2013 REVENUES GREW TO ?1,566.1 MILLION, UP 12.8% (+14.7% ON A LIKE-FOR-LIKE EXCHANGE RATE BASIS), SHARP MARGIN GROWTH: EBITDA..
06 Marzo 2014 - 12:15PM
Annunci Borsa (Testo)
Stezzano, 6 March 2014
2013 REVENUES GREW TO 1,566.1 MILLION, UP 12.8% (+14.7% ON A
LIKE-FOR-LIKE EXCHANGE RATE BASIS), SHARP MARGIN GROWTH: EBITDA
13.5% AT 212.1 MILLION, EBIT 7.8% AT 121.4 MILLION
Compared to the 31 December 2012 results: Revenues grew by 12.8% to
1,566.1 million thanks to the positive contribution of all
applications Sharp margin growth: EBITDA +23.5% to 212.1 million;
EBIT +35.6% to 121.4 million Net profit grew by 14.4% to 89 million
Proposal to distribute a dividend of 0.50per share 130.9 million
invested in the year to improve production in the USA, Brazil and
China Net financial debt amounted to 320.5 million, improving by
51.5 million compared to 30 September 2013
Results at 31 December 2013
( million) Revenues EBITDA
% on revenues
2013 1,566.1 212.1
13.5%
2012 1,388.6 171.7
12.4%
Change % +12.8% +23.5% +35.6% +26.0% +14.4%
EBIT
% on revenues
121.4
7.8%
89.5
6.4%
Pre-tax profit
% on revenues
104.4
6.7%
82.9
6.0%
Net profit
% on revenues
89.0
5.7%
31/12/2013
77.8
5.6%
30/09/2013
Net financial debt ( million) Revenues EBITDA
% on revenues
320.5
372.0
-51.5
Fourth Quarter 2013 Results
2013 411.9 61.6
14.9%
2012 344.0 43.1
12.5%
Change % 19.7% 42.8% 76.7% 58.7% -11.2%
EBIT
% on revenues
37.0
9.0%
20.9
6.1%
Pre-tax profit
% on revenues
33.6
8.2%
21.2
6.2%
Net profit
% on revenues
25.7
6.2%
28.9
8.4%
The Chairman Alberto Bombassei stated: "We are very satisfied with
the results achieved in 2013, both in terms of revenues and
margins, as well as debt. These figures are the result of our
internationalization strategy which, thanks to the further
acceleration of the past five years, supported sales in all
sectors, despite the general shrinking of the Italian and European
car market. The investments made to support new businesses and step
up production capacity, as well as in innovation and quality are
part of the very nature of the Group and are the reason for its
growth over the past few years."
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Group's Consolidated Results for 2013 Brembo's Board of Directors,
chaired by Alberto Bombassei, met today, examined and approved
Brembo Group's results as of 31 December 2013. Group's net
consolidated revenues amounted to 1,566.1 million, up by 12.8%
compared to 1,388.6 million for the previous year. On like-for-like
exchange rates, revenues increased by 14.7%. All applications
contributed to the growth of Group's revenues, especially car
applications, which increased by 16.9%; increases were also
reported in motorbike applications (+6.3%), commercial vehicles
(+4.0%) and race applications (+3.9%). At a geographical level,
European sales rose, mainly thanks to the contribution of Germany
and the United Kingdom, both of which grew 14.1% compared to the
previous year. North America continued to report an excellent
performance, closing 2013 with a 19.4% increase. By contrast,
Brazil declined slightly, merely due to the Brazilian real's
devaluation; net of this effect, sales increased by 12.2%. With
regard to the Far East, China reported an excellent performance,
increasing by 35.8%. India also grew by 3.5% (17.4% on a
like-for-like exchange rate basis) and Japan rose by +11.0%. In
2013, the cost of sales and other net operating costs amounted to
1,051.6 million, representing 67.1% of revenues, essentially in
line with 67.6% for the previous year. Personnel costs amounted to
302.4 million, with a ratio of 19.3% to revenues, decreasing from
20% for the previous year. Personnel at 31 December 2013 numbered
7,241, increasing by 304 compared 6,937 in the previous year.
