(Brescia, 14th March, 2022 h:01,01 pm)
|
Consolidated figures (euro ‘000) |
2021 |
Margin % |
2020 |
Margin % |
change |
2019 |
Margin % |
change |
|
Revenues from sales |
166,835 |
100 |
137,137 |
100 |
21.7% |
146,296 |
100 |
14.0% |
|
Gross operating profit |
45,597 |
27.3 |
36,297 |
26.5 |
25.6% |
37,098 |
25.4 |
22.9% |
|
Operating profit |
34,188 |
20.5 |
25,200 |
18.4 |
35.7% |
27,181 |
18.6 |
25.8% |
|
Profit before taxes |
34,289 |
20.6 |
24,902 |
18.2 |
37.7% |
26,937 |
18.4 |
27.3% |
|
Net profit |
25,321 |
15.2 |
18,975 |
13.8 |
33.4% |
21,690 |
14.8 |
16.7% |
|
Net financial position |
20,647 |
|
8,408 |
|
|
5,562 |
|
|
Brescia, March 14, 2022 - The Board of Directors of Cembre S.p.A., – a company listed on the STAR segment of the Milan Stock Exchange and one of the largest European manufacturers of electrical connectors and tools for their installation, met today, chaired by its Chairman and Chief Executive Officer Giovanni Rosani, approved the draft separate financial statements and the consolidated financial statements as at December 31, 2021.
The Board of Directors of Cembre also resolved to propose to the Shareholders’ Meeting called on April 27, 2022 (April 28 on second call, if necessary), the distribution of a €1.20 dividend for each of the shares in circulation according to the following calendar: ex-dividend date May 9, 2022; record date May 10, 2022 and payment date May 11, 2022. The Shareholders’ Meeting will be called to also resolve on the request for the authorisation to purchase and dispose of own shares; for further information on the latter matter, please refer to the next specific paragraph.
Consolidated revenues for 2021 increased by 21.7%, having risen from €137.1 million in 2020 to €166.8 million at the end of 2021 (comparing the figure with revenues for 2019, the increase recorded was 14.0%).
In 2021, Group sales in Italy amounted to €70.4 million, up by 25.8% on the previous year; revenues in the rest of Europe increased by 23.0% to €78.8 million, while sales in non-European markets increased by 3.1%, with revenues equal to €17.6 million. Italy accounted for 42.2% of Group sales (as compared with 40.8% in 2020), with Europe accounting for 47.2% (46.7% in 2020), and the rest of the World the remaining 10.6% (12.5% in 2020).
Consolidated gross operating result in the year came to €45.6 million, representing a 27.3% margin on sales revenues, up 25.6% on €36.3 million in 2020, when it represented a 26.5% margin on sales revenues (+22.9% compared to 2019). The incidence of cost of sales increased compared to 2020, from 30.3% to 33.6%, while the weight of services costs decreased, from 12.4% to 11.9%. Personnel costs also fell from 30.2% to 27.9%. The average number of employees rose from 753 (including 32 employees on short-term contracts) in 2020 to 784 (including 59 employees on short-term contracts) in 2021.
Consolidated operating result amounted to €34.2 million, representing a 20.5% margin on sales revenues, up 35.7% on €25.2 million in the previous year, when it represented a 18.4% margin on sales revenues (+25.8% compared to 2019).
Consolidated pre-tax result amounted to €34.3 million, representing a 20.6% margin on sales, up 37.7% on €24.9 million in 2020, when it represented a 18.2% margin on sales (+27.3% compared to 2019).
Consolidated net result for the year amounted to €25.3 million, representing a 15.2% margin on sales, up 33.4% on 2020, when it amounted to €19.0 million and represented a 13.8% margin on sales (+16.7% compared to 2019).
The consolidated net financial position went from a surplus of €8.4 million at December 31, 2020 to a surplus of €20.6 million at December 31, 2021.
Investments made in the period amounted to €8.1 million in tangible assets (€7.2 million in 2020) and €0.9 million in intangible assets (€0.8 million in 2020).
