Befesa S A : Financial Statement H1 2023

Befesa at a glance

Key figures ………..………..………..………..………..………..……..………...………..………....……..………..……....……..………..………..……....……..………..

3

Highlights ………..………..………..………..………..………..……..………....……..………....……..………..……....……..………..………..……....……..………..

4

Business review

Results of operations, financial position & liquidity ………..………..………..………..………...………..………..……....……..……….

5

Segment information ………..………..………..………..………..………..………..………....……..………..……....……..………..………..……....……..………....……

6

Risks & opportunities ………..………..………..………..………..………..………..………..………..………...………..………...………..………..……....……..………..…

7

Strategy ………..………..………..………..………..………..………..………..………..………...………..………...………..………..……....……..………..………..……....……..……….

7

Subsequent events ………..………..………..………..………..………..………..………..………..………...………..………...………..………..……....……..………..………

7

Outlook ………..………..………..………..………..………..………..………..………..………....……..………..……....……..………..………..……....……..………....……..………..

7

Consolidated financial statements

Statement of financial position ………..………..………..………..………..………..………....……..………..……....……..………..………..……....……..…

8

Income statement ………..………..………..………..………..………..………....……..………..……....……..………..………..……....……..………....……..………..

10

Statement of comprehensive income ………..………..………..………..………..………..………..……....……..………..………..……....……..……

11

Statement of changes in equity ………..………..………..………..………..………..………....……..………..……....……..………..………..……....……..

12

Statement of cash flows ………..………..………..………..………..………..………..……....……..………..………..……....……..………....……..………..

13

Notes to the condensed interim consolidated financial statements ………..………..………..………..………..…

14

Management's responsibility statement ………..………..………..………..………..………..………..……....……..………..………..……....……..

30

Additional information

Segmentation overview - Key metrics ………..………..………..………..………..………..………..……....……..………..………..……....……..………

31

Financial calendar and IR contact ………..………..………..………..………..………..………....……..………..……....……..………..………..……....

32

Disclaimer ………..………..………..………..………..………..………...………..………....……..………..……....……..………..………..……....……..………....……..………..

32

H1 2023

H1 2022

Change

Q2 2023

Q2 2022

Change

Key operational data (tonnes, unless specified otherwise)

Electric arc furnace steel dust (EAFD) throughput

592,335

629,661

(5.9) %

305,266

292,295

4.4 %

Waelz oxide (WOX) sold

197,238

213,889

(7.8) %

97,406

110,158

(11.6) %

Salt slags and Spent Pot Linings (SPL) recycled

171,076

172,949

(1.1) %

88,783

85,497

3.8 %

Secondary aluminium alloys produced

87,151

84,645

3.0 %

43,471

42,401

2.5 %

Zinc LME average price (€ / tonne)

2,624

3,510

(25.3) %

2,331

3,683

(36.7) %

Zinc blended price (€ / tonne)

2,464

2,668

(7.6) %

2,290

2,789

(17.9) %

Aluminium alloy FMB average price (€ / tonne)

2,243

2,558

(12.3) %

2,184

2,488

(12.2) %

Key financial data (€ million, unless specified otherwise)

Revenue

615.5

572.5

7.5 %

293.5

311.1

(5.7) %

EBITDA

90.8

115.7

(21.5) %

41.5

55.7

(25.5) %

EBITDA margin

14.8 %

20.2 %

(545) bps

14.1 %

17.9 %

(377) bps

Adjusted EBITDA

94.7

118.0

(19.7) %

44.6

56.9

(21.5) %

Adjusted EBITDA margin

15.4 %

20.6 %

(521) bps

15.2 %

18.3 %

(307) bps

EBIT

50.4

80.3

(37.2) %

21.4

37.4

(42.9) %

EBIT margin

8.2 %

14.0 %

(583) bps

7.3 %

12.0 %

(475) bps

Adjusted EBIT

55.1

82.6

(33.3) %

25.2

38.6

(34.7) %

Adjusted EBIT margin

9.0 %

14.4 %

(548) bps

8.6 %

12.4 %

(381) bps

Financial result

(19.6)

(12.3)

59.2 %

(13.0)

(5.4)

> 100 %

Profit before taxes and minority interests

30.8

68.0

(54.7) %

8.4

32.0

(73.8) %

Net profit attributable to shareholders of Befesa S.A.

20.2

50.0

(59.5) %

5.1

23.0

(77.9) %

EPS (in €)

0.51

1.25

(59.5) %

0.13

0.58

(77.9) %

Total assets

2,017.0

1,968.5

2.5 %

2,017.0

1,968.5

2.5 %

Capital expenditures

53.9

54.2

(0.6) %

22.9

33.2

(30.9) %

Cash flow from operating activities

42.0

64.0

(34.4) %

29.0

38.3

(24.2) %

Cash and cash equivalents at the end of the period

143.5

238.7

(39.9) %

143.5

238.7

(39.9) %

Net debt

567.0

470.9

20.4 %

567.0

470.9

20.4 %

Net leverage

x2.96

x2.13

x 0.84

x2.96

x2.13

x 0.84

Number of employees (as of end of the period)

1,814

1,583

14.6 %

1,814

1,583

14.6 %

H1 2023 Interim Report

Befesa at a glance

3