Cembre S p A : 2022 half-yearly financial report

YEARLY-HALF 2202

F I N A N C I A L R E P O R T

Cembre S.p.A.

Head Office: Via Serenissima 9, Brescia, Italy

Share Capital: EUR 8,840,000 (fully paid-up).

Registration no: 00541390175 (Commercial Register of Brescia)

This document contains translations of the Interim Report drawn up in the Italian language

Contents

CONTENTS

Group Structure	1
Consolidated Interim Report of the Cembre Group for the 1st Half of 2022	2
Attachment 1: Comparative Consolidated Income Statement	15
Attachment 2: Composition of Corporate Boards	16
Condensed Consolidated Interim Financial Statements at June 30, 2022
Consolidated Statement of Financial Position	18
Consolidated Comprehensive Income Statement	19
Consolidated Statement of Cash Flows	20
Statement of Changes in the Consolidated Shareholders' Equity	21
Notes to the Condensed Consolidated Interim Financial Statements	22

Certification of the Condensed Consolidated Interim Financial Statements at June 30,
2022 pursuant to Article 81-ter of CONSOB Regulation no. 11971/99, as amended
and supplemented.	45

Report of the Independent Auditors on the limited audit

46

2022 Half-yearly Financial Report

Cembre Group

Group Structure at June 30, 2022

Cembre S.p.A.

(Brescia)

100%	Cembre Ltd
	(UK)

100%	Cembre Sarl
	(France)

100%	Cembre España SLU

(Spain)

100%	Cembre GmbH

(Germany)

100%	Cembre Inc.
	(US)

Manufacturing and

Distribution Companies

Distribution Companies

2022 Half-yearly Financial Report

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Cembre Group

Interim Report on Operations of the Cembre Group for the 1st Half

of 2022

Operating Review

The first half of 2022 ended with extremely positive results for the Group, with sales growing in all three geographic macro-areas of analysis (Italy, Europe, Rest of the World) and income results showing a marked increase compared to the first half of 2021. The conflict in Ukraine and international tensions have, so far, only marginally affected the Group's activities.

Consolidated sales of the Cembre Group in the first half of the year reached €104.4 million, up 23.4% from €84.5 million in the first half of 2021. The performance of consolidated sales by geographical areas shows 27.5% growth in the Italian market, with sales of €46.4 million. Revenues in the European market (excluding Italy) grew by 19.1% to €47.1 million, while sales in non-European markets recorded an increase of 26.1%, with revenues at €10.8 million. In the first half of 2022, 44.4% of Group sales were represented by Italy (as compared with 43.0% in the first half of 2021), 45.2% by the rest of Europe (46.8% in the first half of 2021), and the remaining 10.4% by the rest of the World (10.2% in the first half of 2021).

The summary table of sales by geographical area is reported below:

	(euro '000)	1st half	1st half		Change	1st half	1st half	1st half	1st half
	2022	2021			2020	2019	2018	2017
	Italy	46,387	36,377			27.5%	25,398	30,798	31,349	28,055
	Rest of Europe	47,127	39,567		19.1%	30,383	35,727	30,718	28,014
	Rest of the World	10,845	8,603			26.1%	8,875	10,353	11,228	10,527
	Total	104,359	84,547		23.4%	64,656	76,878	73,295	66,596

Revenues from sales and services (net of intra-group sales), in thousands of Euros, are

broken down between the various companies as follows:

	(euro '000)	1st half	1st half		Change	1st half	1st half	1st half	1st half
	2022	2021		2020	2019	2018	2017
	Cembre S.p.A.	59,994	46,948		27.8%	33,279	40,361	40,680	37,303
	Cembre Ltd. (UK)	12,251	10,983	11.5%	7,642	10,401	9,320	8,883
	Cembre S.a.r.l. (F)	5,772	5,956		-3.1%	4,309	5,633	5,270	5,025
	Cembre España S.L.U. (E)	8,691	6,548	32.7%	5,495	6,045	5,366	5,093

2022 Half-yearly Financial Report

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