Brembo, a record 2022 despite the war in Ukraine and the increase in prices

Tougher than war, stronger than inflation. Brembo, the Italian brake multinational, closed the 2022 financial year with the best balance sheet in its history: “All the reference segments (motorcycles, cars, commercial vehicles and competitions, ed.) in which we operate contributed to this result”, summarized Matteo Tiraboschi, executive chairman of the company. “A goal achieved despite the complexities of a year characterized in particular by the consequences of the war in Ukraine and by the persistence of inflationary dynamics on the raw material markets”, he specified. 2023 has started well so much so that, barring significant changes in the geopolitical and macroeconomic situation, Brembo expects further growth, this time “only” around 5%. Double figures characterized last year: among the other indicators, which are at least socially positive, there is the increase in employment with almost 1,370 more employees, out of a total at the end of the year very close to 15,000. However, personnel had a smaller percentage impact on costs: 17% against 18.2% in 2021. Brembo’s advance was essentially global, with very few exceptions. One is that of the United Kingdom, where the contraction in revenues was marginal (1.8%), the other is that of Japan, where the decline came close to 10%, but where the turnover is insignificant, 0.6% of the total. The managing director, Daniele Schillaci, knows the country because he worked for years in Nissan, but the market is difficult and revolves around the national supply chain. “In terms of revenues, margins and net profit, we recorded the highest values ​​ever in the company’s history,” Tiraboschi insisted. Turnover amounted to 3.629 billion euros (+30.7%, which drops to +25.1% at constant exchange rates), margins increased by 10.5% to 383 million and net income increased to 293 million by 36%. At the shareholders’ meeting which will meet on 20 April, among other things, the Board of Directors will propose both a one-cent increase in the dividend, which would go from 0.27 to 0.28 euro, and the possibility of buying back treasury securities up to a maximum of 144 million euro because Brembo controls just 3.005% of the share capital. At 82, for the owner and founder of the company Alberto Bombassei (now president emeritus), a balance like this is one that is worth a lifetime. Also because he was driven by the acquisitions – evidently shrewd – of the Danish SBS and the Spanish J. Juan, both involved in the two-wheeler sector, the former in brake pads, the latter in braided hoses. The largest European market, Germany, accounted for just under 670 million in turnover, while North America (United States, Canada and Mexico) alone accounts for almost a third of the volumes (28%), with over one billion revenues. In India, one of the countries on which many manufacturers focus, sales grew by 40%. In Italy, Brembo recorded revenues of 355 million (almost 10% of the total), up 10.5%. Previous Article Italian car market, still recovering in February: +17.5%. Complicated energy transition