The Board of Directors approved the 2019 Interim Financial Report

Cembre (STAR): consolidated turnover up in the first half-year (+4.9%)


(Brescia, 11th September 2019, h 11.38 am)

  • Sales in Italy down slightly (-1.8%) in the first 6 months while foreign sales grow (+9.9%)
  • Capital expenditure in the half-year of €5.8 million.
  • As at April 30, 2019, consolidated revenues signal an increase of 3.8%
  • The Board of Directors has identified the beneficiaries of the incentive plan pursuant to Article 114-bis of Legislative Decree 58/1998
Consolidated figures

1st Half


1st Half



Full year


(euro ‘000)








Revenues from sales








Gross operating profit








Operating profit








Profit before taxes








Net profit for the period








Net financial position









Brescia, September 11, 2019 – The Board of Directors of Cembre Spa – a STAR listed company and one of the largest European manufacturers of electrical connectors and tools for their installation – chaired by its Chairman and Managing Director Giovanni Rosani, approved at today’s meeting the Report on the 1st Half of 2019.


In the first half of 2019, the Group reported consolidated revenues from sales of €76.9 million, up 4.9% from €73.3 million in the first half of 2018. This increase is mainly due to the consolidation of the German company IKUMA Gmbh & Co.  KG, acquired with effect from May 1, 2018, whose turnover in the first half of 2019 was equal to €4.0 million; the revenues of this company in the first half of 2018 were included in the Group's revenues only for two months, for an amount of €1.4 million. Without the contribution of IKUMA, the increase in consolidated sales in the first half of 2019 would have been 1.5 per cent.

Group half-year sales in Italy amounted to €30.8 million, down 1.8%, while sales outside Italy amounted to €46.1 million, up 9.9%. In the first six months, a total of 40.1% of Group sales were represented by Italy (as compared with 42.8% in the 1st Half of 2018), 46.5% by the rest of Europe (41.9% in the 1st Half of 2018), and the remaining 13.4% by the rest of the World (15.3% in the 1st Half of 2018).


Consolidated gross operating profit (EBITDA) for the 1st Half of 2019 amounted to €20.9 million, representing a 27.2% margin on sales, up 10.9% on the corresponding period in 2018 when it amounted to €18.9 million, representing a 25.7% margin on sales.

Both the incidence of cost of sales and the incidence of cost of services remained stable during the period, while the incidence of personnel costs increased slightly (the average number of employees employed by the Group was 741).


Consolidated operating profit (EBIT) for the first six months of 2019 amounted to €16.2 million, representing a 21.0% margin on sales, up 4.4% on €15.4 million in the first six months of last year, when it represented a 21.1% margin on sales.


Consolidated profit before taxes amounted to €16 million, representing a 20.9% margin on sales, up 4.0% on €15.4 million in the 1st Half of 2018, when it represented a 21.0% margin on sales.


Net income for the period was €12.4 million, up 5.8% from €11.7 million in the same period of last year. The percentage incidence of net profit on turnover therefore represents 16.1% of sales, compared to 16.0% in the first half of 2018.

Effective from January 1, 2019, the Group adopted the new IFRS 16 to account for leases and lease agreements. The application of this new standard involved an insignificant reduction in Group profit of €22 thousand (before taxes); for more details on the effects of the application of the aforementioned accounting standard, please refer to the Half Year Report 2019.


The consolidated net financial position, which went from a positive balance of €7.5 million at December 31, 2018 to a negative value of €4.7 million at June 30, 2019, reflects the effects of the application of the new international accounting standard IFRS 16, which resulted in the recognition under non-current financial liabilities of €5.0 million and under current financial liabilities of €1.3 million, as liabilities for leased assets, as well as the payment of dividends of €15 million by the Parent Company and investments in fixed assets of €5.8 million. At December 31, 2018, the net financial position was equal to a surplus of €4.0 million. It should be noted that, net of the effects of the application of the new international accounting standard IFRS 16, the financial position at June 30, 2019 would have been positive and equal to €1.6 million.


Capital expenditure in the period amounted to €5.8 million and consisted primarily of investments in plant and equipment. In the 1st Half of 2018 they amounted to €7.4 million.


