Press Release
BOARD APPROVES THE REPORT FOR THE 3rd QUARTER OF 2009
CEMBRE (A STAR LISTED COMPANY):
IN THE FIRST NINE MONTHS OF 2009
THE DECLINE IN PROFIT SLOWS DOWN
WHILE THE NET FINANCIAL POSITION IMPROVES
- In the 3rd Quarter of 2009 the decline in sales stabilizes (down 19.8%) while the reduction of profit before taxes is less marked (down 29.3%)
- The consolidated net financial position at September 30, 2009 improves further to a surplus of
€ 5.7 million
Consolidated figures (€ ‘000) |
First nine months 2009 | Sales marg. % | First nine months 2008 | Sales marg. % | % ch. |
3rd Qtr. 2009 |
Sales marg. % | 3rd Qtr. 2008 | Sales marg. % | % ch. |
Sales |
56.046 |
100 |
72.478 |
100 |
-22,7 |
17.914 |
100 |
22.347 |
100 | -19,8 |
Gross operating profit |
9.278 |
16,6 |
15.169 |
20,9 |
-38,8 |
3.465 |
19,3 |
4.520 |
20,2 | -23,3 |
Operating profit |
7.147 |
12,8 |
12.848 |
17,7 |
-44,4 |
2.803 |
15,6 |
3.747 |
16,8 | -25,2 |
Pre-tax profit |
7.134 |
12,7 |
12.598 |
17,4 |
-43,4 |
2.690 |
15,0 |
3.803 |
17,0 | -29,3 |
Brescia, November 12, 2009 - The Board of Directors of Cembre Spa – a company listed in the STAR segment of the Milan Stock Exchange and one of the largest European manufacturers of electrical connectors and tools for their installation – chaired by the Managing Director Giovanni Rosani, approved at today’s meeting the Report for the 3rd Quarter of 2009.
In the 3rd Quarter of 2009, consolidated revenues declined by 19.8% from €22.3 million in the 3rd
Quarter of 2008 to €17.9 million in the same period in 2009.
Consolidated sales of the Cembre Group for the first nine months of 2009 dropped by 22.7% on the
same period in 2008, down from €72.5 million to €56 million.
In the first nine months of 2009, a total of 39.4% of sales were represented by Italy (43.7% in the first
nine months of 2008), 48.1% by the rest of Europe (45.1% in the first nine months of 2008) and
12.5% by the rest of the world (11.2% in the first nine months of 2008).
In the first nine months of 2009, domestic sales declined by 30.4% and exports were down by 16.6%
on the corresponding period in 2008, while in the 3rd Quarter of the year, exports declined by 10.1%,
and domestic sales declined by 31.5% on the same period in 2008.
Consolidated gross operating profit (Ebitda) for the first nine months of 2009 amounted to €9.3
million, representing a 16.6% margin on sales, down 38.8% on the first nine months of 2008 when it
amounted to €15.2 million, representing a 20.9% margin on sales.
Gross operating profit for the 3rd Quarter declined by 23.3%, from €4.5 million in the 3rd Quarter of
2008 (representing a 20.2% margin on sales), to €3.5 million in the 3rd Quarter of 2009 (representing a19.3% margin on sales). The cost of sales declined both for the first nine months of 2009 and the 3rd
Quarter of the year due to the decline in raw material prices.
Consolidated operating profit (Ebit) for the first nine months of 2009 amounted to €7.1 million,
corresponding to a 12.8% margin on sales, down 44.4% on €12.8 million in the first nine months of
2008 (17.7% of sales).
Consolidated operating profit declined also in the quarter from €3.7 million (16.8% of sales) in the 3rd
Quarter of 2008, to €2.8 million (15.6% of sales) in the 3rd Quarter of 2009.
Consolidated profit before taxes for the first nine months of 2009 amounts to €7.1million (a 12.7%
margin on sales), down 43.4% on €12.6 million in the first nine months of 2008 (a 17.4% margin on
sales).
Consolidated profit before taxes for the 3rd Quarter of 2009 amounted to €2.7 million, representing a
15% margin on sales, down 29.3% on €3.8 million in the 3rd Quarter of 2008, when it represented a
17% margin on sales. In 3rd Quarter, net foreign exchange gains were negative, due to the decline of
the dollar against the euro.
The consolidated net financial position improved from a surplus of €2.2 million at June 30, 2009, to
a surplus of €5.7 million at September 30, 2009. The consolidated net financial position at September
30, 2008 was negative by €0.8 million.
“The global financial and economic crisis continues to weigh on the Group’s performance, though in
the 3rd Quarter of 2009 turnover is basically unchanged from the 2nd Quarter and profit margins have
improved. The Group achieved a further improvement in the net financial position, which at the end of
October amounted to a surplus of €6.8 million. Sales in October declined by 19.2% on the
corresponding month in 2008, thus taking the decline in sales for the first nine months of the year to
22.4%” – declared Cembre’s Managing Director, Giovanni Rosani.
Attachments: Financial Statements at September 30, 2009
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. It is also the world's
largest producer of connector installation tools (mechanical, pneumatic and hydraulic) and tools for
cable shearing. 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 full-fledged international force. Along with
the parent company in Brescia it has seven subsidiaries: five trading companies (in Germany, France,
Spain, the United States and Norway) and two manufacturing and trading subsidiaries (Cembre Ltd.
in Birmingham, U.K. and General Marking S.r.l. in Bergamo), for a total workforce of 531 as of
September 2009. 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.
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
Contact:
Ferruccio Peroni (Peroni e Vitale comunicazione) f.peroni@peronievitale.it
For further information please contact Mr. Claudio Bornati
Cembre S.p.A. - Tel. +390303692269
