Earnings Release • Mar 4, 2021
Earnings Release
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Stezzano, 4 March 2021
| (€ million) | Q4 2020 | Q4 2019 | Change |
|---|---|---|---|
| Revenue | 648.7 | 620.7 | +4.5% |
| EBITDA % of sales |
121.6 18.7% |
121.2 19.5% |
+0.3% |
| EBIT % of sales |
70.5 10.9% |
69.3 11.2% |
+1.7% |
| Pre-tax profit % of sales |
63.5 9.8% |
70.6 11.4% |
-10.0% |
| Net profit % of sales |
64.8 10.0% |
55.2 8.9% |
+17.5% |
| 31.12.2020 | 30.09.2020 | Change | |
| Net financial debt excluding IFRS 16 |
175.8 | 320.1 | -144.3 million |
| Net financial debt | 384.7 | 505.7 | -121.0 million |
| (€ million) | FY 2020 | FY 2019 | Change |
|---|---|---|---|
| Revenue | 2,208.6 | 2,591.7 | -14.8% |
| EBITDA | 388.7 | 515.2 | -24.6% |
| % of sales | 17.6% | 19.9% | |
| EBIT | 181.1 | 318.5 | -43.1% |
| % of sales | 8.2% | 12.3% | |
| Pre-tax profit | 156.0 | 307.7 | -49.3% |
| % of sales | 7.1% | 11.9% | |
| Net profit | 136.5 | 231.3 | -41.0% |
| % of sales | 6.2% | 8.9% |
Chairman Alberto Bombassei stated: "The results approved today by Brembo's Board of Directors are proof that the Company was managed effectively and carefully in a critical year, succeeding in protecting the Group's profitability by rapidly and incisively containing the negative impact felt by the reference market. Brembo's performance in 2020 bears witness to the Group's solidity and allows us to resume the distribution of dividends to our shareholders, after the suspension of last year due to the outbreak of the Covid-19 pandemic.
Our performance in the fourth quarter was particularly encouraging: our main markets of operation showed signs of a recovery, particularly China and India which grew at double-digit rates. Although the market scenario continues to be shaped by considerable uncertainty, Brembo began 2021 with solid fundamentals, determined to respond to the impact of the health crisis by continuing to protect the health of its employees and to support its clients in rising to the challenges and taking advantage of the opportunities offered by a rapidly changing automotive industry, thanks to innovative solutions in pursuit of increasingly sustainable mobility."
Brembo S.p.A.'s Board of Directors, chaired by Alberto Bombassei, met today and approved the Group's annual results at 31 December 2020.
Brembo Group's net consolidated revenues for the fourth quarter of 2020 amounted to €648.7 million, up 4.5% compared to the same quarter of the previous year (+7.8% on like-for-like exchange rates).
At geographical level, in the fourth quarter of 2020 nearly all the markets in which the Group operates showed signs of a recovery after the overall downturn that had impacted the most part of 2020 following the health emergency that is still ongoing.
Sales grew by 7.9% in Italy, 0.9% in Germany, and 1.3% in France, whereas the United Kingdom showed a 5.1% decline.
As far as non-EU countries are concerned, India rose by 22.1% (+34.0% on a like-for-like exchange rate basis), China grew by 19.4% (+21.3% on a like-for-like exchange rate basis), whereas Japan ended the period at -22.1% (-21.3% on a like-for-like exchange rate basis).
South America decreased by 21.1% (9.2% increase on a like-for-like exchange rate basis), whereas North America (USA, Canada and Mexico) rose by 3.5% (+9.8% on a like-for-like exchange rate basis).
With regard to the market segments, car applications increased by 2.6%, motorbike applications by 6.4%, applications for commercial vehicles by 15.9% and racing applications by 8.1%.
EBITDA amounted to €121.6 million (EBITDA margin: 18.7%) in the reporting quarter, essentially in line with the previous year, when it was €121.2 million (EBITDA margin: 19.5%).
Q4 EBIT amounted to €70.5 million (EBIT margin: 10.9%), up 1.7% compared to €69.3 million (EBIT margin: 11.2%) for the fourth quarter of 2019.
Pre-tax profit was €63.5 million (9.8% of sales), and net profit amounted to €64.8 million, increasing by 17.5% compared to the fourth quarter of 2019.
Net financial debt at 31 December 2020 was €384.7 million, down €121.0 million compared to the figure at 30 September 2020 (€505.7 million). Net of the effect of IFRS 16, net financial debt would amount to €175.8 million, down €144.3 million compared to 30 September 2020.
