PRESS RELEASE
QUARTERLY CONSOLIDATED FINANCIAL STATEMENTS AT 30 SEPTEMBER 2021
The Board of Directors has today approved the consolidated financial statements as at September 30th 2021.
The consolidated financial statements of IRCE Group (hereinafter also the "Group") for the first nine months of 2021 (hereinafter also the "Group") closed with a profit of € 8.88 million.
Consolidated turnover was € 341.13 million, up 65.6% compared to € 205.95 million in the first nine months of 2020, thanks to the increase in sales volumes and the price of copper (LME average price in euros for the first nine months of 2021 +48.24% on the same period of 2020).
In the first nine months, both business areas, winding wires and energy cable, confirm the recovery of demand that has further strengthened in the last quarter, bringing sales volumes to pre-covid levels.
Since the beginning of the year, we have recorded a strong and continuous increase in the cost of raw materials, which to date shows no slowing down signals. Starting from the third quarter, the marked increase in the cost of electricity has been also added. To limit the negative impact on results, we started to pass the cost increases to the market.
Results are reported in the following table.
Consolidated income statement data | 9 months 2021 | 9 months 2020 | Change |
(€/million) | |||
Turnover1 | 341.13 | 205.95 | 135.18 |
Turnover without metal2 | 69.66 | 48.18 | 21.48 |
EBITDA3 | 21.73 | 6.16 | 15.57 |
EBIT | 14.29 | (0.24) | 14.53 |
Result before taxes | 13.15 | 1.41 | 11.74 |
Result of the period | 8.88 | 0.65 | 8.23 |
Adjusted EBITDA4 | 20.59 | 7.35 | 13.24 |
Adjusted EBIT4 | 13.15 | 0.95 | 12.20 |
Consolidated statement of financial position data | As of 30.09.2021 | As of 31.12.2020 | Change |
(€/million) | |||
Net invested capital | 196.54 | 162.36 | 34.18 |
Shareholders' Equity | 131.57 | 122.62 | 8.95 |
Net financial debt5 | 64.97 | 39.74 | 25.23 |
- The item "Turnover" represents the "Revenues" reported in the income statement
2 Turnover without metal corresponds to the total turnover less the metal component
3 EBITDA is a performance indicator used by the Management of the Group in order to assess the operating performance of the company and is not identified as an accounting item within IFRS; it is calculated by IRCE S.p.A. by adding amortisation/depreciation, allocations and write-downs to EBIT
4 Adjusted EBITDA and EBIT are respectively calculated as the sum of EBITDA and EBIT and the income/charges from operations on copper and electricity derivatives transactions (€ -1.14 million in nine months 2021 and € +1.19 million in nine months 2020). These indicators are used by the Management of the Group in order to monitor and assess the operational performance of the Group and are not identified as accounting items within IFRS. Given that the composition of these measures is not regulated by the reference accounting standards, the criterion used by the Group could potentially not be consistent with that adopted by others and therefore not be comparable
5 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.
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PRESS RELEASE
Net financial debt at 30 September 2021 was € 64.97 million, up from € 39.74 million at 31 December 2020, but down from € 72.75 million at 30 June 2021, consistently with changes in working capital.
The Group's investments, in first nine months of 2021, were € 3.11 million.
With reference to the upcoming months, we foresee demand to stabilize at the good levels achieved, and we expect positive results also in the last quarter, despite the increase in raw material and electricity costs.
The manager responsible for preparing the company's financial reports, Elena Casadio, 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, 12th November 2021
IRCE SPA
Contacts:
Investor relation. Sepriano Gianfranco
Tel. + 39 0382 77535 e-mailgianfranco.sepriano@irce-group.com
IRCE Group is an important player in the winding wires and electric cable sector. The production is deployed in 4 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 two companies currently inoperative (China and Czech Republic).
The Group employs 726 employees.
