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August

Befesa’s sales rise 33% during the first six months of the year compared to the same period in 2009

August 30, 2010

    • EBITDA increased by 32% to €63 million.
    • Profit after tax rose by 24%
    • International markets accounted for 63% of total sales

Erandio, 30 August 2010. Befesa’s results at the end of the first half of 2010 grew strongly compared to the same period in 2009, mainly driven by the recovery in the European industrial sector in which Befesa carries out the majority of its business.

Befesa's consolidated sales at 30 June 2010 rose by 33% to €422 million compared to €317 million the previous year.

EBITDA increased by 32% to €63 million compared to €48 million for the same period in 2009, while the EBITDA/Sales ratio was 15%.

Profit after tax attributable to the parent company increased by 24% to €21 million, compared to €17 million for the first half of 2009.

The evolution of the results at the end of the first six months of 2010 is shown below.

Consolidated€ millionVar %
June 2010June 200910/09
Sales421.6317.232.9
EBITDA63.347.832.4
EBITDA/Sales (%)15.015.1-0.4
PBT30.019.752.3
PAT24.316.547.3
PAT Parent21.017.023.5

It is important to highlight that some 63% of total sales at the end of June 2010 comes from Befesa’s activities in international markets. The sales contribution from these markets for the same period in 2009 accounted for 47%.

The evolution by business segment at the end of the first half of 2010 is as follows:

Industrial Waste Recycling

During the first six months of 2010, Befesa treated 33% more industrial waste in terms of volume (tonnes) at its plants in Spain, Germany, United Kingdom, France, Sweden and Latin America, totalling one million tonnes. Sales by this activity jumped by 51% to €296 million compared to €196 million the previous year.

The successful integration of the salt slags treatment plants acquired in 2009 in Germany had a positive impact on the strong results achieved in this segment.

Water

The water segment in the first six months of 2010 continued to record good levels of execution and new contracts. Sales levels were similar to those for the first half of 2009, while the project order book for 2010 and 2011 has grown significantly.

Significant events during the period included completion of the non-recourse financing to construct a new sulphuric acid production plant from waste sulphur in the Port of Bilbao that will require an investment of €70 million. The plant will have a capacity to treat 120,000 tonnes of sulphur as well as producing 350,000 tonnes of sulphuric acid and oleum.

Finally, SONEDE, the national water distribution company, and the Tunisian Ministry of Agriculture and Water Resources have awarded the consortium comprised of Befesa and Princesse Groupe, the contract to design, construct and operate a sea water desalination plant on the island of Djerba for a period of 20 years. The plant will have a capacity to produce 50,000 cubic metres of desalinated water per day, sufficient to supply more than 250,000 people. The project will require an investment of €70 million and will be developed under a DBOOT (Design, Build, Own, Operate and Transfer) format. The total revenues from the sale of water during the concession period are estimated to exceed €220 million. This infrastructure, which will use reverse osmosis technology, will be the largest desalination plant in Tunisia.

Javier Molina, Chairman of Befesa, said “Befesa’s results at the end of the first half of the year are very good and reflect a clear recovery in the industrial recycling segment. I would also like to highlight the importance of the consolidation in the margins achieved in the EPC water segment”.

Befesa Medio Ambiente (BMA) is an international company that provides solutions for managing and recycling industrial waste and for water generation and management, with a strong emphasis on social responsibility to help create a sustainable world. (www.befesa.com).

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