22.11.2018 Befesa S.A.  LU1704650164

DGAP-News: Befesa S.A.: Befesa increases earnings in 9M 2018 and confirms 2018 guidance


DGAP-News: Befesa S.A. / Key word(s): Quarterly / Interim Statement/Forecast
Befesa S.A.: Befesa increases earnings in 9M 2018 and confirms 2018 guidance

22.11.2018 / 07:30
The issuer is solely responsible for the content of this announcement.



Third quarter results 2018

Befesa increases earnings in 9M 2018 and confirms 2018 guidance

- 9M 2018 EBITDA increases 2%

- Guidance confirmed; FY18 EBITDA of EUR174m - EUR176m

- EPS significantly improved to EUR0.53 in Q3 2018 and EUR1.85 for 9M 2018

- Market entry into China announced with operations expected to start within H2 2020

- Befesa entered SDAX, ten months after being listed on the Frankfurt Stock Exchange

Luxembourg, 22 November 2018 - Befesa S.A. ("Befesa"), the European market leader for steel dust and aluminium salt slags recycling services, continued to deliver on its growth targets, increasing earnings over the first nine months of 2018 despite a challenging market environment during the third quarter. Based on the development from January to September 2018, Befesa confirms its guidance of low single digit earnings growth.

In the nine-month period ended 30 September, Befesa increased its EBITDA by 2.1% to EUR128.9m. EBIT grew by 1.8% to 107.9m. Consolidated revenues for 9M 2018 increased by 8.2% to EUR539.1m on a comparable basis.

Q3 revenues remained flat at EUR156.7m on a comparable basis, primarily driven by lower volumes in the Secondary Aluminium sub-segment, which were mainly due to the scheduled stoppages to upgrade the furnaces of the two Spanish plants and lower prices for both zinc and aluminium alloys. However, the volume increase in Steel Dust Recycling Services offset these decreases. Q3 EBITDA decreased by 7.2% to EUR40.0m and EBIT dropped by 9.0% to EUR33.6m year-over-year, mainly driven by lower zinc and aluminium alloy prices. Q3 is the 8th consecutive quarter with at least EUR40m EBITDA.

For the nine-month period 2018, net profit increased by almost 60%, reaching EUR66.5m and bringing earnings per share (EPS) to EUR1.85. Net profit in Q3 2018 almost tripled to EUR18.5m compared to the same period in 2017, representing Q3 EPS of EUR0.53. The strong improvement was largely driven by decreasing financial expenses by around 60% under Befesa's new capital structure. Due to the reduced leverage of x2.4, the financial expenses of Befesa's term loan B will ease further, dropping 25 bps to Euribor +250 bps versus the current +275 bps from the end of November.

Javier Molina, CEO of Befesa, commented: "We are developing our business in line with our targets and are pleased to deliver on our guidance, despite the challenging market environment in the third quarter. Our hedging strategy continues to be successful and we are able to grow volumes, particularly in the Steel Dust Recycling Services segment."

Befesa expects its EBITDA for 2018 to reach between EUR174m and EUR176m (2017: EUR172m). Net profit is expected to come in significantly higher at EUR83m to EUR85m compared to EUR49m in 2017. This would result in a significant increase in 2018 earnings per share (EPS) as well as a higher dividend.

Other developments in Q3

Befesa announced its Chinese market entry in September. The company will develop its steel dust recycling business, starting with a first plant in Changzhou, northwest of Shanghai, and designed to recycle 110,000 tons of EAF dust per year. This plant, which is currently under development, will be Befesa's seventh EAF steel dust recycling site globally, alongside its existing sites in Europe, Turkey and South Korea. The ramp-up of operations is expected for the second half of 2020. Also in September, Befesa was included in the SDAX.

