Befesa - Newsroom

Current News

05.15.2007

Befesa’s profit after tax rises 113.8% in the first quarter

Barakaldo, 14 May 2007. Befesa’s consolidated sales for the first quarter of 2007 totalled €194.3 million, a 68.7 percent increase over the same period last year. The incorporation of the BUS group acquired at the end of 2006 has been included in this quarter. Sales grew by €35.7 million (excluding BUS), equivalent to a 31 percent increase over first quarter 2006. All of the company’s business areas recorded higher sales for the first three months of the year.

The Aluminium Waste Recycling business unit recorded sales of €63.3 million compared to €56.3 million a year ago, equivalent to a 12.4% increase. Sales in the Steel and Galvanisation Waste Recycling business unit were €63.8 million in the first quarter compared to €12.0 million in Q1 2006. Sales in this business unit grew by 67.2 percent, excluding BUS sales of €43.4 million, principally as a result of the increase in the production capacity from the construction and assembly of the new furnace (operational September 2006) as part of the plant`s modernisation project. The Industrial Waste Recycling business unit recorded sales of €32.4 million compared to €27.6 million a year ago, equivalent to a 17.6 percent increase. Finally, sales in Environmental Engineering were €34.8 million compared to €19.4 million a year ago, equivalent to a 79.4 percent increase.

EBITDA also grew, by 125 percent to €26.4 million compared to €11.7 million for the same period 2006, resulting from higher sales in the aforementioned business units. EBITDA was €14.0 million, excluding the contribution from BUS (€12.4m), equivalent to a 20 percent increase on Q1 2006.

Income after taxes attributable to the parent company was €8.3 million, an increase of 113.8 percent compared to €3.9 million from the same period the year before (a 26 percent increase excluding the €3.4 million from BUS).

The results represent an earnings per share ratio of €0.31 compared to a €0.14 EPS in Q1 2006.

Befesa, the environmental services subsidiary of Abengoa, focuses on providing industrial environmental services and constructing environmental infrastructures. It is a public listed company with a market capitalisation in excess of €813 million (close 2006). (www.befesa.es).