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Shareholders’ Meeting
Assemblea degli Azionisti
Stezzano, 20 April 2012
Stezzano, 20 April 2012
"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"
BREMBO AGM _ 20 April 2012
2
AGENDA
"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"
2
• FY 2011 RESULTS
• MARKETS
• INTERNATIONAL FOOTPRINT
• WHAT’S NEW
• STOCK INFORMATION
"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"
BREMBO AGM _ 20 April 2012
3
FY 2011 results
"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"
Summary of Consolidated Income Statement
3
€ Million FY 11 % sales FY 10 % sales % 11/10
Sales 1254.5 100% 1075.3 100% 16.7%
EBITDA 148.8 11.9% 130.5 12.1% 14.0%
D&A (75.4) 6.0% (74.1) 6.9% 1.7%
EBIT 73.3 5.8% 56.4 5.2% 30.1%
Financial charges (18.7) 1.5% (11.0) 1.0% 70.1%
Taxes (11.4) 0.9% (13.6) 1.3% -16.6%
Tax rate -20.8% -30.0%
Net Result 42.9 3.4% 32.3 3.0% 33.1%
"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"
BREMBO AGM _ 20 April 2012
4 "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"
Brembo Czech Brembo Argentina
FY 2011 results
(Euro Million)
"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"
BREMBO AGM _ 20 April 2012
5 "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"
FY 2011 results
(Euro Million / % - Contribution of each business)
+16.7%
"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"
BREMBO AGM _ 20 April 2012
6
FY 2011 sales by application
"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"
+ 14.6%
+ 18.8%
+ 24.4%
+ 23.8%
+ 2.6%
(Euro Million)
"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"
BREMBO AGM _ 20 April 2012
7
FY 2011 sales by area
"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"
+15.6%
+13.3%
+15.5%
+1.0%
+38.1%
+12.7%
+33.8%
+11.6%
+5.1%
+25.7%
(Euro Million)
"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"
BREMBO AGM _ 20 April 2012
8 "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"
Summary of Consolidated Income Statement
FY 2011 results
€ Million FY 11 % sales FY 10 % sales % 11/10
Sales 1254.5 100% 1075.3 100% 16.7%
EBITDA 148.8 11.9% 130.5 12.1% 14.0%
D&A (75.4) 6.0% (74.1) 6.9% 1.7%
EBIT 73.3 5.8% 56.4 5.2% 30.1%
Financial charges (18.7) 1.5% (11.0) 1.0% 70.1%
Taxes (11.4) 0.9% (13.6) 1.3% -16.6%
Tax rate -20.8% -30.0%
Net Result 42.9 3.4% 32.3 3.0% 33.1%
"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"
BREMBO AGM _ 20 April 2012
9 "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"
FY 2011 EBITDA
(Euro Million)
"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"
BREMBO AGM _ 20 April 2012
10 "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"
Summary of Consolidated Income Statement
FY 2011 results
€ Million FY 11 % sales FY 10 % sales % 11/10
Sales 1254.5 100% 1075.3 100% 16.7%
EBITDA 148.8 11.9% 130.5 12.1% 14.0%
D&A (75.4) 6.0% (74.1) 6.9% 1.7%
EBIT 73.3 5.8% 56.4 5.2% 30.1%
Financial charges (18.7) 1.5% (11.0) 1.0% 70.1%
Taxes (11.4) 0.9% (13.6) 1.3% -16.6%
Tax rate -20.8% -30.0%
Net Result 42.9 3.4% 32.3 3.0% 33.1%
"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"
BREMBO AGM _ 20 April 2012
11
Financial charges
"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"
€ Million FY 11 FY 10 Δ 11/10
Net financial charges (10.9) (9.4) (1.5)
Net exchange rate differencies (6.3) 0.4 (6.7)
Financial charges from investments (1.5) (2.0) 0.5
Total financial charges (18.7) (11.0) (7.7)
Other financial charges/revenues (1.9) (1.1) (0.8)
Net financial charges (9.0) (8.3) (0.7)
Average net debt 299.7 276.1 23.6
Cost of debt 2.9% 3.0%
Revenues 1,254.5 1,075.3 179.2
Financial charges / Revenues -0.7% -0.8%
"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"
BREMBO AGM _ 20 April 2012
12
Exchange rate differencies
"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"
€ Million
Brembo China (0,6) Exch. rate loss on receivable (from local currency to €)
Brembo Poland and Czech (6,2) Translation effect on loans (from € to local currency)
Other 0,5
Total (6,3)
"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"
BREMBO AGM _ 20 April 2012
13
Tax rate
"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"
€ Million FY 11 FY 10
Current taxes 18.7 16.0
Deferred taxes (7.3) (2.4)
Total taxes 11.4 13.6
Pre-tax profit 54.7 45.4
Tax rate 20.8% 30.0%
"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"
BREMBO AGM _ 20 April 2012
14
Net Financial Position
"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"
(Euro Million)
"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"
BREMBO AGM _ 20 April 2012
15
Cash flow
"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"
€ Million FY 11 FY 10
Net cash flow (68.7) 8.3
Investments (164.5) (68.1)
Cash generated before investments 95.9 76.3
M&A (1.8) (4.4)
Dividends (19.6) (14.7)
Own Shares (2.0) 0.0
Cash generated before inv. & other 119.3 95.5
"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"
