Annual Report (ESEF) • Apr 30, 2025
Preview not available for this file type.
Download Source FileBefesa has been a vital player in the circular economy for more than three decades through its role in reducing the environmental impact of industrial waste, recovering valuable materials and reintroducing them into the production process, and reducing the cost of primary production.
For more than three decades, Befesa has continuously demonstrated a strong commitment to recycling.
| 24 RECYCLING PLANTS | €1,239m REVENUE | €419M | €213m |
| ADJUSTED EBITDA | €43M | €51m NET PROFIT | 2.2m TONNES OF RESIDUES RECYCLED |
| 1.7m TONNES OF RECOVERED NEW MATERIALS REINTRODUCED INTO THE MARKET | €192m OPERATING CASH FLOW | 1,784 EMPLOYEES | 207 Men |
| Women | 1,577 | €170M | 18 |
| €826M |
Befesa is a global leader in providing regulated critical environmental recycling services to the steel and aluminium industries in key European, Asian and North American markets. Befesa is a vital part of the circular economy, providing sustainable solutions to its customers.
Befesa’s recycling plants are positioned in attractive markets that are strategically located, and have continuously demonstrated a strong commitment to recycling.
Countries we operate in
01 Befesa at a glance
02 To Befesa’s shareholders
03 Management report
04 Sustainability
05 Consolidated financial statements
06 Statutory financial statements
07 Additional information
REVENUE IN 2024 (€1,239m)
(€1,181M IN 2023)
ADJUSTED EBITDA IN 2024 (€213m)
(€182M IN 2023)
Javier Molina
Executive Chair
Dear Shareholders,
As we close the books on 2024, we would like to take a moment to reflect on our achievements, challenges and strategic direction. This past year has been a period of resilience, growth and transformation for Befesa. Despite a dynamic and often uncertain economic environment, we remained focussed in our commitment to operational excellence, financial discipline and sustainable growth. Befesa has continued to reinforce its position as a global leader in the recycling industry, particularly in the steel dust and aluminium salt slags markets. With macroeconomic conditions stabilising and our strategic initiatives gaining momentum, we not only delivered on our targets but exceeded expectations, demonstrating the strength of our business model and our ability to adapt to changing market dynamics.
We are pleased to report that 2024 was a year of strong financial performance, underpinned by operational improvements and a disciplined execution of our strategy. Our adjusted EBITDA reached €213.4 million, marking a 17% increase from 2023. This was driven by a combination of higher commodity prices, improved efficiencies and increased capacity utilisation across our plants. Our revenue grew 5% to €1,239 million, reflecting the strength of our core recycling businesses and our ability to capture value in an evolving market.
Asier Zarraonandia
Chief Executive Officer
We successfully reduced our net leverage to x2.9, surpassing our initial target of x3.0. Our operating cash flow generation, combined with the strong performance of our recycling businesses, allowed us to increase our capital expenditures and continue investing in our growth projects.
Our Steel Dust Recycling Services segment delivered an outstanding performance in 2024. Our plants in Europe operated at 92% capacity, with solid utilisation levels, supporting our business in Spain and France. In China, despite more challenging macroeconomic conditions, we achieved break-even in our operations there, demonstrating our resilience and ability to adapt to local market conditions. We remain committed to securing long-term steel dust supply agreements in China, ensuring continued supply to our customers and strengthening our market position.
In the Aluminium Salt Slags Recycling segment, we achieved strong commercial growth, leveraging our market leadership. Our investments in expanding our aluminium recycling capabilities have yielded positive results, effectively increasing our ability to meet customer demand and capture new market opportunities. The Palmerton expansion project in the US has progressed to its hot-commissioning phase, marking a significant milestone in our operational growth. This expansion will enhance our service offering in North America and our ability to meet the growing demand for sustainable aluminium recycling. In Germany, the Bernburg project remains a key strategic priority, supporting our Zinc-related Zinc recycling services.
With regards to our expansion plans in China, given the current market conditions, we have decided to postpone our investments in expanding our global footprint, but we will continue executing our most impactful projects that offer the best return on investment for future opportunities. Sustainability remains at the core of our business, and we are committed to our environmental and social goals.Our commitment to the circular economy continues to drive long- term value creation, ensuring that our operations deliver a positive environmental and social impact. We are committed to reducing the intensity of greenhouse gas (GHG) emissions by 20% by 2030. Our efforts focus on optimising our recycling processes and the increased use of secondary raw materials, leading to significant reductions in our carbon footprint. Our people and operations are paramount, and we strive to create a safe and healthy working environment for our employees and contractors. We are committed to delivering value to our shareholders. For 2024, we are pleased to announce a dividend of €0.64 per share, representing a payout of 50% of our net income for 2024. Our sales have exceeded the €1,000 million milestone, thanks to our employees and in particular our plants in the USA. Befesa has a strong presence in Europe, North America and Asia, where we are a leading provider of recycling solutions.
7Befesa Annual Report 2024
Our year of strong, double-digit EBITDA growth has been driven by positive impacts:
We have continued to strengthen our business. Our approach remains disciplined and focused, to deliver sustainable and profitable growth for Befesa’s stakeholders. We are proud to have achieved this through strategic acquisitions and organic growth, a testament to our robust business model and our ability to adapt to changing market conditions.
For 2024, we have made excellent progress for Befesa. We delivered strong financial results, continued to expand our global presence and made meaningful strides in our sustainability commitments. Our resilience, operational excellence and strategic initiatives have paved the way for continued success in 2025 and beyond.
We offer our profound gratitude to our dedicated employees, our customers and our suppliers, who have been instrumental in driving our success. We also thank our shareholders for their continued trust and support. Together, we look forward to building a more sustainable and prosperous future for all stakeholders. Thank you for being part of our journey.
Cash flow generation remained strong, with operating cash flow increasing 30% to €191.8 million. This financial strength allowed us to continue investing in strategic growth projects while maintaining a prudent approach to capital allocation. In addition, we successfully reduced our net leverage to x2.9, surpassing our initial target of x3.0. This reduction positions us well for future expansion while maintaining financial discipline.
Asier Zarraonandia
Chief Executive Officer
Javier Molina
Executive Chair
8 Letter from the Executive Chair and the CEO
continued
Befesa Annual Report 2024
01 Befesa at a glance
02 To Befesa’s shareholders
03 Management report
04 Sustainability
05 Consolidated financial statements
06 Statutory financial statements
07 Additional information
9Befesa Annual Report 2024
| Ticker symbol | ISIN | German securities code (WKN) | Bloomberg code | Reuters code | Stock exchange | Market segment | Index | Number of shares |
|---|---|---|---|---|---|---|---|---|
| BFSA | LU1704650164 | A2H5Z1 | BFSA:GR | BFSA.DE | Frankfurt Stock Exchange, XETRA | Prime Standard | SDAX | 39,999,998 |
| In € | 2024 | 2023 | 2022 | |
|---|---|---|---|---|
| Free float | 100.00% | 100.00% | 100.00% | |
| Closing price | 20.76 | 35.20 | 45.06 | |
| Highest price | 36.84 | 55.05 | 72.60 | |
| Lowest price | 17.80 | 25.76 | 30.18 | |
| Dividends | 0.64* | 0.73 | 1.25 | |
| Dividend yield (based on closing price) | 3.1%* | 2.1% | 2.8% | |
| Market capitalisation (end of year) | 830,399,958 | 1,407,999,930 | 1,802,399,910 |
Source: XETRA
* Proposal – subject to AGM resolution
Befesa share development vs DAX, MDAX and SDAX in 2024
DAX
MDAX
Befesa
DEC 2023 DEC 2024
SDAX
140
120
100
80
60
40
20
0
| Befesa | DAX | MDAX | SDAX | |
|---|---|---|---|---|
| 29 December 2023 | 35.20 | 16,751.64 | 27,137.30 | 13,960.36 |
| 30 December 2024 | 20.76 | 19,909.14 | 25,589.06 | 13,711.33 |
| Change | -41.0% | 18.8% | -5.7% | -1.8% |
The year 2024 was characterised by a complex mix of macroeconomic and geopolitical challenges, leading to cautious sentiment among investors. The global economic outlook, influenced by rising inflation, higher interest rates, and geopolitical tensions, created an environment of uncertainty. Persistent supply chain disruptions and volatile energy prices, particularly as a result of ongoing geopolitical tensions, contributed to increased uncertainty, impacting global economic activity.
The challenging economic environment in 2024 saw a general preference among investors for defensive stocks and a flight to safety, particularly in Europe. The trend of reallocating capital from mid- and small-cap stocks to larger, more established companies, which began in 2021, appeared to persist throughout the year.
The volatility in commodity prices, especially in energy, and its knock-on effects on industrial production, had a significant impact on Befesa’s share price. As of year-end 2023, Befesa’s share price was €35.20. By the last trading day of 2024, it had declined to €20.76, a decline of 41.0% in 2024. The Company’s market capitalisation at year-end 2024 was €830.4 million. In comparison, the performance of the DAX, MDAX and SDAX indices also showed mixed results. The DAX, representing the 40 largest German companies, experienced a significant increase of 18.8%, rising from 16,751.64 points to 19,909.14 points. The MDAX, tracking mid-sized companies, experienced a decline of 5.7%, falling from 27,137.30 points to 25,589.06 points. Conversely, the SDAX, comprising smaller companies, saw a slight drop of 1.8%, moving from 13,960.36 points to 13,711.33 points. Despite the market pressures, Befesa’s resilience and sustainability remained central to its strategy. Its focus on sustainability and the circular economy continued to align with growing global investment trends.
Befesa regularly conducts a shareholder analysis to better understand its shareholder base and to continually enhance the investor relations activities. The results of the analysis show that as of 31 December 2024, more than 92% of Befesa’s shares were held by institutional investors. This established institutional shareholder base provides a solid foundation for the Company’s capital structure and long-term stability. Retail investors held a relatively small proportion of the Company’s share capital of 7.6%, indicating a more limited participation in the stock by individual investors. Geographically, as of 31 December 2024, Befesa’s shareholders were predominantly institutional investors from Europe. Spain, Germany and France represented the largest shareholder base, collectively holding 55.4%. Other European investors accounted for 11.1%, and investors from the UK and North America accounted for 19.4%, with Asian investors representing 14.1%. Based on the various major holding disclosures made by Befesa S.A. as of 31 December 2024, shareholders can be broadly categorised as follows:
Further details on the voting rights attached to Befesa S.A. shares can be found in the Corporate Governance section.
01 Befesa at a glance
02 To Befesa’s shareholders
03 Management report
04 Sustainability
05 Consolidated financial statements
06 Statutory financial statements
07 Additional information
11Befesa Annual Report 2024
Befesa has maintained a consistent dividend policy since its IPO in 2017, targeting a payout ratio of 40–50% of its net income. At the upcoming Annual General Meeting (AGM), the Board of Directors will propose a distribution of €25.4 million to shareholders, equating to €0.64 per share. This proposed distribution will represent a payout ratio of 50% of the 2024 net income (compared to 44% of the 2023 net income) and a dividend yield of 3.1% (compared to 2.1% in 2023). The final dividend will be determined by Befesa’s shareholders at the AGM on 19 June 2025.
Befesa, listed in the Prime Standard of the Frankfurt Stock Exchange, has been part of several Deutsche Börse indices.# Befesa Annual Report 2024
After being listed in the SDAX in September 2018, Befesa joined the MDAX in the third quarter of 2019. As of 18 December 2023, Befesa was a member of the SDAX and moved back to the MDAX in the third quarter of 2019. On 22 January 2024, Deutsche Börse announced an unscheduled change to the MDAX, causing Befesa to rejoin the index on 25 January 2024. The SDAX includes 70 small-cap companies, of which the 40 largest companies are promoted to the MDAX. The MDAX consists of 65 companies. In 2021, Befesa was delisted from the MDAX.
Befesa has been a member of the Global Challenges Index (GCX) since September 2020. The GCX includes shares from 50 international companies, selected based on rigorous criteria from a pool of approximately 6,000 corporations. Befesa’s inclusion was confirmed in 2021. The GCX, launched by Börsen AG (the parent company of the Hamburg and Hanover stock exchanges) in 2007, was developed with the support of the F.A.Z. Institute. Investors can rely on detailed information regarding companies’ contributions to addressing seven global challenges: climate change, water scarcity, biodiversity, resource depletion, air pollution, poverty and global governance.
As of 31 December 2024, Befesa’s shares were primarily held by institutional investors from Europe, mainly Spain, Germany and France.
| Geographical distribution of institutional shareholders | ||||||
|---|---|---|---|---|---|---|
| Spain, Germany and France | 50.4% | |||||
| Other European countries | 11.1% | |||||
| UK & Ireland | 15.2% | |||||
| North America | 10.3% | |||||
| Rest of world | 7.7% | |||||
| Unidentified | 0.3% | |||||
| TOTAL | 92.3% |
Befesa in the capital markets continued
| Institution | Analyst | Recommendation | Target price (€) |
|---|---|---|---|
| Berenberg | Lasse Stueben | Buy | 31.00 |
| Citi | Shashi Shekhar | Neutral | 24.00 |
| Deutsche Bank | K. Meyer | Neutral | 26.00 |
| Exane (BNP Paribas Exane) | H. Leroux | Buy | 26.00 |
| Hauck & Aufhäuser | Jorge Gonzalez Sadornil | Buy | 35.00 |
| Jefferies | Martin Comtesse | Buy | 44.00 |
| Kepler Cheuvreux | Juan Rodriguez | Buy | 30.00 |
| Morgan Stanley | Ioannis Masvoulas | Neutral | 26.00 |
| Oddo | Anis Zgaya | Buy | 38.00 |
| Santander | Jaime Escribano | Buy | 45.00 |
| Stifel | Brian Butler | Buy | 31.00 |
| Mean | €32.36 | ||
| Median | €31.00 | ||
| Min. | €24.00 | ||
| Max. | €45.00 |
As of 31 December 2024 its strong performance in the ISS ESG rating (Prime Status) and its contribution to the Sustainable Development Goals (SDGs) through effective, efficient and environmentally sound management of steel dust, salt slags and spent pot linings, and developing recycling solutions that support a more sustainable circular economy.
As of 31 December 2024, twenty-two analysts provide research coverage on Befesa. They regularly publish research reports, providing their assessments and recommendations regarding the Company’s stock. Eight of these analysts have issued a Buy recommendation, highlighting the Company’s solid fundamentals, proven track record, and favourable outlook for its business segments. Conversely, six analysts have maintained a Hold recommendation, offering a more cautious perspective on the Company’s near-term prospects.
Befesa’s diversified and balanced debt structure is essential for its ongoing success. In July 2024, the Company successfully completed a refinancing of its existing debt, consisting of a €650 million senior unsecured bond with an extension due July 2029, a €100 million revolving credit facility due July 2028, and a €35 million guarantee facility due July 2028.
| Rating Agency | Year-end 2024 | Year-end 2023 | ||
|---|---|---|---|---|
| Rating | Outlook | Rating | Outlook | |
| Moody’s | Ba2 | stable | Ba2 | Stable |
| Standard & Poor’s | BB | stable | BB+ | Negative |
As of 31 December 2024, S&P Global and Moody’s provide credit ratings for Befesa. Moody’s has assigned Befesa a Ba2 rating with a stable outlook, reflecting the Company’s solid financial position and resilient business model. S&P Global has assigned a BB rating with a stable outlook, acknowledging Befesa’s strong market position and strategic initiatives.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In May 2024, S&P Global changed the credit rating outlook for Befesa to stable from the previous BB+ rating with a negative outlook. Moody’s Investors Service has maintained a stable outlook on Befesa.
Environmental, social and governance (ESG) is a critical and increasingly important focus in capital markets. Befesa is regularly assessed by leading ESG rating agencies. As part of the circular economy, Befesa meets the criteria of investors focused on responsible and sustainable investing. Although ESG ratings are essential, their methodologies can differ, necessitating careful interpretation of the data. Befesa actively engages with ESG rating agencies to provide comprehensive and accurate information, thereby improving its rating results.
Befesa actively engages the capital markets through a comprehensive series of meetings and events. In 2024, the Company participated in 19 conferences and roadshows, meeting with 366 institutional investors from Europe and the US through 100 one-on-one and 73 group meetings. This broad engagement highlights Befesa’s commitment to maintaining strong investor relations and providing transparency to its stakeholders.
A schedule of upcoming investor meetings, investor conferences and current presentations is available on Befesa’s investor relations website: https://investors.befesa.com.
Befesa in the capital markets continued
Befesa’s ESG efforts are reflected in its strong ratings from leading agencies. Befesa achieved a Prime status from ISS ESG, placing it in the Top 8% of 79 companies in the Metals processing & production sector. EcoVadis awarded Befesa a Silver medal, recognizing its high performance in environmental and labour practices. Sustainalytics rated Befesa as having a low ESG risk, placing it in the Top 3 of 73 companies in the Commercial services sector. These ratings underscore Befesa’s commitment to sustainability and responsible business practices.
The company's current leverage covenant-lite terms were established as the previous loan agreements were refinanced. The loan agreement has a margin of Euribor +275 bps and provides for up to a further 50 bps margin reduction if the leverage ratio drops below 3.0x.
In MayThe introduction of more stringent environmental regulations, the growing importance of sustainability and circularity, have been beneficial to Befesa since 1987. Befesa has been able to capture increasing levels of environmental awareness and governmental support, developing a business model that has proven profitable with respect to the environment, at the same time as generating attractive returns for shareholders. Consequently, environmental regulations and Befesa’s services become ever-more critical to operators in the steel and aluminium industries.
In the Steel Dust Recycling Services segment, Befesa collects and recycles steel dust and other steel residues generated in the production of crude, stainless and galvanised steel in electric arc furnaces (EAF). The majority of the revenue generated in the Steel Dust Recycling Services segment comes from selling Waelz oxide (WOX) to zinc smelters. Furthermore, a portion of the revenue generated comes from the service fees charged for the collection and especially the treatment of crude steel dust, and stainless steel dust.
Befesa’s business model is based on a full-service approach to offering residue management solutions to its customers in the steel and aluminium industries. In the US, Befesa operates its zinc celling plants as a vertically integrated zinc operation for the Company in this market, helping to address the shortage of zinc smelting capacity in the North American market. Consequently, zinc celling plants generate revenues from the sale of SHG zinc produced from the recycling of WOX sourced from Befesa’s EAF steel dust recycling plants in the US. Befesa’s zinc refining plant is the only one of its kind in the world producing green zinc - special high-grade (SHG) zinc - from 100% recycled raw materials (WOX). In addition, a small portion of revenue is generated by tolling fees. These fees consist of a service fee charged for collecting and treating stainless steel residues and a fee for returning the metals – mainly nickel, chromium and molybdenum recovered in the recycling process – to stainless-steel dust customers.
In the Salt Slags operations of the Aluminium Salt Slags Recycling Services segment, Befesa recycles salt slags that are collected from customers for a service fee. Further salt slags are generated during the production of secondary aluminium at Befesa’s plants. In addition, Befesa recycles SPL, a hazardous residue generated by primary aluminium producers. During the recycling process, melting salt, aluminium concentrates and aluminium oxides are recovered. Revenues from the Salt Slags operations are mainly derived from the sale of aluminium concentrates and melting salt obtained from recycling salt slags and SPL, in addition to fees charged for recycling these materials. A large amount of the recovered aluminium concentrates is sold and used by Befesa to produce aluminium alloys.
In the Secondary Aluminium operations of the Aluminium Salt Slags Recycling Services segment, Befesa collects and recycles aluminium scrap and other aluminium residues such as aluminium drosses, shavings and cuttings, and aluminium concentrates from, among others, aluminium foundries, scrap dealers and collectors, and primary aluminium producers. Befesa also generates aluminium concentrates itself during the salt slags recycling operations, producing secondary aluminium alloys from these aluminium residues. These are mainly sold to customers in the automotive and construction industries. Revenues from the Secondary Aluminium operations are mainly derived from the sale of secondary aluminium alloys.
20 Befesa Annual Report 2024
Befesa’s focus is on securing volumes in its plants and maintaining resilient and cash-generative business models. This is achieved by managing capital expenditure, ensuring resilient and profitable operations, and by distributing dividends to its shareholders.
Befesa’s R&D strategy is designed to create value by developing sustainable improvements in the existing technologies, optimising operations and product quality, and by introducing new technologies and processes. Befesa’s R&D activities aim at improving operational efficiency, developing innovative solutions and an improved environmental footprint.
Befesa continues to execute its long-term sustainability strategy, whereby it is committed to the development of the circular economy and the improvement of the environment, whilst maintaining profitable and competitive operations, and supporting the transition to electric vehicles (EVs).
In striving to be the best, and to deliver the highest quality of services, Befesa is committed to training its workforce and to provide employees with high levels of job satisfaction, professional development and attractive career opportunities.
Befesa aims to create value for its shareholders by delivering strong financial results and attractive returns on investment, through sustainable and profitable growth, and delivering superior returns for shareholders.
Improvements in our operational performance, enhanced R&D, new product development and enhanced customer service.
Befesa is continuously improving its products and services to enable its customers to make their businesses more sustainable. Befesa annually converts around 1.9 million tonnes of residue each year, reducing the extraction of natural resources from the earth.
Although the Company operates in an industry with inherent risks, Befesa is committed to providing a safe and healthy working environment, ensuring that its employees feel valued, and offering them the possibility for development and career progression.
Activities
Befesa has been a part of the circular economy for more than three decades and contributes by reintroducing valuable materials back into the production process.
| Clients: steel industry | Clients: aluminium industry | Steel Dust Recycling Services | Aluminium Salt Slags Recycling Services |
|---|---|---|---|
| EAF steelmakers (mini-mills, scrap recyclers) | Aluminium recyclers | Collection of steel dust | Collection of salt slags and SPL |
| Galvanisation of steel | Aluminium recyclers e.g auto parts | Steel dust recycling services | Salt slags and SPL recycling services |
| WOX sold to zinc smelters | Use of aluminium concentrates and payment for salt | ||
| Clients: consumers of zinc concentrates (smelters) | Clients: secondary aluminium producers |
01 Befesa at a glance
02 To Befesa’s shareholders
03 Management report
04 Sustainability
05 Consolidated financial statements
06 Statutory financial statements
07 Additional information
21 Befesa Annual Report 2024
EAF steelmakers (mini-mills, scrap recyclers)
Aluminium recyclers
Aluminium recyclers e.g auto parts
Service fee to Befesa
Service fee to Befesa
Mill Storage
Steel Dust
Zinc smelters
Galvanisation of steel
Sale of zinc contained in WOX
Sale of aluminium concentrate & melting salt
WOX
Spent absorbants
Stack
WOX
Dissolution process
Water
Catalytic process
Filter
Salt
Evaporation
Aluminium concentrate
Melting salt
Aluminium oxide
Condensates
Hazardous components
Slag
Silos
Material delivery and preparation
LimeDust
Cooler
Filter
Coke
Mixer
Waelz kiln
Pyrometallurgical treatment in the Waelz kiln
Salts
Create environmental liability with legal obligation to recycle hazardous residue
Salt slags
Critical services for steel and aluminium producers
22 Befesa Annual Report 2024
EAF steelmakers (mini-mills, scrap recyclers)
Aluminium recyclers
Aluminium recyclers e.g auto parts
Service fee to Befesa
Service fee to Befesa
Mill Storage
Steel Dust
Zinc smelters
Galvanisation of steel
Sale of zinc contained in WOX
Sale of aluminium concentrate & melting salt
WOX
Spent absorbants
Stack
WOX
Dissolution process
Water
Catalytic process
Filter
Salt
Evaporation
Aluminium concentrate
Melting salt
Aluminium oxide
Condensates
Hazardous components
Slag
Silos
Material delivery and preparation
LimeDust
Cooler
Filter
Coke
Mixer
Waelz kiln
Pyrometallurgical treatment in the Waelz kiln
Salts
Create environmental liability with legal obligation to recycle hazardous residue
Salt slags
01 Befesa at a glance
02 To Befesa’s shareholders
03 Management report
04 Sustainability
05 Consolidated financial statements
06 Statutory financial statements
07 Additional information
23 Befesa Annual Report 2024
1 Duisburg Germany Crude steel dust 87 kt
2 Freiberg Germany Crude steel dust 194 kt
3 Asúa – Erandio Spain Crude steel dust 160 kt
4 Fouquières-lès-Lens France Crude steel dust 110 k t
5 Tüpras – Kocaeli Turkey Crude steel dust 110 kt
6 Gyeongju South Korea Crude steel dust 220 kt
7 Changzhou China Crude steel dust 110 k t
8 Xuchang China Crude steel dust 110 k t
9 Georgetown, KY US Crude steel dust 163 kt
10 Madison, IL US Crude steel dust 145 kt
11 Calumet, IL US Crude steel dust 135 kt
12 Palmerton, PA US Crude steel dust 200 kt
13 Gravelines France Stainless steel dust 110 kt
14 Landskrona Sweden Stainless steel dust 64 kt
15 Benavides Spain Oxide 16 kt
16 Gravelines France WOX 100 kt
17 Pohang South Korea WOX 60 kt
18 Rutherford County, NC US Zinc celling 141 kt
4
24 Befesa Annual Report 2024
19 Lünen Germany Salt slags & SPL 170 kt
20 Hanover Germany Salt slags & SPL 130 kt
21 Valladolid Spain Salt slags & SPL 170 kt
22 Bernburg Germany Secondary aluminium 75 kt
23 Les Franqueses del Vallès Spain Secondary aluminium 66 kt
24 Erandio Spain Secondary aluminium 64 kt```markdown
kt ANNUALLY INSTALLED CAPACITY TO RECYCLE SALT SLAGS AND SPL 205 kt ANNUALLY INSTALLED CAPACITY TO PRODUCE SECONDARY ALUMINIUM
25
Befesa Annual Report 2024
reintroducing the strict production cuts seen in 2021 and 2022, instead maintaining a high level to support economic stability. As demand from real estate projects, marking a structural transformation in the sector. In contrast to China’s contraction, Europe’s crude steel production increased by 2.8%, reaching approximately 130 million metric tonnes in 2024. The recovery was supported by infrastructure investments and a resurgence in the automotive sector, leading to increased European steel output and a boost in manufacturing activity. Despite this increase, European steelmakers continued to face competitive pressures from rising imports of cheaper steel from China.
Uncertainty surrounding EU policy measures, particularly the Carbon Border Adjustment Mechanism), also impacted the market, introducing a levy on imported steel based on carbon emissions. Although designed to encourage sustainable steel production, the policy also complicated trade relations and added compliance costs for European producers. Companies such as ArcelorMittal were hesitant to increase green steel investments, citing policy uncertainty and competitive pressures from outside the EU. The evolving steel market conditions in 2024 presented both challenges and opportunities. In the US, crude steel production fell by 2.4%, totalling 81.4 million metric tonnes in 2024. This decline was primarily attributed to higher energy costs and a slowdown in demand from the manufacturing sector, alongside broader economic uncertainties. Rising competition from imported steel producers, prompting a strong policy response from the US Government. For Befesa, the evolving steel market conditions in 2024 presented both challenges and opportunities. Although overall steel production fell by 0.9%, Befesa was able to mitigate this by increasing its market share in secondary aluminium and steel dust recycling services.
In 2024, global crude steel production experienced a slight decline, totalling approximately 1.88 billion metric tonnes, a 0.9% decrease from 2023. Although the industry maintained some momentum from the previous year, challenges such as economic slowdowns, inflationary pressures and rising trade tensions contributed to this contraction. Infrastructure investments, particularly in emerging markets, helped to mitigate a steeper decline, but structural issues in key producing regions exacerbated the situation. China’s crude steel output fell by 1.7% in 2024, reaching around 1.005 billion metric tonnes. This was a significant decrease from previous years, as the Chinese government refrained from reintroducing the strict production cuts seen in 2021 and 2022, instead maintaining a high level to support economic stability. As demand from real estate projects, marking a structural transformation in the sector. In contrast to China’s contraction, Europe’s crude steel production increased by 2.8%, reaching approximately 130 million metric tonnes in 2024. The recovery was supported by infrastructure investments and a resurgence in the automotive sector, leading to increased European steel output and a boost in manufacturing activity. Despite this increase, European steelmakers continued to face competitive pressures from rising imports of cheaper steel from China.
