Le Conseil d'Administration de BREMBO approuve les résultats financiers du 1er trimestre 2008

COMMUNIQUE DE PRESSE


Stezzano, le 14 mai 2008

Pour diffusion immédiate

Le Conseil d'Administration de BREMBO approuve les résultats financiers du 1er trimestre 2008. En comparaison avec le 1er trimestre 2007 :

- Chiffre d'affaires +19,1 % (+10,4 % à données comparables);
- EBITDA +19,6 %;
- Bénéfice net +24,7 %;
- Dette nette +42,2 % suite aux récentes acquisitions.

La capacité de production de disques en Pologne sera doublée et le montant de l'investissement s'élève à 45 millions d'euros.

En résumé :

+---------------------------+--------+--------+------------------+
|      (Euro million)       |Q1 2008 |Q1 2007 |Variation % 08/07 |
+---------------------------+--------+--------+------------------+
|                           |        |        |                  |
+---------------------------+--------+--------+------------------+
|Sales                      |  273.2 |  229.3 |          + 19.1% |
+---------------------------+--------+--------+------------------+
|EBITDA                     |   40.0 |   33.4 |          + 19.6% |
+---------------------------+--------+--------+------------------+
|EBIT                       |   25.9 |   22.7 |          + 14.3% |
+---------------------------+--------+--------+------------------+
|Pre­tax profit         |   22.2 |   19.6 |          + 12.9% |
+---------------------------+--------+--------+------------------+
|Net profit                 |   15.7 |   12.6 |          + 24.7% |
+---------------------------+--------+--------+------------------+
|Net financial indebtedness |  283.1 |  199.1 |           +42.2% |
+---------------------------+--------+--------+------------------+

L'activité au 1er trimestre 2008

Le chiffre d'affaires de ce trimestre s'élève à 273,2 millions d'euros, soit une hausse de 19,1 % par rapport à la même période l'an dernier. This amount includes the revenues of the recently acquired US subsidiary and, starting from March, the revenues of Sabelt. Like]for]like the revenue growth is 10.4%.

Revenues in the quarter amount to 273.2 million, up 19.1% over the same quarter last year. This amount includes the revenues of the recently acquired US subsidiary and, starting from March, the revenues of Sabelt. Like]for]like the revenue growth is 10.4%.

The revenue growth was driven by commercial vehicle and motorcycle applications, which grew by 33.3% and 28.5% respectively. Passenger car applications grew by 17.3%, benefitting from the sales of the newly acquired US company. Racing applications are slightly lower (]1.6%) due to the currency impact of US Dollar and GB Pound.

Most of the growth arises from the Nafta Area (+101.2%) thanks to the Harley Davidson platform and to the recently acquired company sales. Brazil and Asia continue to grow, +46.2% and +80% respectively, the latter thanks to the good performance of Japanese car manufacturers and to the newly gained platforms. Italy grows by 12.6%.

EBITDA amount in the quarter to 40.0 million (14.6% of sales) up 19.6% over previous year.

Amortization and depreciation are 14.1 million, up 30.9% over the same period last year, due to the intense investment program underway.

EBIT amounts to 25.9 million, or 9.5% of Groupfs sales.

Financial charges are 3.7 million, compared to 3.1 million of last year; the increase is connected both with the higher debt level and with the increase of interest rates.

Estimate of taxes for the quarter is 6.7 million ( 6.8 million in the first quarter 2007), equal to a tax rate of 30.3%, down compared to 34.7% of the same quarter last year thanks to the positive effects of the 2008 Italian Tax Law.

Net profit of the quarter is 15.7 million, up 24.7% over previous year.

Investments of the Group in the quarter were 13.5 million.

Net financial indebtedness comes to 283.1 million from 235.9 million at December 31st 2007; the increase is due to the JV agreement with Sabelt ( 28 million) and to the increase in working capital, typical in the first quarter.

