The Shareholders Meeting approved the 2016 Financial Statements

Cembre (a STAR listed company): distribution of a €0.70 dividend per shar


(Brescia, 20th April 2017, 12:23 am)

  • Consolidated sales grow (up 9.4%) in the 1st Quarter of 2017
  • Net consolidated financial position at March 31, 2017 equal to a surplus of €26.8 million
  • The Shareholders’ Meeting authorizes the purchase of own shares
  • Section I of the Report on Remuneration was approved

Brescia, April 20, 2017 – 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, 2016 and the proposed allocation of net profit, resolving the distribution of a €0.70 dividend per share (up 52% on the €0.46 dividend distributed for 2015).

The ex-dividend date is May 8, 2017, the date at which dividends are recorded as payable is May 9, 2017, while dividends will be paid out from May 10, 2016.

Parent company Cembre S.p.A. closed 2016 reporting sales of €94.6 million, up 2.2% on 2015. Gross operating profit grew by 5.2% from €23.3 million in 2015 to €24.5 million in 2016.

Net operating profit grew by 4.8% to €19.4 million, up from €18.5 million in 2015.

Net profit of the parent company for 2016 amounted to €15.9 million, up 10.3% on €14.4 in the previous year. In 2016 the parent company received €2.3 million in dividends from foreign subsidiaries while in the previous year these had amounted to €1.7 million.


The 2016 Consolidated Financial Statements, whose highlights are shown below, were presented to the Shareholders’ Meeting.











Consolidated sales






Consolidated gross operating profit






Consolidated operating profit






Consolidated pre-tax profit






Consolidated net profit






Consolidated net financial position







In 2016, consolidated revenues amounted to €122.6 million, up 1% on €121.4 million in 2015.

Consolidated gross operating profit amounted in 2016 to €30.0 million, representing a 24.5% margin on sales, up 5.2% on €28.5 million in 2015, when it represented a 23.5% margin on sales. The cost of goods sold as a percentage of sales declined from 34.2% to 33.2%, the cost of services remained stable while personnel costs as a percentage of sales grew as the average number of employees increased from 625 (including 26 employees on short-term contracts) in 2015 to 72 (including 50 employees on short-term contracts) in 2016. The increase in the average number of employees is due primarily to hiring in the sales department to implement the expansive sales policy of the Group.

Consolidated operating profit for 2016 amounted to €24.1 million, representing a 19.7% margin on sales, up 5.5% on €22.8 million in 2015, when it represented an 18.8% margin on sales.

Consolidated profit before taxes amounted in 2016 to €24.1 million, representing a 19.6% margin on sales, up 5.2% on €22.9 million in 2015, when it represented an 18.8% margin on sales.

Consolidated net profit for the year amounted to €16.9 million, representing a 13.8% margin on sales, up 6.2% on 2015, when it amounted to €15.9 million and represented a 13.1% margin on sales.

The net financial position improved from a surplus of €17.8 million at December 31, 2015 to a surplus of €26.7 million at the end of December 2016.



“Turnover and net profit were all at historical highs and gross operating margin was equal to 24.5% of sales. Consolidated turnover of the Cembre Group grew 9.4% in the 1st Quarter of 2017, up both in Italy and abroad. We believe that in 2017 the Cembre Group will report an increase in revenues over 2016. The consolidated financial position at March 31, 2017 was equal to a surplus of about €26.8 million” – commented Managing Director Giovanni Rosani.



Shareholders’ Meeting resolves to authorize the purchase of own shares

The Shareholders’ Meeting resolved to authorize – after revoking the previous authorization granted by the same on April 21, 2016, not executed – the purchase of own shares with the end of providing the Company with strategic investment opportunities to any end allowed by current regulations, including those contemplated in article 5 of EU Regulation no. 593/2014 (Market Abuse Regulation, MAR and in the procedures contemplated under article 13, MAR.

The authorization to purchase own shares was granted for a period of 18 months from the date of the Shareholders’ Meeting and is intended for the purchase of Cembre ordinary shares of par value €0.52, up to a the maximum limit established by current regulations for a consideration that shall not exceed the higher between the price at which the last independent transaction was concluded and the last independent bid price in the market in which the purchase is carried out. For any single purchase, such price per share shall in any case not be more than 20% lower or higher than the closing price registered by Cembre shares on the previous trading day.

The authorization to sell own shares is granted without a time limit.

At the date of the present press release, Cembre holds 94,807 own shares, representing 0.56% of the capital stock of the Company.



Approval of Section I of the Report on Remuneration

The Shareholders’ Meeting approved, with a non-binding vote, Section I of the Report on Remuneration prepared pursuant to article 123-ter of Legislative Decree no.58/1998 and 84-quater of Consob Regulation no. 11971/1999, and in compliance with Attachment 3A, Tables 7-bis and 7-ter of the same Regulation.


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Further information on the above resolutions are contained in the related reports issued by the Board of Directors and the minutes of the Shareholders’ Meeting that will be deposited within the legal term at the Company’s Registered Office and published on its institutional Internet site www.cembre.it in the Investor Relations – Shareholders’ Meetings section.


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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 five subsidiaries: four trading companies (in Germany, France, Spain and the United States) and one manufacturing and trading subsidiary (Cembre Ltd., in Birmingham, U.K.), for a total workforce of 678 as of December 2016. 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.




Claudio Bornati (Cembre S.p.A.)  +39 030 36921    claudio.bornati@cembre.com


Further information is available at Cembre’s institutional website www.cembre.com in the Investor Relations section.


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.


Consolidated Financial Statements and statutory accounts of parent company Cembre SpA at December 31, 2016 are enclosed.


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.

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Cembre Via Serenissima, 9 - 25135 Brescia - ITALY
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CAPITALE SOCIALE: € 8.840.000 i.v.