Cembre

Board approves interim Report on the 1st Half of 2017

Cembre (STAR): consolidated sales up 6.2% in the 1st Half of 2017

14/09/2017

(Brescia, 14th September 2017, 10:53 a.m.)

  • In the 1st Half of 2017 domestic sales grew by 10.3% while exports increased by 3.5% on the corresponding period in 2016.
  •  Capital expenditure for the 1st Half of 2017 amounted to €6.7 million.
  • The net financial position at August 31, 2017, was equal to a surplus of €18.7 million while sales for the first eight months of the year were up by 7.5% on the corresponding period in 2016.
Consolidated figures

1st Half

 

1st Half

 

 

Full year

 

(€’000)

2017

Sales margin %

2016

Sales margin %

Change

2016

Sales margin %

Sales

66,596

100

62,685

100

6.2%

122,605

100

Gross operating profit

17,336

26.0

15,210

24.3

14.0%

30,025

24.5

Operating profit

14,227

21.4

12,294

19.6

15.7%

24,095

19.7

Pre-tax profit

14,222

21.4

12,194

19.5

16.6%

24,059

19.6

Net profit

10,150

15.2

8,510

13.6

19.3%

16,927

13.8

Net financial position

14,583

 

14,548

 

 

26,666

 

 

Brescia, September 14, 2017 – The Board of Directors of Cembre Spa – 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 Report on the 1st Half of 2017.

 

In the first six months of 2017, the Group reported consolidated sales of €66.6 million, up 6.2% on €62.7 million in the corresponding period in 2016.

In the 1st Half of 2017, domestic sales amounted to €28.1 million, up 10.3% on the 1st Half of 2016, while sales outside Italy amounted to €38.5 million, up 3.5%. A total of 42.1% of Group sales were represented by Italy (as compared with 40.6% in the 1st Half of 2016), 42.1% by the rest of Europe (41.9% in the 1st Half of 2016), and the remaining 15.8% by the rest of the World (17.5% in the 1st Half of 2016).

 

Consolidated gross operating profit for the 1st Half of 2017 amounted to €17.3 million, representing a 26.0% margin on sales, up 14.0% on the corresponding period in 2016 when it amounted to €15.2 million, representing a 24.3% margin on sales.

In 1st Half of 2017 the cost of goods sold and personnel costs as a percentage of sales declined slightly despite the fact that the average number of employees increased in the period from 659 to 680.

 

Consolidated operating profit for the period amounted to €14.2 million, representing a 21.4% margin on sales, up 15.7% on €12.3 million in the 1st Half of 2016, when it represented a 19.6% margin on sales.

 

Consolidated profit before taxes amounted to €14.2 million, representing a 21.4% margin on sales, up 16.6% on €12.2 million in the 1st Half of 2016, when it represented a 19.5% margin on sales.

 

Net profit for the first six months of 2017 amounted to €10.2 million, up 19.3% on €8.5 million in the 1st Half of 2016. The margin on sales amounted to 15.2%, as compared with 13.6% in the 1st Half of 2016.

 

Capital expenditure in the 1st Half of 2017 amounted to €6.7 million and consisted primarily in investments in plant and equipment. In the 1st Half of 2016 they amounted to €2.7 million.

 

The consolidated net financial position at June 30, 2017 amounted to a surplus of €14.6 million, in line with June 30, 2016, when it was equal to a surplus of €14.5 million, while at December 31, 2016 it amounted to a surplus of €26.7 million. In the 1st Half of 2017, the Company paid out €11.8 million in dividends, against €7.8 million in the corresponding period in 2016.

 

“Cembre closes the 1st Half of 2017 reporting a growth in consolidated turnover of 6.2%. Sales through the end of August show a 7.5% growth on the corresponding period in 2016. We thus expect to close 2017 with an overall increase in consolidated sales and a further improvement in the sales margin – commented Cembre’s Chairman and Managing Director Giovanni Rosani. “The Group’s financial position continues to be solid and amounted at August 31, 2017 to a surplus of €18.7 million.” continued 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. 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 subsidiaries (Cembre Ltd. in Birmingham, U.K), for a total workforce of 696 as of June 30, 2017. 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:

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 June 30, 2017:

-       Consolidated Balance Sheet

-       Consolidated Comprehensive Income Statement

-       Consolidated Statement of Cash Flows

 

 

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.

 

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