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TRANSCRIPT
CEMBRE. Investor presentation
1st Half 2020 results
CEMBRE AT A GLANCE
CEMBRE is Europe’s leading manufacturer of electrical crimp type connectors and
related installation tools
The Group has grown its revenues by a CAGR of 5.5% in the last 20 years (2000-2019),
from €50 mn in 2000 to €146.3 mn in 2019. In the last 5 years the Group has grown by a
CAGR of 3.8% (2015-2019).
It is a dividend-payer with a 20 years average dividend payout ratio of 50.3%, and an
average dividend yield of 3.8% (2000-2019). The average dividend yield in the last 5
years has been of 4,4% (2015-2019).
In 2019, the Group invested €11.7 mn; the total amount of investments made by the
company in the last five years (2015-2019) is €57.7 mn; at December 31, 2018
investments amounted to €18.5 mn
The product mix (a total of more than 15k end products sold during 2019) is offered to
around 8k single clients around the world, with 10-biggest clients’ purchases
corresponding to c.15% of the consolidated turnover
CEMBRE | Investor presentation 2
CONTENTS
I. Management Team
II. Business overview
III. 1st Half 2020 results
IV. 1st Half 2020 Guidance
V. Stock data & shareholding structure
VI. Contact
CEMBRE | Investor presentation 3
MANAGEMENT TEAM
Giovanni RosaniChief Executive Officer (CEO)
Aldo Bottini BongraniMember of the boardM&A and Special Projects manager
Claudio BornatiChief Financial Officer (CFO)
CEMBRE | Investor presentation 4
MISSION
CEMBRE cooperates with the users of its products
to find the best technical and economical solutions related to electrical connection applications
CEMBRE | Investor presentation 5
GROUP STRUCTURE
CEMBRE S.p.A.
CEMBRE LtdUK
100%
CEMBRE SarlFrance
100%
CEMBRE SluSpain
100%
CEMBRE GmbHGermany
100%
CEMBRE IncUSA
100%
CEMBRE | Investor presentation 6
Manufacturing and trading unit
Trading unit
Employees: 30Employees: 103 Employees: 42 Employees: 54 Employees: 33
The Group employs 750 employees worldwide
Employees: 488
CEMBRE has extensive know-how inits operating field and its strong R&D
team allows it to respond quickly tomarket demands.
Sharp focus on customer needs andthe efficient international sales
network (115 salesmen) aresignificant competitive advantagesfor CEMBRE.
HUMAN RESOURCES(Number of employees in the segment, at June 30, 2020)
R&S
•21
Manufacturing
•427
Marketing, Sales & Distribution
•231
Administration & services
•71
CEMBRE | Investor presentation 7
BUSINESS OVERVIEW
CEMBRE is Europe’s leading manufacturer of electrical crimp type connectors and related installation tools
CEMBRE | Investor presentation 8
Railway
products
Identification
systems
Cable glands,
accessories & otherTools
Electrical
connectors
MADE IN BRESCIA
CEMBRE has been established in1969 and manufactures itsproducts in its state-of-artproduction facility located inBrescia
The facility covers an area of60,000 m2 on a total land area of121,000 m2
In December 2011 CEMBREpurchased a 13,500 m2 industrialarea next to its plant, by investing€9.7 mn
CEMBRE | Investor presentation 9
Cembre S.p.A. – Headquarter in Brescia (Italy)
… AND MADE IN UK
In addition, CEMBRE has aproduction facility in the UK whichoperates on a 8,800 m2 land
This plant in Birminghammanufactures mainly for the localmarket
The sales generated in the UK are12% of the consolidated turnoverof the 1st Half of 2020
CEMBRE | Investor presentation 10
Cembre Ltd. – Factory in Curdworth Birmingham (UK)
VERY STRONG IN EUROPE
