The Board of Directors approved the interim report on operations as at March 31, 2023

Cembre (STAR): consolidated sales up in the first quarter (18.8%)


(Brecsia 15th May, 2023 h 11.48 am)

  • Sales rose by 15.6% in Italy and 21.3% abroad in the first three months
  • As at April 30, 2023, consolidated revenues recorded growth of 18.4% compared to the first four months of 2022
  •  The Board resolved the start of a share buy-back programme.


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Brescia, May 15, 2023 – The Board of Directors of Cembre S.p.A., which met today in Brescia, chaired by the Chairman and Managing Director Giovanni Rosani, approved the results of the first quarter of 2023.


Compared with the first quarter of 2022, consolidated revenues grew by 18.8%, from €48.6 million to €57.8 million. In the first three months of 2023, domestic sales, amounting to €24.8 million, grew by 15.6%, while exports, amounting to €33.0 million, grew by 21.3%.

In the first quarter of 2023, 42.9% of sales were represented by Italy, 46.9% by the rest of Europe and 10.2% by the rest of the world.


The consolidated gross operating result (EBITDA) rose by 28.6% in the first quarter, up from €13.8 million, equal to 28.4% of sales in the first quarter of 2022, to €17.8 million, equal to 30.7% of sales in the first quarter of 2023. The incidence of the cost of goods sold declined, while the weight of the cost for services rose during the period. Personnel costs in absolute terms increased by 12.8% compared to the first quarter of 2022, mainly as a result of the increase in the average number of Group workers from 810 in the first quarter of 2022 to 834 in the first quarter of 2023. However, personnel costs as a percentage of turnover decreased from 25.6% to 24.3%.


Consolidated operating profit (EBIT) amounted to €14.7 million in the first quarter of 2023, representing a 25.4% margin on sales, up by 34.0% on €10.9 million in the first three months of the previous year, when it represented a 22.5% margin on sales.


Consolidated profit before taxes for the first three months of 2023 was equal to €14.7 million, representing a 25.5% margin on sales, up by 34.2% on €11.0 million in the three months of 2022, when it represented 22.6% of sales.


Consolidated net profit for the first quarter of 2023 was equal to €10.9 million, representing a 18.8% margin on sales, up by 31.8% on €8.2 million in the first quarter of 2022, when it represented 16.9% of sales.


The consolidated net financial position went from a surplus of €16.6 million at March 31, 2022 to a surplus of €10.7 million at March 31, 2023. At December 31, 2022, the net financial position was equal to a surplus of €14.6 million. Short-term financial debt does not include payables due to shareholders of €23.5 million for dividends for the 2022 financial year (similar to the last year, for €20.1 million), payable to shareholders on May 10, 2023, as resolved by the Shareholders’ Meeting on April 27, 2023.


Capital expenditure for the first quarter of 2023 by the Group amounted to €3.9 million, up on the corresponding period in 2022 when it amounted to €2.5 million.


“The Cembre Group's consolidated revenues in the first three months of 2023 amounted to €57.8 million, up 18.8% compared to the same period of last year. The month of April 2023 also performed well, bringing the Group's progressive sales in the first four months of 2023 to €76.5 million, marking a growth of 18.4% over the first four months of 2022. Despite the uncertainties characterising the economic situation, the Cembre Group's consolidated revenues are expected to grow in 2023 and the economic result is expected to be positive.” - commented CEO Giovanni Rosani.



The Board resolved the start of a share buy-back programme


The Board of Directors approved the launch of a share buy-back programme as a result of the authorisation to purchase and sell own shares resolved by the Shareholders’ Meeting on April 27, 2023 and the conclusion of the programme initiated on April 27, 2022.


This programme represents a useful strategic investment opportunity for all purposes allowed by current regulations, including those set forth in article 5 of EU Regulation no. 596/2014 (Market Abuse Regulation, MAR) and in the procedures allowed under article 13 of the MAR, as well as, where necessary, for the provision of own shares to be allocated to beneficiaries of the incentive plan known as “Premio Carlo Rosani per i 50 anni dalla fondazione della Società” approved by the Shareholders’ Meeting on April 18, 2019 - with the following characteristics in compliance with the resolution passed by the aforementioned Shareholders’ Meeting.

-          the number of ordinary shares of par value €0.52 purchased may not exceed 5% of the share capital, for a maximum number of own shares in portfolio equal to 850,000 ordinary Cembre S.p.A. shares and for a total consideration that shall not exceed €25,000,000;

-          the purchase must take place on a market regulated pursuant to article 144-bis, par. 1, letter b), of Consob Regulation 11971/1999 and other applicable regulations, so as to ensure the equal treatment of shareholders as per article 132 of Legislative Decree no. 58/1998, taking into account terms set for the negotiation as per article 3 of EU Delegated Regulation 2016/1052 (“Regulation 1052”) implementing the MAR;

-          the price per share 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 volume of daily purchases may not exceed 25% of the average daily trading volume of Cembre S.p.A. shares in the market in which the purchase is carried out, calculated in accordance with parameters set in article 3 of Regulation 1052;

-          the purchase plan shall be implemented within 18 months of the Shareholders' Meeting resolution passed on April 27, 2023.

At the date of the present press release, Cembre holds 217,541 own shares, representing 1.28% of the capital stock of the Company.


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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 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 845 employees (data updated as at March 31, 2023). 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, 2023


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 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, services received and personnel 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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CAPITALE SOCIALE: € 8.840.000 i.v.