STEZZANO, ITALY, Nov 12 (MARKET WIRE) --
Brembo's Board of Directors approved the results for the third quarter of
2009:
- Revenues amounted to EUR 210.1 million (-19.8% compared to Q3 2008)
- EBITDA amounted to EUR 27.2 million (13% of sales);
- EBIT amounted to EUR 6.9 million (3.3% of sales);
- Net income was EUR 4.1 million.
Net financial debt decreased by 20.3% compared to 30
September
2008.
+--------------+--------+--------+---------+
| (EUR million) |Q3 2009 |Q3 2008 |D% 09/08 |
+--------------+--------+--------+---------+
|Revenues | 210.1 | 262.0 | -19.8% |
+--------------+--------+--------+---------+
|EBITDA | 27.2 | 34.1 | -20.0% |
+--------------+--------+--------+---------+
|EBIT | 6.9 | 18.1 | -61.7% |
+--------------+--------+--------+---------+
|Pretax profit | 2.8 | 13.1 | -79.0% |
+--------------+--------+--------+---------+
|Net profit | 4.1 | 12.2 | - 66.5% |
+--------------+--------+--------+---------+
+--------------+--------+--------+---------+
Results for the period ended 30 September
2009:
+-------------------+-----------+-----------+---------+
| (EUR million) |30.09.2009 |30.09.2008 |D% 09/08 |
+-------------------+-----------+-----------+---------+
|Revenues | 614.3 | 830.0 | -26.0% |
+-------------------+-----------+-----------+---------+
|EBITDA | 75.5 | 114.7 | -34.2% |
+-------------------+-----------+-----------+---------+
|EBIT | 17.0 | 69.7 | -75.5% |
+-------------------+-----------+-----------+---------+
|Pretax profit | 5.7 | 56.8 | -90.0% |
+-------------------+-----------+-----------+---------+
|Net profit | 3.3 | 42.8 | -92.2% |
+-------------------+-----------+-----------+---------+
|Net financial debt | 286.4 | 359.3 | -20.3% |
+-------------------+-----------+-----------+---------+
+-------------------+-----------+-----------+---------+
Group's Consolidated Q3 2009 Results
The third quarter witnessed the first modest signs of a recovery,
following on the significant decline in demand reported in the first six
months of 2009.
Net revenues for the third quarter of 2009 amounted to EUR 210.1 million,
down 19.8% compared to the same period of 2008, but marking a clear
recovery compared to the first half of this year, when the Group recorded
a 28.8% reduction in sales.
On a like-for-like basis in terms of consolidation area, net sales
decreased by 21.8%.
The lower reduction in sales referred mainly to applications for
commercial vehicles, which in the third quarter decreased by 10.2%
compared to the same period of 2008 (in H1, the decline was 48.2%) and
car applications, which decreased 19.5% in the third quarter, compared to
a 28% drop in H1 2009.
Motorbike applications and the racing segment further decreased by 18.1%
and 45.5%, respectively.
Breaking down performance by geographical area, growth in Asia (+39.8%)
and in Brazil (+5.4%) which benefited from the change in consolidation
area, marked a sharp contrast to the trend in the rest of the world.
The decline of the NAFTA area, which reported a decrease of 5.6% over the
quarter, compared to 22.1% in H1 2009, appears to have come to a halt.
In Europe, both Germany (-25.2% compared to -34.7% in H1 2009) and the
United Kingdom (-25.4% compared to -35.8%) showed improvement. The French
(-35%) and Italian (-33.6%) markets were both substantially stable,
reporting decreases in line with the first six months of the year.
In Q3 2009, the cost of sales and other operating costs amounted to EUR
135.9 million, representing 64.7% of turnover, compared to 68.5% for the
same period in the previous year.
Personnel expenses amounted to EUR 47 million in Q3 2009, with a ratio of
22.4% to sales, increasing over the same period of the previous year
(18.5%) due to several non-recurring expenses incurred for reorganisation
initiatives.
At 30 September 2009, the workforce numbered 5,402 (5,847 at 31 December
2008 and 6,000 at 30 September 2008). On a like-for-like basis in terms
of consolidation area, Group personnel decreased 6.5% compared to 31
December 2008 and 12.8% compared to 30 September 2008.
EBITDA for the quarter amounted to EUR 27.2 million compared to EUR 34.1
million for the third quarter of 2008. The ratio to sales remained
unaltered at 13%.
EBIT amounted to EUR 6.9 million (3.3% of revenues), compared to EUR 18.1
million (6.9% of sales) for Q3 2008, after depreciation, amortisation and
impairment losses of EUR 20.3 million, compared to EUR 15.9 million for
the third quarter of the previous year.
The increase in the item "Depreciation, amortisation and impairment
losses" is mainly due to impairment losses recognised as a result of the
production reorganisation carried out in Mexican plants.
Net interest expenses amounted to EUR 3.4 million (EUR 5.1 million in Q3
2008) and consist of exchange rate losses of EUR 0.4 million (EUR 0.8
million in Q3 2008) and net interest expenses of EUR 3 million (EUR 4.3
million in Q3 2008). The decrease in net interest expenses resulted from
a lower level of average debt and a reduction in the interest rates
applied.
The company reported an income before taxes of EUR 2.8 million (EUR 13.1
million for Q3 2008).
Based on tax rates applicable for the year under current tax regulations,
estimated taxes were positive at EUR 1.1 million (EUR -1.5 million in Q3
2008). In the third quarter of 2009, tax allocation was positive as the
Group companies that posted positive results for the quarter benefit from
tax reliefs and other companies, which reported losses, recognized
deferred tax assets.
The period ended with a net income of EUR 4.1 million.
Net debt decreased to EUR 286.4 million at 30 September 2009, down by EUR
72,9 million from 30 September 2008 (EUR 359.3 million) and by EUR 17
million compared to EUR 303.4 million at 30 June 2009.
The improvement in net financial position is the result of the steps
taken to reduce inventories and receivables and the downsizing of the
investment policy in order to react to declining demand.
Results of the Period Ended 30 September 2009
Consolidated revenues for the first nine months of 2009 amounted to EUR
614.3 million, down 26% compared to EUR 830 million for the same period
of the previous year.
EBITDA was EUR 75.5 million (-34.2%).
Depreciation and amortisation for the period totalled EUR 58.4 million,
up 29.7% on the same period of the previous year.
EBIT was EUR 17 million, compared to EUR 69.7 million for the first nine
months of 2008. The period ended with an income of EUR 3.3 million.
Outlook
During the first nine months of the year, Brembo continued with the
measures aimed at containing costs initiated in late 2008 in order to
deal with the extreme uncertainty in the economic scenario, especially
the automotive industry.
The company expects that its performance in the remainder of the year
will be in line with that achieved during the third quarter.
The manager in charge of the Company's financial reports, Matteo
Tiraboschi, 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 unaudited Income Statement and Balance Sheet.
This information is provided by HUGIN
Investor Relations:
Matteo Tiraboschi
Tel. +39 035 605 2899
Tel. +39 035 605 2223
E-mail: Email Contact
www.brembo.com
Media Relations:
Francesca Muratori
Tel. +39 035 605 2576
E-mail: Email Contact
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