CEMBRE is present all over theItalian territory through anetwork of salesmen andrepresentatives who are ableto offer fast and constanttechnical assistance
Abroad, it operates through 4subsidiaries in Europe (UK,France, Spain and Germany)and 1 in the USA
CEMBRE | Investor presentation 11
Group companies
Regional offices
Main distributors
… PRESENT ALL OVER THE WORLD
CEMBRE has a network of importers and agents who provide technical andcommercial assistance and rapid delivery worldwide
CEMBRE | Investor presentation 12
Group companies
Main distributors
REVENUES BREAKDOWN* by product family (€’000)
CEMBRE | Investor presentation 13
Ist Half
2020
27,523 10,272 11,154 12,249 5,653 2,718 69,569
39.6% 14.8% 16.0% 17.6% 8.1% 3.9% 100%
Ist Half
2019
32,325 12,581 13,932 15,400 6,385 2,620 83,243
38.8% 15.1% 16.7% 18.5% 7.7% 3.1% 100%
Change -14.9% -18.4% -19.9% -20.5% -11.5% 3.7% -16.4%
* Customers’ bonuses not deducted
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Electrical
connectors
Tools Railway
Products
Marking
Systems
Cable
Glands
Others Total
GEOGRAPHICAL REVENUE BREAKDOWN
CEMBRE | Investor presentation 14
ItalyIst Half
2020
Ist Half
2019∆
Sales 25.4 mn 30.8 mn -17.5%
% in total 39.3% 40.0% -0.7 pp
Rest of the WorldIst Half
2020
Ist Half
2019∆
Sales 8.9 mn 10.4 mn -14.3%
% in total 13.7% 13.5% 0.2 pp
Europe (ex-IT)Ist Half
2020
Ist Half
2019∆
Sales 30.4 mn 35.7 mn -15.0%
% in total 47.0% 46.5% 0.5 pp
REVENUE EVOLUTION
50,456,0 56,9
59,965,1
70,0
84,1
93,494,3
76,0
93,9
103,0 103,9 104,5
112,9
121,4 122,6
132,6
144,1 146,3
0
20
40
60
80
100
120
140
160
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
CEMBRE | Investor presentation 15
Global Economic
Crisis
€ Milions
A WIDE PRODUCT-MIX
In order to maintain itsleading position andincrease the penetrationof market, CEMBRE hadsensibly enlarged therange of productsoffered through:
CEMBRE | Investor presentation 16
• Mainly focused on the development of innovativeproducts for the sectors with the highest growthpotential (rail transportation, civil and industrial plantengineering)
Research activities
• To get them easier to use and more efficient in theirperformances
Improvement and update of existing products
• e.g. cable markers
Introduction of complementary products
ELECTRICAL CONNECTORS: 14.9% DECREASE IN SALES
Features
High and safe performanceguaranteed by effective qualitycontrol during the productionprocesses
High level automation ofmanufacturing process andconsequent costs reduction
Quick adaptation of products toclients’ needs, thanks to its highflexible productivity
CEMBRE | Investor presentation 17
Electrical connectors Ist Half 2020 Ist Half 2019 ∆
Total sales 27.5 € mn 32.3 € mn -14.9
Sales in Italy (% share) 13.0 € mn (18.7%) 15.4 € mn (18.4%) -15.3
Sales in Europe ex-IT (% share) 12.8 € mn (18.5%) 14.9 € mn (18.0%) -14.0
Sales in RoW (% share) 1.7 € mn (2.4%) 2.0 € mn (2.4%) -17.5
The “%” indicated alongside the values represents the weight on the total turnover
TOOLS: 18.4% DECREASE IN SALES
CEMBRE | Investor presentation 18
Tools Ist Half 2020 Ist Half 2019 ∆
Total sales 10.3 € mn 12.6 € mn -18.4
Sales in Italy (% share) 2.8 € mn (4.0%) 3.6 € mn (4.3%) -22.9
Sales in Europe ex-IT (% share) 5.0 € mn (7.2%) 6.0 € mn (7.2%) -16.6
Sales in RoW (% share) 2.5 € mn (3.6%) 3.0 € mn (3.6%) -16.4
Features
Quick installation of connectorsthanks to tools used forcompressing and cutting theconductors
Wide products range:mechanical, pneumatic, hydraulicand battery operated tools
