FY 2023 Financial Results Presentation - Euronext STAR Conference 2024 - Milan, 21 March 2024
FY 2023 Financial Results Presentation
Irce Spa | 1 |
Via Lasie, 12/A - 40026 Imola BO - Italy | www.irce.it |
FY 2023 Financial Results Presentation - Euronext STAR Conference 2024 - Milan, 21 March 2024
IRCE Group - Contents
Company Profile
•Highlights •The Businesses •Production Plants
Financial Results
•Copper and Aluminium Price Trend
•Profit and Loss Statement
•Balance Sheet
•Business Performance
•Market Performance
Irce Spa | 2 |
Via Lasie, 12/A - 40026 Imola BO - Italy | www.irce.it |
FY 2023 Financial Results Presentation - Euronext STAR Conference 2024 - Milan, 21 March 2024
Company Profile - Highlights
IRCE is a leading European Group operating in the industries of magnet wires and cables
IRCE Today | Uom | FY 2023 |
Number of employees FTE | Nr | 671 |
TURNOVER | Eur M | 402.8 |
EBITDA | Eur M | 21.4 |
EBITDA Adj* | Eur M | 21.5 |
EBIT | Eur M | 14.4 |
EBIT Adj* | Eur M | 14.5 |
RESULT of the period | Eur M | 8.2 |
The data includes Miradolo italian plant sold on June 30, 2022
FY 2022
648
454.7
19.4
19.9
11.6
12.1
9.2
(*) Including gains/losses on copper and energy derivatives transactions if realized
History | ||
1947 | IRCE began its activity in Imola (Italy) with the production of magnet wires | |
1961 | The company started the production of PVC insulated low voltage cables | |
1996 | The Group was listed on the Italian Stock Exchange | |
1998 | Acquisition of Smit Draad Nijmegen BV (The Netherlands) | |
2001 | Acquisition of FD Sims Ltd (UK) | |
2001 | The Group was listed on the Star Market Segment | |
2007 | Construction of Brazil Plant | |
2007 | Acquisition of Stable Magnet Wire P. Ltd (India) | |
2010 | Acquisition of ISODRA GmbH (Germany) | |
2015 | New sales office in Poland | |
2018 | Established the Company in China | |
2021 | Established the Company in Czech Republic | |
2022 | June 30, sold the branch of the company for the production of power cables located in Miradolo Terme Italy | |
2023 | Start the construction of plant in Czech Republic | |
Irce Spa | 3 | |
Via Lasie, 12/A - 40026 Imola BO - Italy | www.irce.it |
FY 2023 Financial Results Presentation - Euronext STAR Conference 2024 - Milan, 21 March 2024
Company Profile - The Businesses
IRCE Group works in two business areas:
• | Magnet wires | 80% of sales |
• | Energy cables | 20% of sales |
Sales breakdown by business areas | Sales breakdown by geographical area |
Energy cables
Magnet Wires
20%
80%
Irce Spa | 4 |
Via Lasie, 12/A - 40026 Imola BO - Italy | www.irce.it |
FY 2023 Financial Results Presentation - Euronext STAR Conference 2024 - Milan, 21 March 2024
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).
Irce Spa | 5 |
Via Lasie, 12/A - 40026 Imola BO - Italy | www.irce.it |
FY 2023 Financial Results Presentation - Euronext STAR Conference 2024 - Milan, 21 March 2024
Company Profile - The Businesses
- Magnet Wires
> 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.
