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DGAP-News: Befesa S.A.
/ Key word(s): Quarter Results
PRESS AND INVESTOR ANNOUNCEMENT Third quarter 2020 results Befesa sees beginning of moderate recovery in Q3 2020
Luxembourg, 29 October 2020 - Befesa S.A. ("Befesa"), the European market leader for steel dust and aluminium salt slags recycling services, has started to see a moderate recovery in Q3 2020, with EBITDA reaching €29m, slightly above market expectations. While 21% lower than in the prior year period, this represents a QoQ improvement of 35%, showing a recovery trend. For the 9M 2020 period, Befesa's EBITDA came in at €85m, down 28% YoY primarily due to the COVID-19 related pressure on metal prices. Main operational highlights in Q3:
Befesa's expansion works in China continued to progress on schedule in Q3, with the construction of the first two state-of-the-art EAF steel dust recycling plants expected to be completed during the first quarter of 2021 and after the summer of 2021, respectively. The 9M figures indicate that Befesa's full year results will come in at around the midpoint of the unchanged guidance range (FY2020 EBITDA: €100m to €135m). Javier Molina, CEO of Befesa, said: "After the impact from the COVID-19 pandemic in the first half of the year, we have seen the beginning of a gradual global recovery in the third quarter. Q3 results were better than those in Q2 and, equally, we expect Q4 results to be better than Q3, continuing the QoQ recovery trend. Metal prices have recovered and started to stabilise, and we continue to make progress with our expansion in China. We are looking forward to offering our market leading steel dust recycling services to the Chinese market from 2021 onwards, supporting the government's efforts of protecting the environment." Key figures
Webcast Investor Relations Media Relations
29.10.2020 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. |
| 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: | 1143863 |
| End of News | DGAP News Service |
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1143863 29.10.2020
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