EBITDA amounted to 212.1 million (13.5% of revenues), up by 23.5%
compared to the previous year. EBIT amounted to 121.4 million (7.8%
of revenues), up by 35.6% compared to year-end 2012. Net interest
expenses were 18.4 million (6.5 million in 2012) and consisted of
exchange losses of 7.3 million (compared to exchange gains of 5.1
million in 2012) and other net interest expenses of 11.2 million,
in line with 11.6 million at 31 December 2012. Exchange gains and
losses are accounting items chiefly generated by the translation
into local currency of euro-denominated loans taken out by some
foreign subsidiaries. Pre-tax profit was 104.4 million (82.9
million in 2012). Based on tax rates applicable under current tax
regulations, estimated taxes amounted to 15.3 million (5.1 million
in 2012). Tax rate for 2013 was 14.6% compared to 6.1% for the
previous year, which had been influenced by several extraordinary
items (deferred tax assets for the plants in Poland and Czech
Republic, which benefited from tax reliefs on investments made, and
a tax credit repaid to the Italian Parent Company).
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Net profit for 2013 attributable to the Group was 89 million, up
14.4% compared to the previous year. Net financial debt at 31
December 2013 was 320.5 million, compared to 320.7 million for the
previous year and 372 million as of 30 September 2013. Results for
the Fourth Quarter 2013 In Q4 2013 alone, Group's net consolidated
revenues amounted to 411.9 million, up by 19.7% compared to the
same period of the previous year. Q4 margins improved sharply
compared to the same period of the previous year. EBITDA was 61.6
million (+42.8% compared to Q4 2012, with a ratio of 14.9% to
revenues), whereas EBIT stood at 37 million, up by 76.7% compared
to Q4 2012, with a ratio of 9% to revenues. Taxes for the fourth
quarter totalled 7.9 million compared to taxes positive at 7.7
million in the previous year, when they included deferred tax
assets as described above. Results of the Parent Company Brembo
S.p.A. Revenues of the Parent Company Brembo S.p.A. amounted to 638
million for 2013, slightly down compared to the previous year. Net
profit was 41.4 million, up 17.4% compared to the previous year.
Calling of Shareholders' Meeting: 29 April The General
Shareholders' Meeting has been be called on 29 April at 11a.m.
(CET) to approve, inter alia, the following proposal for dividend
distribution: a gross dividend of 0.50per ordinary share
outstanding at ex-coupon date, consequently excluding own shares;
the remaining amount carried forward. It will also be proposed that
dividends should be paid as of 15 May 2014, ex-coupon No. 22 on 12
May 2014 (record date: 14 May). The agenda will also include the
following items: - appointment of the Board of Directors and Board
of Statutory Auditors; - proposal to grant to the Board of
Directors the power to increase share capital, excluding option
rights, pursuant to Articles 2443 and 2441 of the Italian Civil
Code. In this regard, it should also be noted that the Board of
Directors has no intention to immediately exercise such power, but
rather intends to reserve the possibility to have rapid and
flexible access to the necessary financial resources to grasp
market opportunities in the context of the Group's continued growth
and international development. Plan for the Buy-back and Sale of
Own Shares Today, the Board of Directors also approved the proposal
for a new buy-back plan to be submitted to the forthcoming General
Shareholders' Meeting, aimed at: undertaking, directly or through
intermediaries, any investments, including aimed at containing
abnormal movements in stock prices, stabilizing stock trading and
supporting the liquidity of Company's stock, so as to foster the
regular conduct of trading beyond normal fluctuations related to
market performance, without prejudice in any case to compliance
with applicable statutory provisions; carrying out, in accordance
with the Company's strategic guidelines, share capital transactions
or other transactions which make it necessary or appropriate to
swap
3/9
or transfer share packages through exchange, contribution, or any
other available methods; buying back own shares as a
medium-/long-term investment. The proposal envisages the
possibility for the Board of Directors to buy and/or dispose of, in
one or more tranches, a maximum of 1,600,000 ordinary shares at a
minimum price of 0.52 and a maximum price of 30.00 each.
