BREMBO N.V. Bergamo, 9 May 2024
BREMBO: Q1 REVENUES AT €1,004.6 MILLION
UP 4.4% (+5.3% ON A LIKE-FOR-LIKE EXCHANGE RATE BASIS)
EBITDA AT €176.8 MILLION, NET PROFIT AT €75.2 MILLION
Results at 31 March 2024:
- Revenues at €1,004.6 million (+4.4%): +5.3% on a like-for-like exchange rate basis
- EBITDA margin at 17.6% to €176.8 million; EBIT margin at 11.2% to €112.8 million
- Net investments and increases in leased assets at €75.2 million
- Net financial debt at €529.5 million (€357.5 million prior to the application of IFRS 16), up €23.1 million compared to 31 March 2023
(€ million) | Q1 2024 | Q1 2023 | Change |
Revenue | 1,004.6 | 961.9 | +4.4% |
EBITDA | 176.8 | 168.3 | +5.1% |
% of sales | 17.6% | 17.5% | |
EBIT | 112.8 | 104.0 | +8.5% |
% of sales | 11.2% | 10.8% | |
Pre-tax profit | 105.6 | 105.0 | +0.6% |
% of sales | 10.5% | 10.9% | |
Net profit | 75.2 | 76.8 | -2.2% |
% of sales | 7.5% | 8.0% | |
31.03.24 | 31.03.23 | Change | |
Net financial | 529.5 | 506.4 | +23.1 |
debt | |||
Net financial debt | 357.5 | 329.0 | +28.5 |
excluding IFRS 16 |
Brembo Executive Chairman Matteo Tiraboschi stated: "Brembo began also 2024 with positive results, after the uptrend already reported for 2023. For the first time, we exceeded the €1 billion revenue threshold in just one quarter - a result driven by higher volumes in our key business segments and in the main markets in which we operate worldwide. We are continuing to invest so as to foster our Group's global expansion strategy: in Thailand we are building our first production plant dedicated to motorbike manufacturers, thus laying the foundations for a further development of Brembo's business in the Southeast Asia region. In an increasingly complex market context, we stand alongside our customers, developing innovative and sustainable solutions to successfully face the challenges that are shaping the future of the automotive sector."
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Results for the First Quarter of 2024
Brembo N.V.'s Board of Directors, chaired by Matteo Tiraboschi, examined and approved the Group's results at 31 March 2024.
Net consolidated revenues amounted to €1,004.6 million, up 4.4% (+5.3% on a like-for-like exchange rate basis) compared to the first quarter of the previous year.
In the reporting quarter, the Group recorded a positive performance in nearly all its operating segments: car applications rose by 5.5%, motorbike applications by 2.0%, and racing applications by 6.3% compared to the same quarter of 2023, while applications for commercial vehicles slightly decreased by -1.1%.
At geographical level, sales rose by 3.0% in Italy, by 5.4% in Germany, by 3.6% in France and by 18.2% in the United Kingdom (+16.0% on a like-for-like exchange rate basis).
India grew by 22.3% (+24.8% on a like-for-like exchange rate basis), China by 6.5% (+12.4% on a like-for-like exchange rate basis) and Japan by 16.1% (+18.1% on a like-for-like exchange rate basis).
The North American market (USA, Mexico and Canada) rose by 1.3% (+2.4% on a like-for-like exchange rate basis), whereas the South American market (Brazil and Argentina) decreased by 4.0% (-7.4% on a like-for-like exchange rate basis).
In the first quarter of 2024, the cost of sales and other net operating costs amounted to €650.3 million, with a 64.7% ratio to sales, down in percentage terms compared to Q1 2023 (€636.1 million or 66.1% of sales).
Personnel expenses amounted to €182.2 million, with an 18.1% ratio to sales, increasing compared to the same period of the previous year (16.9% of sales). At 31 March 2024, Brembo People numbered 16,149, compared to 15,653 at 31 December 2023 and 15,305 at 31 March 2023.
In the reporting quarter, EBITDA amounted to €176.8 million (EBITDA margin: 17.6%), compared to
€168.3 million (EBITDA margin: 17.5%) for Q1 2023.
EBIT stood at €112.8 million (EBIT margin: 11.2%) compared to €104.0 million (EBIT margin: 10.8%) for Q1 2023.
Net interest expense for the quarter amounted to €7.2 million (€1.0 million net interest income in Q1 2023); this item included interest expense amounting to €6.1 million (€5.1 million in Q1 2023) and net exchange losses of €1.1 million (net exchange gains of €6.1 million in Q1 2023).
