Cembre

Board approves the report on the 1st half of 2013

Cembre (STAR): consolidated sales decline slightly in the 1st Half of 2013 (down 1.8%): Capital expenditure for the period amounts to €3.9 million

29/08/2013

  • Revenues for the first six months of 2013 down slightly (-1.8%), as a result of the 7.9% contraction in domestic sales and the 2.2% increase in exports on the corresponding period in 2012
  • The net financial position remains balanced (a deficit of €3.8 million at June 30, 2013)

 

Consolidated figures

1st Half

 

1st Half

 

 

full year

 

(€’000)

2013

Sales margin

2012

Sales margin

Change

2012

Sales margin

 

 

%

 

%

 

 

%

Sales

52,259

100

53,221

100

-1.8%

103,899

100

Gross operating profit

10,103

19.3

10,295

19.3

-1.9%

20,042

19.3

Operating profit

7,952

15.2

8,509

16.0

-6.5%

16,390

15.8

Pre-tax profit

7,811

14.9

8,580

16.1

-9.0%

16,290

15.7

Net profit

5,190

9.9

5,690

10.7

-8.8%

11,400

11.1

Net financial position (deficit)

(3,772)

 

(1,577)

 

 

620

 

 

Brescia, August 29, 2013 – 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 2013.

In the first six months of 2013, the Group reported consolidated sales of €52.3 million, down 1.8% on €53.2 million in the corresponding period in 2012.
In the 1st Half of 2013, domestic sales amounted to €19.3 million, down 7.9% on the corresponding period in 2012, while sales outside Italy amounted to €33 million, up 2.2%. A total of 37% of Group sales were represented by Italy (as compared with 39.4% in the 1st Half of 2012), 45.9% by the rest of Europe (44.8% in the 1st Half of 2012), and the remaining 17.1% by the rest of the World (15.8% in the 1st Half of 2012).

Consolidated gross operating profit for the 1st Half of 2013 amounted to €10.1 million, representing a 19.3% margin on sales, down 1.9% on the corresponding period in 2012 when it amounted to €10.3 million, representing a 19.3% margin on sales.
In 1st Half of 2013 the cost of services received and that of personnel as a margin on sales grew slightly on the corresponding period in 2012, while the cost of goods sold declined slightly as a proportion of sales.
The average number of employees of the Group increased from 598 employees in the 1st Half of 2012, to 610 in the 1st Half of 2013.

Consolidated operating profit for the period amounted to €8 million, representing a 15.2% margin on sales, down 6.5% on €8.5 million in the 1st Half of 2012, when it represented a 16% margin on sales.

Consolidated profit before taxes amounted to €7.8 million, representing a 14.9% margin on sales, down 9% on €8.6 million in the 1st Half of 2012, when it represented a 16.1% margin on sales.
Foreign exchange losses amounted in the period to €106 thousand while net interest charges amounted to €35 thousand.

Net profit for the first six months of 2013 amounted to €5.2 million, down 8.8% on €5.7 million in the 1st Half of 2012. The margin on sales amounted thus to 9.9%, as compared to 10.7% in the 1st Half of 2012.

Capital expenditure in the 1st Half of 2013 amounted to €3.9 million and consisted primarily in investments in buildings, plant and equipment. In the 1st Half of 2012 they amounted to €6.6 million.

The consolidated net financial position at June 30, 2013 amounted to a deficit of €3.8 million, increasing on June 30, 2012, when it amounted to a deficit of €1.6 million, and on December 31, 2012, when it amounted to a surplus of €0.6 million. In the 1st Half of 2013, the Company paid out €2.7 million in dividends, the same amount as in the corresponding period in 2012.

“Cembre closes the 1st Half of 2013 reporting a 1.8% contraction in consolidated sales. In the
period, domestic sales declined by 7.9% while exports grew by 2.2%. Sales through the end of July
also show an overall 0.8% decline on the corresponding period in 2012 due to good sales in July
2013, improving both in Italy and in the rest of the world with respect to July 2012. The Group has
a balanced financial position that amounts at July 31, 2013 to a deficit of €3.3 million”
 –
commented Cembre’s Chairman and Managing Director Giovanni Rosani. “We expect for 2013 as a
whole to achieve a slight increase in consolidated sales”
 continued Giovanni Rosani.

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