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Befesa S.A.: Befesa sees beginning of moderate recovery in Q3 2020

·5-min read

DGAP-News: Befesa S.A. / Key word(s): Quarter Results
29.10.2020 / 08:30
The issuer is solely responsible for the content of this announcement.

PRESS AND INVESTOR ANNOUNCEMENT

Third quarter 2020 results

Befesa sees beginning of moderate recovery in Q3 2020

Luxembourg, 29 October 2020 - Befesa S.A. ("Befesa"), the European market leader for steel dust and aluminium salt slags recycling services, has started to see a moderate recovery in Q3 2020, with EBITDA reaching €29m, slightly above market expectations. While 21% lower than in the prior year period, this represents a QoQ improvement of 35%, showing a recovery trend. For the 9M 2020 period, Befesa's EBITDA came in at €85m, down 28% YoY primarily due to the COVID-19 related pressure on metal prices.

Main operational highlights in Q3:

Befesa's expansion works in China continued to progress on schedule in Q3, with the construction of the first two state-of-the-art EAF steel dust recycling plants expected to be completed during the first quarter of 2021 and after the summer of 2021, respectively.

The 9M figures indicate that Befesa's full year results will come in at around the midpoint of the unchanged guidance range (FY2020 EBITDA: €100m to €135m).

Javier Molina, CEO of Befesa, said: "After the impact from the COVID-19 pandemic in the first half of the year, we have seen the beginning of a gradual global recovery in the third quarter. Q3 results were better than those in Q2 and, equally, we expect Q4 results to be better than Q3, continuing the QoQ recovery trend. Metal prices have recovered and started to stabilise, and we continue to make progress with our expansion in China. We are looking forward to offering our market leading steel dust recycling services to the Chinese market from 2021 onwards, supporting the government's efforts of protecting the environment."

Key figures

 

Webcast
Befesa will host a webcast on its third quarter 2020 results at 09:00 am CET on 29 October 2020. Further details, a replay and other events are available on the company's website: www.befesa.com

Financial Calendar
The updated financial calendar is available in the Investor Relations / Investor's Agenda section on Befesa's website. For more information, please visit www.befesa.com

About Befesa
Befesa is a leading international provider of critical environmental, regulated services to the steel and aluminium industries with facilities located in Germany, Spain, Sweden, France and the UK, as well as in Turkey and South Korea. Through its two business units, Steel Dust and Aluminium Salt Slags recycling services, Befesa manages and recycles around 1.5 million tonnes of residues annually, with a production of around 1.2 million tonnes of new materials, which Befesa reintroduces in the market, reducing the consumption of natural resources. Further information can be found on the company's website: www.befesa.com

Investor Relations
Rafael Pérez
Email: irbefesa@befesa.com
Phone: +49 2102 1001 0

Media Relations
Maximilian Karpf
Email: maximilian.karpf@kekstcnc.com
Phone: +44 7970 716 953


29.10.2020 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de

in €m

9M 2019

9M 2020

Change

Q3 2019

Q3 2020

Change

Revenues

496.6

446.4

-10.1%

147.6

145.2

-1.6%

EBITDA

117.1

84.5

-27.8%

37.0

29.3

-20.8%

Net profit

60.7

31.4

-48.3%

18.8

10.8

-42.4%

EPS (€)

1.78

0.92

-48.3%

0.55

0.32

-42.4%

Operating cash flow

47.7

37.8

-20.8%

-1.0

26.6

-

Net debt

438.9

420.3

-4.2%

438.9

420.3

-4.2%

Leverage

x2.7

x3.3

 

x2.7

x3.3

 

in €m

9M 2019

9M 2020

Change

Q3 2019

Q3 2020

Change

Revenues

496.6

446.4

-10.1%

147.6

145.2

-1.6%

EBITDA

117.1

84.5

-27.8%

37.0

29.3

-20.8%

Net profit

60.7

31.4

-48.3%

18.8

10.8

-42.4%

EPS (€)

1.78

0.92

-48.3%

0.55

0.32

-42.4%

Operating cash flow

47.7

37.8

-20.8%

-1.0

26.6

-

Net debt

438.9

420.3

-4.2%

438.9

420.3

-4.2%

Leverage

x2.7

x3.3

 

x2.7

x3.3

 

Language:

English

Company:

Befesa S.A.

46 Boulevard Grande-Duchesse Charlotte

1330 Luxembourg

Luxemburg

E-mail:

irbefesa@befesa.com

Internet:

www.befesa.com

ISIN:

LU1704650164

WKN:

A2H5Z1

Indices:

SDAX

Listed:

Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange; London

EQS News ID:

1143863


 

End of News

DGAP News Service

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