Brembo is reporting first half net profit up 21.5% to EUR43.2m (US$57.1m), while revenue rose 8.6% to EUR762.8m.

Sales in Germany increased 12.1%, in North America by 14.5% and in China, by 37.8%.

"The uptrend, which has been characterising the Group for the past four years, encourages us to forge ahead on the path we have embarked upon," said Brembo chairman, Alberto Bombassei.

"Although the Italian market continues to decline, in Germany, the US and Asia we reported significant increases, both in terms of business volume and market share. Our orders book confirms the forecasts of the Group's positive trend for the rest of the year.

"Against this backdrop, we are confirming all the investments needed to achieve a level of industrial development that can meet the requirements of expected growth rates."

Show the press release

Group’s Consolidated H1 2013 Results 

Brembo’s Board of Directors chaired by Alberto Bombassei met today, examined and 

approved the Brembo Group’s half-year results at 30 June 2013.

H1 net consolidated revenues amounted to €762.8 million, up 8.6% compared to the same 

period of the previous year (+9.8% on like-for-like exchange rates).

A particularly significant growth was reported in the car application sector, which increased 

by 15.5% for the reporting period. The motorbike business recorded a more moderate 

growth of 2.3% (+4% net of the exchange rate effect). 

The commercial vehicle segment decreased by 7.6%, whereas racing applications 

declined by 2.8%. 

At geographical level, Germany continues to be the Brembo Group’s main market, 

accounting for 23.9% of total sales, and recorded a 12.1% increase in the six months 

compared to the same period of the previous year. Within the European market, the United 

Kingdom and France grew (+5.4% and +2.2%, respectively), whereas sales in Italy 

declined by 3.1%. A very positive growth was reported in North America (the USA, Canada, 

Mexico), the second market of reference for Brembo (22.2% of revenues), which closed 

the reporting period with a 14.5% improvement, and in Brazil (+9%).

Compared to the first half of 2012, revenues on the Chinese market rose sharply (+37.8%), 

while the Indian market was stable at +0.7%, although on a like-for-like exchange rate 

basis the increase was 7.7%.

In the reporting period, the cost of sales and other operating costs amounted to €512.9 

million, with a ratio of 67.2% to revenues, essentially in line with the same period of the

previous year (67.4%). 

In H1 2013, personnel costs amounted to €150.7 million, with a ratio of 19.8% to revenues, 

in line with same period of the previous year (20%).

The workforce at 30 June 2013 numbered 7,173, or 124 more than at 30 June 2012 and 

236 more than 31 December 2012, consistently with the launch of the new industrial plants. 

In H1 2013, EBITDA amounted to €99.1 million (13% of revenues), up 12.2% compared to 

the same period of the previous year. 

EBIT amounted to €55.4 million (7.3% of revenues), up 12.5% compared to H1 2012.

Net interest expense amounted to €7.8 million (€4.2 million in H1 2012) and consisted of 

exchange losses of €0.8 million (compared to exchange gains of €1.4 million in H1 2012) 

and interest expense of €6.9 million (€5.7 million in the same period of the previous year). 

The period ended with a pre-tax profit of €47 million (€44.2 million in H1 2012). 

Based on the tax rates applicable under current tax regulations, estimated taxes amounted 

to €4.2 million (€8.8 million in H1 2012), with a tax rate of 9% compared to 19.8% of H1 

2012.

Net profit for the period amounted to €43.2 million, up 21.5% compared to the same period 

of the previous year.Net financial debt at 30 June 2013 was €369.2 million, compared to €351.5 million at 30 

June 2012.

The second quarter of 2013

Net consolidated revenues for Q2 2013 amounted to €390.8 million, up 10.8% compared 

to the same period of 2012.

EBITDA amounted to €51.9 million, up 14.0% compared to Q2 2012, with a ratio of 13.3% 

to revenues. 

EBIT amounted to €29.3 million, up 15.6% compared to the same period of the previous 

year, with a ratio of 7.5% to revenues.

The reporting period ended with a net profit of €22.6 million, up 55.8%.

Significant Events after 30 June 2013?

In July, all production activities of the plant in São Paulo, of the subsidiary Brembo do

Brasil Ltda, were transferred to the new plant in Santo Antônio de Posse (northward from 

São Paulo), where a wider and modern plant is operational and suitable to meet the 

increasing production needs of local customers.

The new production plant will be completed thanks to new investments, which are 

expected to amount to €32 million for the 2013-2015 period.

Outlook

Order book forecasts confirm that revenues and margins will rise also in the second half of 

the year, in line with the figures recorded in the first six months.

Original source: http://www.brembo.com/en/Press/Comunicati-stampa/Documents/Comunicati%20Stampa%202013/2013%2007%2031%20H1%202013%20results_ENG.pdf