Uncertainty surrounding EU policy measures, particularly the Carbon Border Adjustment Mechanism), also impacted the market, introducing a levy on imported steel based on carbon emissions. Although designed to encourage sustainable steel production, the policy also complicated trade relations and added compliance costs for European producers. Companies such as ArcelorMittal were hesitant to increase green steel investments, citing policy uncertainty and competitive pressures from outside the EU. The evolving steel market conditions in 2024 presented both challenges and opportunities. In the US, crude steel production fell by 2.4%, totalling 81.4 million metric tonnes in 2024. This decline was primarily attributed to higher energy costs and a slowdown in demand from the manufacturing sector, alongside broader economic uncertainties. Rising competition from imported steel producers, prompting a strong policy response from the US Government. For Befesa, the evolving steel market conditions in 2024 presented both challenges and opportunities. Although overall steel production fell by 0.9%, Befesa was able to mitigate this by increasing its market share in secondary aluminium and steel dust recycling services.
Despite these short-term setbacks, the long-term outlook for secondary aluminium remains strong, particularly driven by the increasing demand for lightweight materials in the automotive industry and a growing emphasis on recycling. For Befesa, this evolving landscape reinforces the strategic importance of steel dust recycling, zinc recovery and sustainability-driven business models. By adapting to shifting trade policies, leveraging technological advancements in recycling and offering efficient, environmentally sound solutions, Befesa is well positioned to capitalise on the steel industry’s long-term transformation.
The European automotive industry experienced a significant downturn in 2024, impacting the secondary aluminium sector. Germany, as the largest automotive producer, suffered a considerable loss, with nearly 250,000 manufacturing jobs lost since the onset of the COVID-19 pandemic. Global economic slowdowns, high inflation, and increasing competition from China all contributed to this decline. Further disruptions aggravated the crisis, as events like the mid-2024 floods in Pakistan led aluminium suppliers to halt operations. This led to production delays for manufacturers, exposing the industry’s vulnerability to disruptions in the supply of key materials. As the automotive industry struggled, the demand for secondary aluminium slowed, impacting suppliers of recycled aluminium components. The European Aluminium Association reported a 2% drop in secondary aluminium production in 2024, as a consequence of the reduced orders from automakers. This decline resulted in market oversupply, pushing down prices and making it more difficult for recyclers. At the same time, the availability of aluminium scrap became a major concern, as exports from Asia tightened supply in Europe, leading to higher raw material costs for secondary producers.
Despite these short-term setbacks, the long-term outlook for secondary aluminium remains strong, particularly driven by the increasing demand for lightweight materials in the automotive industry and a growing emphasis on recycling. Automakers are increasingly turning to recycled aluminium for its environmental benefits and its ability to improve the performance of electric vehicles (EVs), as this metal is essential for extending battery range. European sustainability regulations are also accelerating this shift, as stricter carbon emissions targets and circular economy policies encourage greater use of recycled materials in car manufacturing. Advancements in high-strength aluminium alloys and closed-loop recycling systems further reinforce the role of secondary aluminium in the future of automotive production. While the industry currently navigates economic uncertainty and supply chain disruptions, the broader trends point towards aluminium emerging as a key material in next-generation vehicles, driven by its sustainability credentials and performance advantages.
(EAF) steelmaking – driven by environmental regulations and technological advancements in recycling – and increased demand for steel dust recycling services. The increasing adoption of EAF technology, particularly in Europe and North America, led to a greater generation of EAF steel dust, directly benefiting Befesa’s steel dust recycling operations.
The demand for zinc recovery from recycled steel dust also remained strong, as the galvanisation of steel to improve durability and corrosion resistance continued to rise. With higher zinc content in scrap generated from EAF steelmaking, Befesa is well-positioned to capitalise on this trend by enhancing its operational efficiency and expanding its role in the circular economy.
Despite geopolitical tensions and protectionist policies, particularly in the US, introduced potential challenges for international supply chains, making it increasingly important for Befesa to leverage its presence in multiple markets to mitigate risks. In Europe, the regulatory landscape surrounding carbon emissions and sustainability continued to evolve, shaping the competitive environment for steel recyclers. Despite a slight global production decline, 2024 marked an important transition year for the steel industry: China’s shifting demand structure, Europe’s push for sustainability and the US’s return to protectionist trade policies all played crucial roles in shaping market dynamics. Although short-term pressures, including trade disputes and economic uncertainties, persist, the long-term outlook for the steel industry remains positive, with a growing focus on sustainability and recycling.
01 Befesa at a glance
02 To Befesa’s shareholders
03 Management report
04 Sustainability
05 Consolidated financial statements
06 Statutory financial statements
07 Additional information
27
Befesa Annual Report 2024
The benchmark zinc treatment charge (TC) is negotiated annually between zinc smelters and concentrate suppliers, reflecting the prevailing market conditions. The agreed benchmark TC usually serves as a basis for pricing in most contractual agreements. Befesa’s customers, the zinc smelters, deduct the TC from the amount of zinc contained in Waelz oxide (WOX) (typically 85% of the zinc London Metal Exchange price), which is payable to Befesa. For 2024, the benchmark TC was set at $271 per tonne, a $10 increase from 2023, while the spot TC averaged $245 per tonne in 2024.
The price developments of metals relevant to Befesa’s steel dust recycling and aluminium salt slags recycling operations are partially influenced by supply and demand dynamics of certain base metals. In 2024, zinc prices experienced significant fluctuations, driven by supply constraints, macroeconomic pressures and shifting market dynamics. At the beginning of the year, zinc prices were relatively stable, trading around $2,400 per tonne. Over the course of the year, prices steadily increased, reaching a high of $2,750 per tonne by the end of the year, a gain of about 13%. The average monthly price for December 2024 averaged $2,600 per tonne, a significant increase of 11% from the previous year. The supply side played a crucial role in shaping zinc’s price trajectory. Mining output struggled due to operational challenges and declining ore grades, tightening the supply of zinc concentrates. In addition, Chinese smelters, who are major producers of zinc, reduced their output due to environmental regulations and high energy costs. This led to concerns over future supply, fuelling a price rally. On the demand side, global economic conditions created a mixed environment for zinc consumption.
```# Market environment continued
rates in major economies dampened demand in key industries such as construction and manufacturing. Despite these challenges, zinc price performance was shaped by strategic stockpiling and continued supply chain disruptions. Analysts predict that 2025 could bring a shift in market dynamics. As mine production recovers and refined output increases, the market is expected to transition into a surplus. Higher production costs and the need for environmental compliance are driving an increase in treatment charges, with a potential of €175 per tonne. The LME zinc price, influenced by supply-side constraints, economic uncertainties and investor speculation, averaged €1,700 per tonne in 2024. Although the market remains dynamic, expectations of increased supply in 2025 could alter the trajectory, potentially leading to a moderation in prices.
Befesa’s hedging strategy has proven to be a key element of its business model in managing zinc price volatility and increasing the visibility of its earnings and the stability of cash flows, as demonstrated in the recent years. This has been a part of Befesa’s business model for the last 20 years. The main goal of hedging is not to achieve speculative gains but to protect the Company from the negative impact of zinc price fluctuations. Therefore, this strategy aims to provide certainty and predictability regarding the sales price of its zinc-containing products, enabling the Company to fund its investment plans.
Befesa’s strategy is to hedge 60% to 75% of the expected volume of zinc contained in the WOX and paid for by zinc smelters for a period of one to two years. Most of the zinc hedges are executed through financial instruments and also provides a hedging on the FX fluctuations, as the LME is quoted in US dollars. Befesa has taken the opportunity of the volatility in the zinc price seen over the last months to extend its hedging book until December 2026. This level of hedging represents an all-time high level of hedging for Befesa and implies a potential downside of €20 million of incremental EBITDA in 2025, a consequence of the current hedging strategy.
Befesa’s hedging strategy remains unchanged and continues to be a key element of Befesa’s business model, providing earnings visibility and stability, and protecting the Company from zinc price volatility.
The aluminium alloy prices referenced by the Free Metal Bulletin (FMB) – an average independent quotation based on prices provided by the major secondary aluminium players in the European market – traded with a year-on-year decrease. The aluminium alloy FMB prices decreased in 2024 by 5% or €136 per tonne in the first half of 2024, from €2,680 per tonne in H1 2023 to €2,544 per tonne in H1 2024.
In 2024, European energy prices continued their stabilisation trend, bringing both challenges and opportunities for Befesa. Coke prices saw a considerable decrease, marking a substantial normalisation in the fourth quarter of the year. On average, coke prices decreased by 20% in 2024, although they remained about 40% above the levels recorded in 2019 and 2020. This price correction helped to alleviate some cost pressures on Befesa’s Steel Dust operations, although coke prices remained significantly higher than pre-crisis levels.
Electricity prices had a more pronounced decrease, falling around 20% compared to 2023. By 2024, electricity costs had returned to levels similar to those seen in 2019, providing much-needed relief for energy-intensive businesses. This decline had a particularly positive impact on Befesa’s Aluminium Salt Slags operations, as reduced electricity expenses contributed to improved operating efficiencies.
Regarding gas, prices had already seen a significant decrease in 2023, dropping by 10% year-on-year. By 2024, they had stabilised to around the average levels of 2021. These price developments provided much-needed relief to Befesa’s operations, especially concerning the energy-intensive Aluminium Salt Slags business, although they remained at higher levels than pre-crisis periods.
Overall, 2024 marked a year of relative stability in energy markets for Befesa. The decline in coke prices reduced cost pressures on the Steel Dust operations, and the decrease in electricity and gas prices improved the cost structure of the Aluminium Salt Slags operations. Although energy costs remained above pre-crisis levels in some areas, the improved cost structure and more predictable operating conditions for the Company.
01 Befesa at a glance
02 To Befesa’s shareholders
03 Management report
04 Sustainability
05 Consolidated financial statements
06 Statutory financial statements
07 Additional information
29Befesa Annual Report 2024
| Zinc LME price (€ per tonne)¹ | Zinc LME stock (thousand tonnes)² | Alu FMB price (€ per tonne)¹ | Aluminium FMB prices | Zinc LME prices | Alu LME stock (thousand tonnes)² | |
|---|---|---|---|---|---|---|
| Average | 2018 | €2,470 | 196 | €1,715 | €1,398 | €1,424 |
| 2019 | €2,276 | 77 | €1,398 | €1,424 | €2,112 | |
| 2020 | €1,979 | 144 | €1,424 | €2,112 | €2,438 | |
| 2021 | €2,544 | 229 | €2,112 | €2,438 | €2,188 | |
| 2022 | €3,302 | 92 | €2,438 | €2,188 | €2,306 | |
| 2023 | €2,450 | 87 | €2,188 | €2,306 | €2,549 | |
| 2024 | €2,569 | 249 | €2,306 | €2,569 | €2,655 |
¹ London Metal Exchange (LME) zinc daily cash settlement prices per lme.com
² LME zinc daily stock volumes per lme.com
€4,000
€3,000
€2,000
€1,000
0
2018
2019
2020
2021
2022
2023
2024
LME $/t
LME stock kt
€4,000
€3,000
€2,000
€1,000
0
2018
2019
2020
2021
2022
2023
2024
FMB €/t
LME stock kt
350
300
250
200
150
100
50
0
2018
2019
2020
2021
2022
2023
2024
LME $/t
LME stock kt
2500
2000
1500
1000
500
0
2018
2019
2020
2021
2022
2023
2024
FMB €/t
LME stock kt
Market environment continued
30Befesa Annual Report 2024
Zinc price hedging extended until Q4 2026 at all-time high level of €2,655.
| Source | Average 2023 | Average 2024 | Average 2025 | Average 2026 |
|---|---|---|---|---|
| Befesa’s blended | €2,425 | €2,549 | – | – |
| Befesa’s hedges | €2,417 | €2,521 | €2,640 | €2,655 |
Befesa’s hedging strategy unchanged
Befesa’s hedging strategy has proven successful providing price visibility and financial stability, protected from zinc price volatility.
A €100/t increase in zinc LME price represents €7–8m impact on EBITDA.
Coke
y Befesa’s coke price continued further normalisation in FY24, reaching -20% vs. 2023 average and c.40% above 2019 - 2021 average price level.
Electricity
y Electricity prices decreased in 2024 (-20% vs. 2023), settling in a range of €47–€105 €/MWh.
Gas
y Gas prices decreased significantly in 2023 (c. -10%) and stabilised around average levels of 2021.
| 2019/20 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|
| Electricity € per MWh | 47 €/MWh | 179 €/MWh | 105 €/MWh | 105 €/MWh | 47 €/MWh |
| Gas € per MWh | |||||
| Coke € per tonne | 250 | 200 | 150 | 100 | 50 |
3 Befesa’s blended
2 Zinc LME ¹
60 -70% of zinc exposure hedged for 2025 and 2026
01 Befesa at a glance
02 To Befesa’s shareholders
03 Management report
04 Sustainability
05 Consolidated financial statements
06 Statutory financial statements
07 Additional information
31Befesa Annual Report 2024
Despite being part of cyclical industries such as steel, zinc and aluminium, the Company’s service-focused approach and prudent financial management provide significant resilience against market volatility. Befesa’s long-term oriented strategy has been consistently implemented to maintain long-term relationships with its customers, thereby securing stable revenue streams. The Company mitigates zinc price fluctuations through a robust hedging policy that has been consistently applied for over ten years. The Steel Dust and Salt Slags business has been a solid performer, consistently delivering EBITDA margins above 35%. Befesa operates a unique business model that benefits from high barriers to entry, ensuring strong margins and consistent performance through economic cycles.
Befesa’s resilience is further strengthened by its alignment with global megatrends such as decarbonisation, energy transition and stricter environmental regulations. The Company remains committed to its core businesses of steel dust and salt slags recycling, which are essential components of the circular economy. The increasing demand for EAF steel production is expected to accelerate as part of global decarbonisation efforts, driving increased demand for Befesa’s recycling services. In addition, rising demand for electric vehicles, driven by the electrification of the automotive sector and the growing importance of secondary metals.
The circular economy and more stringent environmental regulations further support the Company’s business model, particularly in the steel and automotive industries.
32 Befesa Annual Report 2024
The steel industry is actively transitioning to less carbon-intensive production methods.# Management Report
Traditionally, blast furnaces (BFs) using iron ore and coking coal have dominated steel production. However, Electric Arc Furnaces (EAFs), which use steel scrap and electricity, emit significantly less CO2 – approximately seven times less per tonne of steel produced. This environmental advantage is driving a global shift towards EAFs, which rely on different raw material inputs and energy sources. The global shift towards decarbonisation presents significant growth opportunities for Befesa, particularly in the steel and aluminium industries. Projections indicate that the EAF’s share in global steel production will rise from 28% in 2023 to 41% by 2030. This surge is driven by an increased demand for sustainable steel production methods. China, the largest steel producer, aims to elevate its EAF steel production to 20% by 2030, up from the current 10%. Similarly, the European Union aims to boost EAF production to over 50% by 2030, aligning with its decarbonisation goals. Befesa, specialising in recycling steel dust from EAF operations, stands to benefit from the increasing availability of this valuable byproduct as EAF steel production grows, expanding the market for Befesa’s recycling services.
The trend towards electric vehicles (EVs) is another decarbonisation trend gaining traction, driven by an increasing consumer preference for sustainable transportation and the growing availability of electric vehicle models. The shift to EVs is expected to lead to increased aluminium usage. Aluminium content in vehicles is projected to reach 256 kilograms per vehicle by 2030, up from 205 kilograms in 2022. This rise is attributed to aluminium’s favourable properties, such as its lightweight nature and corrosion resistance, which are essential for improving EV performance and range. This trend is expected to drive higher demand for aluminium and, consequently, an increased need for salt slags recycling capacity – a service Befesa provides.
The above-mentioned trends are the primary drivers for the growing market for Befesa’s services. In Europe, the EU’s decarbonisation initiatives are set to increase EAF steel production to over 50% by 2030, adding approximately 350,000 tonnes to the market Befesa serves. North America, already at a 70% EAF production rate, anticipates further growth, creating a positive outlook for Befesa’s recycling services. China plans to raise EAF production to 20% by 2030. China is constructing 10 new EAF steelmaking capacity, potentially generating an additional one million tonnes of steel dust annually.
In summary, the global decarbonisation movement is reshaping industries central to Befesa’s operations. The shift towards EAF steel production and the increasing adoption of EVs are projected to drive substantial growth in demand for recycling services, positioning Befesa to capitalise on these opportunities.
The global demand for zinc is set to significantly increase, largely driven by its critical role in the energy transition. As economies shift towards sustainable technologies, zinc’s applications in galvanisation, battery storage and infrastructure are becoming increasingly important. One of the primary drivers of zinc demand is its use in protecting steel structures from corrosion. This is particularly relevant for infrastructure projects, renewable energy installations, and transportation networks, where zinc-coated steel ensures durability in harsh environmental conditions. As these sectors expand, the need for zinc in these applications is expected to rise substantially. In fact, the total metal demand for zinc in green energy applications is projected to increase from around 109,000 metric tonnes in 2020 to over 364,000 metric tonnes by 2030, with galvanised steel accounting for the largest share.
Beyond galvanisation, zinc is also emerging as a key player in energy storage solutions. Zinc-ion and zinc-air batteries are gaining attention as cost-effective and sustainable alternatives to lithium-ion batteries. These technologies offer promising solutions for grid storage and EVs, providing another major avenue for zinc demand growth. While these batteries are still in early stages of commercialisation, their potential for widespread adoption is significant, leading to increased demand for zinc.
Although demand is rising, challenges on the supply side could create market imbalances. Global zinc mine production has been decreasing, output dropping for three consecutive years. In 2024, production fell by 1.4% to just over 12 million tonnes, exacerbating concerns about future availability. Initially, analysts projected a slight surplus for 2024, but tightening supply conditions have shifted expectations towards a deficit. This combination of increasing demand and constrained supply suggests that zinc could become an even more valuable commodity in the years ahead. The energy transition is positioning zinc as an essential material for modern infrastructure and energy storage, ensuring that its role in the global economy remains strong. The increasing demand for zinc, driven by the energy transition, will likely lead to higher prices for this commodity, benefiting companies involved in zinc production and recycling.
The Company’s business plan, presented in November 2022, is being successfully implemented with a focus on organic growth and inorganic expansion in the various markets to pursue attractive growth opportunities. The Company prioritises reducing capital expenditure on brownfield expansion projects such as the Palmerton and Bernburg plant upgrades. European projects, including the expansion of steel dust recycling and salt slags treatment plants, remain on track, but the planned expansion in China has been put on hold due to the prevailing market conditions. Capital expenditures are being prudently managed, with approximately €100 million allocated per year, balancing maintenance and expansion projects. The Company remains focused on generating free cash flow and sustaining a dividend payout ratio of 40–50% of net income.
Befesa’s operations in the US are currently undergoing a structured turnaround plan focusing on quality improvement, increased utilisation and cost optimisation. The steel dust recycling business is benefiting from operational synergies and best practice implementation, leading to a notable increase in EBITDA per tonne, despite high coke prices. The Palmerton plant expansion is progressing well, with the first kiln to be commissioned in H1 2025. The Company has already secured 60 kt of incremental EAF dust from existing customers and aims to achieve utilisation rates of 80% by 2025 and close to 90% by 2026.
In Spain, Befesa is executing a structured turnaround plan focusing on quality improvement, increased utilisation and cost optimisation. The Company is targeting an annual cost base reduction of €20–25 million by implementing efficiency measures across its operations, including maintenance, residue treatment, operations and supply chain management. Although EBITDA contribution from this segment has been impacted by lower industrial activity, the Company is targeting a significant recovery in EBITDA from €15 million to €20 million by 2024. This combination of increasing demand and constrained supply suggests that zinc could become an even more valuable commodity in the years ahead.
In China, Befesa is carefully managing its expansion plans. The Company is operating 10 EAF dust recycling plants in Jiangsu and Henan, driven by increased EAF steel production and evolving environmental regulations. Despite the ongoing real estate crisis impacting the overall Chinese economy, Befesa’s EAF steel dust recycling business continues to grow. In 2023, Befesa’s Chinese facilities saw a 10% increase in sales. Environmental regulations and strong regulatory enforcement have benefited demand and market position for Befesa, as Chinese authorities are increasingly focused on promoting a circular economy and tightening environmental standards. The steel dust recycling business in the north of China, in the Hebei province, continues to experience subdued demand. Despite challenging short-term conditions, Befesa remains optimistic about the mid- to long-term potential in China, driven by increased EAF penetration and stricter environmental regulations. For now, the Company is focusing on optimising its existing operations, improving utilisation rates and creating higher value.
Befesa’s business model remains highly resilient, supported by its strategic positioning, long-term customer relationships and disciplined financial management. While challenging market conditions present short-term challenges, the Company’s alignment with global decarbonisation trends and its strong market position are expected to drive significant long-term growth. The Company is maintaining a careful balance between investment in growth and financial discipline, positioning Befesa to capitalise on emerging opportunities in its core markets, including China.
Total revenue increased in 2024 by 4.9% or €58.4m in order to €1,239.0 million (2023: €1,180.6 million). This increase was mainly driven by higher prices in Steel Dust Recycling Services and increased activity in the Salt Slags business.
| Revenue (€ million) | 2023 | 2024 |
|---|---|---|
| 1,180.6 | 1,239.0 |
€58.4m or 4.9%
Total adjusted EBITDA increased in 2024 by 10.2% or €18.6 million in order to €201.1 million (2023: €182.0 million).# Management Report
| 2023 | 2024 | |
|---|---|---|
| 182.0 | 213.4 | |
| €31.4m or 17.2% | 15.4% | 17.2% |
| 2023 | 2024 | |
|---|---|---|
| 101.7 | 124.4 | |
| €22.7m or 22.3% | 8.6% | 10.0% |
Total EBITDA and EBIT in 2024 increased by €11.6 million, respectively. These increases were driven by higher volumes and metal prices, and the positive impact from productivity and synergies, offset by higher non-recurrent costs. Total reported EBITDA amounted to €204.6 million in 2024 (€193.0 million in 2023), whereas reported EBIT amounted to €112.9 million in 2024 (€91.2 million in 2023).
Further information regarding these adjustments is available in the “Consolidated financial statements” section of this Annual Report. The reconciliation of EBITDA to IFRS operating results (EBIT) is available in the “Consolidated financial statements” section of this Annual Report.
Total net profit attributable to shareholders decreased by 1.5% to -€38.0 million in 2024 (2023: -€37.5 million). This decrease was driven by the net result from discontinued operations, which were impacted by the sale of the Spanish operations, and the negative impact from foreign exchange rates. In addition, the Company recorded higher corporate tax expense in 2024. As a result, earnings per share (EPS) in 2024 decreased accordingly, by -12.3% to €1.27 (2023: €1.45).
€213m ADJUSTED EBITDA IN 2024 (€182M IN 2023)
€51m NET PROFIT IN 2024 (€58M IN 2023)
€1.27 EARNINGS PER SHARE IN 2024 (€1.45 IN 2023)
01 Befesa at a glance
02 To Befesa’s shareholders
03 Management report
04 Sustainability
05 Consolidated financial statements
06 Statutory financial statements
07 Additional information
37Befesa Annual Report 2024
Gross debt at year-end 2024 increased to €721.5 million (year-end 2023: €710.8 million), driven by the refinancing of debt, used to acquire the remaining 50% stake in Befesa Zinc Recytech, S.A.S. Net debt at year-end 2024 increased by 2.5% to €619.0 million (year-end 2023: €604.0 million). The €619.0 million net debt, divided by €213.4 million adjusted EBITDA resulted in a x2.90 net leverage at year-end closing (year-end 2023: x3.32). Befesa remains in compliance with all debt covenants.
During 2024, Standard & Poor’s and Moody’s affirmed their credit ratings assigned to Befesa, as evidenced by their stable outlooks.
Consolidated cash flow from operating activities increased by 30.1% to €191.8 million (2023: €147.4 million). This increase was driven by higher EBITDA, an improvement in working capital and lower interest paid in 2024. The net cash from investing activities in 2024 amounted to -€46.3 million (2023: -€16.6 million), related to the recovery of excess prepayments made in 2023 on the company’s FY24 tax liabilities. In addition, capital expenditure increased on the Company results. In 2024, the acquisition of the remaining 50% of Befesa Zinc S.A.S., €26 million was invested in the period.
Cash flows from financing activities, amounted to -€48.2 million in 2024 (2023: -€61.6 million). Dividends of €29.2 million or €0.73 per share were paid to shareholders in July 2024.
Despite of the ongoing negative cash flow, liquidity, cash on hand stood at €102.5 million. This, combined with the €100 million Revolving credit facility - entirely undrawn – provided more than €202.5 million liquidity.
Credit ratings for Befesa, S.A.
| Year-end 2024 | Year-end 2023 | |
|---|---|---|
| Moody’s | Ba2 (outlook stable) | Ba2 (outlook stable) |
| Standard & Poor’s | BB (outlook stable) | BB+ (outlook negative) |
Net leverage ratio evolution (Net debt/Adjusted EBITDA)
| x2.14 | x2.61 | x3.10 | x3.32 | x2.38 | x2.56 | x2.90 |
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
38 Befesa Annual Report 2024
€619m NET DEBT AS OF DECEMBER 2024 (€604M AS OF DECEMBER 2023)
x2.90 NET LEVERAGE AS OF DECEMBER 2024 (x3.32 AS OF DECEMBER 2023)
| 31 December 2024 | 31 December 2023 | |
|---|---|---|
| Financial indebtedness | 721.5 | 710.8 |
| Less: Cash and cash equivalents | (102.5) | (106.7) |
| Less: Cash and cash equivalents¹ | – | (0.1) |
| Net debt | 619.0 | 604.0 |
| Adjusted EBITDA | 213.4 | 182.0 |
| Net leverage ratio | x2.90 | x3.32 |
1 Less: Cash and cash equivalents in respect of the disposal of the Spanish operations in 2023
01 Befesa at a glance
02 To Befesa’s shareholders
03 Management report
04 Sustainability
05 Consolidated financial statements
06 Statutory financial statements
07 Additional information
39Befesa Annual Report 2024
Volumes of EAF steel dust recycled remained stable in 2024 at 1,210,685 tonnes (2023: 1,194,771 tonnes). The performance across Befesa’s geographies was mixed. In Spain and the US, EAF steel dust treated volumes increased, supported by resilient steel production levels. In France, steel dust volumes decreased, and in Germany, Portugal and Italy, volumes were impacted by the challenging steel production levels. In Spain, EAF steel dust treated volumes decreased due to the challenging steel production levels. With these volumes, Befesa’s EAF steel dust recycling plants ran at an average utilisation rate of about 70% in 2024 (2023: 70%). The volume of WOX sold remained stable at 400,819 tonnes in 2024 (2023: 399,109 tonnes). The Waelz oxide (WOX) plant in North Carolina ran at high utilisation rates, while its operation in Spain was impacted by the real estate crisis.
EAF steel dust throughput & load-factor (Thousand tonnes, % of utilisation rate)
| 2023 | 2024 | |
|---|---|---|
| 1,194.8 | 1,210.7 | |
| 69.5% | 70.4% | |
| 15.9 kt or +1.3% |
Waelz oxide (WOX) sold (Thousand tonnes)
| 2023 | 2024 | |
|---|---|---|
| 399.1 | 400.8 | |
| 1.7 kt or 0.4% |
Befesa organises its activities into two business segments: Steel Dust Recycling Services and Aluminium Salt Slags Recycling Services. Revenue in the Steel Dust business increased by 5.1% to €825.6 million in 2024 (2023: €785.6 million). This increase was driven by a higher zinc blended price and a higher WOX price, with stable volumes.
Revenue – Steel Dust Recycling Services (€ million)
| 2023 | 2024 | |
|---|---|---|
| 785.6 | 825.6 | |
| €40.0m or 5.1% |
Blended zinc average price (€ per tonne)
| 2023 | 2024 | |
|---|---|---|
| 2,425 | 2,549 | |
| €125 per tonne or +5.1% |
Adjusted EBITDA in the Steel Dust business increased by 27.1% to €170.4 million in 2024 (2023: €134.1 million). The increase in volumes in 2024 was explained by higher zinc LME prices and WOX market prices, as well as stable volumes, as well as higher WOX market prices, and the positive impact from productivity and synergies, as well as the positive impact from the Steel Dust recycling services. Consequently, adjusted EBITDA as a per cent of revenue increased to 20.6% in 2024 compared to 17.1% in 2023.
Adjusted EBITDA & margin – Steel-Dust Recycling Services (€ million, % margin of revenue)
| 2023 | 2024 | |
|---|---|---|
| 134.1 | 170.4 | |
| €36.3m or 27.1% | 20.6% |
Adjusted EBIT in the Steel Dust business increased by 43.2% to €102.1 million in 2024 (€71.3 million in 2023), with drivers similar to the EBITDA development, as indicated above. In 2024, EBITDA and EBIT in Steel Dust Recycling Services increased for €8.8 million and €11.6 million, respectively, mainly driven by higher volumes and lower non-recurrent costs. Reported EBITDA amounted to €161.6 million (13.6% margin), whereas reported EBIT amounted to €70.7 million (17.2% margin).