Key figures

in EURm Q3 2018 Q3 2017 Change 9M 2018 9M 2017 Change
Revenues 156.7 156.9 -0.1% 539.1 498.1 8.2%
EBITDA 40.0 43.1 -7.2% 128.9 126.2 2.1%
EBIT 33.6 36.9 -9.0% 107.9 106.0 1.8%
Net Profit 18.0 14.6 23.5% 62.9 34.7 81.4%
EPS (in EUR) 0.53 -0.01   1.85 -0.01  

Note: The revenues shown in the table above are comparable revenues after the IFRS 15 amendment. EBITDA and EBIT are on an adjusted basis. Net profit shown is from continuing operations attributable to Befesa S.A..

Befesa will host a webcast on its third quarter results at 9am CET on 22 November 2018. Further details, a replay and other events are available on the company's website: www.befesa.com

Financial Calendar 2019
The financial calendar for 2019 has been posted 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 more than 1,300kt of residues annually, with a production of more than 600kt 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: [email protected]
Befesa Management Services GmbH
Balcke-Dürr-Allee 1
40882 Ratingen, Deutschland (Germany)
Phone: +49 2102 1001 0

Media Relations
Maximilian Karpf
Email: [email protected]
Phone: +44 7970 716 953

22.11.2018 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.
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Language: English
Company: Befesa S.A.
46 Boulevard Grande-Duchesse Charlotte
1330 Luxembourg
E-mail: [email protected]
Internet: www.befesa.com
ISIN: LU1704650164
Indices: SDAX
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange; London

End of News DGAP News Service

749851  22.11.2018 


Die wichtigsten Finanzdaten auf einen Blick
  2015 2016 2017 2018 2019 2020 2021e
Umsatzerlöse1 661,08 611,69 724,79 720,09 647,94 604,33 0,00
EBITDA1,2 132,66 128,80 152,98 175,97 159,56 123,49 0,00
EBITDA-Marge3 20,07 21,06 21,11 24,44 24,63 20,43 0,00
EBIT1,4 39,97 84,31 122,44 146,97 123,98 67,92 0,00
EBIT-Marge5 6,05 13,78 16,89 20,41 19,13 11,24 0,00
Jahresüberschuss1 -31,00 20,74 54,96 94,89 87,90 46,89 0,00
Netto-Marge6 -4,69 3,39 7,58 13,18 13,57 7,76 0,00
Cashflow1,7 54,57 56,07 91,55 103,84 102,52 92,54 0,00
Ergebnis je Aktie8 -1,06 -1,58 1,24 2,65 2,43 1,40 1,90
Dividende8 0,00 0,00 0,00 1,32 0,73 1,17 1,17
Quelle: boersengefluester.de und Firmenangaben

  Geschäftsbericht 2020 - Kostenfrei herunterladen.  
1 in Mio. Euro; 2 EBITDA = Ergebnis vor Zinsen, Steuern und Abschreibungen; 3 EBITDA in Relation zum Umsatz; 4 EBIT = Ergebnis vor Zinsen und Steuern; 5 EBIT in Relation zum Umsatz; 6 Jahresüberschuss (-fehlbetrag) in Relation zum Umsatz; 7 Cashflow aus der gewöhnlichen Geschäftstätigkeit; 8 in Euro; Quelle: boersengefluester.de

Wirtschaftsprüfer: KPMG

WKN Kurs in € Einschätzung Börsenwert in Mio. €
A2H5Z1 65,900 Kaufen 2.636,00
KGV 2022e KGV 10Y-Ø BGFL-Ratio Shiller-KGV
25,35 26,40 0,96 77,26
4,55 28,48 4,36 24,53
Dividende '19 in € Dividende '20e in € Div.-Rendite '20e
in %
0,73 1,17 1,78 23.06.2021
Q1-Zahlen Q2-Zahlen Q3-Zahlen Bilanz-PK
27.04.2021 29.07.2021 28.10.2021 25.03.2021
Abstand 60Tage-Linie Abstand 200Tage-Linie Performance YtD Performance 52 Wochen
7,70% 23,39% 28,46% 90,46%
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Umwelt/Recycling , A2H5Z1 , BFSA , XETR:BFSA