Brembo S p A : FY 2023 RESULTS

Stezzano (BG), 5 March 2024

BREMBO: FY 2023 REVENUES GREW TO €3,849.2 MILLION, +6.1% (+8% ON A LIKE-FOR-LIKE EXCHANGE RATE BASIS) COMPARED TO 2022; EBITDA AT €665.8 MILLION (+6.5%); NET PROFIT UP 4.2% TO €305 MILLION

DIVIDEND PROPOSAL TO THE GENERAL SHAREHOLDERS' MEETING: €0.30

PER SHARE

Results at 31 December 2023:

• Revenues at €3,849.2 million (+6.1%;
  +8.0% on a like-for-like exchange rate basis)
• EBITDA at €665.8 million (EBITDA margin: 17.3%); EBIT at €414.1 million (EBIT margin: 10.8%)
• Net investments and increases in leased assets at €432.9 million
• Net financial debt at €454.8 million (€283.6 million prior to the application of IFRS 16), down €47.2 million compared to 31 December 2022

(€ million)	FY 2023	FY 2022	Change
Revenue	3,849.2	3,629.0	+6.1%
EBITDA	665.8	625.2	+6.5%
% of sales	17.3%	17.2%
EBIT	414.1	382.8	+8.2%
% of sales	10.8%	10.5%
Pre-tax profit	392.0	382.2	+2.6%
% of sales	10.2%	10.5%
Net profit	305.0	292.8	+4.2%
% of sales	7.9%	8.1%
	31.12.23	31.12.22	Change
Net financial	454.8	502.0	-47.2
debt
Net financial debt	283.6	260.8	+22.8
excluding IFRS 16

Brembo Executive Chairman Matteo Tiraboschi stated: "Brembo closed 2023 confirming the Company's uptrend. The results approved today by the Board of Directors recorded revenues exceeding €3.8 billion, with improving margins and, for the first time, net profit at over €300 million. Each of these indicators grew compared to the already significant 2022 figures. In absolute terms, these are the highest results ever in Brembo's history. We reported an excellent cash generation, further reducing our debt. Investments amounted to an unprecedented level of over €430 million. We have entered the new year announcing the opening of our first production site in Thailand, aimed at seizing growth opportunities in the Southeast Asia region. At the same time, the Company is forging ahead with its digital evolution through the development of the Sensify intelligent braking system and the start of operations of Brembo Solutions, launched in 2023 to provide companies with IA solutions. Our ambition remains to be the leader in our industry and support our customers in the process of deep transformation of the automotive world."

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Results at 31 December 2023

Brembo's Board of Directors, chaired by Matteo Tiraboschi examined and approved the Group's results at 31 December 2023.

In 2023, the car segment grew by 7.2%, commercial vehicles by 7.8% and racing vehicles by 13.6% compared to FY 2022; motorbike applications declined by 4.1%.

In the same period, at geographical level, sales rose by 1.3% in Italy, by 11.8% in Germany, by 12.4% in France and by 3.4% in the United Kingdom (+2.2% on a like-for-like exchange rate basis).

The North American market (USA, Mexico and Canada) grew by 5.1% (+7.6% on a like-for-like exchange rate basis) and the South American market (Brazil and Argentina) increased by 24.9% (+23.9% on a like-for-like exchange rate basis).

India grew by 6.6% (+15.0% on a like-for-like exchange rate basis), China fell by 4.3% (+2.8% on a like-for-like exchange rate basis) and Japan increased by 9.9% (+13.4% on a like-for-like exchange rate basis).

At 31 December 2023, the cost of sales and other net operating costs amounted to €2,518.8 million, with a 65.4% ratio to sales, slightly declining compared to the previous year (66.3% of sales, equal to €2,404.6 million).

Personnel expenses amounted to €681.6 million, with a 17.7% ratio to sales, slightly increasing compared to the previous year (17.0% of sales, equal to €616.2 million). At 31 December 2023, Brembo People numbered 15,653 (14,966 at 31 December 2022).

EBITDA amounted to €665.8 million (EBITDA margin: 17.3%) at 31 December 2023 compared to

€625.2 million (EBITDA margin: 17.2%) for 2022.

