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Claudio Bornati
The Board of Directors of the Brescia-based company approves the draft financial statements and the consolidated financial statements at 12/31/2020
CEMBRE (STAR): The Board proposes a €0.90 dividend per share
Consolidated sales amounted to €137.1 million (-6.3%)
Consolidated net profit amounted to €19.0 million
(Brescia 111th March 2021, h 01.58 pm)
Consolidated net financial position positive for €8.4 million
Ordinary Shareholders' Meeting called on April 27, 2021
The Shareholders' Meeting will be called to also resolve on the renewal of the corporate boards and the request for the authorisation to purchase and dispose of own sh
(euro '000)
Margin %
Consolidated revenues from sales
Consolidated gross operating result
Consolidated operating result
Consolidated pre-tax result
Consolidated net result
Consolidated net financial position
Brescia, March 11, 2021 - The Board of Directors of Cembre S.p.A., – a company listed on the STAR segment of the Milan Stock Exchange and one of the largest European manufacturers of electrical connectors and tools for their installation, met today, chaired by its Chairman and Managing Director Giovanni Rosani, approved the draft separate financial statements and the consolidated financial statements as at December 31, 2020.
The Board of Directors of Cembre also resolved to propose to the Shareholders' Meeting called on April 27, 2021 (April 28 on second call, if necessary), the distribution of a €0.90 dividend for each of the shares in circulation according to the following calendar: ex-dividend date May 17, 2021; record date May 18, 2021 and payment date May 19, 2021. The Shareholders' Meeting will be called to also resolve on the appointment of the Board of Directors and the Board of Statutory Auditors, as well as on the request for the authorisation to purchase and dispose of own shares; for further information on the latter matter, please refer to the next specific paragraph.
In 2020, consolidated revenues fell by 6.3%, down from €146.3 million in 2019 to € 137.1 million at the end of 2020.
In 2020, Group sales in Italy amounted to €56.0 million, down by 4.3% on the previous year; revenues in the rest of Europe decreased by 6.9% to €64.0 million, while sales in non-European markets fell by 10.2% to €17.1 million. Italy accounted for 40.8% of Group sales (as compared with 40.0% in 2019), with Europe accounting for 46.7% (47.0% in 2019), and the rest of the World the remaining 12.5% by (13.0% in 2019).
The Consolidated gross operating result in the year came to €36.3 million, representing a 26.5% margin on sales, down 2.2% on €37.1 million in 2019, when it represented a 25.4% margin on sales. The incidence of cost of sales decreased compared to 2019, from 32.4% to 30.3%, while the weight of services costs fell too, from 13.9% to 12.4%. The weight of Personnel costs rose from 28.5% to 30.2%, despite the decrease in absolute terms, due to the use of Cassa Integrazione (Wages Guarantee Fund) during the period when activities were suspended to contain Covid-19. The average number of employees rose from 744 (including 35 employees on short-term contracts) in 2019 to 753 (including 32 temporary workers) in 2020.
The Consolidated operating result amounted to €25.2 million, representing a 18.4% margin on sales, down 7.3% on €27.2 million in the previous year, when it represented a 18.6% margin on sales.
The Consolidated pre-tax result amounted to €24.9 million, representing a 18.2% margin on sales, down 7.6% on €26.9 million in 2019, when it represented a 18.4% margin on sales.
The Consolidated net result for the year amounted to €19.0 million, representing a 13.8% margin on sales, down 12.5% on 2019, when it amounted to €21.7 million and represented a 14.8% margin on sales.
The net financial position went from a positive balance of €5.6 million at December 31, 2019, to a positive balance of €8.4 million at December 31, 2020, the benefit of lower investments made in 2020 with respect to the previous year.
Investments made in the period amounted to €7.2 million in tangible assets (€10.6 million in 2019) and €0.8 million in intangible assets (€1.1 million in 2019).