BREMBO AGM _ 20 April 2012
16
Net debt structure
"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"
€ Million 31.12.2011 31.12.2010 Δ 11/10
Current financial assets 105.5 76.7 28.8
Current financial liabilities 165.9 97.6 68.3
Short-term debt 60.4 20.9 39.5
Non-current financial assets 0.0 0.0 0.0
Non-current financial liabilities 254.6 225.5 29.2
Long-term debt 254.6 225.5 29.2
Net debt 315.0 246.3 68.7
"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"
BREMBO AGM _ 20 April 2012
17
Main ratios
"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"
€ Million 31.12.2011 31.12.2010 31.12.2009
ROI 11.0% 9.5% 4.0%
ROE 13.0% 9.8% 3.3%
Gearing 94.3% 75.6% 87.5%
Net debt/EBITDA 2.1 1.9 2.5
EBITDA/Fin. charges 8.7 14.6 9.6
EBIT/Fin. charges 4.3 6.3 2.1
Fin. charges/Net revenues 1.4% 0.8% 1.3%
"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"
BREMBO AGM _ 20 April 2012
18
AGENDA
"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"
18
• FY 2011 RESULTS
• MARKETS
• INTERNATIONAL FOOTPRINT
• WHAT’S NEW
• STOCK INFORMATION
"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"
BREMBO AGM _ 20 April 2012
19
Markets
"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"
19
"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"
BREMBO AGM _ 20 April 2012
20
Markets
"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"
20
"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"
BREMBO AGM _ 20 April 2012
21
Markets
"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"
21
"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"
BREMBO AGM _ 20 April 2012
22
Markets
"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"
22
"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"
BREMBO AGM _ 20 April 2012
23
Markets
"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"
23
"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"
BREMBO AGM _ 20 April 2012
24
Markets
"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"
24
"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"
BREMBO AGM _ 20 April 2012
25
Markets
"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"
25
"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"
BREMBO AGM _ 20 April 2012
26
Markets
"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"
26
"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"
BREMBO AGM _ 20 April 2012
27
Markets
"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"
27
"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"
BREMBO AGM _ 20 April 2012
28
Markets
"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"
28
"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"
BREMBO AGM _ 20 April 2012
29
Markets
"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
"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"
BREMBO AGM _ 20 April 2012
30
Markets
"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"
30
"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"
BREMBO AGM _ 20 April 2012
31
Markets
"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"
31
"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"
BREMBO AGM _ 20 April 2012
32
Markets
"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"
32
"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"
BREMBO AGM _ 20 April 2012
33
Markets
"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"
33
"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"
BREMBO AGM _ 20 April 2012
34
Markets
"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"
34
"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"
BREMBO AGM _ 20 April 2012
35
Markets
"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"
35
"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"
BREMBO AGM _ 20 April 2012
36
Markets
"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"
36
"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"
BREMBO AGM _ 20 April 2012
37
Markets
"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"
37
"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"
BREMBO AGM _ 20 April 2012
38
Markets
"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"
38
"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"
BREMBO AGM _ 20 April 2012
39
Markets
"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"
39
"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"
BREMBO AGM _ 20 April 2012
40
AGENDA
"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"
40
• FY 2011 RESULTS
• MARKETS
• INTERNATIONAL FOOTPRINT
• WHAT’S NEW
• STOCK INFORMATION
"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"
BREMBO AGM _ 20 April 2012
41
International Footprint
"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"
41
"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"
BREMBO AGM _ 20 April 2012
42 "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"
42
Plants – Brembo Poland
