Investor Presentation • May 25, 2020
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. |
st 1 Q 2 0 2 0 |
st 1 Q 2 0 1 9 |
F Y 2 0 1 9 |
|---|---|---|---|---|
| f e Nu be loy m r o mp ee s |
Nr | 1 0 7 |
2 3 7 |
1 0 7 |
| T U R N O V E R |
Eu M r |
7 7. 3 |
8 5. 2 |
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 |
2. 9 0. 5 |
2. 7 4. 1 |
7. 8 9. 6 |
| E B I T E B I T A d j * |
Eu M r Eu M r |
1. 1 ( 1. 3 ) |
1. 0 2. 4 |
0. 4 2. 2 |
| R E S U L T f t he io d o p er |
Eu M r |
( 0. 9 ) |
1. 5 |
1. 9 |
(*) Including gains/losses on copper derivatives transactions
| 1 9 4 7 |
I R C E b i i i i I l ( I l ) i h h d i f i t t t t t t t t e g a n s a c v y n m o a a y w e p r o u c o n o m a g n e w r e s |
|---|---|
| 1 9 6 1 |
T h t t d t h d t i f P V C i l t d l l t b l e c o m p a n y s a r e e p r o u c o n o n s u a e o w v o a g e c a e s |
| 1 9 9 6 |
T h G l i t d t h I t l i S t k E h e r o u p w a s s e o n e a a n o c x c a n g e |
| 1 9 9 8 |
A i i t i f S i t D d N i j B V ( T h N t h l d ) c q u s o n o m r a a m e g e n e e e r a n s |
| 2 0 0 1 |
A i i i f F D S i L d ( U K ) t t c q s o n o m s u |
| 2 0 0 1 |
T h G l i d h S M k S t t t t t e r o p a s s e o n e a r a r e e g m e n u w |
| 2 0 0 7 |
C i f B i l P l t t t o n s r c o n o r a a n u z |
| 2 0 0 7 |
A i i i f S b l M W i P. L d ( I d i ) t t t t c q s o n o a e a g n e r e n a u |
| 2 0 1 0 |
A i i t i f I S O D R A G b H ( G ) c q u s o n o m e r m a n y |
| 2 0 1 5 |
N l f f i i P l d e w s a e s o c e n o a n |
| 2 0 1 8 |
E t b l i h d t h C i C h i s a s e e o m p a n y n n a |
IRCE Group works in two business areas:
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).
>Market share
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
Electromechanical/ElectronicsSiemensSchneider Electric EBM-Papst Mulfingen Cummins Generator Technologies 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 2. Gu l io i P lan t r g ne s |
4. M ira do lo P lan t |
|---|---|---|
| 5. T he Ne t he lan ds P lan t r |
6. Un i te d K in do P lan t 7. Br i l P lan t g m az |
Ge 9. P lan t rm an y |
| 1. I R C E Sp A He dq ter a ua r s – Im la I ta ly o – |
Co d A lum in ium Ro d Ma t W ire 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: |
| 2. I R C E Sp A Gu l ion i I ly ta g es - |
L V / M V En Ca b les erg y |
Co d Ar 2 4, 0 0 0 Sq ve re ea : m Em loy 8 0 p ee s: |
| C Sp 3. I R E A Um be t i de I ta ly r - |
Co d A lum in ium Ro d Ma t W ire p p er an un g ne |
