Befesa SA
46 Boulevard Grande-Duchesse Charlotte
Phone: +49 210210010p:+49 210210010 LUXEMBOURG, 1330  Luxembourg Ticker: BFSABFSA

DGAP-News: Befesa S.A.: Befesa reports Q2 EBITDA of €22m and confirms Full Year Guidance

DGAP-News: Befesa S.A. / Key word(s): Half Year Results
Befesa S.A.: Befesa reports Q2 EBITDA of €22m and confirms Full Year Guidance

31.07.2020 / 07:30
The issuer is solely responsible for the content of this announcement.



First half 2020 results

Befesa reports Q2 EBITDA of €22m and confirms Full Year Guidance

- Q2 2020 EBITDA at €22m, in line with market expectations, H1 EBITDA at €55m

- Confirming full year company guidance of €100m to €135m EBITDA

- China: Construction of both plants progressing and expecting completion on schedule, secured long-term financing of the first plant

Luxembourg, 31 July 2020 - Befesa S.A. ("Befesa"), the European market leader for steel dust and aluminium salt slags recycling services, performed in line with expectations. The company's reported Q2 EBITDA of €22m, representing a decrease of 41% compared to the previous year mainly as a result of COVID-19 pandemic pressuring metal prices. H1 EBITDA came in at €55m, down 31% compared to the previous year.

Main operational highlights in Q2:

- Q2 steel dust throughput of 156 kt, up +5% YoY driven by Turkey expansion; Aluminium Salt Slags & SPL volume of 106 kt down 15% YoY due to lower demand from, i.a. the automotive sector

- Resilient plant utilization of around 80% in both core businesses, Steel Dust and Salt Slags

- Zinc market prices averaged at €1,780/t in Q2 (down 28% YoY) and treatment charges settled at ~$300/t (~$245/t in 2019), resulting in a combined price decrease of 37% YoY

- Aluminium alloy prices continue to be affected by lower demand, down 8% YoY to €1,282/t

- Continued strong liquidity of ~€185m, including cash of €107m and leverage of x3.1

Befesa's expansion in China is progressing as expected. The construction works of both, the plant in Jiangsu and in Henan, are on track and expected to be completed on schedule by the beginning of 2021 and mid-2021, respectively. The long-term financing for the Jiangsu plant was successfully secured on 30 July and, similarly, Befesa is targeting the financing for Henan next.

Javier Molina, CEO of Befesa commented: "We anticipate the second quarter to be the weakest quarter in 2020 as we see signs of a moderate recovery. I'm confident that our strong balance sheet, high liquidity, and resilient business model will help us to navigate through the current environment. We expect our operational performance to improve as the economy starts to recover in the second half of the year. Meanwhile, we are making important progress with our expansion in China, which will set the foundation for accelerated volume and earnings growth in the coming years."

Key figures

in €m H1 2019 H1 2020 Change Q2 2019 Q2 2020 Change
Revenues 349.0 301.2 -13.7% 169.9 122.2 -28.1%
EBITDA 80.1 55.3 -31.0% 37.1 21.7 -41.4%
Net profit 41.9 20.6 -50.9% 19.8 5.9 -70.3%
EPS (€) 1.23 0.60 -50.9% 0.58 0.17 -70.3%
Operating cash flow 48.8 11.2 -77.0% 31.1 2.8 -90.9%
Net debt 373.1 423.5 13.5% 373.1 423.5 13.5%
Leverage x2.2 x3.1   x2.2 x3.1  

Befesa will host a webcast on its second quarter 2020 results at 9:00 am CEST on 31 July 2020. Further details, a replay and other events are available on the company's website:

Financial Calendar 2020
The financial calendar for 2020 is available in the Investor Relations / Investor's Agenda section on Befesa's website. For more information, please visit

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:

Investor Relations
Rafael Pérez
Phone: +49 2102 1001 0

31.07.2020 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

Language: English
Company: Befesa S.A.
46 Boulevard Grande-Duchesse Charlotte
1330 Luxembourg
ISIN: LU1704650164
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: 1106845

End of News DGAP News Service

1106845  31.07.2020 


Related Businesses
- - Customer

Copyright © 2020 by (Ticker: CRMZ®). All rights reserved.  You are not permitted to use this report or the information contained herein for any purpose not expressly permitted by, Inc. Except as expressly permitted by, Inc., you are not permitted, in whole or in part, to copy, alter, correct, adapt, translate, enhance, lease, sell, sublicense, assign, distribute, publish, otherwise make available to any third party, or prepare derivative works or improvements of this report or any of the information contained therein. You are not permitted to reverse engineer, disassemble, decompile, decode, or adapt the software, algorithms or other processes used to prepare this report, or otherwise attempt to derive or gain access to the source code of same. You agree not to remove, alter, obscure, combine or otherwise change any disclaimers, trademarks, copyrights, other intellectual property rights, proprietary rights, or other symbols, notices, marks, or serial numbers on or relating to any copy of the report or on marketing or other materials that, Inc. may provide to you. You will not use this report in any manner or for any purpose that infringes, misappropriates, or otherwise violates any right of any party, or that violates any applicable law.  
The FRISK® scores, agency ratings, credit limit recommendations and other scores, analysis and commentary are opinions of, Inc. and/or its suppliers, not statements of fact, and should be one of several factors in making credit decisions.  Any reliance you place on the information in this report is strictly at your own risk. Except as expressly provided by, Inc., no warranties or representations of any type, including without limitation of results to be obtained, merchantability or fitness for a particular purpose, are made concerning any part of, Inc.’s service, including without limitation the FRISK® scores.  The information published above has been obtained from sources CreditRiskMonitor considers to be reliable., Inc. and its third-party suppliers do not guarantee or validate the accuracy and completeness of the information provided in this report, the underlying information input to create the FRISK® scores, and specifically do not assume responsibility for not reporting any information omitted or withheld.  By using this website, you accept the Terms of Use Agreement
Contact Us: 845.230.3000
Fundamental financial data concerning public companies may be provided by Refinitiv (click for restrictions)
Friday, August 14, 2020