At 31 December 2020, Brembo Group's net consolidated revenues amounted to €2,208.6 million, down 14.8% compared to 2019 (-13.3% on a like-for-like exchange rates basis).
In 2020, the cost of sales and other net operating expenses amounted to €1,405.3 million, with a 63.6% ratio to sales, up in percentage terms compared to 62.7% for the previous year.
Personnel expenses stood at €425.0 million, with a 19.2% ratio to revenues, slightly increasing from the previous year's figure (18.0% of sales).
At 31 December 2020, the workforce numbered 11,039, increasing by 171 people compared to the previous year (10,868 people).
EBITDA for 2020 totalled €388.7 million (EBITDA margin: 17.6%), compared to €515.2 million (EBITDA margin: 19.9%) for 2019.
Net of depreciation, amortisation and impairment losses for €207.6 million, EBIT was €181.1 million (8.2% of sales).
Net interest expense amounted to €25.2 million for the year ended 31 December 2020 (€11.1 million in 2019) and consisted of net exchange losses of €8.1 million (net exchange gains of €3.2 million in 2019) and other net interest expense of €17.1 million (€14.3 million for the previous year).
Based on tax rates applicable under current tax regulations, estimated taxes amounted to €17.8 million, with a tax rate of 11.4%. The decrease in the tax rate on the previous year (22.2%) was due to the effect of the net Patent Box relief of €19.8 million recorded in the fourth quarter of 2020.
Net profit totalled €136.5 million at year-end.
Brembo's Board of Directors examined and approved the Consolidated Disclosure of Non-Financial Information for 2020 pursuant to Legislative Decree No. 254/2016.
This Disclosure, drawn up in compliance with the Guidelines of the Global Reporting Initiative (GRI standards), describes the Company's business model, the Group's strategies and policies, the actions implemented and the results achieved in pursuing its sustainable economic growth, while taking account of the expectations of the stakeholders involved and seeking constant improvement of the environmental and social impacts of corporate activities. The Disclosure will be made available to the public on the Group's website within the terms established by applicable laws.
Today, the Board of Directors has called the General Shareholders' Meeting on 22 April 2021 at 10:30 am, specifying that, in light of the ongoing health emergency, shareholders will only be able to participate in the Shareholders' Meeting by granting a proxy to the Designated Representative, identified pursuant to Article 135-undecies of TUF, as Computershare S.p.A. Accordingly, individual shareholders will not be allowed to attend in physical presence.
The instructions and form for granting, at no charge, the proxy and the documentation related to General Shareholders' Meeting will be available, within the terms established by applicable laws, on the website www.brembo.com, Investors, For Shareholders, Shareholders' Meeting.
Among the main items on the agenda, the Board of Directors has resolved to submit the following matters to the forthcoming session of the General Shareholders' Meeting.
1) Examination and approval of the Financial Statements for the year ended at 31 December 2020. 2) The following proposal for the distribution of profit of the Parent Brembo S.p.A:
It will also be proposed that dividends should be paid as of 26 May 2021, ex-coupon No. 3 on 24 May 2021 (record date: 25 May 2021).
3) Report on Remuneration Policy for 2021 and Remuneration Paid in 2020 by the Brembo Group.
The proposal envisages that the Board of Directors may purchase, in one or more tranches, up to a maximum of 8,000,000 ordinary shares, for a minimum price not lower than the closing price of the shares during the trading session on the day before each transaction is undertaken, reduced by 10%, and for a maximum price not higher than the closing price of the shares during the trading session on the day before each transaction is undertaken, increased by 10%.
With reference to the disposal of own shares, the Board of Directors will define, from time to time, in accordance with applicable legislation and/or allowed market practices, the criteria to set the relevant consideration and/or methods, terms and conditions to use own shares in portfolio, taking due account of the realisation methods applied, the price trend of the stock in the period before the transaction and the best interest of the Company.
The authorisation is requested for a period of 18 months from the date of the resolution by the General Shareholders' Meeting and for a maximum purchasing amount of €144,000,000, which is adequately covered by the available net reserves recognised in the balance sheet. At present, the Company holds 10,035,000 own shares representing 3.005% of share capital.
Amendments to Articles 1 (Name) and 4 (Purpose) of the By-laws.
Amendment to Article 4 aims at extending the Company's purpose in order to bring it into line with the automotive market's technological evolution, with a view to supporting the Group's partners also in light of the new mobility paradigms such as electric vehicles, autonomous driving, and digitalisation.
