The Board of Directors approved the Half-yearly Financial Report 2022

Cembre (Euronext STAR): consolidated turnover up +23.4% in the first half-year


(Brescia, 12th September, 2022 h:11.23 am)

  • In the first 6 months, domestic sales were up +27.5% while sales outside Italy grew by +20.4%
  • Net profit for the half-year of 17.4% of revenues (up 24.2% from 2021)
  • As at August 31, 2022, consolidated revenues recorded growth of 21,7% compared to the first eight months of 2021
Consolidated figures

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1st Half



Full year


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Gross operating profit








Operating profit








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Net profit for the period








Net financial position








Brescia, September 12, 2022 - The Board of Directors of Cembre S.p.A., Company listed on the Euronext 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, approved the Half-yearly Financial Report 2022.


In the first six months of 2022, the Group reported consolidated sales of €104.4 million, up 23.4% on €84.5 million in the first half of 2021.

Domestic sales of the Group amounted to €46.4 million, up by 27.5%, while sales outside Italy amounted to €58.0 million, up 20.4%. A total of 44.5% of Group sales were represented by Italy (as compared with 43.0% in the 1st Half of 2021), 45.2% by the rest of Europe (46.8% in the 1st Half of 2021), and the remaining 10.4% by the rest of the World (10.2% in the 1st Half of 2021).

Consolidated gross operating profit (EBITDA) for the first half of 2022 amounted to €30.5 million, representing a 29.2% margin on sales, up 20.9% on the first half of 2021 when it amounted to €25.2 million, representing a 29.8% margin on sales.


The incidence of cost of sales and cost of services increased during the half year, mainly due to the increase in the inflation rate. However, the list price increases introduced in January 2022 made it possible to absorb, at least partially, the increases seen in the various production factors, helping to contain the increase in the incidence of the cost of sales on sales revenues. The cost of electricity in the first half of 2022 was in line with that of the same period in 2021, as Cembre S.p.A. had contractually fixed the price of electricity for the period from July 1, 2021 to June 30, 2022. The new price set for the period from July 1, 2022 to June 30, 2023 has doubled from the previous price.

The incidence of personnel costs is decreasing. However, this cost has increased in absolute terms but less than proportionally to the increase in turnover. The average number of Group employees in the period went from 784 (average figure 2021) to 813.


Consolidated operating profit (EBIT) for first six months of 2022 amounted to €24.6 million, representing a 23.6% margin on sales, up 25.8% on €19.6 million in the first six months of last year, when it represented a 23.2% margin on sales.


Consolidated profit before taxes amounted to €24.7 million, representing a 23.6% margin on sales, up by 25.4% on €19.7 million in the first half of 2021, when it represented a 23.3% margin on sales.


Net income for the period reached €18.2 million, up by 24.2% from €14.7 million in the same period of last year. The percentage incidence of net profit on turnover therefore represents 17.4% of sales, compared to 17.3% in the first half of 2021.


The consolidated net financial position went from a surplus of €20.6 million as at December 31, 2021 to a loss of €0.3 million as at June 30, 2022, reflecting the effects of the payment of dividends of €20.1 million by the Parent company and capital expenditure amounting to €5.1 million. At June 30, 2021, the net financial position was equal to a surplus of €1.3 million.


Capital expenditure in the period amounted to €5.1 million and consisted primarily of investments in plant and equipment. In the same period of 2021 they amounted to €5.3 million.


"Revenues for the first 6 months show good growth, marking an increase of 23.4% compared to the first 6 months of 2021, profit margins also remained satisfactory despite the recent inflationary pressure. The consolidated revenues at the end of August 2022 show growth of 21.7% compared to the first eight months of FY 2021." - commented Chair 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 812 employees (data updated as at June 30, 2022). 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 Euronext STAR section since September 24, 2001.





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.


Attachments - Interim Financial Report 2022:

-        Consolidated Balance Sheet

-        Consolidated Statement of Comprehensive Income

-        Consolidated Cash Flow Statement


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


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