Alberto Bombassei, Chairman of Brembo Group, commented: "We recorded a positive first quarter notwithstanding a particularly tough macroeconomic world scenario. Despite the overall climate of uncertainty, our Group continues to strongly believe in the automotive market and in its future development opportunities. For this reason we will pursue an intense investment program also for the years to come and, among the others, we will double the production capacity of the Polish disc factory, with an investment of about E 45 million. "

Significant events after the close of the quarter

Brembofs AGM met on April 29th and resolved:

- To approve the Consolidate 2007 Annual Report, which reported consolidated net sales for 911,9 million and net profit for 60.9 million;

- The distribution of a gross dividend of 0.28 per each outstanding share at the detachment date, excluding own shares;

- The renewal of the buy]back plan, to buy and sell, during the next 18 months, up to 1,4 million shares, at a price not lower than 0.52 and not higher than 15.00;

- Appointment of the Board of Directors:

Alberto Bombassei (Chairman), Cristina Bombassei (executive Director), Giovanni Cavallini (independent D.), Giancarlo Dallera (independent D.), Giovanna Dossena (non]executive D.), Stefano Monetini (executive D.), Umberto Nicodano (non]executive D.), Pasquale Pistorio (independent D.), Giuseppe Roma (independent D.), Pierfrancesco Saviotti (independent D.), Matteo Tiraboschi (executive D.);

- Appointment of the Board of Statutory Auditors: Sergio Pivato (Chairman), Enrico Colombo and Daniela Salvioni (Auditors), Gerardo Gibellini e Mario Tagliaferri (Alternate Auditors).

On April 30th, as the approval of the Nanjing Foreign Economic & Trade and the Final Business Licence were obtained, the purchase agreement of the majority of the Chinese NYABS became effective. This implied an expense of $ 5.9 million.

Foreseeable evolution

After the strong volatility recorded in the first quarter, starting from April the raw material and energy markets registered another sharp acceleration. The order visibility for the months to come indicates a good perspective of growth for the current year.

The manager responsible for preparing the company's financial reports Corrado Orsi declares, pursuant to paragraph 2 of Article 154-bis of the Consolidated Law of Finance, that the accounting information contained in this press release corresponds to the document results, books and accounting records.

Here attached you will find the consolidated Income Statement and Balance Sheet, that are not subject to review by the Independent Audit Company.

For further information:

Investor Relations :

Orsi Corrado
Tel. +39 035 605 2884

Vavassori Roberto
Tel. +39 035 605 2223

e-mail : [email protected]
Internet website: www.brembo.com

Media Relations:

De Marchi Gianfranco
Tel. +39 035 605 2576

Muratori Francesca
el. +39 329 300 7882
e-mail : [email protected]

