Earnings Release • Mar 27, 2018
Earnings Release
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•Highlights•The Businesses
•Production Plants
•Copper and Aluminium Price Trend
IRCE is a leading European Group operating in the industriesof magnet wires and cables
| C I R E T d o a y |
F Y 2 0 1 7 |
F Y 2 0 1 6 |
U. m |
|
|---|---|---|---|---|
| Nu be f e lo m r o m p y ee s |
2 7 5 |
3 3 7 |
Nr | |
| T U R N O V E R |
3 5 7. 1 |
2 9 5. 8 |
Eu M r |
|
| E B I T D A |
1 8. 4 |
6. 9 |
Eu M r |
|
| E B I T |
1 0. 0 |
( 1. 1 ) |
Eu M r |
|
| N E T R E S U L T |
4. 7 |
( 0. 2 ) |
Eu M r |
| H i t s o r y |
|---|
| --------------------------------- |
| 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 d h d i f P V C i l d l l b l t t t t t t 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 |
G S T h l i d h I l i k E h t t t t 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 |
S A i i i f i D d N i j B V ( T h N h l d ) t t t 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 |
G S S T h l i d h M k t t t t t e r o u p w a s s e o n e a r a r e e g m e n |
| 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 i f I S O D R A G b H ( G ) t c q s o n o m e r m a n u y |
| 2 0 1 5 |
N l f f i i P l d e s a e s o c e n o a n w |
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 ismainly engaged in the segments of the fine and medium wires. It mainly operates in Europe, where it isthird by size.
> Major customers by sectors
Whirlpool / EmbracoBSHNidec CorporationCemeElica SpaA.R.S. ElettromeccanicaCebi GroupMagimix
Denso ManufacturingRobert BoschMahle Letrika D.O.O. G. Cartier TechnologiesMagna ElectronicsBuehler motor GmbHBontaz Centre
SiemensSchneider ElectricEBM-Papst MulfingenCummins Generator TechnologiesPanasonicFinderTyco Electronics
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 SpaSoneparTkd Kabel Gmbh
Whirlpool GroupElectrolux GroupUnionalpha Spa (Indesit Group supplier)Bata Srl (Indesit Group supplier)Selectra Srl Dieter Eifler Gmbh
| Im la P lan 1. t o |
3. Um be i de P lan t t Gu 2. l io i P lan t r g ne s |
M ira do lo P lan 4. t |
|---|---|---|
| T he Ne he lan ds P lan 5. t t r |
6. Un i d K in do P lan Br i l P lan te t 7. 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 5 0 p ee s: |
| I R C E Sp A 2. Gu l ion i - I ly ta g es |
L V / M V En Ca b les erg y |
Co d Ar Sq 2 4, 0 0 0 ve re ea : m Em loy 8 0 p ee s: |
| C Sp 3. I R E A Um be i de I ly t ta r - |
Co d A lum in ium Ro d Ma W ire t 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: |
