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IRCE Investor Presentation 2024
4035_ip_2024-10-03_f49ea2de-07bd-4124-86a5-2b96b9c3c16b.pdf
Investor Presentation
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1°Half 2024Financial Results Presentation
IRCE Group –Contents
Company Profile
•Highlights •The Businesses •Production Plants
Financial Results
- •Copper and Aluminium Price Trend •Profit and Loss Statement •BalanceSheet
- •BusinessPerformance
- •Market Performance
New Projects
Company Profile–Highlights
IRCE is a leading European Group operating in the industriesof magnet wires and cables
| I R C E T d o a y |
U o m |
1 °H 2 0 2 4 |
1 °H 2 0 2 3 |
F Y 2 0 2 3 |
|---|---|---|---|---|
| Nu be f e loy F T E m r o m p ee s |
Nr | 6 8 4 |
6 5 7 |
6 7 1 |
| T U R N O V E R |
Eu M r |
2 0 8. 4 |
2 1 9. 0 |
4 0 2. 8 |
| E B I T D A * E B I T D A A d j |
Eu M r Eu M r |
1 2. 4 1 3. 0 |
1 1. 4 1 1. 3 |
2 1. 4 2 1. 5 |
| E B I T E B I T A d j * |
Eu M r Eu M r |
8. 4 9. 0 |
7. 6 7. 5 |
1 4. 4 1 4. 5 |
| R E S U L T f he io d t o p er |
Eu M r |
4. 8 |
4. 9 |
8. 2 |
(*) Including gains/losses on copper and energy derivatives transactions if realized
History
| 1 9 4 7 |
I R C E be i ts t iv i ty in Im la ( I ta ly ) i t h t he du t ion f m t w ire g an ac o w p ro c o ag ne s |
|---|---|
| 1 9 6 1 |
T he d he du ion f P V C ins la d low l b les ta te t t te ta c om p an s r p ro c o vo g e ca y u |
| 1 9 9 6 |
T he Gr l is d he I l ian S k Ex ha te t ta to ou p wa s on c c ng e |
| 1 9 9 8 |
f Sm ( ) Ac is i t ion i t Dr d N i j B V T he Ne t he lan ds q u o aa m eg en r |
| 2 0 0 1 |
Ac is i t ion f F D S im L t d ( U K ) q u o s |
| 2 0 0 1 |
T he Gr l is d he S Ma ke Se te t ta t t ou p wa s on r r g m en |
| 2 0 0 7 |
Co f tru t ion Br i l P lan t ns c o az |
| 2 0 0 7 |
Ac is i t ion f S ta b le Ma t W ire P. L t d ( In d ia ) q u o g ne |
| 2 0 1 0 |
Ac is i ion f I S O D R A Gm b H ( Ge ) t q o rm an u y |
| 2 0 1 5 |
Ne les f f ice in Po lan d w sa o |
| 2 0 1 8 |
Co C Es ta b l is he d t he in h ina m p an y |
| 2 0 2 1 |
Es ta b l is he d t he Co in Cz h Re b l ic m p an y ec p u |
| 2 0 2 2 |
Ju 3 0, l d he br h o f he fo he du ion f p b les loc d in M ira do lo Te I ly t t t t te ta ne so an c c om p an y r p ro c o ow er c a a rm e |
| 2 0 2 3 |
S f p Cz ta t t he tru t ion lan t in h Re b l ic r c on s c o ec p u |
| 2 0 2 4 |
S ta t t he tru t ion f p lan t in C h ina r c on s c o |
Headquarters:
IRCE Spa, Via Lasie, 12/A - 40026 Imola BO – Italy www.irce.it
Company Profile–The Businesses
IRCE Group works in two business areas:
- •Magnet wires 80% of sales
- •Energy cables 20% of sales
Company Profile– The Businesses
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 Cables
Cables produced by the Group encompass the complete range of Low Voltage and Medium Voltage for building and industrial sector. 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).
Company Profile – The Businesses >MagnetWires
>Market share
In the Magnet Wire business IRCE manufactures and sales the complete range of products, and is mainly engaged in the segments of the fine and medium wires. It mainly operates in Europe, where it is one of the top three producers by size.