Further information regarding these adjustments is available in Note 2.6 of the “Consolidated financial statements” section of this Annual Report.## Adjusted EBIT & margin – Steel Dust Recycling Services
| (€ million, % margin of revenue) | 2023 | 2024 |
|---|---|---|
| 71.3 | 102.1 | |
| €30.8m or 43.2% | ||
| 9.1% | ||
| 12.4% |
Salt slags and SPL recycled volumes increased in 2024 by 18.0% to 426,281 tonnes (2023: 360,770 tonnes). This improvement was primarily driven by the full operation of the new pyrotreatment plant, after its start-up phase during 2023 and the recovery of the new plant located in Poland, which was back in operation throughout 2023. On average, during 2024, Salt Slags recycling plants operated at 91% (2023: 77%) of the latest installed annual recycling capacity of 470,000 tonnes.
40 Befesa Annual Report 2024
| Salt slags & SPL volumes & load factor (Thousand tonnes recycled, % of annual capacity) | 2023 | 2024 |
|---|---|---|
| 360.8 | 426.3 | |
| 65.9 kt or 18.2% | ||
| 90.8% | ||
| 76.8% |
Revenue in the Salt Slags subsegment increased by 22.7% to €105.9 million in 2024 (2023: €86.3 million). The increase was mainly due to the higher volumes of Salt Slags and SPL treated in our plants and the aforementioned price increase on the value of SPL, driven by the Chinese market, and a slight recovery in the price of thealuminium contained in salt slags.
| (€ million) | 2023 | 2024 |
|---|---|---|
| 86.3 | 105.9 | |
| €19.6m or 22.7% |
EBITDA in the Salt Slags subsegment increased by 22.2% to €31.8 million in 2024 (2023: €26.0 million), mainly related to the aforementioned factors, and the lower cost of energy prices.
| (€ million, % margin of revenue) | 2023 | 2024 |
|---|---|---|
| 26.0 | 31.8 | |
| €5.8m or 22.2% | ||
| 30.1% | ||
| 30.0% |
EBIT in the Salt Slags subsegment increased by 18.7% to €19.9 million in 2024 (2023: €16.7 million), driven by similar drivers to the EBITDA development.
| (€ million, % margin of revenue) | 2023 | 2024 |
|---|---|---|
| 16.7 | 19.9 | |
| €3.1m or 18.7% | ||
| 19.4% | ||
| 18.8% |
Aluminium alloy production volumes increased by 1.8% in 2024 to 171,278 tonnes (2023: 168,216 tonnes). Overall, in 2024, Secondary Aluminium production plants operated at about an 84% utilisation rate on average (2023: 82%).
| Secondary aluminium alloy volumes & load factor (Thousand tonnes produced, % of annual capacity) | 2023 | 2024 |
|---|---|---|
| 168.2 | 171.3 | |
| 3.1 kt or 1.8% | ||
| 82.1% | ||
| 83.6% |
| (€ per tonne) | 2023 | 2024 |
|---|---|---|
| 2,188 | 2,306 | |
| €118 per tonne or 5.4% |
Revenue in the Secondary Aluminium subsegment increased in 2024 by 2.0% to €367.3 million (2023: €360.2 million).
| (€ million) | 2023 | 2024 |
|---|---|---|
| 360.2 | 367.3 | |
| €7.1m or 2% |
EBITDA in the Secondary Aluminium subsegment decreased by -48.3% to €11.2 million in 2024 (2023: €21.6 million). The EBITDA decrease is explained by the strong decrease in the aluminium market price, affecting our ability to pass through the higher costs of production and the decrease in the premium in the sale of aluminium alloys driven by a lower demand from the automotive sector. The higher price of the primary aluminium inputs affects significantly the EBITDA, as it is not fully compensated by the increase of the selling price of the secondary aluminium alloys.
| (€ million, % margin of revenue) | 2023 | 2024 |
|---|---|---|
| 21.6 | 11.2 | |
| -€10.5m or -48.3% | ||
| 6.0% | ||
| 3.0% |
EBIT in the Secondary Aluminium subsegment decreased by -79.3% in 2024 to €2.9 million (2023: €13.8 million), driven by similar drivers to the EBITDA development.
| (€ million, % margin of revenue) | 2023 | 2024 |
|---|---|---|
| 13.8 | 2.9 | |
| -€11.0m or -79.3% | ||
| 3.8% | ||
| 0.8% |
41
Befesa Annual Report 2024
Befesa’s research and development (R&D) strategy is designed to create value by developing sustainable improvements to existing technologies, optimising operations and product quality, developing new processes to achieve higher recycling efficiency, reducing costs and improving environmental conditions. All of this contributes to sustainable development and enhanced customer service.
Befesa’s R&D strategic plan aims to be a technologically competitive reference in providing sustainable environmental services that recycle hazardous residues from the steel and aluminium industries, with the focus on steel dust, salt slags and SPL. The R&D activities are organised into four technology centres that develop technological and sustainable environmental service solutions that are adapted to the technological processes of each of the businesses. These four technology centres work on a collaborative basis to exchange the achievements, find synergies and promote joint development of their respective projects.
Befesa’s R&D strength is based on the teams’ experience and qualifications across various specialisations. In 2024, 34 employees were dedicated to R&D activities. Of these, 28 were employed in the Steel Dust Recycling Services segment and six were employed in the Aluminium Salt Slags Recycling Services segment.
The expenses on R&D activities in 2024 increased by 3% to €4.5 million (2023: €4.4 million). In the Steel Dust Recycling Services segment, expenses on R&D activities in 2024 increased by 40% to €2.5 million (2023: €1.8 million). In the Aluminium Salt Slags Recycling Services segment, expenses on R&D activities in 2024 decreased by 22% to €2.0 million (2023: €2.6 million).
One of the pillars of Befesa’s R&D strategy is external collaboration. This is primarily executed via research groups and institutions, public research centres, universities and other industrial enterprises that collaborate and share knowledge on R&D projects. Befesa is a founding partner of the Basque Innovation Agency and the Ihobe Public Company, which coordinate and promote innovation in the Basque Country. Befesa is a member of the Labein Tecnalia Foundation. This is a private technology centre with business involvement that creates partnerships in their markets to develop innovative capacity using technology as a tool to increase competitiveness. Befesa is also a member of European Aluminium, a Belgium-based industry association that represents the entire aluminium value chain in Europe: producers, transformers, recyclers and national aluminium associations.
Befesa has developed projects in R&D in collaboration with companies such as Sidenor, Acerinox, ArcelorMittal, GSW, GHI, CIE Automotive, Condorchem, Tubacex, Astisa and Mepsa (in Spain), and GHI, CIE Automotive, Condorchem, Tubacex, Astisa and IAB, BFI and Ibutec (in Germany). Befesa has also developed or is currently undertaking projects in R&D in collaboration with the University of the Basque Country, the University of Valladolid and the Public University of Navarre, the RWTH Aachen University (in Germany), the University of Leoben (in Austria), and the INEOS Institute (in UK).
Befesa’s R&D strength is based on the teams’ experience and qualifications across various specialisations.
In the Steel Dust Recycling Services segment, focus areas for R&D in 2024 were:
In the Salt Slags subsegment of the Aluminium Salt Slags Recycling Services segment, the main research activities focused on these aspects:
In the Secondary Aluminium subsegment of the Aluminium Salt Slags Recycling Services segment, the main research focus included:
42
Befesa Annual Report 2024# Befesa Annual Report 2024
In the Steel Dust Recycling Services segment, projects in 2025 include the continuation of projects launched in previous years and additional projects:
In the Aluminium Salt Slags Recycling Services segment, the major R&D activities focus on:
Befesa considers the management of risk to be one of the key topics the corporate governance must be based on a detailed risk analysis. For this reason, Befesa has a risk management system in place to analyse, evaluate and manage the risks inherent in Befesa’s operations. The purpose of Befesa’s RMS is the identification and assessment of risks that may affect the achievement of the Company’s objectives. The system also contributes in decision-making through the provision of strategies aimed at risk management and control. The RMS consists of the following elements:
Befesa’s risk management system uses the COSO ERM (Committee of Sponsoring Organizations of the Treadway Commission Enterprise Risk Management) – An Integrated Framework, as a basis for carrying out a risk analysis. The rationale is that Befesa’s risks, once identified, can be assessed, managed and controlled by Befesa itself. The process is divided into two core stages:
Risk identification: The first step is to identify the risks and the business units to be involved in the risk analysis. All the business segments are incorporated into the project, including top management, the directors of business segments, finance, legal, human resources, IT, investor relations, internal audit and compliance, and the industrial plants. Each year – through workshops, interviews, a documentation analysis – a risk is identified.
Risk assessment process: After compiling the risk catalogue, the next step is the risk assessment. This assessment is carried out by people from different departments of the organization included in the scope. They are provided with the necessary indications and a risk assessment methodology and necessary indications.
To assess risks, it is necessary to simultaneously assess the probability of occurrence and the impact on the company in a structured manner. The risk score (R) is computed as the Cartesian product of I (impact) x P (probability). The probability (P) describes the likelihood of occurrence or degree of verisimilitude of the risk (based on past experiences). Impact (I): Financial impact Operational impact Legal impact Reputational impact Global impact = maximum (financial, operational, legal, reputational)
| Very high | High | Medium | ||
|---|---|---|---|---|
| Probability | High | 3 | 4 | 5 |
| Medium | 2 | 3 | 4 | |
| Low | 1 | 2 | 3 |
| Impact | Very high | High | Medium | Low |
|---|---|---|---|---|
| Very high | 5 | 4 | 3 | 2 |
| High | 4 | 3 | 2 | 1 |
| Medium | 3 | 2 | 1 | 1 |
| Low | 2 | 1 | 1 | 1 |
Risk management at Befesa is a vital component of the overall management and control system. Befesa’s risk management system is a systematic mode of identification, assessment and treatment of risks. Therefore, it must not be understood to be a project completed in time but as an exercise aimed at continuous improvement that requires updating on a regular basis. The risk analysis and risk map are updated annually to include new risks, update existing risks, and update controls to mitigate risks. In this sense, the risk map must be sensitive to communicate the existing risk profile of Befesa, and serve as a tool for management to track the evolution of the identified risks.
To guarantee proper monitoring of the risks, Befesa has an Internal Risk Committee (IRC). The IRC is the body in the Company that is in charge of the follow-up and treatment of risks included in the risk map. The IRC is composed of the Executive Chair, the CEO, the CFO, the vice presidents of the business segments and the corporate directors. The committee must ensure that:
The risk analysis, risk map and mitigation actions are presented to the Audit Committee and Board of Directors of Befesa on an annual basis to ensure their visibility.
The identified risks can be classified as: low, medium, high or very high, depending on the assessment.
Befesa has appropriate risk and hedging policies and programmes in place, and aims to manage its risk that is related to commodity price fluctuations. Befesa may not be successful in obtaining long-term hedges for all volumes desired, and it is generally more difficult to hedge larger volumes of zinc over longer periods of time. Consequently, Befesa’s main risk management tool is its zinc hedging policy, which ensures that between 60% to 75% of Befesa’s annual tonnage of zinc payable output is hedged. The combined global hedge book in place as of the date of this Annual Report provides Befesa pricing visibility up to December 2026.
In 2024, Befesa’s zinc hedged volume price amounted to €2,521 per tonne on average for 2024: €2,425 per tonne (2023: €2,425 per tonne).
The zinc hedged volume averaged €2,471 per tonne in 2024; far from €2,425 (2023: €2,425 per tonne).As of the date of publication of this Annual Report, the estimated market price for aluminium in 2025 is €2,291 per tonne for 2025, and about €2,655 or €2,291 per tonne for 2025 and 2026. Befesa does not provide any collateral for the contracted hedges and conducts its hedging programme in an organized manner, with documented policies and procedures.
Foreign exchange
Befesa’s functional currency is the euro. Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are relatively minor. However, Befesa may operate in additional jurisdictions from time to time to serve its customers.
Befesa’s sales are primarily denominated in euros, but the Company also has significant sales and operations in a number of other countries, including Spain, Germany, France, Sweden, Turkey, South Korea, China and the USA. Befesa’s sales in currencies other than the euro are# Operational areas
Operational areas are established for material transfer and other areas for the collection, control systems and other engineered facilities and practices designed for the prevention of process materials from potentially being transported and deposited on the soil surface and entering storm water systems.
By reference, the most sustainable approaches and technologies are employed at Befesa’s facilities, including the Steel Dust Recycling Services and Salt Slags Recycling Services facilities. These facilities operate under a zero-discharge policy. Most of Befesa’s plants have been certified according to ISO 14001 and ISO 50001. Employees use water in the recycling process. This is considered in preventing the discharge of entrained pollutants in effluent in the wastewater.
In addition to minimising the use of this valuable resource, Befesa’s water conservation efforts provide economic dividends resulting from reduced operating costs and reduced water treatment prior to discharge. In addition, entrained metal values are recovered for valuable use, as opposed to being discharged into the environment. Water use is a key performance indicator (KPI) to highlight enterprise conservation efforts. All sites provide information for KPI tracking. Trends are monitored and analysed, and practices aligned to minimise consumption values.
Befesa is an environmental recycling services provider that plays a critical role in the circular economy. This it does by conserving valuable mineral resources and reducing potential environmental impacts and risks for the steel and aluminium industries. Befesa’s inherent business of recycling hazardous residues from metal- processing businesses prevents the disposal of valuable minerals in landfills, thereby recovering valuable materials reclaimed. KPIs are maintained for tracking hazardous and non-hazardous residues produced from Befesa’s operations, and the volumes that are disposed of or recycled. Each site contributes information for KPI tracking. Trends are monitored and analysed, and practices aligned to minimise residues generated and disposed of.
Befesa’s business is to reclaim valuable metals from hazardous residues produced by the metals industry and to provide valuable feedstocks to bulk metal production businesses. Carbon emissions are generated through the processes used by Befesa in metal recycling operations. This occurs through the use of carbon-reductant sources, including coke, coal and fossil fuels. Regulations are rapidly being promulgated on a regional and global basis, which causes risk in business operations and corporate reputation. Assessments aimed at identifying opportunities to improve efficiency and reduce carbon emissions are currently being evaluated. Certain measures have already been implemented to minimise carbon emissions and to shrink Befesa’s overall carbon footprint in the long term.
Indirect services and utilities supplied to Befesa’s operating sites are a source of electricity and its production relies on fossil fuels. Sources of energy supply and their environmental impact are considered in defining procurement policies and Befesa’s environmental, social and governance (ESG) reporting.
As of 31 December 2024, all the Befesa sites except for the US facilities, Brazil and China are ISO 14001 and ISO 50001 certified, and 65% of the Befesa sites are ISO 45001 according to ISO 45001. Through these management systems and policies, Befesa monitors its carbon emissions and sustainability performance on an annual basis. In addition, Befesa reports the Kyoto Protocol Scope 1 and Scope 2 emissions and, since 2022, also the Scope 3 emissions. To minimise carbon emissions, Befesa applies BAT and looks for improvement opportunities as part of its operational excellence programme. Through this programme, opportunities are identified and implemented to reduce carbon emissions and energy consumption. Certain projects have already been implemented to achieve these objectives, namely the replacement of aluminium melting furnaces with others that provide higher energy efficiency and reduce emissions.
Carbon emissions are monitored and compiled using the ISO 14064 management system. This is a certification that is validated by an independent third- party organisation. In 2023, Befesa aims to reduce its CO2 emission intensity by 10% by 2025, while Befesa has a plan to reach net zero by 2050.
Daily operations at Befesa’s plants by employees may cause injuries and fatalities, particularly from the potential occurrence of events or circumstances. These could include; chemical or thermal burns from contact with molten metals or hot surfaces; falls from height and persons struck by moving equipment; injuries from moving parts of machinery, and operators becoming trapped because of machinery overturning. To manage these risks, Befesa has a comprehensive HSE policy and corporate safety standards. Controls include the “Be Safe at Befesa” programme; the ISO 45001 certification; the implementation of safety investments to implement safety procedures; risk assessments, training and communication (H&S monthly reports); annual training on risks of accident and incidents, and the use of personal protective equipment; regular safety inspections, plant-level safety committees and emergency response plans; safety audits of all sites, and accident insurance.
In an era dominated by technological advancements, the industry faces a myriad IT risks that demand vigilant attention. At the forefront of these challenges lies the omnipresent threat of cybercrime, impacting the seamless continuity of operations. Recent statistics underscore the severity of the issue, with global cybercrime soaring to unprecedented levels. Industrial enterprises account for a substantial share of these losses, further emphasising the imperative for robust cybersecurity measures. The World Economic Forum estimates that annual global losses as a result of cybercrime stand at $5.5 trillion, with the industrial sector consistently ranking as a key victim. This situation underlines the need for enterprises like Befesa to fortify its digital defences. Notably, industrial facilities are subject to targeted cyberattacks and ransomware, posing a significant risk to industrial facilities. The sector experiences numerous cyber incidents annually, leading to unforeseen disruptions. Befesa is addressing this challenge head on to ensure the resilience of its operations against the evolving landscape of cyber threats. To safeguard against these risks, Befesa has implemented a comprehensive cybersecurity framework guided by its Cybersecurity Master Plan. This strategic road map encompasses key activities and projects to fortify Befesa’s digital infrastructure. Regular cybersecurity audits and assessments are conducted to evaluate and enhance the company’s security posture. Both internal and external penetration tests, facilitated by impartial third parties, serve as invaluable tools to identify vulnerabilities and bolster the effectiveness of security controls.
An integral component of Befesa’s cybersecurity strategy is its commitment to fostering a security-aware workforce through robust training and awareness programmes. Befesa has instituted an annual cybersecurity training programme that equips all employees with the knowledge and skills needed to navigate the evolving cybersecurity landscape. This proactive approach underscores Befesa’s commitment to cultivating a cybersecurity-conscious culture, positioning employees as a frontline defender against potential threats. Befesa has implemented a comprehensive cybersecurity framework guided by its Cybersecurity Master Plan. In addition to these initiatives, Befesa prioritises staying abreast of emerging cybersecurity trends and technologies. This proactive stance enables Befesa to adapt and implement cutting-edge solutions to counteract evolving cyber threats. The ongoing dedication to cybersecurity, risk management, and employee training positions Befesa as a resilient and secure entity in the face of IT risks. As it navigates the digital frontier, Befesa remains steadfast in its commitment to mitigating IT risks and ensuring the sustainable and secure operations of the Company’s recycling facilities globally. Through ongoing investment in cybersecurity measures and employee training, Befesa is well-equipped to meet the challenges of the digital age, ensuring the continued success and stability of the Company on a global scale.# Befesa Annual Report 2024
On 19 March 2025, the Company repriced its TLB, reducing its interest rate by 50 bps to Euribor +225 bps, effective from 24 March 2025. The facility’s long-term maturity date of July 2029 and all other contractual terms remain unchanged.
Befesa expects to generate between 230 and 250 million euros in EBITDA in 2025. Adjusted EBITDA is expected to be between 240 and 265 million euros in 2025.
Factors influencing the outlook:
Steel Dust Recycling (Europe): Stable to strong volumes are expected, driven by better zinc price hedging levels, and the expectation of a high volume of steel dust recycled in the US compared to the record levels seen in 2024. In the steel dust recycling segment, Befesa expects stable to strong volumes in Europe, even as the broader economic environment presents some challenges. The company expects 2025 EBTIDA to be influenced by the continued contribution of its acquisitions. EAF steel dust volumes are expected to drive higher EAF steel dust volumes.
Steel Dust Recycling (US): Stable volume levels are expected compared to 2024. Given these factors, the Company sees a neutral to positive outlook for this business segment.
Salt Slags and Secondary Aluminium (2nd Alu): Befesa expects stable salt slag volumes. The secondary aluminium business is expected to continue being impacted by margin compression due to the challenging access to aluminium scrap and the slow recovery of the automotive sector in Europe. Although salt slags is expected to remain stable, secondary aluminium could face some margin compression, although the company expects a neutral outlook in the year.
Treatment Charges for the Zinc Industry: Befesa expects to benefit from higher treatment charges in the zinc industry in 2025, with an estimated increase of 10-15%. Treatment charges for the zinc industry are expected to be between €120 and €130 per tonne in 2025. Treatment charges for the zinc industry are expected to range between €115 and €125 per tonne in 2024. The impact of higher treatment charges is expected to significantly improve Befesa’s EBITDA in 2025.
Energy Costs: Energy costs remain a mixed factor for the business. Although overall coke prices are expected to decline slightly, European natural gas and electricity costs are projected to remain elevated compared to 2024. This results in an outlook that is neutral to negative.
Operational Costs: Inflation in maintenance, auxiliary materials and labour costs contributing to rising overall expenses. Given the persistent inflation in these cost categories, Befesa considers this factor negative for 2025.
Average Zinc Price Hedging for 2025: The company has hedged 80% of its expected 2025 production at an average price of €2,500 per tonne.
On zinc prices, Befesa expects some degree of volatility driven by global macroeconomic and geopolitical uncertainty. The marginal cost of the zinc producer C90 is around 2,500 level, providing a floor to the price. The company expects to reach an EBITDA of €250 million by the end of 2025. The expansion plan in China is stopped due to current market conditions.
Befesa’s Specialty Chemicals business unit is expected to continue to benefit from favourable market conditions, namely the growth in demand for its products and the execution of its strategic initiatives, such as the expansion of its product offering.
The Board of Directors is the corporate body in charge of the management of Befesa S.A., supervising and controlling the activity of the Company and focusing on its strategic direction. The Board of Directors acts in the corporate interests of the Company and serves the common interests of all shareholders by ensuring the implementation of its strategy. The Board of Directors also ensures the monitoring of the business activities and the Company’s compliance with applicable laws and regulations. The Board of Directors is vested with the broadest powers to act in the name of Befesa S.A. and to take any action deemed necessary or useful to accomplish its corporate purposes, subject to those powers that are expressly conferred by law or by the Articles of Association on the shareholders’ meeting. The Board of Directors has appointed an Audit Committee, a Nomination and Remuneration Committee and a Sustainability Committee. The members of these committees advise the Board of Directors and make recommendations to the Board, and are responsible for overseeing specific areas of the Company’s business, as set forth in their respective charters.
| 19 | |
|---|---|
| Consolidated Financial Data | 578 |
| Statutory Financial Data | 2346 |
The members of the Board of Directors are:
Mr Molina has been the Executive Chair of Befesa since July 2022. He has managed Befesa’s operations in Europe since 2000, overseeing significant growth and diversification of its business lines. Mr Molina joined Abengoa in 1994 and later became Chief Executive Officer of Abengoa’s water business (Agua y Residuos Urbanos (Abensur)). From 1989 to 1993, Mr Molina served as an investment banker at Banco de Progreso.
He holds a degree in Economics and Business Administration (ICADE, E3) from Comillas Pontifical University, Madrid, Spain.
Mr Zarraonandia has been the Chief Executive Officer of Befesa’s operations in Europe since 2017. Prior to that, he was the Chief Executive Officer of Befesa’s Steel Dust Recycling Services business unit (as of 2006). Mr Zarraonandia joined Befesa in 2001 and was the Head of Befesa’s Waste Treatment and Metal Recycling Services business unit from 2001 to 2004 and the Financial Controller of the Abengoa Group from 2004 to 2006.
Prior to joining Befesa, Mr Zarraonandia served as Audit Manager and Consultant for Arthur Andersen, where he worked for 4 years, specialising in mergers and acquisitions in the industrial sector. He holds a bachelor’s degree in economics from the University of the Basque Country, Bilbao, Spain. He currently serves as a board member of the Canadian company Global Atomic Corporation.
In 1999, Mrs Heistermann founded AXIT AG, a digital service platform managing global logistics and supply chain processes, which she successfully managed until 2015. Mrs Heistermann served as Chief Operating Officer of Xella International in 2017. Prior to her management career, Mrs Heistermann held several international positions in product management. She serves as director of AXIT.capital, a company that supports start-ups in the area of digitalisation.
Ms Heistermann is a member of the Board of Technology of the Federal State of North Rhine-Westphalia and member of the Supervisory Board of ERMEWA Group SA and member of the Administrative Board of DKV Mobility Group SE. She holds a diploma in logistics and business administration from the Cooperative State University, Mannheim, Germany.
Mr Graf Waldersee is a certified public accountant (Wirtschaftsprüfer). For more than 20 years, Mr Graf Waldersee held various senior positions within Ernst & Young (EY) and PricewaterhouseCoopers (PwC), and has served in senior management positions in the EMEIA – and global – management teams of both organisations. As of his retirement from EY in 2014, Mr Graf Waldersee served on supervisory boards or as non-executive director in various companies or major investment funds. He is a member of the Supervisory Board of EY, Wirtschaftsprüfungsgesellschaft, Germany. Mr Waldersee studied economics at the University of Bonn and holds a degree in business administration from the University of Hamburg, Germany.
Mr Wieser served as Executive Vice President, Chief Executive Officer of AMAG Austria Metall AG. Previously he served as Group President for Global Rolling at Alcoa Inc. and a member of the Executive Board at AMAG Austria Metall AG, and held several management positions at VoestAlpine Industrieanlagenbau. He is a member of the Supervisory Boards of Höldmayr International AG and Benteler AG. He is also a member of the Advisory Council of TTTech Industrial Automation AG. Mr Wieser graduated as Dipl.-Ing. in mechanical engineering and economics from Graz University of Technology, Austria.
Mrs Latorre is General Manager for Energy Iberia for Cepsa, S.A.U., where she also served as the Director of Energy Transition and Sustainability for Cepsa. Prior to this, she was responsible for the Shell business in Spain, including the company’s retail, wholesale, and lubricants businesses. Mrs Latorre previously held executive positions at various energy companies, where she held senior executive roles at the European level. She has been involved in energy transition and the transformation of companies pursuing opportunities in this field. She is a Board Member at BG Energy Iberian Holding S.L.U. and as Advisory Board Member at Marsi Bionics S.L. In addition, she is a member of the Strategy Advisory Board of Programa Mujer e Ingeniería. Mrs Latorre holds a degree in industrial engineering from Universidad Politécnica de Madrid, Spain. In 2021, Forbes included Mrs Latorre in the "100 Most Trailblazing Women in Spain" list.
Mrs Luca de Tena started her professional career at Bankers Trust, where she worked for 13 years, holding several executive positions. She then served as Deputy CEO for the Banco Hispano do Investimento in Lisbon.## 8. Javier Petit Asumendi
Mr Petit is CEO of Aracnet Partners, an independent company founded by professionals from the investment banking sector. He began his professional career at Banco Urquijo in 1985, where he held positions including Head of Treasury and Capital Markets and General Manager in 1989. In 1992, he led the merger of Banca Mayorista de Banco de Progreso and Banco Urquijo, and continued for a further four years as General Manager of Banco Urquijo. During these years, he represented the bank on the Boards of Media Planning, Urquijo Correduría de Seguros and Torrenova de Inversiones SICAV. In 1996, he joined Banco Cooperativo Español as General Manager, a position he has held for the last 21 years. He has been Director of Ausur (Concesionaria de Autopistas), Chairman of Espiga Gestión (Private Equity), member of the Steering Committee of Unico Banking Group (European Cooperative Central Banks) and member of the Board of Directors of the Financial Markets Association. Mr. Petit holds a dual degree in business administration and economics from Universidad Complutense de Madrid, Spain.
Mrs Fuchs is the Board Secretary and Group’s General Counsel. She joined Befesa in 2008. Prior to joining Befesa, she was a senior associate at Hogan Lovells International LLP in the corporate M&A department. She studied law at the University of Trier, Germany, and a Master of Laws (LL.M.) in international business law at the University of Chicago, US. She successfully completed the programmes for management development (PMD) and ESG for board members at ESADE Business School, Spain.