Sales breakdown by industry | Sales breakdown by product |
Irce Spa | 6 |
Via Lasie, 12/A - 40026 Imola BO - Italy | www.irce.it |
FY 2023 Financial Results Presentation - Euronext STAR Conference 2024 - Milan, 21 March 2024
Company Profile - Production Plants
1. Imola Plant | 2. Guglionesi Plant | 3. Umbertide Plant | 4. The Netherlands Plant |
5. United Kingdom Plant | 6. Brazil Plant | 7.Stable Magnet Wire P.Ltd. | 8. Germany Plant | ||||||
1. | IRCE SpA - Headquarters | Copper and Aluminium Round Magnet Wire | Covered Area: 46,000 Sqm | ISO 9001 | |||||
Imola - Italy | and LV Energy Cables | Employees: 234 | IATF 16949 | ||||||
ISO 14001 | |||||||||
2. | IRCE SpA | LV/MV Energy Cables | Covered Area: 24,000 Sqm | ISO 9001 | |||||
Guglionesi - Italy | Employees: 83 | ||||||||
3. | IRCE SpA | Copper and Aluminium Round Magnet Wire | Covered Area: 19,400 Sqm | ISO 9001 | |||||
Umbertide - Italy | Employees: 44 | ||||||||
4. | Smit Draad Nijmegen BV | Copper Rectangular Magnet Wire | Covered Area: 9,800 Sqm | ISO 9001 | |||||
Nijmegen - The Netherlands | Continuously Transposed Cable (CTC) | Employees: 75 | |||||||
5. | FD Sims Ltd | Covered Area: 7,000 Sqm | ISO 9001 | ||||||
Copper and Aluminium Round and Rectangular Magnet Wire | Employees: 34 | IATF 16949 | |||||||
Blackburn - UK | ISO 14001 | ||||||||
ISO 45001 | |||||||||
6. | IRCE Ltda | Copper and Aluminium Round and Rectangular Magnet Wire | Covered Area: 21,500 Sqm | ISO 9001 | |||||
Joinville - Brazil | Continuously Transposed Cable (CTC) | Employees: 117 | IATF 16949 | ||||||
7. | Stable Magnet Wire P. Ltd. | Copper Round Magnet Wire | Employees: 28 | ISO 9001 | |||||
Cochin - India | |||||||||
8. | ISODRA GmbH | Copper Round Magnet Wire | Employees: 13 | ISO 9001 | |||||
Kierspe -Germany | |||||||||
Irce Spa | 7 | ||||||||
Via Lasie, 12/A - 40026 Imola BO - Italy | www.irce.it |
FY 2023 Financial Results Presentation - Euronext STAR Conference 2024 - Milan, 21 March 2024
IRCE Group - Copper and Aluminium price trend
Irce Spa | 8 |
Via Lasie, 12/A - 40026 Imola BO - Italy | www.irce.it |
FY 2023 Financial Results Presentation - Euronext STAR Conference 2024 - Milan, 21 March 2024
Financial Results - Profit and Loss Statement
Euro million | FY 2023 % Turn. | FY 2022 % Turn. | change % | FY 2021 | FY 2020 | |||||||
Hollow turnover wires | 71.0 | 72.2 | -1.7% | 67.8 | 51.8 | |||||||
Hollow turnover cables | 28.2 | 24.5 | 15.1% | 24.6 | 16.5 | |||||||
Total hollow turnover | 99.2 | 96.7 | 2.6% | 92.4 | 68.3 | |||||||
TURNOVER (copper included) | 402.8 | 10 0 | .0 % | 454.7 | 10 0 | .0 % | -11.4% | 457.1 | 295.3 | |||
Other income | 1.8 | 0.4% | 4.9 | 1.1% | -63.3% | 0.6 | 0.8 | |||||
TOTAL REVENUES | 404.6 | 10 0 | .4 % | 459.6 | 10 1.1% | -12.0% | 457.7 | 296.1 | ||||
Cost of material including change in stock | (314.6) | -78.1% | (361.9) | -79.6% | -13.1% | (366.2) | (231.8) | |||||