Pre-tax profit was €105.6 million (10.5% of sales) compared to €105.0 million (10.9% of sales) for Q1 2023.
Based on the tax rates applicable under current tax regulations in force in each country, estimated taxes amounted to €29.6 million (€27.9 million in Q1 2023), with a tax rate of 28.1% compared to 26.6% for the same period of 2023.
The reporting period ended with a net profit of €75.2 million (7.5% of sales) compared to €76.8 million (8.0% of sales) for the same period of the previous year.
Net financial debt at 31 March 2024 amounted to €529.5 million, up €23.1 million compared to 31 March 2023. Excluding the impact of IFRS 16, net financial debt would have been €357.5 million, up €28.5 million compared to 31 March 2023.
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Significant Events After 31 March 2024
The General Shareholders' Meeting of Brembo S.p.A., held on 23 April, approved the Financial Statements at 31 December 2023, allocating net profit for the year amounting to €139.3 million as follows:
- to the Shareholders, a gross ordinary dividend of €0.30 per each ordinary share outstanding with payment as of 22 May 2024, ex-coupon No. 1 on 20 May 2024, and record date on 21 May 2024;
- the remaining amount carried forward.
Foreseeable Evolution
Despite the highly challenging automotive market context, Brembo expects to close the year with a moderate revenue increase, keeping percentage margins in line with 2023.
Annexed hereto are the unaudited Statement of Income, the Statement of Financial Position and the Statement of Cash Flows.
For information: Laura Panseri - Head of Investor Relations Brembo Ph. +39 035 6052145 @: laura.panseri@brembo.com
Daniele Zibetti - Corporate Media Relations Brembo
Ph. +39 035 6053138 @: daniele.zibetti@brembo.com
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CONSOLIDATED STATEMENT OF INCOME
(euro million) | 31.03.2024 | 31.03.2023 | Change | % |
Revenue from contracts with customers | 1,004.6 | 961.9 | 42.7 | 4.4% |
Other revenues and income | 4.3 | 8.7 | (4.4) | -50.7% |
Costs for capitalised internal works | 8.7 | 7.4 | 1.2 | 16.5% |
Raw materials, consumables and goods | (459.9) | (459.1) | (0.8) | 0.2% |
Income (expenses) from non-financial investments | 4.6 | 4.8 | (0.3) | -5.2% |
Other operating costs | (203.3) | (193.1) | (10.2) | 5.3% |
Personnel expenses | (182.2) | (162.4) | (19.8) | 12.2% |
GROSS OPERATING INCOME | 176.8 | 168.3 | 8.5 | 5.1% |
% of revenue from contracts with customer | 17.6% | 17.5% | ||
Depreciation, amortisation and impairment losses | (64.0) | (64.3) | 0.3 | -0.5% |
NET OPERATING INCOME | 112.8 | 104.0 | 8.8 | 8.5% |
% of revenue from contracts with customer | 11.2% | 10.8% | ||
Net interest income (expense) and from investments | (7.2) | 1.0 | (8.2) | -820.0% |
RESULT BEFORE TAXES | 105.6 | 105.0 | 0.7 | 0.6% |
% of revenue from contracts with customer | 10.5% | 10.9% | ||
Taxes | (29.6) | (27.9) | (1.7) | 6.1% |
RESULT BEFORE MINORITY INTERESTS | 76.0 | 77.0 | (1.0) | -1.4% |
% of revenue from contracts with customer | 7.6% | 8.0% | ||
Minority interests | (0.8) | (0.2) | (0.6) | 368.2% |
NET RESULT FOR THE PERIOD | 75.2 | 76.8 | (1.7) | -2.2% |
% of revenue from contracts with customer | 7.5% | 8.0% | ||
