H1 2015 Results


 Brembo: H1 2015 revenues up 15.2% to €1,038.9 million, Ebitda at €175 million (+23.1%), Ebit at €121.3 million (+29.8%)

H1 2015 Results

Brembo's Board of Directors chaired by Alberto Bombassei met today and approved the Group's half-year results at 30 June 2015.

Brembo Group's net consolidated revenues
amounted to €1,038.9 million at 30 June 2015, up 15.2% compared to the same period of the previous year. On a like-for-like exchange rate basis, revenues increased by 8.5%.

All market segments in which the Group operates positively contributed to the results of the reporting period. Car applications once again contributed the most with a 18.4% increase. Good performances were also recorded in the motorbike, racing, and commercial vehicle sectors, which grew by 11.2%, 8.4% and 4.0%, respectively.

At geographical level, growth in H1 2015 was in line with the uptrends already witnessed during the first quarter. Sales showed a remarkable progress in Europe, with Germany growing by 8.8%, Italy by 3.4%, and the United Kingdom by 12.6%. By contrast, France decreased by 5.3%.

In Asia, the Indian market rose by 28.1% (+7.9% net of exchange differences). Japan and China also performed well, growing by 50.5% and 34.3%, respectively. North America (the USA, Canada and Mexico) continued to grow, with a 34.3% increase in sales (13.3% on a like-for-like exchange rate basis), whereas South America (Argentina and Brazil) decreased by 7.2%, mirroring the ongoing difficulties on the automotive market.

In H1 2015, the cost of sales and other operating costs amounted to €686.3 million, up by 15.1% compared to €596.2 million for the same period of the previous year; the ratio to sales remained stable at 66.1%.

Personnel expenses amounted to €181.5 million, with a 17.5% ratio to revenues, down compared to 18.4% in the first half of the previous year.
At 30 June 2015, workforce numbered 7,766, increasing by 94 compared to 30 June 2014.

EBITDA for H1 2015 amounted to €175.0 million (EBITDA margin: 16.8%), up by 23.1% compared to the same period of 2014. Amortisation, depreciation and impairment losses amounted to €53.6 million, increasing by 10.3% due to the sizeable investments of the previous periods.

amounted to €121.3 million (EBIT margin: 11.7%), up 29.8% compared to H1 2014. In the reporting period, net interest expense totalled €3.5 million (€6.5 million in H1 2014). This item includes interest expense amounting to €6.9 million (€5.8 million in H1 2014) and exchange gains of €3.5 million (exchange losses at €0.7 million in H1 2014).

Pre-tax profit was €117.8 million (11.3% of revenues), compared to €87.0 million for H1 2014. Based on the tax rates applicable under current tax regulations, estimated taxes amounted to €27.3 million (€23.1 million in H1 2014), with a tax rate of 23.2% compared to 26.5% for the same period of 2014.

The reporting period ended with a net profit of €89.0 million, up 39.0% compared to €64.0 million for the same period of the previous year.

Net financial debt at 30 June 2015 was €249.8 million, compared to €325.4 million at 30 June 2014 and €255.2 million at 31 March 2015.

Foreseeable Evolution

Order book projections confirm that revenues and margins will show a good growth also for the remainder of the year.