“The results of the year 2021 are better than those recorded in the year 2020 and when compared to those of the year 2019. We can be satisfied with the income results recorded, with pre-tax profit of 20.6% of revenues, up by 37.7% compared to 2020 and 27.3% over 2019. The Group's progressive sales in the first two months of 2022 were up 30.1%, or €30.2 million. However, it should be noted that sales in May 2021 had been particularly high (at €18.3 million), driven by the post-pandemic recovery. Therefore, it is expected that 2022 progressive sales growth will mark a less pronounced increase from May 2022 than the percentage of progressive growth already marked at the end of February 2022. The Cembre Group did not record significant sales to the Russian and Ukrainian markets. Therefore, the loss of revenues that may result from the current conflict is not significant. Therefore, it can be estimated that the consolidated turnover of the Cembre Group in 2022 will show growth, with a positive economic result forecast.” - commented CEO Giovanni Rosani. “The Group has a solid financial position amounting at December 31, 2021 to a surplus of €20.6 million, remaining stable at February 28, 2022 at €20.5 million. A dividend of €1.20 will be proposed to the Shareholders’ Meeting (the dividend paid for financial year 2020 amounted to €0.90); the proposed dividend corresponds to 79.4% of consolidated net profit” - G. Rosani went on to say.
In 2021, the parent company Cembre S.p.A. recorded sales revenues of €125.7 million, up 23.9% on 2020. Cembre S.p.A.’s operating result increased by 44.4%, from €20.2 million in 2020 to €29.1 million in 2021. Cembre S.p.A.’s pre-tax profit increased by 46.0%, from €21.2 million in 2020 to €31.0 million in 2021. Cembre S.p.A.’s net profit increased from €16.5 million in 2020 to €23.4 million in 2021.
* * * *
Request to the Shareholders’ Meeting for the authorisation to purchase and dispose own shares
At today’s meeting, the Board of Directors resolved to submit to the upcoming Shareholders’ Meeting a request to be authorised to purchase and dispose own shares, based on the prior revocation of the authorisation granted by the Ordinary Shareholders’ Meeting of April 27, 2021 for the part still not used. The proposal aims at providing the Company with strategic investment opportunities to any end allowed by current regulations, including those set forth under article 5 of EU Regulation 596/2014 (Market Abuse Regulation, MAR) and in the permitted procedures set out under article 13, MAR, as well as, where necessary, for the provision of own shares to be allocated to the beneficiaries of the incentive plan pursuant to art. 114-bis of the TUF called “Carlo Rosani Prize for the 50th anniversary of the foundation of the Company”.
The authorization to purchase own shares is requested 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 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 authorisation to dispose own shares is requested without a time limit; the Board resolved to propose that the disposal can take place, among other things, by means of the disposal thereof in favour of the beneficiaries of the incentive plan pursuant to art. 114-bis of Legislative Decree 58/1998 called “Carlo Rosani Prize for the 50th anniversary of the foundation of the Company”, already approved by the Shareholders’ Meeting of April 18, 2019, under the terms, conditions and methods provided therein and, in particular, at the price of €10 per share. A total of 15 executives and middle managers were designated by the Board of Directors as beneficiaries of the Plan.
At the date of the present press release, Cembre holds 236,541 own shares, representing 1.391% of the capital stock of the Company.
* * * *
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 (in Germany, France, Spain and the United States) and a manufacturing and trading subsidiary (Cembre Ltd, with registered office in Birmingham), for a total of 795 employees (data updated as at December 31, 2021). 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: Claudio Bornati (Cembre S.p.A.) 030/36921 claudio.bornati@cembre.com
Further information is available on Cembre’s website, in the Investor Relations section, www.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 - 2021 Financial Statements:
- Consolidated Balance Sheet
- Consolidated Statement of Comprehensive Income
- 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 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 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 Position: it represents the algebraic sum of cash and cash equivalents, financial receivables and current and non-current financial debt.
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