BASIC/DILUTED EARNINGS PER SHARE (euro)
0.23
0.24
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CONSOLIDATED STATEMENT OF FINANCIAL POSITION
(euro million) | 31.03.2024 | 31.12.2023 | Change | |
ASSETS | ||||
NON-CURRENT ASSETS | ||||
Property, plant, equipment and other equipment | 1,374.4 | 1,353.5 | 20.8 | |
Right of use assets | 167.8 | 169.3 | (1.5) | |
Development costs | 107.6 | 104.4 | 3.2 | |
Goodwill and other indefinite useful life assets | 120.5 | 119.6 | 0.9 | |
Other intangible assets | 74.8 | 76.7 | (2.0) | |
Shareholding valued using the equity method | 54.8 | 60.2 | (5.4) | |
Investments in other companies | 321.9 | 280.1 | 41.8 | |
Derivatives | 17.3 | 20.4 | (3.1) | |
Other non-current financial assets | 3.0 | 2.9 | 0.0 | |
Receivables and other non-current assets | 43.9 | 41.7 | 2.1 | |
Deferred tax assets | 108.1 | 97.7 | 10.4 | |
TOTAL NON-CURRENT ASSETS | 2,394.0 | 2,326.6 | 67.4 | |
CURRENT ASSETS | ||||
Inventories | 655.1 | 621.7 | 33.4 | |
Trade receivables | 717.8 | 604.9 | 113.0 | |
Other receivables and current assets | 125.8 | 94.5 | 31.3 | |
Derivatives | 11.3 | 12.9 | (1.6) | |
Other current financial assets | 2.7 | 3.1 | (0.3) | |
Cash and cash equivalents | 394.4 | 510.1 | (115.7) | |
TOTAL CURRENT ASSETS | 1,907.2 | 1,847.2 | 60.0 | |
TOTAL ASSETS | 4,301.3 | 4,173.9 | 127.4 | |
EQUITY AND LIABILITIES | ||||
GROUP EQUITY | ||||
Share capital | 3.3 | 34.7 | (31.4) | |
Other reserves | 91.3 | 48.2 | 43.1 | |
Retained earnings/(losses) | 2,026.2 | 1,679.8 | 346.3 | |
Net result for the period | 75.2 | 305.0 | (229.9) | |
TOTAL GROUP EQUITY | 2,195.9 | 2,067.8 | 128.1 | |
TOTAL MINORITY INTERESTS | 32.6 | 31.6 | 0.9 | |
TOTAL EQUITY | 2,228.5 | 2,099.4 | 129.1 | |
NON-CURRENT LIABILITIES | 481.0 | 487.6 | (6.6) | |
Non-current payables to banks | ||||
Long-term lease liabilities | 150.5 | 149.8 | 0.7 | |
Other non-current financial payables | 0.7 | 0.7 | 0.0 | |
Other non-current liabilities | 4.3 | 3.9 | 0.4 | |
Non-current provisions | 22.9 | 24.2 | (1.3) | |
Provisions for employee benefits | 39.2 | 36.4 | 2.8 | |
Deferred tax liabilities | 30.3 | 31.0 | (0.7) | |
TOTAL NON-CURRENT LIABILITIES | 728.8 | 733.5 | (4.8) | |
NON-CURRENT LIABILITIES | 293.0 | 272.3 | 20.7 | |
Current payables to banks | ||||
Short-term lease liabilities | 21.5 | 21.5 | 0.1 | |
Derivatives | 1.8 | 0.2 | 1.7 | |
Other current financial payables | 0.6 | 58.0 | (57.5) | |
Trade payables | 752.5 | 742.1 | 10.4 | |
Tax payables | 38.9 | 11.6 | 27.3 | |
Current provisions | 9.6 | 9.6 | 0.0 | |
Contract liabilities | 73.9 | 75.5 | (1.6) | |
Other current liabilities | 152.2 | 150.3 | 2.0 | |
TOTAL CURRENT LIABILITIES | 1,344.0 | 1,340.9 | 3.1 | |
TOTAL LIABILITIES | 2,072.8 | 2,074.4 | (1.7) | |
TOTAL EQUITY AND LIABILITIES | 4,301.3 | 4,173.9 | 127.4 | |
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NET SALES BREAKDOWN BY GEOGRAPHICAL AREA AND BY APPLICATION
(euro million) | 31.03.2024 | % | 31.03.2023 | % | Change | % | |||
GEOGRAPHICAL AREA | |||||||||
Italy | 99.3 | 9.9% | 96.4 | 10.0% | 2.9 | 3.0% | |||
Germany | 206.0 | 20.5% | 195.5 | 20.4% | 10.5 | 5.4% | |||
France | 31.8 | 3.2% | 30.7 | 3.2% | 1.1 | 3.6% | |||
