AI Terminal
IRCE
Quarterly Report • May 15, 2025
4035_ir_2025-05-15_f927c14d-0008-45ea-87c3-5caa360031f6.pdf
Quarterly Report
Open in ViewerOpens in native device viewer
| Informazione Regolamentata n. 0163-22-2025 |
Data/Ora Inizio Diffusione 15 Maggio 2025 17:10:01 |
Euronext Star Milan | |
|---|---|---|---|
| Societa' | : | IRCE | |
| Identificativo Informazione Regolamentata |
: | 205749 | |
| Utenza - referente | : | IRCEN01 - CASADIO ELENA | |
| Tipologia | : | 3.1 | |
| Data/Ora Ricezione | : | 15 Maggio 2025 17:10:01 | |
| Data/Ora Inizio Diffusione | : | 15 Maggio 2025 17:10:01 | |
| Oggetto | : | Interim report on operation at 31st March 2025 | |
| Testo del comunicato |
Vedi allegato
INTERIM REPORT ON OPERATIONS AT 31ST MARCH 2025
The Board of Directors has today approved the consolidated financial statements as at 31st March 2025.
In the first quarter 2025, IRCE Group (hereinafter also the "Group") recorded a profit of € 1.95 million.
Consolidated turnover was € 102.71 million, up by 2.6% compared to € 100.12 million in the first quarter of 2024; the increase is due to a higher price of copper (the average LME price in Euros in the first quarter of 2025 was 14.2% higher than in the same period of 2024), while sales volumes decreased.
During the first quarter of 2025, although market demand remained weak, with volumes sold in line with those of the fourth quarter of last year. The difficult moment of the winding wire end markets continues (automotive, white goods appliances and electromechanical/electronic equipment), while cables suffer the complex situation of their traditional markets, construction and cabling.
Results are reported in the following table:
| Consolidated income statement data | 31 March 2025 | 31 March 2024 | Change |
|---|---|---|---|
| (€/million) | Value | Value | Value |
| Turnover1 | 102.71 | 100.12 | 2.59 |
| Turnover without metal2 | 23.30 | 25.49 | (2.19) |
| EBITDA3 | 5.28 | 5.11 | 0.17 |
| EBIT | 3.54 | 3.61 | (0.07) |
| Result before tax | 3.06 | 3.48 | (0.42) |
| Group Net Result of the period | 1.95 | 2.25 | (0.30) |
| Adjusted EBITDA4 | 5.75 | 5.44 | 0.31 |
| Adjusted EBIT⁴ | 4.01 | 3.94 | 0.07 |
| Consolidated statement of financial position data | 31 March 2025 | 31 December 2024 | Change |
|---|---|---|---|
| (€/milioni) | Value | Value | Value |
| Net invested capital5 | 220.45 | 197.13 | 23.32 |
| Shareholders' equity | 153.68 | 150.62 | 3.06 |
| Net financial position6 | 66.77 | 46.51 | 20.26 |
1 The item "Turnover" represents the "Sales revenues" reported in the income statement.
2Turnover without metal corresponds to the total turnover less the metal component.
3 EBITDA is a performance indicator the Group's Management uses to assess the operating performance of the company and is not an IFRS measure; IRCE S.p.A. calculates it by adding depreciation/amortisation, provisions and write-downs to EBIT.
4 Adjusted EBITDA and EBIT are calculated as the sum of EBITDA and EBIT and the gains/losses on copper and electricity derivatives transactions if realized (€ +0.47 million in first quarter 2025 and € +0.33 million in first quarter 2024). These are indicators the Group's Management uses to monitor and assess its own operating performance and are not IFRS measures. Given that the composition of these measures is not regulated by the reference accounting standards, the criterion used by the Group may not be consistent with that adopted by others and is therefore not comparable.
5 Net invested capital is the sum of net working capital, fixed assets, other receivables net of other payables, provisions for risks and charges and provisions for employee benefits.
6 The methods for measuring the net financial position as defined by Consob's Notice no. 5/21 of 29 April 2021, which incorporates the ESMA Guideline published on 4 March 2021.
PRESS RELEASE
The net financial position as at 31 March 2025 amounted to € 66.77 million, up from € 46.51 million as at 31 December 2024, the increase is mainly due to the growth in working capital and, to a lesser extent, to the investments made in the period, equal to € 6.98 million, which mostly concerned the projects in the Czech Republic and the People's Republic of China.