01 Befesa at a glance
02 To Befesa’s shareholders
03 Management report
04 Sustainability
05 Consolidated financial statements
06 Statutory financial statements
07 Additional information
| Name | Position | Nationality | Year of birth | First appointment | Renewal | End of term |
|---|---|---|---|---|---|---|
| Mr Javier Molina Montes | Executive Chair | Spanish | 1959 | 10 May 2017 | 10 May 2023 | AGM to be held in 2026 approving the annual accounts for the year ending on 31 December 2025 |
| Mr Asier Zarraonandia Ayo | CEO | Spanish | 1967 | 24 May 2021 (co-optation) | 2026 |
| Name | Position | Nationality | Year of birth | First appointment | Renewal | End of term |
|---|---|---|---|---|---|---|
| Mrs Frauke Heistermann | Independent Director | German | 1971 | 10 May 2017 | 10 May 2023 | AGM to be held in 2026 approving the annual accounts for the year ending on 31 December 2025 |
| Mr Georg Graf Waldersee | Lead Independent Director, Chair of the Audit Committee | German | 1955 | 10 May 2017 | 10 May 2023 | |
| Mr Helmut Wieser | Independent Director, Chair of the Nomination & Remuneration Committee | Austrian | 1953 | 24 May 2021 (co-optation) | 2026 | |
| Mrs Natalia Latorre Arranz | Independent Director, Chair of the Sustainability Committee | Spanish | 1975 | 10 May 2023 | ||
| Mrs Soledad Luca de Tena | Independent Director | Spanish | 1961 | 21 June 2022 (co-optation) | ||
| Mr Javier Petit Asumendi | Independent Director | Spanish | 1959 | 24 May 2021 (co-optation) | Provisional appointment until the audited and approved financial statements of the year ending on 31 December 2024, and to be submitted for approval at the next AGM, currently scheduled for 19 June 2025 |
The Board of Directors is composed of individuals with the necessary qualifications, experience and background to adequately perform the duties of the Board of Directors. The standards of good corporate governance are a high priority at Befesa and forms the basis of all its activities.
As a Luxembourg société anonyme – société anonyme companies are incorporated under Luxembourg law and registered on a regulated market in Germany – Befesa S.A. is not required to adhere to the Ten Principles of Corporate Governance of the Luxembourg Stock Exchange. These principles apply to companies listed and admitted to trading on the regulated market of the LuxSE, or to those governed by the German corporate governance regime, applicable to stock corporations trading on the German Stock Exchange. Therefore, in light of the aforementioned legal framework, Befesa’s Board has not adopted the German Corporate Governance Code iure proprio but has implemented its principles and recommendations of the German Corporate Governance Code voluntarily, with a view to best corporate governance practices. Befesa’s Board structure, the Articles of Association of Befesa S.A. and their respective duties reflect the best practices for corporate governance. Befesa’s corporate governance system is based on the principles of the Board of Directors and updated to incorporate the latest practices in corporate governance. Befesa places a strong emphasis on:
Befesa is committed to adhering to good corporate governance practices that provide for the necessary decision-making processes and controls to balance the interests of all stakeholders, thereby ensuring the long-term success of Befesa. The main corporate bodies are the Board of Directors and the General Meeting of shareholders. Befesa currently has a majority of Independent Directors on the Board of Directors. All the members of the Audit Committee, the Nomination & Remuneration Committee and the Sustainability Committee are independent. To enhance transparency regarding executive compensation, Befesa discloses the compensation of each member of the Board of Directors and its committees, the remuneration received in 2024. Befesa ensures that its shareholders can exercise their rights before or during the General Meeting, as provided for by Luxembourg corporate law and Befesa’s Articles of Association, and thus exercising their voting rights. Details of the above-mentioned items can be found online.
All proposals for the members of the Board of Directors of Befesa S.A. are made on the basis of individual merit. All Directors need to have the required professional, personal and ethical qualities, background, experience, diversity – including gender – and the ability to adequately perform the duties of the Board of Directors. The selection and appointment process of Directors generally takes into account the following criteria:
Befesa places a strong emphasis on recruiting experienced professionals who possess strong strategic and problem-solving skills, and strong interpersonal and negotiation skills. In addition, the representation of a mix of cultural and educational backgrounds offers a variety of perspectives on Company issues. Therefore, while there are no specific requirements, there should be members of the Board of Directors. For Befesa, diversity means combining different nationalities and backgrounds in the Board of Directors. This approach is explicitly stated in Befesa’s HR and equality policy. Different Directors are expected to exercise their duties in accordance with the duties and responsibilities of the Board of Directors. Befesa ensures that the members of each Board Committee have the relevant skills based on their curriculum vitae, who are able to effectively discharge their duties.
| Name | Position | Status | Gender | Nationality | Year of birth | Industrial operations | Risk management, finance, audit | Environmental, health & safety | Business strategy | Ethics, governance & compliance |
|---|---|---|---|---|---|---|---|---|---|---|
| Mr Javier Molina Montes | Executive Chair | Executive | Male | Spanish | 1959 | |||||
| Mr Asier Zarraonandia Ayo | CEO | Executive | Male | Spanish | 1967 | |||||
| Mrs Frauke Heistermann | Member of the Audit Committee and member of the Sustainability Committee | Independent | Female | German | 1971 | X | X | |||
| Mr Georg Graf Waldersee | Lead Independent Director, Chair of the Audit Committee | Independent | Male | German | 1955 | X | ||||
| Mr Helmut Wieser | Chair of the Nomination & Remuneration Committee and member of the Sustainability Committee | Independent | Male | Austrian | 1953 | X | ||||
| Mrs Natalia Latorre Arranz | Chair of the Sustainability Committee and member of the Audit Committee | Independent | Female | Spanish | 1975 | X | X | |||
| Mrs Soledad Luca de Tena | Member of the Nomination & Remuneration Committee | Independent | Female | Spanish | 1961 | |||||
| Mr Javier Petit Asumendi | Member of the Nomination & Remuneration Committee | Independent | Male | Spanish | 1959 |
Befesa’s Board of Directors has the size and structure necessary to effectively perform its duties and maximise participation, in accordance with Befesa’s Articles of Association. Befesa also emphasises the importance of corporate governance, which is a crucial element of the strategy implemented by the Board of Directors. According to the Articles of Association, the Board of Befesa S.A.# Directors
Directors are appointed for a term of office not exceeding six years. Each director is appointed by the General Meeting, is eligible for reappointment and may be removed by a resolution of the General Meeting. In the event of a vacancy on the Board of Directors, the Directors may elect by co-optation a new director to fill the vacancy until the next General Meeting, which shall ratify such co-optation or elect a new director.
The Board of Directors of Befesa S.A. is currently composed of eight Directors: the Executive Chair, the CEO, and six non-executive Independent Directors. As a result, Befesa’s Board of Directors is composed of a strong majority of eight Directors, with six Independent Directors out of a total of eight Directors, thus resulting in 75% of Board’s Directors being independent, ensuring a strong balance of perspectives and oversight. In terms of gender representation, one third of the Board’s Directors are women. This represents 37.5% of the total number of directors in place at the date of this report.
The Board of Directors shall appoint from among its members a Chairman of the Board of Directors. If an Executive Director is elected as Chair, the Chair shall have the status of Executive Chair of the Company. Consequently, the Company shall appoint an Independent Director of the Company as long as the Chair of the Board of Directors is not an Independent Director. The Independent Directors shall choose from among the Independent Directors the Lead Independent Director. As mentioned above, all Directors have been selected based on the criteria of complementarity, balance, diversity and nationality.
| Name | Position | Status | Gender | Nationality | Year of birth | Industrial operations | Risk management, finance, audit | Environmental, health & safety | Business strategy | Ethics, governance & compliance |
|---|---|---|---|---|---|---|---|---|---|---|
| Mr Javier Molina Montes | Executive Chair | Executive | Male | Spanish | 1959 | |||||
| Mr Asier Zarraonandia Ayo | CEO | Executive | Male | Spanish | 1967 | |||||
| Mrs Frauke Heistermann | Member of the Audit Committee and member of the Sustainability Committee | Independent | Female | German | 1971 | |||||
| Mr Georg Graf Waldersee | Lead Independent Director, Chair of the Audit Committee | Independent | Male | German | 1955 | |||||
| Mr Helmut Wieser | Chair of the Nomination & Remuneration Committee and member of the Sustainability Committee | Independent | Male | Austrian | 1953 | |||||
| Mrs Natalia Latorre Arranz | Chair of the Sustainability Committee and member of the Audit Committee | Independent | Female | Spanish | 1975 | |||||
| Mrs Soledad Luca de Tena | Member of the Nomination & Remuneration Committee | Independent | Female | Spanish | 1961 | |||||
| Mr Javier Petit Asumendi | Member of the Nomination & Remuneration Committee | Independent | Male | Spanish | 1959 |
The Board of Directors holds meetings at least four times a year and extraordinary meetings can be convened by the Executive Chair or the majority of the Directors, always with prior notice to all directors. The quorum for a valid meeting of the Board of Directors is the presence or the representation of at least half of the Directors. Any resolution passed shall require the absolute majority of the Directors present or represented. The Executive Chair or the Chair of the Board of Directors does not have a casting vote in case of a voting tie.
The Board of Directors met on eight occasions in 2023, with a meeting attendance rate of 96.3%.
To strengthen Befesa’s corporate governance, the Board of Directors has decided to delegate to its committees the examination and monitoring of specific areas of its activity, appointed from among its members and responsible for examining and monitoring areas of particular importance:
Each committee shall meet as often as its members deem necessary, with the Chair thereof convening the meetings. During 2024, the Audit Committee met on five occasions, the Nomination and Remuneration met on four occasions and the Sustainability Committee met on three occasions. All committees had a 100% attendance rate, with the exception of the Sustainability Committee, which had a 91.75% attendance rate.
The Audit Committee consists of Mr Georg Graf Waldersee (Chair), Mrs Frauke Heistermann and Mrs Natalia Latorre Arranz. All members are independent. This committee is responsible for:
Mr Helmut Wieser (Chair), Mrs Soledad Luca de Tena and Mr Javier Petit Asumendi are the members of this committee, all of whom are independent. Mr Javier Petit Asumendi has been appointed as a member of this committee from his appointment as director of the Board of Directors. The Nomination and Remuneration Committee ensures that the Directors have the necessary complementary skills, experience and dedication to perform their responsibilities. This enables the Board of Directors of Befesa S.A. to have an appropriate balance in its composition and independent decision-making capabilities, taking into account Befesa and its environment, activities, strategy and risks, contributing to a better performance of its functions.
In addition, the committee is responsible for:
The Nomination and Remuneration Committee is responsible for the implementation of policies, appointments and dismissals of the daily managers of Befesa S.A., and for proposing to the General Meeting of shareholders suitable candidates for their recommendation to be appointed as members of the Board of Directors.
The Sustainability Committee is made up of exclusively independent members: Mrs Natalia Latorre Arranz (Chair), Mrs Frauke Heistermann and Mr Helmut Wieser. The Sustainability Committee is responsible for overseeing all matters of the Company and its subsidiaries related to environmental protection, carbon emissions reduction and energy-saving targets and plans, together with the measures that are being made to the Board.
The Sustainability Committee is responsible for:
| Board of Directors Presence | 96.3% |
|---|---|
| Mr Javier Molina Montes | 100.0% |
| Mr Asier Zarraonandia Ayo | 100.0% |
| Mrs Frauke Heistermann | 100.0% |
| Mr Georg Graf Waldersee | 100.0% |
| Mr Helmut Wieser | 100.0% |
| Mrs Natalia Latorre Arranz | 100.0% |
| Mrs Soledad Luca de Tena | 100.0% |
| Mr Javier Petit Asumendi | 100.0% |
| Mr José Domínguez Abascal | 67% |
| Audit Committee Presence | 100% |
| Mr Georg Graf Waldersee | 100.0% |
| Mrs Frauke Heistermann | 100.0% |
| Mrs Natalia Latorre Arranz | 100.0% |
| Nomination & Remuneration Committee Presence | 100% |
| Mr Helmut Wieser | 100.0% |
| Mrs Soledad Luca de Tena | 100.0% |
| Mr Javier Petit Asumendi | 100.0% |
| Mr José Domínguez Abascal | 100% |
| Sustainability Committee Presence | 91.75% |
| Mr José Domínguez Abascal | 67% |
| Mrs Natalia Latorre Arranz | 100.0% |
| Mrs Frauke Heistermann | 100.0% |
| Mr Helmut Wieser | 67% |
All General Meetings of shareholders convened by Befesa S.A. shall be held in the Grand Duchy of Luxembourg at the registered office of Befesa S.A. or at such other place in the Grand Duchy of Luxembourg as shall be specified in the convening notice of the meeting. It may be held abroad if, in the judgement of the Board of Directors, circumstances of force majeure so require.
The convening notice (including the agenda) to the General Meeting, the reports and any other documents required for the meeting are published on the corporate website of Befesa S.A., included under the investors section of Befesa’s website, in the Recueil Electronique des Sociétés et Associations and in a Luxembourg newspaper of wide circulation, with at least thirty days’ notice before the meeting, unless the Articles of Association and applicable law provide otherwise.
The Ordinary General Meeting of Shareholders shall hold its meetings with an unrestricted number of shareholders, provided that those shareholders attending represent at least half of the share capital of Befesa S.A. and that the resolutions require the approval of a two-thirds majority of the votes cast.
The Board of Directors of Befesa S.A. is responsible for presenting the consolidated financial statements and the annual accounts at the AGM. The approval of the consolidated financial statements and individual accounts of Befesa S.A., the allocation of results, the determination of the dividend, the appointment of the independent auditor and the discharge of the members of the Board of Directors are, among others, some of the resolutions adopted at the AGM.The Board of Directors may convene General Meetings (in addition to the AGM) and it must do so if shareholders representing at least ten per cent (10%) of the share capital of Befesa S.A. have made a request in accordance with the Articles of Association and applicable law. The shareholders of Befesa S.A. exercise their voting rights at the AGM (or at any other General Meeting validly convened). Each share entitles the holder to attend all General Meetings, either in person or by proxy, to address the General Meeting and to exercise their voting rights. Each share entitles the holder to one vote. Befesa S.A. ensures equal treatment of all shareholders. There is no minimum shareholding required to be able to attend or to vote at a General Meeting. In addition, the right of any shareholder to participate in any General Meeting and to exercise the voting rights attached to their shares is determined by the number of shares held by the shareholder at the end of the 14th day prior to the date of the General Meeting. Shareholders holding – individually or collectively – at least five per cent (5%) of the issued share capital of Befesa S.A. have the right to (i) put items on the agenda of the General Meeting, and to (ii) present drafted resolutions for items included or items to be added to the agenda of the General Meeting. A relevant request must be received by Befesa S.A. by the 22nd day prior to the General Meeting.
Ordinary and extraordinary resolutions
Ordinary and extraordinary resolutions are adopted by the shareholders at the General Meeting. Extraordinary resolutions relate to proposed amendments to the Articles of Association and certain other limited matters. All other resolutions are, as a general rule, ordinary resolutions. Extraordinary resolutions are generally required for the following matters, among others:
For any extraordinary resolution to be considered at a General Meeting, the quorum shall be fifty per cent (50%) of Befesa’s issued share capital. If the quorum is not met, a second General Meeting shall be convened, where no quorum shall be required. At least a majority of the votes validly cast must approve such a resolution. Abstentions are not taken into account for the calculation of the majority.
Shareholders 64 Befesa Annual Report 2024
Dividend rights
Pursuant to the Articles of Association, Befesa S.A. must allocate at least five per cent (5%) of its net profits to a legal reserve until the reserve reaches ten per cent (10%) of Befesa S.A.’s subscribed share capital. Such a contribution ceases to be compulsory as soon as and as long as the legal reserve reaches ten per cent (10%) of Befesa S.A.’s subscribed share capital. Moreover, it may become compulsory again if the legal reserve falls below twenty-five per cent (25%) of its issued share capital.
The General Meeting may decide to allocate to the reserve or to a provision such part of the net profits as it may deem appropriate, and to carry forward as is the remainder to a reserve or to a provision determined by it, provided that the shareholders may receive interest on their shares, provided further that the amount carried forward shall not exceed the amount of divisible profits. Shareholders shall be entitled to such distributions of the remainder of the distributable profits as determined by the General Meeting.
Except as otherwise provided for in the Articles of Association or in any applicable law, the Board of Directors may resolve that Befesa pays out an interim dividend to shareholders. The Board of Directors shall set the amount and the date of payment of the interim dividend.
Liquidation rights
The Company may be dissolved by a resolution of the General Meeting provided that the quorum and the majority rules set for any amendment of the Articles of Association are met. Should the Company be liquidated, its liquidation shall be carried out by the Board of Directors or other person(s) appointed by the General Meeting. The General Meeting shall also decide the remuneration (if any) of those other person(s). After settlement of all the debts and liabilities of the Company, including the expenses of liquidation, the net liquidation proceeds shall be distributed to the shareholder(s) in proportion to the nominal value of their shares, as set out for dividend distributions.
01 Befesa at a glance
02 To Befesa’s shareholders
03 Management report
04 Sustainability
05 Consolidated financial statements
06 Statutory financial statements
07 Additional information
65Befesa Annual Report 2024
Compliance management system
The CMS is an integral part of Befesa’s organisational structure, reflecting the company’s commitment to conducting its business in compliance with all applicable laws and regulations and ethical values. The core of the ethics and compliance programme at Befesa is the code of conduct. Befesa’s code of conduct provides the legal and ethical framework for all employees, directors and other stakeholders, outlining the standards of behaviour and business practices expected from them. The code of conduct applies to all employees and reinforces the importance of integrity and responsible conduct in all business dealings and interactions with third parties. In addition, Befesa has implemented a number of compliance policies, such as a Group security dealing code. This ensures continuous training in compliance matters. More information on Befesa’s CMS can be found in the sustainability statement.
Risk management system
Befesa has established internal procedures that are described in more detail in the risk management section of this Annual Report. The risk management process is embedded in Befesa’s governance and is an integral part of Befesa’s RMS. This is explained in detail in the «Risk and opportunities» and «Capital management» sections of this Annual Report.
Independent auditors
Pursuant to the Articles of Association, the statutory auditor (réviseur d’entreprises agréé) shall audit the consolidated financial statements and the annual individual financial statements of Befesa S.A. as well as the annual individual accounts of Befesa S.A., and shall issue a report thereon. The statutory auditor is appointed by the shareholders at the AGM. The AGM held on 20 June 2024 approved the appointment of KPMG Audit S.à r.l. as the approved statutory auditor (réviseur d’entreprises agréé) for the financial year ending 31 December 2024. KPMG Audit S.à r.l. has audited the annual consolidated financial statements and the annual individual accounts of Befesa S.A. for the financial year ending 31 December 2019 (i.e. for a period of six years).
Others
Befesa provides a Group insurance cover for all the members of Befesa, including the members of the Board of Directors. The policy is taken out annually. It covers the personal liability of directors and officers in respect of acts committed or alleged to have been committed in their capacity as directors and officers of Befesa. Further information about the remuneration of the members of Befesa’s Board of Directors can be found in the remuneration policy available in the corporate governance section of Befesa’s website (www.befesa.com/en/investors/corporate-governance/).
Other corporate governance practices 66 Befesa Annual Report 2024
Luxembourg law on takeover bids
The unconditional mandatory takeover bids regime of Luxembourg law, governed by the law of 19 May 2006.
a. Share capital structure
Befesa S.A. has issued one class of shares that is admitted to trading on the Frankfurt Stock Exchange. No other voting securities or securities convertible into shares have been issued. The issued share capital as of 31 December 2024 amounts to €111,047,595.14, represented by 39,999,998 ordinary shares, each fully paid up.
b. Transfer restrictions
As of the date of this Annual Report, all Befesa S.A.’s shares are freely transferable.
c. Major shareholding
Based on the various major holding notifications received by Befesa S.A. since the listing of its shares on the Frankfurt Stock Exchange, the following shareholders hold at least five per cent (5%) of the total voting rights attached to Befesa S.A.’s share capital:
| Name of shareholder (direct or indirect) | Date on which the threshold was crossed or reached | % of voting rights in the share capital of Befesa |
|---|---|---|
| Alba Europe S.à.r.l., Luxembourg, Grand Duchy of Luxembourg | 30 October 2024 | 10.01% |
| Allianz Global Investors GmbH, Frankfurt, Germany | 4 January 2023 | 9.99% |
| Global Portfolio Investments, S.L., Madrid, Spain | 17 June 2021 | 5.41% |
d. Special control rights
All the issued and outstanding shares, which are ordinary shares, carry voting rights. Befesa S.A. has not issued any securities granting any special control rights or disproportionate voting rights.
e. Control system in employees’ share scheme
This is not applicable. Befesa S.A.’s shares are not traded on any regulated market in relation to section e) of article 11 of the Luxembourg law on takeover bids of 19 May 2006.
f. Voting rights
Each issued share of Befesa S.A. entitles the holder to one vote at the General Meeting of the shareholders. The Articles of Association of Befesa S.A. do not contain any restriction on voting rights. Pursuant to the Articles of Association, a Record Date for admission to a General Meeting of shareholders is fixed at 4:00 PM Luxembourg time on the 14th day preceding the date of the relevant General Meeting of the shareholders (the "Record Date"). Only shareholders holding shares on the Record Date are entitled to participate at the relevant General Meeting. In addition, a shareholder wishing to participate at a General Meeting shall notify Befesa of their intention to do so by means of a written notice sent to the registered office of Befesa and/or its depository agent by no later than the Record Date, together with supporting documents that may be required to prove ownership of the shares.
g.# Other corporate governance practices
Befesa’s Board of Directors has no information about any agreements restricting the transfer of Befesa S.A.’s shares. The shares issued by Befesa S.A. are freely transferable, in accordance with the French Commercial Code applicable to shares in dematerialised form. The Board of Directors is also not aware of any agreements that may result in restrictions on voting rights.
Rules governing the appointment and the replacement of the members of the Board of Directors and changes to the Articles of Association are set out in articles 11 and 32 of the Articles of Association of Befesa S.A. This document is available at http://www.befesa.com/investors/corporate-governance/statutes/ Articles of Association.
The powers of the Board of Directors are regulated in articles 6, 12 and 13 of the Articles of Association of Befesa S.A. The Articles of Association are available at http://www.befesa.com/investors/corporate-governance/statutes/.
With the exception of the senior facility agreement signed on 18 July 2024, no other agreements have been entered into with related parties or are subject to change of control of Befesa S.A. in relation to a listing.
The Executive Directors do not have any special agreements with Befesa S.A. but have signed service agreements which provide for severance pay in various scenarios. In any case, such severance payments shall not exceed the total annual remuneration of the Executive Directors, consisting of the base salary, the annual bonus and the long-term variable remuneration. For further information, please refer to the Remuneration Policy, available at http://www.befesa.com/investors/corporate-governance/remuneration-policy/. The service agreements signed by the Non-Executive Directors with Befesa S.A. do not provide for any compensation in the event of termination of office for any reason or in the event of termination of employment by Befesa S.A. without just cause.
Befesa continues to support local communities through projects, competitions, and activities that contribute to local development and cohesion between the staff. From sponsoring little activities like local races for young people to large-scale humanitarian initiatives like the Befesa Community Fund in US, the company remains committed to making a difference.
The company once again organized its Charity Project Contest. For the first time, employees had the opportunity to vote for their favourite initiatives. In the end, three projects were selected:
Each of these initiatives plays a crucial role in supporting families and children facing difficult circumstances, reinforcing Befesa's commitment to meaningful social impact.
Once again, Befesa reinforced its commitment to inclusion in sports by sponsoring, for another year, the participation of an adaptive athlete to compete as a skipper in a sailing regatta. The Fundación IN (Adapted Sports Foundation), founded by him, is dedicated to promoting access to sports for people with disabilities, offering support for athletes in their training and competitions.
Befesa's commitment to autism advocacy remains strong. The company has continued sponsoring the University of Seville’s Autism Research Chair, contributing to research, training, and innovation in autism-related studies. Beyond sponsorship, Befesa has also supported Autismo Sevilla and its Respiro Familiar initiative, which provides temporary relief to families caring for individuals with autism, offering moments of respite ensuring specialized care for their loved ones.Befesa has also supported various organizations, including:
* Mamás en Acción: Provide emotional and physical support to patients who do not have families to accompany them.
* La Cuadri del Hospi: A foundation that assists children undergoing hospital treatment with emotional and physical support.
* INTRAS Valladolid: An organization dedicated to the social and labor inclusion of people with disabilities.
* Ningún Niño sin Sonrisa: A charity that ensures underprivileged children receive gifts and support during Christmas and back to school time.
Youth Sports and Community Engagement
The production plants have also sponsored and invested in local youth sports teams, including youth football, basketball, and wrestling teams in Sweden, Germany, Spain, and the US. Befesa has sponsored cycling races, charity golf tournaments, and supported local events such as festivals, Christmas markets, and children’s activities in Germany and the US. Employees have actively participated in volunteer work, including supporting and cleaning senior centers in Korea. Befesa has also contributed to educational programs in the US, Spain, Germany, and Sweden.
During 2024, an effort was made to support a range of local initiatives in Palmerton and surrounding areas through the Befesa Community Fund, the philanthropic initiative managed by Befesa Zinc in Palmerton, Pennsylvania. The Befesa Community Fund continues to play a vital role in supporting local initiatives in Palmerton and surrounding areas.
In 2024, the employees voted on various organizations, supporting projects such as park improvements, safety enhancements, educational programs, and facility upgrades.
Befesa Annual Report 2024
Befesa has also collaborated as a sponsor of DalecandELA’s 650 km tandem bike journey through Death Valley to raise funds and awareness for ALS research. This challenge symbolizes the struggle of researchers to find a cure for ALS. The initiative honors scientists who are working to find a cure and inspire future generations.
Environmental Initiatives
Environmental responsibility remains a key focus for Befesa.
* The company organized the Corporate HSE Environmental Award, which recognizes and rewards the best environmental initiatives within the company, including the Eibar Forest Restoration Project. This initiative focused on reforesting a damaged natural area, restoring local biodiversity, and promoting sustainable land management. Employees were encouraged to submit projects, and the entire Befesa team had the opportunity to vote for their preferred initiative.
* On a smaller scale, local plants have supported environmental programs, such as a duck protection initiative in the US and various eco-friendly activities in Korea.
Disaster Relief and Charitable Giving
Befesa has extended the support provided to those suffering from the effects of Hurricane Helene in the US, providing essential resources to those impacted. In addition, the plants have made donations during special occasions such as Christmas and Thanksgiving, helping families in need during these important times of the year.
In 2024, following the Winter Greetings Contest, each of the winning departments at Befesa Spain chose a charity to receive a symbolic donation on their behalf. The selected charities represent organizations that address the most pressing societal needs.
* Amity Foundation (China): Provides humanitarian aid, healthcare, and poverty alleviation programs across China.
* Unoentrecienmil (Spain): A foundation supporting research and assistance programs for children’s cancer. Each of the winning departments, following the Step Challenge in the month of February. This initiative encourages the employees to stay active because physical activity leads to better health. The employees were then given the opportunity to donate €3,000 to a charity of their choice.
In 2024, the employees of Franquesas, and they chose to support Asociación Española Contra el Cáncer, dedicating their donation to a pediatric cancer research program. This donation contributes to advancing treatments and improving the quality of life for children battling cancer.
Inspired by the goal of promoting well-being and mental health, and to foster a sense of community, the employees of Befesa France organized a Sleep Hygiene Workshop.
To inspire creativity and promote well-being, Befesa Germany held a "Design Your Own" contest.
A Small Contribution, A Big Impact
With a dedicated focus on its corporate social responsibility, Befesa continues striving to make a positive impact, contributing to support inclusion, education, environmental sustainability, and humanitarian aid.
Overview of CSR Contributions in 2024
This table presents a summary of the total expenditure on Corporate Social Responsibility (CSR) initiatives carried out by the company in 2024. It details the amounts spent across three key categories: Humanitarian and Social Projects, Education and Culture, and Sponsorship, demonstrating Befesa’s commitment to these areas.
| 2024 | |
|---|---|
| Humanitarian and social projects | 130.197 € |
| Education and culture | 40.360 € |
| Sponsorship | 93.558 € |
| Total donations and sponsorships | 264.115 € |
01 Befesa at a glance
02 To Befesa’s shareholders
03 Management report
04 Sustainability
05 Consolidated financial statements
06 Statutory financial statements
07 Additional information
71Befesa Annual Report 2024
04 Sustainability statement
76 General disclosures
112 Environmental
112 EU Taxonomy
154 Social
178 Governance
192 Independent auditor’s report
Befesa Annual Report 202472
01 Befesa at a glance
02 To Befesa’s shareholders
03 Management report
04 Sustainability
05 Consolidated financial statements
06 Statutory financial statements
07 Additional information
73Befesa Annual Report 2024
Sustainability statement
In 2024, Befesa has prepared in this 2024 Annual Report a sustainability statement in accordance with the Corporate Sustainability Reporting Directive (CSRD) and the European Sustainability Reporting Standards (ESRS). This report has been voluntarily audited to strengthen Befesa’s commitment to transparency and accountability. The independent auditor’s report section of the sustainability statement has performed limited assurance of this sustainability statement (the independent auditor’s report section of the sustainability statement). This report provides a comprehensive disclosure of Befesa’s ESG performance, ensuring compliance with the upcoming regulatory requirements and demonstrating the company’s dedication to sustainable business practices. Here, Befesa’s board of directors demonstrates its strong commitment to integrating key sustainability factors into its strategy and operations, assessing its impacts, risks and opportunities.
