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IRCE

Investor Presentation • Sep 19, 2016

4035_ip_2016-09-19_a1551eaa-715e-462b-b15f-1ee100a51a89.pdf

Investor Presentation

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IRCE Group

1st Half 2016 Financial Results PresentationISMO 2016 - Milan, 21st September 2016

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 BoschEBM-Papst MulfingenMahle Letrika D.O.O. G. Cartier TechnologiesMagna Electronics

Electromechanical/Electronics

SiemensSchneider ElectricCummins Generator TechnologiesTyco ElectronicsSomfy/SitemPanasonicFinder

Lighting

Osram Vossloh Schwabe

>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

&gt; Fiscal Years 2011 - 2015

Eu
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.0		 62
.8		 65
.9		 63
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2.0		 3
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9.
8		 35
1.7		 35
0.5
Co
f m
ria
l
st
ate
o		 (
33
8.7
)		 (
30
5.4
)		 (
27
9.0
)		 (
28
0.2
)		 (
26
6.9
)
C
ha
in
fin
is
he
d g
ds
d w
ip
ng
e
oo
an		 1.9 (
)
6.2		 (
)
7.6		 3.8 (
)
8.8
Pe
l c
ts
rso
nn
e
os		 (
30
.0
)		 (
30
.2)		 (
30
.1)		 (
31
.6
)		 (
32
.4)
Ot
he
d s
ice
ts
r c
os
an
erv
s		 (
37
.7)		 (
35
.9
)		 (
33
.6
)		 (
33
.0
)		 (
34
.2)
EB
ITD
A		 27
.5		 13
.0		 9.5 10
.7		 8.
2
De
iat
ion
d p
is
ion
p
rec
an
rov
s		 (
12
.2)		 (
9.7
)		 (
8.6
)		 (
8.3
)		 (
7.5
)
EB
IT		 15
.3		 3.
2		 0.
9		 2.4 0.7
Co
de
riv
ive
at
p
p
er
s		 4.1 2.0 1.0 3.2 3.0
Ne
fin
ia
l c
ha
t
an
c
rg
es		 (
1.5
)		 (
2.6
)		 (
1.2
)		 1.3 1.7
RE
S
U
LT
B
EF
O
RE
TA
XE
S
(
EB
T)		 .9
17		 2.6 0.7 6.
9		 5.4
Ta
xe
s		 (
7.5
)		 (
1.6
)		 (
0.6
)		 (
3.1
)		 (
2.4
)
Mi
rit
ies
no		 0.0 0.0 0.0 0.0 0.0
N
E
T
R
E
S
U
L
T		 1
0.
4		 1.
1		 0.
1		 3.
8		 3.
0
EB
ITD
A		 27
.5		 13
.0		 9.5 10
.7		 8.
2
Co
de
riv
ive
at
p
p
er
s		 4.1 2.0 1.0 3.2 3.0
Eff
f t
he
ric
n i
lue
t o
tor
ec
co
p
p
er
p
e o
nv
en
y
va		 (
7.2
)		 0.0 0.0 0.0 0.0
EB
ITD
A A
d
j
d
(
*)
te
us		 24
.4		 .0
15		 10
.5		 13
.9		 .2
11
De
iat
ion
d p
is
ion
p
rec
an
rov
s		 (
12
.2)		 (
9.7
)		 (
8.6
)		 (
8.3
)		 (
7.5
)
EB
IT
Ad
j
d
(
*)
te
us		 12
.2		 5.
2		 1.9 5.
6		 3.7
(
*)
For
a b
aris
of t
he
rati
ults
e h
int
rod
d th
f E
BIT
DA
d E
BIT
Ad
jus
ted
hat
ual
the
diti
l de
fini
tion
lus
inc
r lo
ette
ts o
, t
to
tra
r co
mp
on
ope
ng
res
, w
ave
uce
e c
onc
ep
an
are
eq
ona
s p
om
e o
ss
eff
of
of
de
riva
tive
nd
min
us/
lus
the
ect
the
ice
inc
se/
dec
the
lue
inv
ent
on
cop
per
s a
p
co
ppe
r pr
rea
rea
ses
on
va
ory
R
O
C
E
(
E
B
I
T
A
d
j.
/
Ne
Ca
i
l
Em
loy
d
)
%
t
ta
p
p
e		 5.
1
%		 2.
3
%		 0.
9
%		 2.
9
%		 2.
0
%

