Investor Presentation • Mar 24, 2021
Investor Presentation
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•Highlights•The Businesses •Production Plants
IRCE is a leading European Group operating in the industries of magnet wires and cables
| I R C E To da y |
U. m |
F Y 2 0 2 0 |
F Y 2 0 1 9 |
|---|---|---|---|
| Nu be f e loy m r o mp ee s |
Nr | 7 0 8 |
7 1 0 |
| O T U R N V E R |
Eu M r |
2 9 3 5. |
3 1 1. 9 |
| E B I T D A E B I T D A A d j * |
Eu M r Eu M r |
1 0. 8 1 2. 2 |
7. 8 9. 6 |
| E B I T E B I T A d j * |
Eu M r Eu M r |
3. 2 4. 6 |
0. 4 2. 2 |
| R E S U L T f t he io d o p er |
Eu M r |
2. 7 |
1. 9 |
(*) Including gains/losses on copper and energy derivatives transactions
| 1 9 4 7 |
I R C E be i ts t iv i ty in Im la ( I ta ly ) i t h t he du t ion f m t w ire g an a c o w p ro c o ag ne s |
|---|---|
| 1 9 6 1 |
T he d he du ion f P V C ins la d low l b les ta te t t te ta c om p an y s r p ro c o u vo g e ca |
| 1 9 9 6 |
T he Gr l is d he I l ian S k Ex ha te t ta to ou p wa s on c c ng e |
| 1 9 9 8 |
f Sm ( ) Ac is i t ion i t Dr d N i j B V T he Ne t he lan ds q u o aa m eg en r |
| 2 0 0 1 |
Ac is i ion f F D S im L d ( U K ) t t q u o s |
| 2 0 0 1 |
T he Gr l is d he S Ma ke Se te t ta t t ou p wa s on r r g m en |
2018 Established the Company in China
•Magnet wires
Magnet wires, also known as winding wires or enamelled wires, have multiple applications such as electric motors, generators, transformers, compressors, inductors, relays, solenoid valves, etc. The wire is insulated through the application of many layers of enamels by means of highly sophisticated processes and machines, which demand high levels of investments and large scale of productions.
Cables produced by the Group encompass the complete range of Low Voltage and Medium Voltage building and industrial cables, and power cords with plugs. Cables can be insulated with PVC, rubber, polyethylene, etc.. They are used for the construction of electricity plants in residential and industrial buildings and for the wiring and cabling of electrical appliances. The principal final industry sectors are the construction industry, housing and industrial applications, and consumer durables industries (domestic appliances and other electrical appliances).
In the Magnet Wire business IRCE manufactures and sales the complete range of products, and is mainly engaged in the segments of the fine and medium wires. It mainly operates in Europe, where it is third by size.
Embraco (Nidec Group) BSHSecopCemeElica Spa A.R.S. Elettromeccanica Cebi Group Domel D.O.O.
Denso Manufacturing Robert Bosch Mahle Group G. Cartier Technologies Hanon Systems Buehler motor GmbH Spal Automotive Srl Bontaz
Electromechanical/ElectronicsSiemens
Schneider Electric EBM-Papst Mulfingen PanasonicFinderTE Connectivity Wuerth
The group produces the full range of low and medium voltage cables and cords with plugs.