Amendment to Article 1 refers to the change of the company name from Freni Brembo S.p.A. to Brembo S.p.A.
Shareholders who do not contribute to the approval of the resolution on the amendment to Article 4 of the By-laws (i.e., shareholders who do not participate in the General Shareholders' Meeting, or who participate but either vote against the proposed resolution or abstain from the vote) will be entitled to exercise the right of withdrawal pursuant to Article 2437, paragraph 1(a), of the Italian Civil Code within 15 days of the registration of the minutes of the General Shareholders' Meeting with the Companies Register.
The liquidation price to be paid to the shareholders who exercise the right of withdrawal is €10.036 per Brembo share. This price was calculated, in accordance with Article 2437-ter, paragraph 3, of the Italian Civil Code, as the arithmetic average of the closing prices of Brembo shares (on the basis of the official quotations provided by Borsa Italiana) during the six months prior to the date of publication of the notice of calling of the General Shareholders' Meeting (which will occur today). Once the 15-day period ends, Brembo shares for which the right of withdrawal has been exercised will be offered on option to shareholders who have not exercised the right of withdrawal on the basis of the option ratio to be determined by the Board of Directors according to the shares subject to withdrawal. Any shares not placed within the framework of the option offering may be offered to third parties; any shares that remain and that have not been sold must be redeemed by purchase by the Company.
Our year-start orders backlog and the full utilisation of production capacity allow us to look with confidence towards 2021, despite the ongoing uncertainty on the development of the pandemic.
The manager in charge of the Company's financial reports Andrea Pazzi, declares, pursuant to paragraph 2 of Article 154 bis of Italy's Consolidated Law on Finance, that the accounting information contained in this press release corresponds to the documented results, books and accounting records.
Annexed hereto are the Statement of Income, Statement of Financial Position and Statement of Cash Flows, which are currently being audited.
Company contacts:
| Matteo Tiraboschi Executive Deputy Chairman Ph. +39 035 605 2090 |
Roberto Cattaneo Chief Communication Officer Ph. +39 035 605 5787 e-mail: [email protected] |
|---|---|
| Laura Panseri Head of Investor Relations Ph. +39 035 605 2145 e-mail: [email protected] |
|
| www.brembo.com | www.brembo.com |
| (euro million) | 31.12.2020 | 31.12.2019 | Change | % | Q4 '20 | Q4 '19 | Change | % |
|---|---|---|---|---|---|---|---|---|
| Revenue from contracts with customers | 2,208.6 | 2,591.7 | (383.0) | -14.8% | 648.7 | 620.7 | 28.0 | 4.5% |
| Other revenues and income | 23.5 | 34.0 | (10.5) | -30.9% | 9.8 | 12.8 | (3.0) | -23.4% |
| Costs for capitalised internal works | 22.6 | 26.6 | (4.1) | -15.3% | 6.6 | 8.6 | (2.1) | -23.9% |
| Raw materials, consumables and goods | (1,025.0) | (1,214.6) | 189.7 | -15.6% | (313.6) | (285.3) | (28.3) | 9.9% |
| Income (expenses) from non-financial investments | 10.4 | 13.8 | (3.4) | -24.7% | 5.5 | 4.8 | 0.7 | 15.4% |
| Other operating costs | (426.4) | (470.6) | 44.2 | -9.4% | (115.9) | (124.0) | 8.1 | -6.5% |
