Cembre

BOARD APPROVES INTERIM REPORT ON THE 1st HALF OF 2014

Cembre (STAR): consolidated sales grow by 8.3% in 1st Half of 2014 Capital expenditure for the period amounts to €3.7 million

29/08/2014

  • Revenues for the first six months of 2014 increase by 8.3%, as a result of the 14.9% growth in domestic sales and the 4.5% increase in exports on the corresponding period in 2013
  • The net financial position remains positive (a surplus of €4 million at July 31, 2014) and sales for the first seven months of the year were up 8.7% on the corresponding period in 2013
Consolidated figures

1st Half

Sales

1st Half

Sales

 

Full year

Sales

(€’000)

2014

margin
%

2013

margin
%

Change

2013

margin
%

Sales

56,613

100

52,259

100

8.3%

104,547

100

Gross operating profit

12,053

21.3

10,103

19.3

19.3%

20,407

19.5

Operating profit

9,707

17.1

7,952

15.2

22.1%

15,838

15.1

Pre-tax profit

9,851

17.4

7,811

14.9

26.1%

15,585

14.9

Net profit

6,813

12.0

5,190

9.9

31.3%

10,503

10.0

Net financial position

2,551

 

(3,772)

 

 

5,892

 

 

Brescia, August 29, 2014 – The Board of Directors of Cembre S.p.A. – 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 2014.

In the first six months of 2014, the Group reported consolidated sales of €56.6 million, up 8.3% on €52.3 million in the corresponding period in 2013.
In the 1st Half of 2014, domestic sales amounted to €22.2 million, up 14.9% on the 1st Half of 2013, while sales outside Italy amounted to €34.4 million, up 4.5%. A total of 39.2% of Group sales were represented by Italy (as compared with 37% in the 1st Half of 2013), 46.1% by the rest of Europe (45.9% in the 1st Half of 2013), and the remaining 14.7% by the rest of the World (17.1% in the 1st Half of 2013).

Consolidated gross operating profit for the 1st Half of 2014 amounted to €12.1 million, representing a 21.3% margin on sales, up 19.3% on the corresponding period in 2013 when it amounted to €10.1 million, representing a 19.3% margin on sales.
In 1st Half of 2014 the cost of personnel and the cost of goods sold declined slightly as a margin on sales on the corresponding period in 2013.
The average number of employees of the Group increased from 610 in the 1st Half of 2013, to 619 in the 1st Half of 2014.

Consolidated operating profit for the period amounted to €9.7 million, representing a 17.1% margin on sales, up 22.1% on €8 million in the 1st Half of 2013, when it represented a 15.2% margin on sales.

Consolidated profit before taxes amounted to €9.9 million, representing a 17.4% margin on sales, up 26.1% on €7.8 million in the 1st Half of 2013, when it represented a 14.9% margin on sales. Foreign exchange gains amounted in the period to €142 thousand while net interest income amounted to €2 thousand.

Net profit for the first six months of 2014 amounted to €6.8million, up 31.3% on €5.2 million in the 1st Half of 2013. The margin on sales amounted to 12.0%, as compared to 9.9% in the 1st Half of 2013.

Capital expenditure in the 1st Half of 2014 amounted to €3.7 million and consisted primarily in investments in buildings, plant and equipment. In the 1st Half of 2013 they amounted to €3.9 million.

The consolidated net financial position at June 30, 2014 amounted to a surplus of €2.6 million, increasing on June 30, 2013, when it amounted to a deficit of €3.8 million, while at December 31, 2013, it was equal to a surplus of €5.9 million. In the 1st Half of 2014, the Company paid out €4.4 million in dividends, against €2.7 million in the corresponding period in 2013.

“Cembre Group closes the 1st Half of 2014 reporting an 8.3% growth in consolidated sales due to a 14.9% increase in domestic sales – achieved despite the fact that the domestic economy remains in a recession – and a 4.5% increase in exports. Sales through the end of July show an 8.7% increase on the corresponding period in 2013. The Group’s financial position at July 31, 2014 amounted to a surplus of €4 million, as compared with a deficit of €3.3 million at July 31, 2013” – commented Cembre’s Chairman and Managing Director Giovanni Rosani. “We expect to close 2014 as a whole with an increase in consolidated sales and a further improvement in the net financial position” 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 one manufacturing and trading subsidiary (Cembre Ltd. in Birmingham, U.K.), for a total workforce of 614 as of June 2014. 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   +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 - Financial Statements at June 30, 2014:
- Consolidated Balance Sheet
- Consolidated Comprehensive Income Statement
- Consolidated Statement of Cash Flows


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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