CONSOLIDATED INCOME STATEMENT - IFRS

+--------------------------------------------------------------------+-----------+-----------+-------+--------+
|                                                                    |    A      |    B      |(A-B)  |        |
+--------------------------------------------------------------------+-----------+-----------+-------+--------+
|(in million of euro)                                                |31.03.2008 |31.03.2007 |CHANGE |      % |
+--------------------------------------------------------------------+-----------+-----------+-------+--------+
|Sales of good and services                                          |     273.2 |     229.3 |  43.9 |  19.1% |
+--------------------------------------------------------------------+-----------+-----------+-------+--------+
|Other revenues and income                                           |       2.4 |       1.8 |   0.6 |  30.5% |
+--------------------------------------------------------------------+-----------+-----------+-------+--------+
|Costs for capitalised internal works                                |       2.5 |       2.6 | (0.1) |  -3.8% |
+--------------------------------------------------------------------+-----------+-----------+-------+--------+
|Cost of raw materials, consumables, goods and change in inventories |   (134.0) |   (114.9) |(19.1) |  16.6% |
+--------------------------------------------------------------------+-----------+-----------+-------+--------+
|Other operating costs for production                                |    (51.0) |    (41.8) | (9.2) |  22.1% |
+--------------------------------------------------------------------+-----------+-----------+-------+--------+
|Personnel expenses                                                  |    (53.0) |    (43.5) | (9.5) |  21.8% |
+--------------------------------------------------------------------+-----------+-----------+-------+--------+
|GROSS OPERATING INCOME                                              |      40.0 |      33.4 |   6.6 |  19.6% |
+--------------------------------------------------------------------+-----------+-----------+-------+--------+
|% of sales                                                          |     14.6% |     14.6% |       |        |
+--------------------------------------------------------------------+-----------+-----------+-------+--------+
|Depreciation, amortization and other write-downs                    |    (14.1) |    (10.8) | (3.3) |  30.9% |
+--------------------------------------------------------------------+-----------+-----------+-------+--------+
|NET OPERATING INCOME                                                |      25.9 |      22.7 |   3.2 |  14.3% |
+--------------------------------------------------------------------+-----------+-----------+-------+--------+
|% of sales                                                          |      9.5% |      9.9% |       |        |
+--------------------------------------------------------------------+-----------+-----------+-------+--------+
|Net financial income (charges)                                      |     (3.7) |     (3.1) | (0.6) |  19.7% |
+--------------------------------------------------------------------+-----------+-----------+-------+--------+
|Net financial income (charges) from investments                     |     (0.0) |       0.1 | (0.1) |-145.3% |
+--------------------------------------------------------------------+-----------+-----------+-------+--------+
|INCOME BEFORE TAXES                                                 |      22.2 |      19.6 |   2.5 |  12.9% |
+--------------------------------------------------------------------+-----------+-----------+-------+--------+
|% of sales                                                          |      8.1% |      8.6% |       |        |
+--------------------------------------------------------------------+-----------+-----------+-------+--------+
|Taxes                                                               |     (6.7) |     (6.8) |   0.1 |  -1.3% |
+--------------------------------------------------------------------+-----------+-----------+-------+--------+
|INCOME BEFORE MINORITY INTERESTS                                    |      15.4 |      12.8 |   2.6 |  20.5% |
+--------------------------------------------------------------------+-----------+-----------+-------+--------+
|% of sales                                                          |      5.6% |      5.6% |       |        |
+--------------------------------------------------------------------+-----------+-----------+-------+--------+
|Minority interests                                                  |       0.3 |     (0.2) |   0.5 |-218.2% |
+--------------------------------------------------------------------+-----------+-----------+-------+--------+
|NET INCOME (LOSS) FOR THE PERIOD                                    |      15.7 |      12.6 |   3.1 |  24.7% |
+--------------------------------------------------------------------+-----------+-----------+-------+--------+
|% of sales                                                          |      5.7% |      5.5% |       |        |
+--------------------------------------------------------------------+-----------+-----------+-------+--------+
|                                                                    |           |           |       |        |
+--------------------------------------------------------------------+-----------+-----------+-------+--------+
|Earnings per share (euro)                                           |      0.24 |      0.19 |       |        |
+--------------------------------------------------------------------+-----------+-----------+-------+--------+
|Basic earnings per share (euro)                                     |      0.24 |      0.19 |       |        |
+--------------------------------------------------------------------+-----------+-----------+-------+--------+