EBIT amounted to €414.1 million (EBIT margin: 10.8%) compared to €382.8 million (EBIT margin: 10.5%) for 2022.

Net interest expense for the year totalled €34.3 million (€8.5 million at 31 December 2022) and included interest expense amounting to €20.4 million (€13.1 million at 31 December 2022) and net exchange losses of €13.9 million (net exchange gains of €4.6 million at 31 December 2022). Income from investments for the year totalled €12.3 million compared to €7.9 million at 31 December 2022.

Pre-tax profit was €392.0 million compared to €382.2 million at 31 December 2022.

Based on the tax rates applicable under current tax regulations in force in each country, estimated taxes amounted to €84.8 million (€88.2 million at 31 December 2022), with a tax rate of 21.6% compared to 23.1% for the previous year.

The reporting period ended with a net profit of €305.0 million, up 4.2% compared to the previous year.

Net financial debt at 31 December 2023 amounted to €454.8 million, down €47.2 million compared to 31 December 2022. Excluding the impact of IFRS 16, net financial debt would have been €283.6 million, up €22.8 million compared to 31 December 2022.

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Brembo to expand its industrial presence in Thailand

As announced on 22 February 2024, Brembo will expand its global industrial presence by opening its first production site in Thailand dedicated to the motorbike market. The planned investment amounts to approximately €40 million and reflects the Group's strategy to strengthen its position in the two-wheeler segment and seize new growth opportunities in the Southeast Asian region.

The new site will manufacture braking systems for motorbike manufacturers in Thailand, starting with European and American producers. It will be built within the country's motorbike industrial hub, located in the Rayong province, south of Bangkok. Once fully operational, in the first quarter of 2025, the site will employ around 150 people and will manufacture approximately 700 thousand brake discs a year.

This project follows Brembo's investments in the motorbike market in recent years, including the acquisitions of SBS Friction in Denmark and J.Juan in Spain between 2020 and 2021. These acquisitions have enabled the Group to enhance its product offerings dedicated to two-wheelers.

Foreseeable Evolution

Based on the order book and barring significant changes in the current macro -economic and geopolitical context, Brembo expects an increase in revenues in the mid -single digit range for the current year compared to the previous year.

Approval of the Consolidated Disclosure of Non-Financial Information for 2023

Brembo's Board of Directors examined and approved the Consolidated Disclosure of Non-Financial Information for 2023 pursuant to Legislative Decree No. 254/2016.

Brembo updated its materiality analysis - the tool used to identify its material sustainability topics

• and therefore aligned the content of its Disclosure of Non-Financial Information, instrumental to providing an overview of the Group's operations, performance, results and future strategies and targets.
  Brembo applied in advance the requirements of EU Directive No. 2022/2464 on a voluntary basis by launching the double materiality process, namely integrating the impact assessment based on GRI
  Universal Standards 2021 with the risks and opportunities that may influence the Group's value creation, strategy, operating and financial performance and positioning in the short, medium and long term.

The Disclosure will be made available to the public on the Group's website within the terms established by applicable laws and will be submitted to the forthcoming General Shareholders' Meeting.

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Calling of General Shareholders' Meeting - 23 April 2024

Today, the Board of Directors called the General Shareholders' Meeting on 23 April at 11:00 a.m.

(CET).

It bears noting that the Company has decided to exercise the option afforded by Article 106, paragraph 4, of Italian Decree-Law No. 18 of 17 March 2020 (converted into Law No. 27 of 24 April 2020, as further amended) regarding the procedure for holding general meetings of listed companies

and to require that shareholders' attendance of and exercise of the voting rights at General

Shareholders' Meetings take place solely through the Designated Representative pursuant to

Article 135-undecies of TUF, i.e., 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 the General Shareholders' Meeting will be available, within the terms established by applicable laws, from the website www.brembo.com, Investors, For Shareholders, Shareholders' Meeting.

Among the items on the Agenda, the Board of Directors resolved to submit the following matters to

the forthcoming General Shareholders' Meeting:

• Examination and approval of the Financial Statements for the year ended 31 December 2023.
• The following proposal for the distribution of profit of the Parent Brembo S.p.A.:
• • a gross ordinary dividend of €0.30 per ordinary share outstanding at ex-coupon date;
  • the remaining amount carried forward.