Company Profile–Production Plants
| Co d A lum in ium Ro d Ma t W ire p p er an un g ne |
Co d Ar 4 6, 0 0 0 Sq ve re ea : m |
I S O 9 0 0 1 |
|---|---|---|
| d L V En Ca b les an erg y |
Em loy 2 4 1 p ee s: |
I A T F 1 6 9 4 9 |
| S O I 1 4 0 0 1 |
||
| Co d Ar 2 4, 0 0 0 Sq ve re ea : m |
I S O 9 0 0 1 |
|
| 8 8 Em loy p ee s: |
||
| Co d Ar 1 9, 4 0 0 Sq ve re ea : m |
O I S 9 0 0 1 |
|
| Em loy 4 2 p ee s: |
||
| Co Re tan lar Ma t W ire p p er c g g ne u |
Co Sq d Ar 9, 8 0 0 ve re ea m : |
S O I 9 0 0 1 |
| Co inu ly Tr d Ca b le ( C T C ) t n ou s an sp os e |
Em loy 9 7 p ee s: |
|
| Co 0 0 0 Sq d Ar 7, ve re ea m : |
S O 9 0 0 1 I |
|
| Em loy 3 5 p ee s: |
I A T F 1 6 9 4 9 |
|
| I S O 1 4 0 0 1 |
||
| I S O 4 5 0 0 1 |
||
| Co d A lum in ium Ro d a d Re lar Ma W ire tan t p p er an un n c g u g ne |
Co d Ar 2 1, 0 0 Sq 5 ve re ea : m |
I S O 9 0 0 1 |
| Co t inu ly Tr d Ca b le ( C T C ) n ou s an sp os e |
Em loy 1 2 4 p ee s: |
I A T F 1 6 9 4 9 |
| S O 9 0 0 1 I |
||
| I S O 9 0 0 1 |
||
| L V / M V En Ca b les erg y Co d A lum in ium Ro d Ma t W ire p p er an un g ne Co d A lum in ium Ro d a d Re tan lar Ma t W ire p p er an un n c g u g ne Co Ro d Ma t W ire p p er un g ne Co Ro d Ma W ire t p p er un g ne |
2 8 Em loy p ee s: Em loy 1 2 p ee s: |
Headquarters:
IRCE Spa, Via Lasie, 12/A - 40026 Imola BO – Italy www.irce.it
IRCE Group –Copper and Aluminiumprice trend
Financial Results–Profit and Loss Statement
| Eu i l l io ro m n |
st 1 H 2 0 2 4 |
% T urn |
st 1 H 2 0 2 3 |
% T urn |
ha % c ng e |
F Y 2 0 2 3 |
F Y 2 0 2 2 |
F Y 2 0 2 1 |
|---|---|---|---|---|---|---|---|---|
| Ho llow tu wi rno ver res |
36 .1 |
39 .2 |
-7. 9% |
71. 0 |
72. 2 |
67. 8 |
||
| Ho llow tu ble rno ver ca s |
15. 9 |
13. 1 |
21. 4% |
28. 2 |
24 .5 |
24. 6 |
||
| To tal ho llo tur w no ver |
52. 0 |
52. 3 |
-0. 6% |
99. 2 |
96 .7 |
92. 4 |
||
| TU RN OV ER (c r in clu de d) op pe |
20 8.4 |
.0% 100 |
21 9.0 |
.0% 100 |
-4. 8% |
40 2.8 |
454 .7 |
45 7.1 |
| Ot her in co me |
0.7 | 0.3 % |
0.7 | 0.3 % |
5.6 % |
1.8 | 4.9 | 0.6 |
| TO TA L R EV EN UE S |
20 9.1 |
100 .3% |
21 9.6 |
100 .3% |
-4. 8% |
404 .6 |
45 9.6 |
45 7.7 |
| Co of ial inc lud ing ch e i k st ter toc ma ang n s |
( 159 .3) |
4% 76. - |
( 172 .2) |
7% 78. - |
% 7.5 - |
( 314 .6) |
( 36 1.9 ) |
( 366 .2) |
| Pe l co sts rso nne |
( 16. 9) |
8.1% - |
( 15. 5) |
7.1% - |
9.3 % |
( 30 .5) |
( 30 .0) |
( 30 .5) |
| Ot her sts d s ice co an erv s |
( .5) 20 |
9.8 % - |
( .5) 20 |
9.4 % - |
0.0 % |
( .1) 38 |
( .3) 48 |
( .8) 37 |
| EB ITD A |
12. 4 |
6 .0% |
11. 4 |
5 .2% |
8.5 % |
21 .4 |
19 .4 |
23 .2 |
| De cia tio and ovi sio pre ns pr ns |
( 4.0 ) |
1.9% - |
( 3.8 ) |
1.7% - |
5.6 % |
( 7.0 ) |
( 7.8 ) |
( 8.8 ) |
| EB IT |
8.4 | 4 .0% |
7.6 | 3 .5% |
9.9 % |
14. 4 |
11 .6 |
14. 4 |
| Co nd de riva tive ppe r a ene rgy s |
0.6 | 0.3 % |
( 0.1 ) |
0.0 % |
700 .0% |
0.1 | 0.5 | ( 0.2 ) |
| Ne t fi cia l ch nan arg es |
( 1.0 ) |
0.5 % - |
( 1.0 ) |
0.5 % - |
( 2.0 ) |