Authorisation will be requested for a period of 18 months from the
date of the resolution of the Shareholders' Meeting that grants
said authorisation. At present, the Company holds 1,747,000 own
shares representing 2.616% of share capital. Outlook The order book
confirms a positive performance also for the first part of the
year. Throughout 2014, Brembo will continue to strengthen its
industrial presence in all its areas of operation.
The manager in charge of the Company's financial reports, Matteo
Tiraboschi, declares, pursuant to paragraph 2 of Article 154-bis of
Italy's Consolidated Law on Finance, that the accounting
information contained in this press release corresponds to the
documented results, books and accounting records. Annexed hereto
are the Income Statement, Balance Sheet and Cash Flow Statement for
which the auditing process by the independent auditors is currently
underway.
Company contacts:
Investor Relator Matteo Tiraboschi Tel. +39 035 605 2899 Email:
ir@brembo.it www.brembo.com Communications and Institutional
Relations Director Thanai Bernardini Tel. +39 035 605 2277 +39 335
7245418 Email: press@brembo.it
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CONSOLIDATED INCOME STATEMENT
(euro million) Sale s of goods and services Othe r revenues and
income Cos ts for capitalised internal works Ra w materials,
consumables and goods Othe r operating costs Pe rs onne l expenses
GROSS OPERATING INCOME % of sales of goods and services De pre ci a
ti on, amortisation and impairment losses NET OPERATING INCOME % of
sales of goods and services Ne t interest income (expense) Inte re
s t income (expense) from investments RESULT BEFORE TAXES % of
sales of goods and services Ta xe s RESULT BEFORE MINORITY
INTERESTS % of sales of goods and services Mi nori ty interests NET
RESULT FOR THE PERIOD % of sales of goods and services
BASIC/DILUTED EARNINGS PER SHARE (euro) 3 1 .1 2 .2 0 1 3 1 , 5 6 6
.1 1 4 .8 1 1 .2 (8 0 2 .8 ) (2 7 4 .8 ) (3 0 2 .4 ) 2 1 2 .1 1 3
.5 % (9 0 .7 ) 1 2 1 .4 7 .8 % (1 8 .4 ) 1 .4 1 0 4 .4 6 .7 % (1 5
.3 ) 8 9 .1 5 .7 % (0 .1 ) 8 9 .0 5 .7 % 1 .3 6 3 1 .1 2 .2 0 1 2 1
, 3 8 8 .6 1 4 .9 1 1 .5 (7 1 5 .4 ) (2 5 0 .1 ) (2 7 7 .8 ) 1 7 1
.7 1 2 .4 % (8 2 .2 ) 8 9 .5 6 .4 % (6 .5 ) (0 .2 ) 8 2 .9 6 .0 %
(5 .1 ) 7 7 .8 5 .6 % 0 .1 7 7 .8 5 .6 % 1.19 Change 1 7 7 .5 (0 .1
) (0 .3 ) (8 7 .4 ) (2 4 .7 ) (2 4 .6 ) 4 0 .4 (8 .5 ) 3 1 .9 (1 2
.0 ) 1 .6 2 1 .5 (1 0 .2 ) 1 1 .3 (0 .2 ) 1 1 .2 % 1 2 .8 % -0 .5 %
-3 .0 % 1 2 .2 % 9 .9 % 8 .9 % 2 3 .5 % 1 0 .3 % 3 5 .6 % 1 8 4 .8
% -7 5 0 .9 % 2 6 .0 % 2 0 0 .4 % 1 4 .6 % -2 0 8 .8 % 1 4 .4 %
Q4'13 4 1 1 .9 5 .1 3 .5 (2 1 0 .6 ) (6 6 .6 ) (8 1 .7 ) 6 1 .6 1 4