CONSOLIDATED BALANCE SHEET - IFRS

+------------------------------------------------------------------------+-----------+-----------+-----------+--------+--------+
|                                                                        |    A      |    B      |    C      |  A-B   |  A-C   |
+------------------------------------------------------------------------+-----------+-----------+-----------+--------+--------+
|(in million of euro)                                                    |31.03.2008 |31.12.2007 |31.03.2007 |VARIAZ. |VARIAZ. |
+------------------------------------------------------------------------+-----------+-----------+-----------+--------+--------+
|                                                                        |           |           |           |        |        |
+------------------------------------------------------------------------+-----------+-----------+-----------+--------+--------+
|ASSETS                                                                  |           |           |           |        |        |
+------------------------------------------------------------------------+-----------+-----------+-----------+--------+--------+
|                                                                        |           |           |           |        |        |
+------------------------------------------------------------------------+-----------+-----------+-----------+--------+--------+
|NON-CURRENT ASSETS                                                      |           |           |           |        |        |
+------------------------------------------------------------------------+-----------+-----------+-----------+--------+--------+
|Property, plant, equipment and other equipment                          |     334.6 |     328.0 |     291.0 |    6.6 |   43.6 |
+------------------------------------------------------------------------+-----------+-----------+-----------+--------+--------+
|Development costs                                                       |      37.8 |      33.1 |      26.9 |    4.8 |   10.9 |
+------------------------------------------------------------------------+-----------+-----------+-----------+--------+--------+
|Goodwill and other undefined useful life assets                         |      43.3 |      30.5 |      15.3 |   12.8 |   28.0 |
+------------------------------------------------------------------------+-----------+-----------+-----------+--------+--------+
|Other intangible assets                                                 |       9.1 |      10.4 |       6.3 |  (1.2) |    2.8 |
+------------------------------------------------------------------------+-----------+-----------+-----------+--------+--------+
|Investments accounted for using the equity method                       |      14.8 |      15.4 |      15.3 |  (0.6) |  (0.5) |
+------------------------------------------------------------------------+-----------+-----------+-----------+--------+--------+
|Other financial assets (investments in other companies and derivatives) |       2.5 |       2.9 |       5.6 |  (0.4) |  (3.1) |
+------------------------------------------------------------------------+-----------+-----------+-----------+--------+--------+
|Other non-current assets                                                |       0.7 |       0.7 |       1.3 |  (0.1) |  (0.6) |
+------------------------------------------------------------------------+-----------+-----------+-----------+--------+--------+
|Deferred tax assets                                                     |      14.6 |      14.3 |       7.1 |    0.4 |    7.5 |
+------------------------------------------------------------------------+-----------+-----------+-----------+--------+--------+
|TOTAL NON-CURRENT ASSETS                                                |     457.4 |     435.2 |     368.8 |   22.3 |   88.6 |
+------------------------------------------------------------------------+-----------+-----------+-----------+--------+--------+
|                                                                        |           |           |           |   5.1% |  24.0% |
+------------------------------------------------------------------------+-----------+-----------+-----------+--------+--------+
|CURRENT ASSETS                                                          |           |           |           |        |        |
+------------------------------------------------------------------------+-----------+-----------+-----------+--------+--------+
|Inventories                                                             |     182.0 |     166.1 |     144.4 |   15.9 |   37.5 |
+------------------------------------------------------------------------+-----------+-----------+-----------+--------+--------+
|Trade receivables and receivables from other Group companies            |     228.8 |     196.6 |     210.4 |   32.2 |   18.4 |
+------------------------------------------------------------------------+-----------+-----------+-----------+--------+--------+
|Other receivables and current assets                                    |      34.6 |      37.5 |      32.9 |  (2.9) |    1.7 |
+------------------------------------------------------------------------+-----------+-----------+-----------+--------+--------+
|Financial current assets and derivatives                                |       0.7 |       0.8 |       0.6 |  (0.1) |    0.0 |
+------------------------------------------------------------------------+-----------+-----------+-----------+--------+--------+
|Cash and cash equivalents                                               |      60.6 |      53.5 |      49.4 |    7.0 |   11.1 |
+------------------------------------------------------------------------+-----------+-----------+-----------+--------+--------+
|TOTAL CURRENT ASSETS                                                    |     506.6 |     454.5 |     437.8 |   52.1 |   68.8 |
+------------------------------------------------------------------------+-----------+-----------+-----------+--------+--------+
|                                                                        |           |           |           |  11.5% |  15.7% |
+------------------------------------------------------------------------+-----------+-----------+-----------+--------+--------+
|NON-CURRENT ASSETS HELD FOR SALE AND DISCONTINUED OPERATI               |       8.5 |       8.5 |       0.0 |    0.0 |    8.5 |
+------------------------------------------------------------------------+-----------+-----------+-----------+--------+--------+
|                                                                        |           |           |           |   0.0% |   0.0% |
+------------------------------------------------------------------------+-----------+-----------+-----------+--------+--------+
|TOTAL ASSETS                                                            |     972.5 |     898.1 |     806.6 |   74.4 |  165.9 |
+------------------------------------------------------------------------+-----------+-----------+-----------+--------+--------+
|                                                                        |           |           |           |        |        |
+------------------------------------------------------------------------+-----------+-----------+-----------+--------+--------+
|EQUITY AND LIABILITIES                                                  |           |           |           |        |        |
+------------------------------------------------------------------------+-----------+-----------+-----------+--------+--------+