| I R C E Sp A 4. M ira do lo I ly ta – |
Po Co ds i h P lug t we r r w s |
Co d Ar Sq 5, 5 0 0 ve re ea : m Em loy 3 5 p ee s: |
| Sm 5. i Dr d N i j B V t aa me g en N i j T he Ne he lan ds t me g en r – |
Co Re lar Ma W ire tan t p p er c g g ne u Co Ca C C inu ly Tr d b le ( T ) t n ou s an sp os e |
Co Sq d Ar 9, 8 0 0 ve re ea m : Em loy 1 0 5 p ee s: |
| 6. F D S im L d t s B lac k bu U K rn – |
Co d A lum in ium Ro d d Re lar Ma W ire tan t 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 5 p ee s: |
| C 7. I R E L da t Jo inv i l le Br i l az - |
Co d A lum in ium Ro d d Re lar Ma W ire tan t p p er an un an c g u g ne Co Ca C C inu ly Tr d b le ( T ) t n ou s an sp os e |
Co Sq d Ar 2 1, 5 0 0 ve re ea : m Em loy 9 0 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 8 p ee s: |
| I S O D R A Gm b H 9. K ier Ge sp e - rm an y |
Co Ro d Ma W ire t p p er un g ne |
Em loy 1 4 p ee s: |
| Eu i l l ion ro m |
F Y 2 0 1 7 |
% T urn |
F Y 2 0 1 6 |
% T urn |
ha % c ng e |
F Y 2 0 1 5 |
% T urn |
F Y 2 0 1 4 |
% T urn |
|---|---|---|---|---|---|---|---|---|---|
| Ho llow wi tu rno ver res |
63. 7 |
59. 7 |
6.7 % |
63. 7 |
65. 9 |
||||
| Ho llow ble tu rno ver ca s |
16. 0 |
15. 2 |
5.3 % |
17. 1 |
13. 3 |
||||
| To tal ho llo w t urn ove r |
79. 7 |
74. 9 |
6.4 % |
80. 8 |
79. 2 |
||||
| TU RN OV ER (c r in clu de d) op pe |
357 .1 |
10 0 .0 % |
295 .8 |
10 0 .0 % |
20. 7% |
349 .9 |
9 9 . 8 % |
350 .6 |
10 0 .0 % |
| Oth inc er om e |
0.7 | 0.2 % |
0.8 | 0.3% | -12 .5% |
0.6 | 0.2% | 1.1 | 0.3 % |
| TO TA L R EV EN UE S |
357 .8 |
10 0 .2 % |
296 .6 |
10 0 .3 % |
20. 6% |
350 .5 |
100 .0 % |
351 .7 |
10 0 .3 % |
| Co st o f m ate ria l in clu din ha e i toc k g c ng n s |
( 273 .8) |
- 76 .7% |
( 226 .7) |
- 76 .6% |
20. 8% |
( 275 .7) |
- 78 .6% |
( 276 .4) |
- 78 .8% |
| Pe el sts rso nn co |
( 8) 31. |
- 8.9 % |
( 8) 30. |
- 10 .4% |
3.2 % |
( 4) 32. |
- 9.2 % |
( 6) 31. |
- 9.0 % |
| Oth d s ice sts er co an erv s |
( 33. 8) |
- 9.5 % |
( 32. 2) |
- 10 .9% |
5.0 % |
( 34. 2) |
- 9.8 % |
( 33. 0) |
- 9.4 % |
| EB ITD A |
18. 4 |
5.2 % |
6.9 | 2 .3 % |
166 .7% |
8.2 | 2 .3 % |
10. 7 |
3 .1 % |
| De cia tio nd isio pre n a pr ov ns |
( 8.4 ) |
- 2.4 % |
( 8.0 ) |
- 2.7 % |
5.0 % |
( 7.5 ) |
- 2.1 % |
( 8.3 ) |
- 2.4 % |
| EB IT |
10. 0 |
2.8 % |
( 1.1 ) |
- 0 . 4 % |
0.7 | 0 .2 % |
2.4 | 0 .7 % |
|
| Co de riv ati pp er ve s |
( ) 1.9 |
- 0.5 % |
1.7 | 0.6% | -21 1.8 % |
3.0 | 0.9% | 3.2 | 0.9 % |
