Results at 30 September 2022
Brembo’s Board of Directors, chaired by Matteo Tiraboschi, met today and approved the Group’s results at 30 September 2022.
In the reporting period, net consolidated revenues amounted to €2,728.2 million, up 33.6% (+27.5% on a like-for-like exchange rate basis) compared to the first nine months of the previous year.
Following the acquisition of the Spanish J.Juan Group, effective 1 November 2021, the consolidation scope changed; on a like-for-like consolidation basis, the increase was 29.8%. On a like-for-like exchange rate and consolidation basis, revenues rose by 23.7% compared to the same period of the previous year. In the reporting period, the Group reported a very positive performance across all sectors in which it operates: the car segment rose by 33.3%, motorbike applications by 49.9% (+17.5% on a like-for-like consolidation basis), applications for commercial vehicles by 20.4% and those for racing vehicles by 28.3% compared to the first nine months of 2021.
At geographical level, sales rose 14.1% in Italy, 35.2% in Germany, 17.8% in France and 0.6% in the United Kingdom (+0.3% on a like-for-like exchange rate basis). The North American market (USA, Mexico and Canada) grew by 53.0% (+38.0% on a like-for-like exchange rate basis) and the South American market (Brazil and Argentina) increased by 60.4% (+38.7% on a like-for-like exchange rate basis). India grew by 44.7% (+35.4% on a like-for-like exchange rate basis) and China by 36.1% (+24.3% on a like-for-like exchange rate basis), while Japan decreased by 12.3% (-13.3% on a like-for-like exchange rate basis).
At 30 September 2022, the cost of sales and other net operating costs amounted to €1,807.9 million, with a 66.3% ratio to sales, up in percentage terms compared to 63.4% for the same period of the previous year (€1,294.8 million).
Personnel expenses amounted to €451.7 million, with a 16.6% ratio to sales, decreasing compared to the same period of the previous year (18.4% of sales, equal to €376.6 million). At 30 September 2022, workforce numbered 12,897, compared to 12,225 at 31 December 2021 and 11,539 at 30 September 2021.
EBITDA amounted to €482.3 million (EBITDA margin: 17.7%) at 30 September 2022 compared to €381.7 million (EBITDA margin: 18.7%) for the same period of 2021. EBIT amounted to €303.1 million (EBIT margin: 11.1%) compared to €224.1 million (EBIT margin: 11.0%) for the same period of 2021.
Net interest income for the period amounted to €1.4 million (net interest expense of €4.5 million at 30 September 2021) and included interest expense amounting to €9.6 million (€8.0 million at 30 September 2021) and net exchange gains of €11.0 million (€3.4 million at 30 September 2021). Income from investments was €7.8 million compared to €4.0 million at 30 September 2021.
Pre-tax profit was €312.4 million compared to €223.5 million at 30 September 2021. Based on the tax rates applicable under current tax regulations in force in each country, estimated taxes amounted to €76.7 million (€54.6 million at 30 September 2021), with a tax rate of 24.6% compared to 24.4% for the same period of the previous year.
The reporting period ended with a net profit of €234.8 million, up 39.2% compared to the same period of the previous year.
Net financial debt at 30 September 2022 amounted to €630.7 million, up €147.4 million compared to 30 September 2021. Excluding the impact of IFRS 16, net financial debt would have been €405.6 million, up €128.1 million compared to 30 September 2021.
Foreseeable Evolution
Our orders backlog for the coming months remains robust at global level. Barring extraordinary changes in the geopolitical situation and the macro-economic context, Brembo expects a 30% growth in revenues for FY 2022 compared to 2021 — an improvement on previous projections — and margins in line with the first nine months of 2022.