|                                                                        |           |           |           |        |        |
+------------------------------------------------------------------------+-----------+-----------+-----------+--------+--------+
|GROUP EQUITY                                                            |           |           |           |        |        |
+------------------------------------------------------------------------+-----------+-----------+-----------+--------+--------+
|Share capital                                                           |      34.7 |      34.7 |      34.7 |    0.0 |    0.0 |
+------------------------------------------------------------------------+-----------+-----------+-----------+--------+--------+
|Other reserves                                                          |     113.5 |     120.0 |     106.3 |  (6.5) |    7.2 |
+------------------------------------------------------------------------+-----------+-----------+-----------+--------+--------+
|Retained earnings                                                       |     136.1 |      85.9 |     115.8 |   50.3 |   20.3 |
+------------------------------------------------------------------------+-----------+-----------+-----------+--------+--------+
|Profit / (loss) for the period                                          |      15.7 |      60.9 |      12.6 | (45.2) |    3.1 |
+------------------------------------------------------------------------+-----------+-----------+-----------+--------+--------+
|TOTAL GROUP EQUITY                                                      |     300.1 |     301.5 |     269.5 |  (1.4) |   30.6 |
+------------------------------------------------------------------------+-----------+-----------+-----------+--------+--------+
|                                                                        |           |           |           | (0.5%) |  11.4% |
+------------------------------------------------------------------------+-----------+-----------+-----------+--------+--------+
|MINORITY INTERESTS                                                      |      20.1 |      12.6 |      12.5 |    7.5 |    7.6 |
+------------------------------------------------------------------------+-----------+-----------+-----------+--------+--------+
|                                                                        |           |           |           |  59.5% |  60.7% |
+------------------------------------------------------------------------+-----------+-----------+-----------+--------+--------+
|TOTAL EQUITY                                                            |     320.2 |     314.1 |     282.0 |    6.1 |   38.2 |
+------------------------------------------------------------------------+-----------+-----------+-----------+--------+--------+
|                                                                        |           |           |           |        |        |
+------------------------------------------------------------------------+-----------+-----------+-----------+--------+--------+
|NON-CURRENT LIABILITIES                                                 |           |           |           |        |        |
+------------------------------------------------------------------------+-----------+-----------+-----------+--------+--------+
|Non-current payables to banks                                           |      35.8 |      38.5 |      29.0 |  (2.7) |    6.8 |
+------------------------------------------------------------------------+-----------+-----------+-----------+--------+--------+
|Other non-current financial payables                                    |      95.0 |      84.8 |      72.4 |   10.2 |   22.6 |
+------------------------------------------------------------------------+-----------+-----------+-----------+--------+--------+
|Other non-current payables                                              |       4.4 |       8.3 |       6.6 |  (4.0) |  (2.2) |
+------------------------------------------------------------------------+-----------+-----------+-----------+--------+--------+
|Provisions for contingencies and charges                                |       3.1 |       3.1 |       4.6 |  (0.0) |  (1.5) |
+------------------------------------------------------------------------+-----------+-----------+-----------+--------+--------+
|Long term provisions for employee benefits                              |      23.2 |      23.6 |      28.9 |  (0.3) |  (5.7) |
+------------------------------------------------------------------------+-----------+-----------+-----------+--------+--------+
|Deferred tax liabilities                                                |      21.3 |      22.6 |      20.8 |  (1.3) |    0.5 |
+------------------------------------------------------------------------+-----------+-----------+-----------+--------+--------+
|TOTAL NON-CURRENT LIABILITIES                                           |     182.8 |     180.8 |     162.3 |    2.0 |   20.5 |
+------------------------------------------------------------------------+-----------+-----------+-----------+--------+--------+
|                                                                        |           |           |           |   1.1% |  12.6% |
+------------------------------------------------------------------------+-----------+-----------+-----------+--------+--------+
|CURRENT LIABILITIES                                                     |           |           |           |        |        |
+------------------------------------------------------------------------+-----------+-----------+-----------+--------+--------+
|Current payables to banks                                               |     207.2 |     161.0 |     144.4 |   46.2 |   62.8 |
+------------------------------------------------------------------------+-----------+-----------+-----------+--------+--------+
|Other current financial payables                                        |       6.6 |       6.7 |       4.3 |  (0.0) |    2.3 |
+------------------------------------------------------------------------+-----------+-----------+-----------+--------+--------+
|Trade payables and payables to other Group companies                    |     196.9 |     186.1 |     160.6 |   10.8 |   36.3 |
+------------------------------------------------------------------------+-----------+-----------+-----------+--------+--------+
|Tax payables                                                            |       3.9 |       2.4 |      11.0 |    1.5 |  (7.1) |
+------------------------------------------------------------------------+-----------+-----------+-----------+--------+--------+
|Other current payables                                                  |      54.8 |      47.0 |      42.0 |    7.8 |   12.8 |
+------------------------------------------------------------------------+-----------+-----------+-----------+--------+--------+
|TOTAL CURRENT LIABILITIES                                               |     469.5 |     403.2 |     362.4 |   66.3 |  107.2 |
+------------------------------------------------------------------------+-----------+-----------+-----------+--------+--------+
|                                                                        |           |           |           |  16.4% |  29.6% |
+------------------------------------------------------------------------+-----------+-----------+-----------+--------+--------+
|TOTAL EQUITY AND LIABILITIES                                            |     972.5 |     898.1 |     806.6 |   74.4 |  165.9 |
+------------------------------------------------------------------------+-----------+-----------+-----------+--------+--------+

