The Board of Directors approved the 2020 Half-yearly Financial Report

Cembre (STAR): consolidated turnover down in the first half-year (-15.9%)


(Brescia, 10th September 2020, h 11:22 am)

  • Sales in Italy down in the first 6 months (-17.5%) and abroad (-14.8%)
  • Capital expenditure in the half-year of €3.5 million.
  • As at August 31, 2020, consolidated revenues signal a decrease of 12.3%
Consolidated figures

1st Half


1st Half



Full year


(euro ‘000)








Revenues from sales








Gross operating profit








Operating profit








Profit before taxes








Net profit for the period








Net financial position









Brescia, September 10, 2020 – 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 2020 Half-yearly Financial Report.


In the first six months of 2020, due to the Covid-19 pandemic, the Group reported consolidated sales of €64.7 million, down 15.9% on €76.9 million in the first half of 2019.

Group half-year sales in Italy amounted to €25.4 million, down 17.5%, while sales outside Italy amounted to €39.3million, down 14.8%. In the first six months, a total of 39.3% of Group sales were represented by Italy (as compared with 40.1% in the 1st Half of 2019), 47.0% by the rest of Europe (46.5% in the 1st Half of 2019), and the remaining 13.7% by the rest of the World (13.4% in the 1st Half of 2019).


Consolidated gross operating profit (EBITDA) for the 1st Half of 2020 amounted to €15.6 million, representing a 24.1% margin on sales, down 25.5% on the first half of 2019 when it amounted to €20.9 million, representing a 27.2% margin on sales.

The incidence of the cost of goods sold fell while the weight of the cost for services remained stable during the half. The weight of personnel costs rose, despite the value having fallen in absolute terms due to the effect of the use of Cassa Integrazione (Wages Guarantee Fund) during the period when activities were suspended to contain Covid-19.  The average Group headcount in the period went from 741 to 755, with growth, in particular, in the company IKUMA KG, which recorded an average increase of 12 in the workforce during the period.


Consolidated operating profit (EBIT) for first six months of 2019 amounted to €10.2 million, representing a 15.8% margin on sales, down 36.9% on €16.2 million in the first six months of last year, when it represented a 21.0% margin on sales.


Consolidated profit before taxes amounted to €10.2 million, representing a 15.8% margin on sales, down 36.4% on €16.0 million in the 1st Half of 2019, when it represented a 20.9% margin on sales.


Net income for the period was €7.6 million, down 38.6% from €12.4 million in the same period of last year. The percentage incidence of net profit on turnover therefore represents 11.8% of sales, compared to 16.1% in the first half of 2019.


The consolidated net financial position went from a surplus of €5.6 million as at December 31, 2019 to a deficit of €4.7 million as at June 30, 2020, reflecting the effects of the payment of dividends of €15 million by the Parent company and capital expenditure amounting to €3.5 million. At June 30, 2019, the net financial position was equal to a deficit of €4.7 million.


Capital expenditure in the period amounted to €3.5 million and consisted primarily of investments in plant and equipment. In the 1st Half of 2019 they amounted to €5.8 million.



“The results in the first half of 2020 were heavily impacted by the COVID-19 epidemic, with sales in the half-year closing with a decrease of 15.9%. The consolidated revenues at the end of August 2020 show a reduction of 12.3% compared to the first eight months of the previous year, a figure that indicates an improvement. In consideration of the uncertainty of the current global situation, the Cembre Group expects to see a fall in revenues in 2020, with a subsequent decrease in profit margins”, stated Cembre’s Managing Director 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. Cembre is one of the world’s leading manufacturers of tools (mechanical, pneumatic and hydraulic) for the installation of connectors and the shearing of cables. 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 fully-fledged international force. Along with the parent company in Brescia it has five subsidiaries: four trading companies (Germany, France, Spain and the United States) and one manufacturing and trading subsidiary (Cembre Ltd., in Birmingham, U.K.), for a total workforce of 750 (figure updated as of June 30, 2020). 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.)      030/36921    claudio.bornati@cembre.com

Further information is available at Cembre’s institutional website www.cembre.comin 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.


Attachments – Condensed consolidated financial statements at June 30, 2020:

-       Consolidated Balance Sheet

-       Consolidated Comprehensive Income Statement

-       Consolidated Statement of Cash Flows


In this present press release, use is made of certain alternative performance indicators that are not envisaged in IFRS-EU accounting standards, and whose significance and content are illustrated below, in line with the ESMA/2015/1415 recommendation published on October 5, 2015:


Gross Operating Result (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 amortisation, cash flows and taxes.

Operating Result (EBIT)defined as the difference between the Gross Operating Result and the value of amortization/impairment. It represents the profit before cash flows and taxes.

Net Financial Positionrepresents the algebraic sum of cash and cash equivalents, financial receivables and current and non-current financial debt.



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