Investment: € 100 mio (by 2013)
Additional Sales: € 100 mio (by 2014)
SOP: Oct. 2011
Customers: Audi, BMW, Mercedes
"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"
BREMBO AGM _ 20 April 2012
43 "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"
43
Plants – Brembo Czech
Investment: € 50 mio (by 2013)
Additional Sales: € 55 mio (by 2014)
SOP: Feb. 2011
Customers: Audi, BMW, GM, Land Rover,
Mercedes
"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"
BREMBO AGM _ 20 April 2012
44 "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"
44
Plants – Brembo Nanjing Foundry
"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"
BREMBO AGM _ 20 April 2012
45 "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"
45
Plants – Brembo Nanjing Foundry
"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"
BREMBO AGM _ 20 April 2012
46 "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"
46
Plants – Brembo Nanjing Foundry
"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"
BREMBO AGM _ 20 April 2012
47 "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"
47
Plants – Brembo Nanjing Foundry
"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"
BREMBO AGM _ 20 April 2012
48 "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"
48
Plants – Brembo Nanjing Foundry
"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"
BREMBO AGM _ 20 April 2012
49 "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"
49
Plants – Brembo Nanjing Foundry
"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"
BREMBO AGM _ 20 April 2012
50 "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"
50
Plants – Brembo Nanjing Foundry
"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"
BREMBO AGM _ 20 April 2012
51 "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"
51
Brembo Nanjing Headquarters e R&D Center
Investment: € 70 mio (by 2013)
Additional Sales: € 70 mio (by 2014)
SOP: end 2011
Customers: BMW, Mercedes, MG,
Mitsubishi, Naveco, Volvo, VW
"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"
BREMBO AGM _ 20 April 2012
52 "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"
52
Plants – Brembo Brake India
"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"
BREMBO AGM _ 20 April 2012
53 "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"
53
Plants – Brembo Argentina
"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"
BREMBO AGM _ 20 April 2012
54 "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"
54
Plants – Brembo N/America Technical Center
"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"
BREMBO AGM _ 20 April 2012
55
AGENDA
"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"
55
• FY 2011 RESULTS
• MARKETS
• INTERNATIONAL FOOTPRINT
• WHAT’S NEW
• STOCK INFORMATION
"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"
BREMBO AGM _ 20 April 2012
56
What’s new - Ferrari F12berlinetta
"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"
56
"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"
BREMBO AGM _ 20 April 2012
57
What’s new - Ferrari F12berlinetta
"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"
57
"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"
BREMBO AGM _ 20 April 2012
58
What’s new - Maserati Granturismo Sport
"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"
58
"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"
BREMBO AGM _ 20 April 2012
59
What’s new - Maserati Granturismo Sport
"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"
59
"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"
BREMBO AGM _ 20 April 2012
60
What’s new - Mercedes Classe SL
"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"
60
"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"
BREMBO AGM _ 20 April 2012
61
What’s new - Mercedes Classe SL
"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"
61
"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"
BREMBO AGM _ 20 April 2012
62
What’s new - Audi RS 4 Avant
"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"
62
"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"
BREMBO AGM _ 20 April 2012
63
What’s new - Audi RS 4 Avant
"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"
63
"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"
BREMBO AGM _ 20 April 2012
64
What’s new - BMW M6 Coupé
"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"
64
"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"
BREMBO AGM _ 20 April 2012
65
What’s new - BMW M6 Coupé
"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"
65
"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"
BREMBO AGM _ 20 April 2012
66
What’s new - Jeep Grand Cherokee SRT 8
"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"
66
"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"
BREMBO AGM _ 20 April 2012
67
What’s new - Jeep Grand Cherokee SRT 8
"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"