| Personnel expenses | (425.0) | (465.7) | 40.7 | -8.7% | (119.5) | (116.4) | (3.1) | 2.6% |
| GROSS OPERATING INCOME | 388.7 | 515.2 | (126.5) | -24.6% | 121.6 | 121.2 | 0.4 | 0.3% |
| % of revenue from contracts with customer | 17.6% | 19.9% | 18.7% | 19.5% | ||||
| Depreciation, amortisation and impairment losses | (207.6) | (196.6) | (10.9) | 5.6% | (51.0) | (51.8) | 0.8 | -1.5% |
| NET OPERATING INCOME | 181.1 | 318.5 | (137.4) | -43.1% | 70.5 | 69.3 | 1.2 | 1.7% |
| % of revenue from contracts with customer | 8.2% | 12.3% | 10.9% | 11.2% | ||||
| Net interest income (expense) and interest income (expense) from investments | (25.1) | (10.8) | (14.2) | 131.3% | (7.0) | 1.3 | (8.3) | -650.1% |
| RESULT BEFORE TAXES | 156.0 | 307.7 | (151.6) | -49.3% | 63.5 | 70.6 | (7.1) | -10.0% |
| % of revenue from contracts with customer | 7.1% | 11.9% | 9.8% | 11.4% | ||||
| Taxes | (17.8) | (68.2) | 50.4 | -73.9% | 2.1 | (14.9) | 16.9 | -113.8% |
| Result from discontinued operations | (0.3) | (6.4) | 6.1 | -95.3% | (0.2) | 0.1 | (0.4) | -250.3% |
| RESULT BEFORE MINORITY INTERESTS | 137.9 | 233.1 | (95.2) | -40.8% | 65.3 | 55.9 | 9.4 | 16.8% |
| % of revenue from contracts with customer | 6.2% | 9.0% | 10.1% | 9.0% | ||||
| Minority interests | (1.4) | (1.8) | 0.4 | -20.2% | (0.5) | (0.7) | 0.2 | -25.4% |
| NET RESULT FOR THE PERIOD | 136.5 | 231.3 | (94.8) | -41.0% | 64.8 | 55.2 | 9.7 | 17.5% |
| % of revenue from contracts with customer | 6.2% | 8.9% | 10.0% | 8.9% | ||||
| BASIC/DILUTED EARNINGS PER SHARE (euro) | 0.42 | 0.71 | 0.20 | 0.17 |
| (euro million) | A 31.12.2020 |
B 31.12.2019 |
A-B Change |
|---|---|---|---|
| ASSETS | |||
| NON-CURRENT ASSETS | |||
| Property, plant, equipment and other equipment | 975.8 | 1,064.3 | (88.5) |
| Right of use assets | 207.5 | 194.5 | 13.0 |
| Development costs | 92.3 | 87.2 | 5.1 |
| Goodwill and other indefinite useful life assets | 79.9 | 83.9 | (4.0) |
| Other intangible assets | 47.4 | 57.2 | (9.8) |
| Shareholding valued using the equity method | 43.9 | 43.1 | 0.8 |
| Other financial assets (including investments in other companies and derivatives) | 217.3 | 7.1 | 210.2 |
| Receivables and other non-current assets | 18.2 | 12.9 | 5.3 |
| Deferred tax assets | 76.7 | 54.6 | 22.1 |
| TOTAL NON-CURRENT ASSETS | 1,759.0 | 1,604.8 | 154.2 |
| CURRENT ASSETS | |||
| Inventories | 354.9 | 342.2 | 12.7 |
| Trade receivables | 385.4 | 391.9 | (6.5) |
| Other receivables and current assets | 119.3 | 95.9 | 23.4 |
| Current financial assets and derivatives | 1.9 | 1.4 | 0.5 |
| Cash and cash equivalents | 551.3 | 304.8 | 246.5 |
| TOTAL CURRENT ASSETS | 1,412.9 | 1,136.2 | 276.6 |
| ASSETS FROM DISCONTINUED OPERATIONS | 0.9 | 1.4 | (0.6) |
| TOTAL ASSETS | 3,172.7 | 2,742.5 | 430.3 |
| EQUITY AND LIABILITIES | |||
| GROUP EQUITY | |||
| Share capital | 34.7 | 34.7 | 0.0 |
| Other reserves | 37.4 | 107.3 | (69.9) |
| Retained earnings/(losses) | 1,241.4 | 983.8 | 257.6 |
| Net result for the period | 136.5 | 231.3 | (94.8) |
| TOTAL GROUP EQUITY | 1,450.1 | 1,357.2 | 92.9 |
| TOTAL MINORITY INTERESTS | 31.0 | 30.9 | 0.1 |
| TOTAL EQUITY | 1,481.0 | 1,388.0 | 93.0 |
| NON-CURRENT LIABILITIES | |||
| Non-current payables to banks | 548.2 | 196.6 | 351.7 |
| Long-term lease liabilities | 187.4 | 177.3 | 10.1 |
| Other non-current financial payables and derivatives | 1.0 | 1.2 | (0.2) |