IRCE Group –Profit and Loss Statement

&gt; 1st H 2016 Vs 1st H 2015

Eu
i
l
l
ion
ro
m		 st
1
H
2
0
1
6		 % T
urn
ov
er		 st
1
H
2
0
1
5		 % T
urn
ov
er		 ha
%
c
ng
e
Ho
llow
wi
tu
rno
ver
res		 31.
3		 34.
2		 -8.
5%
Ho
llow
ble
tu
rno
ver
ca
s		 7.7 8.2 -6.
1%
To
tal
ho
llo
w t
urn
ov
er		 39.
0		 42.
4		 -8.
0%
TU
RN
OV
ER
(c
r in
clu
de
d)
op
pe		 153
.8		 100
.0%		 188
.4		 100
.0%		 -18
.4%
Oth
inc
er
om
e		 0.5 0.3
%		 0.3 0.2
%		 66
.7%
TO
S
TA
L R
EV
EN
UE		 154
.3		 100
.3%		 188
.7		 100
.2%		 -18
.2%
Co
f m
ria
l
st o
ate		 (
117
.9)		 -76
.6%		 (
148
.2)		 -78
.7%		 -20
.4%
Ch
in
fin
ish
ed
od
nd
ip
an
ge
go
s a
w		 2.1 1.4% 0.9 0.5
%		 133
.3%
Pe
el
sts
rso
nn
co		 (
2)
16.		 -10
.5%		 (
5)
16.		 -8.8
%		 -1.
8%
Oth
d s
ice
sts
er
co
an
erv
s		 (
16.
1)		 -10
.5%		 (
17.
8)		 -9.4
%		 -9.
6%
EB
ITD
A		 6.2 4.0
%		 7.1 3.8
%		 -12
.4%
De
cia
tio
nd
isio
pre
n a
pr
ov
ns		 (
3.9
)		 -2.5
%		 (
3.7
)		 -2.0
%		 5.4
%
EB
IT		 2.3 1.5
%		 3.4 1.8
%		 -31
.8%
Co
de
riv
ati
pp
er
ve
s		 0.7 0.5
%		 1.9 1.0% -63
.2%
Ne
t fi
ial
ch
na
nc
arg
es		 (
0.5
)		 -0.3
%		 1.6 0.8
%		 -13
1.3
%
RE
SU
LT
BE
FO
RE
TA
XE
S (
EB
T)		 2.5 1.6
%		 6.9 3.7
%		 -63
.5%
Ta
xe
s		 (
1.3
)		 -0.8
%		 (
2.5
)		 -1.3
%		 -48
.0%
Mi
riti
no
es		 0.0 0.0
%		 0.0 0.0
%		 -
N
E
T
R
E
S
U
L
T		 1.
2		 0.8
%		 4.
4		 2.3
%		 -7
2.
3
%
EB
ITD
A		 6.2 4.0
%		 7.1 3.8
%		 -12
.4%
Co
de
riv
ati
pp
er
ve
s		 0.7 0.5
%		 1.9 1.0%
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		 6.9 4.5
%		 9.0 4.8
%		 -23
.1%
De
cia
tio
nd
isio
pre
n a
pr
ov
ns		 (
)
3.9		 -2.5
%		 (
)
3.7		 -2.0
%
EB
IT
Ad
jus
ted
(
*)		 3.0 2.0
%		 5.3 2.8
%		 -43
.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
DA
d E
BIT
Ad
jus
ted
hat
ual
the
diti
l de
fin
itio
lus
inc
ts o
, t
to
tra
co
nce
p
an
are
eq
ona
ns
p
om
e o
r
eff
of
loss
r de
riva
tive
nd
min
us/
lus
the
ect
the
on
co
ppe
s a
p
co
ppe
r pr		 ice
inc
se/d
rea
ecr
eas
es		 of
the
lue
on
va		 inv
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		 3.
4
%		 5.
6
%