“The results of the first half of 2018 show growth in consolidated revenues (+4.9%), thanks to the positive contribution of the consolidation of IKUMA KG, acquired effective from May 1, 2018. Without this contribution, the increase in consolidated sales in the first half of 2019 would have been 1.5%. The figures as at August 31, 2019 show a growth of 3.8% in consolidated revenues, without the consolidation of IKUMA KG, whose organic growth would have been 1.6%. Despite the situation of global uncertainty, the Cembre Group expects slight growth compared to 2018”, stated Cembre Managing Director Giovanni Rosani.


The Board of Directors has identified the beneficiaries of the incentive plan called "Carlo Rosani Prize for the 50th anniversary of the Company's foundation"

The Board of Directors meeting held today, after consulting the Appointments and Remuneration Committee, identified the employees as beneficiaries of the Cembre share-based incentive plan known as the "Carlo Rosani Prize for the 50th anniversary of the Company's foundation", adopted pursuant to Article 114-bis of the TUF by the Shareholders' Meeting of April 18, 2019 and aimed at certain categories of employees (or in any case holders of a comparable relationship pursuant to applicable law) of Cembre and/or its subsidiaries (the "Plan"). Specifically, 9 executives and 8 middle managers have been identified as beneficiaries of the Plan. The Plan has a duration of six years and - also taking into account the number of beneficiaries currently identified by the Board of Directors - if all the conditions set out in the Plan's regulations were met and all the shares were assigned, the maximum number of Cembre shares allotted under the Plan would amount to 132,000 shares.

Currently, Cembre S.p.A. already holds 280,041 treasury shares in its portfolio.

For further information on the Plan, reference should be made to the Information Document prepared pursuant to Article 84-bis of Consob Regulation no. 11971/1999 and available, as an attachment to the related explanatory report, on the website www.cembre.it (Investor / Shareholders' Meeting Section).


* * * *

Cembre designs, manufactures and distributes electrical connectors and cable accessories. It enjoys a leadership position in Italy and significant market shares in the rest of Europe. Cembre is one of the world’s leading manufacturers of tools (mechanical, pneumatic and hydraulic) for the installation of connectors and the shearing of cables. The products it has developed for connection to the rail and for other railway applications are used by the main companies in this sector round the world.

Cembre owes its success to an insistence on innovative, high-quality products, a broad and thorough collection, and an extensive distribution network both in Italy and abroad.

Founded in Brescia in 1969, the Cembre Group is now a fully-fledged international force. Along with the parent company in Brescia it has six subsidiaries: six trading companies (2 in Germany, 1 in France, Spain and the United States) and one manufacturing and trading subsidiary (Cembre Ltd., in Birmingham, U.K.), for a total workforce of 740 (figure updated as of June 30, 2019). Since 1990, its products have been certified by Lloyd’s Register Quality Assurance for the design and production of accessories for cables, electrical connectors and tools for their installation.

Cembre has been listed on the Italian Stock Exchange since December 15, 1997, and on the STAR section since September 24, 2001.




Claudio Bornati (Cembre S.p.A.)      030/36921    claudio.bornati@cembre.com

Further information is available at Cembre’s institutional website www.cembre.com in the Investor Relations section.


The manager responsible for preparing the Company’s financial reports, Claudio Bornati, declares, pursuant to paragraph 2 of Article 154 bis of the Consolidated Law on Finance, that the accounting information contained in this press release corresponds to the document results, books and accounting records.


Attachments - Interim Financial Report 2019:

  • Consolidated Balance Sheet
  • Consolidated Comprehensive Income Statement
  • Consolidated Statement of Cash Flows


In this present press release, use is made of certain alternative performance indicators that are not envisaged in IFRS-EU accounting standards, and whose significance and content are illustrated below, in line with the ESMA/2015/1415 recommendation published on October 5, 2015:


Gross Operating Result (EBITDA): defined as the difference between sales revenues and costs for materials, of services received, and the net balance of operating income and charges. It represents the profit achieved before amortisation, cash flows and taxes.

Operating Result (EBIT)defined as the difference between the Gross Operating Result and the value of amortization/impairment. It represents the profit before cash flows and taxes.

Net Financial Positionrepresents the algebraic sum of cash and cash equivalents, financial receivables and current and non-current financial debt.


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Cembre Via Serenissima, 9 - 25135 Brescia - ITALY
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CODICE FISCALE – P.IVA: 00541390175
CAPITALE SOCIALE: € 8.840.000 i.v.