Shareholders' equity increased by € 3.06 million, compared to 31 December 2024, thanks to the profit of the period (€ 1.95 million) and to the positive change in the translation reserve for € 1.13 million, generated by the recovery of the Brazilian Real which in the first quarter of 2025 appreciated by approximately 3% against the Euro.
In this context of economic uncertainty and geopolitical instability, demand is expected to recover only in the second half of 2025. However, our medium-long term forecast of significant growth in both business lines, mainly linked to the ongoing energy transition, remains unchanged.
The Group's investment projects continue, in Czech Republic the construction of the plant was completed at the end of February 2025 and production is expected to start within the first half of the year, while in China the construction of the plant will be completed at the end of the year with production starting in the first months of 2026.
To update what was communicated in the 2024 Financial Statements Note, we inform that the production activity of the Dutch subsidiary Smit Draad ended in April and that all the employment contracts will terminate by the end of July of this year.
The manager responsible for preparing the company's financial reports, Mr Massimiliano Bacchini, declares, pursuant to paragraph 2 of Article 154-bis of the Consolidated Law on Finance, that the accounting information contained in this press release corresponds to our books and accounting records.
Imola, 15 May 2025
IRCE SPA
Contacts:
Investor relator: Mr. Sepriano Gianfranco Tel. + 39 0382 77535 e-mail: [email protected]
Head of Corporate Information: Ms. Elena Casadio Tel. + 39 0542 661220 e-mail: [email protected]
IRCE Group is an important player in the winding wires and electric cable sector. The production is deployed in 3 facilities in Italy and 5 facilities abroad: Nijmegen (NI), Blackburn (UK), Joinville SC (Brazil), Kochi (India) and Kierspe (Germany). The Group includes also 5 commercial companies; four of them are located outside Italy (Germany, Spain, Switzerland, Poland) and three companies currently inoperative (Czech Republic, China and India). The Group employed globally 675 employees.
Consolidated statement of financial position
| (Thousand of Euro) | 2025 31 March |
2024 31 December |
|---|---|---|
| ASSETS | ||
| Non current assets | ||
| Goodwill and other intangible assets | 53 | 50 |
| Property, plant and machinery | 43,979 | 43,064 |
| Equipments and other tangible assets | 1,539 | 1,731 |
| Assets under constructions and advances | 46,332 | 41,609 |
| Non current financial assets | 6 | 7 |
| Deferred tax assets | 2,486 | 2,502 |
| NON CURRENT ASSETS | 94,395 | 88,963 |
| Current assets | ||
| Inventories | 114,607 | 94,345 |
| Trade receivables | 68,538 | 54,083 |
| Tax receivables | 108 | 114 |
| Other current assets | 3,940 | 5,316 |
| Current financial assets | 383 | 412 |
| Cash and cash equivalent | 11,290 | 13,859 |
| CURRENT ASSETS | 198,866 | 168,129 |
| TOTAL ASSETS | 293,261 | 257,092 |
| emarket sdir scorage |
|---|
| CERTIFIED |
| 2025 | 2024 | |
|---|---|---|
| (Thousand of Euro) | 31 March | 31 December |
| EQUITY AND LIABILITIES | ||
| Shareholders' equity | ||
| Share capital | 13,751 | 13,756 |
| Reserves | 138,282 | 130,268 |
| Profit (loss) for the period | 1,953 | 6,900 |
| Shareholders' equity attributable to shareholders of Parent company | 153,986 | 150,924 |
| Shareholders equity attributable to Minority interests | (308) | (308) |
| TOTAL SHAREHOLDERS' EQUITY | 153,679 | 150,616 |
| Non current liabilities | ||
| Non current financial liabilities | 41,867 | 38,023 |
| Deferred tax liabilities | 264 | 280 |
| Non current provisions for risks and charges | 556 | 558 |
| Non current provisions for post employment obligation | 3,638 | 3,685 |
