DGAP-News: Befesa S.A.: Befesa reports record level 9M EBITDA of €137m up 62% YoYEQS
Im Artikel erwähnte Wertpapiere: Befesa Rg
DGAP-News: Befesa S.A.
/ Key word(s): Quarter Results/Quarterly / Interim Statement
PRESS AND INVESTOR ANNOUNCEMENT
Third quarter 2021 results
Befesa reports record level 9M EBITDA of €137m up 62% YoY
Luxembourg, 28 October 2021 - Befesa S.A. ("Befesa"), the global market leader for steel dust and aluminium salt slags recycling services, reported continued strong performance on record earnings levels, for both Q3 and 9M of 2021, delivering strong growth YoY, which is also well above the pre-COVID periods of 2019. Significant progress was made in China and the US, as 2021 continues to become an inflection point in the Company's accelerated global growth trajectory.
Adjusted EBITDA for Q3 stood at €42.7m, compared to €29.3m in the same quarter last year, an increase of 46%. EBITDA was also 15% above the €37.0m of Q3 2019, pre-pandemic. Year-to-date growth was even stronger, as Befesa achieved €136.8 in the first nine months, up €52m or 62% compared to 9M 2020 and 17% more than the pre-pandemic 9M 2019 figure of €117.1m. The YoY positive earnings development in 9M was mainly driven by strong base metal prices and good volume performance. Overall plant utilization was solid at pre-pandemic levels, with Steel Dust at above 80% and Aluminium Salt Slags & SPL at or above 90%.
Leverage of x2.33 was reported at Q3 closing, following a €47m dividend distribution, the funding of the China expansion and the acquisition of AZR in the US during Q3. Leverage decreased from x3.31 in Q3 2020, x3.10 at year end 2020 to x2.33 in Q3 2021. Similarly liquidity in Q3 2021 remained very strong at more than €275m, with cash on hand reaching a new high level of €201m.
Befesa also revised its guidance upwards for the full year, based on the achieved earnings year-to-date and the inclusion of the acquired operations in the US. The initial guidance of adjusted EBITDA in the range of €165 to €190m has been revised to a new record of around €195m, highlighting an expected strong remainder of the year.
US acquisition successfully closed and operations contributing as expected
China expansion on target
Javier Molina, CEO of Befesa, commented: "Q3 was an exciting quarter for Befesa: On the one hand we continued operating at record levels, well ahead of those pre-COVID, and on the other we achieved significant strategic progress accelerating our global expansion. In the US, we successfully completed the acquisition of AZR and are driving progress on the integration of our US operations. In China, the customer feedback we have been receiving is very supportive, we are going live with our first plant and completing the construction of our second. Our improved full-year guidance of around €195m EBITDA now incorporates the contribution from Befesa Zinc US and highlights our confidence to deliver 2021 at the highest earnings levels. 2021 positions us very well to further accelerate our growth path globally. We are focused on continuing to actively protect the environment by providing environmental services to existing and new customers in the steel and aluminium industries around the world. Finally, we would like to thank our shareholders for their continued support. Following our IPO in 2017, we became a SDAX company in 2018 and now, as of 20 September 2021, we are proud to have established ourself as a member of the MDAX."
28.10.2021 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
|46 Boulevard Grande-Duchesse Charlotte|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange; London|
|EQS News ID:||1244168|
|End of News||DGAP News Service|