The Board of Directors approves the Financial Statements of Cembre S.p.A. and the Consolidated Financial Statements at December 31, 2013

CEMBRE (STAR): Consolidated sales up 0.6% on 2012 Net consolidated financial position equal to a surplus of €5.9 million


  • The Board proposes a €0.26 dividend per share
  • Shareholders’ Meeting called on April 22, 2014 (April 23 on second call)
  • Requisites for the independence of Independent Directors were assessed



% Margin


% Margin



Consolidated sales






Consolidated gross operating profit






Consolidated operating profit






Consolidated pre-tax profit






Consolidated net profit






Consolidated net financial position







Brescia, March 12, 2014 - The Board of Directors 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 – approved at today’s meeting chaired by its Chairman and Managing Director Giovanni Rosani the Statutory Accounts of Cembre S.p.A. and the Consolidated Financial Statements at December 31, 2013.


With regard to Corporate Governance, the Board, having acknowledged the representations made by Independent Directors and on the basis of independent information acquired, ascertained the possession of requisites for independence – pursuant to article 148, comma 3, of Legislative Decree no. 58/1998, as referred to by article 147-ter, comma 4  of Legislative Decree no.  58/1998 and article 3 of the Code of Conduct promoted by Borsa Italiana S.p.A. (the Italian Stock Market) – of said Independent Directors.


The Board of Directors also resolved to propose to the Ordinary Shareholders’ Meeting called on April 22, 2014 (April 23 on second call), the distribution of a €0.26 dividend for each of the shares in circulation according to the following calendar: ex-dividend date May 20, 2013, record date May 21, 2012 and payment date May 22, 2014.


In 2013, consolidated revenues amounted to €104.5 million, up 0.6% on €103.9 million in 2012. In the 4th Quarter, consolidated sales grew by 5.1% to €27.9million, up from €26.5 million in the 4th Quarter of 2012.
In the year, consolidated domestic sales amounted to €39.2 million, down 4.5% on the previous year, while exports grew by 4% to €65.3 million. A total of 37.5% of Group sales in 2013 were represented by Italy (as compared with 39.5% in 2012), 45.9% by the rest of Europe (45.1% in 2012), and the remaining 16.6% by the rest of the World (15.4% in 2012).


Consolidated gross operating profit amounted in 2013 to €20.4 million, representing a 19.5% margin on sales, up 1.5% on €20.1 million in 2012, when it represented a 19.4% margin on sales. The cost of goods sold as a percentage of sales increased slightly, while the cost of services as a percentage of sales declined. Personnel costs as a percentage of sales were stable, with the number of employees growing slightly from 606 to 612.


Consolidated operating profit for 2013 amounted to €15.8 million, representing a 15.1% margin on sales, down 3.8% on €16.5 million in 2012, when it represented a 15.8% margin on sales.


Consolidated profit before taxes amounted in 2012 to €15.6 million, representing a 14.9% margin on sales, down 4.1% on €16.2 million in 2012, when it represented a 15.6% margin on sales.


Consolidated net profit for the year amounted to €10.5 million, representing a 10% margin on sales, down 8.7% on 2012, when it amounted to €11.5 million and represented an 11.1% margin on sales.


The net financial position improved from a surplus of €0.6 million at December 31, 2012 to a surplus of €5.9 million at the end of December 2013 due to the lower capital expenditure made in the year, amounting to €7.4 million, with respect to 2012, when it amounted to €13.2 million.


“The Cembre Group closed the 2013 financial year reporting a 0.6% increase in sales, while consolidated sales for the first two months of 2014 grew by 6.2%, both in Italy and abroad – commented Cembre’s Managing Director, Giovanni Rosani. In this framework, in 2014 Cembre expects a further slight increase in sales over the previous year”.
“The Group has a balanced financial position amounting at December 31, 2013 to a surplus of €5.9 million, a satisfactory result in view also of the fact that in the past three years Cembre made capital investments amounting to €37.2 million – continued Giovanni Rosani. The financial position at February 28, 2014 amounted to a surplus of €4.4 million”.


Parent company Cembre S.p.A. closed the 2013 financial year reporting sales of €78.1 million, down 1.7% on 2012. 

Operating profit for 2013 declined by 17.2% to €10.3 million, down from €12.5 million in 2012.  

Net profit of the parent company amounted to €8.7 million, down 12.5% on €9.9 million in 2012. In 2013 the parent company received €2.1 million in dividends from its subsidiaries, while in the previous year these amounted to €1.2 million. 

Cembre S.p.A. figures for 2012 were restated for comparative purposes to keep into account changes in IAS 19 and to include results of merged subsidiary General Marking Srl at December 31, 2012.




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 612 as of December 2013. 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.


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 - Financial Statements at December 31, 2013:

  • Consolidated Balance Sheet
  • Consolidated Comprehensive Income Statement
  • Consolidated Statement of Cash Flows
  • Balance Sheet of parent company Cembre S.p.A.
  • Comprehensive Income Statement of parent company Cembre S.p.A.
  • Statement of Cash Flows of parent company Cembre S.p.A.


At the date of the present press release the auditing of the 2013 financial statements has not yet been completed.

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.

Download PDF

notes and legal information

Cembre Via Serenissima, 9 - 25135 Brescia - ITALY
© Copyright 2023 Cembre S.p.A.

CODICE FISCALE – P.IVA: 00541390175
CAPITALE SOCIALE: € 8.840.000 i.v.