|marg.%.||var.%||Full year 2011||marg.%|
Gross operating profit
|Net financial position||(1.577)||9.585||2.275|
Brescia, August 29, 2012 – 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 2012.
In the first six months of 2012, the Group reported consolidated sales of € 53.2 million, down 1.1% on €53.8 million in the corresponding period in 2011. In the 1st Half of 2012, domestic sales amounted to € 20.9 million, down 15.5% on the corresponding period in 2011, while sales outside Italy amounted to € 32.3 million, up 11.2%. A total of 39.4% of Group sales were represented by Italy (as compared with 46.1% in the 1st Half of 2011), 44.8% by the rest of Europe (41.2% in the 1st Half of 2011), and the remaining 15.8% by the rest of the World (12.7% in the 1st Half of 2011).
Consolidated gross operating profit for the 1st Half of 2012 amounted to € 10.3 million, representing a 19.3% margin on sales, down 10.5% on the corresponding period in 2011 when it amounted to € 11.5 million, representing a 21.4% margin on sales. In 1st Half of 2011 the cost of services received and that of personnel as a margin on sales grew on the corresponding period in 2011. Personnel of the Group increased from 581 employees at June 30, 2011, to 598 at June 30, 2012. Personnel of UK subsidiary Cembre Ltd. grew in the same period from 70 to 86 following the introduction of a second manufacturing shift to fill growing orders on the UK market.
Consolidated operating profit for the period amounted to € 8.5 million, representing a 16% margin on sales, down 15.8% on € 10.1 million in the 1st Half of 2011, when it represented an 18.8% margin on sales. The relative weight of depreciation charges on property, plant and equipment grew as a result of the € 6.6 million investment in construction, plant and machinery made in the 1st Half of 2012, up from € 3 million in the corresponding period in 2011.
Consolidated profit before taxes amounted to € 8.6 million, representing a 16.1% margin on sales, down 14.9% on € 10.1 million in the 1st Half of 2011, when it represented an 18.7% margin on sales. Foreign exchange gains amounted in the period to € 122 thousand.
Net profit for the first six months of 2012 amounted to € 5.7 million, down 13.5% on € 6.6 million in the 1st Half of 2011. The margin on sales amounted thus to 10.7%, as compared with to 12.2% in the 1st Half of 2011.
The consolidated net financial position at June 30, 2012 amounted, as a result of the strong capital expenditure of the Group, to a deficit of € 1.6 million, down on June 30, 2011, when it amounted to a surplus of € 9.6 million, and on December 31, 2011, when it amounted to a surplus of € 2.3 million. In the 1st Half of 2012, the Company paid out € 2.7 million in dividends, as compared to € 4.4 million in the corresponding period in 2011.
Cembre closes the 1st Half of 2012 reporting a 1.1% contraction in consolidated sales. In the period, domestic sales declined by 15.5% while exports grew by 11.2%. Sales through the end of July also show an overall 1.1% decline on the corresponding period in 2011. The Group has a balanced financial position that amounts at July 31, 2012 to a deficit of €1.4 million, a position achieved despite the strong capital expenditure made in the first six months of the year, amounting to €6.6 million, aimed at the construction of the new automated warehouse and the enlargement and streamlining of production departments in the Brescia main complex." – commented Cembre's Chairman and Managing Director Giovanni Rosani. "We confirm the views previously expressed in that we expect that in the second half of the year the Italian market will recover, enabling us to achieve an overall slight increase in sales for 2012 as a whole" continued Giovanni Rosani.
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 598 as of June 2012. 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 before depreciation, amortization and write-downs, cash flow from financial activities and taxes.
Operating profit (EBIT): defined as the difference between Gross operating profit and the value of depreciation, amortization and write-downs. It represents the profit achieved before financial activities and taxes.
Net financial position: represents the algebraic sum of cash and cash equivalents, financial receivables and current and non-current financial debt.
Ferruccio Peroni (Peroni e Vitale comunicazioni)
For further information please contact Mr. Claudio Bornati
Cembre S.p.A. - Tel. +3903036921 - firstname.lastname@example.org