Cable customers are divided into two main sectors:
Com-Cavi Spa SoneparTkd Kabel Gmbh
Whirlpool Group Electrolux Group Unionalpha Spa (Indesit Group supplier) Batav Srl (Indesit Group supplier) Selectra Srl Bitron SpA
| 1. Im la P lan t o |
3. Um be t i de P lan t Gu 2. l io i P lan t r g ne s |
4. M ira do lo P lan t |
|---|---|---|
| 5. T he Ne he lan ds P lan t t r |
6. Un i te d K in do P lan t 7. Br i l P lan t g m az |
9. Ge P lan t rm an y |
| 1. I R C E Sp A He dq ter a ua r s – Im la I ly ta o – |
Co d A lum in ium Ro d Ma W ire t p p er an un g ne d L V En Ca b les an erg y |
Co d Ar 4 6, 0 0 0 Sq ve re ea : m Em loy 2 4 0 p ee s: |
| C Sp 2. I R E A Gu l ion i I ta ly g es - |
/ Ca L V M V En b les erg y |
Co Sq d Ar 2 4, 0 0 0 ve re ea m : Em loy 9 0 p ee s: |
| 3. I R C E Sp A Um be i de I ly t ta r - |
Co d A lum in ium Ro d Ma t W ire p p er an un g ne |
Co d Ar 1 9, 4 0 0 Sq ve re ea : m Em loy 4 5 p ee s: |
| C Sp 4. I R E A M ira do lo I ta ly – |
Co Po ds i t h P lug we r r w s |
Co Sq d Ar 5, 5 0 0 ve re ea : m Em loy 3 5 p ee s: |
| 5. Sm i t Dr d N i j B V aa me g en N i j T he Ne t he lan ds me g en r – |
Co Re tan lar Ma t W ire p p er c g u g ne Co t inu ly Tr d Ca b le ( C T C ) n ou s an sp os e |
Co d Ar 9, 8 0 0 Sq ve re ea : m Em loy 8 5 p ee s: |
| 6. S F D im L t d s B lac k bu U K rn – |
Co d A lum in ium Ro d d Re tan lar Ma t W ire p p er an un an c g u g ne |
Co 0 0 0 Sq d Ar 7, ve re ea : m 3 6 Em loy p ee s: |
| 7. I R C E L t da Jo inv i l le Br i l az - |
Co d A lum in ium Ro d d Re tan lar Ma t W ire p p er an un an c g u g ne Co t inu ly Tr d Ca b le ( C T C ) n ou s an sp os e |
Co d Ar 2 1, 5 0 0 Sq ve re ea : m Em loy 1 0 5 p ee s: |
| 8. S b le Ma W ire P. L d. ta t t g ne Co h in In d ia c – |
Co Ro d Ma W ire t p p er un g ne |
Em loy 2 5 p ee s: |
| 9. I S O D R A Gm b H K ier -G sp e erm an y |
Co Ro d Ma t W ire p p er un g ne |
Em loy 1 5 p ee s: |
| Eu i l l ion ro m |
F Y 2 0 2 0 |
% T urn |
F Y 2 0 1 9 |
% T urn |
ha % c ng e |
F Y 2 0 1 8 |
% T urn |
F Y 2 0 1 7 |
% T urn |
|---|---|---|---|---|---|---|---|---|---|
| Ho llow tu wi rno ver res |
51. 8 |
56. 4 |
-8. 2% |
60. 3 |
63. 7 |
||||
| Ho llow tu ble rno ver ca s |
16. 5 |
14. 0 |
9% 17. |
17. 2 |
16. 0 |
||||
| To tal ho llo w t urn ov er |
68. 3 |
70. 4 |
-3. 0% |
77. 5 |
79. 7 |
||||
| TU RN OV ER (c r in clu de d) op pe |
295 .3 |
10 0. 0 % |
31 1.9 |
100 0 % |
-5. 3% |
355 .4 |
10 0 . 0 % |
357 .1 |
100 0% |
| Oth inc er om e |
0.8 | 0.3 % |
1.0 | 0.3 % |
-20 .0% |
1.0 | 0.3 % |
0.7 | 0.2 % |
| TO TA L R EV EN UE S |
296 .1 |
% 10 0. 3 |
312 .9 |
% 100 3 |
-5.4 % |
356 .4 |
% 10 0 . 3 |
357 .8 |
2% 100 |
| Co st o f m ate ria l in clu din ha e i toc k g c ng n s |
( ) 23 1.8 |
78. 5% - |
( .1) 246 |
78. 9% - |
8% -5. |
( .1) 279 |
78. 5% - |
( .8) 273 |
76. 7% - |
| Pe el sts rso nn co |
( 28 .5) |
9.7 % - |
( 30. 2) |
9.7 % - |
-5. 6% |
( 32. 4) |
9.1% - |
( 31. 8) |
8.9 % - |
| Oth nd rvi ts a er cos se ce s |
( 25 .0) |
8.5 % - |
( 28. 8) |
9.2 % - |
-13 .2% |
( 29. 9) |
8.4 % - |