To ensure relevance, comparability and reliability, Befesa ensures that its stakeholders have access to clear, standardised and verifiable reporting. This report marks an important step in enhancing transparency and accountability, supporting the Company’s role as a global leader in circular economy solutions. The sustainability statement information provided is based on the double materiality assessment on sustainability topics completed by Befesa in 2024, and all material data points requested by the regulation has been consolidated by Befesa’s sustainability material topics. Befesa is committed to transparency, sustainability and responsible corporate governance.
74 Befesa Annual Report 2024
75Befesa Annual Report 2024
01 Befesa at a glance
02 To Befesa’s shareholders
03 Management report
04 Sustainability
05 Consolidated financial statements
06 Statutory financial statements
07 Additional information
General disclosures
BP-1 General basis for preparation of the sustainability statement
This sustainability statement has been prepared on a consolidated basis, including the parent company Befesa S.A. and all subsidiaries controlled by Befesa S.A., and which are included in the consolidated financial statements. The consolidated quantitative ESG data comprises the parent company Befesa S.A. and subsidiaries controlled by Befesa S.A., and entities that are considered to have a significant impact on the company’s sustainability. In this respect, risks and opportunities extend to its upstream and downstream value chain principle (more info in section IRO-1). Befesa has not used the option to omit any piece of information corresponding to intellectual property, trade secrets or know-how where disclosure would adversely affect its commercial interests.
BP-2 Disclosures in relation to specific circumstances
Befesa will disclose in its 2024 Annual Report a notification for its sustainability statement in all sections of this report. In case that there are metrics that include specific thresholds, any of these can be explained in the corresponding document section. In case that there are disclosures that include specific thresholds, any of these can be explained in the corresponding document section.
In case of potential data limitations, they are presented, and if this information is uncertain. The main change in the preparation and presentation in 2024 is the adaptation to the CSRD regulation and ESRS standards. If there is a potential data gap or inconsistency, they will be explained in the corresponding document section related to the ESG topic. Befesa informs the sections of the consolidated financial statements which are aligned to the disclosures provided in the CSRD Regulation and the EU Taxonomy Regulations and the SFDR Regulation. No incorporation by reference have been made.
GOV-1/GOV-2 Role of management and sustainability matters addressed
The Board of Directors of Befesa S.A. consists of nine members: one Chairman, two Executive Directors (Executive Chair and CEO) and six Non-Executive Directors. There are no employee representatives on the Board of Befesa S.A. In terms of gender representation, the Board of Directors includes three female board members out of a total of eight members, representing 37.5%. Befesa’s Board of Directors consists of six independent non-executive board members out of a total of eight members, representing 75%. The Board of Directors of Befesa S.A.# Befesa Annual Report 2024
The Board of Directors is responsible for defining the overall strategy of the Company, including its sustainability strategy. The Board of Directors is responsible for defining the overall strategy of the Company, including its sustainability strategy, the strategic direction and control of Befesa’s operations and businesses, including oversight of impacts, risks and opportunities, and sustainability matters.
Diverse industry experience and strategic oversight:
* Members such as Georg Graf Waldersee (accounting and auditing, risk management and compliance), Javier Petit Asumendi (investment banking) and Soledad Luca de Tena (corporate governance in media) bring financial and governance expertise, ensuring robust decision-making.
* Frauke Heistermann (supply chain and digitalisation) and Helmut Wieser (industrial and manufacturing sectors, in particular energy and waste management, health and safety, and accident prevention) bring technical and operational perspectives that are crucial for sustainability-related transformations.
* Natalia Latorre Arranz (energy transition) has direct ESG expertise, experience in corporate transformation, environmental products and corporate sustainability strategies.
Relevance to material impacts, risks and opportunities:
* Several members have expertise in sectors highly impacted by ESG matters, such as energy, industry and waste management.
* Natalia Latorre Arranz’s experience in energy transition and corporate transformation is particularly relevant for addressing climate- related risks and opportunities.
* Frauke Heistermann’s background in digital transformation and supply chain management contributes to sustainable logistics and operational efficiencies.
* Georg Graf Waldersee’s auditing and financial expertise ensures transparency and accountability in sustainability reporting.
Access to additional expertise and development initiatives:
* Many members serve on advisory boards, supervisory boards and committees, allowing for continuous learning and knowledge sharing on relevant industry best practices and emerging trends.
* Board members such as Natalia Latorre Arranz provide in advisory roles related to sustainability (e.g. Marsi Bionics, Strategy Advisory Board of Programa Mujer e Ingeniería), and leverage their extensive experience and expertise.
* Membership in various supervisory bodies suggests exposure to ongoing training, industry developments and regulatory updates.
| Member | Position | Tipology | Committee |
|---|---|---|---|
| Javier Molina | Executive Chair | Executive | |
| Asier Zarraonandia | CEO | Executive | |
| Javier Petit Asumendi | Independent Director | Non-executive | Member of the Nomination & Remuneration Committee |
| Georg Graf Waldersee | Lead Independent Director | Non-executive | Audit Committee Chair |
| Frauke Heistermann | Independent Director | Non-executive | Member of the Audit Committee and of the Sustainability Committee |
| Natalia Latorre Arranz | Independent Director | Non-executive | Sustainability Committee Chair and member of the Audit Committee |
| Soledad Luca de Tena | Independent Director | Non-executive | Member of the Nomination & Remuneration Committee |
| Helmut Wieser | Independent Director | Non-executive | Nomination & Remuneration Committee Chair and member of the Sustainability Committee |
The board contracts of Befesa S.A. establish that the Board member agree to comply with the Company’s bylaws, the regulations regulating the internal functioning of the Company and the Board Committees, the dealing code and all other applicable policies of the Company. The Board of Directors brings diverse expertise on financial reporting, digitalization, energy transition, logistics, and industrial engineering. This diverse expertise is particularly relevant for overseeing sustainability matters due to the factors as defined in the company’s ESG strategy.
The explained composition and diversity of the Board of Directors (as defined in its bylaws) contributes to effective oversight. The diverse backgrounds of the board members, particularly in waste management, industry, digitalization, and industrial operations, provide a foundation for addressing material sustainability impacts, risks, and opportunities in line with its Double Materiality assessment (see SBM-3 and IRO-1) in this chapter. Additionally, the access of the Board to external expertise and its commitment to ongoing learning demonstrate a proactive approach to ESG-related matters. The Company has established collaborations to access external sustainability experts, including environmental consultants and other sustainability advisors. These collaborations help to ensure that the Company stays updated on best practices for sustainability-related reporting and management.
According to the Rules of Procedure of the Board of Directors, the Executive Chair is responsible for deciding upon the Company’s sustainability strategy, including CO2 reduction plans, ESG plans and the 5-year Sustainable Development Plan. As outlined in the 2023 ESG Report, the company, led by the Executive Chair and CEO, is committed to voluntarily reporting on compliance with the GRI Standards. The company is conducting a Double Materiality assessment (DMA) and preparing for limited assurance of the ESG content and data by Befesa’s external auditor.
In this context, the Executive Chair has delegated the Chief Financial Officer (CFO) to carry out the Double Materiality Assessment, while the CFO in turn has delegated to the Head of Investor Relations to perform the KPI reporting requirements, determining the level of granularity required, and assessing the internal process for collecting data on the KPIs. The DMA was conducted by an external consultant and led by the CFO of Befesa and the Chief Sustainability Officer. The material impacts, risks, and opportunities resulting from this assessment were presented to the Sustainability Committee, the Audit Committee, and the Sustainability Executive Committee. When presenting to the committees, information is also provided on the performance, metrics, and targets adopted to address the impacts identified in the double materiality assessment. The Board of Directors has been thoroughly informed about the double materiality assessment (DMA) conducted by Befesa in 2024. The list of the material impacts, risks and opportunities addressed by the Board of Directors of Befesa S.A., or their relevant committees during the reporting period is included in the Strategy, Business Model and Value Chain, ESG Risks and Opportunities, and Business Conduct areas of this sustainability report.
The Board of Directors of Befesa S.A. has set up an Audit Committee, a Nomination and Remuneration Committee and to ensure that sustainability is an integral part of the decision-making process, a Sustainability Committee and an Internal Sustainability Committee. The chairs of the Audit Committee, Nomination and Remuneration Committee and the Sustainability Committee report on the meetings of their committees to the Board of Directors.
The Audit Committee, as outlined in its rules of procedure, monitors the effectiveness of the sustainability quality control, the Risk Management System (RMS) and the Compliance Management System (CMS). In addition to its other duties, it is responsible for supervising the RMS and CMS, and to ensure that management is adequately addressing risks and implementing appropriate mitigation measures. For more information see ESRS GOV-1 of Business Conduct.
Befesa has implemented a Risk Management System (RMS) and a Compliance Management System (CMS) to enable managers to analyze, evaluate, and manage risks associated with the Company’s operations. The purpose of the RMS is to provide and shape effective and proportionate risk management, and to facilitate the achievement of the Company's objectives.
A Sustainability Executive Committee has been established, comprising the Executive Chair, CEO, CFO, Vice President of Befesa’s Aluminium Salt Slags Recycling Services Business Unit, regional CEOs of the Steel Dust Recycling Services Business Unit and various corporate managers (inter alia, Head of Sustainability, Chief Financial Officer). This internal committee is responsible for monitoring and overseeing the Sustainability Risk Map of Befesa, in this sense,
The responsibilities of the Sustainability Committee of the Board of Directors include overseeing and monitoring all material questions regarding sustainability, including the implementation of the CO2 reduction plan for 2030 and 2050. The Committee performs the following activities:
1. Review and monitor the Company’s environmental sustainability strategy and its realisation as well as the Company’s environmental sustainability policies, standards and guidelines.
2.Review and monitor the Company’s environmental sustainability achievements in accordance with the targets and guidelines of the Company.
3. Support and provide guidance to the Board of Directors in developing and updating the Company’s policies and procedures relating to environmental sustainability. please refer to GOV-5.
Annually, the risk analysis, risk map, and mitigation actions are submitted to the Audit Committee and Board of Directors. The Audit Committee and the Board of Directors are responsible for the oversight of the Company’s material sustainability impacts, risks and opportunities, together with the Board of Directors. During 2024, the Audit Committee held four meetings.
The Nomination and Remuneration Committee is responsible for ensuring that the Board of Directors has the necessary competencies and skills to address the Company’s strategy and relevant issues and challenges. When recommending suitable candidates to the Board of Directors for election by the General Meeting, the Nomination and Remuneration Committee ensures they have the necessary sustainability expertise, such as experience in environmental matters, corporate governance, and social impact and other sustainability related fields. The Committee strives to ensure a diverse set of skills among board members to oversee the Company’s sustainability strategy and future development.
The Nomination and Remuneration Committee engages external consultants and advisors to support the recruitment process. The Nomination and Remuneration Committee monitors the development of sustainability-related expertise on the Board on an ongoing basis for example by encouraging directors to attend relevant training and courses. The Committee evaluates the board’s sustainability oversight and recommends any necessary changes to ensure that sustainability remains at the forefront of the Company’s strategic decision-making. This assessment includes evaluating the Board’s understanding of ESG trends, regulations, climate change, resource efficiency, circular economy, and supply chain management in the context of Befesa's industry.
The Sustainability Committee is responsible for guiding the Company's strategy and monitoring its performance. The Committee is responsible for advising the Board of Directors on environmental and health and safety, social responsibility, corporate governance, and sustainable business practices. This Board Committee has no executive powers; it focuses on providing advice, and to make proposals and recommendations in the area of sustainability. The Chair of the Sustainability Committee reports to the Board of Directors of the Company. The Sustainability Committee meets at least three times a year.
Befesa has set up an Internal Sustainability Committee responsible for overseeing and managing all matters of the Company and its subsidiaries related to ESG, including environmental protection, climate change, waste management, water usage, biodiversity, employee health and safety, and social responsibility, as well as setting and monitoring ESG targets and reporting, and the achievement of ambitious CO2 reduction targets.
The internal Sustainability Committee is composed of: Executive Chair, CFO & Head of IR, Strategy & Communications, Global EHS Director, HR & CSR Director, General Counsel, and Head of Investor Relations. The Sustainability Committee established by the Board of Directors of Befesa S.A. is regularly informed of the work and discussion made by the internal sustainability committee of Befesa and provides strategic direction on sustainability matters to the internal sustainability committee. During the reporting period, and in line with the Company’s ESG policy (see chapter E1) and the results of the Double Materiality assessment, the internal sustainability committee has addressed:
With expertise in environmental, health and safety management and energy transition, this committee focuses on reducing the environmental impact of Befesa’s activities, particularly greenhouse gas emissions. Taking into consideration the Double Materiality assessment and the company's Climate Action Plan and by overseeing carbon reduction strategies and investment in clean technologies, the Committee helps the Company in successfully navigating regulatory challenges and positions it to capitalize on emerging opportunities, such as production of green steel and the use of hydrogen in industrial processes.
The remuneration system of the Non-Executive Directors of the Board of Directors of Befesa S.A. does not include any fixed or variable compensation from Befesa S.A. The compensation of the non- executive members of the Board of Directors is approved on a yearly basis by the General Meeting of Befesa S.A.
Contrary to the remuneration system of the Non-Executive Directors, the remuneration system of the Executive Directors of the Board of Directors of Befesa S.A. includes both fixed, and variable, performance-related remuneration instruments (see table on the right).
For the Remuneration Policy 2023, the ESG performance criteria used in the variable instruments of the remuneration of the Executive Directors of Befesa S.A. are based on market best practices, the recommendations from a leading ESG consultancy firm and Befesa’s sustainability strategy. The variable remuneration is linked to the achievement of targets in three key areas:
| Instruments of Executive Directors’ remuneration for reporting period (FY 2024) | Fixed instruments | Variable instruments
## One-year variable remuneration
* **Performance period:** 1 year
* **Criteria:** 2024 – 40% EBITDA – 20% Net debt – 20% ESG – 20% Financial targets execution.
* **Performance scale:** 0–200% of target value (cap)
## Long-term variable remuneration
* **Performance period:** 3 years
* **Criteria for Tranche V of LTI (3-year performance period 2022–2024):** – 70% performance- based (Performance Stocks) and 30% retention-based (Restricted Stocks).
* **The performance-based component of the LTI:** – 50% Relative TSR – 30% EBITDA CAGR – 20% Strategic ESG targets.
* **Performance scale:** 0–200% of target value (cap)
The Restricted Stocks contain a service condition so that they are subject to continuous employment over the 3-year performance period. Information on Befesa’s Long-Term Incentive Plan (Tranches VI-VIII) regarding future reporting periods can be found in its Remuneration Policy 2023, published on the Investor Relations website.
The Board of Directors of Befesa S.A., on the proposal and recommendations of the Nomination and Remuneration Committee, is responsible for developing and updating the remuneration system and, consequently, the remuneration policy. Moreover, the Board of Directors prepares a detailed and comprehensive remuneration report submitted to the General Meeting for an advisory vote. This remuneration report provides detailed information on the remuneration received by each Executive and Non-Executive Director of Befesa S.A., and is submitted to the General Meeting for an advisory vote. For the further development of the remuneration system and to assess its appropriateness, the Nomination and Remuneration Committee of Befesa S.A. may consult an external remuneration consultancy. On this basis, the Board of Directors may decide on any relevant change to the remuneration system, and this change will be resubmitted to the AGM for an advisory vote at least every four years.# Befesa at a Glance
Core elements of due diligence
| Section in the sustainability statements | Page |
|---|---|
| a) Embedding due diligence in governance, strategy and business model | ESRS 2 GOV-2, ESRS 2 GOV-3, ESRS 2 SBM-1, ESRS 2 SBM-3 |
| b) Policies in relation to the actual and potential adverse impacts | ESRS 2 GOV-5, ESRS 2 SBM-1, ESRS 2 SBM-2, ESRS 2 SBM-3, ESRS 2 IRO-1 |
| c) Identifying and assessing adverse impacts | ESRS 2 IRO-1, ESRS 2 SBM-3, ESRS 2 GOV-5 |
| d) Taking actions to address those adverse impacts | ESRS 2 GOV-5, S1-4, E1-3, E2-2, E5-2 |
| e) Grievance mechanisms | ESRS 2 MDR-P, G1-1, G1-3 |
Befesa, through the collaboration of its various corporate departments, is committed to a comprehensive risk management plan for sustainability, taking into account the information to prepare a robust sustainability statement. This implementation plan is structured based on the following:
As part of this commitment, Befesa continually works on analysing the sustainability risks associated with its operations, taking into account the European Sustainability Reporting Standards (ESRS) requirements. Sustainability-related controls have been defined and integrated into the ESRS control matrix. These controls apply to all relevant business processes, including controls focused on management and others focused on monitoring or mitigating identified risks, and are intended to ensure the accuracy and completeness of the sustainability disclosures.
The number of internal sustainability audits has increased over the years taking into account the increase in sustainability regulations. To achieve an accurate analysis of its management team and the expertise of external consultants.
General disclosures continued
82 Befesa Annual Report 2024
In addition to the controls mentioned above, the internal audit of Befesa, in line with the requirements of the Environmental, Health and Safety Department, includes ethical audits in all group companies, and these are performed by Befesa’s Audit Committee. This plan seeks to ensure that all group companies undergo ethical audits of its processes at least once every three years. In 2024, a total of 8 ethical audits were performed, and focused on specific group companies.
The scope of these audits is based on risk and materiality assessments, conducted both at a global level and for each audited subsidiary. It is expected that the number and scope of internal audits will continue to grow in line with Befesa’s commitment to sustainability reporting and external audit demands.
Befesa’s business model is based on a strong commitment to sustainability, aiming to offer valuable and environmentally friendly solutions to its customers in the steel and aluminium industries.
In the Steel Dust Recycling Services segment, Befesa collects and recycles steel dust and other waste generated in the production of crude, stainless and galvanised steel in EAF. The majority of the revenue generated in the Steel Dust Recycling Services segment comes from selling WOX to zinc smelters. Furthermore, a portion of the revenue generated comes from the service fees charged for the collection and especially the treatment of crude steel dust. In the US, Befesa additionally operates a zinc recycling facility, which creates a vertically integrated zinc operation for Befesa in this market, helping to address the shortage of zinc smelting capacity in the North American market.
Befesa’s zinc recycling operations are focused on producing green zinc – special high-grade (SHG) zinc (99.995%) and zinc alloys (WOX). In addition, a small portion of revenue is generated from tolling fees. These fees consist of a service fee charged for collecting and treating stainless steel residues and a fee for returning the metals – mainly nickel, chromium and molybdenum recovered in the recycling process – to stainless-steel dust customers.
In the Salt Slags operations of the Aluminium Salt Slags Recycling Services segment, Befesa recycles salt slags, a waste product generated from secondary aluminium customers for a service fee. Further salt slags are generated during the production of secondary aluminium at Befesa’s plants. Furthermore, Befesa recycles SPL, a hazardous residue generated by primary aluminium producers. During the recycling process, melting salt, aluminium concentrates and aluminium oxides are recovered. Revenues from the Salt Slags operations are mainly derived from the sale of aluminium concentrates and melting salt obtained from recycling salt slags and SPL, in addition to fees charged for recycling these materials. A large amount of the recovered aluminium concentrates is sold and used in Befesa to produce aluminium alloys.
In the Secondary Aluminium operations of the Aluminium Salt Slags Recycling Services segment, Befesa collects and recycles aluminium scrap and other aluminium residues such as aluminium drosses, shavings and cuttings, and aluminium concentrates from, among others, aluminium foundries, scrap dealers and collectors, and primary aluminium producers. Befesa also generates aluminium concentrates itself during the salt slags recycling operations, producing secondary aluminium alloys from these residues. These aluminium alloys are sold to customers in the automotive and construction industries. Revenues from the Secondary Aluminium operations are mainly derived from the sale of secondary aluminium alloys.
For more details, please refer to the management report sections (Risk Management and Internal Controls) and (Strategy, Business Model and Value Chain).
The headcount of employees by geographical areas is included in section S1-6 of this sustainability statement.
Befesa’s core business is based on sustainability, and it has played a key role in the circular economy since 1987. Befesa’s business model is designed to capture opportunities provided by decarbonisation and environmental protection regulations. These regulations provide Befesa with a competitive advantage and encourage it to continue to invest in its circular economy business model, as more and more countries adopt more stringent environmental legislation. Befesa’s sustainability goals are closely integrated into its business strategy, focusing on enhancing the circular economy, reducing environmental impact and strengthening stakeholder engagement. To see more information please refer to chapters of the management report.
01 Befesa at a Glance
02 To Befesa’s Shareholders
03 Management Report
04 Sustainability
05 Consolidated Financial Statements
06 Statutory Financial Statements
07 Additional Information
83 Befesa Annual Report 2024
Sustainability goals are structured across significant product and service groups, customer categories, geographical areas and stakeholder relationships.
Products and services:
Befesa’s diverse product portfolio aims to contribute directly to sustainability objectives:
Customer categories:
Befesa primarily serves EAF steel producers and secondary aluminium manufacturers, helping them to meet stringent environmental regulations. Befesa aims to improve resource efficiency and competitiveness for its customers’ production processes.
Geographical areas:
Befesa operates globally in Europe, North America, South America and Asia, and these operations contribute to the circular economy by providing sustainable solutions. Befesa’s global presence allows it to better serve its international customers, and, through its extensive network of facilities, it is able to provide sustainable solutions for the management of industrial waste.
Stakeholder relationships:
Befesa works closely with key stakeholders, including employees, investors, regulators, suppliers and local communities, to foster transparency and ethical business practices:
By advancing these sustainability goals across its products, customers, markets and stakeholder relationships, Befesa demonstrates its commitment to ESG excellence and long-term environmental and social impact. Befesa’s strategy is deeply rooted in sustainability, aligning its business development with ethical principles, environmental protection and social responsibility.The Company focuses on managing hazardous waste, minimising environmental impact and increasing resource efficiency. Befesa faces several sustainability- related challenges, including the following:
Reducing the carbon footprint of its operations, which require high-temperature industrial processes.
Adapting to evolving sustainability regulations, including the CSRD and ESG reporting requirements, which necessitates robust data management and reporting capabilities.
Integrating sustainability into its growth strategy, as evolving environmental regulations create both opportunities and operational challenges. To address these challenges, Befesa has implemented several strategic initiatives, such as a CO2 reduction plan, circular economy initiatives, robust supply chain management, continuous investment in R&D and process optimisation to improve material recovery rates and increase process efficiency, and a strong commitment to sustainability in operations. Befesa’s recycling processes result in valuable by-products, reducing the need for virgin resource extraction and contributing to the circular economy.
Befesa is positioned as a critical player in the industrial recycling value chain, bridging the gap between waste producers and the circular economy.
By leveraging its global footprint, advanced recycling technologies and its stakeholder relationships, Befesa continues to enhance sustainability and drive value creation across its entire supply chain. For more information, please see environmental chapter. SBM-2
For Befesa, stakeholders are those individuals and organisations that affect or are affected by Befesa’s business operations. Stakeholders are not just passive observers but active participants who contribute to Befesa’s success and sustainability. Recognising their importance and influence, Befesa aims to engage their stakeholders in a transparent and continuous dialogue to understand their expectations and address their concerns, in order to align its sustainability goals. The key stakeholders include customers, employees, local communities, suppliers, shareholders, rating agencies, analysts, government, NGOs and the media.
01 Befesa at a glance
02 To Befesa’s shareholders
03 Management report
04 Sustainability
05 Consolidated financial statements
06 Statutory financial statements
07 Additional information
Befesa Annual Report 2024
Befesa seeks engagement opportunities to gather feedback from stakeholders and to build relationships. Shareholders, investors, analysts and potential investors are the main stakeholders to Befesa. Input from these engagements are considered in Befesa’s operations and decision-making. Befesa pays close attention to its stakeholders’ expectations and to identify emerging opportunities and risks through stakeholder dialogue. Since Befesa’s IPO in November 2017, it has established intensive and direct dialogue with its shareholders, investors, analysts and potential investors.
Stakeholder groups
General disclosures continued
Dialogue channels include emails, phone calls, and virtual and face-to- face meetings. These discussions contribute to shaping Befesa’s strategy and reporting, and help understand the needs and expectations of investors and capital markets. In 2024, dialogue on corporate governance, and in particular the remuneration policy, allowed Befesa to gather insights from its shareholders, which Befesa was able to use the content and updates from these meetings for its Double Materiality Assessment and later reporting. The Board of Directors and other committees, including the Audit Committee and the Sustainability Committee, are regularly informed of the input and views from stakeholders. This task is led by the Investor Relations Department, which is responsible for gathering information from stakeholders to the Board and its committees. The results of the Double Materiality Assessment can be found in the IRO-1 and IRO-2 chapters. The impact of Befesa on key stakeholder groups is considered in the materiality process. These include Befesa employees, shareholders, suppliers and customers, ratings agencies and analysts, and other groups such as government, local communities and NGOs.
In 2024, Befesa completed a DMA on sustainability topics. The project was guided by the European Financial Reporting Advisory Group (EFRAG) and its proposed implementation of the European Sustainability Reporting Standard (ESRS). Double materiality considers the importance of sustainability topics from two perspectives:
A numerical result for impact materiality is calculated using 70% for severity and 30% for probability. When there are several areas that evaluate the effect, the highest score is chosen.
Evaluates the social and environmental impact. The average score among environmental, social and business units is selected to calculate severity.
Evaluates the scope of the impact – geographical, key stakeholders and business units. An average of the three scopes is taken.
Remediation is only assessed for negative impacts and considers corrective measures that Befesa can implement if the impact materialises.
Evaluates probability on a 0-5 scale, where 5 is a real impact and zero is no actual impact considering preventive controls. Within this probability variable, the time horizon is assessed considering the company's expected future impacts. A probability rating of 5 corresponds to a short-term horizon; ratings of 4 or 3 indicate a medium-term horizon; and ratings of 2 or 1 indicate a long-term horizon. A numerical result for impact materiality is calculated using 70% for severity and 30% for probability. When there are several areas that evaluate the effect, the highest score is chosen.
Evaluates the operational, financial and legal impact. The average score among environmental, social and business units is selected to calculate magnitude.
Evaluates the scope of the impact – geographical and key stakeholders, where a scale of 1-5 is used. An average of these scores taken.
Evaluates probability on a 0-5 scale, where 5 is a real impact and zero is no actual impact considering preventive controls. Within this probability variable, the time horizon is assessed considering the company's expected future impacts. A probability rating of 5 corresponds to a short-term horizon; ratings of 4 or 3 indicate a medium-term horizon; and ratings of 2 or 1 indicate a long-term horizon.A numerical result for financial impact is calculated using a 70% weight for impact and a 30% weight for probability. When there are several areas that evaluate the impact of the risk, the impact is considered to be greater. Impact refers to the potential severity and probability of the risk or opportunity occurring. Severity combines the average score of an impact’s potential scale, scope and remediability, measured on a five-point scale. Impact refers to the potential for an impact occurring is also measured on a five-point scale. Financial materiality is measured by the potential magnitude and probability of a risk or opportunity arising. Magnitude combines the average of a risk or opportunity’s scale and financial impact. Probability is measured in the same way as impact, using a five-point scale.
The assessments and management of the impacts and risks is fully integrated into the Befesa risk management process. The requirements for the internal control procedures and mitigation factors are the same as for financial and non-financial risks assessed in the annual risk assessment. The assessments and management is also integrated at the same level as the impacts and risks in the management process. There have been multiple parameters taken into consideration for identifying the impacts, risks and opportunities, such as: regulatory requirements, internal sources and procedures or stakeholders’ engagement. The list of material impacts, risks and opportunities can be found in the document: Sustainability material impacts, risks and opportunities.
01 Befesa at a glance
02 To Befesa’s shareholders
03 Management report
04 Sustainability
05 Consolidated financial statements
06 Statutory financial statements
07 Additional information
87
Befesa Annual Report 2024
Employees
Shareholder
Suppliers & customers
Ratings agencies & analysts
Others
Local communities, Government, NGOs, Media
A total of 21 sustainability topics were assessed through the materiality assessment process previously explained. These were divided into ESG topics as shown in the following table:
Environmental
Social
Governance
Stakeholder groups considered in the materiality process
General disclosures continued
The impact of Befesa on some of the environmental and social issues was analysed in the materiality process. These include Befesa employees, shareholders, suppliers and customers, ratings agencies and analysts, and other groups such as government, local communities and NGOs.
