31.10.2019 Befesa S.A.  LU1704650164

DGAP-News: Befesa continues growth plans despite earnings affected by weak metal prices


DGAP-News: Befesa S.A. / Key word(s): 9 Month figures/Quarterly / Interim Statement
Befesa continues growth plans despite earnings affected by weak metal prices

31.10.2019 / 07:30
The issuer is solely responsible for the content of this announcement.



Third quarter 2019 results

Befesa continues growth plans despite earnings affected by weak metal prices

- 9M 2019 EBITDA at EUR117m, down 9% yoy, predominantly due to capacity expansion works in Turkey, higher treatment charges (TCs) as well as an unfavourable price environment for metals

- Net profit 9M at EUR61m, down 3% yoy

- Turkish plant expansion completed with production started in August

- Asia expansion on track: construction in Jiangsu progressing to plan and ground breaking in Henan planned for mid-November. Korean zinc oxide washing plant to start production in December

Luxembourg, 31 October 2019 - Befesa S.A. ("Befesa"), the European market leader for steel dust and aluminium salt slags recycling services, decreased earnings by 9% during the first nine months of the year, largely driven by the temporary decrease in treated volume of steel dust from planned capacity upgrade works in Turkey, higher TCs as well as lower zinc LME price (-8% compared to 9M 2018) and aluminium alloy FMB (-20% compared to 9M 2018). These were largely offset with better hedged zinc prices, recovered stainless steel operations and Befesa's higher efficiency furnaces installed during H2 last year in its 2nd Aluminium plant in Bilbao, Spain.

These factors also impacted revenue, leading to 9M 2019 revenues decreasing by 8% to EUR497m. However, Befesa was able to retain a stable EBITDA margin of 24%. Net profit remained at EUR61m (-3% yoy) while operating cash flow improved to EUR48m (+4% yoy).

At the same time, Befesa continued to execute all its growth projects as planned. The plant expansion in Turkey was completed on budget and time and production started in August. In South Korea, the construction of Befesa's first washing plant in Asia is on track and production is expected to start in December. In China, Befesa's expansion plans are progressing well with two plants in development simultaneously in the provinces of Jiangsu and Henan. The construction of the first steel dust recycling plant in Jiangsu is expected to be completed at the end of 2020. For the second plant in the Chinese province of Henan, ground-breaking is scheduled for the second week of November.

Considering the latest price environment for zinc and aluminium alloy and the sensitivities provided with Befesa's initial guidance begin of the year, FY 2019 EBITDA is expected at around EUR160 million.

Javier Molina, CEO of Befesa, said: "Despite the lower earnings level expected for the full year, driven by a weaker metal price environment, we continue to deliver on our plans from the operational and growth point of view and are pleased with our progress. Our cashflow generation will enable us to fund our growth roadmap, pay an attractive dividend and maintain a reasonable leverage level."


Key figures

in EURm 9M 2019 9M 2018 Change Q3 2019 Q3 2018 Change
Revenue 496.6 539.1 -7.9% 147.6 156.7 -5.8%
EBITDA 117.1 128.9 -9.2% 37.0 40.0 -7.5%
Net profit 60.7 62.9 -3.4% 18.8 18.0 4.5%
EPS (EUR) 1.78 1.85 -3.4% 0.55 0.53 4.5%
cash flow
47.7 46.0 3.8% -1.0 9.3 -
Net debt 438.9 417.5 5.1% 438.9 417.5 5.1%
Leverage x2.7 x2.4   x2.7 x2.4  


Befesa will host a webcast on its third quarter 2019 results at 9 am CET on 31 October 2019. Further details, a replay and other events are available on the company's website: www.befesa.com

Financial Calendar
The financial calendar for 2020 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 more than 1,500kt 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]
Phone: +49 2102 1001 0

31.10.2019 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
EQS News ID: 901389

End of News DGAP News Service

901389  31.10.2019 


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 2,70
Dividende8 0,00 0,00 0,00 1,32 0,73 1,17 1,32
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 68,200 Kaufen 2.728,00
KGV 2022e KGV 10Y-Ø BGFL-Ratio Shiller-KGV
21,65 24,52 0,86 79,95
4,71 29,48 4,51 25,27
Dividende '19 in € Dividende '20e in € Div.-Rendite '20e
in %
0,73 1,17 1,72 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
9,82% 25,53% 32,94% 103,89%
Weitere Ad-hoc und Unternehmensrelevante Mitteilungen zu Befesa S.A.  ISIN: LU1704650164 können Sie bei DGAP abrufen

Umwelt/Recycling , A2H5Z1 , BFSA , XETR:BFSA