"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"
more than brakes
BREMBO
Milan, May 20th 2008
"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"
Brembo at a glance
Q1 2008 results
Milan, May 20th 2008
"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"
Brembo at a glance
World leader in
luxury and
top-of-range
automotive
applications
R&D and
innovation:
a key to
long-term
success
Fully integrated
industrial
process from
foundries
to assembly
State of the art
technology
Unique selling
proposition:
performance
comfort
style
Milan, May 20th 2008
"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"
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
Milan, May 20th 2008
"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"
Sustainable growth of revenues and margins
despite a challenging cost scenario
EBITDA margin growth
Sales growth
1000
912
15%
806
800
600
160
678
712
130
15.5%
16%
15.9%
15.7%
119.0
634
530
14.8% 136.9
16.4%
110.9
111.8
2004
2005
100.6
566
100
90.3
82.2
400
70
200
40
0
10
2001
€ Million
2002
2003
2004
2005
2006
2007
2001*
€ Million
Milan, May 20th 2008
2002*
2003*
* Italian Gaap
2006
2007
"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"
Global geographic distribution, anti-cyclical portfolio
Sales by area (FY 2007)
Asia
3.7%
Brazil Other
3.9% 2.3%
Nafta
12.3%
Italy
23.8%
Sales by application (FY 2007)
Commercial
Vehicles
17.7%
Other EU
16.4%
UK
7.1%
Germany
25.0%
Other
1%
Racing
7.3%
France
5.5%
Motorbikes
12.2%
Milan, May 20th 2008
Passenger Cars
61.7%
"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 as copying and passing on to third parties"
Brembo at a glance
Q1 2008 results
Milan, May 20th 2008
"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"
Q1 08– Good growth of revenues and margins
€ million
Sales
1Q 08
% sales
1Q 07
% sales
% 08/07
273.2
100%
229.3
100%
19.1%
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%
5.5%
24.7%
EBITDA
Tax rate
Net Profit
30.3%
15.7
34.7%
5.7%
Milan, May 20th 2008
12.6
Q1 08– Revenues driven by organic and external
growth; like-for-like +10.4%
310
€ Mio
"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"
330
-2.7
20.0
290
270
28.0
250
230
-1.4
16.0 USA
2.1 Sabelt
1.9 Spain
273.2
210
190
229.3
170
150
SALES Q1 07
SELLING
PRICES
VOL/MIX
SCOPE
Milan, May 20th 2008
EXCHANGE
RATES
SALES Q1 08
"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"
€ Mio
Q1 08 sales – Very good Nafta, Asia and Brazil
65.8
+ 12.6%
63.3 63.2
+ 0.2%
1Q 08
1Q 07
+101.2%
58.4
+ 8.4%
43.9
41.3
38.1
+6%
21.8
-5%
19.0 17.9
+80%
13.1 13.8
+46.2%
12.5
10.6
7.0
ITALY
GERMANY
FRANCE
U.K.
OTHER EU
Milan, May 20th 2008
NAFTA
JAPAN
7.2
BRAZIL
€ Mio
"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"
Q1 08 sales – Growth driven by Commercial Vehicles
and Motorcycles; racing flat due to currency impact
+ 17.3%
1Q 08
1Q 07
164.7
140.4
+ 28.5%
+ 33.3%
-1.6%
49.5
37.1
36.6
28.4
PASS.CAR
MOTORCYCLE
23.1
COMM.VEHICLE
Milan, May 20th 2008
23.5
RACING
€ Mio
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under the protection of the law. also in connection with I.P.R.. as well as copying and passing on to third parties"
Q1 08 Sales - Segment and customer growth mix
290
190
+19.1%
SALES 1Q 07
+5.4%
270
+3.5%
+10.5%
PASS. CAR
-0.2%
250
230
210
273.2
229.3
170
150
MOTORC.
COMM. VEHICLE
Milan, May 20th 2008
RACING
SALES 1Q 08
"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"
Income Statement
€ million
Sales
1Q 08
% sales
1Q 07
% sales
% 08/07
273.2
100%
229.3
100%
19.1%
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%
5.5%
24.7%
EBITDA
Tax rate
Net Profit
30.3%
15.7
34.7%
5.7%
Milan, May 20th 2008
12.6
€ Mio
"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"
Q1 08 EBITDA margin evolution
0.9
7.1
EBITDA 1Q 07
VOL/MIX
1.4
40.0
33.4
PRICES
Milan, May 20th 2008
OPERATIONS
EBITDA 1Q 08
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under the protection of the law. also in connection with I.P.R.. as well as copying and passing on to third parties"
Income Statement
€ million
Sales
1Q 08
% sales
1Q 07
% sales
% 08/07
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%
5.5%
24.7%
Tax rate
Net Profit
30.3%
15.7
34.7%
5.7%
Milan, May 20th 2008
12.6
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under the protection of the law. also in connection with I.P.R.. as well as copying and passing on to third parties"
Q1 08 – Financial Charges
1Q 08
€ Million
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%
0.2
0.6
Net exchange rate differences
Milan, May 20th 2008
-0.4
€ Mio
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under the protection of the law. also in connection with I.P.R.. as well as copying and passing on to third parties"
A sustainable growth path does not impact a
sound financial profile…
2.2
5.3
38.2
28.0
40.0
13.5
283.1
235.9
NET DEBT EBITDA
31.12.07
NET CAPEX SABELT NWC
ACQUISITION
Milan, May 20th 2008
BUY-BACK
FIN. CH. NET DEBT
&
31.3.08
TAX
"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"
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%
1.7
1.6
1.7
13.9
12.7
17.7
9.0
8.5
11.6
1.1%
1.2%
0.9%
Net debt/EBITDA
EBITDA/Fin. charges
EBIT/Fin. charges
Fin. charges/Net revenues
Milan, May 20th 2008
"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"
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.
Milan, May 20th 2008