It will also be proposed that dividends should be paid as of 22 May 2024, ex-coupon No. 1 on 20 May 2024 (record date: 21 May 2024).

• Report on Remuneration Policy for 2024 and Remuneration Paid in 2023.
• Plan for the buy-back of own shares with the following objectives:
• • undertaking any investments, directly or through intermediaries, including aimed at containing abnormal movements in stock prices, stabilising stock trading and prices, supporting the liquidity of the Company's stock on the market, so as to foster the regular conduct of trading beyond normal fluctuations related to market performance, without prejudice in any case to compliance with applicable statutory provisions;
  • carrying out, in accordance with the Company's strategic guidelines, share capital transactions or other transactions which make it necessary or appropriate to swap or transfer share packages through exchange, contribution, or any other available methods; and
  • buying back own shares as a medium-/long-term investment.

The proposal, which complies with the Dutch Civil Code in light of the Company's Cross-Border Conversion to the Netherlands, 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%.

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

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balance sheet. At present, the Company holds 15,051,860 own shares representing 4.51% of share capital.

In the extraordinary session, the Board of Directors will propose some amendments to the Articles of Association approved by the General Shareholders' Meeting on 27 July 2023, connected with the transfer of the Company's registered office to The Netherlands.

The notice of calling will be made available to the public within the terms and in the manner established by applicable laws.

Brembo's Cross-Border Conversion - effectiveness and new ISIN code

Further to the previous press releases, with regard to the Cross-Border Conversion approved by the

Extraordinary Shareholders' Meeting of Brembo S.p.A. held on 27 July 2023, Brembo recalls that

the Dutch notarial deed was executed on 25 January, by which the Cross-Border Conversion was finally carried out. The deed envisages, inter alia, that the Transaction will be effective as of 24 April 2024, the day following the date of the Shareholders' Meeting of Brembo.

It bears also recalling that, following the Cross-Border Conversion, Brembo will retain its tax

residence in Italy and its shares will continue to be listed on Borsa Italiana's Euronext Milan under

the new ISIN code: NL0015001KT6 as of 24 April 2024. No actions are required from shareholders in this regard.

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.

For information:	Laura Panseri - Head of Investor Relations Brembo S.p.A.
	Ph. [phone] @:[e-mail]
	Roberto Cattaneo - Chief Communication Officer Brembo S.p.A.
	Ph. [phone] @:[e-mail]
	Daniele Zibetti - Corporate Media Relations Brembo S.p.A.
	Ph. [phone] @:[e-mail]

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CONSOLIDATED STATEMENT OF INCOME

(euro million)	31.12.2023	31.12.2022	Change	%		Q4 '23		Q4 '22	Change	%
Revenue from contracts with customers	3,849.2	3,629.0	220.2	6.1%	930.2	900.8	29.4	3.3%
Other revenues and income	45.1	33.3	11.8	35.4%	22.0	14.1	8.0	56.8%
Costs for capitalised internal works	28.6	23.1	5.5	24.0%	10.2	6.2	4.0	64.2%
Raw materials, consumables and goods	(1,788.3)	(1,758.8)	(29.5)	1.7%	(405.7)	(441.1)	35.5	-8.0%
Income (expenses) from non-financial investments	17.0	16.9	0.1	0.7%	4.2	3.3	0.9	28.0%
Other operating costs	(804.3)	(702.1)	(102.1)	14.5%	(214.9)	(175.8)	(39.1)	22.2%
Personnel expenses		(681.6)		(616.2)	(65.4)	10.6%		(180.5)		(164.5)	(16.0)	9.7%
GROSS OPERATING INCOME	665.8	625.2	40.6	6.5%	165.6	142.9	22.7	15.9%
% of revenue from contracts with customer	17.3%	17.2%			17.8%	15.9%
Depreciation, amortisation and impairment losses		(251.7)		(242.4)	(9.3)	3.9%		(64.3)		(63.2)	(1.1)	1.8%
NET OPERATING INCOME	414.1	382.8	31.2	8.2%	101.3	79.7	21.6	27.1%
% of revenue from contracts with customer	10.8%	10.5%			10.9%	8.9%
Net interest income (expense)	(34.3)	(8.5)	(25.8)	303.4%	(19.6)	(9.9)	(9.6)	97.1%
Interest income (expense) from investments		12.3		7.9	4.4	55.2%		0.2		0.1	0.1	184.4%
RESULT BEFORE TAXES	392.0	382.2	9.8	2.6%	81.9	69.9	12.0	17.2%
% of revenue from contracts with customer	10.2%	10.5%			8.8%	7.8%
Taxes	(84.8)	(88.2)	3.4	-3.8%	(7.6)	(11.5)	3.8	-33.3%
Result from discontinued operations		0.1		(0.2)	0.3	-175.6%		0.2		0.1	0.1	99.0%
RESULT BEFORE MINORITY INTERESTS	307.3	293.9	13.4	4.6%	74.5	58.5	16.0	27.3%
% of revenue from contracts with customer	8.0%	8.1%			8.0%	6.5%
Minority interests		(2.3)		(1.0)	(1.2)	119.8%		(0.5)		(0.5)	0.0	3.2%
NET RESULT FOR THE PERIOD	305.0	292.8	12.2	4.2%	74.0	58.0	15.9	27.5%
% of revenue from contracts with customer	7.9%	8.1%			8.0%	6.4%
BASIC/DILUTED EARNINGS PER SHARE (euro)	0.94	0.90			0.23	0.18

