The Board of Directors of Brembo chaired by Alberto Bombassei approved the Group’s results for the third quarter of 2011: Group’s consolidated revenues amounted to €312.3 million, up 16.1% compared to the same period of the previous year: Due to the change in the consolidation area, the two periods do not offer a consistent basis of comparison: on a like-for-like basis the increase was 13.2%.

During the reporting period all sectors recorded a positive performance of sales, except for that of passive safety which dropped 11.0%: the racing sector (+35.6%) and applications for commercial vehicles (+20.9%) showed a significant growth; the car (+14.9%) and motorbike (+11.2%) application sectors also performed well.

At geographical level, Germany confirmed its position as the Group’s number-one market accounting for 21.5% of total revenues, marking an increase of 14.1%; a significant rise was also recorded in the United Kingdom (+54.6%) and France (+32.5%). Italy accounted for 16.4% of total revenues, with a slight increase (+1.9%).

The NAFTA area marked a sharp increase in (+13.2%), the Brazilian market showed a moderate increase (+3.6%), after several years of double-digit growth.
China rose 29.4% and India rose by 22.9%. The Japanese market, which was severely affected by the tragic earthquake of March 2011, declined 3.6%.

During the third quarter of 2011, the cost of sales and other net operating costs amounted to €220.0 million, with a ratio of 70.5% to revenues, as against 69.1% for the same period in the previous year.

Personnel costs amounted to €59.0 million or 18.9% of revenues, slightly increasing compared to the same period of the previous year (18.7%).

EBITDA for the quarter was € 33.3 million (10.7% of revenues) substantially in line with the figure of the third quarter of 2010 amounting to € 33.0 million (12.3% of revenues).

EBIT amounted to €15.3 million (4.9% of revenues) compared to €15.4 million (5.7% of revenues) in the third quarter of 2010, after amortization and depreciation of €17.9 million increasing by 2.4% compared to the same period of prior year.

Net interest expenses amounted to €6.2 million (€2.8 million in the third quarter of 2010), including net exchange losses of €3.7 million (€0.5 million in the third quarter of 2010) and interest expenses of €2.5 million (€2.2 million in the third quarter of 2010). The exchange losses are mere accounting items generated by the translation in Euro of funding denominated in foreign currencies.

Pretax profit was €9.3 million compared to €12.8 million in the third quarter of 2010.
Based on tax rates applicable for the year under current tax regulations, estimated taxes amounted to €3.6 million (€3.8 million in the third quarter of 2010).
The tax rate for the period was 39%.
The period ended with a net profit of €5.9 million.

Net financial debt at 30 September 2011 was €326.0 million, compared to €246.7 million at 31 December 2010 and €273.6 million at 30 September 2010.
During the quarter, net financial position increased mainly owing to the completion of investment activities launched in the first half of 2011. At 1 August, the acquisition of the company Brembo Argentina S.A. was finalized, with a total outlay of €3.3 million.