Source: Brembo announcement
STEZZANO, Italy – Growth in virtually every business sector produced first quarter 2022 revenues for the Brembo Group of €857.6 million, up 27 percent (8.7 percent on a like-for-like exchange rate and consolidation basis) when compared to the same period in 2021.
Brembo Executive Chairman Matteo Tiraboschi announced the brake-component giant’s results Wednesday.
“The figures for the first quarter of 2022, approved by the Board of Directors, show increased turnover and margins compared to the same period of 2021. This is a satisfying performance, above all considering the complex global scenario in which we operate, affected by the consequences of the conflict in Ukraine and the inflationary pressures on raw materials in supply chains,” said the Chairman. “The first three months of the year saw a growth across all business segments, underscoring how our solid production footprint in the world’s main automotive districts has protected us against slowdowns in some markets.
“We have been keeping abreast of the signs of change in our sector, and we are continuing with a strategic approach focused on developing innovative solutions for the mobility of tomorrow.”
Following the acquisition of the Spanish J.Juan Group, effective Nov. 1, 2021, the consolidation scope changed; on a like-for-like consolidation basis, the increase was 23 percent. On a like-for-like exchange rate and consolidation basis, revenues rose by 18.7 percent compared to the same period of the previous year.
In the reporting quarter, all segments in which the Group operates grew: the car segment rose by 26.2 percent, motorbike applications by 39.9 percent (8 percent on a like-for-like consolidation basis), applications for commercial vehicles by 16.6 percent and those for racing vehicles by 28.1 percent compared to the same quarter of 2021.
At geographical level, sales rose by 19.3 percent in Italy, by 27.3 percent in Germany and by 4.8 percent in France, whereas they declined by 6.9 percent in the United Kingdom (-8.1 percent on a like-for-like exchange rate basis).
India grew by 6.1 percent (2 percent on a like-for-like exchange rate basis) and China by 39.8 percent (28.3 percent on a like-for-like exchange rate basis), while Japan decreased by 29.9 percent (-31.1 percent on a like-for-like exchange rate basis). The North American market (USA, Mexico and Canada) rose by 40.5 percent (31.9 percent on a like-for-like exchange rate basis) and the South American market (Brazil and Argentina) grew by 28.2 percent (15.3 percent on a like-for-like exchange rate basis).
In the first quarter of 2022, the cost of sales and other net operating costs amounted to €568.0 million, with a 66.2 percent ratio to sales, up in percentage terms compared to €419.7 million in the same period of the previous year (62.2 percent of sales).
Personnel expenses amounted to €143.3 million, with a 16.7 percent ratio to sales, decreasing compared to the same period of the previous year (18.4% of sales). At March 31st, the workforce numbered 12,656 (of which 604 from the Spanish company J.Juan) compared to 12,225 (of which 570 from the Spanish company J.Juan) at 31 December 2021 and 11,408 at 31 March 2021.
To view the entire announcement with additional figures, click HERE.