"Group sales in the first two months of the year fell by 5.6%, however we can expect to see a recovery from April onwards. Therefore, it is estimated that the consolidated sales of the Cembre Group in 2021 will show growth, with a positive economic result forecast". - the Managing Director Giovanni Rosani commented "the Group has a solid financial position, amounting at December 31, 2020 to a positive €8.4 million, and also remained positive at February 28, 2020, at €8.9 million. A dividend of €0.90 will be proposed to the Shareholders' Meeting (unchanged from the dividend paid for financial year 2019). The proposed dividend corresponds to 79.4% of consolidated net profit" - continued G. Rosani.
In 2020, the parent company Cembre S.p.A. recorded sales revenues of €101.4 million, down 6.8% on 2019. Cembre S.p.A.'s operating result decreased by 10.9%, from €22.7 million in 2019 to €20.2 million in 2020. Cembre S.p.A.'s pre-tax profit decreased by 20.7%, from €26.7 million in 2019 to €21.2 million in 2020. Cembre S.p.A.'s net profit fell from €22.6 million in 2019 to €16.5 million in 2020. This decrease is also due to lower dividends that Cembre S.p.A. collected in 2020 from its subsidiaries totalling €1.4 million, while in 2019 the dividends collected came to €4.3million.
Request to the Shareholders' Meeting for the authorisation to purchase and dispose own shares
At today's meeting, the Board of Directors resolved to submit to the upcoming Shareholders' Meeting a request to be authorised to purchase and dispose own shares, based on the prior revocation of the authorisation granted by the Ordinary Shareholders' Meeting of May 20, 2020 for the part still not used. The proposal aims at providing the Company with strategic investment opportunities to any end allowed by current regulations, including those set forth under article 5 of EU Regulation 596/2014 (Market Abuse Regulation, MAR) and in the permitted procedures set out under article 13, MAR, as well as, where necessary, for the provision of own shares to be allocated to the beneficiaries of the incentive plan pursuant to art. 114-bis of the TUF called "Carlo Rosani Prize for the 50th anniversary of the foundation of the Company".
The authorisation to purchase own shares is requested for a period of 18 months from the date of the Shareholders' Meeting and is intended for the purchase of Cembre ordinary shares of par value €0.52, up to the maximum limit established by current regulations for a consideration that shall not exceed the higher between the price at which the last independent transaction was concluded and the last independent bid price in the market in which the purchase is carried out. For any single purchase, such price per share shall in any case not be more than 20% lower or higher than the closing price registered by Cembre shares on the previous trading day.
The authorisation to dispose own shares is requested without a time limit; the Board resolved to propose that the disposal can take place, among other things, by means of the disposal thereof in favour of the beneficiaries of the incentive plan pursuant to art. 114-bis of Legislative Decree 58/1998 called "Carlo Rosani Prize for the 50th anniversary of the foundation of the Company", already approved by the Shareholders' Meeting of April 28, 2019, under the terms, conditions and methods provided therein and, in particular, at the price of €10 per share. A total of 16 executives and middle managers were designated by the Board of Directors as beneficiaries of the Plan.
At the date of the present press release, Cembre holds 258,041 own shares, representing 1.518% of the capital stock of the Company.
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 759 employees (data updated as at December 31, 2020). 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 on Cembre's website, in the Investor Relations section,www.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 - 2020 Financial Statements:
- Consolidated Balance Sheet
- Consolidated Statement of Comprehensive Income
- Consolidated Statement of Cash Flows
- Balance Sheet of parent company Cembre S.p.A.
- Comprehensive Income Statement of parent company Cembre S.p.A.
- Statement of Cash Flows of parent company Cembre S.p.A.
At the date of the present press release the auditing of the financial statements has not yet been completed.
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 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 Position: it represents the algebraic sum of cash and cash equivalents, financial receivables and current and non-current financial debt.
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Cembre Via Serenissima, 9 - 25135 Brescia - ITALY
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