Development of new products in lastyears
B15-B54 battery operated “in line”hand-tools
Hydraulic battery operated pumpalready marketed in Italy andEurope
The new generation of batterytools is intended to progressivelysubstitute the traditional ones, asthey are more appreciated thanksto the elimination of physicalendeavour
The “%” indicated alongside the values represents the weight on the total turnover
RAILWAY PRODUCTS: 19.9% DECREASE IN SALES
Features
High quality products
Constant R&D activities
High potential growth
New product development
Nut Runner - NR-11P
Battery drill
Both products are very competitiveon the market since they offersuperior flexibility, lightness andvelocity against alternative products
CEMBRE | Investor presentation 19
Railway products Ist Half 2020 Ist Half 2019 ∆
Total sales 11.2 € mn 13.9 € mn -19.9
Sales in Italy (% share) 0.7 € mn (1.0%) 1.5 € mn (1.8%) -54.7
Sales in Europe ex-IT (% share) 7.3 € mn (10.5%) 8.3 € mn (10.0%) -12.1
Sales in RoW (% share) 3.2 € mn (4.5%) 4.1 € mn (4.9%) -23.3
The “%” indicated alongside the values represents the weight on the total turnover
CABLE MARKERS: 20.5% DECREASE IN SALES
With the introduction of these new
products CEMBRE:
Further enriched its offer with
thousand of new articles
(electrical equipment wholesalersprefer supplier with a wide
catalogue)
Strengthened its competitiveposition in Italy and created big
opportunities to enter the
European markets
Entered a market, worth of Euro 25
million considering only Italy
Improved the production structure
Development and production ofthermal printer MG3, in Brescia (Italy)
CEMBRE | Investor presentation 20
Cable Markers Ist Half 2020 Ist Half 2019 ∆
Total sales 12.2 € mn 15.4 € mn -20.5
Sales in Italy (% share) 7.5 € mn (10.8%) 9.7 € mn (11.6%) -22.2
Sales in Europe ex-IT (% share) 3.9 € mn (5.6%) 4.8 € mn (5.8%) -19.3
Sales in RoW (% share) 0.8 € mn (1.2%) 0.9 € mn (1.1%) -8.3
The “%” indicated alongside the values represents the weight on the total turnover
Cable glands Ist Half 2020 Ist Half 2019 ∆
Total sales 5,7 € mn 6.4 € mn -11.5
Sales in Italy (% share) 4.7 € mn (6.8%) 5.4 € mn (6.5%) -12.5
Sales in Europe ex-IT (% share) 0.8 € mn (1.1%) 0.9 € mn (1.0%) -8.4
Sales in RoW (% share) 0.2 € mn (0.2%) 0.1 € mn (0.2%) 7.8
Other Ist Half 2020 Ist Half 2019 ∆
Total sales 2.7 € mn 2.6 € mn 3.7
Sales in Italy (% share) 1.0 € mn (1.4%) 1.0 € mn (1.2%) -4.5
Sales in Europe ex-IT (% share) 1.6 € mn (2.4%) 1.5 € mn (1.9%) 7.1
Sales in RoW (% share) 0.1 € mn (0.2%) 0.1 € mn (0.1%) 43.6
CABLE GLANDS: 11.5% DECREASE IN SALES
CEMBRE | Investor presentation 21
The “%” indicated alongside the values represents the weight on the total turnover
1st HALF 2020 CONSOLIDATED RESULTS
CEMBRE | Investor presentation 22
€ Millions Ist Half 2020 Ist Half 2019 Changes % Ist Half 2018
Sales 64.7 76.9 -15.9% 73.3
EBITDAIn % of sales
15.624.1%
20.927.2%
-25.5%18.925.7%
EBITIn % of sales
10.215.8%
16.221.0%
-36.9%15.521.1%
EBTIn % of sales
10.215.8%
16.020.9%
-36.4%15.421.0%
Net profitIn % of sales
7.611.8%
12.416.1%
-38.6%11.716.0%
Tax rate % 25.5% 22.8% 24.1%
«PATENT BOX» FISCAL BENEFIT
The parent company CEMBRE S.p.A. in December 2017 signed, with the support ofBusiness Tax and Consulting firm Deloitte, an agreement with the Italian RevenueOffice defining the calculation methods and criteria for the economic contributionto business revenue of intangible assets in the context of the «Patent Box» scheme,for tax years 2015-2019.