| Other non-current liabilities | 14.9 | 9.5 | 5.4 |
| Non-current provisions | 43.0 | 12.5 | 30.5 |
| Provisions for employee benefits | 26.6 | 25.6 | 1.0 |
| Deferred tax liabilities | 26.4 | 28.4 | (2.0) |
| TOTAL NON-CURRENT LIABILITIES | 847.5 | 451.0 | 396.5 |
| CURRENT LIABILITIES | |||
| Current payables to banks | 176.0 | 257.7 | (81.7) |
| Short-term lease liabilities | 21.5 | 18.7 | 2.8 |
| Other current financial payables and derivatives | 3.8 | 1.1 | 2.8 |
| Trade payables | 474.9 | 474.0 | 0.9 |
| Tax payables | 7.4 | 6.1 | 1.3 |
| Current provisions | 1.9 | 2.1 | (0.2) |
| Other current liabilities | 158.6 | 143.3 | 15.3 |
| TOTAL CURRENT LIABILITIES | 844.1 | 902.9 | (58.8) |
| LIABILITIES FROM DISCONTINUED OPERATIONS | 0.1 | 0.6 | (0.5) |
| TOTAL LIABILITIES | 1,691.7 | 1,354.5 | 337.2 |
| TOTAL EQUITY AND LIABILITIES | 3,172.7 | 2,742.5 | 430.3 |
| (euro million) | 31.12.2020 | 31.12.2019 |
|---|---|---|
| CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 168.6 | 195.9 |
| Result before taxes | 156.0 | 307.7 |
| Depreciation, amortisation/Impairment losses | 207.6 | 196.6 |
| Capital gains/losses | (1.7) | (2.2) |
| Income/expense from investments, net of dividends received | (0.4) | (4.0) |
| Financial portion of provisions for defined benefits and payables for personnel | 0.4 | 0.6 |
| Long-term provisions for employee benefits | 2.4 | 2.5 |
| Other provisions net of utilisations | 48.6 | (0.1) |
| Result from discontinued operations | (0.3) | (6.4) |
| Cash flows generated by operating activities | 412.6 | 494.8 |
| Current taxes paid | (48.9) | (66.0) |
| Uses of long-term provisions for employee benefits | (4.6) | (4.8) |
| (Increase) reduction in current assets: | ||
| inventories | (23.9) | (7.6) |
| financial assets | 0.1 | 0.0 |
| trade receivables | 4.4 | 14.6 |
| receivables from others and other assets | (9.2) | (6.3) |
| Increase (reduction) in current liabilities: | ||
| trade payables | 0.9 | (90.8) |
| payables to others and other liabilities | 18.4 | (26.4) |
| Translation differences on current assets | (16.5) | (0.8) |
| Net cash flows from/(for) operating activities | 333.4 | 306.6 |
| Investments in: | ||
| property, plant and equipment | (162.1) | (213.7) |
| of which right of use assets | (37.8) | (38.2) |
| intangible assets | (28.3) | (38.1) |
| financial assets (shareholdings) | (182.9) | (0.1) |
| Price for disposal or reimbursement value of fixed assets | 4.2 | 6.6 |
| Net cash flows from/(for) investing activities | (369.0) | (245.3) |
| Dividends paid in the period | 0.0 | (71.5) |
| Dividends paid to minority shareholders in the period | (0.6) | (0.8) |
| Change in fair value of derivatives | 0.6 | (1.9) |
| New lease agreements | 35.6 | 38.2 |
| Reimbursement of lease liabilities | (24.8) | (24.4) |
| Loans and financing granted by banks and other financial institutions in the period | 425.0 | 103.5 |
| Repayment of long-term loans and other financing | (122.5) | (120.2) |
| Net cash flows from/(for) financing activities | 313.3 | (88.5) |
| Total cash flows | 277.7 | (27.2) |
| Translation differences on cash and cash equivalents | (1.1) | (0.1) |
| CASH AND CASH EQUIVALENTS AT END OF THE PERIOD | 445.2 | 168.6 |
| (euro million) | 31.12.2020 | % | 31.12.2019 | % | Change | % | Q4 '20 | % | Q4 '19 | % | Change | % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| GEOGRAPHICAL AREA | ||||||||||||