Personnel costs | (30.5) | -7.6% | (30.0) | -6.6% | 1.7% | (30.5) | (28.5) | |||||
Other costs and services | (38.1) | -9.5% | (48.3) | -10.6% | -21.1% | (37.8) | (25.0) | |||||
EBITDA | 21.4 | 5.3 % | 19.4 | 4 | .3 % | 10.3% | 23.2 | 10.8 | ||||
Depreciations and provisions | (7.0) | -1.7% | (7.8) | -1.7% | -10.3% | (8.8) | (7.6) | |||||
EBIT | 14.4 | 3 | .6 % | 11.6 | 2 | .6 % | 24.1% | 14.4 | 3.2 | |||
Copper and energy derivatives | 0.1 | 0.0% | 0.5 | 0.1% | 80.0% | (0.2) | 1.4 | |||||
Net financial charges | (2.0) | -0.5% | (1.8) | -0.4% | 0.0 | (0.3) | ||||||
RESULT BEFORE TAXES (EBT) | 12.5 | 3 .1% | 10.3 | 2 | .3 % | 21.4% | 14.2 | 4.3 | ||||
Taxes | (4.3) | -1.1% | (1.1) | -0.2% | 290.9% | (4.8) | (1.6) | |||||
RESULT non-controlling interests | 8.2 | 2 | .0 % | 9.2 | 2 | .0 % | -10.9% | 9.4 | 2.7 | |||
Minorities | 0.0 | 0.0% | 0.0 | 0.0% | 0% | 0.0 | 0.0 | |||||
RESULT OF THE PERIOD | 8.2 | 2 | .0 % | 9.2 | 2 | .0 % | -10.9% | 9.4 | 2.7 | |||
EBITDA | 21.4 | 5.3 % | 19.4 | 4 | .3 % | 10.3% | 23.2 | 10.8 | ||||
Copper and energy derivatives | 0.1 | 0.0% | 0.5 | 0.1% | (0.2) | 1.4 | ||||||
EBITDA Adjusted (*) | 21.5 | 5.3 % | 19.9 | 4 | .4 % | 8.0% | 23.0 | 12.2 | ||||
Depreciation and provisions | (7.0) | -1.7% | (7.8) | -1.7% | 12.8% | (8.8) | (7.6) | |||||
EBIT Adjusted (*) | 14.5 | 3 | .6 % | 12.1 | 2 .7% | 19.8% | 14.2 | 4.6 | ||||
(*) 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.
The data includes Miradolo italian plant sold on June 30, 2022
ROCE (EBIT Adj. / Net Capital Employed)% | 7.6% | 6.0% | 7.9% | 2.7% | ||||||
Irce Spa | 9 |
Via Lasie, 12/A - 40026 Imola BO - Italy | www.irce.it |
FY 2023 Financial Results Presentation - Euronext STAR Conference 2024 - Milan, 21 March 2024
Financial Results - Balance sheet
Euro million | 31 December 2023 | % | 31 December 2022 | % | 31 December 2021 | % | 31 December 2020 | % | ||||
Net working capital | 128.4 | 71.7% | 152.3 | 74.4% | 166.5 | 84.8% | 128.9 | 79.4% | ||||
Fixed Assets | 59.3 | 33.1% | 51.7 | 25.2% | 44.4 | 22.6% | 43.5 | 26.8% | ||||
Other assets and liabilities | -8.7 | -4.9% | 0.8 | 0.4% | -14.6 | -7.4% | -10.1 | -6.2% | ||||
NET CAPITAL EMPLOYED | 179.0 | 100.0% | 204.8 | 100.0% | 196.3 | 100.0% | 162.3 100.0% | |||||
Shareholders' Equity | 153.3 | 85.6% | 144.8 | 70.7% | 132.0 | 67.2% | 122.6 | 75.5% | ||||
Net Financial Position | 25.7 | 14.4% | 60.0 | 29.3% | 64.3 | 32.8% | 39.7 | 24.5% | ||||
FINANCING AND EQUITY | 179.0 | 100.0% | 204.8 | 100.0% | 196.3 | 100.0% | 162.3 100.0% | |||||
CAPEX | 14.2 | 13.6 | 7.7 | 2.2 |
Irce Spa | 10 |
Via Lasie, 12/A - 40026 Imola BO - Italy | www.irce.it |
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IRCE S.p.A. published this content on 20 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 March 2024 09:43:04 UTC.