Consolidated Group Results
The consolidated revenues of the Group
amount to 911.9 million, up 13.1% over previous
The revenue growth was driven mostly by
higher sales volume, but also to the recent acquisitions made during the
year in the United States (Hayes Lemmerz brake disc Division) and in
Spain (a business of kits for drum brakes and other aftermarket
components) for a total amount of 13.1 million. Like-for-like the
revenue growth would be 11.5%.
Commercial vehicle applications are up
31.7% and recorded the best performance over the last four years, also
thanks to the newly acquired platforms and to the positive trend of road
transportation. Also motorcycle segment grew quite a lot, +25.3%,
primarily thanks to the new successful Ducati models and to the
contribution of the new Harley Davidson platform, started during the
second half-year. Racing applications grew by 11.7% and passenger cars
by 6.6%.
From a geographic standpoint, Brazil and
Nafta countries continue to grow, +36.6% and 16.3%, respectively. Asia,
namely Japan, confirms its upturn and grew by 18.3% over previous year,
thanks to the recovery of the last two quarters. Italy and other EU
countries grew by 11.8% and 17.9%, respectively.
During 2007 cost of goods sold and other
operating costs amount to 602.1 million, compared to 530.4 million
of previous year.
Personnel expenses amount to 172.8
million, or 18.9% of sales, down from 19.4% of previous year thanks to
the progressive internationalization of the Group. The headcount at
year-end amounts to 5,304 people, 601 more than previous year, one third
of whom is related to the US acquisition.
EBITDA is 136.9 million, or 15% of
sales (14.8% in 2006), and grew by 15.1% over 2006. Amortization and
depreciation are 48.3 million, up 22.4% over previous year due to the
increasing investments made by the Group in recent years. EBIT is 88.7
million, up 11.5% over 2006. Net financial charges are 9,9 million, up
5.9% from 9.4 million of 2006 due to a higher average debt and to
raising interest rates. Taxes for the year amount to 14.9 million; tax
rate is 19.4%, considerably lower than 2006 rate due to positive
non-recurring items connected with deferred tax assets of the Italian an
Polish subsidiaries. Net profit for the year ended 31 December 2007 is
60.9 million, up 41.7% over previous year.
Compared to the data reported on 14
February, this amount includes a 2.5 million impairment loss of the
Mexican subsidiary Fundimak, 5.8% owned by Brembo, due to the losses
registered by the latter; this was partially offset by the final tax
calculation that resulted in a 0.9 million reduction in comparison
with the fourth quarter estimates. Net financial indebtedness at
31.12.2007 amount to 235.9 million (193.3 million at 31.12.2006)
mainly due to the US acquisition. Brembo S.p.A. results The parent
Company Brembo S.p.A. posted 603 million sales, up 5.5% over previous
year. Net profit amounts to 28.2 million ( 20.2 million in 2006). The
following allocation of net profit will be submitted to the AGM:
To the
Shareholders a gross dividend of 0.28 for each ordinary share
(excluding treasury shares) in circulation at the date of coupon
detachment; the remaining to reserve. The dividend should be paid
starting from 8 May 2008, with dividend coupon no. 16.
Annual General Meeting The Shareholders
are convened to the Ordinary General Meeting to be held at Stezzano
offices (Bergamo, Italy) on 29 April 2008 at 11:00, to resolve on the
following: 2007 Annual Report approval, appointment of the Board of
Directors and of the Statutory Auditors, renewal of the buy-back
program; integration of the audit assignment and compensation to
PricewaterhouseCoopers. Significant events after the close of the year
On 4th February 2008 Brembo China Brake Systems Co.Ltd, a subsidiary of
Brembo, acquired a 42.25% stake of the Chinese subsidiary Nanjing Yuejin
Automotive Brake System Co. Ltd. from Nanjing Automobile Corp., at a
price of about $ 5.9 million. Brembo Group owns, directly and
indirectly, 70% of Nanjing Yuejin Automotive Brake System. 3/8
On 19th
February 2008 a joint venture agreement was signed with the shareholders
of Sabelt, a Company leader in the production of racing seat belts and
child safety products, to integrate and develop their business
operations in the area of components and special accessories for motor
vehicles and motorcycles. The JV Company, named Brembo Performance Spa
and 70% owned by Brembo Spa, will combine the High Performance Kits
business of Brembo (braking systems for car and motorcycle tuning) and
all of the shares of Sabelt Spa.
Foreseeable evolution
Despite the macroeconomic uncertainty, the
order visibility for the months to come highlights a good growth of
revenues; also thanks to the recent acquisitions, sales this year should
exceed one million Euro for the first time in the history of the Group.
The raw materials and energy markets scenario is still negative.
Source: Brembo Press Release