( 33. 8) |
9.5 % - |
| EB ITD A |
10. 8 |
% 3. 7 |
7.8 | % 2 . 5 |
38. 5% |
15. 0 |
% 4 . 2 |
18. 4 |
2% 5 . |
| De cia tio d p isio pre ns an rov ns |
( ) 7.6 |
2.6 % - |
( ) 7.4 |
2.4 % - |
% 2.7 |
( ) 7.5 |
2.1% - |
( ) 8.4 |
2.4 % - |
| EB IT |
3.2 | 1. 1% |
0.4 | 0 . 1% |
700 .0% |
7.5 | 2 . 1% |
10. 0 |
2 . 8% |
| Co d e de riv ati pp er an ne rgy ve s |
1.4 | 0.5 % |
1.8 | 0.6 % |
-22 .2% |
2.5 | 0.7 % |
( 1.9 ) |
0.5 % - |
| Ne t fi nci al ch na arg es |
( 0.3 ) |
0.1% - |
0.5 | 0.2 % |
0.2 | 0.1% | 0.1 | 0.0 % |
|
| RE SU LT BE FO RE TA XE S ( EB T) |
4.3 | 1. 5 % |
2.7 | 0 . 9 % |
59. 3% |
10. 2 |
2 . 9 % |
8.2 | 2 . 3% |
| Ta xe s |
( 1.6 ) |
0.5 % - |
( 0.7 ) |
0.2 % - |
-12 8.6 % |
( 4.3 ) |
1.2% - |
( 3.6 ) |
1.0% - |
| R E S U T l l ing in L tro te ts no n- co n re s |
2.7 | 0. 9 % |
2.0 | 0 . 6 % |
35. 0% |
5.9 | 1.7 % |
4.6 | 1. 3% |
| Mi riti no es |
( ) 0.0 |
0.0 % |
( ) 0.1 |
0.0 % |
- | 0.0 | 0.0 % |
0.1 | 0.0 % |
| R E S U T O F T H E P E R I O D L |
2. 7 |
0. 9 % |
1. 9 |
0 . 6 % |
4 0. % 5 |
9 5. |
1.7 % |
4. 7 |
1. 3% |
| EB ITD A |
10. 8 |
3. % 7 |
7.8 | 2 . % 5 |
38. 5% |
15. 0 |
4 . 2 % |
18. 4 |
2% 5 . |
|---|---|---|---|---|---|---|---|---|---|
| Co de riv ati pp er ve s |
1.4 | 0.5 % |
1.8 | 0.6 % |
2.5 | 0.7 % |
( 1.9 ) |
0.5 % - |
|
| EB ITD A A dju ste d ( *) |
12. 2 |
4 . 1% |
9.6 | 3 . 1% |
27. 1% |
17. 5 |
4 . 9 % |
16. 5 |
4 . 6% |
| De cia tio nd isio pre n a pr ov ns |
( ) 7.6 |
2.6 % - |
( ) 7.4 |
2.4 % - |
( ) 7.5 |
2.1% - |
( ) 8.4 |
2.4 % - |
|
| EB IT Ad jus ted ( *) |
4.6 | 1. 6 % |
2.2 | 0 . 7 % |
109 .1% |
10. 0 |
2 . 8 % |
8.1 | 2 . 3% |
(*) For a better comparison of the operating results, we have introduced the concepts of EBITDA and EBIT Adjusted, that are equal to the traditional definitions plus income or loss on copper and energy derivatives transactions.
| O C ( / Ca ) % R E E B I T A d j. Ne t i ta l Em loy d p p e |
2. % 7 |
1. 2 % |
3 % 5. |
4. % 5 |
|---|---|---|---|---|
| Eu i l l ion ro m |
3 1 De be 2 0 2 0 ce m r |
% | 3 1 De be 2 0 1 9 ce m r |
% | 3 1 De be 2 0 1 8 ce m r |
% | 3 1 De be 2 0 1 7 ce m r |
% |
|---|---|---|---|---|---|---|---|---|
| Ne t w ork ing ital ca p |
128 .9 |
79. 4% |
130 .2 |
75. 0% |
149 .8 |
78. 4% |
147 .2 |
78. 9% |
| Fix ed Ass ets |
43. 5 |
26. 8% |
51. 9 |
29. 9% |
52. 7 |
27. 6% |
54. 9 |
29. 4% |
| Oth d l iab iliti ets er ass an es |
-10 .1 |
-6.2 % |
-8.6 | -5.0 % |
-11 .5 |
-6.0 % |
-15 .6 |
-8.4 % |
| N E T C A P I T A L E M P L O Y E D |
1 6 2. 3 |
100 .0% |
1 3. 7 5 |
100 .0% |
1 9 1. 0 |
100 .0% |
1 8 6. 5 |
100 .0% |
| Sh hol de rs' Equ ity are |
122 .6 |
75. 5% |
131 .5 |
75. 8% |
131 .3 |
68. 7% |
132 .4 |
71. 0% |
| Ne t F ina nci al De bt |
39. 7 |
24. 5% |
42. 0 |
24. 2% |
59. 7 |
31. 3% |
54. 1 |
29. 0% |
| F I N A N C I N G A N D E Q U I T Y |
1 6 2. 3 |
100 .0% |
1 7 3. 5 |
100 .0% |
1 9 1. 0 |
100 .0% |
1 8 6. 5 |
100 .0% |
| C A P E X |
2. 2 |
6. 1 |
6. 5 |
5. 9 |
|---|---|---|---|---|
NET CAPITAL EMPLOYED and NET FINANCIAL DEBT
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