IRCE Group –Balance sheet

&gt; Fiscal Years 2011 - 2015

Eu
i
l
l
io
ro
m
n		 2
0
1
1		 % 2
0
1
2		 % 2
0
1
3		 % 2
0
1
4		 % 2
0
1
5		 %
Wo
rki
ita
l
ng
ca
p		 172
.5		 71.
7%		 150
.0		 67.
8%		 132
.0		 67.
9%		 132
.3		 70.
6%		 130
.2		 73.
6%
Fix
d
As
ts
e
se		 79
.5		 33.
0%		 75
.6		 34.
1%		 68
.8		 35.
4%		 64
.4		 34.
4%		 57
.3		 32.
4%
Ot
he
d
lia
b
ilit
ies
ets
r a
ss
an		 -11
.4		 -4.7
%		 -4.
2		 -1.9
%		 -6.
4		 -3.3
%		 -9.
4		 -5.0
%		 -10
.5		 -5.9
%
N
E
T
C
A
P
I
T
A
L
E
M
P
L
O
Y
E
D		 2
0.
6
4		 100
.0%		 2
2
1.
4		 100
.0%		 9
1
4.
4		 100
.0%		 8
3
1
7.		 100
.0%		 0
1
7
7.		 100
.0%
Ne
Fin
ia
l D
bt
t
an
c
e		 92
.8		 38.
6%		 79
.4		 35.
9%		 61
.4		 31.
6%		 49
.6		 26.
5%		 46
.2		 26.
1%
S
ha
ho
lde
' E
ity
re
rs
q
u		 14
7.8		 61.
4%		 142
.0		 64.
1%		 133
.0		 68.
4%		 13
7.7		 73.
5%		 130
.8		 73.
9%
F
I
N
A
N
C
I
N
G
A
N
D
E
Q
U
I
T
Y		 2
4
0.
6		 100
.0%		 2
2
1.
4		 100
.0%		 1
9
4.
4		 100
.0%		 1
8
7.
3		 100
.0%		 1
7
7.
0		 100
.0%
I
N
V
E
S
T
M
E
N
T
S		 1
1.
1		 6.
8		 5.
2		 2.
7		 4.
1
C
N
E
T
F
I
N
A
N
I
A
L
D
E
B
T
/
E
B
I
T
D
A
A
d
j.		 3.
8		 5.
3		 5.
8		 3.
6		 4.
1

IRCE Group –Balance sheet

&gt; 30 Jun. 2016, 31 Dec. 2015, 30 Jun. 2015

Eu
i
l
l
ion
ro
m		 3
0
Ju
2
0
1
6
ne		 % 3
1
De
be
2
0
1
5
ce
m
r		 % 3
0
Ju
2
0
1
5
ne		 %
Wo
rki
ita
l
ng
ca
p		 134
.5		 74.
5%		 130
.2		 73.
6%		 141
.1		 74.
4%
Fix
ed
As
set
s		 59
.1		 32.
7%		 57
.3		 32.
4%		 62
.3		 32.
8%
Ot
he
d l
iab
ilit
ies
ts
r a
sse
an		 -13
.1		 -7.3
%		 -10
.5		 -5.9
%		 -13
.7		 -7.2
%
C
O
N
E
T
A
P
I
T
A
L
E
M
P
L
Y
E
D		 1
8
0.
5		 100
.0%		 1
7
7.
0		 100
.0%		 1
8
9.
7		 100
.0%
Ne
t F
ina
ial
De
bt
nc		 44
.0		 24.
4%		 46 26.
1%		 48 25.
5%
.2 .4
Sh
ho
lde
rs'
Eq
uit
are
y		 136
.5		 75.
6%		 130
.8		 73.
9%		 141
.3		 74.
5%
F
I
N
A
N
C
I
N
G
A
N
D
E
Q
U
I
T
Y		 8
0.
1
5		 100
.0%		 0
1
7
7.		 100
.0%		 8
9.
1
7		 100
.0%
I
N
V
E
S
T
M
E
N
T
S		 2.
1		 4.
1		 1.
4
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.
2		 4.
1		 2.
7

IRCE Group –Business Performance

EBITDA Adjusted and EBIT Adjusted

NET CAPITAL EMPLOYED and NET FINANCIAL DEBT

IRCE Group –Market Performance

NET EQUITY Vs MARKET CAPITALIZATION

PRICE/BOOK VALUE RATIO

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