"strictly confidential. © brembo s.p.a. reserves all rights of use and disposal. under the...

19
"Strictly Confidential. © Brembo S.p.A. reserves all rights of use and disposal. under the protection of the law. also in connection with I.P.R.. as well as copying and passing on to third parties" Milan, May 20 th 2008 BREMBO more than brakes

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Page 1: "Strictly Confidential. © Brembo S.p.A. reserves all rights of use and disposal. under the protection of the law. also in connection with I.P.R.. as well

"Str

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tial. ©

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mb

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of

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ctio

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f th

e law

. als

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as

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as

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ies"

Milan, May 20th 2008

BREMBOmore than brakes

Page 2: "Strictly Confidential. © Brembo S.p.A. reserves all rights of use and disposal. under the protection of the law. also in connection with I.P.R.. as well

"Str

ictl

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on

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tial. ©

Bre

mb

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un

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the p

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ctio

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con

nect

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as

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Milan, May 20th 2008

Brembo at a glance

Q1 2008 results

Page 3: "Strictly Confidential. © Brembo S.p.A. reserves all rights of use and disposal. under the protection of the law. also in connection with I.P.R.. as well

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tial. ©

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con

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as

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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

Page 4: "Strictly Confidential. © Brembo S.p.A. reserves all rights of use and disposal. under the protection of the law. also in connection with I.P.R.. as well

"Str

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tial. ©

Bre

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of

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un

der

the p

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ctio

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f th

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. als

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wit

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as

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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

Page 5: "Strictly Confidential. © Brembo S.p.A. reserves all rights of use and disposal. under the protection of the law. also in connection with I.P.R.. as well

"Str

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on

fid

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tial. ©

Bre

mb

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.p.A

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of

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un

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the p

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ctio

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f th

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. als

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con

nect

ion

wit

h I.P

.R..

as

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cop

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on

to t

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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

Page 6: "Strictly Confidential. © Brembo S.p.A. reserves all rights of use and disposal. under the protection of the law. also in connection with I.P.R.. as well

"Str

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tial. ©

Bre

mb

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ctio

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o in

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as

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cop

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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)

Page 7: "Strictly Confidential. © Brembo S.p.A. reserves all rights of use and disposal. under the protection of the law. also in connection with I.P.R.. as well

"Str

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tial. ©

Bre

mb

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the p

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ctio

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nect

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Milan, May 20th 2008

Brembo at a glance

Q1 2008 results

Page 8: "Strictly Confidential. © Brembo S.p.A. reserves all rights of use and disposal. under the protection of the law. also in connection with I.P.R.. as well

"Str

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tial. ©

Bre

mb

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hir

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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%

Page 9: "Strictly Confidential. © Brembo S.p.A. reserves all rights of use and disposal. under the protection of the law. also in connection with I.P.R.. as well

"Str

ictl

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on

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tial. ©

Bre

mb

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serv

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of

use

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the p

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ctio

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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

io

16.0 USA 2.1 Sabelt 1.9 Spain

Page 10: "Strictly Confidential. © Brembo S.p.A. reserves all rights of use and disposal. under the protection of the law. also in connection with I.P.R.. as well

"Str

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on

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tial. ©

Bre

mb

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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

io

Page 11: "Strictly Confidential. © Brembo S.p.A. reserves all rights of use and disposal. under the protection of the law. also in connection with I.P.R.. as well

"Str

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tial. ©

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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

Page 12: "Strictly Confidential. © Brembo S.p.A. reserves all rights of use and disposal. under the protection of the law. also in connection with I.P.R.. as well

"Str

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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

Page 13: "Strictly Confidential. © Brembo S.p.A. reserves all rights of use and disposal. under the protection of the law. also in connection with I.P.R.. as well

"Str

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tial. ©

Bre

mb

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ctio

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f th

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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%

Page 14: "Strictly Confidential. © Brembo S.p.A. reserves all rights of use and disposal. under the protection of the law. also in connection with I.P.R.. as well

"Str

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tial. ©

Bre

mb

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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

io

Page 15: "Strictly Confidential. © Brembo S.p.A. reserves all rights of use and disposal. under the protection of the law. also in connection with I.P.R.. as well

"Str

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on

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tial. ©

Bre

mb

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as

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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%

Page 16: "Strictly Confidential. © Brembo S.p.A. reserves all rights of use and disposal. under the protection of the law. also in connection with I.P.R.. as well

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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

Page 17: "Strictly Confidential. © Brembo S.p.A. reserves all rights of use and disposal. under the protection of the law. also in connection with I.P.R.. as well

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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

Page 18: "Strictly Confidential. © Brembo S.p.A. reserves all rights of use and disposal. under the protection of the law. also in connection with I.P.R.. as well

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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%

Page 19: "Strictly Confidential. © Brembo S.p.A. reserves all rights of use and disposal. under the protection of the law. also in connection with I.P.R.. as well

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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.