Cembre

Board approves the Interim Report at September 30, 2017

Cembre (a STAR listed company): in the first nine months of 2017
consolidated turnover grew by 7.8%
net financial position at september 30, 2017
amounted to a surplus of €20.4 million

14/11/2017

(Brescia, 14th November 2017, 10:56 a.m.)

  • Consolidated sales for the first nine months of 2017 grew by 7.8% worldwide, with domestic sales and exports up respectively by 11.0% and 5.6% 
  • Capital expenditure for the first nine months of 2017 amounted to €9.3 million
  • Sales for the first ten months of 2017 grew by 8.3%, while the net financial position at October 31st amounted to a surplus of €22.6 million

(€’000)

First nine months 2017

Sales margin

First nine months

2016

Sales margin

% change

3rd Qtr. 2017

Sales margin

3rd Qtr. 2016

Sales margin

% change

 

 

%

 

%

 

 

 

 

 

 

Sales

97,555

100

90,518

100

7.8%

30,959

100

27,833

100

11.2%

Gross operating profit (Ebitda)

25,292

25.9

22,237

24.6

13.7%

7,956

25.7

7,027

25.2

13.2%

Operating profit (Ebit)

20,564

21.1

17,824

19.7

15.4%

6,337

20.5

5,530

19.9

14.6%

Profit before taxes

20,182

20.7

17,770

19.6

13.6%

5,960

19.3

5,576

20.0

6.9%

Net profit

14,416

14.8

12,716

14.0

13.4%

4,266

13.8

4,206

15.1

1.4%

Net financial position

20,363

 

23,122

 

 

 

 

 

 

 

 

Brescia, November 14, 2017 - The Board of Directors of Cembre Spa – a company listed in the STAR segment of the Milan Stock Exchange 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 3rd Quarter of 2017.

 

Consolidated sales for the first nine months of 2017 grew by 7.8% on the corresponding period in 2016, up from €90.5 million to €97.6 million. In the 3rd Quarter of 2017, consolidated revenues grew by 11.2% on the 3rd Quarter of 2016 from €27.8 million to €31.0 million.

 

In the first nine months of 2017, 41.8% of Group sales were represented by Italy (as compared with 40.6% in the first nine months of 2016), 42.0% by the rest of Europe (42.9% in the first nine months of 2016), and the remaining 16.2% by the rest of the World (16.5% in the first nine months of 2016).

Consolidated domestic sales grew in the period by 11.0% while exports grew by 5.6%.

 

Consolidated gross operating profit (Ebitda) for the first nine months of 2017 amounted to €25.3 million, corresponding to a 25.9% margin on sales, up 13.7% from €22.2 million reported in the first nine months of 2016, representing a 24.6% margin on sales.

Gross operating profit for the 3rd Quarter of 2017 grew by 13.2% on the 3rd Quarter of 2016.

 

Consolidated operating profit (Ebit) for the first nine months of 2017 amounted to €20.6 million, a 21.1% margin on sales, up 15.4% on €17.8 million in the first nine months of 2016, when it represented a 19.7% margin on sales.

Consolidated operating profit for the 3rd Quarter of 2017 amounted to €6.3, a 20.5% margin on sales, up 14.6% on €5.5 million in the corresponding period in the previous year, when it represented a 19.9% margin on sales.

 

Consolidated profit before taxes for the first nine months of 2017 amounted to €20.2 million, representing a 20.7% margin on sales, up 13.6% on the profit before taxes reported in the first nine months of 2016, amounting to €17.8 million and corresponding to a 19.6% margin on sales.

Profit before taxes for the 3rd Quarter of 2017 amounts to €6.0 million, corresponding to a 19.3% margin on sales, up 6.9% on €5.6 million in the 3rd Quarter of 2016, when it amounted to a 20.0% margin on sales.

 

Consolidated net profit for the first nine months of 2017 amounted to €14.4 million, representing a 14.8% margin on sales, up 13.4% on €12.7 million in the first nine months of 2016, when it represented a 14.0% margin on sales.

Net profit for the 3rd Quarter of 2017 amounted to €4.3 million, representing a 13.8% margin on sales, up 1.4% on €4.2 million in the 3rd Quarter of 2016, when it represented a 15.1% margin on sales.

 

Net profit was positively affected by the €502 thousand capital gain reported in September 2017 by Spanish subsidiary Cembre España S.L.U. on the sale of the industrial building located in Coslada (Madrid) formerly hosting the subsidiary’s operations; the capital gain is classified in the Income Statement under other non-recurrent income.

 

The consolidated net financial position at September 30, 2017 amounted to a surplus of €20.4 million, improving on June 30, 2017, when it amounted to a surplus of €14.6 million. The consolidated net financial position at September 30, 2016 amounted to a surplus of €23.1 million.

 

Capital investments in the first nine months of 2017 amounted to €9.3 million, up strongly on the corresponding period in 2016 when they amounted to €4.3 million.

 

“In the first nine months of 2017 consolidated sales grew by 7.8% on the corresponding period in 2016 while sales for the ten months to the end of October 2017 grew by 8.3% on the corresponding period in 2016. We expect therefore to close 2017 reporting both an increase in turnover and in profits over the previous year” – commented the Chairman and Managing Director, Giovanni Rosani. In the first nine months of the year we invested €9.3 million while the net financial position continues to be solid, amounting at October 31, 2017 to a surplus of €22.6 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 a trading subsidiary (Cembre Ltd. in Birmingham, U.K.), for a total workforce of 698 as of September 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:

Claudio Bornati (Cembre S.p.A.)       +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 September 30, 2017

 

In the present press release use is made of certain alternative performance indicators that are not envisaged in IFRS-EU accounting principles, and whose significance and content are illustrated below, in line with the CESR/05-178b recommendation 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 before depreciation, amortization and write-downs, cash flow from financial activities and taxes.

Operating profit (EBIT): defined as the difference between Gross operating profit and the value of depreciation, amortization and write-downs. It represents the profit achieved before financial activities and taxes.

Net financial position: represents the algebraic sum of cash and cash equivalents, financial receivables and current and non-current financial debt.

 

The present Interim Report for the 3rd Quarter of 2017 has not been audited.

 
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