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IRCE

Investor Presentation • Mar 15, 2016

4035_ip_2016-03-15_ea9941be-3662-45a7-812d-cad785d37c7e.pdf

Investor Presentation

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IRCE Group

FY 2015 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 BoschEBM-Papst MulfingenLetrika D.D. 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
i
l
l
io
ro
m
n		 2
0
1
1		 2
0
1
2		 2
0
1
3		 2
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1
4		 2
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1
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wir
w t
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es		 69
.3		 66
.0		 62
.8		 65
.9		 63
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b
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ca		 21
.5		 17.
5		 13.
1		 13.
3		 17.
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9		 79.
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9.
8		 35
1.7		 35
0.5
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st
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33
8.7		 (
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30
5.4		 (
)
27
9.0		 (
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28
0.2		 (
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26
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30
.1)		 (
31
.6
)		 (
32
.4)
Ot
he
d s
ice
ts
r c
os
an
erv
s		 (
.7)
37		 (
)
35
.9		 (
)
33
.6		 (
)
33
.0		 (
.2)
34
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		 (
.2)
12		 (
)
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
S
O
S
RE
U
LT
B
EF
RE
TA
XE
(
EB
T)		 17
.9		 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		 0.
1
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		 15
.0		 10
.5		 13
.9		 11
.2
De
iat
ion
d p
is
ion
p
rec
an
rov
s		 (
.2)
12		 (
)
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
ave
uce
e c
onc
ep
an
are
eq
ona
s p
om
e o
ss
, w
de
riva
tive
nd
min
us/
lus
the
eff
of
the
ice
inc
se/
dec
the
lue
of
inv
ect
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; FY 2015 Vs FY 2014

Eu
i
l
l
io
ro
m
n		 F
Y
2
0
1
5		 %
Tu
rno
ve
r		 F
Y
2
0
1
4		 %
Tu
rno
ve
r		 ha
%
c
ng
e
Ho
llo
wir
w t
urn
ov
er
es		 63
.7		 65
.9		 -3.
3%
Ho
llo
b
les
w t
urn
ov
er
ca		 17.
1		 13.
3		 28
.7%
To
l h
llo
ta
w t
o
urn
ov
er		 8
0.
8		 79.
2		 2.0
%
TU
RN
O
VE
R (
inc
lu
de
d
)
co
p
p
er		 34
9.
9		 100
.0%		 35
0.
6		 100
.0%		 -0.
2%
Ot
he
r in
co
me		 0.6 0.2
%		 1.1 0.3
%		 -45
.5%
T
O
TA
L R
EV
EN
U
E
S		 35
0.5		 100
.2%		 35
1.7		 100
.3%		 -0.
3%
Co
f m
ria
l
st
ate
o		 (
)
26
6.9		 -76
.3%		 (
)
28
0.2		 -79
.9%		 -4.
7%
C
ha
in
fin
is
he
d g
ds
d w
ip
ng
e
oo
an		 (
8.8
)		 -2.5
%		 3.8 1.1
%		 -33
1.6
%
Pe
l c
ts
rso
nn
e
os		 (
32
.4)		 -9.3
%		 (
31
.6
)		 -9.0
%		 2.5
%
Ot
he
d s
ice
ts
r c
os
an
erv
s		 (
.2)
34		 -9.8
%		 (
)
33
.0		 -9.4
%		 3.6
%
EB
ITD
A		 8.
2		 2.3
%		 10
.7		 3.1
%		 -23
.4%
De
iat
ion
d p
is
ion
p
rec
an
rov
s		 (
7.5
)		 -2.
1%		 (
8.3
)		 -2.4
%		 -9.
6%
EB
IT		 0.7 0.2
%		 2.4 0.7
%		 -70
.8%
Co
de
riv
ive
at
p
p
er
s		 3.0 0.9
%		 3.2 0.9
%		 -6.
3%
Ne
fin
ia
l c
ha
t
an
c
rg
es		 1.7 0.5
%		 1.3 0.4
%		 30
.8%
S
O
S
RE
U
LT
B
EF
RE
TA
XE
(
EB
T)		 5.4 1.5
%		 6.
9		 2.0
%		 -21
.7%
Ta
xe
s		 (
2.4
)		 -0.7
%		 (
3.1
)		 -0.9
%		 -22
.6%
Mi
rit
ies
no		 0.0 0.0
%		 0.0 0.0
%		 -
N
E
T
R
E
S
U
L
T		 3.
0		 0.9
%		 3.
8		 1.1
%		 -2
1.
1
%
EB
ITD
A		 8.
2		 2.3
%		 10
.7		 3.1
%		 -23
.4%
Co
de
riv
ive
at
p
p
er
s		 3.0 0.9
%		 3.2 0.9
%
Eff
f t
he
ric
n i
lue
t o
tor
ec
co
p
p
er
p
e o
nv
en
y
va		 0.0 0.0
%		 0.0 0.0
%
EB
ITD
A A
d
j
d
(
*)
te
us		 11
.2		 3.2
%		 13
.9		 4.0
%		 -19
.4%
De
iat
ion
d p
is
ion
p
rec
an
rov
s		 (
7.5
)		 -2.
1%		 (
8.3
)		 -2.4
%
EB
IT
Ad
j
d
(
*)
te
us		 3.7 1.1
%		 6
5.		 1.6
%		 -3
3.
9%
(
*)
For
a b
aris
of t
he
rati
ults
e h
int
rod
d th
ette
r co
mp
on
ope
ng
res
, w
ave
uce
e c		 f E
BIT
DA
ts o
onc
ep		 d E
BIT
Ad
jus
ted
hat
, t
an		 ual
the
to
tra
are
eq		 diti
l de
fini
tion
lus
ona
s p		 inc
om
e o
r
los
er d
eriv
ativ
and
mi
/p
lus
the
eff
of
the
ice
inc
ect
s o
n c
opp
es
nus
co
ppe
r pr		 se/
dec
rea
rea
ses		 the
lue
of
inv
ent
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		 2.
0
%		 2.
9
%

