct of trading beyond normal fluctuations related to market performance, without prejudice in any case to compliance with applicable statutory provisions;
- carrying out, in accordance with the Company’s strategic guidelines, share capital transactions or other transactions which make it necessary or appropriate to swap or transfer share packages through exchange, contribution, or any other available methods; and
- buying back own shares as a medium-/long-term investment.
The proposal, which complies with the Dutch Civil Code in light of the Company's Cross-Border Conversion to the Netherlands, envisages that the Board of Directors may purchase, in one or more tranches, up to a maximum of 8,000,000 ordinary shares, for a minimum price not lower than the closing price of the shares during the trading session on the day before each transaction is undertaken, reduced by 10%, and for a maximum price not higher than the closing price of the shares during the trading session on the day before each transaction is undertaken, increased by 10%.
The authorisation is requested for a period of 18 months from the date of the resolution by the General Shareholders' Meeting and for a maximum purchasing amount of €144,000,000, which is adequately covered by the available net reserves recognised in the balance sheet. At present, the Company holds 15,051,860 own shares representing 4.51% of share capital.
In the extraordinary session, the Board of Directors will propose some amendments to the Articles of Association approved by the General Shareholders’ Meeting on 27 July 2023, connected with the transfer of the Company's registered office to The Netherlands.
The notice of calling will be made available to the public within the terms and in the manner established by applicable laws.
Brembo’s Cross-Border Conversion — effectiveness and new ISIN code
Further to the previous press releases, with regard to the Cross-Border Conversion approved by the Extraordinary Shareholders’ Meeting of Brembo S.p.A. held on 27 July 2023, Brembo recalls that the Dutch notarial deed was executed on 25 January, by which the Cross-Border Conversion was finally carried out. The deed envisages, inter alia, that the Transaction will be effective as of 24 April 2024, the day following the date of the Shareholders’ Meeting of Brembo. It bears also recalling that, following the Cross-Border Conversion, Brembo will retain its tax residence in Italy and its shares will continue to be listed on Borsa Italiana’s Euronext Milan under the
new ISIN code: NL0015001KT6 as of 24 April 2024. No actions are required from shareholders in this regard.