The Board of Directors approved the Interim Report as at March 31, 2020

Cembre (STAR): consolidated sales down in the first quarter (-5.1%)


(Brescia, 14th May 2020, h 11:56 am)

  • Sales fell by 6.5% in Italy and 4.1% abroad in the first three months 
  • As at April 30, 2020, consolidated revenues recorded a drop of 16.6% compared to the first 4 months of 2019
  • Net consolidated financial position at April 30, 2020 was a surplus of €5.5 million


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1st Quarter




1st Quarter 2019




Revenues from sales






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Operating profit






Profit before taxes






Net Profit






Net financial position







Brescia, May 14, 2020 – The Board of Directors of Cembre, which met today in Brescia, chaired by the Chairman and Managing Director Giovanni Rosani, approved the results of the first quarter of 2020.


Consolidated revenues from sales fell by 5.1% compared to the first quarter of 2019, down from €38.4 million to €36.5 million, due also to the first effects of the economic slowdown, as a result of the health emergency linked to the COVID-19 epidemic.

In the first three months of 2020, domestic sales, amounting to €14.3 million, fell by 6.5%, while exports, amounting to €22.1 million, dropped by 4.1%.

In the first quarter of 2020, 39.3% of sales were represented by Italy, 47.8% by the rest of Europe and 12.9% by the rest of the world.


The consolidated gross operating result (EBITDA) fell by 5.9% in the first quarter, down from €10.5 million, equal to 27.3% of sales in the first quarter of 2019, to €9.9 million, equal to 27.1% of sales in the first quarter of 2020. Both the incidence of the cost of goods sold and the weight of the cost for services fell during the period. Personnel costs rose compared to the first quarter of 2019, due to the increase in the average number of Group employees in the period, up from 730 to 754.


Consolidated operating profit (EBIT) amounted to €7.2 million in the first quarter of 2020, representing a 19.7% margin on sales, down 11.6% on €8.1 million in the first three months of the previous year, when it represented a 21.2% margin on sales.


Consolidated profit before taxes for the first three months of 2020 was equal to €7.2 million, representing a 19.8% margin on sales, down 11.6% on €8.2 million in the three months of 2019, when it represented 21.3% of sales.


Consolidated net profit for the first quarter of 2020 was equal to €5.3 million, representing a 14.4% margin on sales, down 16.1% on €6.3 million in the first quarter of 2019, when it represented 16.3% of sales.


The consolidated net financial position went from a surplus of €3.1 million at March 31, 2019 to a surplus of €4.7 million at March 31, 2020. At December 31, 2019, the net financial position was equal to a surplus of €5.6 million. We should point out that, from January 1, 2019, the Group applied IFRS 16 for the accounting of leases, which involved the recognition of current and non-current financial payables for leases. Without the application of IFRS 16, the net financial position as March 31, 2020 would have been a positive €10.9 million; as at December 31, 2019, it would have come to a positive €11.9 million, while as at March 31, 2019, it would have been a positive €9.8 million.


Capital expenditure for the first quarter of 2020 by the Group amounted to €1.9 million, down on the corresponding period in 2019 when it amounted to €2.5 million.


“During the lock-down period, Cembre Spa halted part of its production, but kept its shipping active, in order to continue to provide products to customers operating in essential sectors, including, for example, rail transport and electricity distribution. The automated warehouse at the central Brescia headquarters proved useful, which guaranteed not only efficient deliveries, but also the safety of workers, who, thanks to the high level of automation, can always keep themselves properly distanced. As a result of the aforementioned slowdown of activities, consolidated turnover in April was heavily penalised; in fact, a reduction of 51.7% was recorded compared to April 2019, meaning consolidated revenues for the first 4 months of 2020 fell by 16.6% compared to the same period in 2019.

Cembre S.p.A. fully restarted production activities in all departments and re-opened all offices on May 4, 2020, adopting the precautionary measures and restrictions prescribed by the specific legislation for the protection of its employees.

In consideration of the current situation, making forecasts is extremely difficult. In any case, it is estimated that Cembre Group revenues will fall in 2020, with a subsequent drop in profit margins. The Group's net financial position as at April 30, 2020 was confirmed as a positive €5.5 million; in addition, without considering the application of IFRS 16, which concerns the accounting of leases, this net financial position as at April 30, 2020 would have been a positive €11.6 million”, stated Cembre’s Managing Director Giovanni Rosani.


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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 six subsidiaries: five trading companies (2 in Germany, 1 in France, Spain and the United States) and one manufacturing and trading subsidiary (Cembre Ltd., in Birmingham, U.K.), for a total workforce of 752 (figure updated as of March 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.




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


Attachments: Financial Statements at March 31, 2020


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 this present 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 recommendation 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 Position: represents 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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