( 1.8 ) |
0.0 | |
| RE SU LT B EF OR E T AX ES ( EB T) |
8.0 | 3 .8% |
6.5 | 3 .0% |
22. 3% |
12. 5 |
10 .3 |
14. 2 |
| Tax es |
( 3.2 ) |
1.5% - |
( 1.6 ) |
% 0.7 - |
.0% 100 |
( 4.3 ) |
( 1.1 ) |
( 4.8 ) |
| R E S U L T tro l l ing in te ts no n- co n re s |
4.8 | 2 .3% |
4.9 | 2 .3% |
-2. 9% |
8.2 | 9.2 | 9.4 |
| Min orit ies |
0.0 | 0.0 % |
0.0 | 0.0 % |
0% | 0.0 | 0.0 | 0.0 |
| R E S U L T O F T H E P E R I O D |
4. 8 |
2 .3% |
4. 9 |
2 .3% |
-2. 9% |
8. 2 |
9. 2 |
9. 4 |
| EB ITD A |
12. 4 |
6 .0% |
11. 4 |
5 .2% |
8.5 % |
21 .4 |
19 .4 |
23 .2 |
|---|---|---|---|---|---|---|---|---|
| Co nd de riva tive ppe r a ene rgy s |
0.6 | 0.3 % |
( 0.1 ) |
0.0 % |
0.1 | 0.5 | ( 0.2 ) |
|
| EB ITD A A dju ste d ( *) |
13. 0 |
6 .2% |
11. 3 |
.2% 5 |
14. 7% |
21 .5 |
19 .9 |
23 .0 |
| De cia tio nd vis ion pre n a pro s |
( 4.0 ) |
1.9% - |
( 3.8 ) |
1.7% - |
132 .3% |
( 7.0 ) |
( 7.8 ) |
( 8.8 ) |
| EB IT Ad jus ted ( *) |
9.0 | 4 .3% |
7.5 | 3 .4% |
19. 3% |
14. 5 |
12 .1 |
14. 2 |
(*) 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 and energy derivatives if realized.
FY 2022 and FY 2021 includes Miradolo italian plant, sold on June 30, 2022
| R O C E ( E B I T A d j. / Ne Ca i l Em loy d ) % 6 % t ta 7. p p e |
6. 0 % |
9 % 7. |
|---|---|---|
| ------------------------------------------------------------------------------------------------------------------------------------------------------------ | -------------- | -------------- |
Financial Results–Balance sheet
| Eu i l l io ro m n |
3 0 Ju 2 0 2 4 ne |
% | 3 1 De be 2 0 2 3 ce m r |
% | 3 1 De be 2 0 2 2 ce m r |
% | 3 1 De be 2 0 2 1 ce m r |
% |
|---|---|---|---|---|---|---|---|---|
| Ne t w ork ing ita l ca p Fix ed As set s |
150 .4 70 .2 |
72. 8% 34. 0% |
128 .4 59 .3 |
71.7 % 33. 1% |
152 .3 51 .7 |
74. 4% 25. 2% |
166 .5 44 .4 |
84. 8% 22. 6% |
| Ot he ts a nd lia bil itie r a sse s |
-13 .9 |
6.7 % - |
-8. 7 |
4.9 % - |
0.8 | 0.4 % |
-14 .6 |
7.4 % - |
| C O N E T A P I T A L E M P L Y E D |
2 0 6. 7 |
10 0.0 % |
1 7 9. 0 |
100 .0 % |
2 0 4. 8 |
10 0.0 % |
1 9 6. 3 |
100 .0 % |
| Sh ho lde rs' Eq uit are y |
152 .3 |
73. 7% |
153 .3 |
85. 6% |
144 .8 |
70. 7% |
132 .0 |
67. 2% |
| Ne t F ina ial Po sit ion nc |
54 .4 |
26. 3% |
25 .7 |
14.4 % |
60 .0 |
29. 3% |
64 .3 |
32. 8% |
| C G Q F I N A N I N A N D E U I T Y |
2 0 6. 7 |
10 0.0 % |
1 9. 0 7 |
100 .0 % |
2 0 4. 8 |
10 0.0 % |
1 9 6. 3 |
100 .0 % |
| C A P E X |
1 5. 2 |
1 4. 2 |
1 3. 6 |
7. 7 |
|---|---|---|---|---|
IRCE Group –Business Performance
EBITDA Adjusted and EBIT Adjusted
NET CAPITAL EMPLOYED and NET FINANCIAL POSITION
NET WORKING CAPITAL
EBITDA Adj EBIT Adj
IRCE Group –Market Performance
SHAREHOLDERS' EQUITY Vs MARKET CAPITALIZATION
0.35
2023 0.37
1°H 2024
Headquarters: IRCE Spa, Via Lasie, 12/A - 40026 Imola BO – Italy www.irce.it
IRCE Group –New Projects
Plant in Ostrava (Czech Republic)
- 2°Q 2025 Start the production
Plant in Hai'an - Jiangsu (China) - 4°Q 2025 Start the production
