Press Release
The Board of Directors approves
the Financial Statements at December 31, 2009
Board proposes a €0.12 dividend per share
In the first two months of 2010 consolidated sales up 2.4%
- Consolidated sales for 2009 amount to €76 million, down 19.4% on €94.3 million in 2008.
- In the 4th Quarter of 2009 sales declined at a slower pace than in previous quarters, declining from €21.8 million in the 4th Quarter of 2008, to €19.9 million (down 8.6%).
- Net financial position improves further, reaching a surplus of €5.3 million.
- No recourse to redundancy contributions was made despite the downturn.
- Shareholders’ Meeting called on April 27, 2010, Giovanni Rosani appointed Chairman of the Board of Directors.
Consolidated figures (€ ‘000) |
2009 | marg. % | 2008 | marg.%. | var.% |
Consolidated Sales |
75.984 | 100 | 94.288 | 100 | -19,4 |
Consolidated Gross
operating
profit |
13.412 | 17,7 | 19.273 | 20,4 | -30,4 |
Consolidated Operating
profit |
10.581 | 13,9 | 16.221 | 17,2 | -34,8 |
Consolidated Pre-tax profit |
10.580 | 13,9 | 16.031 | 17,0 | -34,0 |
Consolidated net profit |
6.887 | 9,1 | 10.857 | 11,5 | -36,6 |
Consolidated net financial position |
5.274 | 1.170 |
Brescia, March 15, 2010 - The Board of Directors of Cembre Spa – a STAR segment listed company and one of the largest European producers of electrical connectors and tools for their installation – approved at today’s meeting chaired by its Managing Director Giovanni Rosani the Statutory Accounts of Cembre SpA and the Consolidated Financial Statements at December 31, 2009.
The Board of Directors also resolved to propose to the Ordinary Shareholders’ Meeting called on
April 27, 2010 on first call (second call on April 29, if necessary), the distribution of a €0.12
dividend for each of the shares in circulation. The ex-dividend date is May 20, 2010, while
dividends will be paid out from May 17, 2010 against the presentation of coupon no.13.
The Shareholders’ Meeting is also requested to examine the proposal of the Board of Directors to
reduce the number of the members of the same, from eight to seven, and reduce the compensations,
because of the recent passing of the Chairman Ing. Carlo Rosani. The Board of Directors, as
proposed by the Vice Chairman Dott.ssa Anna Maria Onofri, named unanimously as Chairman the Managing Director Giovanni Rosani.
In 2009, consolidated revenues amounted to €76 million, down 19.4% from €94.3 million in 2008.
In the 4th Quarter consolidated sales declined by 8.6% to €19.9 million, down from €21.8 million in
the 4th Quarter of 2008.
In the year, consolidated domestic sales amounted to €30.8 million, down 25.1% on the previous
year, while exports declined by 15% to €45.2 million. In 2009, a total of 40.5% of sales were
represented by Italy (43.6% in 2008), 47% by the rest of Europe (44.8% in 2008) and 12.5% by the
rest of the world (11.6% in 2008).
In 2009, consolidated revenues amounted to €76 million, down 19.4% from €94.3 million in 2008.
In the 4th Quarter consolidated sales declined by 8.6% to €19.9 million, down from €21.8 million in
the 4th Quarter of 2008.
In the year, consolidated domestic sales amounted to €30.8 million, down 25.1% on the previous
year, while exports declined by 15% to €45.2 million. In 2009, a total of 40.5% of sales were
represented by Italy (43.6% in 2008), 47% by the rest of Europe (44.8% in 2008) and 12.5% by the
rest of the world (11.6% in 2008).
Consolidated gross operating profit amounted in 2009 to €13.4 million, representing a 17.7%
margin on sales, down 30.4% on €19.3 million in 2008, when it represented a 20.4% margin on
sales. Despite the decline in sales, cost of services as a percentage of sales remained stable at
13.9% due to the decline in outsourced work and transport costs. Personnel costs declined by 9.3%
due to the reduction of overtime hours and the lower recourse to outsourced personnel. The Group
did not make use of redundancy contributions, that have in any case never been used by the Group
in the past.
Consolidated operating profit (Ebit) for 2009 amounted to €10.6 million, representing a 13.9% margin on sales, down 34.8% on €16.2 million in 2008, when it represented a 17.2% margin on sales.
Consolidated profit before taxes for 2009 amounted to €10.6 million, representing a 13.9% margin on sales, down 34% on €16 million in 2008, when it represented an 17% margin on sales.
Consolidated net profit for the year amounted to €6.9 million, representing a 9.1% margin on sales, down 36.6% on 2008, when it amounted to €10.9 million and represented an 11.5% margin on sales.
The net financial position improved from a surplus of €1.2 million at December 31, 2008 to a surplus of €5.3 million at the end of December 2009, and benefited from the decline in trade receivables and inventories, in addition to lower dividends distributed in the year.
“In the 4th Quarter of 2009, consolidated revenues declined by 8.6% on the corresponding period in
2008, while sales for the first two months of 2010 grew by 2.4% on the corresponding period in
2009 – commented Cembre’s Managing Director, Giovanni Rosani. Despite the macroeconomic
context remains difficult, the Group expects its turnover and net profit to grow moderately in
2010”. “The Group enjoys a solid financial position. At December 31, 2009 it amounted in fact to a
surplus of €5.3 million – continued Rosani – remaining positive at €4.3 million also at the end of
February 2010. In view of the solid financial position of the Group, the Board of Directors resolved
to propose the distribution of a dividend for 2009 of €0.12 per share”.
Parent company Cembre S.p.A. closed the 2009 financial year reporting sales of €56 million, down
24.9% on 2008. Operating profit declined instead by 44% to €6.8 million, down from €12.1
million in 2008.
Net profit of the parent company amounted to €4.6 million, Down 47.7% on €8.8 million in 2008.
In 2009 the parent company received €0.3 million in dividends from UK subsidiary Cembre Ltd.
and €0.1 million from French subsidiary Cembre Sarl. In 2008, dividends received from the UK
subsidiary amounted to €0.4 million and those received from the French subsidiary amounted to €0.2 million.
Attachments to the Financial Statements
at December 31, 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 533 as of December 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
In the present press release use is made of certain alternative performance indicators that are not envisaged in IFRS-EU accounting principles, and whose significance and content are illustrated below, in line with the CESR/05-178b recommendation published on November 3, 2005:
Gross Operating Profit (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 amortization, financial flows and taxes.
Operating Profit (EBIT): defined as the difference between the Gross Operating Profit and the value
of depreciation, amortization and write-downs. It represents the profit before financial flows and
taxes.
Net Financial Position: it represents the algebraic sum of cash and cash equivalents, financial
receivables and current and non-current financial debt.
At the date of the present press release the auditing of the 2009 financial statements has not yet been completed.
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
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