Brembo financial results for the first quarter of 2021

Brembo financial results for the first quarter of 2021



Compared to Q1 2020:

•    Revenues at €675.1 million (+17.2% or +20.9% on a like-for-like exchange rate basis); +1.2% compared to Q1 2019

•    EBITDA margin at 20.1% to €135.6 million; EBIT margin at 12.4% to €83.7 million

•    Net investments for the quarter at €48.3 million

•    Net financial debt at €438.9 million (€229.2 million prior to the application of IFRS 16), up €54.2 million compared to 31 December 2020

Brembo Chairman Alberto Bombassei stated:
“We have begun Brembo’s 60th year with particularly encouraging results. The figures for the first quarter of 2021 approved by the Board of Directors today indicate a robust recovery and point to a continuation of the trend witnessed in the final three months of 2020.

Never before in Brembo’s history had we seen revenues this high in the first quarter, up not only on the same period of 2020 but also, and above all, on 2019. Our results were driven by the positive performance of all segments and geographical areas in which we operate. Although the market scenario continues to be marked by uncertainties, these results allow us to look to the coming months with confidence.

We remain focused on the innovation of our solutions thanks to an increasingly integrated and sustainability-oriented product portfolio which has been expanded through the acquisition of SBS Friction in Denmark and will be further enhanced by the recently announced acquisition of J.Juan in Spain.”

Results for the First Quarter of 2021

Brembo’s Board of Directors chaired by Alberto Bombassei examined and approved the Group’s quarterly results at 31 March 2021.

In the first quarter of 2021, net consolidated revenues amounted to €675.1 million, up 17.2% (+20.9% on a like-for-like exchange rate basis) compared to the first quarter of the previous year.

On a like-for-like exchange rate and consolidation basis, as a result of the inclusion into the consolidation scope of the Danish company SBS Friction, acquired effective 1 January 2021 — the increase was 20.2%.

Compared to the first quarter of 2019 — a more homogeneous comparison in light of the effects of the Covid-19 pandemic — revenues for the first quarter of 2021 grew by 1.2%.

In the reporting quarter, all segments in which the Group operates reported growth: the car segment rose by 13.1%, motorbike applications by 40.5% (+33.4% on a like-for-like consolidation basis), applications for commercial vehicles by 31.6% and those for racing vehicles by 3.3% compared to the same quarter of 2020.

At geographical level, sales increased by 20.9% in Italy, by 6.1% in Germany, by 27.6% in France and by 6.2% in the United Kingdom (+8.0% on a like-for-like exchange rate basis).

India grew by 31.2% (+44.3% on a like-for-like exchange rate basis), China by 97.4% (+100.9% on a like-for-like exchange rate basis; +39.6% compared to the first quarter of 2019) and Japan by 20.0% (+20.9% on a like-for-like exchange rate basis).

The North American market (USA, Mexico and Canada) rose by 5.9% (+14.4% on a like-for-like exchange rate basis), whereas the South American market (Brazil and Argentina) declined by 21.1%, but with a 3.3% increase on a like-forlike exchange rate basis.

In the first quarter of 2021, the cost of sales and other net operating costs amounted to €419.7 million, with a 62.2% ratio to sales, down slightly in percentage terms compared to €364.7 million (63.3% of sales) for the same period of the previous year.

Personnel expenses amounted to €123.9 million, with an 18.4% ratio to sales, decreasing compared to the same period of the previous year (19.2% of sales). At 31 March 2021, workforce numbered 11,408 (of which 98 from the newly acquired SBS Friction), compared to 11,039 at 31 December 2020 and 11,022 at 31 March 2020.

EBITDA for Q1 2021 amounted to €135.6 million (EBITDA margin: 20.1%), compared to €102.0 million for Q1 2020 (EBITDA margin: 17.7%).

EBIT was €83.7 million (EBIT margin: 12.4%) compared to €50.3 million (EBIT margin: 8.7%) for Q1 2020.

Net interest expense for the quarter amounted to €2.7 million (€7.8 million in Q1 2020); this item includes interest expense amounting to €2.8 million (€2.9 million in Q1 2020) and net exchange gains of €0.1 million (net exchange losses of €4.9 million in Q1 2020).

Pre-tax profit was €81.1 million (12.0% of sales) compared to €42.5 million (7.4% of sales) for Q1 2020.

