Brembo S p A : Conf. Call H1 2020 Results

H1 2020 Results

Conference Call with Analysts

Stezzano, 29 July 2020

Q2 2020 Results

Summary of Consolidated Statement of Income

€ Million	Q2 20	% sales	Q2 19	% sales	% 20/19
Sales	375.2	100.0%	656.7	100.0%	-42.9%
EBITDA	41.3	11.0%	136.3	20.8%	-69.7%
D&A	(52.8)	14.1%	(48.9)	7.4%	7.9%
EBIT	(11.5)	-3.1%	87.4	13.3%	-113.2%
Fin. income (expense), incl. from	(6.3)	1.7%	(3.5)	0.5%	80.7%
investments
Taxes	8.5	-2.3%	(17.7)	2.7%	-147.8%
Tax rate	-47.6%		21.1%
Net Result	(9.8)	-2.6%	59.0	9.0%	-116.6%

"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 as copying and passing on to third parties"	29 July 2020	2

H1 2020 Results

Summary of Consolidated Statement of Income

€ Million	H1 20	% sales	H1 19	% sales	% 20/19
Sales	951.1	100.0%	1,323.8	100.0%	-28.2%
EBITDA	143.3	15.1%	270.6	20.4%	-47.0%
D&A	(104.5)	11.0%	(96.1)	7.3%	8.7%
EBIT	38.8	4.1%	174.5	13.2%	-77.8%
Fin. income (expense), incl. from	(14.1)	1.5%	(6.6)	0.5%	114.5%
investments
Taxes	(4.5)	0.5%	(37.0)	2.8%	-87.8%
Tax rate	18.2%		22.0%
Net Result	20.0	2.1%	123.4	9.3%	-83.8%

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H1 2020 Revenues

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H1 2020 Revenues by Application	Q1 20	Q2 20

€ TOT.	€ 709.3	€ 90.3	€ 102.2	€ 48.9
∆ FY %	-27.7%	-34.0%	-25.6%	-27.5%
∆ Q2 %	-42.2%	-56.7%	-31.9%	-48.0%

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H1 2020 Revenues by Area	(€ Mio)		Q1 20		Q2 20

• TOT.

• FY%
• Q2 %

€ 107.9	€ 182.1	€ 40.4	€ 63.4	€ 123.1	€ 26.7	€ 140.6	€ 12.1	€ 12.7	€ 220.2
-25.6%	-32.5%	-22.5%	-40.5%	-22.5%	-43.4%	-2.4%	-12.1%	-43.9%	-34.8%
-40.1%	-48.2%	-20.5%	-69.8%	-39.5%	-73.9%	+23.2%	-29.6%	-89.1%	-60.1%
					Net FX:	Net FX:	Net FX:	Net FX:
					-41.6% y/y	-1.6% y/y	-12.5% y/y	-30.5% y/y
					-70.0% q/q	+24.8%q/q	-29.7% q/q	-73.0% q/q

Net FX:

-36.2% ytd -60.5% q/q

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H1 2020

(% on tot.

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H1 2020 EBITDA

(€ Mio)

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Financial Charges

€ Million	H1 20	H1 19	20/19

Net financial charges

(6.6)

(7.7)

1.2

Net exchange rate differences

(7.5)

1.0

(8.5)

Financial charges from investments

(0.0)

0.1

(0.1)

Total net financial charges

(14.1)

(6.6)

(7.5)

Cost of net fin. Debt (*)

1.8%

2.3%

Revenues

951.1

1,323.8

(372.7)

Net financial charges / Revenues

0.7%

0.6%

(*) cost of financial debt:1,6%;

cost of ifrs16:2,7%

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Tax Rate

€ Million	H1 20	H1 19
Current taxes	17.0	30.7
Deferred taxes	(12.5)	6.3
Total taxes	4.5	37.0
Pre-tax profit	24.7	167.9
Tax rate	18.2%	22.0%
Poland	0.0	2.6
Other	0.5	0.0
Total taxes net of extraordinary effects	5.0	39.5
Tax rate net of extraordinary effects	20.4%	23.6%

"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 as copying and passing on to third parties"	29 July 2020	10

Net Financial Position

(€ Mio)

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Net Debt Structure

€ Million	30.06.2020	31.12.2019	20/19

Current financial assets

417.6

306.2

111.4

Current financial liabilities

263.8

277.4

(13.6)

Short-term debt

(153.8)

(28.8)

(125.0)

Non-current financial assets

0.0

0.0

0.0

Non-current financial liabilities

751.3

375.0

376.3

Long-term debt

751.3

375.0

376.3

Net debt

597.5

346.2

251.3

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Net Debt Structure at 30.6.2020

LONG TERM

SHORT TERM

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Financial results

€ Million	30.06.2020	31.12.2019	31.12.2018
Net Investments	73.4	247.3	285.6
Net invested capital	1,994.9	1,758.6	1,392.9
Long-term	751.3	375.0	207.4
Short-term	(153.8)	(28.8)	(70.5)
Net debt	597.5	346.2	136.9
Shareholders' Equity	1,373.1	1,388.0	1,228.8

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Main Ratios

€ Million	30.06.2020	31.12.2019	31.12.2018
ROI (Rolling)	9.2%	18.1%	24.8%
ROE (Rolling)	9.4%	17.3%	19.7%
Gearing	43.5%	24.9%	11.1%
Net debt/EBITDA (Rolling)	1.5	0.7	0.3
EBITDA/Net fin. charges (*)	21.8	35.9	36.5
EBIT/Net fin. charges (*)	5.9	22.2	25.1
Net fin. charges (*)/Net revenues	0.7%	0.6%	0.5%

(*) This item does not include exchange gains and losses.

"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"	29 July 2020	15

Thank you

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 document corresponds to the documented results, books and accounting records.