H1 2018 REVENUES €1,339.7 MILLION: +6.1% (+10.1% LIKE-FOR-LIKE) EBITDA AT €259.9 MILLION (EBITDA MARGIN: 19.4%) NET PROFIT AT €140.1 MILLION (+2.5%).

Compared to H1 2017:


• Revenues grew by 6.1% to €1,339.7 million (+10.1% on a like-for-like exchange rate basis)


• EBITDA margin at 19.4% to €259.9 million; EBIT margin at 13.9% to €186.1 million


• Net investments amounted to €120.8 million


• Net financial debt at €263.1 million


Chairman Alberto Bombassei stated: “We wanted to begin the Board of Directors' session by remembering a man who had a deep impact on the global automotive market. For me, personally, Sergio Marchionne's death is the loss of a friend, as well as of an extraordinary manager. Brembo’s results for the first six months of 2018 confirm its ability to compete on changing international markets. This encourages us to pursue our recently announced industrial initiatives with renewed enthusiasm. The new plants will help expand our Group’s global production capacity and ensure that we are increasingly better positioned to meet demand from our main clients for products with a rising level of innovative content. Despite our satisfaction with these results, it is however essential for us to remain highly vigilant with regard to the development of trade tensions and the international geopolitical scenario.”


Executive Deputy Chairman Matteo Tiraboschi stated: “Among the positive elements that emerge from the results approved today, it is important to emphasise the good revenue growth, achieved despite the unfavourable currency scenario. This confirms Brembo’s ability to grasp business opportunities in the various markets and segments in which it operates. I would also like to stress the significant cash generation attained, which made it possible to reduce our financial debt level compared to the previous reporting period, despite the significant investments undertaken and dividends paid during the first half of the year. According to plan, the new plants in China, Poland and Mexico are being placed in full operation, which will be reached by the end of this year.”​


H1 2018 Results

Brembo’s Board of Directors chaired by Alberto Bombassei examined and approved the Group’s half-year results at 30 June 2018.


Brembo Group’s net consolidated revenues amounted to €1,339.7 million in the first half of 2018, up by 6.1% compared to the same period of the previous year. On a like-for-like exchange rate basis, revenues increased by 10.1%.


Almost all market segments in which the Group operates positively contributed to the results of the reporting period: car applications rose by 6.9%, motorbikes by 2.7% and commercial vehicles by 10.5%, while the racing sector showed a 6.6% decline.

At geographical level, sales in Italy decreased slightly by -3.2%, while in Germany sales rose by 11.0%, in France by 20.7% and in the United Kingdom by 6.8%.

Asia continued to report growth: India grew by 13.3% (+26.7% on a like-for-like exchange rate basis), and China by 15.5% (19.6% on a like-for-like exchange rate basis). By contrast, Japan declined by 13.0% (-11.9% on a like-for-like exchange rate basis).

The North American market (the United States, Mexico and Canada) decreased by 6.6%, but reported a 3.4% increase on a like-for-like exchange rate basis.

South America (Brazil and Argentina) declined by 6.4%, but reported an 18.8% increase on a like-for-like exchange rate basis.


In H1 2018, the cost of sales and other net operating costs amounted to €852.2 million, with a 63.6% ratio to sales, virtually in line with the same period of the previous year (H1 2017: 63.2%).


Personnel expenses amounted to €236.1 million, with a 17.6% ratio to sales, compared to €215.8 million (17.1% of sales) for the first half of 2017. Workforce at 30 June 2018 numbered 10,384, an increase of 547 employees compared to 31 December 2017 (total workforce: 9,837) and of 955 employees compared to 30 June 2017 (total workforce: 9,429).


EBITDA amounted to €259.9 million (EBITDA margin: 19.4%), up by 1.7% compared to the same period of 2017.

Depreciation and amortisation for the reporting period grew by 11.7% to €73.8 million, due to the significant investments made in previous periods.

EBIT amounted to €186.1 million (EBIT margin: 13.9%), down 1.8% compared to H1 2017.


Net interest expense for the period amounted to €5.6 million (€3.1 million at 30 June 2017); this item included interest expense amounting to €4.4 million (€4.3 million in H1 2017) and net exchange losses for €1.2 million (net exchange gains of €1.1 million in the same period of the previous year). Pre-tax profit was €180.6 million (13.5% of revenues), compared to €186.5 million for H1 2017.


Based on the tax rates applicable under current tax regulations, estimated taxes amounted to €39.0 million (€48.0 million in H1 2017), with a tax rate of 21.6% (25.7% in the same period of the previous year).


The reporting period ended with net profit of €140.1 million, up 2.5% compared to €136.7 million for the same period of the previous year.


Net financial debt at 30 June 2018 amounted to €263.1 million, decreasing by €12.6 million compared to 31 March 2018.​


Changes to financial calendar

In partial amendment of the information given in the press release dated 5 December 2017, Brembo announces that the meeting of the Board of Directors for the approval of the Q3 2018 Interim Report will be held on 7 November 2018 instead of 8 November 2018.

Foreseeable Evolution

For the remainder of the year, the order backlog confirms a growth in line with that reported to date, although the currency context will continue to be rather volatile. The company will continue to closely monitor the sales towards the main customers, as well as the evolution of the commercial and geopolitical tensions at global level.​            


The Brembo Group's Six Monthly Report at 30 June 2018, approved by the Board of Directors today, will be available to the public at the Company's registered office, and on the corporate website at www.brembo.com as well as in the authorised central storage mechanism used by the Company at www.1info.com.


The manager in charge of the Company’s financial reports, Andrea Pazzi, declares, pursuant to paragraph 2 of Article 154-bis of Italy's Consolidated Law on Finance, that the accounting information contained in this press release corresponds to the documented results, books and accounting records.


Annexed hereto are the Statement of Income, the Statement of Financial Position and the Cash Flow Statement​