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CONSOLIDATED STATEMENT OF FINANCIAL POSITION
	A	B	A-B
(euro million)	31.12.2023	31.12.2022	Change
ASSETS
NON-CURRENT ASSETS
Property, plant, equipment and other equipment	1,353.5	1,125.7	227.8
Right of use assets	169.3	242.1	(72.8)
Development costs	104.4	101.7	2.8
Goodwill and other indefinite useful life assets	119.6	123.2	(3.7)
Other intangible assets	76.7	75.5	1.2
Shareholding valued using the equity method	60.2	50.7	9.5
Investments in other companies	280.1	228.1	52.1
Derivatives	20.4	65.9	(45.6)
Other non-current financial assets	2.9	2.7	0.2
Receivables and other non-current assets	41.7	23.8	18.0
Deferred tax assets	97.7	66.3	31.4
TOTAL NON-CURRENT ASSETS	2,326.6	2,105.7	220.9
CURRENT ASSETS
Inventories	621.7	586.0	35.7
Trade receivables	604.9	594.3	10.6
Other receivables and current assets	94.5	130.3	(35.8)
Derivatives	12.9	10.7	2.3
Other current financial assets	3.1	1.9	1.2
Cash and cash equivalents	510.1	415.9	94.2
TOTAL CURRENT ASSETS	1,847.2	1,739.1	108.1
Non-current assets held for sale	0.0	0.3	(0.3)
TOTAL ASSETS	4,173.9	3,845.1	328.8
EQUITY AND LIABILITIES
GROUP EQUITY
Share capital	34.7	34.7	0.0
Other reserves	48.2	158.7	(110.5)
Retained earnings/(losses)	1,679.8	1,427.6	252.2
Net result for the period	305.0	292.8	12.2
TOTAL GROUP EQUITY	2,067.8	1,913.9	153.9
TOTAL MINORITY INTERESTS	31.6	33.1	(1.5)
TOTAL EQUITY	2,099.4	1,947.0	152.4
NON-CURRENT LIABILITIES
Non-current payables to banks	487.6	464.5	23.1
Long-term lease liabilities	149.8	153.0	(3.2)
Other non-current financial payables	0.7	1.2	(0.5)
Other non-current liabilities	3.9	2.4	1.5
Non-current provisions	24.2	24.0	0.2
Provisions for employee benefits	36.4	24.1	12.4
Deferred tax liabilities	31.0	33.6	(2.7)
TOTAL NON-CURRENT LIABILITIES	733.5	702.8	30.8
NON-CURRENT LIABILITIES
Current payables to banks	272.3	241.2	31.1
Short-term lease liabilities	21.5	88.2	(66.8)
Derivatives	0.2	3.6	(3.4)
Other current financial payables	58.0	0.6	57.4
Trade payables	742.1	653.2	88.9
Tax payables	11.6	16.1	(4.6)
Current provisions	9.6	1.6	8.0
Contract liabilities	75.5	56.5	18.9
Other current liabilities	150.3	134.2	16.0
TOTAL CURRENT LIABILITIES	1,340.9	1,195.3	145.6
TOTAL LIABILITIES	2,074.4	1,898.1	176.4
TOTAL EQUITY AND LIABILITIES	4,173.9	3,845.1	328.8

