Cembre

The Board of Directors approves the Financial Statements of Cembre S.p.A. and the Consolidated Financial Statements at December 31, 2011

Consolidated sales up 9.7% on 2010

14/03/2012

  • The Board proposes a €0.16 dividend per share
  • The net financial position at the end of the year amounted to €2.3 million, after €16.6 million of capital expenditure
  • Shareholders' Meeting called on April 27, 2012

 

Consolidated figures
(€ ‘000)
2010 marg. % 2009 marg. % var.%
Consolidated Sales
103.028 100 93.934 100 9,7
Consolidated Gross operating profit
20.228 19,6 20.170 21,5 0,3
Consolidated Operating profit
17.291 16,8 17.379 18,5 -0,5
Consolidated Pre-tax profit
17.389 16,9 17.436 18,6

-0,3

Consolidated net profit
11.400 11,1 11.340 12,1 0,5
Consolidated net financial position
2.275   13.669    

 

Brescia, March 14, 2012 - The Board of Directors of Cembre S.p.A. – a STAR segment listed company and one of the largest European producers of electrical connectors and tools for their installation – approved at today's meeting chaired by its Chairman and Managing Director Giovanni Rosani the Statutory Accounts of Cembre S.p.A. and the Consolidated Financial Statements at December 31, 2011.

 

The Board of Directors also resolved to propose to the Ordinary Shareholders' Meeting called on April 27, 2012, the distribution of a €0.16 dividend for each of the shares in circulation. The exdividend date is May 14, 2012, while dividends will be paid out from May 17, 2012 against the presentation of coupon no.15. The Shareholders' Meeting is also called to appoint a new Board of Directors and Board of Statutory Auditors.

 

In 2011, consolidated revenues amounted to €103 million, up 9.7% on €93.9 million in 2010. In the 4th Quarter, consolidated sales declined by 4.1% to €25.4 million, down from €26.5 million in the 4th Quarter of 2010.
In the year, consolidated domestic sales amounted to €44.8 million, up 8.2% on the previous year, while exports grew by 10.9% to €58.2 million. In 2011, a total of 43.5% of sales were represented by Italy (44.1% in 2010), 42.6% by the rest of Europe (42.9% in 2010) and 13.9% by the rest of the world (13% in 2010).

 

Consolidated gross operating profit amounted in 2011 to €20.23 million, representing a 19.6% margin on sales, up 0.3% on €20.17 million in 2010, when it represented a 21.5% margin on sales.
The cost of goods sold as a percentage of sales remained stable, while the cost of services and personnel as a percentage of sales increased, partly as the result of the growth of personnel from 548 to 591.

 

Consolidated operating profit (Ebit) for 2011 amounted to €17.29 million, representing a 16.8% margin on sales, down 0.5% on €17.38 million in 2010, when it represented an 18.5% margin on sales.

 

Consolidated profit before taxes for 2011 amounted to €17.39 million, representing an 16.9% margin on sales, down 0.3% on €17.44 million in 2010, when it represented an 18.6% margin on sales.

 

Consolidated net profitfor the year amounted to €11.40 million, representing an 11.1% margin on sales, up 0.5% on 2010, when it amounted to €11.34 million and represented a 12.1% margin on sales.

 

The net financial position declined from a surplus of €13.7 million at December 31, 2010 to a surplus of €2.3 million at the end of December 2011 as a result of the strong capital expenditure for the year, amounting to €16.6 million.

 

"Cembre closed the 2011 financial year reporting a 9.7% growth in sales and a net profit in line with 2010. Sales for the first two months of 2012 show however a decline of about 3.8% on the first two months of 2011 due primarily to the stagnation of the Italian and Spanish markets – commented Cembre's Managing Director, Giovanni Rosani. In this framework, we expect sales for 2012 to grow slightly on the previous year, as we believe that the market situation will recover in the second half of the year".
"The Group has a solid financial position – that at the end of 2011 amounted to a surplus of €2.3 million – declining as a result of the strong capital expenditure made in the year amounting to €16.6 million
– continued the Managing Director. The financial position at the end of February amounted to a deficit of €0.2 million. To retain prudentially part of the financial resources generated in the Company, the Board of Directors resolved to propose to the Shareholders' Meeting the distribution of a €0.16 dividend per share for the 2011 financial year".

 

Parent company Cembre S.p.A. closed the 2011 financial year reporting sales of €80.6 million, up 10.7% on 2010. Operating profit for 2011 declined instead by 3.1% to €12.8 million, down from €13.2 million in 2010. Net profit of the parent company amounted to €9.2 million, up 0.4% on €9.16 million in 2010. In 2011 the parent company received €0.9 million in dividends from its subsidiaries, while in the previous year these amounted to €0.6 million.

 

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 seven subsidiaries: five trading companies (in Germany, France, Spain, the United States and Norway) and two manufacturing and trading subsidiaries (Cembre Ltd. in Birmingham, U.K. and General Marking S.r.l. in Bergamo), for a total workforce of 591 as of December 2011. 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.

 

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

 

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 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.

 

At the date of the present press release the auditing of the 2011 financial statements has not yet been completed.

 

 

Contact:

Ferruccio Peroni (Peroni e Vitale comunicazioni)

Mob. 335/6974871

f.peroni@peronicomunicazione.it

 


For further information please contact Mr. Claudio Bornati

Cembre S.p.A. - Tel. +3903036921 - claudio.bornati@cembre.com

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