Cembre

The Shareholders’ Meeting approves the Financial Statements of Cembre S.p.A. at December 31, 2012

Cembre (a STAR listed company): distribution of a €0.16 dividend per share

29/04/2013

  • The Shareholders’ Meeting approved the First Section of the Report on Remuneration
  • Changes to the By-laws were approved
  • Sales declined slightly in the 1st Quarter of 2013

Brescia, April 29, 2013 – The Ordinary Shareholders’ Meeting of Cembre S.p.A. – a STAR segment listed company and one of the largest European producers of electrical connectors and tools for their installation – held today at 9:30am and chaired by Giovanni Rosani, approved the Statutory Accounts of Cembre S.p.A. at December 31, 2012 and the proposed allocation of net profit, resolving the distribution of a €0.16 dividend per share (as compared with a €0.16 dividend distributed for 2011). The choice of the Board of Directors to distribute the same dividend of previous year is motivated by the intention to retain prudentially in the company part of the financial resources generated.

 

The ex-dividend date is May 20, 2013, while dividends will be paid out from May 23, 2013.

 

Parent company Cembre S.p.A. closed 2012 reporting sales of €79.4 million, down 1.5% on 2011. Operating profit declined by 14.3% from €12.8 million in 2011 to €10.9 million in 2012. Net profit of the parent company for 2012 amounted to €8.9 million, as compared with €9.2 million, down 3.1%, on the previous year. In 2012 the parent company received €1.2 million in dividends from foreign subsidiaries.

 

The following are the most important topics of Consolidated Financial Statements presented to Shareholders’ Meeting:

(€’000)

2012

Margin %

2011

Margin

%

change

Consolidated sales

103,899

100

103,028

100

0.8%

Consolidated gross operating profit

20,042

19.3

20,228

19.6

-0.9%

Consolidated operating profit

16,390

15.8

17,291

16.8

-5.2%

Consolidated pre-tax profit

16,290

15.7

17,389

16.9

-6.3%

Consolidated net profit

11,539

11.1

11,400

11.1

1.2%

Consolidated net financial position

620

 

2,275

 

 

 

In 2012, consolidated revenues amounted to €103.9 million, up 0.8% on €103 million in 2011.

 

Consolidated operating profit for 2012 amounted to €16.4 million, representing a 15.8% margin on sales, down 5.2% on €17.3 million in 2011, when it represented a 16.8% margin on sales.

 

Consolidated profit before taxes amounted in 2012 to €16.3 million, representing a 15.7% margin on sales, down on €17.4 million in 2011, when it represented a 16.9% margin on sales.

 

Consolidated net profit for the year amounted to €11.5 million, representing an 11.1% margin on sales, up 1.2% on 2011, when it amounted to €11.4 million and represented an 11.1% margin on sales.

 

The net financial position declined from a surplus of €2.3 million at December 31, 2011 to a surplus of €0.6 million at the end of December 2012 due to the strong capital expenditure made in the year, amounting to €13.2 million.

 

“Due to the decline in sales registered in March, Cembre closed the 1st Quarter of 2013 reporting a 1.7% contraction in consolidated sales over the corresponding period in 2011. Domestic sales for the Quarter declined by 5.2%, while exports were in line with the previous year. The Group has a balanced financial position amounting to a deficit of about €2.2 million at March 31, 2013 – commented Cembre’s Managing Director, Giovanni Rosani.

 

The Shareholders’ Meeting also resolved the amendment of articles 5, 12, 14, 15, 17 and 23 of the Company’s By-laws to comply with rules introduced with Legislative Decree no. 184 of October 11, 2012 and Legislative Decree no. 91 of June 18, 2012, in addition to rules regulating the balance of gender in corporate boards introduced with Law no. 120 dated July 12, 2011 and the related implementation regulations. Further information on the matter is contained in the Report of the Board of Directors.

 

 

 

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), 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.

 

 

Contacts:
Ferruccio Peroni Comunicazione
Ferruccio Peroni   Mob. +39 335 6974871    f.peroni@peronicomunicazione.it
Cembre S.p.A.   Claudio Bornati +39 030 36921    claudio.bornati@cembre.com
 

 

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 – Consolidated Financial Statements and Statutory Accounts of Cembre S.p.A. at December 31, 2012:

In the present document use is made of “alternative performance indicators” which are not provided for under European IFRS, and whose significance and content are illustrated below (in line with Recommendation CESR/05-178b 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.

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