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PRESS RELEASE
CONSOLIDATED STATEMENT OF FINANCIAL POSITITION
2021 | 2020 | |||||
(Unit of Euro) | 30 September | 31 December | ||||
ASSETS | ||||||
NON CURRENT ASSETS | ||||||
Goodwill and Other intangible assets | 84,009 | 133,008 | ||||
Property, plant and machinery | 36,802,600 | 40,862,438 | ||||
Equipments and other tangible assets | 1,388,858 | 1,542,621 | ||||
Assets under constructions and advances | 2,765,344 | 971,478 | ||||
Investments | 107,926 | 102,137 | ||||
Non current financial assets | 5,300 | 124,882 | ||||
Deferred tax assets | 1,432,213 | 1,386,848 | ||||
NON CURRENT ASSETS | 42,586,250 | 45,123,412 | ||||
CURRENT ASSETS | ||||||
Inventories | 99,951,135 | 76,230,890 | ||||
Trade receivables | 98,817,103 | 73,906,499 | ||||
Tax receivables | 11,407 | 7,236 | ||||
Other current assets | 1,739,729 | 1,935,970 | ||||
Current financial assets | 397,186 | 1,903,141 | ||||
Cash and cash equivalent | 4,751,510 | 10,259,995 | ||||
CURRENT ASSETS | 205,668,070 | 164,243,731 | ||||
TOTAL ASSETS | 248,254,320 | 209,367,143 | ||||
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PRESS RELEASE
2021 | 2020 | ||||||
(Unit of Euro) | 30 September | 31 December | |||||
EQUITY AND LIABILITIES | |||||||
SHAREHOLDERS' EQUITY | |||||||
Share capital | 13,802,323 | 13,821,563 | |||||
Reserves | 109,190,932 | 106,384,781 | |||||
Profit (loss) for the period | 8,879,927 | 2,725,715 | |||||
Shareholders' equity attributable to shareholders of Parent | 131,873,182 | 122,932,059 | |||||
company | |||||||
Shareholders equity attributable to Minority interests | (302,784) | (308,043) | |||||
TOTAL SHAREHOLDERS' EQUITY | 131,570,398 | 122,624,016 | |||||
NON CURRENT LIABILITIES | |||||||
Non current financial liabilities | 24,661,407 | 21,311,962 | |||||
Deferred tax liabilities | 106,024 | 181,882 | |||||
Non current provisions for risks and charges | 796,083 | 309,344 | |||||
Non current provisions for post employment obligation | 4,679,511 | 4,990,269 | |||||
NON CURRENT LIABILITIES | 30,243,025 | 26,793,457 | |||||
CURRENT LIABILITIES | |||||||
Current financial liabilities | 45,452,543 | 30,594,634 | |||||
Trade payables | 28,798,142 | 21,200,554 | |||||
Current tax payables | 2,704,855 | 594,843 | |||||
(of which related parties) | 1,808,226 | 225,605 | |||||
Social security contributions | 1,674,462 | 1,950,195 | |||||
Other current liabilities | 7,571,326 | 5,414,449 | |||||
Current provisions for risks and charges | 239,569 | 194,995 | |||||
CURRENT LIABILITIES | 86,440,897 | 59,949,670 | |||||
SHAREHOLDERS' EQUITY AND LIABILITIES | 248,254,320 | 209,367,143 | |||||
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PRESS RELEASE
CONSOLIDATED INCOME STATEMENTS
2021 | 2020 | |||||
(Unit of Euro) | 30 September | 30 September | ||||
Sales revenues | 341,125,397 | 205,953,771 | ||||
Other revenues and income | 416,038 | 614,007 | ||||
TOTAL REVENUES | 341,541,435 | 206,567,778 | ||||
Raw materials and consumables | (286,946,159) | (160,616,684) | ||||
Change in inventories of work in progress and finished goods | 15,049,642 | (1,001,820) | ||||
Cost for services | (24,238,246) | (16,934,989) | ||||
Personnel costs | (22,603,011) | (20,879,212) | ||||
Amortization /depreciation/write off tangible and intagible assets | (5,918,886) | (5,746,961) | ||||
Provision and write downs | (1,517,618) | (643,391) | ||||
Other operating costs | (1,078,319) | (979,473) | ||||
EBIT | 14,288,838 | (234,752) | ||||
Financial income / (charges) | (1,142,808) | 1,641,620 | ||||
RESULT BEFORE TAX | 13,146,030 | 1,406,868 | ||||
Income taxes | (4,260,844) | (717,388) | ||||
NET RESULT FOR THE PERIOD | 8,885,186 | 689,480 | ||||
Net result for the period attributable to non-controlling interests | 5,259 | 39,114 | ||||
Net result for the period attributable to the parent company | 8,879,927 | 650,366 | ||||
Earnings/(loss) per share (EPS) | ||||||
- basic EPS for the period attributable to ordinary shareholders of the | 0.3345 | 0.0245 | ||||
Parent Company | ||||||
- diluted EPS for the period attributable to ordinary shareholders of the | 0.3345 | 0.0245 | ||||
Parent Company |
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IRCE S.p.A. published this content on 12 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 November 2021 16:35:01 UTC.