Co Sq d Ar 1 9, 4 0 0 ve re ea m : Em loy 4 5 p ee s: |
| 4. I R C E Sp A M ira do lo I ly ta – |
Po Co ds i t h P lug we r r w s |
Co d Ar 5, 5 0 0 Sq ve re ea : m Em loy 3 5 p ee s: |
| Sm 5. 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 Ca ( C C ) t inu ly Tr d b le T n ou s an sp os e |
Co Sq d Ar 9, 8 0 0 ve re ea : m Em loy 8 5 p ee s: |
| 6. F D S 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 d Ar 7, 0 0 0 Sq ve re ea : m Em loy 4 0 p ee s: |
| C 7. I R 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 Ca ( C C ) t inu ly Tr d b le T n ou s an sp os e |
Co 2 1, 0 0 Sq d Ar 5 ve re ea : m 1 0 Em loy 5 p ee s: |
| 8. S ta b le Ma t W ire P. L t d. g ne Co h in In d ia c – |
Co Ro d Ma t W ire p p er un g ne |
Em loy 2 8 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 W ire t p p er un g ne |
Em loy 1 3 p ee s: |
| Eu i l l ion ro m |
st 1 Q 2 0 2 0 |
% T urn |
st 1 Q 2 0 1 9 |
% T urn |
% ha c ng e |
2 0 1 9 F Y |
% T urn |
2 0 1 8 F Y |
% T urn |
2 0 1 F Y 7 |
% T urn |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Hol low tur ires nov er w |
13. 9 |
15. 6 |
-10 .9% |
56. 4 |
60. 3 |
63. 7 |
|||||
| Hol low tur abl nov er c es |
3.6 | 3.5 | 2.9 % |
14. 0 |
17. 2 |
16. 0 |
|||||
| Tot al h ollo w t urn ove r |
17. 5 |
19. 1 |
-8.4 % |
70. 4 |
77. 5 |
79. 7 |
|||||
| TU RN OV ER (co r in clu ded ) ppe |
77. 3 |
10 0.0 % |
85. 2 |
10 0.0 % |
-9.3 % |
311 .9 |
10 0.0 % |
355 .4 |
100 .0% |
357 .1 |
100 .0% |
| Oth inc er om e |
0.4 | 0.5% | 0.4 | 0.5% | 0.0 % |
1.0 | 0.3% | 1.0 | 0.3% | 0.7 | 0.2% |
| TO TA L R EV EN UE S |
77. 7 |
10 0.5 % |
85. 6 |
10 0.5 % |
-9.2 % |
312 .9 |
10 0.3 % |
356 .4 |
100 .3% |
357 .8 |
100 .2% |
| Co f m ria l in clu din han in s k st o ate toc g c ge |
( 60. 2) |
77.9 % - |
( 67. 1) |
78.8 % - |
-10 .3% |
( 246 .1) |
78.9 % - |
( 279 .1) |
78.5 % - |
( 273 .8) |
76.7 % - |
| Pe l co sts rso nne |
( 7.7 ) |
10.0 % - |
( 7.8 ) |
9.2% - |
-1.3 % |
( 30. 2) |
9.7% - |
( 32. 4) |
9.1% - |
( 31. 8) |
8.9% - |
| Oth ts a nd vic er cos ser es |
( ) 6.9 |
8.9% - |
( ) 8.0 |
9.4% - |
.8% -13 |
( 8) 28. |
9.2% - |
( 9) 29. |
8.4% - |
( 8) 33. |
9.5% - |
| EB ITD A |
2.9 | % 3.8 |
2.7 | % 3.2 |
7.4 % |
7.8 | % 2.5 |
15. 0 |
% 4.2 |
18. 4 |
% 5.2 |
| De cia tio d p isio pre ns an rov ns |
( 1.8 ) |
2.3% - |
( 1.7 ) |
2.0% - |
5.9 % |
( 7.4 ) |
2.4% - |
( 7.5 ) |
2.1% - |
( 8.4 ) |
2.4% - |
| EB IT |
1.1 | 1.4% | 1.0 | 1.2% | 10. 0% |
0.4 | 0.1% | 7.5 | 2 . 1% |
10. 0 |
2.8 % |
| Co r d eri ive vat ppe s |
