DGAP-News: Befesa S.A. / Key word(s): Dividend/Forecast
Befesa S.A.: Befesa to distribute additional &euro10m dividend
2020-11-25 / 15:11
The issuer is solely responsible for the content of this announcement.
*/*
*PRESS AND INVESTOR ANNOUNCEMENT*
Additional dividend distribution
*Befesa to distribute additional &euro10m dividend*
*- *Total dividend distribution in 2020 represents 30% of FY 2019 profit or
&euro25m / &euro0.73 per share
- Quarter-on-quarter recovery continues
- Hedge book extended to January 2023, providing increased earnings and cash
flow visibility
- China expansion progressing as planned
_Luxembourg, 25 November 2020 - _Befesa S.A. _("Befesa"), _the European
market leader for steel dust and aluminium salt slags recycling services,
has decided to distribute an additional dividend of &euro10m or &euro0.29
per share, respectively, to its shareholders. As announced in April, the
Board of Befesa reviewed this option on the basis of 9M 2020 results.
Together with the dividend distribution of &euro15m (&euro0.44 per share) in
July, Befesa will have distributed a total dividend of &euro25m (&euro0.73
per share) in 2020, equal to 30% of FY 2019 profit of &euro82.7m. The
ex-date for the dividend will be 30 November 2020, the record date is 1
December 2020 and the payment date 4 December 2020.
Befesa's quarter-on-quarter (QoQ) recovery remains on track, Q4 results are
expected to be higher than those in Q3 and the company just recently
confirmed the mid-point of its FY 2020 EBITDA guidance range of &euro100 to
&euro135m.
The company also successfully extended its hedge book covering the coming
two years, 2021 and 2022, until January 2023, at the usual 60-75% zinc
equivalent tonnage and at solid prices of around &euro2,200 per tonne,
providing further earnings and cash flow visibility.
Befesa's expansion projects in China continue to progress on schedule, 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.
_Javier Molina, CEO of Befesa, said: _"Following our efforts to balance both
dividend stability and cash flow over the past months, we are delighted that
we will be able to pay our shareholders a second dividend, bringing the
dividend distribution in 2020 to a total of &euro25m, equal to 30% of last
year's net profit. Our strong balance sheet, high liquidity, and resilient
business model have shown that we are well equipped to continue delivering
solid operational performance even as COVID-19 keeps disrupting the global
economy. 2021 will be an important year for Befesa as we expect to continue
our QoQ recovery and achieve key milestones in our expansion initiatives in
China, which will set the foundation for accelerated volume and earnings
growth in the coming years."
Befesa will present its preliminary FY 2020 results on February 23, 2021.
The financial calendar is available in the Investor Relations / Investor's
Agenda section on Befesa's website. For more information, please visit
www.befesa.com [1]
*About Befesa*
Befesa is a leading international provider of critical 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, Befesa manages and recycles around
1.5 million tonnes of residues annually, with a production of around 1.2
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 [1]
*Investor Relations*
Rafael Pérez
Email: irbefesa@befesa.com
Phone: +49 2102 1001 0
*Media Relations*
Maximilian Karpf
Email: maximilian.karpf@kekstcnc.com
Phone: +44 7970 716 953
2020-11-25 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.
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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: 1150605
End of News DGAP News Service
1150605 2020-11-25
1: https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=05e67733dc2f22a826252ffeea97a447&application_id=1150605&site_id=vwd&application_name=news
(END) Dow Jones Newswires
November 25, 2020 09:11 ET (14:11 GMT)