Cembre

Board approves the 3rd quarter 2012 interim report

Cembre (a STAR listed company): In the 3rd quarter of 2012 consolidated turnover is up 1.6% and the net financial position improves to a surplus of € 1.6 million.

14/11/2012

  • Turnover for the first nine months of 2012 was stable (-0.3%)

 

€ ‘000) 1/1-30/9 2012 marg.
%
1/1-30/9 2011 marg.
%
% var

III trim. 2012

marg.
%
III trim. 2011 Marg. % var.
Sales 77.406 100 77.650 100 -0,3 24.185 100 23.815 100 1,6
Gross operating profit 14.987 19,4 16.426 21,2 -8,8 4.692 19,4 4.925 20,7 -4,7
Operating profit  12.274 15,9 14.278 18,4 -14,0 3.765 15,6 4.170 17,5 -9,7
Pre-tax profit 12.270 15,9 14.400 18,5 -14,8 3.690 15,3 4.320 18,1 -14,6
Net profit 8.460 10,9 9.643 12,4 -12,3 2.770 11,5 3.065 12,9 -9,6
Net financial position 1.631   12.784              

 

Brescia, November 14, 2012 - 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 its Chairman and Managing Director Giovanni Rosani, approved at today's meeting the 3rd Quarter 2012 Interim Report.

 

Consolidated sales for the first nine months of 2012 were in line with the same period in 2011 (- 0.3%), down slightly from €77.7 million to €77.4 million. In the 3rd Quarter of 2012, consolidated revenues grew instead by 1.6% on the 3rd Quarter of 2011 from €23.8 million to €24.2 million.

 

In the first nine months of 2012, 39.5% of Group sales were represented by Italy (as compared with 44.6% in the first nine months of 2011), 45.6% by the rest of Europe (42.6% in the first nine months of 2011), and the remaining 14.9% by the rest of the World (12.8% in the first nine months of 2011). In the same period, domestic sales declined by 11.7% and exports were up 6.7% on the corresponding period in 2011, while in the 3rd Quarter of the year, exports grew by 4% and domestic sales declined by 2% on the corresponding period in 2011.

 

Consolidated gross operating profit (Ebitda) first nine months of 2012 amounted to €15 million, corresponding to a 19.4% margin on sales, down 8.8% on €16.4 million reported in the first nine months of 2011 (21.2% of sales). Gross operating profit for the 3rd Quarter of 2012 amounted to €4.7 million, corresponding to a 19.4% margin on sales, down 4.7% on €4.7 million reported in the 3rd Quarter of 2012 (20.7% of sales). The decline in the Ebitda margin registered in the 3rd Quarter is due mainly to the increase in the percentage weight of personnel costs on sales resulting from the increase in the number of employees from 584 at September 30, 2011 to 605 at September 30, 2012. In particular, the average number of employees of UK subsidiary Cembre Ltd. grew in the period from 73 to 93 due to the introduction of a second production shift to satisfy growing demand from the UK market.

 

Consolidated operating profit (Ebit) for the first nine months of 2012 amounted to €12.3 million (a 15.9% margin on sales), down 14% on €14.3 million in the first nine months of 2011 (when it represented an 18.4% margin on sales). Consolidated operating profit for the 3rd Quarter of 2012 amounted to €3.8 million, representing a 15.6% margin on sales, down 9.7% on €4.2 million in the 3rd Quarter of 2011, when it represented a 17.5% margin on sales.

 

Consolidated profit before taxes for the first nine months of 2012 amounts to €12.3 million, representing a 15.9% margin on sales, down 14.8% on the profit before taxes reported in the first nine months of 2011, amounting to €14.4 million and corresponding to an 18.5% margin on sales. Profit before taxes for the 3rd Quarter of 2012 amounts to €3.7 million, corresponding to a 15.3% margin on sales, down 14.6% on €4.3 in the 3rd Quarter of 2011, when it amounted to an 18.1% margin on sales.

 

Net profit for the first nine months of 2012 amounted to €8.5 million, representing a 10.9% margin on sales, down 12.3% on €9.6 million in the 1st Half of 2012, when it represented a 12.4% margin on sales. Net profit for the 3rd Quarter of 2012 amounted to €2.8 million, representing an 11.5% margin on sales, down 9.6% on €3.1 million in the 3rd Quarter of 2012, when it represented a 12.9% margin on sales. The consolidated net financial position at September 30, 2012 amounted to a surplus of €1.6 million, improving on June 30, 2012, when it amounted to a deficit of €1.6 million.

 

The consolidated net financial position at September 30, 2011 amounted to a surplus of €12.8 million. In the 4th Quarter of 2011, the parent company made capital investments amounting to €11.8 million consisting primarily in the acquisition of an industrial area adjacent to the Company's main complex and advances paid on the construction of a new automated warehouse.

 

"Sales for the first nine months of the year were in line with the corresponding period in 2011, and in October turnover remained stable on October 2011. We expect sales for November and December to grow slightly on the respective months in 2011, and thus turnover for the whole year to remain unchanged or grow slightly on 2011 – commented the Chairman and Managing Director, Giovanni Rosani. "At the end of October, Cembre's consolidated net financial position amounted to a surplus of €2.1 million, a level that confirms the financial solidity of the Group", 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 six subsidiaries: five trading companies (in Germany, France, Spain, the United States and Norway) and one manufacturing and trading subsidiary (Cembre Ltd. in Birmingham, U.K.), for a total workforce of 606 as of December 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.

 

Attachments: Financial Statements at September 30, 2012

 

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. The present Interim Report for the 3 rd Quarter of 2012 has not been audited.

 

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:

 

 

Contact:

Ferruccio Peroni (Peroni e Vitale comunicazioni)

Mob. 335/6974871

f.peroni@peronicomunicazione.it

 


For further information please contact Mr. Claudio Bornati

Cembre S.p.A. - Tel. +3903036921 - claudio.bornati@cembre.com

 
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