Results for the period ended 30 September 2020
Brembo Group's net consolidated revenues for the reporting period amounted to €1,559.9 million, declining by 20.9% compared to the same period of the previous year, due to the effects of the Covid-19 pandemic, which particularly penalised the first half of the year.
With regard to the market segments in which the Group operates, the reporting period saw car applications decreasing by 20.4%, motorbike applications by 26.8%, applications for commercial vehicles by 18.2%, and racing applications by 22.0%.
At geographical level, compared to the same period of the previous year, sales for the first nine months shrank by 18.0% in Italy, by 26.7% in Germany, by 20.4% in France and by 35.7% in the United Kingdom.
In Asia, India declined by 35.5% and Japan by 21.9%, whereas China rose by 4.0%. Sales declined by 22.3% In North America (USA, Canada and Mexico) and by 41.3% in South America.
In the period ended 30 September 2020, the cost of sales and other net operating costs amounted to €992.2 million, down 19.8% compared to €1,236.7 million for the same period of the previous year. In percentage terms, the ratio to sales of this item was 63.6%, up compared to 62.7% for the same period of 2019.
Personnel expenses amounted to €305.5 million, with a 19.6% ratio to sales, increasing compared to the same period of the previous year (17.7% of sales). At 30 September 2020, workforce numbered 10,869 (10,516 at 30 September 2019 and 10,868 at 31 December 2019).
EBITDA for the period amounted to €267.1 million (EBITDA margin: 17.1%), down 32.2% compared to the same period of 2019. Depreciation and amortisation amounted to €156.5 million, up compared to €144.8 million for the previous year.
EBIT amounted to €110.6 million (EBIT margin: 7.1%), down 55.6% compared to the same period of 2019.
In the reporting period, net interest expense totalled €18.1 million (€12.3 million in 2019). This item included net exchange losses of €7.8 million (€1.2 million for the same period of the previous year) and interest expense amounting to €10.3 million (€11.1 million at 30 September 2019).
Pre-tax profit was €92.5 million (5.9% of sales). Based on the tax rate applicable under current tax regulations, estimated taxes amounted to €19.9 million (€53.3 million in 2019), with a tax rate of 21.5%, slightly down compared to 22.5% for the previous year. The period ended with a net profit of €71.7 million.
Net financial debt at 30 September 2020 was €505.7 million, down €91.8 million compared to 30 June 2020; net of the effect of IFRS 16, it would have been €320.1 million, down €87.1 million compared to 30 June 2020 (€407.2 million).