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CONSOLIDATED STATEMENT OF CASH-FLOW

(euro million)		31.12.2023		31.12.2022
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD		254.0		471.9
Result before taxes	392.0	382.2
Depreciation, amortisation/Impairment losses	251.7	242.4
Capital gains/losses	(0.8)	(1.0)
Income/expense from investments, net of dividends received	(7.1)	(2.1)
Financial portion of provisions for defined benefits and payables for personnel	0.6	(0.1)
Long-term provisions for employee benefits	16.0	10.8
Other provisions net of utilisations	3.4	20.2
Result from discontinued operations		0.1		(0.2)
Cash flows generated by operating activities	655.9	652.2
Current taxes paid	(86.6)	(71.2)
Uses of long-term provisions for employee benefits	(5.4)	(5.4)
(Increase) reduction in current assets:
inventories	(35.5)	(113.2)
financial assets	(0.2)	(0.8)
trade receivables	(11.8)	(127.5)
receivables from others and other assets	7.4	(12.8)
Increase (reduction) in current liabilities:
trade payables	88.9	62.3
payables to others and other liabilities	44.9	(34.3)
Translation differences on current assets		1.9		(7.9)
Net cash flows from/(for) operating activities	659.5	341.5
Investments in:
property, plant and equipment	(369.1)	(249.4)
intangible assets	(43.7)	(34.5)
financial assets (shareholdings)	(3.3)	(31.5)
Price for disposal or reimbursement value of fixed assets	1.4	2.8
Amounts (paid)/received for the acquisition/disposal of subsidiaries, net of the associated cash	0.0	(3.4)
and cash equivalents
Net cash flows from/(for) investing activities	(414.7)	(316.1)
Dividends paid in the period	(90.8)	(87.4)
Acquisition of own shares	(8.2)	0.0
Dividends paid to minority shareholders in the period	(2.1)	(0.8)
Change in fair value of derivatives	(5.9)	1.6
Reimbursement of lease liabilities	(92.6)	0.0
Loans and financing granted by banks and other financial institutions in the period	125.0	25.1
Repayment of long-term loans and other financing		(80.4)		(143.0)
Net cash flows from/(for) financing activities		(154.9)		(235.4)
Total cash flows		89.9		(209.9)
Translation differences on cash and cash equivalents		2.0		(8.0)
CASH AND CASH EQUIVALENTS AT END OF THE PERIOD		345.9		254.0