Based on the tax rates applicable under current tax regulations in force in each country, estimated taxes amounted to €19.5 million (€13.0 million in Q1 2020), with a tax rate of 24.0% compared to 30.5% for the same period of 2020.

The period ended with a net profit of €61.4 million (9.1% of sales) compared to €29.8 million for the same period of the previous year.

Net financial debt at 31 March 2021 amounted to €438.9 million, up by €54.2 million compared to 31 December 2020. Without the impact of IFRS 16, net financial debt would have been €229.2 million, up €53.4 million compared to 31 December 2020.

Significant Events After 31 March 2021

On 28 April 2021, Brembo signed an agreement for the acquisition of a 100% stake in the J.Juan Group, a Spanish company specialising in the development and production of motorbike braking systems.

The consideration for the transaction is estimated at €70 million, to be paid using available cash.

The final price will be subject to the usual adjustment mechanisms envisaged for similar transactions. The Enterprise Value is €73 million. The acquisition is subject to the approval of the Antitrust authorities, following which the closing is expected to occur in the second half of 2021. This transaction will enable the Group to complete its range of solutions for the motorbike braking system and to expand its brand family for the growing motorbike sector.

Foreseeable Evolution

Order levels confirm that the year has begun on a positive note. The Group is closely monitoring the impacts of the shortage of electronic components on its clients’ supply chains, although they are difficult to estimate at present.

The manager in charge of the Company’s financial reports Andrea Pazzi, 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.

