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IRCE

Investor Presentation • Mar 20, 2017

4035_ip_2017-03-20_61253474-2881-4bfc-8f42-90b15509d16b.pdf

Investor Presentation

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IRCE Group

FY 2016 Financial Results Presentation

IRCE Group –Contents

Company Profile

  • •Highlights
  • •The Businesses
  • •Production Plants
  • •Commercial Offices

Financial Results

  • •Copper and Aluminium Price Trend
  • •Profit and Loss Statement
  • •Balance Sheet
  • •Business Performance
  • •Market Performance

IRCE Group –Highlights

IRCE is a leading European Group operating in the industries of magnet wires and cables

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IRCE Group works in two business areas:

  • •Magnet wires
  • •Energy and data cables.

Today IRCE reference market is the European one, but the future target is to continue to enlarge its presence outside Europe, especially into the South American and Indian market.

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.

Energy and Data Cables

Cables produced by the Group encompass the complete range of Low Voltage and Medium Voltage building and industrial cables, data cables (copper cables for LANs) 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 (vehicles, domestic appliances and other electrical appliances).

>Magnet Wires

Magnet wires can be segmented pursuant to the raw material used, their shape, the wire gauge, and the characteristics of the insulating materials.

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Geographically the market is divided in major areas: Europe, South America, North America, Far East, etc; with limited trade among the areas.

>Magnet Wires

>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.

>Magnet Wires

&gt; Major customers by sectors

White Goods

Whirlpool / EmbracoBSHNidec motorSecopCemeElica SpaA.R.S. ElettromeccanicaGruppo Cebi

Automotive

Denso ManufacturingRobert BoschMahle Letrika D.O.O. G. Cartier TechnologiesMagna Electronics

Electromechanical/ElectronicsSiemensSchneider ElectricEBM-Papst MulfingenCummins Generator TechnologiesTyco ElectronicsSomfy/SitemPanasonicFinderOsram

>Energy and Data Cables

The group produces the full range of low and medium voltage cables, data cables and cords with plugs.

Cable customers are divided into two main sectors:

Distributors of electrical material

Com-Cavi SpaSonepar Deutschland Cable GmbhGefi Srl Dieter Eifler GmbhTkd Kabel Gmbh

Industrial sector (white goods)

Whirlpool GroupBSH GroupElectrolux GroupUnionalpha Spa (Indesit Group supplier)Bata Srl (Indesit Group supplier)Selectra Srl

IRCE Group –Production Plants

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IRCE Group –Commercial Offices

  • IRCE SpA Headquarters Imola (IT) IRCE SpA Sales Office Milan (IT) Isolveco Srl Padova (IT) Isomet AG Otelfingen (CH) DMG GmbH Florstadt (DE) IRCE Sl Polinya' (Barcellona) (E) ------- FD Sims Ltd Blackburn (UK) Smit Draad Nijmegen BV Nijmegen (NL) IRCE Ltda Joinville (BR) Stable Magnet Wire P. Ltd Cochin (IN) ISODRA GmbH Kierspe (DE) IRCE Kablo Ve Tel Ltd Istanbul (TR) IRCE SP. ZO. O Legnica (PL)

    • Agents and Distributors in the main countries

IRCE Group –Contents

Company Profile

  • •Highlights
  • •The Businesses
  • •Production Plants
  • •Commercial Offices

Financial Results

  • •Copper and Aluminium Price Trend
  • •Profit and Loss Statement
  • •Balance Sheet
  • •Business Performance
  • •Market Performance