.9 % (2 4 .6 ) 3 7 .0 9 .0 % (4 .9 ) 1 .6 3 3 .6 8 .2 % (7 .9 ) 2 5
.7 6 .2 % 0 .0 2 5 .6 6 .2 % 0.39 Q4'12 3 4 4 .0 6 .0 2 .6 (1 7 9
.1 ) (6 0 .6 ) (6 9 .8 ) 4 3 .1 1 2 .5 % (2 2 .2 ) 2 0 .9 6 .1 % (0
.6 ) 0 .9 2 1 .2 6 .2 % 7 .7 2 8 .8 8 .4 % 0 .0 2 8 .9 8 .4 % 0.44
Change 6 7 .9 (0 .9 ) 0 .9 (3 1 .6 ) (5 .9 ) (1 1 .9 ) 1 8 .4 (2 .4
) 1 6 .0 (4 .3 ) 0 .7 1 2 .4 (1 5 .6 ) (3 .2 ) (0 .1 ) (3 .2 ) % 1
9 .7 % -1 5 .5 % 3 5 .1 % 1 7 .6 % 9 .8 % 1 7 .0 % 4 2 .8 % 1 0 .8
% 7 6 .7 % 6 9 9 .4 % 8 1 .8 % 5 8 .7 % -2 0 3 .1 % -1 1 .0 % -1 6
0 .5 % -1 1 .2 %
For comparative purposes, it should be noted that certain values of
the 2012 Consolidated Financial Statements have been revised in
accordance with the transitional provisions set forth in the IAS 19
amendments.
5/9
CONSOLIDATED BALANCE SHEET
(euro million) ASSETS NON-CURRENT ASSETS Prope rty, plant,
equipment and other equipment De ve l opme nt costs Goodwi l l and
other indefinite useful life assets Othe r intangible assets Sha re
hol di ngs valued using the equity method Othe r financial assets
(including investments in other companies and derivatives) Re c e i
va bl e s and other non-current assets De fe rre d tax assets TOTAL
NON-CURRENT ASSETS CURRENT ASSETS Inve ntori e s Tra de receivables
Othe r receivables and current assets Curre nt financial assets and
derivatives Ca s h and cash equivalents TOTAL CURRENT ASSETS TOTAL
ASSETS EQ UITY AND LIABILITIES GROUP EQUITY Sha re capital Othe r
reserves Re ta i ne d earnings/(losses) Ne t result for the period
TOTAL GROUP EQUITY TOTAL MINORITY INTERESTS TOTAL EQUITY
NON-CURRENT LIABILITIES Non-c urre nt payables to banks Othe r
non-current financial payables and derivatives Othe r non-current
liabilities Provi s i ons Provi s i ons for employee benefits De fe
rre d tax liabilities TOTAL NON -CURRENT LIABILITIES CURRENT
LIABILITIES Curre nt payables to banks Othe r current financial
payables and derivatives Tra de payables Ta x payables Othe r
current payables TOTAL CURRENT LIABILITIES TOTAL LIABILITIES TOTAL
EQUITY AND LIABILITIES 3 4 .7 9 3 .4 2 0 7 .2 8 9 .0 4 2 4 .4 4 .9
4 2 9 .2 2 5 0 .3 8 .9 5 .0 6 .2 2 7 .0 1 2 .5 3 0 9 .9 1 7 1 .5 5
.8 3 0 1 .6 4 .1 7 6 .9 5 5 9 .9 8 6 9 .8 1 , 2 9 9 .0 3 4 .7 1 0 9
.4 1 6 1 .3 7 7 .8 3 8 3 .3 1 0 .5 3 9 3 .8 2 5 5 .3 1 5 .2 0 .6 8
.1 2 6 .7 8 .3 3 1 4 .2 1 7 0 .8 4 .9 2 4 7 .3 4 .8 8 4 .1 5 1 1 .9
8 2 6 .1 1 , 2 1 9 .9 0 .0 (1 6 .0 ) 4 5 .9 1 1 .2 4 1 .0 (5 .6 ) 3
5 .4 (5 .0 ) (6 .3 ) 4 .4 (1 .9 ) 0 .3 4 .2 (4 .2 ) 0 .8 0 .9 5 4
.3 (0 .7 ) (7 .3 ) 4 8 .0 4 3 .8 7 9 .2 A 3 1 .1 2 .2 0 1 3 B 3 1
.1 2 .2 0 1 2 A-B Change
5 0 3 .1 4 5 .3 3 9 .6 1 5 .5 2 1 .9 0 .2 7 .0 4 6 .9 6 7 9 .6 2 0
9 .0 2 5 1 .5 4 2 .9 1 0 .0 1 0 6 .1 6 1 9 .4 1 , 2 9 9 .0