GROSS SALES BREAKDOWN BY GEOGRAPHICAL AREA AND APPLICATION

+---------------------+----------+-------+----------+-------+------+-------+
|                     |    A     |       |    B     |       |      |       |
+---------------------+----------+-------+----------+-------+------+-------+
|GEOGRAPHICAL AREA    |31.3.2008 |     % |31.3.2007 |     % |  A-B |     % |
+---------------------+----------+-------+----------+-------+------+-------+
|(in million of euro) |          |       |          |       |      |       |
+---------------------+----------+-------+----------+-------+------+-------+
|                     |          |       |          |       |      |       |
+---------------------+----------+-------+----------+-------+------+-------+
|Italy                |     65.8 | 23.7% |     58.4 | 25.1% |  7.4 | 12.6% |
+---------------------+----------+-------+----------+-------+------+-------+
|Germany              |     63.3 | 22.8% |     63.2 | 27.1% |  0.1 |  0.2% |
+---------------------+----------+-------+----------+-------+------+-------+
|France               |     13.1 |  4.7% |     13.8 |  5.9% |(0.7) | -5.0% |
+---------------------+----------+-------+----------+-------+------+-------+
|United Kingdom       |     19.0 |  6.8% |     17.9 |  7.7% |  1.1 |  6.0% |
+---------------------+----------+-------+----------+-------+------+-------+
|Other EU countries   |     41.3 | 14.9% |     38.1 | 16.4% |  3.2 |  8.4% |
+---------------------+----------+-------+----------+-------+------+-------+
|NAFTA Countries      |     43.9 | 15.8% |     21.8 |  9.4% | 22.1 |101.2% |
+---------------------+----------+-------+----------+-------+------+-------+
|Asia                 |     12.5 |  4.5% |      7.0 |  3.0% |  5.6 | 80.0% |
+---------------------+----------+-------+----------+-------+------+-------+
|Brazil               |     10.6 |  3.8% |      7.2 |  3.1% |  3.3 | 46.2% |
+---------------------+----------+-------+----------+-------+------+-------+
|Other Countries      |      8.0 |  2.9% |      5.5 |  2.4% |  2.5 | 46.2% |
+---------------------+----------+-------+----------+-------+------+-------+
|Total                |    277.5 |100.0% |    232.9 |100.0% | 44.6 | 19.1% |
+---------------------+----------+-------+----------+-------+------+-------+
|                     |        A |       |        B |       |      |       |
+---------------------+----------+-------+----------+-------+------+-------+
|APPLICATION          |31.3.2008 |     % |31.3.2007 |     % |  A-B |     % |
+---------------------+----------+-------+----------+-------+------+-------+
|(in million of euro) |          |       |          |       |      |       |
+---------------------+----------+-------+----------+-------+------+-------+
|                     |          |       |          |       |      |       |
+---------------------+----------+-------+----------+-------+------+-------+
|Auto                 |    164.7 | 59.4% |    140.4 | 60.3% | 24.3 | 17.3% |
+---------------------+----------+-------+----------+-------+------+-------+
|Motorbike            |     36.6 | 13.2% |     28.4 | 12.2% |  8.1 | 28.5% |
+---------------------+----------+-------+----------+-------+------+-------+
|Commercial Vehicles  |     49.5 | 17.8% |     37.1 | 15.9% | 12.4 | 33.3% |
+---------------------+----------+-------+----------+-------+------+-------+
|Racing               |     23.1 |  8.3% |     23.5 | 10.1% |(0.4) | -1.6% |
+---------------------+----------+-------+----------+-------+------+-------+
|Miscellaneous        |      3.6 |  1.3% |      3.4 |  1.5% |  0.2 |  5.1% |
+---------------------+----------+-------+----------+-------+------+-------+
|Total                |    277.5 |100.0% |    232.9 |100.0% | 44.6 | 19.1% |
+---------------------+----------+-------+----------+-------+------+-------+