| Italy | 244.9 | 11.1% | 277.0 | 10.7% | (32.0) | -11.6% | 74.5 | 11.4% | 69.0 | 11.1% | 5.4 | 7.9% |
| Germany | 400.7 | 18.2% | 504.6 | 19.5% | (103.9) | -20.6% | 112.4 | 17.3% | 111.4 | 17.9% | 1.0 | 0.9% |
| France | 82.0 | 3.7% | 97.4 | 3.8% | (15.4) | -15.8% | 20.7 | 3.2% | 20.4 | 3.3% | 0.3 | 1.3% |
| United Kingdom | 154.4 | 7.0% | 214.1 | 8.3% | (59.7) | -27.9% | 51.9 | 8.0% | 54.7 | 8.8% | (2.8) | -5.1% |
| Other European countries | 272.2 | 12.3% | 307.2 | 11.9% | (35.1) | -11.4% | 71.2 | 11.0% | 68.8 | 11.1% | 2.4 | 3.4% |
| India | 72.9 | 3.3% | 93.6 | 3.6% | (20.7) | -22.2% | 26.4 | 4.1% | 21.6 | 3.5% | 4.8 | 22.1% |
| China | 338.4 | 15.3% | 312.2 | 12.0% | 26.3 | 8.4% | 107.0 | 16.5% | 89.6 | 14.4% | 17.4 | 19.4% |
| Japan | 23.2 | 1.1% | 29.8 | 1.1% | (6.5) | -22.0% | 6.9 | 1.1% | 8.8 | 1.4% | (1.9) | -22.1% |
| Other Asian Countries | 30.7 | 1.4% | 36.1 | 1.4% | (5.4) | -15.0% | 9.9 | 1.5% | 10.0 | 1.6% | (0.1) | -1.4% |
| South America (Argentina and Brazil) | 32.0 | 1.4% | 50.2 | 1.9% | (18.3) | -36.3% | 9.8 | 1.5% | 12.4 | 2.0% | (2.6) | -21.1% |
| North America (USA, Mexico & Canada) | 542.7 | 24.5% | 648.7 | 25.0% | (106.0) | -16.3% | 155.0 | 23.9% | 149.7 | 24.2% | 5.2 | 3.5% |
| Other Countries | 14.4 | 0.7% | 20.8 | 0.8% | (6.3) | -30.6% | 3.2 | 0.5% | 4.2 | 0.7% | (0.9) | -22.4% |
| Total | 2,208.6 | 100.0% | 2,591.7 | 100.0% | (383.0) | -14.8% | 648.7 | 100.0% | 620.7 | 100.0% | 28.0 | 4.5% |
| (euro million) | 31.12.2020 | % | 31.12.2019 | % | Change | % | Q4 '20 | % | Q4 '19 | % | Change | % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| APPLICATION | ||||||||||||
| Passenger Car | 1,655.7 | 75.1% | 1,943.3 | 75.0% | (287.6) | -14.8% | 482.8 | 74.4% | 470.3 | 75.7% | 12.5 | 2.6% |
| Motorbike | 213.0 | 9.6% | 263.1 | 10.2% | (50.1) | -19.1% | 65.6 | 10.1% | 61.6 | 9.9% | 4.0 | 6.4% |
| Commercial Vehicle | 232.8 | 10.5% | 259.5 | 10.0% | (26.8) | -10.3% | 69.3 | 10.7% | 59.8 | 9.6% | 9.5 | 15.9% |
| Racing | 106.6 | 4.8% | 125.5 | 4.8% | (18.9) | -15.0% | 31.3 | 4.8% | 29.0 | 4.8% | 2.3 | 8.1% |
| Miscellaneous | 0.6 | 0.0% | 0.3 | 0.0% | 0.3 | 122.8% | (0.3) | 0.0% | 0.0 | 0.0% | (0.3) | 933.3% |
| Total | 2,208.6 | 100.0% | 2,591.7 | 100.0% | (383.0) | -14.8% | 648.7 | 100.0% | 620.7 | 100.0% | 28.0 | 4.5% |
| 31.12.2016 | 31.12.2017 | 31.12.2018 | 31.12.2019 | 31.12.2020 | |
|---|---|---|---|---|---|
| Net operating income/Revenue from contract with customers | 14.4% | 14.1% | 13.1% | 12.3% | 8.2% |
| Result before taxes/Revenue from contract with customers | 13.7% | 13.6% | 12.3% | 11.9% | 7.1% |
| Net investments/Revenue from contract with customers | 11.4% | 14.5% | 10.8% | 9.5% | 8.5% |
| Net Financial indebtedness/Equity | 22.2% | 20.5% | 11.1% | 24.9% | 26.0% |
| Adjusted net interest expense(*)/Revenue from contract with customers | 0.4% | 0.4% | 0.5% | 0.6% | 0.8% |
| Adjusted net interest expense(*)/Net operating income | 3.0% | 2.7% | 4.0% | 4.5% | 9.4% |
| ROI | 29.5% | 26.4% | 24.8% | 18.1% | 9.6% |
| ROE | 27.5% | 25.2% | 19.7% | 17.3% | 9.3% |
ROI: Net operating income rolling 12 months/Net invested capital.
ROE: Result before minority interests rolling 12 months (net of Result from discontinued operations)/Equity.
(*) This item does not include exchange gains and losses.
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