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NET SALES BREAKDOWN BY GEOGRAPHICAL AREA AND BY APPLICATION
(euro million)	31.12.2023	%	31.12.2022	%	Change	%	Q4 '23	%	Q4 '22	%	Change	%
GEOGRAPHICAL AREA
Italy	359.5	9.3%	354.8	9.8%	4.6	1.3%	82.5	8.9%	83.8	9.3%	(1.3)	-1.5%
Germany	747.0	19.3%	668.4	18.4%	78.6	11.8%	170.8	18.4%	162.0	18.0%	8.7	5.4%
France	125.7	3.3%	111.8	3.1%	13.9	12.4%	33.7	3.6%	26.1	2.9%	7.7	29.4%
United Kingdom	184.4	4.8%	178.4	4.9%	6.0	3.4%	46.9	5.0%	42.7	4.7%	4.3	10.0%
Other European countries	496.9	12.9%	436.3	12.0%	60.6	13.9%	110.5	11.9%	102.8	11.4%	7.7	7.5%
India	139.8	3.6%	131.2	3.6%	8.7	6.6%	36.5	3.9%	34.4	3.8%	2.1	6.1%
China	543.7	14.1%	568.0	15.7%	(24.3)	-4.3%	148.4	15.9%	150.6	16.7%	(2.3)	-1.5%
Japan	25.9	0.7%	23.6	0.6%	2.3	9.9%	7.0	0.8%	5.2	0.6%	1.8	33.4%
Other Asian Countries	49.2	1.3%	51.6	1.4%	(2.4)	-4.6%	14.2	1.5%	10.7	1.2%	3.5	32.6%
South America (Argentina and Brazil)	81.0	2.1%	64.8	1.8%	16.1	24.9%	19.3	2.1%	17.6	2.0%	1.7	9.6%
North America (USA, Mexico & Canada)	1,062.7	27.7%	1,011.3	27.9%	51.4	5.1%	251.9	27.1%	257.2	28.6%	(5.3)	-2.1%
Other Countries	33.5	0.9%	28.9	0.8%	4.6	15.8%	8.5	0.9%	7.5	0.8%	0.9	12.3%
Total	3,849.2	100.0%	3,629.0	100.0%	220.2	6.1%	930.2	100.0%	900.8	100.0%	29.4	3.3%
(euro million)	31.12.2023	%	31.12.2022	%	Change	%	Q4 '23	%	Q4 '22	%	Change	%
APPLICATION
Passenger Car	2,829.7	73.5%	2,639.7	72.7%	190.1	7.2%	698.8	75.0%	665.4	73.9%	33.4	5.0%
Motorbike	457.4	11.9%	477.1	13.1%	(19.7)	-4.1%	98.4	10.6%	114.6	12.7%	(16.2)	-14.2%
Commercial Vehicle	377.4	9.8%	350.2	9.7%	27.2	7.8%	92.8	10.0%	84.0	9.3%	8.8	10.5%
Racing	183.9	4.8%	161.8	4.5%	22.1	13.6%	39.6	4.3%	36.7	4.1%	2.9	7.9%
Miscellaneous	0.8	0.0%	0.3	0.0%	0.6	224.2%	0.6	0.1%	0.0	0.0%	0.6	2500.0%
Total	3,849.2	100.0%	3,629.0	100.0%	220.2	6.1%	930.2	100.0%	900.8	100.0%	29.4	3.3%

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MAIN RATIOS

Net invested capital

3,000.0

					2,472.8	2,590.6
	2,500.0
			2,231.3
	2,000.0		1,891.5
euromillion	1,758.6
1,000.0
	1,500.0
	500.0
	0.0
	31.12.19	31.12.20	31.12.21	31.12.22	31.12.23

euro million

Net financial debt

700.0

600.0
		502.0	454.8
500.0
	384.7	411.8
400.0
346.2		241.2	171.2
			IFRS 16	IFRS 16
300.0	196.0	208.9	226.6
	IFRS 16	IFRS 16
200.0	IFRS 16
		260.8	283.6
100.0
150.2	175.8	185.2

0.0

31.12.19 31.12.20 31.12.21 31.12.22 31.12.23

euro thousand

Turnover per employee

300.0
	280.1	281.9
270.0
238.5	227.2
240.0

210.0200.1

180.0

150.0

120.0

90.0

60.0

30.0

0.0

31.12.19 31.12.20 31.12.21 31.12.22 31.12.23

	31.12.2019	31.12.2020	31.12.2021	31.12.2022		31.12.2023
Net operating income/Revenue from contract with customers	12.3%	8.2%	10.4%	10.5%	10.8%
Result before taxes/Revenue from contract with customers	11.9%	7.1%	10.3%	10.5%	10.2%
Net investments (*)/Revenue from contract with customers	8.1%	6.8%	7.6%	7.8%	10.7%
Net Financial debt/Equity	24.9%	26.0%	22.9%	25.8%	21.7%
Adjusted net interest expense(**)/Revenue from contract with customers	0.6%	0.8%	0.3%	0.4%	0.5%
Adjusted net interest expense(**)/Net operating income	4.5%	9.4%	3.4%	3.4%	4.9%
ROI	18.1%	9.6%	12.9%	15.5%	16.0%
ROE	17.3%	9.3%	12.0%	15.1%	14.6%

Note:

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.

1. Net investments in property, plant, equipment and intangible assets, calculated as the sum total of increases (net of decreases) of property, plant, equipment and intangible assets.
   (**) This item does not include exchange gains and losses.

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