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Pag. 1
"StrictlyConfidential. ©
Brembo S.p.A. reservesallrightsof useand disposal,
under the protectionof the law, alsoin connection withI.P.R., aswellascopyingand passingon tothirdparties"
- UBS Pan European Small Cap Week London – May 2007
BREMBO
more than brakes
UBS
Pan European Smallcap WeekLondon, 17th May 2007
Pag. 2
"StrictlyConfidential. ©
Brembo S.p.A. reservesallrightsof useand disposal,
under the protectionof the law, alsoin connection withI.P.R., aswellascopyingand passingon tothirdparties"
- UBS Pan European Small Cap Week London – May 2007
(Summary of Consolidated Income Statement)
Revenues grow faster than operating margins; net profit
benefits from a decreasing tax rate
15,3%5,4%10,95,5%12,6NET PROFIT
39,2%34,7%Tax rate
-6,1%3,6%(7,3)3,0%(6,8)Taxes
15,1%1,3%(2,6)1,3%(3,0)Financial charges
7,2%10,5%21,19,9%22,7EBIT
11,3%14,9%30,014,6%33,4EBITDA
13,8%100%201,5100%229,3Sales
%
07/06
%
salesQ1 06% salesQ1 07€ million
Pag. 3
"StrictlyConfidential. ©
Brembo S.p.A. reservesallrightsof useand disposal,
under the protectionof the law, alsoin connection withI.P.R., aswellascopyingand passingon tothirdparties"
- UBS Pan European Small Cap Week London – May 2007
201,5
229,3
28,5
- 0,2
SALES 1Q 06 EXCH.
RATES
VOL/MIX SELLING
PRICES
SALES 1Q 07
- 0,5
Revenues are driven by organic growth
€ million
Pag. 4
"StrictlyConfidential. ©
Brembo S.p.A. reservesallrightsof useand disposal,
under the protectionof the law, alsoin connection withI.P.R., aswellascopyingand passingon tothirdparties"
- UBS Pan European Small Cap Week London – May 2007
37,1
23,6
140,4
28,4
Passenger
cars
Motorcycles Comm.
Vehicles
Racing
Q1 '07
+ 24,0%
Q1 2007 revenues: Good growth of all business
segments, particularly Commercial Vehicles
+ 6,8%
+5,5%
+ 14,7%
€ million
Pag. 5
"StrictlyConfidential. ©
Brembo S.p.A. reservesallrightsof useand disposal,
under the protectionof the law, alsoin connection withI.P.R., aswellascopyingand passingon tothirdparties"
- UBS Pan European Small Cap Week London – May 2007
13,87,0 7,3
21,8
17,9
58,4
38,1
63,2
ITALY
Q1 2007 revenues: Good performance of Germany, all EU countries and Brazil; Nafta reflects a weak market
+ 24,2%
-13,0%
+13,3% + 7,2%
+ 30,5%
-10,2%
+18,9%
+ 10,5%
GERMANY FRANCE UK OTHER UE NAFTA JAPAN BRAZIL
€ million
Pag. 6
"StrictlyConfidential. ©
Brembo S.p.A. reservesallrightsof useand disposal,
under the protectionof the law, alsoin connection withI.P.R., aswellascopyingand passingon tothirdparties"
- UBS Pan European Small Cap Week London – May 2007
Income Statement
15,3%5,4%10,95,5%12,6NET PROFIT
-6,1%3,6%(7,3)3,0%(6,8)Taxes
15,1%1,3%(2,6)1,3%(3,0)Financial charges
7,2%10,5%21,19,9%22,7EBIT
21,1%4,4%(8,9)4,7%(10,8)Depreciation
11,3%14,9%30,014,6%33,4EBITDA
%
07/06
%
salesQ1 06
%
salesQ1 07€ million
Pag. 7
"StrictlyConfidential. ©
Brembo S.p.A. reservesallrightsof useand disposal,
under the protectionof the law, alsoin connection withI.P.R., aswellascopyingand passingon tothirdparties"
- UBS Pan European Small Cap Week London – May 2007
EBITDA 2007: increasing of raw materials costs reduce the positive contribution of growth
6,4
-0,5
-1,4
33,4
-0,7
-0,4
30,0
EBITDA Q1 06 VOL/MIX SELLINGPRICES
OVERHEADS RAWMATERIALS
CHINA EBITDA Q1 07
€ million
Pag. 8
"StrictlyConfidential. ©
Brembo S.p.A. reservesallrightsof useand disposal,
under the protectionof the law, alsoin connection withI.P.R., aswellascopyingand passingon tothirdparties"
- UBS Pan European Small Cap Week London – May 2007
Income Statement
15,3%5,4%10,95,5%12,6NET PROFIT
39,2%34,7%Tax rate
-6,1%3,6%(7,3)3,0%(6,8)Taxes
15,1%1,3%(2,6)1,3%(3,0)Financial charges
7,2%10,5%21,19,9%22,7EBIT
11,3%14,9%30,014,6%33,4EBITDA
13,8%100%201,5100%229,3Sales
%
07/06
%
salesQ1 06
%
salesQ1 07€ million
Pag. 9
"StrictlyConfidential. ©
Brembo S.p.A. reservesallrightsof useand disposal,
under the protectionof the law, alsoin connection withI.P.R., aswellascopyingand passingon tothirdparties"
- UBS Pan European Small Cap Week London – May 2007
Q1 2007 Financial charges
€ million Q1 07 Q1 06Delta