( 2.4 ) |
3.1% - |
1.4 | 1.6% | -27 1.4 % |
1.8 | 0.6% | 2.5 | 0.7% | ( 1.9 ) |
0.5% - |
| Ne t fi cia l ch nan arg es |
0.2 | 0.3% | 0.0 | 0.0% | 0.5 | 0.2% | 0.2 | 0.1% | 0.1 | 0.0% | |
| SU FO S ( T) RE LT BE RE TA XE EB |
( ) 1.1 |
1.4% - |
2.4 | 2.8 % |
% -14 5.8 |
2.7 | 0.9 % |
10. 2 |
2.9 % |
8.2 | 2.3 % |
| Tax es |
0.2 | 0.3% | ( 0.9 ) |
1.1% - |
122 .2% |
( 0.7 ) |
0.2% - |
( 4.3 ) |
1.2% - |
( 3.6 ) |
1.0% - |
| R E S U L T n tro l l ing in ter ts on -co n es |
( 0.9 ) |
1.2% - |
1.5 | 1.8% | -16 0.0 % |
2.0 | 0.6 % |
5.9 | 1.7% | 4.6 | 1.3% |
| Min ori tie s |
0.0 | 0.0% | 0.0 | 0.0% | - | ( 0.1 ) |
0.0% | 0.0 | 0.0% | 0.1 | 0.0% |
| R E S U L T O F T H E P E R I O D |
( 0. 9 ) |
1.1% - |
1. 5 |
1.8% | -1 5 8. 0 % |
1. 9 |
0.6 % |
5. 9 |
1.7% | 4. 7 |
1.3% |
| EB ITD A |
2.9 | 3.8 % |
2.7 | 3.2 % |
% 7.4 |
7.8 | 2.5 % |
15. 0 4.2 % |
18. 4 5.2 % |
|---|---|---|---|---|---|---|---|---|---|
| Co r d eri vat ive ppe s |
( 2.4 ) |
3.1% - |
1.4 | 1.6% | 1.8 | 0.6% | 2.5 0.7% |
( 1.9 ) 0.5% - |
|
| EB ITD A A dju ste d ( *) |
0.5 | 0.6 % |
4.1 | 4.8 % |
-87 .8% |
9.6 | 3.1 % |
17. 5 4.9 % |
16. 5 4.6 % |
| De cia tio nd vis ion pre n a pro s |
( 1.8 ) |
2.3% - |
( 1.7 ) |
2.0% - |
( 7.4 ) |
2.4% - |
( 7.5 ) 2.1% - |
( 8.4 ) 2.4% - |
|
| EB IT A dju ste d ( *) |
( 1.3 ) |
1.7% - |
2.4 | 2.8 % |
-15 4.2 % |
2.2 | 0.7 % |
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 derivatives transactions.
| Eu i l l ion ro m |
3 1 Ma h 2 0 2 0 rc |
% | 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 |
% |
|---|---|---|---|---|---|---|---|---|
| Net rkin ital wo g c ap |
132 .3 |
78. 5% |
132 .0 |
75. 9% |
149 .8 |
78. 4% |
147 .2 |
78. 9% |
| Fix ed Ass ets |
48. 2 |
28. 6% |
51. 9 |
29. 8% |
52. 7 |
27. 6% |
54. 9 |
29. 4% |
| Oth ets d li abi litie er ass an s |
-12 .0 |
-7.1 % |
-10 .0 |
-5.8 % |
-11 .5 |
-6.0 % |
-15 .6 |
-8.4 % |
| C O N E T A P I T A L E M P L Y E D |
1 6 8. 5 |
100 .0% |
1 7 3. 9 |
100 .0% |
1 9 1. 0 |
100 .0% |
1 8 6. 5 |
100 .0% |
| Sh hol der s' E ity are qu |
122 .6 |
72. 8% |
131 .5 |
75. 6% |
131 .3 |
68. 7% |
132 .4 |
71. 0% |
| Net Fi cia l De bt nan |
45. 9 |
27. 2% |
42. 4 |
24. 4% |
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 8. 5 |
100 .0% |
1 7 3. 9 |
100 .0% |
1 9 1. 0 |
100 .0% |
1 8 6. 5 |
100 .0% |
| C A P E X |
0. 5 |
6. 1 |
6. 5 |
9 5. |
|---|---|---|---|---|
EBITDA Adj
EBIT Adj
NET EQUITY Vs MARKET CAPITALIZATION
PRICE/BOOK VALUE RATIO
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