4 7 5 .4 4 3 .8 4 1 .8 1 7 .6 2 0 .5 0 .2 4 .0 3 7 .3 6 4 0 .6 2 0
7 .1 2 0 2 .3 4 4 .5 9 .9 1 1 5 .6 5 7 9 .3 1 , 2 1 9 .9
2 7 .8 1 .5 (2 .2 ) (2 .1 ) 1 .4 0 .0 3 .1 9 .6 3 9 .1 1 .9 4 9 .2
(1 .6 ) 0 .1 (9 .5 ) 4 0 .1 7 9 .2
For comparative purposes, it should be noted that certain values of
the 2012 Consolidated Financial Statements have been revised in
accordance with the transitional provisions set forth in the IAS 19
amendments.
6/9
CONSOLIDATED CASH-FLOW STATEMENT
(euro million) Cash and cash equivalents at beginning of period Re
sult for the period before taxes De pre c i a ti on,
amortisation/Impairment losses Ca pi ta l gains/losses Wri te -ups
/Wri te -downs of shareholdings Fi na nc i a l portion of defined
funds and payables for personnel L ong-te rm provisions for
employee benefits Othe r provisions net of utilisations Ne t cash
flow generated by operations Pa i d current taxes Us e s of
long-term provisions for employee benefits (Inc rease) reduction in
current assets: i n ve n t o r i e s fi na nc i a l assets tra de
receivables re c e i va bl e s from others and other assets Inc
rease (reduction) in current liabilities: tra de payables pa ya bl
e s to others and other liabilities Tra ns l a ti on differences on
current assets Ne t cash flows from/(for) operating activities
Investments in: i nta ngi bl e assets prope rty, plant and
equipment Ca pi ta l increase in consolidated companies by minority
shareholders Pri c e for disposal, or reimbursement value of fixed
assets Ne t cash flows from/(for) investing activities Di vi de nds
paid in the period Ac qui s i ti on of 100% ofBrembo Argentina S.A.
and BNBS Co. Ltd. from third shareholders Cha nge in fair value
valuation L oa ns and financing granted by banks and other
financial institutions in the period Re pa yme nt of long-term
loans Ne t cash flows from/(for) financing activities Total cash
flow CASH AND CASH EQUIVALENTS AT END OF THE PERIOD
3 1 .1 2 .2 0 1 3 4 1 .1 1 0 4 .4 9 0 .7 (0.4) (1.4) 0 .9 3 .6 7 .1
2 0 4 .9 (2 0 .0 ) (3 .8 ) (1 0 .6 ) 0 .0 (4 8 .3 ) (4 .4 ) 5 4 .3
(2 .8 ) (2 .4 ) 1 6 6 .8
3 1 .1 2 .2 0 1 2 2 6 .6 8 2 .9 8 2 .2 (2 .6 ) 0 .2 1 .0 1 .0 4 .0
1 6 8 .6 (2 3 .5 ) (2 .5 ) 1 6 .8 0 .0 4 .9 (0 .6 ) (1 9 .3 ) 7 .1
(6 .1 ) 1 4 5 .4
(1 7 .6 ) (1 1 5 .4 ) 0 .0 2 .2 (1 3 0 .9 ) (2 6 .0 ) (1 1 .7 ) (0
.3 ) 2 0 3 .4 (2 0 0 .0 ) (3 4 .5 ) 1 .4 4 2 .5
(1 9 .2 ) (1 2 1 .4 ) 0 .4 7 .6 (1 3 5 .1 ) (1 9 .5 ) 0 .0 0 .1 1 2
1 .3 (9 7 .7 ) 4 .2 1 4 .5 4 1 .1
For comparative purposes, it should be noted that certain values of
the 2012 Consolidated Financial Statements have been revised in
accordance with the transitional provisions set forth in the IAS 19
amendments.