88
Befesa Annual Report 2024
In order to ensure comparability of the results, a robust methodology has been applied to the assessment of positive and negative impacts, risks and opportunities. To do so, for the assessment of positive and negative impacts, the parameters to be used in the methodology are detailed below:
| SCORE LEVEL (FROM 1-5) | SEVERITY | PROBABILITY | Scale | Scope | Key Stakeholders |
|---|---|---|---|---|---|
| 5 | Extremely severe and critically impacts the environment and global emissions reduction and temperature control goals. | Extremely severe and critically impacts people and human rights in a lasting manner. ONLY FOR NEGATIVE IMPACTS | No use of score levels, it is the Impact itself. | All of the business lines affected | Global Scope |
| 4 | Extremely severe and significantly impacts the most important environmental goals and of emissions reduction and control of global temperature. | Extremely severe and significantly impacts people, potentially enhancing human rights. | 2 business lines affected | Regional scope (Americas, Asia, Europe) | 5 Stakeholders |
| 3 | Severe impacts the environment in a substantial, but limited to the business line, impacting medium-term business objectives. | Severe impacts people, but limited to the business line, impacting medium-term business objectives. | National Scope | 4 Stakeholders | |
| 2 | It has a severe and negative impact on the environment and short-term temporary impacts. | It has a severe and negative impact on people and short-term temporary impacts. | 1 business line affected | Local Scope | 3 Stakeholders |
| 1 | It has a minimally severe impact on the environment. It has a minimal and insignificant negative impact on people. | Minimal impact on the environment. | 1 or 2 Stakeholders |
Probability:
* 5 - Recurrent. It has happened several times a year.
* 4 - Highly likely. It has happened sometime in the last 2 years or once in the last year.
* 3 - Likely. It has happened sometime in the last 3 years.
* 2 - A little likely. An event occured occasionally in the history of BEFESA or similar companies (Sectoral risk).
* 1 - Unlikely. It has happened at most once in the history of BEFESA.
01 Befesa at a glance
02 To Befesa’s shareholders
03 Management report
04 Sustainability
05 Consolidated financial statements
06 Statutory financial statements
07 Additional information
89
Befesa Annual Report 2024
| SCORE LEVEL (FROM 1-5) | SEVERITY | PROBABILITY | Scale | Probability | Operational | Financial impact | Reputational | Legal |
|---|---|---|---|---|---|---|---|---|
| 5 | Long-term recoverable damage, in case of risks, or profit, in case of opportunities, (more than 6 months). | Very high impact on the organization in a global scale. Cost of Risk Materialization (k€): >21.000 €k % of impact on sales of the Group (Consolidated): 3,00% or more | Profitable, in case of risks, or in gain, on case of objectives of customers or serious problems with any of the main lines of business. Critical financial impact. | All of the business lines affected | Recurrent. It has happened several times a year. | |||
| 4 | Long-term recoverable damage, in case of risks, or profit, in case of opportunities, (3-6 months). | High impact on the organization in a global scale. Cost of Risk Materialization (k€): 7.000-21.000 €k % of impact on sales of the Group (Consolidated): 3,00% | Profitable, in case of risks, or possible gains, in case of opportunities, of customers or stakeholders. The investors request for explanations. It arouses the interest for information by authorities and regulatory bodies. Sanction imposed, in case of risks, or favorable sentence, in case of opportunities, by the regulatory bodies and/or legal departments. Critical impact on the reputation. | Highly likely. It has happened sometime in the last 2 years or once in the last year. | ||||
| 3 | Medium recoverable damage, in case of risks, or profit, in case of opportunities, (1-3 months). | Penalized or improvement of operational processes of the organization. Cost of Risk Materialization (k€): 700-7.000 €k % of impact on sales of the Group (Consolidated): 1,00% | Profitable, in case of risks, or possible gains, in case of opportunities, from customers or stakeholders. It arises the interest by authorities and regulatory bodies and information is requested. Coverage in national media and local news. | Fine imposed, in case of risks, or verbal praise, in case of opportunities, by the relevant authorities or minor legal infringements. | Likely. It has happened sometime in the last 3 years. | |||
| 2 | Short-term recoverable damage, in case of risks, or profit, in case of opportunities, (less than 1 month). | Eventual interruption or reduction of the activity of the organization. Cost of Risk Materialization (k€): 350 -700 €k % of impact on sales of the Group (Consolidated): 0,10% | Profitable, in case of risks, or appreciation, in case of opportunities, from employees and positive feedback on the performance of the organization. | Minor breach, in case of risks, or adherence, in case of opportunities, of internal procedures. | A little likely. An event occured occasionally in the history of BEFESA or similar companies (Sectoral risk). | |||
| 1 | Minor damage, in case of risks, or improvements, in case of opportunities. Cost of Risk Materialization (k€): <350 €k % of impact on sales of the Group (Consolidated): 0,05% | Minor breach, in case of risks, or adherence, in case of opportunities, of internal procedures. | Unlikely. It has happened at most once in the history of BEFESA. | ## General disclosures continued |
For the assessment of risks and opportunities, the parameters to be used in the methodology are detailed, including the specific definitions of the materiality matrix, which is presented on the following page. The assessment of impacts, risks and opportunities is carried out annually, with the methodology previously stated that contributes to the understanding of the material impacts, risks and opportunities. In addition, Befesa’s internal stakeholders contribute to the assessment of impacts, risks and opportunities, as they manage the relationship with external stakeholders and are aware of the potential impacts, risks and opportunities that may affect them or the organisation.
For the assessment of the impacts, risks and opportunities, the advisor has taken into consideration the parameters to be used in the methodology:
The list of potentially material impacts, risks and opportunities related to ESG topics (approximately 210 impacts, risks and opportunities) is considered the basis for the assessment, where the material impacts, risks and opportunities are derived. These impacts, risks and opportunities contribute to Befesa sustainability strategy. Befesa has implemented controls to avoid or reduce potential risks or negative impacts. In addition, Befesa has implemented measures to achieve the potential opportunities or positive impacts, as is stated in the impacts, risks and opportunities charts. Management takes into consideration the effects of the impacts, risks and opportunities for the sustainability strategy and the decision-making.
In the methodology established for the risk and opportunities assessment, the magnitude criteria are established. The scale is defined as:
Every risk and opportunity will be assessed by scoring the probability and magnitude of its impact. Mitigation controls have been implemented to reduce the residual risk or the positive impact derived from an opportunity to a level acceptable to the company.
Befesa analyses its risks and opportunities internally every year and proactively considers these risks and opportunities in its strategy and decision-making.
ESG impacts, risks and opportunities are incorporated into the annual budget, including capex plan, cash flow and other projections. Management prepares the budget and investment plan, which are then submitted to the Sustainability Committee and the Board of Directors for final approval.
Befesa’s business model and strategy integrates sustainability, risk management and long-term adaptability. The Company addresses environmental and regulatory risks through adapted global operational management and supply chain dependencies, ensuring business continuity. Befesa continuously invests in technological innovation, process optimisation and resource efficiency, improving its operational performance. In addition, its commitment to decarbonisation and circular economy reinforces its role in sustainable material transformation. The company is well-equipped to navigate challenges, mitigate risks and seize emerging opportunities in an evolving global landscape.
All of the material impacts, risks and opportunities described are part of the material topics detected in the DMA.
| Positive impacts | Negative impacts # Impact on the surrounding community from the air pollution of Befesa’s operations that can cause concern for public health, decreased quality of life and discontent among local residents.
94 Befesa Annual Report 2024
01 Befesa at a glance
02 To Befesa’s shareholders
03 Management report
04 Sustainability
05 Consolidated financial statements
06 Statutory financial statements
07 Additional information
95Befesa Annual Report 2024
96 Befesa Annual Report 2024
97Befesa Annual Report 2024
01 Befesa at a glance
02 To Befesa’s shareholders
03 Management report
04 Sustainability
05 Consolidated financial statements
06 Statutory financial statements
07 Additional information
99Befesa Annual Report 2024
General disclosures continued
Governance: Corruption and bribery
| Positive impacts ## 104 Befesa Annual Report 2024
| Disclosure requirement | Data point | Sustainability statements | SFDR reference | Pillar 3 reference | Benchmark regulation reference | EU climate law reference | Material/ Not material | Page |
|---|---|---|---|---|---|---|---|---|
| ESRS E1-5 | 40-43 | Energy intensity associated | X | Material | ||||
| ESRS E1-6 | 44 | Gross Scope 1, 2, 3 and total GHG emissions | X | X | X | Material | 136 | |
| ESRS E1-6 | 53-55 | Gross GHG emissions intensity | X | X | X | Material | 136 | |
| ESRS E1-7 | 56 | GHG removals and carbon credits | X | Material | 139 | |||
| ESRS E1-9 | 66 | Exposure of the benchmark portfolio to climate-related physical risks | Not Material | |||||
| ESRS E1-9 | 66 | (c) Disaggregation of monetary amounts by acute and chronic | Not Material | |||||
| ESRS E1-9 | 67 | (c) | Not Material | |||||
| ESRS E1-9 | 69 | Degree of exposure of the portfolio to climate-related opportunities | Not Material | |||||
| ESRS E2-4 | 28 | Amount of each pollutant listed in Annex II of the E-PRTR regulation | Material | 144 | ||||
| ESRS E3-1 | 9 | Water and marine resources | Not material | |||||
| ESRS E3-1 | 13 | Dedicated policy | Not material | |||||
| ESRS E3-1 | 14 | Sustainable oceans and seas | Not material | |||||
| ESRS E3-4 | 28 | (c) | Not material | |||||
| ESRS E3-4 | 29 | Not material | ||||||
| ESRS 2- IRO-1 - E4 | 16 (a) i | X | Not material | |||||
| ESRS 2- IRO-1 - E4 | 16 (b) | X | Not material | |||||
| ESRS 2- IRO-1 - E4 | 16 (c) | X | Not material |
01 Befesa at a glance
02 To Befesa’s shareholders
03 Management report
04 Sustainability
05 Consolidated financial statements
06 Statutory financial statements
07 Additional information
| Disclosure requirement | Data point | Sustainability statements | SFDR reference | Pillar 3 reference | Benchmark regulation reference | EU climate law reference | Material/ Not material | Page |
|---|---|---|---|---|---|---|---|---|
| ESRS E4-2 | 24 (b) | X | Not material | |||||
| ESRS E4-2 | 24 (c) | X | Not material | |||||
| ESRS E4-2 | 24 (d) | Policies to address deforestation | Not material | |||||
| ESRS E5-5 | 37 (d) | X | Material | 151 | ||||
| ESRS E5-5 | 39 | X | Material | 151 | ||||
| ESRS 2- SBM3 - S1 | 14 (f) | Risk of incidents of forced labour | X | Material | 154 | |||
| ESRS 2- SBM3 - S1 | 14 (g) | Risk of incidents of child labour | X | Material | 154 | |||
| ESRS S1-1 | 20 | Human rights policy commitments | X | Material | 157 | |||
| ESRS S1-1 | 21 | Due diligence policies on issues addressed by the fundamental International Labor Organization Conventions 1 to 8 | X | Material | 157 | |||
| ESRS S1-1 | 22 | Processes and measures for | Material | 157 | ||||
| ESRS S1-1 | 23 | Workplace accident prevention policy or management system | X | Material | 157 | |||
| ESRS S1-3 | 32 (c) | X | Material | 160 | ||||
| ESRS S1-14 | 88 (b) & (c) | Number of fatalities and number | X | X | Material | 176 | ||
| ESRS S1-14 | 88 (e) | Number of days lost to injuries, accidents, fatalities or illness | X | Material | 176 | |||
| ESRS S1-16 | 97 (a) | Unadjusted gender pay gap | X | X | Material | 171 | ||
| ESRS S1-16 | 97 (b) | Excessive CEO pay ratio | X | Material | 171 | |||
| ESRS S1-17 | 103 (a) | Incidents of discrimination | X | Material | 177 | |||
| ESRS S1-17 | 104 (a) | Non-respect of UNGPs on business and human rights and OECD | X | X | Material | 177 | ||
| ESRS 2- SBM3 – S2 | 11 ( b) | X | Not material | |||||
| ESRS S2-1 | 17 | Human rights policy commitments | Not material | |||||
| ESRS S2-1 | 18 | Policies related to value chain | Not material | |||||
| ESRS S2-1 | 19 | Non-respect of UNGPs on business and human rights principles and OECD guidelines | X | X | Not material | |||
| ESRS S2-1 | 19 | Due diligence policies on issues addressed by the fundamental International Labor Organization Conventions 1 to 8 | Not material | |||||
| ESRS S2-4 | 36 | Human rights issues & incidents connected to its upstream and | Not material | |||||
| ESRS S3-1 | 16 | Human rights policy commitments | Not material | |||||
| ESRS S3-1 | 17 | Non-respect of UNGPs on business and human rights, ILO principles or and OECD guidelines | X | X | Not material | |||
| ESRS S3-4 | 36 | Human rights issues and incidents | Not material | |||||
| ESRS S4-1 | 16 | Policies related to consumers and end users | Not material | |||||
| ESRS S4-1 | 17 | Non-respect of UNGPs on business and human rights and OECD guidelines | X | X | Not material | |||
| ESRS S4-4 | 35 | Human rights issues and incidents | Not material | |||||
| ESRS G1-1 | §10 (b) | United Nations Convention against Corruption | Material | 180 | ||||
| ESRS G1-1 | §10 (d) | Material | 180 | |||||
| ESRS G1-4 | §24 (a) | Fines for violation of anti-corruption | X | X | Material | 191 | ||
| ESRS G1-4 | §24 (b) | Standards of anti-corruption and anti-bribery | X | Material | 191 |
01 Befesa at a glance
02 To Befesa’s shareholders
03 Management report
04 Sustainability
05 Consolidated financial statements
06 Statutory financial statements
07 Additional information
The set of policies described below, together with the Code of Conduct, constitute the CMS of Befesa. These policies aim to protect the Company’s reputation and are designed to foster a culture of ethical conduct and compliance, as well as an environment in which employees can report concerns. The policies are continuously updated and reviewed to adapt to changes in legislation and business needs.
| Policy | Description of key contents | Policy scope | Accountable for implementation | Availability |
|---|---|---|---|---|
| Code of conduct – Main cornerstone of the CMS of Befesa. – Provides rules and guidelines according to the values and principles of the Company involving all departments or areas (including, for example, HR and IT). – Requires employees to act with integrity, honesty, and fairness, and to comply with all applicable laws and regulations, maintaining high ethical standards and protecting the Company’s reputation. – Prohibits conducts like anti-competitive practices, corruption and political contributions. – Fosters behaviours such as ensuring data security, maintaining confidentiality, and promoting transparency in donations and sponsorships. |
Befesa employees | Compliance Officer | Corporate intranet and corporate website | |
| General compliance policy | – Establishes a framework for the management of the Business. – Emphasises management commitment to compliance. – Contains preventive and detective measures regarding risks. – Requires the implementation of specific policies, procedures and rules for the management of compliance risks and the prevention of illegal acts. – Encompasses the compliance policies, procedures and rules regarding, for example, whistleblowing, integrity, and business conduct. |
Befesa employees | Compliance Officer | Corporate intranet and corporate website |
| Anti-trust policy | – Prohibits conduct that could distort competition, including the distortion of the market, in relation to the relevant market. – Considers employee responsibility and consequences of violations. – Entails strict adherence to competition law, including prohibitions on price fixing, market sharing, capacity limitations and bid-rigging. |
Befesa employees | Compliance Officer | Corporate intranet and corporate website |
| Anti-corruption & anti-bribery policy | – Establishes the Company’s commitment to acting with integrity, transparency, and honesty in all business dealings, and prohibiting any form of bribery or corruption. – Considers employee responsibility and consequences of violations. – Appreciates the role of third parties in facilitating or engaging in corrupt practices, and therefore requires that all third parties acting on behalf of the Company are subject to appropriate due diligence and are required to adhere to the Company’s anti-corruption standards. – Donations and sponsoring are also considered. – Applies a zero-tolerance policy to any act of corruption or bribery, and expects employees to report any suspected violations. |
Befesa employees | Compliance Officer | Corporate intranet and corporate website |
| Anti-money laundering policy | – Provides guidance on identifying and preventing money laundering and terrorist financing, and to not facilitate criminal behaviour. – Obligates employees to be vigilant about suspicious transactions and to report any such transactions to the appropriate authorities. – Minimises money laundering risks considering risk factors, maintaining records and the attendance of training sessions. |
Befesa employees | Compliance Officer | Corporate intranet and corporate website |
General disclosures continued
| Policy | Description of key contents | Policy scope | Accountable for implementation | Availability |
|---|---|---|---|---|
| Conflict of interest policy | – Outlines the policies and procedures for identifying and managing situations where an employee’s personal interests could conflict with the interests of the Company. – Informs about making optimal business decisions, outside employment, prohibitions regarding competition and personal investments. – Details the reporting requirements for potential conflicts of interest and outlines disciplinary actions in cases of non-compliance. |
Befesa employees | Compliance Officer | Corporate intranet and corporate website |
| Group security dealings code | – Aims to prevent the misuse of non-public information and ensure fair trading practices. – Explains the roles of restricted persons, persons discharging managerial responsibilities and persons closely associated and their obligations. – Establishes procedures for trading in the Company’s securities and also trade based on inside information. |
Befesa employees | Compliance Officer | Corporate intranet and corporate website |
The Environmental, Health & Safety and Quality (EHSQ) policy is a fundamental component of Befesa’s sustainability strategy. This policy is a crucial tool for ensuring that all employees and third parties are aware of the company's commitment to environmental protection, health, safety, and quality in all its operations.
Description of key contents:
* Points out that the Company aims for ZERO incidents among employees and contractors, prioritising safety and health over economic gains or production targets.
* Management levels are committed to EHSQ, leading by example and fostering a safety culture.
* Promotes regular training for safe practices and environmental management systems, and aims to foster a culture where safety and quality are integral to all daily activities.
* Remarks on the need to monitor conditions to prevent environmental hazards and accidents, thus reducing environmental impacts and ensuring the sustainability of operations.
* Emphasizes that regular inspections, audits and adherence to legal and industry standards ensure continuous EHSQ improvement.
Policy scope: Befesa employees & third parties
Accountable for implementation: Environmental, Health & Safety Director
Availability: Corporate intranet and corporate channel
The Security Policy aims to establish a comprehensive framework for protecting Befesa’s assets, information, and systems. It ensures that all security measures are aligned with the company’s overall business objectives and regulatory requirements.
Description of key contents:
* Aims to protect assets and to ensure that access is restricted to authorized personnel, safeguarding sensitive information and preventing unauthorized disclosure or modification, while managing risks.
* Ensures the protection and compliance of Befesa’s information systems.
* Defines the responsibilities of employees, contractors, and third parties regarding data security, emphasizing their role in protecting company information.
* Provides information about potential violations that could result in disciplinary actions, fines, or legal consequences.
Policy scope: Befesa employees
Accountable for implementation: IT Director
Availability: Corporate intranet
The Diversity, Equality and Inclusion (DEI) policy is central to Befesa’s commitment to fostering a fair and respectful workplace. It ensures that all individuals are treated with dignity and that opportunities are available to everyone, regardless of their background.
Description of key contents:
* Aims to ensure fair treatment, equal opportunities, and inclusive practices for all employees, promoting a work environment free from discrimination.
* Aims to oppose any form of harassment, victimisation or discrimination against employees, customers and suppliers.
* Encourages the development of an inclusive culture where all employees feel valued and respected, and supports the implementation of inclusive practices in all aspects of the company’s operations.
Policy scope: Befesa & third parties
Accountable for implementation: HR & CSR Director
Availability: Corporate intranet and corporate channel
The HR Resources Policy outlines the principles and practices that guide Befesa’s human resource management. It ensures that the company attracts, develops, and retains a skilled and motivated workforce.
Description of key contents:
* Ensures that recruitment, promotion and remuneration are based on merit and performance, free from discrimination.
* Offers equal opportunities for all employees to develop their skills and advance their careers, promoting a culture of continuous learning and professional growth.
* Strives to provide a safe and inclusive work environment for all employees and stakeholders, promoting well-being and fostering a positive organizational culture.
* Seeks to provide regular training and development opportunities for all employees to enhance their skills and career progression, and to ensure the company maintains a competitive edge.
Policy scope: Befesa employees
Accountable for implementation: HR Director
Availability: Corporate intranet
The Human Rights Remediation Policy details Befesa’s commitment to upholding human rights throughout its operations and supply chain. It provides a framework for addressing and rectifying any human rights impacts that may arise.
Description of key contents:
* Commit to respecting all internationally recognised human rights and to taking appropriate measures to prevent and address any adverse human rights impacts.
* Offers mechanisms for effective remedy in cases of human rights impacts, including apology, restitution and guarantees of non-repetition.
* Implements policies to protect workers’ rights, ensure fair labor practices, and promote a safe and healthy work environment for all employees and stakeholders.
* Provides annual training on the code of conduct, CMS and human rights through DEI sessions.
Policy scope: Befesa & third parties
Accountable for implementation: HR Director
Availability: Corporate intranet
The EU Taxonomy for Sustainable Activities (Regulation (EU) 2020/852) is a classification system established by the European Union (EU) to guide investment towards environmentally sustainable economic activities. The reporting tool acts as a standardized classification system for environmentally sustainable economic activities, aimed at helping investors and companies to make informed decisions. The aim is then to have a common language that determines which company or activity could be considered environmentally sustainable, enabling investors to identify and invest in such activities, and consequently, boosting the development of green finance and encouraging businesses to align their operations with sustainability goals.
The EU Taxonomy Regulation (EU) 2020/2020 and related regulations considers six environmental objectives, each presenting a set of technical screening criteria. These objectives are:
On this account, an activity is considered to make a substantial contribution to at least one of the six environmental objectives if it meets specific technical screening criteria. If an activity is considered environmentally sustainable and it meets the criteria for substantial contribution, it must also meet the minimum safeguards that prevent adverse impacts on other environmental objectives.
According to the EU Taxonomy Regulation:
The EU Taxonomy Regulation requires Befesa to disclose the proportion of its total turnover, total capital expenditure (capex) and total operating expenses (opex) in 2024 in taxonomy-eligible and taxonomy-aligned economic activities. This report presents the results of the EU Taxonomy analysis carried out for the activities of Befesa for the year 2024. It consists of an explanation of the criteria for substantial contribution and “do no significant harm” (DNSH) substantial contribution, the minimum safeguards and the relevant disclosures required by the Article 8 of the Taxonomy Regulation (EU) 2020/852.
Befesa is a player in the circular economy. Since 1987, Befesa has helped to reduce the environmental footprint of the steel and aluminium industries by recovering valuable materials from industrial by-products and residues from the steel and aluminium industries. By processing these sectors, Befesa recovers valuable materials and reintroduces them into the production process, reducing environmental impacts and also the cost of primary production. Befesa is the environmental services partner supporting the circular economy of the secondary steel and aluminium industries, with facilities in eight countries in Europe, Asia and North America.# Befesa Annual Report 2024
In addition, the companies subject to the CSRD must disclose detailed EU Taxonomy alignment metrics in their sustainability reports, which Befesa does. This analysis has involved a thorough examination of Befesa’s various industrial activities, with the aim to identify possible eligible activities.
Based on the 2024 audited financial statements (capex and opex), the corresponding proportions required by the EU Taxonomy Compliance are only calculated for the eligible activities, since there are no aligned activities. According to the EU Taxonomy, turnover (Note 5 Annual Accounts), capex and opex are calculated:
a. Turnover: Sales or turnover
i. Numerator: A portion of net turnover derived from products or services, including intangible assets, providing enabling services for Taxonomy-eligible activities
ii. Denominator: Total net turnover of the Group
b. Capex: Expenditures derived from the Company’s investments according to the taxonomy.
i. Numerator: This equals the portion of investments in the denominator that (i) is related to assets or capital expenditure related to Taxonomy-eligible activities or substantial improvements to enable Taxonomy-eligible activities to become sustainable; and (iii) is related to the purchase of production obtained from economic activities that enable the target activities to become greenhouse gas reductions.
ii. Denominator: Additions to tangible and intangible assets during the financial year before depreciation, amortisation and any remeasurements, including those resulting from revaluations and impairments, corresponding to the financial year, excluding changes in fair value. Additions resulting from business combinations are also included.
c. Opex: Operating expenses derived from the functioning of a product, business or system according to taxonomy (research and development costs already accounted for in Capex should not be accounted for as opex).
i. Numerator: The portion of operating expenses included in the denominator that (i) is related to assets or capital expenditure related to economic activities that are eligible according to the EU Taxonomy, including training and other human resource adaptation needs, and direct non-capitalised costs representing short-term benefits; (ii) is part of the capex plan to expand economic activities that are eligible according to the EU Taxonomy or to enable eligible economic activities under the taxonomy to be eligible according to the EU Taxonomy; and (iii) is related to the purchase of production obtained from economic activities that are eligible according to the EU Taxonomy and individual measures that enable the target activities to become greenhouse gas reductions.
ii. Denominator: The operating expenses include direct non-capitalised costs related to research and development, building renovation measures, short-term leases, maintenance and repairs, and other direct expenses related to the functioning of assets, either by the Company or a third party where activities are subcontracted, necessary to ensure the continued and efficient functioning of such assets. In addition to these concepts, leasing costs must be accounted for by companies applying generally accepted national accounting principles that do not capitalise right-of-use assets.
To determine Befesa’s eligibility under the EU Taxonomy, the descriptions of all relevant activities presented for the Company’s activities have been evaluated against the EU Taxonomy criteria. Befesa’s economic activities can be classified into two main categories:
For the purpose of this eligibility and alignment analysis, Befesa has focused on the activities outlined in Delegated Act 2023/2654 of the Commission of 22 June 2023 amending Delegated Regulation (EU) 2021/2139 and Delegated Act 2023/2055 of the Commission of 18 December 2023, and Delegated Act 2023/2056 of the Commission of 23 February 2023. These Acts contain Delegated Acts that are particularly relevant to Befesa’s operations.
i. Description of the taxonomic activity
The activity of recycling of steel dust is the overarching activity of most of the companies operating under Befesa. The Company understands this as a strategic activity, which is being the very essence of Befesa. Annex II of the Delegated Regulation 2023/2055 and its annexes, provide for dedicated facilities for the treatment of hazardous waste, contributing substantially to the transition to a circular economy, covers activity 2.4.
Recycling of steel dust: The description for this activity states that it covers the construction, upgrade and operation of dedicated facilities for the treatment of hazardous waste, as well as for material recovery operations. Befesa has determined that it does not fully fall within the description for this activity, given that the recovery of metals from steel dust is not solely the recycling or reclamation of inorganic materials other than metals or metal compounds. Befesa’s primary activity is unique, which makes similar services difficult to compare. This uniqueness has posed a challenge, as there is no predefined classification for this activity within the EU Taxonomy, especially concerning steel dust recycling. Despite this, Befesa is committed to a circular economy, playing a crucial role in recycling and resource recovery. This unique classification highlights the need for more comprehensive guidelines to accommodate innovative and specialised activities that support the objective of the circular economy.
i. Description of the taxonomic activity
Befesa produces secondary aluminium, which adheres to the highest standards of sustainability. For the purpose of achieving EU Taxonomy goals, the Company is actively involved in the manufacturing of secondary aluminium, promoting the circular economy and the sustainable reuse of its own products. Through its operations, Befesa contributes to resource conservation and minimises environmental impact.
The Annex I of the Delegated Regulation 2023/2654 and its annexes, provide for dedicated facilities for the treatment of hazardous waste, covering activity 3.8 Manufacture of aluminium. Activity 3.8 is described as the manufacture of aluminium through a primary alumina (bauxite) process or secondary aluminium recycling.
**EU Taxonomy activity Match with Befesa economic activity** | **EU Taxonomy objective**
---|---
**3.8 Manufacture of aluminium** | **Climate change mitigation**
Aluminium salt slags recycling: The process of recycling aluminium salt slag recovers aluminium and other valuable materials from the slag, a residual product of aluminium production. This approach not only reduces environmental impact but also provides valuable materials for the aluminium industry.# 04 Sustainability
Compliance with the minimum safeguards was examined at a Group level, considering existing corporate policies and risk management processes. Therefore, Befesa covers the minimum safeguards required by the EU Taxonomy Regulation.
i Substantial contribution to climate change mitigation
Befesa has determined that one of its main activities, Aluminium Salt Slags recycling, is substantially contributing to climate change mitigation through the recycling of secondary aluminium.
ii Do no significant harm (“DNSH”)
a) Climate change adaptation: A robust climate risk and vulnerability assessment must be done to define and implement measures to ensure that the activity does not lead to a significant increase in greenhouse gas emissions as established in Annex I of the Delegated Regulation (EU) 2021/2139, Appendix A. In this sense, Befesa is carrying out action to ensure full compliance in the future.
b) Sustainable use and protection of water and marine resources: If an activity has the potential to significantly harm the status of water bodies, Befesa needs to identify and assess the potential risks to water quality and stress, aiming for good ecological and chemical status as per Regulation (EU) 2021/2139 and Regulation (EU) 2023/2405 of the EC. The Company must develop measures to mitigate these risks. If an environmental impact assessment under Directive 92/43/EEC or Directive 2011/92/EU indicates significant environmental impact, no additional assessment is needed if the risks are addressed. In this sense, Befesa has already implemented an integrated environmental assessment, taking into account the above requirement.
c) Transition to a circular economy
d) Pollution prevention and control: In order to comply, Befesa has implemented measures to prevent and control pollution as per the requirements of Annex I of the Delegated Regulation (EU) 2021/2139, taking into consideration all substances listed.
e) Biodiversity Protection DNSH: If an activity has the potential to harm biodiversity, Befesa needs to identify and address risks related to biodiversity as per Regulation (EU) 2021/2139 and Regulation (EU) 2023/2405. Befesa has not yet conducted a biodiversity impact assessment. This means that there is not yet compliance with the DNSH criteria for biodiversity, and for adaptation to climate change. In addition, actions are currently being implemented to ensure full compliance. This ongoing process requires careful evaluation and adjustments to meet all the necessary standards and regulations. As a result, Befesa aims to achieve and publish complete alignment in the future once all criteria are satisfactorily met.
