27.04.2021 Befesa S.A.  LU1704650164

DGAP-News: Befesa S.A.: Befesa delivers best quarter in history and announces strong FY 2021 outlook


 

DGAP-News: Befesa S.A. / Key word(s): Quarterly / Interim Statement/Dividend
Befesa S.A.: Befesa delivers best quarter in history and announces strong FY 2021 outlook

27.04.2021 / 07:30
The issuer is solely responsible for the content of this announcement.


/

PRESS AND INVESTOR ANNOUNCEMENT

First quarter 2021 results

Befesa delivers best quarter in history and announces strong FY 2021 outlook

- Q1 2021 EBITDA of €48.8m, up 46% from Q1 2020 at €33.6m, delivering strongest quarter in the company's history

- Volumes at pre-COVID-19 levels with strong plant utilization levels at >= 90%

- High cash flows continued in Q1, leverage reduced back to x2.8 from x3.1 at year end

- China expansion on track: construction of first plant completed; commissioning in process; second plant on schedule for ramp-up in H2 2021

- Dividend distribution of €40m (€1.17 per share) proposed for 2021, equal to 84% of 2020 net profit

- Outlook: FY 2021 EBITDA expected to be between €165m and €190m, equal to 30 to 50% yoy growth

Luxembourg, 27 April 2021 - Befesa S.A. ("Befesa"), the leading provider of hazardous waste recycling services enabling the circular economy within the steel and aluminium industries, has delivered its strongest quarterly results in the company's history, with Q1 EBITDA of €48.8m, up 46% versus Q1 2020, supporting a positive business outlook for the rest of the year.

Befesa delivered high pre-COVID-19 plant utilization levels and benefited from a favorable market price environment in Q1 2021. Zinc LME prices averaged at €2,279/t in Q1 (up 18% yoy) and zinc reference treatment charges settled at $159/t for full year 2021 ($300/t in 2020), resulting in a combined price effect of ca. 41% yoy. Aluminum alloy FMB prices also recovered and were up 38% over the same period at €1,982/t. In Q1 2021, Befesa extended its hedging book further up to January 2024.

Operating cash flow increased by €18m yoy to €27m in Q1 2021. Befesa closed the quarter with cash on hand of €164m, up €9m from year end. Together with the entirely undrawn Revolving Credit Facility (RCF) of €75.0m, Befesa maintains a strong financial position of around €240m liquidity. Befesa's leverage ratio improved from x3.1 at year end back to pre-COVID levels of x2.8 on a L12M basis and x2.2 on a L6M basis.

Expansion in China has continued to progress on schedule and on budget. The construction of the first state-of-the-art EAF steel dust recycling plant in the Jiangsu province is complete, with commissioning in process. The construction of the second plant in the province of Henan is also progressing on schedule and expected to be completed after the summer of 2021, with ramp-up in H2 2021.

Looking ahead, Befesa expects to see continued recovery and growth in 2021, supported by the resilience of its business, robust cash management, and the execution of its expansion projects. More specifically:

- Befesa expects FY 2021 EBITDA to be between €165m and €190m, equal to 30 to 50% yoy growth

- Assumes volumes will continue to increase on the back of a moderate to a strong recovery from COVID-19 and corresponding capacity utilization levels of 85-95%

- Expects metal prices to be moderately lower or remain at the currently favorable Q1 2021 levels in H2 of this year

- China expansion expected to complete on schedule delivering commercial output in H2 2021

- Continued focus on cash management, expected to decrease net debt/EBITDA leverage from x3.1 at year end 2020 to c. x2.1 to x2.5 at year end 2021

- Board proposing a €40m dividend (€1.17 per share) at the Annual General Meeting (AGM), equal to 84% of 2020 net profit of €47.6m, equal to 50% on a two-year basis, at the upper end of Befesa's dividend policy.

Javier Molina, CEO of Befesa, said: "Today's quarterly results are our strongest ever, and give us confidence in the outlook for the rest of the year. Befesa is fully back on track and we remain very positive about our ability to deliver against our commitments, strategically and financially. Our focus for 2021 remains on excellent cash management while investing in organic growth and ramping up our new plants in China, the largest steel market globally. We are excited to continue contributing to the protection of the environment and delivering accelerated volume and earnings growth for our shareholders."

Following the publication of the 2020 Annual Report in March, Befesa today published its 2020 ESG Progress Update, which provides an insight into the performance achieved against the company's ESG performance indicators.

Key figures

in €m Q1 2020 Q1 2021 Change
Revenue 179.0 192.6 +7.6%
EBITDA 33.6 48.8 +45.6%
Net profit 14.7 24.8 +68.7%
EPS (€) 0.43 0.73 +68.7%
Operating cash flow 8.4 26.5 Favorable
Net debt 422.6 394.7 -6.6%
Leverage x2.82 x2.77 -x0.04
 

Webcast
Befesa will host a webcast on its first quarter 2021 results at 09:00 am CEST on 27 April 2021. Further details, a replay and other events are available on the Company's website: www.befesa.com

Financial Calendar
The AGM is scheduled for 30 June 2021. The financial calendar for 2021 is available in the Investor Relations / Investor's Agenda section of Befesa's website. For more information, please visit www.befesa.com

About Befesa
Befesa is a leading player in the circular economy, providing environmental, regulated services to the steel and aluminium industries with facilities located in Germany, Spain, Sweden, France, as well as in Turkey, South Korea and China. Through its two business units, Steel Dust and Aluminium Salt Slags recycling services, which are a critical part of the circular economy, Befesa manages and recycles around 1.5 million tonnes of residues annually, with a production of around 1.3 million tonnes of new materials, which Befesa reintroduces in the market, reducing the consumption of natural resources. Further information is available on the Company's website: www.befesa.com

Investor Relations
Rafael Pérez
Email: [email protected]
Phone: +49 2102 1001 0

Media Relations
Katherine Fennell
Email: [email protected]
Phone: +44 7971 828 445



27.04.2021 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


Language: English
Company: Befesa S.A.
46 Boulevard Grande-Duchesse Charlotte
1330 Luxembourg
Luxemburg
E-mail: [email protected]
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: 1188388

 
End of News DGAP News Service

1188388  27.04.2021 

fncls.ssp?fn=show_t_gif&application_id=1188388&application_name=news&site_id=boersengefluester_html


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

INVESTOR-INFORMATIONEN
©boersengefluester.de
Befesa
WKN Kurs in € Einschätzung Börsenwert in Mio. €
A2H5Z1 66,400 Kaufen 2.656,00
KGV 2022e KGV 10Y-Ø BGFL-Ratio Shiller-KGV
21,08 24,38 0,97 77,84
KBV KCV KUV EV/EBITDA
4,58 28,70 4,39 24,69
Dividende '19 in € Dividende '20e in € Div.-Rendite '20e
in %
Hauptversammlung
0,73 1,17 1,76 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
7,76% 23,26% 29,43% 92,46%
    
Weitere Ad-hoc und Unternehmensrelevante Mitteilungen zu Befesa S.A.  ISIN: LU1704650164 können Sie bei DGAP abrufen

Umwelt/Recycling , A2H5Z1 , BFSA , XETR:BFSA