Befesa Sa · XETR:BFSA
Befesa Sa — Investor Presentation (April 2022)
15 slides from Befesa Sa's investor presentation, April 2022
Slide 1: Company Presentation April 2022
Company Presentation April 2022
Slide 2: Disclaimer
Disclaimer This presentation contains forward-looking statements and information relating to Befesa and its affiliates that are based on the beliefs of its management, including assumptions, opinions and views of Befesa and its affiliates as well as information cited from third party sources. Such s
Slide 3: Befesa at a glance
Befesa at a glance Global leader in Europe, Asia and US in providing regulated critical hazardous waste recycling services to the steel and aluminium industries 3–year average (2019-2021)1) Steel Dust Recycling1) Aluminium Salt Slags Recycling €691m Revenue2) #1 Position Global #1 Position in Europe
Slide 4: Key milestones
Key milestones Befesa has grown successfully through organic initiatives and acquisitions EAFD expansion China First to market with state-of-the-art EAFD recycling plants in China: Changzhou, Jiangsu: ✓ Completed on budget EAFD expansion Korea & Turkey ✓ In commercial operations since Dec’21 Seconda
Slide 5: Key milestones
Key milestones EAFD expansion China Befesa has grown successfully through organic initiatives and acquisitions First to market with state-of-the-art EAFD recycling plants in China: Changzhou, Jiangsu: ✓ Completed on budget ✓ In commercial operations EAFD expansion Korea & Turkey since Dec’21 Seconda
Slide 6: Global leader in Europe, Asia & North America
Global leader in Europe, Asia & North America EAFD recycling plants Befesa is the global leader in steel dust and salt slags recycling services with a competitive advantage due to its close-proximity to key clients Salt slags & SPL recycling plants Lünen Clients Duisburg Hannover Fouquières-lès-Lens
Slide 7: Highly regulated & critical service model
Highly regulated & critical service model Befesa is the leading environmental services partner in the circular economy of the 2 nd steel and aluminium industry by recycling and avoiding the landfilling of c. 2 MT hazardous residues and recovering c. 1.5 MT of new valuable materials HAZARDOUS WASTE B
Slide 8: Mid-term growth roadmap
Mid-term growth roadmap Executing well defined growth roadmap even during COVID-19 pandemic; In commercial operations at 1st China plant (Jiangsu) and completed construction of 2nd plant (Henan); Driving progress on the integration of AZR and related synergies 1 HEDGING • Hedge book extended up to J
Slide 9: Zinc prices & hedging strategy
Zinc prices & hedging strategy Hedge book extended up to Jan’25, c.3 years; Improving earnings & cash flows visibility Zinc LME1) Befesa’s hedges2) Average blended Zinc LME price vs. Befesa’s hedging prices (€/t) €2,317 c.€2,375 c.€2,425 €2,239 €2,275 c.€2,275 €2,280 €2,136 €2,151 2019 2020 2021 202
Slide 10: China I and China II plants
China I Changzhou plant, Jiangsu province Key facts of the plant: 1 • 1st EAFD recycling plant in China • Capacity to recycle 110kt EAFD p.a. • Total investment: c.€42m • Location: Changzhou (Jiangsu province) Status update: Long-term financing closed Jul’20 Construction completed on budget In comme
Slide 11: ESG at Befesa
ESG at Befesa Key player within the circular economy, with c.2 million tonnes recycled and c.1.5 million tonnes of valuable materials recovered annually, that contributes significantly to increase efficiency of raw material use in the metals industry and promotes the transition towards a more sustai
Slide 12: Experienced management team
Experienced management team Senior management team delivering results through long-standing industry expertise, entrepreneurial spirit and focus on operational excellence as well as governance and compliance processes Javier Molina Wolf Lehmann Key achievements / track record CEO CFO; incl. responsi
Slide 13: Multi-year trend – Key financials
Multi-year trend – Key financials1) (€m, unless otherwise stated) 2017 2018 2019 2020 2021 Revenue €667.42) €720.1 €647.9 €604.3 €821.6 Reported EBITDA €153.0 €176.0 €159.6 €123.5 €189.6 Reported EBITDA margin % 22.9%2) 24.4% 24.6% 20.4% 23.1% Adjusted EBITDA €172.43) €176.0 €159.6 €127.03) €197.63)
Slide 14: Multi-year trend – Operational data
Multi-year trend – Operational data 2017 2018 2019 2020 2021 EAFD throughput (kt) 661.0 717.1 665.8 687.0 885.7 EAFD average capacity 84.7% 92.0% 80.7% / 90.1%1) 83.2% 83.3%2) utilisation (%) Waelz oxide (WOX) sold (kt) 217.8 240.9 217.6 239.2 291.0 Zinc LME price (€/t) €2,572 €2,468 €2,276 €1,979 €
Slide 15: Cash flow, net debt & leverage
Cash flow, net debt & leverage Continued strong liquidity of c.€300m including record €224m cash on hand, post-dividend & acquisition funding; Net leverage of x2.16 at YE’21, improved vs. x3.10 at YE’20 and vs. x2.33 at Q3’21 Adjusted EBITDA to total cash flow (€m) 60.8 -12.3 44.0 Incl. €6 non-recur