Befesa Sa · XETR:BFSA
Befesa Sa — Investor Presentation (August 2023)
15 slides from Befesa Sa's investor presentation, August 2023
Slide 1: Company Presentation August 2023
Company Presentation August 2023
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, the US and Asia in providing regulated critical hazardous waste recycling services to the steel and aluminium industries 2022 Steel Dust Recycling Aluminium Salt Slags Recycling €1,136m Revenue #1 Position global #1 Position in Europe in salt slags subsegm
Slide 4: Key milestones
Key milestones Befesa has grown successfully through organic initiatives and acquisitions Steel Dust expansion China First to market with state-of-the-art 110 kt EAFD recycling plants in China: Changzhou, Jiangsu: Steel Dust expansion Korea & Turkey ✓ Completed on budget ✓ In commercial operations s
Slide 5: Global leader in Europe, North America and Asia
Global leader in Europe, North America and Asia Befesa is the global leader in steel dust and the European leader in salt slags recycling services with a competitive advantage due to its close-proximity to key clients; 24 plants globally Lünen EAFD recycling plants Duisburg Hanover Salt slags & SPL
Slide 6: Highly regulated and critical service model
Highly regulated and critical service model Befesa is the leading environmental services partner in the circular economy of the 2nd steel and aluminium industry by recycling and avoiding the landfilling of c. 1.8 Mt hazardous residues and recovering c. 1.5 Mt of new valuable materials HAZARDOUS RESI
Slide 7: Befesa's hedging strategy provides price visibility and lowers impact from zinc price volatility
Befesa’s hedging strategy provides price visibility and lowers impact from zinc price volatility • Befesa’s hedging strategy unchanged Zinc LME1 • 1—3 years forward • Targeting 60% to 75% of zinc equivalent volume • Befesa providing no collateral c. €2,650 • Befesa’s hedging strategy has Befesa’s c.
Slide 8: Well defined growth roadmap in execution towards 2027
Well defined growth roadmap in execution towards 2027 Steel Dust Indicative timing & progress Capex EBITDA Growth projects Alu Salt Slags 2023 2027e €m run-rate €m 1 Zinc refining €110—120 €35—45 2 Palmerton refurbishment 3 China III, 1st kiln Guangdong 4 China IV, 2nd kiln Jiangsu €115—125 €30—35 5
Slide 9: Palmerton plant refurbishment progressing well to seize market growth in 2024/25
2 Palmerton plant refurbishment progressing well to seize market growth in 2024/25 Plant overview Palmerton, Pennsylvania • 2 kilns with c. 163 kt → 220 kt (post- refurbishment) EAFD recycling capacity • Producing WOX as a marketable product Indicative timing and status Q1 2025 Other Befesa Demoliti
Slide 10: Preparing Befesa's next EAFD recycling plant in the province of Guangdong
3 Preparing Befesa’s next EAFD recycling plant in the province of Guangdong Plant overview • 1 kiln with 110 kt EAFD recycling capacity • Option for expansion on site: 2 additional kilns x 110 kt = +220 kt capacity Indicative timing and status Q1 2025 Yunfu, Guangdong Investment agreement signed Q1
Slide 11: Well defined growth roadmap driving +€125—155m EBITDA growth, 8—10% CAGR, globally balanced
Well defined growth roadmap driving +€125—155m EBITDA growth, 8—10% CAGR, globally balanced c. €340—370m c. 8—10% CAGR +€45—55m +€45—55m +€35—45m ✓ China I & II ➢ China III (✓LOI) €215m • New EAFD plant • China IV • WOX washing expansion • China V ✓ Zinc refining • 2nd Alu expansion • Capacity utili
Slide 12: ESG highlights
ESG highlights Key player within the circular economy, with c. 1.8 Mt recycled and c. 1.5 Mt of valuable materials Lost Time Injury Rate (LTIR)1 ESG Ratings2 0.55 LTIR in 2022 (all time low) 30 June 2023 31 December 2022 -32% yoy (2021: 0.81) B / Prime Top 3 of 69 -90% vs baseline (2015: 5.71) #181
Slide 13: Experienced and stable management team
Experienced and stable 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 Asier Zarraonandia Key achievements / track record Execut
Slide 14: Multi-year trend – Key financials
Multi-year trend – Key financials1 (€m, unless otherwise stated) 2017 2018 2019 2020 2021 2022 Revenue €667.42 €720.1 €647.9 €604.3 €821.6 €1,136.0 Reported EBITDA €153.0 €176.0 €159.6 €123.5 €189.6 €234.9 Reported EBITDA margin % 22.9%2 24.4% 24.6% 20.4% 23.1% 20.7% Adjusted EBITDA €172.43 €176.0 €
Slide 15: Multi-year trend – Operational data
Multi-year trend – Operational data 2017 2018 2019 2020 2021 2022 EAFD throughput (kt) 661.0 717.1 665.8 687.0 885.7 1,193.8 EAFD average capacity 84.7% 92.0% 80.7% / 83.2% 83.3%2 76.8% utilisation (%) 90.1%1 Waelz oxide (WOX) sold (kt) 217.8 240.9 217.6 239.2 291.0 407.4 Zinc LME price (€/t) €2,572