United Kingdom | 58.1 | 5.8% | 49.1 | 5.1% | 8.9 | 18.2% | |||
Other European countries | 125.4 | 12.5% | 127.4 | 13.2% | (2.0) | -1.6% | |||
India | 39.8 | 4.0% | 32.5 | 3.4% | 7.3 | 22.3% | |||
China | 132.7 | 13.2% | 124.6 | 13.0% | 8.1 | 6.5% | |||
Japan | 8.1 | 0.7% | 6.9 | 0.7% | 1.1 | 16.1% | |||
Other Asian Countries | 13.6 | 1.4% | 13.1 | 1.4% | 0.5 | 4.0% | |||
South America (Argentina and Brazil) | 18.9 | 1.8% | 19.6 | 2.0% | (0.8) | -4.0% | |||
North America (USA, Mexico & Canada) | 262.5 | 26.2% | 259.0 | 26.9% | 3.4 | 1.3% | |||
Other Countries | 8.6 | 0.8% | 7.0 | 0.7% | 1.6 | 23.5% | |||
Total | 1,004.6 | 100.0% | 961.9 | 100.0% | 42.7 | 4.4% | |||
(euro million) | 31.03.2024 | % | 31.03.2023 | % | Change | % | |||
APPLICATION | |||||||||
Passenger Car | 725.8 | 72.3% | 687.9 | 71.6% | 37.9 | 5.5% | |||
Motorbike | 125.7 | 12.5% | 123.3 | 12.8% | 2.4 | 2.0% | |||
Commercial Vehicle | 95.6 | 9.5% | 96.6 | 10.0% | (1.1) | -1.1% | |||
Racing | 57.3 | 5.7% | 53.9 | 5.6% | 3.4 | 6.3% | |||
Miscellaneous | 0.2 | 0.0% | 0.2 | 0.0% | 0.0 | 9.4% | |||
Total | 1,004.6 | 100.0% | 961.9 | 100.0% | 42.7 | 4.4% | |||
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euro million
3.000,0
2.500,0
2.000,0
1.500,0
1.000,0
500,0
0,0
Net invested capital
2.797,3
2.324,6 2.556,5
2.058,8
1.850,7
31.03.20 31.03.21 31.03.22 31.03.23 31.03.24
euro million
600,0
500,0
400,0
300,0
200,0
100,0
0,0
Net financial debt
456,5 | 506,4 | 529,5 | |||||||||||
450,4 | |||||||||||||
438,9 | 172,0 | ||||||||||||
177,4 | IFRS 16 | ||||||||||||
195,7 | 209,7 | IFRS 16 | |||||||||||
227,3 | |||||||||||||
IFRS 16 | |||||||||||||
IFRS 16 | IFRS 16 | ||||||||||||
329,0 | 357,5 | ||||||||||||
254,7 | |||||||||||||
229,2 | 229,2 | ||||||||||||
31.03.20 | 31.03.21 | 31.03.22 | 31.03.23 | 31.03.24 |
euro thousand
90,0
80,0
70,0
60,0
50,0
40,0
30,0
20,0
10,0
0,0
Turnover per employee
67,8 72,1 71,4
59,2
52,3
31.03.20 31.03.21 31.03.22 31.03.23 31.03.24
31.03.2020 | 31.03.2021 | 31.03.2022 | 31.03.2023 | 31.03.2024 |
Net operating income/Revenue from contract with customers | 8,7% | 12,4% | 10,8% | 10,8% |
11,2%
Result before taxes/Revenue from contract with customers | 7,4% | 12,0% | 11,1% | 10,9% |
10,5%
Net investments (*)/Revenue from contract with customers | 6,2% | 6,5% | 6,3% | 7,5% |
6,9%
Net Financial debt/Equity | 32,7% | 27,5% | 24,7% | 25,0% |
23,8%
Adjusted net interest expense(**)/Revenue from contract with customers | 0,5% | 0,4% | 0,3% | 0,5% |
0,6%
Adjusted net interest expense(**)/Net operating income | 5,8% | 3,3% | 3,2% | 4,9% |
5,4%
ROI | 15,2% | 10,4% | 12,8% | 15,4% |
15,1%
ROE | 14,8% | 10,7% | 12,2% | 14,8% |
13,7%
Note:
ROI: Net operating income rolling 12 months/Net invested capital.
ROE: Result before minority interests rolling 12 months (net of Result from discontinued operations)/Equity.
-
Net investments in property, plant, equipment and intangible assets, calculated as the sum total of increases (net of decreases) of property, plant, equipment and intangible assets.
(**) This item does not include exchange gains and losses.
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Brembo NV published this content on 09 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 May 2024 11:24:53 UTC.