07/06
Net financial charges 3,1 2,7 0,4
Financial charges 2,5 2,0 0,5
Average net debt 196,2 207,7 -11,5
Net debt cost 5,1% 3,9%
Net exchange differences 0,6 1,4 -0,8
Fair value derivative fin. Instrument 0,0 -0,7 0,7
Pag. 10
"StrictlyConfidential. ©
Brembo S.p.A. reservesallrightsof useand disposal,
under the protectionof the law, alsoin connection withI.P.R., aswellascopyingand passingon tothirdparties"
- UBS Pan European Small Cap Week London – May 2007
Q1 2007: Tax rate improves due to a favourable country mix
Q1 07 Q1 06
Current taxes 5,9 6,5
Deferred taxes 0,9 0,7
Total taxes 6,8 7,3
Tax rate 34,7% 39,2%
IRAP (Tax on added value in Italy) (1,3) (1,5)
Total taxes (excl. IRAP) 5,5 5,7
Tax rate (excl. IRAP) 27,8% 30,9%
€ million
Pag. 11
"StrictlyConfidential. ©
Brembo S.p.A. reservesallrightsof useand disposal,
under the protectionof the law, alsoin connection withI.P.R., aswellascopyingand passingon tothirdparties"
- UBS Pan European Small Cap Week London – May 2007
33,4
9,4
4,0
25,8
199,1193,1
NET DEBT31.12.06
EBITDA INVESTMENTS NWC FIN.CHANGES
+TAX
NET DEBT31.03.07
Net debt increases due to working capital (driven by business
growth)
€ million
Pag. 12
"StrictlyConfidential. ©
Brembo S.p.A. reservesallrightsof useand disposal,
under the protectionof the law, alsoin connection withI.P.R., aswellascopyingand passingon tothirdparties"
- UBS Pan European Small Cap Week London – May 2007
Working capital
€ million Q1 07 days FY 06 days Q1 06 days
Inventory 144,4 57 146,6 66 145,8 65
Trade receivables 210,4 83 182,6 83 188,5 84
Trade payables 160,6 63 160,1 73 159,8 71
Net working capital 194,3 76 169,1 77 174,4 78
Pag. 13
"StrictlyConfidential. ©
Brembo S.p.A. reservesallrightsof useand disposal,
under the protectionof the law, alsoin connection withI.P.R., aswellascopyingand passingon tothirdparties"
- UBS Pan European Small Cap Week London – May 2007
Q1 2007 Free operating cash flow is slightly negative
€ million Q1 07 Q1 06
EBITDA 33,4 30,0
Net capex -9,4 -22,1
Net Working Capital variation -25,8 -28,0
Free Operating Cash Flow -1,0 -20,0
Free Cash Flow before Dividens -5,8 -29,2
Free Cash Flow -5,8 -29,2
Pag. 14
"StrictlyConfidential. ©
Brembo S.p.A. reservesallrightsof useand disposal,
under the protectionof the law, alsoin connection withI.P.R., aswellascopyingand passingon tothirdparties"
- UBS Pan European Small Cap Week London – May 2007
Net debt is covered with a balanced mix of short term and M/L
term financial liabilities
(5,8)(193,3)(199,1)NET DEBT
2,7(103,0)(100,4)Long-term debt
2,7(104,1)(101,4)Non-current financial liabilities
(0,1)1,11,0Non-current financial assets
(8,5)(90,3)(98,8)Shot-term debt
(17,3)(131,4)(148,7)Current financial liabilities
8,841,150,0Current financial assets
∆ 07/0631.12.0631.03. 07€ million
Pag. 15
"StrictlyConfidential. ©
Brembo S.p.A. reservesallrightsof useand disposal,
under the protectionof the law, alsoin connection withI.P.R., aswellascopyingand passingon tothirdparties"
- UBS Pan European Small Cap Week London – May 2007
A sustainable growth path does not impact a sound
financial profile
€ million 31.03.2007 31.12.2006 31.12.2005
Net Invested Capital 510,0 492,5 462,3
Net debt (199,1) (193,3) (193,1)
Medium/long term (100,4) (103,0) (109,3)
Short term (98,8) (90,3) (83,8)
Shareholders’ equity 282,0 270,6 242,1
Pag. 16
"StrictlyConfidential. ©
Brembo S.p.A. reservesallrightsof useand disposal,
under the protectionof the law, alsoin connection withI.P.R., aswellascopyingand passingon tothirdparties"
- UBS Pan European Small Cap Week London – May 2007
Main financial ratios
€ million 31.03.2007 31.12.2006 31.12.2005
ROI 16,9% 16,2% 15,9%
ROE 17,2% 16,3% 17,3%
Gearing 70,6% 71,4% 79,8%
Net debt/EBITDA 1,6 1,6 1,7
EBITDA/Fin. charges 10,8 12,7 17,7
EBIT/Fin. charges 7,3 8,5 11,6
Fin. Charges/Net revenues 1,4% 1,2% 0,9%
Pag. 17
"StrictlyConfidential. ©
Brembo S.p.A. reservesallrightsof useand disposal,
under the protectionof the law, alsoin connection withI.P.R., aswellascopyingand passingon tothirdparties"
- UBS Pan European Small Cap Week London – May 2007