The minimum safeguards are procedures implemented by an entity that is carrying out an economic activity in line with the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles on Business and Human Rights. This includes the principles and rights set out in the eight fundamental ILO conventions on Fundamental Principles and Rights at Work and the International Bill of Human Rights. These procedures also adhere to the DNSH principle.
Befesa’s internal measures and policies on human rights, anti-trust, anti-bribery and anti-corruption, and taxation align with the principles and concepts of the UN Global Compact, the OECD Guidelines on Multinational Enterprises, the UN Guiding Principles on Business and Human Rights (including the principles and rights set out in the eight fundamental conventions of the International Labor Organization on Fundamental Principles and Rights at Work) and the International Bill of Human Rights.
Further information on Befesa’s processes and outcomes related to minimum safeguards are included in the Company’s reports:
| Economic Activities Code | CapEx (EUR Thousand) | Proportion of CapEx, year 2024 (%) | Climate Change Mitigation | Climate Change Adaptation | Water Pollution | Circular Economy | Biodiversity | Climate Change Mitigation | Climate Change Adaptation | Water Pollution | Circular Economy | Biodiversity | Minimum Safeguards (%) |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Substantial contribution criteria | DNSH criteria (“Does Not Significantly Harm”) | Substantial contribution criteria | DNSH criteria (“Does Not Significantly Harm”) | ||||||||||
| CCM | CCA | WTR | CE | BIO | CCM | CCA | WTR | CE | BIO | E | |||
| A. TAXONOMY-ELIGIBLE ACTIVITIES | |||||||||||||
| A.1. Environmentally sustainable activities (Taxonomy-aligned) | |||||||||||||
| CapEx of environmentally sustainable activities (Taxonomy-aligned) (A.1) | 0 | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| A.2. Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) | |||||||||||||
| Manufacture of aluminium CCA 3.8 | 9,019 | 9% | EL | EL | | | | | | | | | 5% |
| CapEx of Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (A.2) | 9,019 | 9% | 9% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | |
| A. CapEx of Taxonomy- eligible activities (A.1+A.2) | 9,019 | 9% | 9% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | |
| B. Taxonomy-non-eligible activities | |||||||||||||
| CapEx of Taxonomy- non-eligible activities | 94,861 | 91% | |||||||||||
| Total | 103,880 | 100% | |||||||||||
| Proportion of CapEx / Total CapEx | |||||||||||||
| Taxonomy-aligned per objective | |||||||||||||
| CCM | 0% | ||||||||||||
| CCA | 9% | ||||||||||||
| WTR | 0% | ||||||||||||
| CE | 0% | ||||||||||||
| PPC | 0% | ||||||||||||
| BIO | 0% |
| Economic Activities Code | Turnover (EUR Thousand) | Proportion of Turnover, year 2024 (%) | Climate Change Mitigation | Climate Change Adaptation | Water Pollution | Circular Economy | Biodiversity | Climate Change Mitigation | Climate Change Adaptation | Water Pollution | Circular Economy | Biodiversity | Minimum Safeguards (%) |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Substantial contribution criteria | DNSH criteria (“Does Not Significantly Harm”) | Substantial contribution criteria | DNSH criteria (“Does Not Significantly Harm”) | ||||||||||
| CCM | CCA | WTR | CE | BIO | CCM | CCA | WTR | CE | BIO | E | |||
| A. TAXONOMY-ELIGIBLE ACTIVITIES (A.1.+ A.2.) | |||||||||||||
| A.1. Environmentally sustainable activities (Taxonomy-aligned) | |||||||||||||
| Turnover of environmentally sustainable activities (Taxonomy-aligned) (A.1) | 0 | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| A.2. Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) | |||||||||||||
| Manufacture of aluminium CCA 3.8 | 367,296 | 30% | EL | EL | | | | | | | | | 31% |
| Turnover of Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (A.2) | 367,296 | 30% | 30% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | |
| A. Turnover of Taxonomy- eligible activities (A.1+A.2) | 367,296 | 30% | 30% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | |
| B. Taxonomy-non-eligible activities | |||||||||||||
| Turnover of Taxonomy- non-eligible activities | 871,734 | 70% | |||||||||||
| Total | 1,239,030 | 100% | |||||||||||
| Proportion of turnover / Total turnover | |||||||||||||
| Taxonomy-aligned per objective | |||||||||||||
| CCM | 0% | ||||||||||||
| CCA | 30% | ||||||||||||
| WTR | 0% | ||||||||||||
| CE | 0% | ||||||||||||
| PPC | 0% | ||||||||||||
| BIO | 0% |
| Economic Activities Code | OpEx (EUR Thousand) | Proportion of OpEx, year 2024 (%) | Climate Change Mitigation | Climate Change Adaptation | Water Pollution | Circular Economy | Biodiversity | Climate Change Mitigation | Climate Change Adaptation | Water Pollution | Circular Economy | Biodiversity | Minimum Safeguards (%) |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Substantial contribution criteria | DNSH criteria (“Does Not Significantly Harm”) | Substantial contribution criteria | DNSH criteria (“Does Not Significantly Harm”) | ||||||||||
| CCM | CCA | WTR | CE | BIO | CCM | CCA | WTR | CE | BIO | E | |||
| A. TAXONOMY-ELIGIBLE ACTIVITIES | |||||||||||||
| A.1. Environmentally sustainable activities (Taxonomy-aligned) | |||||||||||||
| OpEx of environmentally sustainable activities (Taxonomy-aligned) (A.1) | 0 | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| A.2. Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) | |||||||||||||
| Manufacture of aluminium CCA 3.8 | 3,292 | 9% | EL | EL | | | | | | | | | 10% |
| OpEx of Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (A.2) | 3,292 | 9% | 9% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | |
| A. OpEx of Taxonomy- eligible activities (A.1+A.2) | 3,292 | 9% | 9% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | |
| B. Taxonomy-non-eligible activities | |||||||||||||
| OpEx of Taxonomy- non-eligible activities | 31,812 | 91% | |||||||||||
| Total | 35,105 | 100% | |||||||||||
| Proportion of OpEx / Total OpEx | |||||||||||||
| Taxonomy-aligned per objective | |||||||||||||
| CCM | 0% | ||||||||||||
| CCA | 9% | ||||||||||||
| WTR | 0% | ||||||||||||
| CE | 0% | ||||||||||||
| PPC | 0% | ||||||||||||
| BIO | 0% |
Footnotes:
Key conclusions, changes and restatements are (all driven by secondary aluminium segment):
As indicated in ESRS 2 GOV-3, ESG performance targets are included as part of Befesa’s one-year (annual bonus) and multi-year (stock incentive plan (SIP) variable remuneration schemes. The sustainability-related performance criteria include the implementation of the CO₂e reduction plan to achieve the target of 20% CO₂e intensity rate improvement by 2030 (scope 1 and 2), with a view to aligning with the 1.5°C trajectory of the Paris Agreement. Performance targets measured during the performance period include the increase in the recycling rate of steelmaking dust, decrease in the CO₂e intensity as a consequence of the decrease in emissions and higher recycling rates, with a view to a reduced environmental footprint from waste management operations.
Befesa operates in 24 sites with recycling technology including complex equipment and materials. Due to their inherent characteristics, these sites are exposed to climate-related risks. While the company takes the highest precaution to manage this, climate-related physical hazards can represent physical risks for its assets and sensitive supply chains, potentially impact its operations and value chain. All sites have emergency plans that include climate-related risks and procedures to mitigate these, and their sites are audited for environmental regulation to avoid transition-related risks by adapting the facilities to the latest requirements. In the double materiality assessment, the company analysed potential physical and transition climate-related risks, considering the input of the main stakeholders (refer to ESRS 2 SBM-3 and IRO-1 for more information). As of today, the management considers these risks as manageable, without the need to explore the possibility of performing a more in-depth climate-related risk analysis based on scenario analysis in order to capture this information.
| Type | Description | Own operations/Value chain | Related policies and procedures |
|---|---|---|---|
| Positive Impact | Reduction of environmental harm and carbon footprint by recycling materials from resource extraction, mitigating the negative impacts of mining activities on climate. | Upstream | Integrated Safety, Health, Environment and Quality Policy |
| Contribution to a transition to a low carbon steel industry by enabling Electric Arc Furnace (EAF) steel production and secondary aluminium production. | Operation | Integrated Safety, Health, Environment and Quality Policy | |
| Reinforcement of the environmental commitment of employees and value chain members through conducting a life cycle analysis approach to evaluate its climate impact across the value chain. | Operations | Integrated Safety, Health, Environment and Quality Policy | |
| Promotion of the use of renewable energy (e.g.: selfconsumption of electricity through photovoltaic usage at one of Befesa's steel production plants, use of guarantee of origin, installing LED lighting and material, etc.). | Operations | Integrated Safety, Health, Environment and Quality Policy | |
| Negative Impact | Generation of CO2 emissions, especially scope 1, due to the dependency in the use of reducing agents in the production process, mainly coke in the steel dust business, needed for the reduction and oxidation chemical reaction that produces the separation of the zinc at a very high temperature. | Operations | Integrated Safety, Health, Environment and Quality Policy |
| Absence of emissions reductions stems from the lack of commitment to initiatives aimed at reducing greenhouse gas emissions, such as SBTi (Science-Based Targets initiative). | Operations | Integrated Safety, Health, Environment and Quality Policy | |
| Significant energy consumption and inefficiency because of an excessive energy intensity in facilities and processes that have not yet implemented the energy management system established by international standards such as ISO 50001:2018, certified. | Operations | Integrated Safety, Health, Environment and Quality Policy | |
| Increase in energy use driven by the inclusion of the EAF steel dust recycling. | Operations | Integrated Safety, Health, Environment and Quality Policy | |
| Risk | Operating costs or production losses resulting from the impact of physical risks such as flooding from the proximity of the plants to large bodies of water. | Operations | Integrated Safety, Health, Environment and Quality Policy |
| High risk level in the Carbon Risk Classification scale as industry is exposed to several carbon risks according to Befesa's main business activities. This could lead to the violation of the rules set by the Paris Agreement. | Operations | Integrated Safety, Health, Environment and Quality Policy | |
| Partial alignment of the risk management related with climate risk disclosure according to TCFD recommendations. Although the current governance framework supports the risk management policies, the company may need to reassess its strategy to better offset its investment portfolios. | Operations | Integrated Safety, Health, Environment and Quality Policy | |
| Perception of passivity towards sustainability by stakeholders due to a lack of recent sustainability reports. | Operations | Integrated Safety, Health, Environment and Quality Policy | |
| Opportunity | Promotion of transparency and confidence to investors by developing more distinguished internal policies in each ESG area to convey a clear message and demonstrate its commitment to sustainability. | Operations | Integrated Safety, Health, Environment and Quality Policy |
| Investor attraction through alignment with best-in-class ESG rating agencies and indexes, such as ISS ESG, MSCI, Sustainalytics, Vigeo Eiris, global challenges index, etc… | Operations | Integrated Safety, Health, Environment and Quality Policy | |
| Significant cost saving in purchasing green bonds by reducing emissions of the company. | Operations | Integrated Safety, Health, Environment and Quality Policy | |
| Lack of knowledge among workers regarding energy-saving best practices, stemming from the failure to provide training on the subject. | Operations | Integrated Safety, Health, Environment and Quality Policy | |
| Risk | Possible increased production costs due to dependence on external energy sourcing. Given the highly volatile nature of the energy market, relying on third parties can result in sudden spikes in expenses. | Operations | Integrated Safety, Health, Environment and Quality Policy |
| Wrong adjustment of the facilities to renewable energy consumption, resulting in dependence on fossil fuels, with increasingly hiking prices due to charges imposed to reduce their consumption. | Operations | Integrated Safety, Health, Environment and Quality Policy | |
| High operating costs in production plants and difficulties in optimizing the use of energy, as energy-efficiency measures have not been implemented, resulting in a loss of product competitiveness due to higher production costs. | Operations | Integrated Safety, Health, Environment and Quality Policy |
One of the principal environmental impacts for Befesa is its carbon footprint, which is a direct consequence of the industrial technology that the company uses. Befesa’s 24 sites track emission intensity and total emissions annually, including Scope 1 & 2, and since 2022, also Scope 3. Direct emission categories (Scope 1) include stationary, process, mobile and fugitive emissions. Indirect emissions categories (Scopes 2 & 3) are disclosed in reference to each business unit’s material categories. To identify each site’s material categories, the company commissioned an external analysis using the indirect emissions categories available in the GHG Protocol.
All sites have a materiality analysis training session, and a materiality analysis process to select the relevant emissions measurements. Every year, all sites measure their emissions using emission factors provided by local governments, IPCC, or, if needed, Ecoinvent. Befesa’s plants’ emissions are regulated by local and international regulatory bodies. GHG Protocol processes are applied to identify CO₂e emissions sources and other pollutants such as SOX and NOX are also tracked separately in the reports. Both GHG emissions are reported annually following EFRAG’s guidelines and ISO 14064 guidelines (see E1-6).
Befesa’s main business activity, steel dust recycling, is currently the higher emitter of CO₂ due to the reliance on the use of emission-intensive reducing agents like coke. As mentioned in E1-1, the company is committed to research, develop and implement solutions to reduce its environmental impact. All sites’ materiality analysis identified and transition climate-related risks in its Double Materiality Analysis. All sites’ materiality analysis identified and transition climate-related risks in its Double Materiality Analysis. All sites have, due to regulation, all of its sites have developed risk contingency plans following the necessary regulatory requirements and have tested them to ensure they are operational.
The company has considered all information that is available at the reporting date for its analysis. Disclosures are expected to improve over time.
The company discusses market trends, including factors such as the future demand of recycled materials or scrap availability, but these are usually done on a yearly basis and do not investigate medium- or long-term time frames.
In its Double Materiality Analysis, the company identified and transition climate risks. On the other hand, all the environmental risks set out in ESRS 2 SBM-3 related to climate change, resource use, air pollution, energy, and waste and circular economy are identified as material topics.
These factors are expected to continue to support the company’s growth as tighter environmental regulations and Befesa’s services become ever more critical to operators in the steel and aluminium industries.
The company has conducted a preliminary analysis of the International Energy Agency (IEA) Global Energy and Climate (GEC) Model scenarios. Given its focus on recycling steel and aluminium, Befesa’s business activities are expected to be positively impacted by the scenarios modelled by IEA, which include lower carbon emissions and a shift to a circular economy.
These scenarios are expected to take into account in the next steps to perform a full scenario analysis that includes the impact of transition risks. This means that Befesa’s material topics will be analysed in the context of the most relevant scenarios and their impacts.
According to the IEA, “increased scrap recycling and mass deployment of innovative technologies are key levers for reducing emissions”. In addition, for example the IEA analyses that the share of scrap in metallic inputs is expected to increase 15% in 2050 from a 2022 baseline of 33%, reaching 48%. In aluminium, the share of secondary production is expected to increase 20% in 2050 from a 2022 baseline of 36%, reaching 56%.
This preliminary resilience analysis does not consider climate or business scenarios applied to Befesa’s risks or information about its ability to adjust its strategy in the short, medium and long term. It also does not include areas of uncertainty or consider the effects and the opportunities that these scenarios may have on Befesa’s future growth. All sites have performed and will continue to perform its climate risk and resilience analysis, Befesa is going to provide a detailed scenario analysis that includes its risks and mitigation actions against them, as these are going to be identified in future ESG reports.
Befesa has an overarching Environment, Health, Safety & Quality (EHSQ) Policy that sets out its guiding principles related to these issues (see ESRS 2 MDR-P). With regards to climate change mitigation, it points out that:
As of today, this policy does not specifically mention climate change mitigation, however, it is expected to incorporate these topics in the policy going forward.
Environment, Health, Safety & Quality (EHSQ) Policy is available in Befesa’s website and intranet, and the Environmental, Health & Safety Director and all Befesa employees are accountable for its implementation. In addition to these overarching principles, the plants have developed independent policies according to the regional policy and third-party requirements that are needed to perform its activity. Some examples are:
For more information, please see environmental chapter.
For Befesa, stakeholders are those individuals and organisations that affect or are affected by Befesa’s business operations. Stakeholders are not just passive observers but active participants that can have a positive or negative impact on the success and sustainability of Befesa. Recognising their importance and effectively engaging with their expectations and views on sustainability goals. The key stakeholders include customers, employees, local communities, suppliers, shareholders, rating agencies, analysts, government, NGOs and the media.
Befesa is going to map in the sustainability materiality matrix for the entire group.
Befesa has developed a Climate Action Plan, which was published in its 2023 ESG Report. It establishes a carbon intensity reduction target of 20% by 2030 and an ambition to become Net Zero by 2050.# Environmental
To better explain the company’s Climate Action Plan, it is useful to clarify its business model and sources of emissions: Befesa’s products and services can contribute to mitigate climate change by supporting the circular economy and reducing the need for primary raw materials, and by reducing emissions in industries that process them. The operations of Befesa today use technologies that require inputs to process waste materials and extract the valuable materials contained within them. Reported emissions by category:
In summary, the carbon footprint (location based method) of Befesa:
By business unit, around 80% of the CO2 emissions are related to steel dust recycling, whose CAPEX represents a similar portion of the total EBITDA generated by Befesa. To minimise carbon emissions, Befesa applies best available technology (BAT) and looks for improvement opportunities as part of its operational excellence programme – the company is committed to investing in technology to reduce its emissions. Befesa’s decarbonisation investments are not done as part of a Strategic Environmental, Social and Governance (ESG) policy but are driven by the need for continuous improvement and the EU Taxonomy Delegated Regulation (EU) 2021/2139. Therefore, the company seeks to minimise the impact of its activities in alignment with the Paris Agreement and the company’s intensity targets are reviewed by the sustainability committee in 2022. This has been updated to reflect the company's carbon intensity targets in line with the Paris Agreement and the company's intensity targets have been updated by the sustainability committee in 2022.
By 2050, Befesa’s goal is to be net zero, in line with the Paris Agreement commitment to keep global temperature increase below 1.5°C. The company's climate strategy is based on the commitment of the Paris Agreement, and the company's intensity targets have been updated by the sustainability committee in 2022.
The company has already defined a plan to reduce its carbon intensity by 20% by 2030. When added together, these initiatives have the potential to reduce Befesa’s intensity by up to 33%:
| 2022 | Coke reduction USA (remaining) | Smelter 100% green | Stainless 100% green | Europe 100% green | Biocoke Europe 20% | 40% Hydrogen in Au | 2030 Target | |
|---|---|---|---|---|---|---|---|---|
| Carbon intensity (kg CO2e per tonne of residue recycled (input)) | 0.56 | 0.56 | 0.55 | 0.49 | 0.02 | 0.02 | 0.02 | -20% |
| % of intensity reduction | 4% | 4% | 4% | 4% | 4% | 10% | ||
| Cumulative intensity reduction | -33% |
1 Carbon intensity refers to kg CO2e per tonne of residue recycled (input).
Environmental continued 128 Befesa Annual Report 2024
Apart from these four levers, the company also implements smaller initiatives that, on top of continuous improvement and efficiency, contribute to reach its operational excellence programme. See E1-3 and E1-4 for its progress in implementing the decarbonisation levers to reach its 2030 carbon intensity goal.
Befesa currently does not have a year-by-year plan to reach its Net Zero by 2050 ambition, as this is heavily reliant on technology deployment, demand, and availability.
Befesa’s business model is compatible with the EU Taxonomy Regulation on climate change mitigation and adaptation and the EU Paris-aligned benchmarks. Compared to alternative sources, Befesa saved an estimated 2,596 kilotons CO2 eq in 2024². Additionally, BEFESA contributes to the Electric Arc Furnace industry (EAF) (c. 85% less carbon intensive than Basic Oxygen Furnace, BOF)³ and secondary aluminium (c. 99% less carbon intensive than primary aluminium)⁴.
² GHG emissions overall impact; 2024 pro forma (Kton CO2eq)
| Alternative to steel dust recycling | BEFESA stand alone | BEFESA holistic impact | Alternative to stainless recycling | Alternative to salt slag recycling | Alternative to secondary aluminium recycling | Primary aluminium production, considering marginal production³ | Primary production of aluminium, bauxite, ammonium sulphate | Primary production of ferroalloys (Ni, Cr, Mo) | Primary Zn production, considering marginal production³ | Alternative source if BEFESA would not exist | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2021 Baseline (Pro-forma) | 482 | 2,490 | -2,597 | 140 | 780 | 1,294 | 878 | 152 | 96 | 139 | |
| BEFESA's Impact | |||||||||||
| Total CO2e impact (Kton) | |||||||||||
| Steel Dust Recycling Services | |||||||||||
| Oxide | |||||||||||
| Befesa | |||||||||||
| Crude steel dust recycling | |||||||||||
| Salt slags and SPL recycling | |||||||||||
| Stainless-steel dust recycling | |||||||||||
| Secondary aluminium | |||||||||||
| Environmental continued 129 | |||||||||||
| Befesa Annual Report 2024 |
³ Quantification of the environmental benefits associated with BEFESA's activities. The reduction in CO2e emissions has been calculated based on the difference between the emissions associated with the use of BEFESA's products and the emissions associated with the production of primary materials. Calculations are based on average data from industry publications, scientific literature, and internal studies. For example, the CO2e intensity of primary aluminium production is considered to be higher than secondary production.
⁴ Carbon intensity comparison between Electric Arc Furnace (EAF) and Basic Oxygen Furnace (BOF) steelmaking, and between primary and secondary aluminium production.
Even though Befesa’s products and processes are intrinsically less carbon-intensive than the alternative, the company currently depends on emission-intensive components such as coal, which represent a large portion of its emissions. The company’s business strategy is driven by an increased contribution to the circular economy, by providing environmentally compliant solutions and reducing its carbon intensity through investments and R&D. The company is committed to invest in technology to reduce the carbon intensity of its products, however, these efforts depend on the evolution of market enablers such as market demand, carbon capture, carbon prices, and energy technology developments. In 2024, it allocated 1.67M€ of research and development budget and 12M€ of CapEx to emission reduction projects. As it deploys its business strategy, Befesa aims to increase its contribution to the circular economy through its recycling and resource recovery activities, with the goal of achieving its emission intensity target results in a gross emission reduction to reach the Net Zero target.
Befesa has started to define a roadmap to achieve its Net Zero by 2050 ambition and has started its deployment through investment in new technologies and the development of internal capabilities for decarbonization.
| 2024 pro forma (Kton CO2eq) | |
|---|---|
| Alternative to steel dust recycling | 482 |
| BEFESA stand alone | 2,490 |
| BEFESA holistic impact | -2,597 |
| Alternative to stainless recycling | 140 |
| Alternative to salt slag recycling | 780 |
| Alternative to secondary aluminium recycling | 1,294 |
| Primary aluminium production, considering marginal production³ | 878 |
| Primary production of aluminium, bauxite, ammonium sulphate | 152 |
| Primary production of ferroalloys (Ni, Cr, Mo) | 96 |
| Primary Zn production, considering marginal production³ | 139 |
| Alternative source if BEFESA would not exist |
The company's activities align with the EU Taxonomy Regulation and focus on the treatment of hazardous waste, and the essence of the company. The EU Taxonomy criteria assess the environmental performance of BEFESA's economic activity as the recycling or reclamation of inorganic materials other than metals or metal compounds. Steel Dust Recycling Services has undergone an eligibility and alignment analysis. Befesa believes that much more of its business should be eligible and aims to increase its recognition as a contributor to the circular economy through recycling and resource recovery. Therefore, its main objective is to have its activities recognised in the Commission Delegated Regulation (EU) 2021/2139. In this context, the company has applied for the inclusion of its activities in the EU Taxonomy register via the Taxonomy Stakeholder Request Mechanism or industrial associations.
(f) The company does not invest in brown coal, oil and gas-related economic activities. The company’s activity does depend on the use of coal as a product.
(g) Befesa is not excluded from the EU Paris-aligned Benchmarks.
Befesa’s climate change mitigation actions are embedded in its Climate Action Plan and linked to its Environmental, Health & Safety and Quality (EHSQ) Policy.## 4 Sustainability
The company’s ability to implement some of these actions depends on the development of technology and its allocation of funds through CapEx investments and its Research & Development department (R&D). Befesa’s R&D department is involved in developing technology that enables its transition to Net Zero by 2050, dedicating 1,67M€ to decarbonisation projects in 2024 (for more information on its Climate Action Plan, see E1-1). On the other hand, the sustainable Capex investments take part as part of the recurrent maintenance CapEx and for improving the energy efficiency of its plants to reduce emissions. The company currently does not have specific Taxonomy-aligned CapEx plans; instead, the company maintains its assets according to latest regulation and best practices. These currently do not relate to Taxonomy-aligned CapEx plans.
131Befesa Annual Report 2024
All decarbonisation investments made this year:
| | Business Unit |
This subsection presents Befesa’s commitment to environmental sustainability and its efforts to mitigate its impact on the planet. The company aims to achieve a 20% CO2 intensity reduction by 2030 (see E1-1). The company’s ability to implement some of these actions depends on the development of technology and its allocation of funds through CapEx investments and its Research & Development department (R&D). Befesa’s R&D department is involved in developing technology that enables its transition to Net Zero by 2050, dedicating 1,67M€ to decarbonisation projects in 2024 (for more information on its Climate Action Plan, see E1-1). On the other hand, the sustainable Capex investments take part as part of the recurrent maintenance CapEx and for improving the energy efficiency of its plants to reduce emissions. The company currently does not have specific Taxonomy-aligned CapEx plans; instead, the company maintains its assets according to latest regulation and best practices. These currently do not relate to Taxonomy-aligned CapEx plans.
01 Befesa at a glance
02 To Befesa’s shareholders
03 Management report
04 Sustainability
05 Consolidated financial statements
06 Statutory financial statements
07 Additional information
131Befesa Annual Report 2024
All decarbonisation investments made this year:
| Project | Spend (€) | Business Unit | Accounts | |
|---|---|---|---|---|
| All decarbonisation-related CapEx | 12.4M | All | Property, Plant and Equipment | |
| Lever 1: Reduction of coke use in USA plants | 100-500k | Steel dust | Property, Plant and Equipment | |
| Lever 4: HyInHEAT Hydrogen replacement testing | on-site | 500k-1M | Aluminium | Property, Plant and Equipment |
| Other decarbonisation-related CapEx | 11.7M | All | Property, Plant and Equipment | |
| All decarbonisation-related R&D | 1.7M | All | Other Intangible Assets | |
| Lever 3: Coke replacement with biomass | 100-500k | Steel dust | Other Intangible Assets | |
| Lever 4: HyInHEAT Hydrogen replacement research | 100-500k | Aluminium | Other Intangible Assets | |
| Other decarbonisation-related R&D | 1.1M | All | Other Intangible Assets |
Actions related to the 4 decarbonisation levers:
| Initiative | Value chain | Target year | 2024 cost | Status | Expected (target year) | Actual (2024) | Expected (target year) | Actual (2024) |
|---|---|---|---|---|---|---|---|---|
| Lever 1: Reduction of coke use in USA plants | Procurement & Operations, US steel | 2025 | 100-500k (CapEx) | In process | 10% | 6% | 0.05 | 0,035 |
| Lever 2: Green power sourcing | Procurement & Operations, All locations | 2030 | Currently | 18% | 0 | 0.09 | 0 | |
| Lever 3: Coke replacement with biomass | Procurement & Operations, Global steel | 2030 | 100-500k (R&D) | Testing in | 3% | 0 | 0.02 | 0 |
| Lever 4: Natural gas replacement with hydrogen | Procurement & Operations, Europe aluminium | 2030 | 500k-1M (OpEx and R&D) | Testing in | 2% | 0 | 0.02 | 0 |
See E1-1 for more details about Befesa’s intensity targets and progress.