Roberto Cattaneo, Dagmar Klein- photo Brembo


11.05.2021 / MaP

More News

Audi’s momentum was strong in the first quarter of 2021
   Sales revenue €14.1 billion, operating profit €1.4 billion, operating return on sales 10.0 percent, profits before tax €1.7 billion        Strong performance partly thanks to special items: net cash flow €3.1 billion        First quarter of 2021 was characterized more >>
BMW Group First quarter: Transformation accelerated, core business significantly strengthened
Zipse: "BMW Group highly profitable and sustainable" - Deliveries of electrified vehicles more than doubled - Free cash flow of € 2.5 billion in first quarter - Sustainable mobility needs more than just an e-drive - Earnings booste more >>
Successful start to the new fiscal year for Volkswagen
Brand doubles its Q1 2021 operating profit year-on-year to EUR 900 million  Positive outlook for full year 2021– margin target of 6 percent in 2023 confirmed  Strong recovery in the Chinese market as well as North and South America  Sales of all-electric vehicles almost doubled and those of plug-in hybrids more t more >>
Volvo Cars’ global sales up by 97.5 per cent in April
Volvo Cars achieved its 10th consecutive month of sales growth, as the company’s global sales increased by 97.5 per cent in April compared with the same month last year.I more >>
The Porsche 911 GT3 RS MR laps the 20.832-kilometre-long Nürburgring Nordschleife in 6:54.340 minutes
  On Friday 23 April 2021, the 383 kW (520 hp) Porsche 911 GT3 RS MR from the 991.2 generation lapped the 20.832-kilometre-long Nordschleife in the presence of a notary in 6:54.340 minutes.   The measured time for the 20.6-kilometre-lon more >>
Honda and Acura Light Trucks Drive Continued American Honda Sales Momentum Setting Multiple Records in April
    American Honda light trucks, and Honda brand light trucks, each set new all-time sales records    Honda cars and trucks combine for best April sales in brand history     HR-V more >>
Goodyear reports first quarter 2021 results
– First quarter Goodyear net income of $12 million; adjusted net income of $102 million– First quarter segment operating income of $226 million, strongest first quarter since 2018– Global consumer replacement volume significantly exceeded industry, driven by large-rim diameter segment- Record first quarter consumer more >>
Stellantis ranks first in global European sales in Q1 2021
Stellantis takes the top spot among automakers with a market share of 23.6% in Q1 2021 in the Passenger Cars and Light Commercial Vehicles perimeter.In a context of moderate growth of the European market at 3.8%, the results achieved by Stellantis more >>
UK engine production rises 31.7% in March
UK ENGINE MANUFACTURING    March UK engine production rises 31.7% in 2021, compared with Covid-hit month a year ago.    Output for domestic and overseas markets increases 50.4% and 19.9% respectively.    Performance in first quarter still down -11.1%, with 534,793 engines manufactured.   more >>
Mitsubishi Motors Announces Production, Sales and Export Figures for March 2021 and 2020 Fiscal Year
  March 2021     Fiscal Year 2020 (20/04-21/03)     Calendar Year 2021 (21/01-21/03) Volume     YoY(%) more >>
$146.12m could be lost from an entire season without fans in MotoGP, says GlobalData
With a number of Grand Prix for the 2021 season having already announced plans to forgo attendances, the cost of an entire season without fans across the 22 races in MotoGP would see the competition lose out on nine-figure sums, says GlobalData, a leading data and analytics company. more >>
Daimler Truck AG makes significant management and organizational changes in preparation for an independent future
    Daimler Truck AG is making significant changes to its management structure ahead of the spin-off and separate listing planned for late 2021    Daimler Truck AG reaffirms strategic goals: Improving profitability and leading role in the transformation of the commercial vehicle business    The reorga more >>
HRT continues to grow in strenght - Ulrich Fritz named new CEO
Having expanded its racing programme for the 2021 season, the Haupt Racing Team continues to grow structurally too: the team founded last year by businessman and racing driver Hubert Haupt welcomes on board Ulrich Fritz, who takes over the management of Haupt Racing Team GmbH. more >>
Kia announces 2021 first-quarter business results
    1Q revenue at KRW 16.58 trillion, up 13.8% y/y    1Q global wholesales volume at 689,990 units, 6.4% increase from 648,685 units in the previous year    1Q operating profit soared 142.2% y/y to KRW 1.08 trillion; Quarterly operating profit margin of 6.5%    1Q net more >>
Tesla delivered a record 185K vehicles in Q1 2021
Tesla delivered and produced a record number of vehicles in the first quarter of 2021. According to data presented by, Tesla delivered an estimated 184,800 vehicles in Q1 2021.Tesla Sets Company Records for Deliveries and Production in Q1 2021On the back more >>
Preliminary Key Financial Performance Figures of BMW AG for the first quarter 2021 exceed market expectations
Ad-hoc announcement   BMW AG reports sales growth in all significant regions of the world, in particular in China, and all brands in the first quarter of 2021. In addition, positive price and mix effects, as well as high demand for pre-owned cars, also lea more >>
Kia registers slight Q1 growth and increased sales of electrified vehicles
    Kia’s European market share holds stable at 3.7 per cent in the first quarter    Kia Q1 registrations across Europe (EU, EFTA and UK) increase nearly one per cent year-on-year    Sales of Kia’s electrified vehicles (EV, plug-in hybrid and hybrid) continue to grow despite widespread showroom more >>
FLA: Super Deduction will not ensure growth in its current form
The Finance & Leasing Association (FLA) and the British Vehicle Rental and Leasing Association (BVRLA) have asked the Government to amend the Super Deduction initiative to boost investment in plant and machinery by extending it to include l more >>
Polestar raises USD550m from new investors; further fund raising considered
Polestar, the Swedish electric performance car company, has raised USD550m from a group of long-term financial investors.The private placement of newly issued shares marks the first time external investors have backed Polestar’s products, brand, more >>
