The publication of the quarterly in Piazza Affari continues. On a particularly difficult day for the Milan Stock Exchange, with the Ftse Mib which drops more than 2% due to political uncertainty, today it's up to Brembo, Recordati and Italgas to submit their accounts to the judgment of the market.
THE BREMBO QUARTERLY
As regards the development and production company of braking systems for vehicles, the months January - March closed with a Net income up by 0,8% to 68,2 million euros, revenues equal to 657,9 million euro, up 4% (+8,7% at constant exchange rates) and a Ebitda of 126,6 million (+0,9% and equal to 19,2% of revenues).
As the company explained in a note, almost all segments contributed to the growth in turnover, with the exception of racing which lost 8,2%: +3,7% for car applications, +6,8 .10,9% for motorcycles, +XNUMX% for commercial vehicles.
- net investments settled at 45,9 million, while thenet financial debt it grew by 21,5% to 257,7 million. Down the net operating margin, dropped by 1,3% to 91,6 million (13,9% of revenues), while the net financial charges they amounted to 1,5 million, against 1,4 million in the same period last year.
Speaking of the near future, the projection of the orders in the portfolio shows growing revenues for the rest of 2018, despite the currency fluctuations could affect the improvement. Brembo "continues to carefully monitor the trend of the international macroeconomic scenario", it reads. “The first-quarter data reflects how dynamic the company is entering the new year, backed by a strong order book,” he said. Alberto Bombassei, president of the company, signaling the good performance in strategic areas such as the United States, Mexico, Europe and India.
THE RESULTS OF RECORDATI
Net income up 10,3% to 86,6 million euros for Recordati in the first three months of 2018, archived with revenues consolidated accounts up by 7,2% to 366,5 million and one Ebitda equal to 134,4 million (+14,2%). As stated in the note from the company, the uoperating tile of the pharmaceutical group was equal to 120,5 million, up by 12,4% compared to the same period of the previous year, with an incidence on revenues of 32,9%.
THEdebt rose from 381,8 to 484,6 million, while the net assets amounts to 933,1 million. Treasury shares were purchased during the period for a total of 169,8 million. “The economic results obtained in the first quarter confirm the continuous growth of the group, with a further increase in profitability”, said the managing director Andrea Recordati. A large part of the turnover was recorded abroad: in Italy the revenues were 78,926 million (+2,9%), while internationally they were 287,574 million (+8,4%).
The company also disclosed that Marco Vitale resigned as president and member of the Control, Risk and Sustainability Committee and will remain in office as a director. In her place was appointed Michaela Castelli, former member of the committee.
ITALGAS ACCOUNTS
The results of Italgas were positive, closing the first quarter with revenues up by 1,1% compared to the first three months of 2017, which however turned out to be lower than analysts' expectations. In sharp rise theebit, which grew by 8,1% year-on-year (as expected), and theNet income, which rose by 4,5% on the first quarter of the previous year, slightly less than the consensus.
Increases 2,7% to 198,4 million a yearebitda, while i investments amount to 106 million (-13,7% y/y). L'net borrowing it rises to 3,66 (+5,3%), in line with expectations.
“The results of the first quarter of 2018 record an improvement in all the main economic indicators compared to the corresponding period of 2017 and in continuity with the results of the past year, a sign of the great vitality of the Group which, pending the tenders in the area, continues to work to improve its competitiveness and the quality of service and at the same time pursues growth objectives through acquisitions” comments the Italgas CEO, Paul Gallo.
"The investments made - explains the manager -, in line with the industrial plan, were almost half directed to the installation of smart meters which reached 44% of the entire managed meter fleet and which represent the first step in the process digitization of networks launched in 2017. In this scenario, the adoption of Cloud Azure, the result of the partnership agreement with Microsoft, represents the enabling factor for the digitization of business processes and places the Italgas Group at the forefront of the European landscape of gas distributors and reference model also in the field of innovation”.
STOCKS ON THE STOCK EXCHANGE
Despite the positive results achieved by all three companies in the first quarter of the current year, stocks travel in the red in Piazza Affari, weighed down by an overall negative performance of the Ftse Mib (-2%) caused by political uncertainty and the waiting for Donald Trump's decision on Iran.
Among the three the worst is italgas, down by 4,57% to 5,09 euros. In deep red too Brembo (-4,27%), while Recordati contains losses (-0,8%).