7/9
NET SALES BREAKDOWN BY GEOGRAPHICAL AREA AND BY APPLICATION
(euro million) GEOGRAPHICAL AREA It a l y Ge r m a n y Fra nce Uni
te d Kingdom Othe r EU countries Indi a Ch i n a J a pa n Othe r
Asia Countries Bra zi l North America (US, Canada & Mexico)
Othe r Countries Total (euro million) APPLICATION Ca r s Motorbi ke
s Comme rci a l and Industrial Vehicles Ra ci ng Mi s ce l l a ne
ous Total 1 ,0 9 7 .8 1 5 0 .3 1 9 1 .8 1 2 0 .0 6 .2 1 , 5 6 6 .1
7 0 .1 % 9 .6 % 1 2 .2 % 7 .7 % 0 .4 % 1 0 0 .0 % 9 3 9 .5 1 4 1 .4
1 8 4 .5 1 1 5 .6 7 .7 1 , 3 8 8 .6 6 7 .7 % 1 0 .2 % 1 3 .3 % 8 .3
% 0 .5 % 1 0 0 .0 % 1 5 8 .4 8 .9 7 .3 4 .5 (1 .5 ) 1 7 7 .5 1 6 .9
% 6 .3 % 4 .0 % 3 .9 % -1 9 .6 % 1 2 .8 % 2 9 9 .8 3 3 .5 5 0 .6 2
6 .7 1 .3 4 1 1 .9 7 2 .8 % 8 .1 % 1 2 .3 % 6 .5 % 0 .3 % 1 0 0 .0
% 2 5 0 .3 3 2 .5 3 7 .4 2 2 .6 1 .2 3 4 4 .0 7 2 .8 % 9 .5 % 1 0
.9 % 6 .6 % 0 .2 % 1 0 0 .0 % 4 9 .5 0 .9 1 3 .1 4 .1 0 .2 6 7 .9 1
9 .8 % 2 .8 % 3 5 .1 % 1 8 .1 % 1 6 .3 % 1 9 .7 % 2 1 2 .1 3 7 6 .0
6 9 .7 1 1 4 .7 1 7 3 .1 3 5 .2 8 1 .3 2 1 .8 9 .4 6 6 .2 372.8 3 3
.9 1 , 5 6 6 .1 3 1 .1 2 .2 0 1 3 1 3 .5 % 2 4 .0 % 4 .5 % 7 .3 % 1
1 .0 % 2 .2 % 5 .2 % 1 .4 % 0 .6 % 4 .2 % 2 3 .8 % 2 .3 % 1 0 0 .0
% % 2 0 7 .7 3 2 9 .6 5 8 .2 1 0 0 .6 1 6 4 .0 3 4 .0 5 9 .9 1 9 .6
8 .5 6 7 .1 3 1 2 .1 2 7 .5 1 , 3 8 8 .6 3 1 .1 2 .2 0 1 2 1 5 .0 %
2 3 .7 % 4 .2 % 7 .2 % 1 1 .8 % 2 .4 % 4 .3 % 1 .4 % 0 .6 % 4 .8 %
2 2 .5 % 2 .1 % 1 0 0 .0 % % 4 .4 4 6 .4 1 1 .6 1 4 .1 9 .1 1 .2 2
1 .4 2 .2 1 .0 (0 .9 ) 6 0 .7 6 .4 1 7 7 .5 Change 2 .1 % 1 4 .1 %
1 9 .9 % 1 4 .1 % 5 .5 % 3 .5 % 3 5 .8 % 1 1 .0 % 1 1 .3 % -1 .3 %
1 9 .4 % 2 3 .2 % 1 2 .8 % % 5 3 .4 1 0 2 .3 1 6 .8 3 1 .2 3 7 .8 8
.9 2 6 .4 6 .3 2 .5 1 4 .7 1 0 4 .1 7 .5 4 1 1 .9 Q4'13 1 3 .0 % 2