IRCE Group –Copper and Aluminium price trend

IRCE Group –Profit and Loss Statement

F
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8		 65.
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8		 74.
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.3		 358
.8		 350
.6		 349
.9		 295
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TO
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S		 390
.7		 359
.8		 35
1.7		 350
.5		 296
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305
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27
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280
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ish
ed
od
nd
ip
an
ge
go
s a
w		 (
)
6.2		 (
)
7.6		 3.8 (
)
8.8		 (
)
4.3
Pe
el
sts
rso
nn
co		 (
30
.2)		 (
30
.1)		 (
31
.6)		 (
32
.4)		 (
30
.8)
Ot
he
nd
rvi
ost
r c
s a
se
ce
s		 (
35
.9)		 (
33
.6)		 (
33
.0)		 (
34
.2)		 (
32
.0)
EB
ITD
A		 13.
0		 9.5 10.
7		 8.2 7.2
De
cia
tio
nd
isio
pre
n a
pr
ov
ns		 (
9.7
)		 (
8.6
)		 (
8.3
)		 (
7.5
)		 (
7.9
)
EB
IT		 3.2 0.9 2.4 0.7 (
0.7
)
Co
de
riv
ati
pp
er
ve
s		 2.0 1.0 3.2 3.0 1.7
Ne
t fi
ial
ch
na
nc
arg
es		 (
)
2.6		 (
)
1.2		 1.3 1.7 (
)
0.2
RE
SU
LT
BE
FO
RE
TA
XE
S (
EB
T)		 2.6 0.7 6.9 5.4 0.8
Ta
xe
s		 (
)
1.6		 (
)
0.6		 (
)
3.1		 (
)
2.4		 (
)
0.7
Mi
riti
no
es		 0.0 0.0 0.0 0.0 0.0
N
E
T
R
E
S
U
L
T		 1.
1		 0.
1		 3.
8		 3.
0		 0.
1
EB
ITD
A		 13.
0		 9.5 10.
7		 8.2 7.2
Co
de
riv
ati
pp
er
ve
s		 2.0 1.0 3.2 3.0 1.7
Eff
f th
ric
n i
alu
t o
tor
ec
e c
op
pe
r p
e o
nv
en
y v
e		 0.0 0.0 0.0 0.0 0.0
EB
ITD
A A
dju
ste
d (
*)		 15.
0		 10.
5		 13.
9		 11.
2		 8.9
De
cia
tio
nd
isio
pre
n a
pr
ov
ns		 (
9.7
)		 (
8.6
)		 (
8.3
)		 (
7.5
)		 (
7.9
)
EB
IT
Ad
jus
ted
(
*)		 5.2 1.9 5.6 3.7 1.0
(
*)
For
a b
aris
of t
he
rati
ults
ha
intr
odu
ette
r co
mp
on
ope
ng
res
, we
ve
eff
of
los
er d
eriv
ativ
and
mi
/p
lus
the
ect
the
s o
n c
opp
es
nus
co
ppe
r pr		 ced
the
f E
BIT
ts o
co
nce
p
ice
inc
se/d
rea
ecr
eas
es		 DA
d E
BIT
Ad
jus
ted
an
of
the
lue
inv
ent
on
va		 hat
ual
the
, t
to
are
eq
ory		 diti
l de
fin
itio
tra
ona		 lus
inc
ns
p
om
e o
r
R
O
C
E
(
E
B
I
T
A
d
j.
/
Ne
Ca
i
l
Em
loy
d
)
%
t
ta
p
p
e		 2.
3
%		 0.
9
%		 2.
9
%		 2.
0
%		 0.
6
%

