Assemblea degli Azionisti 2015 - Brembo · 2 brembo / 23 Aprile 2015 "Strictly Confidential. ©...

70
Assemblea degli Azionisti 2015 Stezzano, 23 April 2015

Transcript of Assemblea degli Azionisti 2015 - Brembo · 2 brembo / 23 Aprile 2015 "Strictly Confidential. ©...

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Assemblea degli Azionisti 2015 Stezzano, 23 April 2015

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Agenda

• RISULTATI FY 2014

• MERCATI

• NUOVI INVESTIMENTI

• IL TITOLO BREMBO

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Risultati FY 2014 Sintesi del Conto Economico Consolidato

3

Milioni di € FY 14 % sales FY 13 % sales % 14/13

Ricavi 1.803,3 100% 1.566,1 100% 15,1%

EBITDA 279,8 15,5% 213,5 13,6% 31,1%

Ammortamenti (101,4) 5,6% (90,7) 5,8% 11,8%

EBIT 178,4 9,9% 122,8 7,8% 45,3%

Oneri finanziari netti (13,5) 0,8% (18,5) 1,2% -26,7%

Imposte (36,2) 2,0% (15,3) 1,0% 137,1%

Tax rate -22,0% -14,6%

RISULTATO NETTO 129,1 7,2% 89,0 5,7% 45,0%

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Ricavi FY 2014 (Analisi variazione ricavi - Milioni di €)

4

US $, Brazil. Real,

Argentine Peso

Indian Rupee

Chinese Rmb

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Ricavi FY 2014 (Milioni di € - Contributo % dei business)

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Ricavi 2014 per applicazione

Al netto

effetto cambi:

+ 16.4%

+18,6% +15,5% -2,2% +9,2%

6

(€ Mio)

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Milioni di € FY 14 % sales FY 13 % sales % 14/13

Ricavi 1.803,3 100% 1.566,1 100% 15,1%

EBITDA 279,8 15,5% 213,5 13,6% 31,1%

Ammortamenti (101,4) 5,6% (90,7) 5,8% 11,8%

EBIT 178,4 9,9% 122,8 7,8% 45,3%

Oneri finanziari netti (13,5) 0,8% (18,5) 1,2% -26,7%

Imposte (36,2) 2,0% (15,3) 1,0% 137,1%

Tax rate -22,0% -14,6%

RISULTATO NETTO 129,1 7,2% 89,0 5,7% 45,0%

Risultati FY 2014 Sintesi del Conto Economico Consolidato

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EBITDA FY 2014 (€ Mio)

8

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Milioni di € FY 14 % sales FY 13 % sales % 14/13

Ricavi 1.803,3 100% 1.566,1 100% 15,1%

EBITDA 279,8 15,5% 213,5 13,6% 31,1%

Ammortamenti (101,4) 5,6% (90,7) 5,8% 11,8%

EBIT 178,4 9,9% 122,8 7,8% 45,3%

Oneri finanziari netti (13,5) 0,8% (18,5) 1,2% -26,7%

Imposte (36,2) 2,0% (15,3) 1,0% 137,1%

Tax rate -22,0% -14,6%

RISULTATO NETTO 129,1 7,2% 89,0 5,7% 45,0%

Risultati FY 2014 Sintesi del Conto Economico Consolidato

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Oneri Finanzari

10

Milioni di € 31.12.14 31.12.13 Δ 14/13

(A) Oneri finanziari netti (12,7) (11,2) (1,5)

Differenze cambio nette (1,0) (7,3) 6,3

Oneri finanziari da partecipazioni 0,1 (0,0) 0,1

Oneri finanziari netti totali (13,5) (18,5) 4,9

(B) Altri proventi/oneri finanziari 0,7 2,1 (1,3)

(A-B) Oneri finanziari netti (13,4) (13,3) (0,1)

Costo dell'indebitamento 2,7% 3,4%

Ricavi 1.803,3 1.566,1 237,2

Oneri fin. netti (A)/ Ricavi -0,7% -0,7%

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Tax Rate

11

Milioni di € FY 14 FY 13

Imposte correnti 42,7 22,3

Imposte differite (6,5) (7,0)

Totale imposte 36,2 15,3

Pre-tax profit 164,9 104,4

Tax rate -22,0% -14,6%

DTA Rep. Ceca 5,2 0,0

DTA Polonia 3,6 13,0

Altro (0,4) 3,0

Totale imposte teoriche 44,6 31,3

Tax rate esclusi effetti straordinari -27,0% -30,0%

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Posizione Finanziaria Netta (€ Mio)

12

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Composizione Indebitamento

13

Milioni di € 31.12.2014 31.12.2013 D 14/13

Attività finanziarie correnti 216,2 116,1 100,1

Passività finanziarie correnti 209,3 177,3 31,9

Indebitamento fin. netto a breve (6,9) 61,3 (68,2)

Attività finanziarie a M/L 0,0 0,0 0,0

Passività finanziarie a M/L 277,3 259,2 18,1

Indebitamento fin. netto a lungo 277,3 259,2 18,1

INDEBITAMENTO FIN. NETTO 270,4 320,5 (50,1)