CEMBRE | Investor presentation 23
€ Millions 2019 2018 2017
Fiscal benefit 1.7 1.8 1.6
Fiscal benefit for years 2015-2016 - - 2.3
Tax rate % 19.5% 19.8% 14.5%
Normalised tax rate % 26.0% 26.2% 29.2%
1st HALF 2020 GROUP’S COMPANIES TURNOVER*
CEMBRE | Investor presentation 24
Company(Euro thousands)
1st Half 2020 1st Half 2019Changes
%1st Half 2018
Cembre S.p.A. (Italy) 33,279 40,361 -17.5% 40,680
Cembre Ltd. (UK) 7,642 10,401 -26.5% 9,320
Cembre S.a.r.l. (France) 4,309 5,633 -23.5% 5,270
Cembre España S.L.U. (Spain) 5,495 6,045 -9.1% 5,366
Consolidated Cembre Gmbh (Germany) 7,956 7,689 3.5% 5,491
Cembre Inc. (US) 5,975 6,749 -11.5% 7,168
Cembre Group 64,656 76,878 -15.9% 73,295
* net of intragroup sales
€ Milions Jun. 30, 2020 Dec. 31, 2019 Jun. 30, 2019
aNet operating working capital% of sales
59.245.8%
54.437.2%
56.636.8%
b Net fixed assets 103.8 106 104.1
c Assets available for sales - - -
d Employees’ severance indemnities 2.2 2.4 2.4
e Provisions for risks and charges 1 0.3 0.7
f Deferred taxes 2.8 2.9 2.6
Net invested capital (a+b+c-d-e-f) 157 154.8 155
g Equity 152.3 160.4 150.2
h Net financial position 4.7 (5.6) 4.8
Total sources (g+h) 157 154.8 155
JUNE 30, 2020 CONSOLIDATED BALANCE SHEET
CEMBRE | Investor presentation 25
CEMBRE’S REVENUE AND PROFITABILITY TREND (€ ‘000)
CEMBRE | Investor presentation 26
56.003 56.94659.870
65.14969.997
84.127
93.417 94.288
75.984
93.934
103.028103.899104.547
112.905
121.377122.605
132.637
144.096146.296
0
20.000
40.000
60.000
80.000
100.000
120.000
140.000
160.000
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Revenues
CEMBRE’S REVENUE AND PROFITABILITY TREND (€ ‘000)
CEMBRE | Investor presentation 27
11.01710.253
10.89212.187
14.718
19.131
21.710
19.273
13.412
20.17020.228
20.10820.407
24.352
28.537
30.025
33.434
35.65037.098
19,7%18,0% 18,2% 18,7%
21,0%22,7% 23,2%
20,4%17,7%
21,5% 19,6% 19,4% 19,5%21,6%
23,5%24,5% 25,2% 24,7% 25,4%
0,0%
10,0%
20,0%
30,0%
40,0%
50,0%
60,0%
70,0%
80,0%
0
4.000
8.000
12.000
16.000
20.000
24.000
28.000
32.000
36.000
40.000
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Ebitda
CEMBRE’S REVENUE AND PROFITABILITY TREND (€ ‘000)
CEMBRE | Investor presentation 28
6.9326.271 6.364
7.656
11.023
15.941
18.420
16.221
10.581
17.37917.291
16.45615.838
19.433
22.83624.095
27.036
28.49627.181
12,4%11,0% 10,6% 11,8%
15,7%
18,9%19,7%
17,2%
13,9%
18,5%16,8% 15,8% 15,1%
17,2%18,8% 19,7% 20,4% 19,8%
18,6%
0,0%
5,0%
10,0%
15,0%
20,0%
25,0%
30,0%
35,0%
40,0%
45,0%
50,0%
55,0%
60,0%
65,0%
0
5.000
10.000
15.000
20.000
25.000
30.000
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Ebit
CEMBRE’S REVENUE AND PROFITABILITY TREND(€ ‘000)
3.8063.213 2.988
3.830
6.605
9.327
