Dear Shareholders,
In the opening letter of last year’s Annual Financial Report, I wrote to you for the first time in my capacity as Brembo’s Executive Chairman, feeling the same emotion and sense of responsibility that I continue to feel today for holding this role.
Now, I am writing to you again, at the end of a year – 2022 – without precedent in our Company's history, and not only in terms of the results achieved. Brembo continued its pursuit of growth according to the natural approach that has always set us apart, and that our Chairman Emeritus Alberto Bombassei has passed down to us: a passion for our work, consistency and maximum quality of customer service.
There was no shortage of challenges in 2022 as well. The past few years have been complex ones. The effects of sometimes unforeseeable global phenomena have presented — and continue to present — companies and individuals with difficult choices. Brembo's long experience teaches us that it is precisely at such times that we have the opportunity to show our value.
The strategic decisions we have made in recent years are proving highly satisfactory. In 2022, the Group’s net consolidated revenues amounted to €3,629 million, up by 30.7% compared to 2021. This figure was positive in all the segments in which we operate, thus confirming our market leadership. For the first time, we passed the three billion milestone: an achievement that was made possible by the efforts of all of the about 15,000 Brembo People worldwide, who work daily to develop our Company. Their fundamental contribution is reason for my constant gratitude.
These results enable us to invest in an even more solid future. The automotive sector has been experiencing a phase of deep changes, and not only from a technological standpoint. For this reason, research and development remain our beacon. In particular, the efforts we are making on software and electronics for the digital innovation of our solutions are more and more important for us today.
In addition to what we do at our R&D centres worldwide, including the Brembo Inspiration Lab in California, we are paying increasing attention to the innovation that we can introduce from outside. In 2022, we therefore launched Brembo Ventures, the company unit aimed at investing in technological start-ups with which to collaborate directly to speed up the development of new solutions.
Our capabilities also continued to expand. In 2022, we signed a 50/50 joint venture agreement with Gold Phoenix to open the first Brembo production plant in China fully dedicated to large-scale manufacturing of innovative brake pads for the aftermarket segment.
It was precisely in this segment that we introduced a significant product innovation in September 2022: Greenance, a new range of special alloy discs and brake pads more respectful of the environment.
Sustainability was thus confirmed as the core of Brembo’s business strategy, not only with regards to products. In fact, we are pursuing an ambitious objective: becoming a net-zero company by 2040. Our Consolidated Disclosure on Non-financial Information provides an in-depth update of our tangible actions towards sustainable growth.
It is a source of pride to me to also cite Brembo's constant successes in the racing world. In 2022, Brembo again witnessed great victories: we reached the milestone of over 600 global titles since 1975 in a discipline like motor sports, which is the essence of passion and competition — two of the traits that have always distinguished Brembo.
The Executive ChairmanMATTEO TIRABOSCHI