Toyota Motor Europe market share climbs to a record high of 6.6% in first quarter
    TME sales remain on a growth path with 287,678 vehicles sold between January- March 2021, up +6% year-on-year    The company’s overall European hybrid mix is now at a record high of 56%    Toyota brand climbs to 2nd spot for best-selling passenger car brands in Europe    Lexus more >>
Goodyear holds virtual annual meeting, elects directors
The Goodyear Tire & Rubber Company announced the election of 13 members to the Board of Directors for new one-year terms at the company’s virtual annual shareholder meeting today.In addition, shareholders voted in favor of an advisory resolution approvin more >>
Consumer car finance new business volumes fell by 27% in February 2021
New figures released today by the Finance & Leasing Association (FLA) show that the consumer car finance market reported a fall in new business volumes of 27% in February 2021, compared with the same month in 2020. more >>
MG achieves best-ever monthly sales result and market share despite physical closure of dealerships
    MG Motor sees record market share and sales in March 2021    Total sales of 3,956 cars mark MG’s best month ever    Market share grows by 28.1% year-on-year to 1.45%    Almost a third of new MGs are pure electric    All new MGs come with 7-Year Warra more >>
BMW Group on clear growth path with record first-quarter sales
- BMW Group sells 636,606 vehicles in Q1 (+33.5%) - Sales higher in all major regions of the world - Sales growth at BMW, MINI and Rolls-Royce - Electrified vehicle sales more than double - Pieter Nota: “All-time sales high in first quarter underlines our ambitious growth targets” more >>
Rolls-Royce Motor Cars reports record first quarter results
Rolls-Royce Motor Cars has delivered the highest-ever first quarter sales results in the marque's 116-year history in the first three months of 2021. Between 1 January and 31 March, the company delivered 1,380 motor cars to customers, up 62% on the same period in 2020 and surpassing the previous first quarter record set in 2019. Sales growth was seen in more >>
Mercedes-Benz Cars delivers 590,999 passenger cars in Q1, achieves double-digit growth
    Global xEV share of Mercedes-Benz Cars at about 10%, in Europe above 25%    Worldwide retail sales of Mercedes-Benz 21.8% up in Q1 (581,270 units)    Mercedes-Benz sold a record 222,520 cars in China: highest Q1 sales to date (+60.1%)    Around 20,000 orders received for the all-electric more >>
Record Q1 market share for Kia UK
    4.79 per cent UK market share in the first quarter of 2021, with 20,365 units sold year-to-date    Kia remains the UK’s second best-selling EV brand year-to-date    e-Niro is the UK’s second best-selling EV so far in 2021    UK dealer network maintains measures to help custome more >>
Volvo Cars reports 40.8 per cent growth in the first quarter of 2021
Volvo Cars reported the best first quarter in its history as the company’s global sales increased by 40.8 per cent compared with the same period last year. Total sales during the period amounted to 185,698 cars, up fro more >>
External rating: MAHLE in strong position
  Rating agency Moody’s classifies MAHLE as Ba1 with stable outlook    Valuation confirms financial standing and corporate strategy    Rating strengthens position on the international capital markets    First external rating in the company’s history more >>
PEUGEOT records a positive start to 2021 despite continued market disruption
PEUGEOT has continued its strong momentum in 2021, increasing its UK car and van market share from 4.4% overall in 2020, to 4.6% in the first quarter of 2021, according to the latest registration figures recorded by the Society of more >>
Kumho announces $300 million expansion plans
Capacity of its Vietnamese plant to double by 2023Kumho, one of the world’s leading tyre manufacturers, has announced it that is investing $305 million on the expansion of its Vietnamese plant, with the aim of doubling its capacit more >>
Honda and Acura Brands, American Honda, Set Multiple Sales Records in March
    American Honda sets new March record for total vehicle sales, pushing Q1 up 16% over 2020       Acura MDX has best sales month in history, while also powering Acura SUVs to best-ever month more >>
Goodyear announces pricing of $1 billion of senior notes
The Goodyear Tire & Rubber Company today announced that it has priced its public offering of $550 million aggregate principal amount of senior notes due 2031 (the “2031 notes”) and $450 million aggregate principal amount of senior notes due 2033 (the “2033 notes,” and together with the 2031 notes, the “notes”). The notes will be senior unsecured obligatio more >>
Roberto Di Stefano is appointed “Free2Move eSolutions” Chief Executive Officer
Roberto Di Stefano is appointed Chief Executive Officer of Free2Move eSolutions, a new joint venture between Stellantis and Engie EPS. The new Company aims to offer cutting-edge and competitive solutions for global electric mobility transition, b more >>
Mitsubishi Motors Personnel change
Personnel ChangeMITSUBISHI MOTORS CORPORATION (MMC) will make the following personnel changes as of April 1.  April 1, 20211.  Important Personnel Changes     N more >>
Cécilia Taieb, new SEAT S.A. Global Director of Communications
    Taieb has more than 20 years’ experience in strategic communications across a range of industries    She will rep more >>
Andreas Walingen- New Chief Strategy Officer at Volkswagen
Andreas Walingen to become new Chief Strategy Officer of the Volkswagen Passenger Cars brand effective May 1, 2021  Michael Jost is leaving the company at his own request to pursue his own projects Andreas Walingen, currently head of Group Product Str more >>
Kia Motors America Hires Michael McHale as Director, Brand Experience
    Automotive industry veteran to lead all public relations, external communications and experiential initiatives    McHale brings more than 25 years of communications experience across mass-market, luxury and startup brands more >>
Porsche AG set a new revenue record in the 2020 financial year
... its value grew to 28.7 billion euros, surpassing the previous year’s figure by more than 100 million euros.Porsche achieves sustainable growth in 2020 financial yearThe operating result is 4.2 billion euros. The pre more >>
2001-2023 copyright