IRCE Group –Profit and Loss Statement

&gt; FY 2016 Vs FY 2015

Eu
i
l
l
ion
ro
m		 F
Y
2
0
1
6		 % T
urn
ov
er		 F
Y
2
0
1
5		 % T
urn
ov
er		 ha
%
c
ng
e
Ho
llow
wi
tu
rno
ver
res		 59.
7		 63.
7		 -6.
3%
Ho
llow
ble
tu
rno
ver
ca
s		 15.
2		 17.
1		 -11
.2%
To
tal
ho
llo
w t
urn
ov
er		 74.
9		 80.
8		 -7.
3%
OV
TU
RN
ER
(c
r in
clu
de
d)
op
pe		 295
.9		 100
.0%		 349
.9		 100
.0%		 -15
.4%
Oth
inc
er
om
e		 0.8 0.3
%		 0.6 0.2
%		 33
.3%
TO
S
TA
L R
EV
EN
UE		 296
.7		 100
.3%		 350
.5		 100
.2%		 -15
.3%
Co
f m
ria
l
st o
ate		 (
222
.4)		 -75
.2%		 (
266
.9)		 -76
.3%		 -16
.7%
Ch
in
fin
ish
ed
od
nd
ip
an
ge
go
s a
w		 (
4.3
)		 -1.5
%		 (
8.8
)		 -2.5
%		 -51
.1%
Pe
el
sts
rso
nn
co		 (
30
.8)		 -10
.4%		 (
32
.4)		 -9.3
%		 -4.
9%
Oth
d s
ice
sts
er
co
an
erv
s		 (
32
.0)		 -10
.8%		 (
34
.2)		 -9.8
%		 -6.
4%
EB
ITD
A		 7.2 2.4
%		 8.2 2.3
%		 -12
.2%
De
cia
tio
nd
isio
pre
n a
pr
ov
ns		 (
7.9
)		 -2.7
%		 (
7.5
)		 -2.1
%		 5.3
%
EB
IT		 (
0.7
)		 -0.
2%		 0.7 0.2
%		 -20
0.0
%
Co
de
riv
ati
pp
er
ve
s		 1.7 0.6
%		 3.0 0.9
%		 -43
.3%
Ne
t fi
ial
ch
na
nc
arg
es		 (
0.2
)		 -0.1
%		 1.7 0.5
%		 -11
1.8
%
SU
FO
S (
RE
LT
BE
RE
TA
XE
EB
T)		 0.8 0.3
%		 5.4 1.5
%		 -85
.2%
Ta
xe
s		 (
0.7
)		 -0.2
%		 (
2.4
)		 -0.7
%		 -70
.8%
Mi
riti
no
es		 0.0 0.0
%		 0.0 0.0
%		 -
N
E
T
R
E
S
U
L
T		 0.
1		 0.0
%		 3.
0		 0.9
%		 -9
6.
7
%
EB
ITD
A		 7.2 2.4
%		 8.2 2.3
%		 -12
.2%
Co
de
riv
ati
pp
er
ve
s		 1.7 0.6
%		 3.0 0.9
%
Eff
f th
ric
n i
alu
t o
tor
ec
e c
op
pe
r p
e o
nv
en
y v
e		 0.0 0.0
%		 0.0 0.0
%
EB
ITD
A A
dju
d (
*)
ste		 8.9 3.0
%		 11.
2		 3.2
%		 -20
.5%
De
cia
tio
nd
isio
pre
n a
pr
ov
ns		 (
)
7.9		 -2.7
%		 (
)
7.5		 -2.1
%
EB
IT
Ad
jus
ted
(
*)		 1.0 0.3
%		 3.7 1.1% -73
.0%
(
*)
For
a b
aris
of t
he
rati
ults
ha
intr
odu
ced
ette
r co
mp
on
ope
ng
res
, we
ve		 the
f E
BIT
ts o
co
nce
p		 DA
d E
BIT
Ad
jus
an		 ted
hat
ual
the
, t
to
are
eq		 diti
l de
fin
itio
tra
ona		 lus
inc
ns
p
om
e o
r
los
er d
eriv
ativ
and
mi
/p
lus
the
eff
of
the
ect
s o
n c
opp
es
nus
co
ppe
r pr		 ice
inc
se/d
rea
ecr
eas		 the
lue
of
inv
es
on
va		 ent
ory
R
O
C
E
(
E
B
I
T
A
d
j.
/
Ne
Ca
i
l
Em
loy
d
)
t
ta
%
p
p
e		 0.
6
%		 2.
0
%