| Ne t fi ial ch na nc arg es |
0.1 | 0.0 % |
( 0.2 ) |
- 0.1 % |
150 .0% |
1.7 | 0.5% | 1.3 | 0.4 % |
| RE SU LT BE FO RE TA XE S ( EB T) |
8.2 | 2.3 % |
0.4 | 0 .1 % |
5.4 | 1.5 % |
6.9 | 2 .0 % |
|
| Ta xe s |
( 3.6 ) |
- 1.0 % |
( 0.7 ) |
- 0.2 % |
414 .3% |
( 2.4 ) |
- 0.7 % |
( 3.1 ) |
- 0.9 % |
| S N E T R E U L T l l ing in tro te ts no n- co n re s |
4.6 | 1.3 % |
( 0.3 ) |
- 0 . 1% |
3.0 | 0 .9 % |
3.8 | 1.1% | |
| Mi riti no es |
0.1 | 0.0 % |
0.1 | 0.0% | - | 0.0 | 0.0% | 0.0 | 0.0 % |
| N E T R E S U L T |
4. 7 |
1.3 % |
( 0. 2 ) |
- 0 . 1% |
3. 0 |
0 .9 % |
3. 8 |
1.1% |
| EB ITD A |
18. 4 |
5.2 % |
6.9 | 2 .3 % |
166 .7% |
8.2 | 2 .3 % |
10. 7 |
3 .1 % |
|---|---|---|---|---|---|---|---|---|---|
| Co de riv ati pp er ve s |
( 1.9 ) |
- 0.5 % |
1.7 | 0.6% | 3.0 | 0.9% | 3.2 | 0.9 % |
|
| EB ITD A A dju ste d ( *) |
16. 5 |
4.6 % |
8.6 | 2 .9 % |
91. 9% |
11. 2 |
3 .2 % |
13. 9 |
4 .0 % |
| De cia tio nd isio pre n a pr ov ns |
( ) 8.4 |
- 2.4 % |
( ) 8.0 |
- 2.7 % |
( ) 7.5 |
- 2.1 % |
( ) 8.3 |
- 2.4 % |
|
| EB IT Ad jus ted ( *) |
8.1 | 2.3 % |
0.6 | 0 .2 % |
250 .0% 1, |
3.7 | 1.1% | 5.6 | 1.6 % |
(*) 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.
| R O C E ( E B I T A d j. / Ne Ca i l Em loy d ) % 4. 5 % 0. 4 % 2. 0 % 2. t ta p p e |
9 % |
|---|---|
| -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -------- |
| Eu i l l ion ro m |
3 De be 2 0 1 1 7 ce m r |
% | 3 De be 2 0 6 1 1 ce m r |
% | 3 De be 2 0 1 1 5 ce m r |
% | 3 De be 2 0 1 1 4 ce m r |
% |
|---|---|---|---|---|---|---|---|---|
| Wo rki ita l ng ca p |
147 .2 |
78.9 % |
121 .4 |
70.8 % |
130 .2 |
73.6 % |
132 .3 |
70.6 % |
| Fix ed As set s |
54. 9 |
29.4 % |
59. 9 |
34. 9% |
57. 3 |
32.4 % |
64. 4 |
34.4 % |
| Oth ets d l iab ilit ies er ass an |
-15 .6 |
-8.4 % |
-9.8 | -5.7 % |
-10 .5 |
-5.9 % |
-9.4 | -5.0 % |
| N E T C A P I T A L E M P L O Y E D |
1 8 6. 5 |
100 .0% |
1 7 1. 5 |
100 .0% |
1 7 7. 0 |
100 .0% |
1 8 7. 3 |
100 .0% |
| Ne t F ina nci al De bt |
54. 1 |
29. 0% |
36. 4 |
21.2 % |
46. 2 |
26. 1% |
49. 6 |
26.5 % |
| Sh ho lde rs' Eq uit are y |
132 .4 |
71.0 % |
135 .1 |
78.8 % |
130 .8 |
73.9 % |
137 .7 |
73.5 % |
| C G Q F I N A N I N A N D E U I T Y |
1 8 6. 5 |
100 .0% |
1 7 1. 5 |
100 .0% |
1 7 7. 0 |
100 .0% |
1 8 7. 3 |
100 .0% |
| C A P E X |
5. 9 |
6. 0 |
4. 1 |
2. 7 |
|---|---|---|---|---|
NET CAPITAL EMPLOYED and NET FINANCIAL DEBT
NET EQUITY Vs MARKET CAPITALIZATION
PRICE/BOOK VALUE RATIO
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