| NON CURRENT LIABILITIES | 46,325 | 42,546 |
| Current liabilities | ||
| Current financial liabilities | 36,571 | 22,757 |
| Trade payables | 40,614 | 26,010 |
| Current tax payables | 1,873 | 1,277 |
| (of which related parties) | 1,244 | 644 |
| Social security contributions | 1,366 | 2,013 |
| Other current liabilities | 9,103 | 8,513 |
| Current provisions for risks and charges | 3,730 | 3,360 |
| CURRENT LIABILITIES | 93,257 | 63,930 |
| SHAREHOLDERS' EQUITY AND LIABILITIES | 293,261 | 257,092 |
Consolidated income statement
| (Thousand of Euro) | 2025 31 March |
2024 31 March |
|---|---|---|
| Sales revenues | 102,714 | 100,117 |
| Other revenues and income | 666 | 364 |
| TOTALE REVENUES AND INCOME | 103,380 | 100,481 |
| Raw materials and consumables | (86,868) | (81,929) |
| Change in inventories of work in progress and finished goods | 8,815 | 5,120 |
| Cost for services | (11,103) | (9,760) |
| Personnel costs | (8,593) | (8,372) |
| Amortization /depreciation/write off tangible and intagible assets | (1,731) | (1,707) |
| Provision and write downs | - | 200 |
| Other operating costs | (356) | (426) |
| EBIT | 3,544 | 3,607 |
| Financial income / (charges) | (481) | (127) |
| RESULT BEFORE TAX | 3,063 | 3,480 |
| Income taxes | (1,110) | (1,223) |
| NET RESULT FOR THE PERIOD | 1,953 | 2,257 |
| Net result attributable to non-controlling interests | - | 12 |
| Net result attributable to shareholders of the Parent Company | 1,953 | 2,245 |
| EARNINGS/(LOSSES) PER SHARES | ||
|---|---|---|
| - basic EPS for the period attributable to shareholders of the parent company | 0.0738 | 0.0847 |
| - diluted EPS for the period attributable to shareholders of the parent company | 0.0738 | 0.0847 |
Consolidated statement of cash flow
| 2025 | 2024 | |
|---|---|---|
| (Thousand of Euro) | 31 March | 31 March |
| OPERATING ACTIVITIES | ||
| Result of the period (Group and Minorities) | 1,953 | 2,257 |
| Adjustments for: | ||
| Depreciation / Amortization | 1,731 | 1,707 |
| Net change in deferred tax (assets) / liabilities | 10 | 114 |
| Capital (gains) / losses from disposal of fixed assets | (16) | (48) |
| Losses / (gains) on unrealised exchange rate differences | (171) | (212) |
| Income taxes | 1,100 | 1,109 |
| Financial (income) / expenses | 134 | (116) |
| Operating result before changes in working capital | 4,741 | 4,811 |
| Income taxes paid | (517) | (7) |
| Financial charges paid | (1,215) | (803) |
| Financial income collected | 1,081 | 919 |
| Decrease / (Increase) in inventories | (19,875) | (15,195) |
| Change in trade receivables | (14,047) | (9,644) |
| Change in trade payables | 14,563 | 9,482 |
| Net changes in current other assets and liabilities | 1,982 | (665) |
| Net changes in current other assets and liabilities - related parties | - | 1,631 |
| Net changes in non current other assets and liabilities | (37) | 25 |
| CASH FLOW FROM OPERATING ACTIVITIES | (13,324) | (9,445) |
| INVESTING ACTIVITIES | ||
| Investments in intangible assets | (22) | (25) |
| Investments in tangible assets | (6,961) | (5,163) |
| Disposals of tangible and intangible assets | 102 | 53 |
| CASH FLOW FROM INVESTING ACTIVITIES | (6,881) | (5,135) |
| FINANCING ACTIVITIES | ||
| Repayments of loans | (1,136) | (1,804) |
| Obtainment of loans | 5,000 | - |
| Net changes of current financial liabilities | 13,721 | 11,338 |
| Net changes of current financial assets | 19 | (357) |
| Other effetcs on shareholders' equity | - | - |
| Sell/(purchase) of own shares | (18) | (56) |
| CASH FLOW FROM FINANCING ACTIVITIES | 17,586 | 9,121 |
| NET CASH FLOW FROM THE PERIOD | (2,619) | (5,459) |
| CASH BALANCE AT THE BEGINNING OF THE PERIOD | 13,859 | 14,167 |
| Exchange rate differences | 50 | (23) |
| NET CASH FLOW FROM THE PERIOD | (2,619) | (5,459) |
| CASH BALANCE AT THE END OF THE PERIOD | 11,290 | 8,685 |