IRCE Group –Balance sheet

&gt; Fiscal Years 2012 - 2016

Eu
i
l
l
ion
ro
m		 2
0
2
1		 % 2
0
3
1		 % 2
0
1
4		 % 2
0
1
5		 % 2
0
6
1		 %
Wo
rki
ita
l
ng
ca
p		 150
.0		 67.
8%		 132
.0		 67.
9%		 132
.3		 70.
6%		 130
.2		 73.
6%		 123
.4		 71.2
%
Fix
ed
As
set
s		 75
.6		 34.
1%		 68
.8		 35.
4%		 64
.4		 34.
4%		 57
.3		 32.
4%		 59
.9		 34.
5%
Ot
he
d l
iab
ilit
ies
ts
r a
sse
an		 -4.
2		 -1.9
%		 -6.
4		 -3.3
%		 -9.
4		 -5.0
%		 -10
.5		 -5.9
%		 -9.
9		 -5.7
%
N
E
T
C
A
P
I
T
A
L
E
M
P
L
O
Y
E
D		 2
2
1.
4		 100
.0%		 1
9
4.
4		 100
.0%		 1
8
7.
3		 100
.0%		 1
7
7.
0		 100
.0%		 1
7
3.
4		 100
.0%
Ne
t F
ina
ial
De
bt
nc		 79
.4		 35.
9%		 61
.4		 31.6
%		 49
.6		 26.
5%		 46
.2		 26.
1%		 36
.2		 20.
9%
Sh
ho
lde
rs'
Eq
uit
are
y		 142
.0		 64.
1%		 133
.0		 68.
4%		 137
.7		 73.
5%		 130
.8		 73.
9%		 137
.2		 79.
1%
F
I
N
A
N
C
I
N
G
A
N
D
E
Q
U
I
T
Y		 2
2
1.
4		 100
.0%		 1
9
4.
4		 100
.0%		 1
8
7.
3		 100
.0%		 1
7
7.
0		 100
.0%		 1
7
3.
4		 100
.0%
S
S
I
N
V
E
T
M
E
N
T		 8
6.		 2
5.		 7
2.		 1
4.		 6.
0
N
E
T
F
I
N
A
N
C
I
A
L
D
E
B
T
E
B
I
T
D
A
A
d
j.
/		 3
5.		 8
5.		 6
3.		 1
4.		 4.
1

IRCE Group –Balance sheet

&gt; 31 December 2016, 31 December 2015

Eu
i
l
l
ion
ro
m		 De
be
3
1
2
0
1
6
ce
m
r		 % De
be
3
1
2
0
1
5
ce
m
r		 % C
ha
ng
e		 %
Wo
rki
ita
l
ng
ca
p		 123
.4		 71.2
%		 130
.2		 73.
6%		 -6.
8		 -5.2
%
Fix
ed
As
set
s		 59
.9		 34.
5%		 57
.3		 32.
4%		 2.6 4.5
%
Ot
he
d l
iab
ilit
ies
ts
r a
sse
an		 -9.
9		 -5.7
%		 -10
.5		 -5.9
%		 0.6 5.7
%
N
E
T
C
A
P
I
T
A
L
E
M
P
L
O
Y
E
D		 3.
1
7
4		 100
.0%		 0
1
7
7.		 100
.0%		 -3
6		 -2.
0%
Ne
t F
ina
ial
De
bt
nc		 36
.2		 20.
9%		 46
.2		 26.
1%		 -10
.0		 -21
.6%
Sh
ho
lde
rs'
Eq
uit
are
y		 137
.2		 79.
1%		 130
.8		 73.
9%		 6.4 4.9
%
F
I
N
A
N
C
I
N
G
A
N
D
E
Q
U
I
T
Y		 3.
1
7
4		 100
.0%		 1
7
7.		 100
.0%		 -3 -2.
0%
0 6
I
N
V
E
S
T
M
E
N
T
S		 6.
0		 4.
1
4.
1		 4.
1

IRCE Group –Business Performance

TURNOVER and HOLLOW TURNOVER

EBITDA Adjusted and EBIT Adjusted

NET CAPITAL EMPLOYED and NET FINANCIAL DEBT

WORKING CAPITAL

Irce SpaVia Lasie, 12/A - 40026 Imola BO – Italy www.irce.it

IRCE Group –Market Performance

PRICE/BOOK VALUE RATIO

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