DGAP-News: Befesa S.A. / Key word(s): Annual Results/Quarter Results 
Befesa S.A.: Preliminary 2020 results: Befesa delivers strongest quarter of the year - returning to 2019 levels 
2021-02-23 / 07:30 
The issuer is solely responsible for the content of this announcement. 
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PRESS AND INVESTOR ANNOUNCEMENT 
Preliminary full year 2020 results 
Befesa delivers strongest quarter of the year - returning to 2019 levels 
- Q4 strongest quarter in 2020 with adjusted EBITDA of EUR42.4m, recovered back to 2019 level 
- FY 2020 adjusted EBITDA at EUR127.0m, 20% decrease yoy (FY 2019: EUR159.6m) 
- Operating cash flow at EUR92.5m, down 10% yoy; Closing with solid EUR154.6m of cash, up 23% yoy 
- Capacity utilization and volumes resilient in 2020 
- China expansion on track: Completing first plant construction in Q1; second plant after the summer 
Luxembourg, 23 February 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 quarter in 2020, 
with Q4 EBITDA of EUR42.4m, at the same level as Q4 2019. Befesa continued its quarter-on-quarter recovery following the 
COVID-19 induced low in Q2 (Q1 EUR33.6m, Q2 EUR21.7m, Q3 EUR29.3m, Q4 EUR42.4m). This brings FY 2020 adjusted EBITDA up to 
EUR127.0m, within the upper third of FY 2020 EBITDA guidance range of EUR100m to EUR135m. Compared to FY 2019, earnings 
decreased by 20%, or EUR33m, primarily driven by lower blended zinc prices (down EUR144/t yoy to EUR2,136/t) as well as 
unfavourable higher treatment charges (TCs) at USD300/t (vs. USD245/t in 2019). 
Net profit in 2020 decreased from EUR82.7m in 2019 to EUR47.6m, corresponding to earnings per share (EPS) of EUR1.40. In 
2020, Befesa distributed a total dividend of EUR25m (EUR0.73 per share), equal to 30% of EUR82.7m net profit in 2019. 
Operating cash flow decreased 10% to EUR92.5m. Befesa's rigorous cash management resulted in total cash flow of EUR29.1m, 
improving cash on hand by 23% to EUR154.6m (EUR125.5m at year-end 2019). Together with the entirely undrawn Revolving 
Credit Facility (RCF) of EUR75.0m, Befesa has a strong financial position of EUR230m liquidity. Net debt improved to 
EUR393.6m compared to EUR416.9m at the end of 2019 (leverage x3.10 vs. x2.61 at 2019 year-end). 
Over the financial year 2020, Befesa demonstrated resilient capacity utilisation and volumes. EAF steel dust throughput 
increased by 3% yoy to 687kt at 83% average capacity utilisation. This was mainly driven by the completed expansion of 
the plant in Turkey. Salt slags and SPL recycled volumes decreased by 10% yoy to 445kt (84% average capacity 
utilisation), while secondary aluminium production volumes remained stable at 174kt (85% average capacity utilisation). 
Befesa's expansion in China continued to progress on schedule and on budget in Q4 2020. The construction of the first 
state-of-the-art EAF steel dust recycling plant in the Jiangsu province is expected to be completed in Q1, with cold 
and hot commissioning in March/April. The second plant in the province of Henan is also expected to be completed this 
year, after the summer. 
Javier Molina, CEO of Befesa, said: "As a vital player within the circular economy, this year we again contributed 
significantly to increasing efficiency and sustainability of raw material use in the metals industry. Our unique 
expertise and services drive the continued development of recycling solutions that support the transition towards a 
more sustainable economy. Despite the impact of the COVID-19 pandemic in 2020, we continued to deliver against our 
promises and serve our customers by maintaining high plant utilisation levels. Quarter after quarter we demonstrated 
our resilience, having recovered quickly from the Q2 low and now delivering the strongest quarter of the year at a EUR42m 
EBITDA in Q4. At the same time, we have continued setting the path for organic growth in the coming years and look 
forward to ramping up our new plants in China in 2021." 
Befesa's hedging book in 2020 stabilised the Company's earnings by EUR24m revenue, EBIT and EBITDA. In Q4 2020, Befesa 
extended its hedging book up to October 2023 and will keep monitoring the market to lock in further volume beyond that 
date. Similar to previous years, once TCs in the Zinc industry are settled around March/April 2021, Befesa will provide 
its earnings guidance for FY 2021 together with the Q1 2021 results scheduled for 29 April. 
Key figures 
in EURm                Q4 2019 Q4 2020 Change FY 2019 FY 2020  Change 
Revenue               151.3   158.0   4.4%   647.9   604.3   -6.7% 
EBITDA                42.5   42.4^1) -0.2%   159.6  127.0^1) -20.4% 
Net profit            22.0    16.2   -26.4%  82.7     47.6   -42.4% 
EPS (EUR)               0.65    0.47   -26.4%  2.43     1.40   -42.4% 
Operating cash flow   54.8    54.8   -0.1%   102.5    92.5   -9.7% 
Net debt              416.9   393.6  -5.6%   416.9   393.6   -5.6% 
Leverage              x2.6    x3.1           x2.6     x3.1

1) Adjusted for EUR3.5m for the UK Salt Slags plant closure in Q4 2020

Webcast Befesa will host a webcast on its preliminary full year 2020 results at 09:00 am CET on 23 February 2021. Further details, a replay and other events are available on the company's website: www.befesa.com Financial Calendar Befesa plans to publish its full year 2020 financial results on 25 March 2021. The Annual General Meeting is scheduled for 23 June 2021 and will be held in Luxembourg. 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 and the UK, 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 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 Katherine Fennell Email: katherine.fennell@kekstcnc.com Phone: +44 7971 828 445 -----------------------------------------------------------------------------------------------------------------------

2021-02-23 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:       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:  1170265 
 
End of News   DGAP News Service 
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1170265 2021-02-23

(END) Dow Jones Newswires

February 23, 2021 01:32 ET (06:32 GMT)