11.89610.857
6.887
11.340 11.40011.507
10.503
13.542
15.93316.927
22.72722.736
21.690
6,8%5,6%
5,0% 5,9%
9,4%
11,1%12,7%
11,5%9,1%
12,1%11,1% 11,1% 10,0%
12,0%13,1% 13,8%
17,1% 15,8%14,8%
0,0%
5,0%
10,0%
15,0%
20,0%
25,0%
30,0%
35,0%
40,0%
45,0%
0
5.000
10.000
15.000
20.000
25.000
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Net profit
CEMBRE | Investor presentation 29
INDEX ANALYSIS
CEMBRE | Investor presentation 30
11,04%
9,16% 8,91%
10,29%
14,15%
19,06%
19,67%
16,60%
10,81%
16,57%
14,65%
12,80%11,79%
13,75%
15,11% 15,09%
16,18%15,59%
14,88%
0,00%
5,00%
10,00%
15,00%
20,00%
25,00%
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
ROI (EBIT/Investments)
16,85%
13,73% 12,98%
15,66%
22,23%
29,45%
29,05%
23,39%
15,01%
24,34%
21,23%
17,12%
15,45%
18,35%
20,61%21,49%
23,13%22,05%
21,03%
0,00%
5,00%
10,00%
15,00%
20,00%
25,00%
30,00%
35,00%
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
ROACE (EBIT/Net Capital Employed)
11,33%
9,02%8,01%
9,42%
14,78%
19,39%
22,68%
18,81%
10,62%
15,80%
14,60%13,36%
11,08%
13,19%
14,38%
14,35%
18,86%
18,15%
17,32%
0,00%
5,00%
10,00%
15,00%
20,00%
25,00%
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
ROE (Net profit/Equity)
12,38%
11,01% 10,63%
11,75%
15,75%
18,95%
19,72%
17,20%
13,93%
18,50%
16,78%15,84%
15,15%
17,21%
18,81%
19,65%20,38%
19,78%
18,58%
0,00%
5,00%
10,00%
15,00%
20,00%
25,00%
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
ROS (EBIT/Net Sales)
INVESTMENTS TREND
CEMBRE | Investor presentation 31
€ ‘000 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Investments in tangible assets 1,910 5,353 6,404 4,064 4,815 3,863 16,183 12,591 6,802 8,759 6,534 7,064 11,732 17,775 10,609
Investments in intangible assets 142 87 500 544 182 169 418 597 573 477 601 569 1,101 691 1,057
Total investments 2,052 5,440 6,904 4,608 4,997 4,032 16,601 13,188 7,375 9,236 7,135 7,633 12,833 18,466 11,666
0
2.000
4.000
6.000
8.000
10.000
12.000
14.000
16.000
18.000
20.000
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Investments in tangible assets Investments in intangible assets Total investments
2020 AND ONWARDS
Cembre focused on these targets:
Business development thanks to:
A strengthening of Cembre competitive advantage by developing newproducts and continuous product range renewing by an intense R&D activity
A new product line for plumbing sector
An higher penetration in the foreign markets, especially in the US andGermany
A commercial commitment focus on high growing potential products
Cost management by a better operative efficiency obtained from economies ofscale and process innovations;
Enforcing the manufacturing structure by investing in high-tech, highly-automatedmachinery.
