Cembre

The Board of Directors has approved the Interim Report on Operations as at September 30, 2022

Cembre (Euronext STAR): consolidated turnover up +19.9% in the first nine months of the year compared to the first nine months of 2021

14/11/2022

(Brescia, November 14, 2022 h 11:39 am)

  • In the first 9 months, domestic sales were up +21.4% while sales outside Italy grew by +18.7% compared to the same period of 2021
  • Pre-tax profit of 22.1% of revenues (up by 20.8% compared to 2021)
  • As at October 31, 2022, consolidated revenues recorded growth of 19.4% compared to the first ten months of 2021

(euro ‘000)

1/1-9/30 2022

Marg.%

1/1-9/30 2021

Marg.%

change

3rd Qtr. 2022

Marg.%

3rd Qtr. 2021

Marg.%

change

Revenues from sales

148,978

100

124,285

100

19.9%

44,619

100

39,738

100

12.3%

Gross operating profit (Ebitda)

41,723

28.0

35,571

28.6

17.3%

11,218

25.1

10,346

26.0

8.4%

Operating profit (Ebit)

32,823

22.0

27,072

21.8

21.2%

8,175

18.3

7,476

18.8

9.3%

Profit before taxes

32,938

22.1

27,263

21.9

20.8%

8,266

18.5

7,587

19.1

8.9%

Net profit

24,325

16.3

20,205

16.3

20.4%

6,133

13.7

5,555

14.0

10.4%

Net financial position

11,013

 

15,287

 

 

 

 

 

 

 

 

Brescia, November 14, 2022 - The Board of Directors of Cembre S.p.A., company listed on the Star segment of the Italian Stock Exchange, one of the largest European manufacturers of electrical connectors and tools for their installation – chaired by its Chairman and Managing Director Giovanni Rosani, met today in Brescia, and approved the interim report on operations as at September 30, 2022.

 

In the first nine months of 2022, the Group reported consolidated revenues from sales of €149.0 million, up 19.9% from €124.3 million in the first nine months of 2021.

Domestic sales of the Group amounted to €64.4 million, up by 21.4%, while sales outside Italy amounted to €84.6 million, up 18.7%. In the first nine months of the year, a total of 43.2% of Group sales were represented by Italy (as compared with 42.7% in the first nine months of 2021), 46.6% by the rest of Europe (47.2% in the first nine months of 2021), and the remaining 10.2% by the rest of the World (10.1% in the first nine months of 2021).

 

Consolidated gross operating profit (EBITDA) for the first nine months of 2022 amounted to €41.7 million, representing a 28.0% margin on sales, up 17.3% on the first nine months of 2021 when it amounted to €35.6 million, representing a 28.6% margin on sales.

The incidence of cost of sales and cost of services increased during the period, mainly due to the increase in the inflation rate. However, the list price increases introduced in January 2022 made it possible to absorb, at least partially, the increases seen in the various production factors, helping to contain the increase in the incidence of the cost of sales on sales revenues.

Personnel costs in absolute terms in the first nine months of 2022 increased by 10.1% compared to the same period of the previous year, mainly as a result of the increase in the average number of Group workers from 780 in the first nine months of 2021 to 818 in the first nine months of 2022. However, despite this increase in absolute value, personnel costs as a percentage of turnover decreased from 27.6% to 25.4%.

 

Consolidated operating profit (EBIT) for first nine months of 2022 amounted to €32.8 million, representing a 22.0% margin on sales, up 21.2% on €27.1 million in the first nine months of last year, when it represented a 21.8% margin on sales.

 

Consolidated profit before taxes amounted to €32.9 million, representing a 22.1% margin on sales, up by 20.8% on €27.3 million in the first nine months of 2021, when it represented a 21.9% margin on sales.

 

Net income for the period reached €24.3 million, up by 20.4% from €20.2 million in the same period of last year. The percentage incidence of net profit on turnover therefore represents 16.3%, in line with the same period of 2021.

 

The consolidated net financial position went from a surplus of €20.6 million as at December 31, 2021 to a surplus of €11.0 million as at September 30, 2022, reflecting the effects of the payment of dividends of €20.1 million by the Parent Company, capital expenditure amounting to €8.3 million and a considerable rise of inventories. At September 30, 2021, the net financial position was equal to a surplus of €15.3 million.

 

Capital expenditure in the period amounted to €8.3 million and consisted primarily of investments in plant and equipment. In the same period of 2021 they amounted to €7.0 million.

 

"Revenues for the first 9 months rose by 19.9%, showing good growth compared to the first 9 months of 2021; despite the recent inflationary pressure, profit margins also remained satisfactory, in fact, consolidated profit before taxes of the first nine months amounted to €32.9 million, representing a 22.1% margin on sales. The consolidated revenues at the end of October 2022 show growth of 19.4% compared to the first ten months of FY 2021." - commented Chair 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 (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 839 employees (data updated as at September 30, 2022). 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 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.

 

Consolidated financial statements relating to the Interim report on operations as at September 30, 2022 attached.

 

In this 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 recommendations 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.

 

This Interim Report on Operations has not been audited.

 

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notes and legal information

Cembre Via Serenissima, 9 - 25135 Brescia - ITALY
© Copyright 2022 Cembre S.p.A.

CODICE FISCALE – P.IVA: 00541390175
ISCRIZIONE AL REGISTRO DELLE IMPRESE: n. 00541390175 Brescia
CAPITALE SOCIALE: € 8.840.000 i.v.