Cembre

The Board of Directors approved the 2021 Half-yearly Financial Report

Cembre (STAR): growth of consolidated turnover in the half year (+30.8% compared to the first half of 2020 and +10.0% over the first half of 2019)

09/09/2021

(Brescia, 9th September 2021, h: 11.17 am)

  • In the first 6 months, domestic sales were up +43.2% while sales outside Italy grew by +22.7%
  • Pre-tax profit of 23.3% of revenues (up by 92.9% compared to 2020 and 22.7% over 2019)
  • As at August 31, 2021, consolidated revenues rose by 25.5% compared to the first 8 months of 2020, and 10.1% when compared to the first 8 months of 2019.

 

 

Consolidated figures

1st Half

 

1st Half

 

 

Full year

 

(euro ‘000)

2021

Marg.

2020

Marg.

change

2020

Marg.

 

 

%

 

%

 

 

%

Revenues from sales

84,547

100

64,656

100

30.8%

137,137

100

 

 

 

 

 

 

 

 

Gross operating profit

25,225

29.8

15,578

24.1

61.9%

36,297

26.5

 

 

 

 

 

 

 

 

Operating profit

19,596

23.2

10,202

15.8

92.1%

25,200

18.4

 

 

 

 

 

 

 

 

Profit before taxes

19,676

23.3

10,199

15.8

92.9%

24,902

18.2

 

 

 

 

 

 

 

 

Net profit for the period

14,650

17.3

7,600

11.8

92.8%

18,975

13.8

 

 

 

 

 

 

 

 

Net financial position

1,259

 

(4,704)

 

 

8,408

 

 

Brescia, September 9, 2021 – The Board of Directors of Cembre S.p.A. – a Borsa Italiana 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 first half of 2021.

 

In the first half of 2021, the Group reported consolidated revenues from sales of €84.5 million, up 30.8% from €64.7 million in the first half of 2020. Revenues rose by 10.0% also compared to those recorded in the first half of 2019.

Domestic sales of the Group amounted to €36.4 million, up by 43.2%, while sales outside Italy amounted to €48.2 million, up 22.7%. In the first six months, a total of 43.0% of Group sales were represented by Italy (as compared with 39.3% in the first half of 2020), 46.8% by the rest of Europe (47.0% in the first half of 2020), and the remaining 10.2% by the rest of the World (13.7% in the first half of 2020).

 

Consolidated gross operating profit (EBITDA) for the first half of 2021 amounted to €25.2 million, representing a 29.8% margin on sales, up 61.9% on the first half of 2020 when it amounted to €15.6 million, representing a 24.1% margin on sales. This result is an increase of 20.6% also compared to the first half of 2019.

The incidence of the cost of sales rose during the half, while both the incidence of the cost of services and the incidence of personnel costs fell, up in absolute terms but by a lower percentage than the increase in turnover. The average number of Group employees in the period went from 755 to 774.

 

Consolidated operating profit (EBIT) for the first six months of 2021 amounted to €19.6 million, representing a 23.2% margin on sales, up 92.1% on €10.2 million in the first six months of last year, when it represented a 15.8% margin on sales. This result is an increase of 21.2% also compared to the first half of 2019.

 

Consolidated profit before taxes amounted to €19.7 million, representing a 23.3% margin on sales, up by 92.9% on €10.2 million in the first half of 2020, when it represented a 15.8% margin on sales. This result is an increase of 22.7% also compared to the first half of 2019.

 

Net income for the period reached €14.7 million, up by 92.8% from €7.6 million in the same period of last year. The percentage incidence of net profit on turnover therefore represents 17.3% of sales, compared to 11.8% in the first half of 2020. The net profit is up 18.4% also compared to the first half of 2019.

 

The consolidated net financial position went from a surplus of €8.4 million as at December 31, 2020 to a surplus of €1.3 million as at June 30, 2021, reflecting the effects of the payment of dividends of €15 million by the Parent company and capital expenditure amounting to €5.3 million. At June 30, 2020, the net financial position was equal to a deficit of €4.7 million.

 

Capital expenditure in the period amounted to €5.3 million and consisted primarily of investments in plant and equipment. In the first half of 2020 they amounted to €3.5 million.

 

For a better understanding of the Group’s performance in the first six months of 2021, the comparison with the results of the first half of 2019 is provided below.

 

Consolidated figures

1st Half

 

1st Half

 

 

(euro ‘000)

2021

Marg.

2019

Marg.

change

 

 

%

 

%

 

Revenues from sales

84,547

100

76,878

100

10.0%

 

 

 

 

 

 

Gross operating profit

25,225

29.8

20,912

27.2

20.6%

 

 

 

 

 

 

Operating profit

19,596

23.2

16,167

21.0

21.2%

 

 

 

 

 

 

Profit before taxes

19,676

23.3

16,033

20.9

22.7%

 

 

 

 

 

 

Net profit for the period

14,650

17.3

12,375

16.1

18.4%

 

 

 

 

 

 

Net financial position

1,259

 

(4,712)

 

 

 

 

“The results of the first half of 2021 are better than those recorded in the first half of 2020 and when compared to those of the first half of 2019. We can be satisfied with the income results recorded, with pre-tax profit of 23.3% of revenues, up by 92.9% compared to 2020 and 22.7% over 2019. The consolidated revenues at the end of August 2021 show growth of 25.5% compared to the first eight months of 2020 and also an improvement of 10.1% compared to the same period of 2019. We forecast an increase in consolidated turnover in 2021 and the achievement of a positive economic result”, stated Giovanni Rosani, Cembre S.p.A.’s President and Managing Director.

 

* * * *

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 five subsidiaries: four trading companies (in Germany, France, Spain and the United States) and a manufacturing and trading subsidiary (Cembre Ltd, with registered office in Birmingham), for a total of 789 employees (data updated as at June 30, 2021). 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.

 

Contacts:

 

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

Further information is available at Cembre’s institutional website www.cembre.comin 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 2021:

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

 

In this 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 recommendations 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 Position: represents the algebraic sum of cash and cash equivalents, financial receivables and current and non-current financial debt.

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notas e informaciones legales

Cembre Via Serenissima, 9 - 25135 Brescia - ITALY
© Copyright 2021 Cembre S.p.A.

CODICE FISCALE – P.IVA: 00541390175
ISCRIZIONE AL REGISTRO DELLE IMPRESE: n. 00541390175 Brescia
CAPITALE SOCIALE: € 8.840.000 i.v.