IRCE Group –Balance sheet

&gt; Fiscal Years 2011 - 2015

Eu
i
l
l
io
ro
m
n		 2
0
1
1		 % 2
0
2
1		 % 2
0
3
1		 % 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
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%
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%
C
G
Q
F
I
N
A
N
I
N
A
N
D
E
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		 2
5.		 2.
7		 4.
1
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.
8		 3
5.		 8
5.		 3.
6		 4.
1

IRCE Group –Balance sheet

&gt; 31 December 2015 Vs 31 December 2014

Eu
i
l
l
io
ro
m
n		 3
1
De
be
2
0
1
5
ce
m
r		 % 3
1
De
be
2
0
1
4
ce
m
r		 % C
ha
ng
e		 %
Wo
rki
ita
l
ng
ca
p		 130
.2		 73.
6%		 132
.3		 70.
6%		 -2.
1		 -1.6
%
Fix
d
As
ts
e
se		 57
.3		 32.
4%		 64
.4		 34.
4%		 -7.
1		 -11
.0%
Ot
he
d
lia
b
ilit
ies
ets
r a
ss
an		 -10
.5		 -5.9
%		 -9.
4		 -5.0
%		 -1.
1		 -11
.7%
C
O
N
E
T
A
P
I
T
A
L
E
M
P
L
Y
E
D		 1
7
7.
0		 100
.0%		 1
8
7.
3		 100
.0%		 -1
0.
3		 -5.5
%
Ne
Fin
ia
l D
bt
t
an
c
e		 46
.2		 26.
1%		 49
.6		 26.
5%		 -3.
4		 -6.9
%
S
ha
ho
lde
' E
ity
re
rs
q
u		 130
.8		 73.
9%		 13
7.7		 73.
5%		 -6.
9		 -5.0
%
F
I
N
A
N
C
I
N
G
A
N
D
E
Q
U
I
T
Y		 0
1
7
7.		 100
.0%		 8
3
1
7.		 100
.0%		 0.
3
-1		 -5.5
%
I
N
V
E
S
T
M
E
N
T
S		 4.
1		 2.
7
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.		 4.
1		 3.
6

IRCE Group –Business Performance

TURNOVER and HOLLOW TURNOVER

EBITDA Adjusted and EBIT Adjusted

NET CAPITAL EMPLOYED and NET FINANCIAL DEBT

WORKING CAPITAL

IRCE Group –Market Performance

NET EQUITY Vs MARKET CAPITALIZATION

PRICE/BOOK VALUE RATIO

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