CEMBRE | Investor presentation 32
2020 AND ONWARDS
The automated warehouse, located in a 4,800 m2
industrial building built in 2012, has been operating fromJanuary, 2013
This warehouse is 3 time more efficient, and has a 50%increase in end-product capacity warehousing
CEMBRE | Investor presentation 33
2020 AND ONWARDS
In 2018, a new 9,600 m2 industrialbuilding (two floors) started to be used,increasing the dimension of the newlogistic center of the company andproduction areas
CEMBRE | Investor presentation 34
STOCK DATA & SHAREHOLDING STRUCTURE
CEMBRE | Investor presentation 35
Cembre has been listed since
December 1997, and is a part of the
Star Index since September 2001.
Shareholders Share
LYSNE Spa 52.39%
Sara Rosani 8.65%
Giovanni Rosani 8.53%
Anna Maria Onofri 0.71%
Massachusetts Financial Services 5.02%
Others 24.70%
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Dividend per share (€) 0.10 0.08 0.07 0.10 0.15 0.22 0.26 0.16 0.12 0.26 0.16 0.16 0.26 0.36 0.46 0.70 0.80 0.90 0.90
Payout Ratio1 44% 42% 41% 41% 39% 40% 37% 25% 30% 39% 24% 24% 42% 45% 49% 70% 59% 66% 69%
Dividend Yield2 4.1% 4.4% 2.9% 3.3% 3.2% 3.6% 4.2% 4.8% 2.6% 4.2% 2.9% 2.5% 2.9% 3.5% 3.3% 5.0% 3.7% 4.4% 5.6%3
CembreFTSE Italia Stardata updated at September 25, 2020
1 Using consolidated profit 2 Using the year-end share price 3Calculated using closing price at September 25, 2020: €16.00
SHARE PRICE EVOLUTION
0
2
4
6
8
10
12
14
16
18
20
22
24
26
28
30Share price Share return
CEMBRE | Investor presentation 36
Total return* 2001-2020
+11.7%CAGR
Performance** 2001-2020
+9,9 %CAGR
* Total Return is the average ‘Share return’ growth inthe period** Performance is the average ‘Share price’ growthin the period
1 at the end of the year 2 at September 25, 2020
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
A) Share price1 2.42 1.90 2.68 2.99 4.75 6.12 6.25 3.30 4.66 6.25 5.45 6.34 8.99 10.21 13.90 13.90 21.60 20.25 24.00 16.002
Change in share price -21.5% 41.1% 11.6% 58.9% 28.8% 2.1% -47.2% 41.2% 34.1% -12.8% 16.3% 41.8% 13.6% 36.1% 0.0% 55.4% -6.3% 18.5% -33.3%
Received dividend 0.10 0.08 0.07 0.10 0.15 0.22 0.26 0.16 0.12 0.26 0.16 0.16 0.26 0.36 0.46 0.70 0.80 0.90 0,90
B) Accrued receiveddividends
0.10 0.18 0.25 0.35 0.50 0.72 0.98 1.14 1.26 1.52 1.68 1.84 2.10 2.46 2.92 3.62 4.42 5.32 6,22
Share return (A+B) 2.42 2.00 2.86 3.24 5.10 6.62 6.97 4.28 5.80 7.51 6.97 8.02 10.83 12.31 16.36 16.82 25.22 24.67 29.32 22.22
Price quota 100.0% 95.0% 93.7% 92.3% 93.1% 92.4% 89.7% 77.1% 80.3% 83.2% 78.2% 79.1% 83.0% 82.9% 85.0% 82.6% 85.6% 82.1% 81.9% 72.0%
Dividend quota 0.0% 5.0% 6.3% 7.7% 6.9% 7.6% 10.3% 22.9% 19.7% 16.8% 21.8% 20.9% 17.0% 17.1% 15.0% 17.4% 14.4% 17.9% 18.1% 28.0%
CONTACTS
Claudio BornatiCFO & IR
Via Serenissima 9 • 25135 Brescia (BS) ITALYph. +39 030 [email protected]
The manager responsible for preparing the Company’s financial reports, Claudio Bornati, declares, pursuant to paragraph 2 of Article 154bis of the Consolidated Law on Finance, that the accounting information contained in this presentation corresponds to the documentresults, books and accounting records.
CEMBRE | Investor presentation 37