"strictly confidential. © brembo s.p.a. reserves all rights of use and disposal. under the...
TRANSCRIPT
"Str
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Milan, May 20th 2008
BREMBOmore than brakes
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Milan, May 20th 2008
Brembo at a glance
Q1 2008 results
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Milan, May 20th 2008
Brembo at a glance
Fully integrated industrial process from foundries to assemblyState of the art
technology
performance comfort style
Unique selling proposition:
World leader in luxury and top-of-range automotive applications
R&D and innovation: a key to long-term success
"Str
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Milan, May 20th 2008
Pocket-sized multinational with a global manufacturing footprint
Over 5.700 employees are working for Brembo in 13 countries in 28 plants; nearly 9% of them work in R&D and technical areas
"Str
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Milan, May 20th 2008
530566
634678
712
806
912
0
200
400
600
800
1000
2001 2002 2003 2004 2005 2006 2007
Sustainable growth of revenues and margins despite a challenging cost scenario
€ Million
82.290.3
100.6
110.9 111.8119.0
136.9
15.5%16% 15.9%
16.4%15.7%
14.8%
15%
10
40
70
100
130
160
2001* 2002* 2003* 2004 2005 2006 2007
* Italian Gaap€ Million
Sales growth EBITDA margin growth
"Str
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Milan, May 20th 2008
Global geographic distribution, anti-cyclical portfolio
Italy 23.8%
Germany25.0%
France5.5%
UK7.1%
Other EU 16.4%
Nafta 12.3%
Asia3.7%
Brazil3.9%
Other2.3%
Passenger Cars61.7%
Motorbikes12.2%
Racing7.3%
Commercial Vehicles17.7%
Other1%
Sales by area (FY 2007)
Sales by application (FY 2007)
"Str
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Milan, May 20th 2008
Brembo at a glance
Q1 2008 results
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Milan, May 20th 2008
Q1 08– Good growth of revenues and margins
€ million 1Q 08 % sales 1Q 07 % sales % 08/07
Sales 273.2 100% 229.3 100% 19.1%
EBITDA 40.0 14.6% 33.4 14.6% 19.6%
D&A -14.1 5.2% -10.8 4.7% 30.9%
EBIT 25.9 9.5% 22.7 9.9% 14.3%
Financial charges -3.7 1.4% -3.0 1.3% 23.1%
Taxes -6.7 2.5% -6.8 3.0% -1.3%
Tax rate 30.3% 34.7%
Net Profit 15.7 5.7% 12.6 5.5% 24.7%
"Str
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Milan, May 20th 2008
229.3
-1.4
28.0
20.0 -2.7
273.2
150
170
190
210
230
250
270
290
310
330
SALES Q1 07 SELLING PRICES
VOL/MIX SCOPE EXCHANGE RATES
SALES Q1 08
Q1 08– Revenues driven by organic and external growth; like-for-like +10.4%
€ M
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16.0 USA 2.1 Sabelt 1.9 Spain
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Milan, May 20th 2008
65.8 63.3
13.1
19.0
41.3 43.9
12.5 10.6
58.4
63.2
13.8
17.9
38.1
21.8
7.0 7.2
1Q 08
1Q 07
Q1 08 sales – Very good Nafta, Asia and Brazil
ITALY
+ 0.2%
+80%-5%
+6%
+ 8.4%
+101.2%
+46.2%
+ 12.6%
GERMANY FRANCE U.K. OTHER EU NAFTA JAPAN BRAZIL
€ M
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Milan, May 20th 2008
164.7
36.6
49.5
23.1
140.4
28.4 37.1
23.5
PASS.CAR MOTORCYCLE COMM.VEHICLE RACING
1Q 08
1Q 07
Q1 08 sales – Growth driven by Commercial Vehicles and Motorcycles; racing flat due to currency impact
+ 28.5%+ 33.3%
-1.6%
+ 17.3%€ M
io
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Milan, May 20th 2008
229.3
+10.5%
+5.4%
-0.2%
273.2
150
170
190
210
230
250
270
290
SALES 1Q 07 PASS. CAR MOTORC. COMM. VEHICLE RACING SALES 1Q 08
+3.5%
Q1 08 Sales - Segment and customer growth mix
+19.1%€ M
io
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Milan, May 20th 2008
Income Statement
€ million 1Q 08 % sales 1Q 07 % sales % 08/07
Sales 273.2 100% 229.3 100% 19.1%
EBITDA 40.0 14.6% 33.4 14.6% 19.6%
D&A -14.1 5.2% -10.8 4.7% 30.9%
EBIT 25.9 9.5% 22.7 9.9% 14.3%
Financial charges -3.7 1.4% -3.0 1.3% 23.1%
Taxes -6.7 2.5% -6.8 3.0% -1.3%
Tax rate 30.3% 34.7%
Net Profit 15.7 5.7% 12.6 5.5% 24.7%
"Str
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Milan, May 20th 2008
33.4
7.1 1.4
0.9
40.0
EBITDA 1Q 07 VOL/MIX PRICES OPERATIONS EBITDA 1Q 08
Q1 08 EBITDA margin evolution€ M
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Milan, May 20th 2008
Income Statement
€ million 1Q 08 % sales 1Q 07 % sales % 08/07
Sales 273.2 100% 229.3 100% 19.1%
EBITDA 40.0 14.6% 33.4 14.6% 19.6%
EBIT 25.9 9.5% 22.7 9.9% 14.3%
Financial charges -3.7 1.4% -3.0 1.3% 23.1%
Taxes -6.7 2.5% -6.8 3.0% -1.3%
Tax rate 30.3% 34.7%
Net Profit 15.7 5.7% 12.6 5.5% 24.7%
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Milan, May 20th 2008
Q1 08 – Financial Charges
€ Million 1Q 08 1Q 07 D 08/07
Net financial charges 3.7 3.1 0.6
Financial charges 3.5 2.5 1.0
Average net debt 259.5 196.2 63.3
Net debt cost 5.5% 5.1%
Net exchange rate differences 0.2 0.6 -0.4
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Milan, May 20th 2008
235.9
40.013.5
28.0
38.2
2.2 5.3
283.1
A sustainable growth path does not impact a sound financial profile…
NET DEBT31.12.07
NET CAPEX NWC BUY-BACKSABELTACQUISITION
NET DEBT31.3.08
€ M
io
EBITDA FIN. CH.&
TAX
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Milan, May 20th 2008
Main financial ratios
€ Million 31.12.2007 31.12.2006 31.12.2005
ROI 15.4% 16.2% 15.9%
ROE 20.0% 16.3% 17.3%
Gearing 74.8% 71.4% 79.8%
Net debt/EBITDA 1.7 1.6 1.7
EBITDA/Fin. charges 13.9 12.7 17.7
EBIT/Fin. charges 9.0 8.5 11.6
Fin. charges/Net revenues 1.1% 1.2% 0.9%
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Milan, May 20th 2008
DECLARATION
The manager responsible for preparing the company’s financial reports
CORRADO ORSI
declares. pursuant to paragraph 2 of Article 154-bis of the Consolidated Law on Finance. that the accounting information contained in this presentation corresponds to the document results. books and accounting records.