See graphs in attachment

+------------------------------------------------+-------+-------+-------+-------+-------+
|                  MAIN RATIOS                   |Q1 '07 |Q2 '07 |Q3 '07 |Q4 '07 |Q1 '08 |
+------------------------------------------------+-------+-------+-------+-------+-------+
|                                                |       |       |       |       |       |
+------------------------------------------------+-------+-------+-------+-------+-------+
|Net operating income/Sales                      |  9.9% |  9.9% |  9.4% |  9.7% |  9.5% |
+------------------------------------------------+-------+-------+-------+-------+-------+
|Income before taxes/Sales                       |  8.6% |  9.4% |  8.1% |  7.6% |  8.1% |
+------------------------------------------------+-------+-------+-------+-------+-------+
|                                                |       |       |       |       |       |
+------------------------------------------------+-------+-------+-------+-------+-------+
|Capital Expenditure/Sales                       |  4.4% | 10.8% |  5.8% | 29.2% | 14.7% |
+------------------------------------------------+-------+-------+-------+-------+-------+
|                                                |       |       |       |       |       |
+------------------------------------------------+-------+-------+-------+-------+-------+
|Net Financial indebtedness/Shareholders' equity | 70.6% | 81.8% | 70.2% | 75.1% | 88.4% |
+------------------------------------------------+-------+-------+-------+-------+-------+
|Financial charges/Sales                         |  1.4% |  0.5% |  1.4% |  1.1% |  1.4% |
+------------------------------------------------+-------+-------+-------+-------+-------+
|                                                |       |       |       |       |       |
+------------------------------------------------+-------+-------+-------+-------+-------+
|Financial charges/Net Operating Income          | 13.7% |  5.4% | 14.7% | 11.1% | 14.4% |
+------------------------------------------------+-------+-------+-------+-------+-------+
|                                                |       |       |       |       |       |
+------------------------------------------------+-------+-------+-------+-------+-------+
|ROI                                             | 16.9% | 15.2% | 18.8% | 15.9% | 15.7% |
+------------------------------------------------+-------+-------+-------+-------+-------+
|ROE                                             | 17.2% | 18.8% | 20.8% | 27.1% | 18.3% |
+------------------------------------------------+-------+-------+-------+-------+-------+

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