Cembre

The Board of Directors has approved the Interim Report on Operations as at September 30, 2021

Cembre (STAR): consolidated turnover up in the first nine months (+26.0% compared to the first nine months of 2020 and +12.7% over the first nine months of 2019)

11/11/2021

(Brescia, 11th November 2021, h: 11.00 am)

  • In the first 9 months, domestic sales were up +36.2% while sales outside Italy grew by +19.3% compared to the same period of 2020
  • Pre-tax profit of 21.9% of revenues (up by 71.5% compared to 2020 and 28.4% over 2019)
  • As at October 31, 2021, consolidated revenues rose by 22.0%  compared to the first 10 months of 2020, and 11.4% when compared to the first 10 months of 2019
 

(euro ‘000)

1/1-9/30 2021

Marg.%

1/1-9/30 2020

Marg.%

change

3rd Qtr. 2021

Marg.%

3rd Qtr. 2020

Marg.%

change

Revenues from sales

124,285

100

98,655

100

26.0%

39,738

100

33,999

100

16.9%

Gross operating profit (Ebitda)

35,571

28.6

24,113

24.4

47.5%

10,346

26.0

8,535

25.1

21.2%

Operating profit (Ebit)

27,072

21.8

15,953

16.2

69.7%

7,476

18.8

5,751

16.9

30.0%

Profit before taxes

27,263

21.9

15,901

16.1

71.5%

7,587

19.1

5,702

16.8

33.1%

Net profit

20,205

16.3

11,895

12.1

69.9%

5,555

14.0

4,295

12.6

29.3%

Net financial position

15,287

 

3,724

 

 

 

 

 

 

 

 

Brescia, November 11, 2021 - 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, 2021.

 

In the first nine months of 2021, the Group reported consolidated revenues from sales of €124.3 million, up 26.0% from €98.7 million in the first nine months of 2020; revenues rose by 12.7% also compared to those recorded in the first nine months of 2019.

Domestic sales of the Group amounted to €53.1 million, up by 36.2%, while sales outside Italy amounted to €71.2 million, up 19.3%. In the first nine months of the year, a total of 42.7% of Group sales were represented by Italy (as compared with 39.5% in the first nine months of 2020), 47.2% by the rest of Europe (47.5% in the first nine months of 2020), and the remaining 10.1% by the rest of the World (13.0% in the first nine months of 2020).

 

Consolidated gross operating profit (EBITDA) for the first nine months of 2021 amounted to €35.6 million, representing a 28.6% margin on sales, up 47.5% on the first nine months of 2020 when it amounted to €24.1 million, representing a 24.4% margin on sales. This result also marks an increase of 24.1% compared to the first nine months of 2019.

The incidence of the cost of sales rose during the period, while both the incidence of the cost of services and the incidence of personnel costs fell, the latter up in absolute terms but by a smaller amount that the increase in turnover. The average number of Group employees in the period went from 754 to 780.

 

Consolidated operating profit (EBIT) for first nine months of 2021 amounted to €27.1 million, representing a 21.8% margin on sales, up 69.7% on €16.0 million in the first nine months of last year, when it represented a 16.2% margin on sales. This result also rose by 26.7% compared to the first nine months of 2019.

 

Consolidated profit before taxes amounted to €27.3 million, representing a 21.9% margin on sales, up by 71.5% on €15.9 million in the first nine months of 2020, when it represented a 16.1% margin on sales. This result also marks an increase of 28.4% compared to the first nine months of 2019.

 

Net income for the period reached €20.2 million, up by 69.9% from €11.9 million in the same period of last year. The percentage incidence of net profit on turnover therefore represents 16.3% of sales, compared to 12.1% in the same period of 2020. The net profit is up 21.5% also compared to the first nine months of 2019.

 

The consolidated net financial position went from a surplus of €8.4 million as at December 31, 2020 to a surplus of €15.3 million as at September 30, 2021, reflecting the effects of the payment of dividends of €15 million by the Parent company and capital expenditure amounting to €7.0 million. At September 30, 2020, the net financial position was equal to a surplus of €3.7 million.

 

Capital expenditure in the period amounted to €7.0 million and consisted primarily of investments in plant and equipment. In the same period of 2020 they amounted to €5.3 million.

 

For a better understanding of the Group’s performance in the first nine months of 2021, the comparison with the results of the first nine months of 2019 is provided below.

 

 

 

 

 

Consolidated figures

1/1-30/9

 

1/1-30/9

 

 

(euro ‘000)

2021

Marg.%

2019

Marg.%

change

Revenues from sales

124,285

100

110,306

100

12.7%

 

 

 

 

 

 

Gross operating profit

35,571

28.6

28,661

26.0

24.1%

Operating profit

27,072

21.8

31,374

19.4

26.7%

Profit before taxes

27,263

21.9

21,239

19.3

28.4%

Net profit for the period

20,205

16.3

16,633

15.1

21.5%

Net financial position

15,287

 

1,040

 

 

 

 

“The results of the first nine months of 2021 are better than those recorded in the first nine months of 2020 and when compared to those of the first nine months of 2019. We can be satisfied with the income results recorded, with pre-tax profit of 21.9% of revenues, up by 71.5% compared to 2020 and 28.4% over 2019. Consolidated revenues at the end of October 2021 recorded growth of 22.0%, and also an improvement of 11.4% compared to the same period in 2019. These results allow us to forecast, with a reasonable degree of certainty, growth in turnover and in all profit margins of the Group at the end of the year” stated Cembre’s Chairman and 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 (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 797 employees (data updated as at September 30, 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 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 relating to the Interim report on operations as at September 30, 2021 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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Cembre Via Serenissima, 9 - 25135 Brescia - ITALY
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CODICE FISCALE – P.IVA: 00541390175
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CAPITALE SOCIALE: € 8.840.000 i.v.