4 .8 % 4 .1 % 7 .6 % 9 .2 % 2 .2 % 6 .4 % 1 .5 % 0 .6 % 3 .6 % 2 5
.3 % 1 .7 % 1 0 0 .0 % % 4 8 .6 8 1 .5 1 0 .0 2 5 .9 3 3 .5 8 .5 1
7 .4 4 .8 2 .4 1 6 .6 8 7 .0 7 .7 3 4 4 .0 Q4'12 1 4 .1 % 2 3 .7 %
2 .9 % 7 .5 % 9 .7 % 2 .5 % 5 .1 % 1 .4 % 0 .7 % 4 .8 % 2 5 .3 % 2
.3 % 1 0 0 .0 % % 4 .8 2 0 .9 6 .8 5 .2 4 .2 0 .4 9 .0 1 .6 0 .0 (2
.0 ) 1 7 .0 (0 .2 ) 6 7 .9 Change 9 .8 % 2 5 .6 % 6 7 .8 % 2 0 .2 %
1 2 .6 % 5 .1 % 5 1 .8 % 3 2 .7 % 1 .7 % -1 1 .8 % 1 9 .6 % -2 .5 %
1 9 .7 % % 3 1 .1 2 .2 0 1 3 % 3 1 .1 2 .2 0 1 2 % Change % Q4'13 %
Q4'12 % Change %
8/9
MAIN RATIOS
Ne t operating income/Sales of goods and services Re s ul t before
taxes/Sales of goods and services Ca pi ta l Expenditure/Sales of
goods and services Ne t Financial indebtedness/Shareholders' equity
Ne t financial charges(*)/Sales of goods and services Ne t
financial charges(*)/Net Operating Income ROI ROE
Q4'12 6 .1 % 6 .2 % 1 3 .0 % 8 1 .4 % 0 .8 % 1 2 .4 % 1 1 .2 % 2 9
.0 %
Q1'13 7 .0 % 5 .9 % 1 0 .2 % 8 3 .4 % 0 .8 % 1 1 .5 % 1 3 .5 % 2 0
.1 %
Q2'13 7 .5 % 6 .4 % 8 .9 % 9 3 .9 % 1 .0 % 1 3 .7 % 1 4 .9 % 2 2 .7
%
Q3'13 7 .4 % 6 .1 % 7 .7 % 9 2 .5 % 0 .9 % 1 2 .8 % 1 4 .4 % 2 0 .4
%
Q4'13 9 .0 % 8 .2 % 7 .4 % 7 4 .7 % 0 .1 % 1 .4 % 1 8 .9 % 2 3 .8
%
Note s : ROI: Net operating income/ Net invested capital multiply
by year days/period days. ROE: Result before minority interests/
Shareholders equity multiply by year days/period days. (*) Net of
exchange losses/gains For comparative purposes, it should be noted
that certain values of the 2012 Consolidated Financial Statements
have been revised in accordance with the transitional provisions
set forth in the IAS 19 amendments.
9/9
Grafico Azioni Brembo NV (BIT:BRE)
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