67
"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"
BREMBO AGM _ 20 April 2012
68
What’s new - Cadillac ATS
"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"
68
"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"
BREMBO AGM _ 20 April 2012
69
What’s new - Cadillac ATS
"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"
69
"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"
BREMBO AGM _ 20 April 2012
70
What’s new - Ducati 1199 Panigale
"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"
70
"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"
BREMBO AGM _ 20 April 2012
71
What’s new - Ducati 1199 Panigale
"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"
71
"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"
BREMBO AGM _ 20 April 2012
72
What’s new - Ducati Monster Diesel
"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"
72
"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"
BREMBO AGM _ 20 April 2012
73
What’s new - Ducati Monster Diesel
"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"
73
"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"
BREMBO AGM _ 20 April 2012
74
What’s new - MV Agusta F3 675
"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"
74
"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"
BREMBO AGM _ 20 April 2012
75
What’s new - Suzuki GSX-R 1000
"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"
75
"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"
BREMBO AGM _ 20 April 2012
76
What’s new - Suzuki GSX-R 1000
"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"
76
"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"
BREMBO AGM _ 20 April 2012
77
What’s new - Triumph Speed Triple R
"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"
77
"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"
BREMBO AGM _ 20 April 2012
78
What’s new - Triumph Speed Triple R
"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"
78
"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"
BREMBO AGM _ 20 April 2012
79
What’s new - Passive safety
"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"
79
FERRARI F12
ALFA ROMEO
GIULIETTA 4C
CHRYSLER
DODGE VIPER
"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"
BREMBO AGM _ 20 April 2012
80
What’s new - Passive safety
"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"
80
CHRYSLER
DODGE VIPER
"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"
BREMBO AGM _ 20 April 2012
81
What’s new - Aerospace
"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"
81
"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"
BREMBO AGM _ 20 April 2012
82
What’s new - Aerospace
"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"
82
"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"
BREMBO AGM _ 20 April 2012
83
What’s new - Aerospace
"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"
83
"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"
BREMBO AGM _ 20 April 2012
84
AGENDA
"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"
84
• FY 2011 RESULTS
• MARKETS
• INTERNATIONAL FOOTPRINT
• WHAT’S NEW
• STOCK INFORMATION
"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"
BREMBO AGM _ 20 April 2012
85
Total 10,316 Shareholders
Brembo Shareholders
"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"
BREMBO AGM _ 20 April 2012
86
Brembo Shareholders
no. of shares % of share
capital
NUOVA FOURB SRL 37,744,753 56.52%
BREMBO S.P.A (OWN SHARES) 1,747,000 2.62%
GOODMAN INV. COUNSEL LTD (CAN) 1,658,090 2.48%
JP MORGAN ASSET MGT (UK) 1,240,368 1.86%
BANCA GENERALI 1,168,000 1.75%
GOVERNMENT OF NORWAY 934,095 1.40%
JP MORGAN EUROPEAN 921,287 1.38%
ZURICH INVESTMENTSLIFE 841,261 1.26%
THE UNITED NATIONS WORLD FOOD PROGR. 721,256 1.08%
BT PENSION SCHEME 578,784 0.87%
"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"
BREMBO AGM _ 20 April 2012
87
Analysts’ recommendations
• 4 positive
• 8 neutral
BANCA
AKROS
BANCA
ALETTIBANCA IMI KEPLER
CENTROBAN
CAICBPI EQUITA
EXANE BPN
PARIBASINTERMONTE
MEDIOBANC
A
MERRILL
LYNCHUBS
CONSENSU
S
T.PRICE 8,00 10,30 9,61 7,90 9,30 8,40 9,80 10,80 8,20 9,20 11,00 11,50 9,50
GIUDIZIOHOLD OUTPERF. HOLD HOLD HOLD NEUTRAL HOLD
OUTPERF
ORMNEUTRAL NEUTRAL BUY BUY
"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"
BREMBO AGM _ 20 April 2012
88
Brembo share vs. indexes
"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"
BREMBO AGM _ 20 April 2012
89
2011 Total Shareholders’ return
• Brembo (var. 1.1-31.12.2011) : - 15,6%
• FTSE MiB (var. 1.1.-31.12.2011) : - 26,2%
• FTSE Star (var. 1.1.-31.12.2011) : - 19,1%
"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"
BREMBO AGM _ 20 April 2012
90 "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"
The Manager in charge of the Company’s financial reports, Matteo Tiraboschi,
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.