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19.1%

14

Struttura del Debito

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Struttura Patrimoniale

15

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Principali Indicatori

16

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Agenda

• RISULTATI FY 2014

• MERCATI

• NUOVI INVESTIMENTI

• IL TITOLO BREMBO

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312,1 372,8

463,1

2012 2013 2014

+ 24,2%

18

+19,4%

Ricavi per area geografica

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329,6 376,0

432,8

2012 2013 2014

+ 15,1%

19

+ 14,1%

Ricavi per area geografica

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207.7 212.1

242.1

2012 2013 2014

+14,2%

20

+2,1%

Ricavi per area geografica

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100,6 114,7

144,6

2012 2013 2014

+ 26,1%

21

+ 14,1%

Ricavi per area geografica

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58,2

69,7

81,9

2012 2013 2014

+17,4%

22

+19,9%

Ricavi per area geografica

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164,0

173,1

180,7

2012 2013 2014

+4,4%

23

+5,5%

Ricavi per area geografica

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88,3 89,2

79,1

2012 2013 2014

-11,3%

24

+1,0%

S/AMERICA

Ricavi per area geografica

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34,0 35,2

41,0

2012 2013 2014

+16,6%

25

+3,5%

Ricavi per area geografica

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59,9

81,3

93,1

2012 2013 2014

+14,6%

26

+35,8%

Ricavi per area geografica

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19,6

21,8

23,2

2012 2013 2014

+6, 6%

27

+ 11,0%

Ricavi per area geografica

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Ricavi per applicazione – Auto

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72,2% Auto

Ricavi per applicazione – Auto

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Ricavi per applicazione – Moto

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9,6% Moto

72,2% Auto

Ricavi per applicazione – Moto

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Ricavi per applicazione – Ve.Co.

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9,6% Moto

10,4% Ve.Co.

Ricavi per applicazione – Ve.Co.

72,2% Auto

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Ricavi per applicazione – Racing

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10,4% Ve.Co.

9,6% Moto

72,2% Auto

7,3% Racing

Ricavi per applicazione – Racing

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Agenda

• RISULTATI FY 2014

• MERCATI

• NUOVI INVESTIMENTI

• IL TITOLO BREMBO

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Nuovi investimenti / progetti

€ Million FY 14

Italia 40,3

Polonia 27,7

Rep. Ceca 23,1

USA 15,2

Cina 5,9

Brasile 4,1

Messico 3,2

India 1,7

Argentina 1,4

Altri 0,8

Investimenti netti 123,4

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Nuovi investimenti – Italia

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Nuovi investimenti – Italia

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Nuovi investimenti – Italia

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Nuovi investimenti – Italia Nuovi investimenti – Italia

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Nuovi investimenti – Italia

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Nuovi investimenti – Italia

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Nuovi investimenti – Italia

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Nuovi investimenti – Italia

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Nuovi investimenti – Italia

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Nuovi investimenti – Italia

brembo/ 27 April 2015 "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

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Nuovi investimenti – Italia

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Nuovi investimenti – Italia

brembo/ 27 April 2015 "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

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Nuovi investimenti – Italia

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Nuovi investimenti

USA

• Investimento: $ 100 mio

• Tons: 80.000

• S.O.P: 2017

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Nuovi investimenti

Messico

• Investimento: € 32 mio

• Tons: 14.000

• Output: 2.000.000 pinze AL

• S.O.P: 2016

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Agenda

• RISULTATI FY 2014

• MERCATI

• NUOVI INVESTIMENTI

• IL TITOLO BREMBO

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Azionisti Brembo

54

2015 2014

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Maggiori Azionisti

n. azioni

possedute

% su Cap.

Sociale

NUOVA FOURB SRL 35.744.753 53,523%

BREMBO S.P.A (OWN SHARES) 1.747.000 2,616%

GOODMAN INV. COUNSEL LTD (CAN) 1.658.090 2,483%

GAMCO INVESTORS INC. (US) 1.565.000 2,343%

GOVERNMENT OF NORWAY 1.189.815 1,782%

MORGAN STANLEY (UK) 1.081.500 1,619%

CACEIS BANK FRANCE (FR) 988.628 1,480%

MONTANARO (IRL.) 918.824 1,376%

SFF MALTA HOLDING 795.500 1,191%

JP MORGAN FUNDS (LUX) 581.249 0,870%

FCP GROUPAMA (FR) 536.770 0,804%

N. totale azioni in circolazione 66.784.450

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Total Shareholder Return 2014

• Brembo (1.1-31.12.2014) : + 36.6%

• Brembo T.S.R. : + 39.1%

• FTSE MIB (1.1.-31.12.2014) : + 0.4%

• FTSE It.Star (1.1.-31.12.2014) : + 8.5%

56

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Le raccomandazioni degli analisti

• 7 positivi

• 5 neutrali

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Performance Brembo vs. indici (anno 2014)

58

FTSEMIB +0,4%

EURO STOXX TOTAL

MARKET VALUE

SMALL (EUR) INDEX +4,7%

BLOOMBERG EMEA

AUTO PARTS &

EQUIPMENT INDEX -6,0%

B R E M B O +36,6%

+8,5% ITSTAR

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Performance Brembo vs. indici (gennaio/aprile 2015)

59

+15,3% BLOOMBERG EMEA

AUTO PARTS &

EQUIPMENT INDEX

+18,6% EURO STOXX TOTAL

MARKET VALUE

SMALL (EUR) INDEX

+22,0% FTSEMIB

+34,9% B R E M B O

+34,4% ITSTAR

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20 anni di quotazione

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20

x11,3 anni di quotazione

il valore del titolo

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32

x8,2 età media collaboratori

numero delle nostre persone

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87 % ricavi realizzati all’estero

incremento fatturato

x11

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1.800

x8 brevetti depositati nel mondo

numero dischi venduti ogni anno

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19

x10 insediamenti produttivi nel mondo

incremento investimenti annui

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20 anni di quotazione Dividendi serie storica