Other decarbonisation investments made this year:
| Initiative | Outcome | Business unit | Value chain | Location | Cost (CapEx) |
|---|---|---|---|---|---|
| Reduction of waste to landfill | Steel dust | Europe | <10k | ||
| Installation of Regenerative Thermal Oxidizer (RTO) | Mitigate emissions | Steel dust | Europe | <10k | |
| Cabinet installation | Secondary Aluminium | Europe | 10-50k | ||
| Purchase and installation of bicycle and vehicle charging stations | Transport emissions reduction | Secondary Aluminium | Europe | 10-50k | |
| Thermal insulation of the building | Improved insulation to reduce energy consumption | Steel dust | Europe | 10-50k | |
| Roof renovation | Improved insulation to reduce energy consumption | Stainless Steel | Europe | 10-50k | |
| Energy transformer update | Electricity saving | Secondary Aluminium | Europe | 10-50k | |
| Replacement of old equipment | Steel dust | Europe | 10-50k | ||
| ISO 5001-aligned energy saving programmes | Energy saving, optimisation of facilities and reduced energy use | Secondary Aluminium | Europe | 50 -100k | |
| Installation of variable frequency driver (VFD) | Reduced electricity consumption and improved efficiency | Stainless Steel | Europe | 50-100k | |
| General equipment maintenance and improvement | Improved equipment efficiency | Stainless Steel | Europe | 50-100k | |
| Replace H2 & O2 gauge alarm in furnace building | Improve reliability of emissions measurement | Stainless Steel | Europe | 100-500k | |
| Installation of filters | Stainless Steel | Europe | 100-500k | ||
| Improved ventilation in the facility | Reduced energy consumption | Stainless Steel | Europe | 100-500k | |
| Replacement of refractory equipment | Reduced electricity consumption | Steel dust | Europe | 100-500k | |
| Substitution of primary alloys by secondary alloys | Energy saving achieved by avoiding electrolysis | Secondary Aluminium | Europe | 100-500k | |
| Gas compressor upgrade | Improved equipment efficiency | Stainless Steel | Europe | 100-500k | |
| Purchase of energy-saving motors | Reduced energy consumption | Steel dust | Europe | 100-500k | |
| Installation of bypass on the transformer | Reduced electricity consumption and improved efficiency | Secondary Aluminium | Europe | 100-500k | |
| Upgrade of delivery & assembly | Reduced electricity consumption and improved efficiency | Stainless Steel | Europe | 100-500k | |
| Upgrade of the oven (2024 phase) | Reduced energy consumption and improved efficiency | Secondary Aluminium | Europe | 500k-1M |
01 Befesa at a glance
02 To Befesa’s shareholders
03 Management report
04 Sustainability
05 Consolidated financial statements
06 Statutory financial statements
07 Additional information
133Befesa Annual Report 2024
| Target Goal | Scopes | Baseline | Interim target: 20% CO2e intensity reduction by 2030 | Long-term ambition: Net Zero by 2050 |
|---|---|---|---|---|
| 1 & 2 | 0.45 Tn CO2e / year (est. 1.34M Tn CO2e in 2030⁸) | 0.56 Tn CO2e / year (2021 pro-forma) | 1 & 2 | 122,226 Tn CO2e (2021 pro-forma) |
E1-4 Targets
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than an absolute emissions reduction target.
Befesa’s aim is to reduce its environmental impact. Due to its goals to expand its business model and the circular economy, it has set an intensity reduction target rather than# E1-5 Energy
| Comparative Year | 2024 |
|---|---|
| 1 Fuel consumption from coal and coal products (MWh) | ND |
| 2 Fuel consumption from crude oil and petroleum products (MWh) | 30,010.45 |
| 3 Fuel consumption from natural gas (MWh) | 456,691.51 |
| 4 Fuel consumption from other fossil sources (MWh) | 2,168.93 |
| 5 Consumption of purchased or acquired electricity, heat, steam, and cooling from fossil sources (MWh) | 729,996.27 |
| 6 Total fossil energy consumption (MWh) (calculated as the sum of lines 1 to 5) | 1,218,867.16 |
| Share of fossil sources in total energy consumption (%) | 86.68% |
| 7 Consumption from nuclear sources (MWh) | 100,873.65 |
| Share of consumption from nuclear sources in total energy consumption (%) | 7.17% |
| 8 | ND |
| 9 Consumption of purchased or acquired electricity, heat, steam, and cooling from | ND |
| 10 | ND |
| 11 Total renewable energy consumption (MWh) (calculated as the sum of lines 8 to 10) | 86,372.98 |
| Share of renewable energy consumption in total energy consumption (%) | 6.14% |
| Total energy consumption (MWh) (calculated as the sum of lines 6, 7 and 11) | 1,406,113.79 |
The plants measure and report energy consumption on the basis of real data, the accounting of which is based on continuous measurement or weighing, depending on the energy source. Once the data is available at a plant level, it is then consolidated by the EHS corporate team. As it is shown in E1-2, there are some plants with ISO 14001.
| CO2e intensity (Tn CO2e / Net Revenue) | 2021 Baseline (Pro-forma) | 2022 | 2023 | 2024 | 2030 Target |
|---|---|---|---|---|---|
| 0.56 | 0.56 | 0.55 | 0.49 | 0,45 | |
| % | -20% |
135 Befesa Annual Report 2024
| Comparative | N | N-1 | Total energy consumption per net revenue for activities in |
|---|---|---|---|
| Not comparable | 1,13 | ||
| ND |
Befesa has considered all of its activities to be included in the high climate impact sectors, since all of them could be included fi (note 5 and 22.1).
| 2021 (Base year) | 2023 | 2024 | Comparative % 2024/ 2023 | 2025 | 2030 | 2050 | Annual % target/ 2021 | |
|---|---|---|---|---|---|---|---|---|
| Scope 1 GHG emissions | 1,176.000 | 1,340.000 | 122.226 | 36.6% | ||||
| Gross Scope 1 GHG emissions (tCO2eq) | 695,329.03 | 879,000.00 | 841,050.18 | -37,949.82 | 95.68% | |||
| Percentage of Scope 1 GHG emissions from regulated emission trading schemes (%) | ND | ND | ND | ND | ND | ND | ND | ND |
| Scope 2 GHG emissions | ||||||||
| Gross location-based Scope 2 GHG emissions (tCO2eq) | 102,494.70 | 249,000.00 | 309,258.28 | 60,258.28 | 124.20% | |||
| Gross market-based Scope 2 GHG emissions (tCO2eq) | ND | ND | 270,369.91 | ND | ND | ND | ND | |
| Significant Scope 3 GHG emissions | ||||||||
| Total Gross indirect (Scope 3) GHG emissions (tCO2eq) | ND | 421,000.00 | 290,669.26 | -130,330.70 | 69.04% | |||
| 1 Purchased goods and services | ND | ND | 180,685.62 | ND | ND | ND | ND | |
| 3 Fuel and energy-related Activities (not included in Scope1 or Scope 2) | ND | ND | 55,673.28 | ND | ND | ND | ND | |
| 4 Upstream transportation and distribution | ND | ND | 35,669.53 | ND | ND | ND | ND | |
| 5 | ND | ND | 18,640.83 | ND | ND | ND | ND | |
| Total GHG emissions | ||||||||
| Total GHG emissions (location-based) (tCO2eq) | 797,823.73 | 1,550,000.00 | 1,440,977.71 | -109,022.24 | 92.97% | |||
| Total GHG emissions (market-based) (tCO2eq) | ND | ND | 1,402,089.34 | ND | ND | ND | ND |
Environmental continued
136 Befesa Annual Report 2024
All plants apply ISO 14064.
GHG Protocol, to select reporting categories. Every year, all sites measure their emissions using emission factors provided by local governments, IPCC, or, if needed, Ecoinvent. Other pollutants are reported in E2-4.
Scope 1 Direct emission categories include stationary, process, mobile and fugitive emissions. This includes, for instance, natural gas and coke consumption. The use of coke as a reductant agent is not counted as fuel, but as process emissions. In order to infer the volumes of coke used, plants use either mass of the materials that go into the processes.
Scope 2 This category includes indirect emissions generated by electricity consumption. This year the company is reporting location- and market-based fi
Scope 3 Befesa has conducted a thorough assessment of its Scope 3 emissions, engaging external consultants The assessment process has
1. fi categories based on materiality exception of BZ Recytech that became part of Befesa in 2024.
01 Befesa at a glance
02 To Befesa’s shareholders
03 Management report
04 Sustainability
05 Consolidated financial statements
06 Statutory financial statements
07 Additional information
137 Befesa Annual Report 2024
Application of the GHG Protocol Corporate Value Chain (Scope 3) Accounting and Reporting Standard.
fi industry-average collected data, and thirdly data from databases or standards, such as DEFRA and Ecoinvent.
are various uncertainties associated measurement. These uncertainties arise from several factors, including:
1. Data Availability: Scope 3 emissions often rely on data in quality and completeness from location to location.
2. Materiality of categories might vary depending on a location.
3. Estimation Methodologies: Where direct data is unavailable, estimations based on emission factors and other proxies are used.
Befesa carried out a materiality assessment conducted by experts on key representative locations from every sub-business unit at Befesa to gain a better understanding and obtain a methodology to calculate the scope 3 emissions by type of based on real scope 3 data as most material categories for each business segment. Every location materiality analysis based on fi materiality analysis.
4. Value Chain Complexity: Befesa's value chain is complex, involving a large number of suppliers and customers across challenging to obtain precise data for all activities.
updates its estimation methodologies fi all its locations. At the same time supplier engagement to obtain more accurate and consistent data in the future for the material categories. Befesa aims to improve the quality of Scope 3 measurement in future reporting years.
Timeline for Improvements: On ff to enhance the data consolidation methodology and its coverage for all relevant locations by 2026, and report on the progress in its next reporting cycle.
Environmental continued
138 Befesa Annual Report 2024
The materiality criteria for Scope 3
y Magnitude of emissions: this criterion refers to the volume of emissions from the emission source compared to the total indirect emissions.
y flfl can have in reducing emissions from the emission source through policies or support to third parties.
y Data availability and traceability: this criterion refers to the degree of quality of the data through its direct or indirect collection and the ability to access and retain evidence.
Emissions are calculated using primary
y Using economic data as primary data: The plant estimates the emissions for each potential source
GHG Emissions (t CO2e) = Source Value (€) x Emission Factor (t CO2/€)
y Not using economic data as primary data: For these cases, the corporate procedure provides calculation methods that can be used. If not GHG Protocol’s guidance and apply calculation methods depending on the available primary data:
GHG Emissions (t CO2e) = Source Value (unit) x Emission Factor (t CO2/unit)
The material categories for scope 3
y 1. Purchase goods and services
y 3. Fuel and energy-related activities (not included in scopes 1 and 2)
y 4. Upstream transportation and distribution
y 5.
| 2023 | 2024 | % 2024/2023 | |
|---|---|---|---|
| Total GHG emissions (location-based) per net revenue (tCO2e / Revenue) | 1,31 | 1,16 | 88,58% |
| Total GHG emissions (market-based) per net revenue (tCO2e / Revenue) | ND | 1,13 | ND |
9 The net revenue found in the denominator can be found in the consolidated income statement under revenue or sales. The net fi (1.239 million euros) can be found in the company’s income statement (note 5 and 22.1).
Befesa does not take part in any accredited GHG removal schemes.# E2 – Pollution
Emissions from recycling processes, transportation, and energy use at Befesa’s 24 sites can contribute to air pollution, affecting public health. These emissions are managed and controlled to minimize harm to people and the environment, including emissions of steel dust, stainless-steel dust, oxide, NOx and SOx, CO2, methane, and secondary aluminium production. To identify and assess impacts, risks, and opportunities related to pollution, a Double Materiality analysis has been carried out. Since none of the company’s plants are located in protected areas or zones vulnerable to soil contamination, the Double Materiality Analysis established noise as the most material pollution-related topic for Befesa (see ESRS 2 IRO-1 and SBM-3). Air pollution is the material sub-theme of this section. With increasing environmental concerns and regulation, there is a risk that the reporting demand increases in the future. Befesa is committed to maintaining up-to-date guidelines to meet local regulations and environmental standards.
Environmental continued
| Type | Description | Related policies and procedures | Own operations/Value chain | Location |
|---|---|---|---|---|
| Positive Impact | Reduction of air and noise pollution through implemented mitigation and abatement technologies in the sites. | – Environmental, health & safety and quality policy | Own Operations/Value chain | |
| Negative Impact | Impact on employee health due to the exposure to pollutants in the air, such as a range of respiratory health issues. | – Environmental, health & safety and quality policy | Own Operations/Value chain | |
| Negative Impact | Impact on the surrounding community from the air pollution of Befesa’s operations that can cause concern for public health, decreased quality of life and discontent regarding environmental matters. | – Environmental, health & safety and quality policy | Own Operations/Value chain | |
| Negative Impact | Damage of the ozone layer due to direct emissions originating through the use of coke in the production process. | – Environmental, health & safety and quality policy | Own Operations/Value chain | |
| Opportunities | Improvement of the environmental performance through efficient and sustainable resource management, which demonstrates Befesa’s commitment to responsible business practices. This can enhance Befesa’s reputation among customers, investors and the community, attracting environmentally conscious stakeholders and business partners. | – Environmental, health & safety and quality policy | Own Operations/Value chain | |
| Risk | Increase in sanctions imposed as a result of non-compliance with strict environmental regulations and conditions in environmental authorizations. | – Environmental, health & safety and quality policy | Own Operations/Value chain | |
| Risk | Lack of anticipation of future legislation regarding air particles. Legislation is expected to get more and more restrictive and Befesa should adapt by cutting emissions and air particles. | – Environmental, health & safety and quality policy | Own Operations/Value chain | |
| Risk | Higher investment necessities due to the need to improve facilities to reduce air pollution. | – Environmental, health & safety and quality policy | Own Operations/Value chain |
As indicated in E1-2, given the global footprint of Befesa’s recycling plants, the company currently does not have a specific policy for pollution. At a corporate level, Befesa has established the Environmental, Health and Safety and Quality policy, which aims to protect the environment, employees, customers and third parties and includes Befesa's commitment to the prevention of environmental incidents and emergency situations. Each individual operating site is responsible to ensure legal compliance and to pursue environmental performance improvements. All ISO 14001-compliant sites have an environmental policy that covers their respective specific aspects and complies with local regulation. As part of the environmental policy, Befesa commits to implement abatement technologies to reduce air pollution, which allows to comply with the environmental applicable regulations.
| ### Initiative | Outcome | Business unit | Own Operations /Value chain | Location | Capex cost |
|---|---|---|---|---|---|
| Slag cooling fan revision and upgrade | Emissions are collected more efficiently and sent to the chimney | Steel dust | Own Operations/Value chain | Asia | <10k |
| Improvement in dust emission collecting in furnace | Reduces atmospheric emissions | Oxide | Own Operations/Value chain | Europe | <10k |
| Installation of lids for crucible ovens | Reduces atmospheric emissions | Oxide | Own Operations/Value chain | Europe | <10k |
| Installation of quick-lift door in production building | Avoids dust emissions into the air outside the building | Steel dust | Own Operations/Value chain | Europe | <10k |
| Installation of air particle collector | Reduces dust emissions | Steel dust | Own Operations/Value chain | Europe | 10-50k |
| Upgrade of central dedusting system pipeline | Reduces dust emissions | Steel dust | Own Operations/Value chain | Asia | 10-50k |
| Continuous emission monitoring systems (CEMS) analyzer replacement | Improve emissions measurement data | Steel dust | Own Operations/Value chain | Asia | 10-50k |
Environmental continued
Most of the actions described in E2-1 aim to reduce the levels of pollution coming from the emissions of CO2, and other pollutants like methane (e.g., the Hydrogas project). At Befesa, each plant manages their pollution actions and targets locally in order to comply with local regulations and constantly monitors them to minimise their impact.
Despite Befesa’s best efforts to prevent environmental incidents, due to the nature of the operations and the raw materials handled, its activity could have some negative impact on local communities, such as air pollution generated by its facilities. In order to mitigate these impacts, Befesa carries out mitigation actions to minimize these impacts and reduce them over time in relation to 2024. Every year, Befesa carries out several planned actions to improve the pollution levels of its recycling assets.
During 2024, Befesa carried out several environmental investments, amounting to 4.2M€. These initiatives are part of the annual budget for regular and compliance maintenance, and it is expressed as capital expenditures (CapEx) invested.
These initiatives can be found in the ‘Property, Plant and Equipment’ section in the consolidated statement of financial position, where the additions made in 2024 (80.98 M€, including regular maintenance CapEx but also expansion CapEx, dedicated to increase the recycling capacity of the company’s sites) are presented.
| Initiative | Outcome | Business unit | Own Operations /Value chain | Location | Capex cost |
|---|---|---|---|---|---|
| Replacement of dust measurement appliance on chimney | Improve technology and emissions measurement | Steel dust | Own Operations/Value chain | Europe | 10-50k |
| Application of lime dosing and active carbon dryers to purify emissions | Remove acids and organic compounds from air emissions | Secondary Aluminium | Own Operations/Value chain | Europe | 10-50k |
| Control of mercury emissions | Steel dust | Own Operations/Value chain | Europe | 10-50k | |
| Reduces dust emissions | Steel dust | Own Operations/Value chain | Europe | 50 -100k | |
| Upgrade of old seals to reduce trace emissions | Reduced trace emissions from seals | Steel dust | Own Operations/Value chain | America | 100-500k |
| Installation of an Uninterruptible Power Supply (UPS) for the DCS system | Steel dust | Own Operations/Value chain | Europe | 100-500k | |
| Upgrade of reactors in the feeding pump | Curb emission of ammonia | Salt slags & SPL | Own Operations/Value chain | Europe | 100-500k |
| Installation of a ball mill | Reduces diesel consumption and dust emissions | Oxide | Own Operations/Value chain | Europe | 100-500k |
| Reduce particulate emissions | Steel dust | Own Operations/Value chain | Europe | 100-500k | |
| Installation of Regenerative Thermal Oxidizer (RTO) to treat air emissions | Reduce CH4 emissions | Salt slags & SPL | Own Operations/Value chain | Europe | 2-3M |
All actions implemented in 2024 are monitored by Befesa’s EHS department, which is responsible for ensuring the correct implementation of these actions and the achievement of the established environmental objectives.# Befesa Annual Report 2024
| Pollutant | Amount (kg) |
|---|---|
| Methane (CH₄) | 1,161,179.33 |
| Carbon monoxide (CO) | 921,807.15 |
| Ammonia (NH₃) | 27,851.15 |
| Non-methane volatile organic compounds (NMVOC) | 117,801.99 |
| Nitrogen oxides (NO, NO₂) | 532,225.12 |
| Sulphur oxides (SO₂, SO₃) | 282,987.10 |
| Chromium and compounds (as Cr) | 164.12 |
| Mercury and compounds (as Hg) | 307.87 |
| Nickel and compounds (as Ni) | 131.40 |
| Lead and compounds (as Pb) | 919.55 |
| Zinc and compounds (as Zn) | 38,872.98 |
| Benzene | 2,344.94 |
| Particulate matter (PM₂.₅) | 12,162.01 |
Befesa has established targets related to its CO₂e emissions (see E1-4 and ESRS 2 IRO-1). Although the company does not have specific targets for air pollutants other than CO₂ at a company level, it monitors the air pollutant reduction initiatives carried out at plant level, as reported in this section. The company aims to improve the environmental footprint of its plants and ensure no environmental non-compliance situations arise.
As indicated in E1 IRO-1, Befesa measures, monitors and tracks all air pollutant emissions and their corresponding reduction plans, reporting them to local and third-party regulatory bodies to report and limit them. Until this year, plants have reported polluting gases individually on a plant-by-plant basis to ensure compliance with local regulations. In previous years, the company only reported CO₂e, SOx and NOx on a consolidated basis at corporate level. After the first year of reporting, the company is able to collect the data from all the plants and report on any air pollutants that have exceeded 100 kg during the year that plants have been reporting internally. Pollutant gases are measured through specialised equipment, either through Continuous Emissions Measurement Systems (CEMS) or through accredited external control companies that perform periodic measurements according to local requirements. Once the data is available at a plant level, it is then consolidated by the EHS team and sent to the different environmental management software or other environmental management tools, allowing for the correct reporting to authorities. All air quality monitoring is performed at plant level according to the applicable legal requirements.
This year, the company has been able to report pollutants centrally, so it is not able to report on changes and improvements in the past years. Nonetheless, current practices are aligned with audits and regulation.
Befesa's recycling processes reduce the dependency on primary resources and, consequently, on the consumption of energy. Despite the advantages achieved by the recycling technology used as of today, the company also faces challenges such as high reductant agent consumption. To mitigate these, Befesa is investing in R&D and advanced technologies, securing reliable material supplies.
| Type | Description | Related policies and procedures | Own operations/Value chain |
|---|---|---|---|
| Positive Impact | Import of valuable materials into the company's premises by using the scrap generated by other manufacturers | Environmental, health & safety and quality policy | Own operations |
| Optimisation of recyclability of materials enables the utilisation of materials in almost 100%, dedicated to recycling | Environmental, health & safety and quality policy | Own operations | |
| Preservation of natural resources and reduction of need for virgin material extraction by reclaiming valuable materials | Environmental, health & safety and quality policy | Own operations | |
| Long-term resilience by embracing circular economy principles through diversifying sources of input and celebrating the circular economy | Environmental, health & safety and quality policy | Own operations | |
| Negative Impact | Greater emissions due to a purchase of high emissions materials | Environmental, health & safety and quality policy | Value chain |
| Opportunity | Leadership in the emerging market of sustainable mining through a marketing strategy that attracts investment to a sector previously isolated due to a lack of sustainability | Environmental, health & safety and quality policy | Value chain |
| Cost savings by using remnants generated in previous production processes | Environmental, health & safety and quality policy | Value chain |
The company is leveraging circular economy principles to enhance sustainability and create new business models as explained in section E5-4 of this chapter.
The material impacts and risks for the material sub-themes related to resource use and circular economy were obtained through the Double Materiality process detailed in sections SBM-2, SBM-3 and IRO-1 (see chapter ESRS 2 General Information). For this analysis, carried out at corporate level, all the plants operated by Befesa in all its geographies have been taken into account and stakeholders have been consulted. As a result of this analysis, resource inflows and outputs are considered significant as the material sub-themes. Details on the IROs obtained from the Double Materiality process can be found in annex 1 of this report.
| Type | Description | Related policies and procedures | Own operations/Value chain |
|---|---|---|---|
| Risk | Reputational risk due to the lack of control over the sourcing of the company's inputs, whereby a lack of sustainable practices may lead to reputational damage, stakeholder distrust and negative publicity for Befesa. | Environmental, health & safety and quality policy | Own operations |
| Loss of stakeholder trust because of poor resource management practices that may negatively impact the production plant | Environmental, health & safety and quality policy | Own operations | |
| Technical difficulties to produce a final product due to a lack of proper input, resulting in an increase in the production costs of the company's products and natural resources. | Environmental, health & safety and quality policy | Own operations | |
| Risk of losing customers if suppliers start recycling and reducing their output | Environmental, health & safety and quality policy | Own operations | |
| Reputational harm due to a lack of monitoring the origin of materials of the value chain, whereby a lack of sustainable practices may lead to reputational damage, stakeholder distrust and negative publicity for Befesa. | Environmental, health & safety and quality policy | Value chain |
| Type | Description | Related policies and procedures | Own operations/Value chain |
|---|---|---|---|
| Positive Impact | Conservation of natural resources such as water, energy and raw materials by recycling and reusing the waste generated from the company's production processes, leading to the preservation of the environment. | Environmental, health & safety and quality policy | Own operations |
| Improvement of the environmental performance and reduction of risks by implementing waste treatment technologies to reduce the environmental impact. | Environmental, health & safety and quality policy | Own operations | |
| Preservation of land for agriculture, conservation and recreational purposes by reducing the amount of waste that is sent to landfills and preventing the generation of waste | Environmental, health & safety and quality policy | Own operations | |
| Negative Impact | Purchase of waste whose input is recycled, so Befesa ends up paying for recycled inputs by other companies. | Environmental, health & safety and quality policy | Value chain |
The primary materials used at Befesa are waste materials from other industries, such as steel dust, aluminium scrap, salt slags, etc. These materials are highly valuable due to their composition, enabling the company to process and recycle them, thus contributing to the circular economy. For instance, salt slags can be used in the production of cement, while steel dust can be used as a raw material in the production of zinc. The company's commitment to sustainability and the circular economy is reflected in its continuous efforts to find new applications for waste materials and to reduce its environmental footprint. The material impacts and risks of staying in business as usual are not negligible, leading to potential regulatory action, legal action, and reputational damage.# E5-1 Policies
The company currently does not have specific Environmental, Health, Safety & Quality policies at an operational level. The general policy is applied to ensure that all activities are performed in a safe and environmentally friendly manner. The management of environmental impact, resource efficiency, and the circular economy is conducted at a corporate level, covering all Befesa’s operations. This policy includes Befesa's commitment to the prevention of environmental incidents and emergency situations and the commitment to minimise its resource use and maximise circularity.
Each individual Befesa plant can create its own specific procedures, tailored to their specific environmental performance. For instance, all ISO 14001-compliant sites have an environmental policy that consider their resource use and the way they manage their operations.
| Type | Description | Related policies and procedures | Own operations/Value chain | Negative Impact | Opportunity | Risk |
|---|---|---|---|---|---|---|
| Waste | Disposal of waste materials or hazardous waste generated from the production process that are not further processed or stored to be properly deposited in authorized waste treatment facilities or specific landfills. | Environmental, health & safety and quality policy; Site management procedures | Own operations | Improper disposal or storage of waste can lead to soil and water contamination, as well as potential harm to human health and ecosystems. | Improved reputation by advertising the company's commitment to responsible waste management and avoiding negative publicity. | Economic sanctions resulting from non-compliance with environmental regulations or hazardous waste management. |
| The handling of hazardous waste requires adherence to rigorous procedures such as established global standards. | Environmental, health & safety and quality policy; Site management procedures | Own operations | The handling of hazardous waste may also be quite hazardous, due to a lack of adherence to rigorous procedures such as established global standards. | |||
| Hazardous waste management involves the responsible collection, treatment, storage, and disposal of waste. | Environmental, health & safety and quality policy; Site management procedures | Own operations | Improper management of hazardous waste can lead to severe environmental damage and health risks. | Efficient waste management can lead to cost savings and potential revenue generation through the recovery of valuable materials. | Fines and legal penalties for non-compliance with hazardous waste regulations. | |
| Accidental spills or leaks during the transportation or storage of waste. | Environmental, health & safety and quality policy; Site management procedures | Value chain | Accidental spills can lead to environmental pollution, requiring costly clean-up operations and potentially causing long-term ecological damage. | Implementing robust spill prevention and response plans can minimize the impact of accidental releases and protect the environment. | Reputational damage and financial losses due to environmental incidents. | |
| Resource | Efficient use of primary resources and materials in the production process. | Environmental, health & safety and quality policy; Site management procedures | Own operations | Over-extraction and inefficient use of natural resources can lead to depletion of resources, environmental degradation, and increased production costs. | Optimizing resource use can lead to cost savings and improved efficiency in the production process. | Depletion of natural resources and increased costs associated with sourcing raw materials. |
| Optimisation of the production process to reduce resource consumption. | Environmental, health & safety and quality policy; Site management procedures | Own operations | Inefficient production processes can lead to higher resource consumption, increased waste generation, and greater environmental impact. | Implementing process improvements and adopting new technologies can lead to significant reductions in resource use and environmental impact. | Increased operational costs and reduced competitiveness due to inefficient resource utilization. | |
| Maximising the use of secondary materials and promoting circular economy principles. | Environmental, health & safety and quality policy; Site management procedures | Own operations | Reliance on primary resources can lead to environmental degradation and resource depletion. | Embracing circular economy principles can create new business opportunities, reduce reliance on virgin materials, and contribute to environmental sustainability. | Limited availability of secondary materials and market fluctuations for recycled products. | |
| Sourcing of materials for the production of secondary aluminium and processing of salt slags. | Environmental, health & safety and quality policy; Site management procedures | Own operations | Inefficient sourcing and use of materials can lead to increased costs and environmental impact. | Establishing strong relationships with suppliers and implementing sustainable sourcing practices can ensure a reliable supply of materials and reduce environmental impact. | Supply chain disruptions and price volatility for raw materials. | |
| Resource outflows, such as emissions to air and water, and waste generation. | Environmental, health & safety and quality policy; Site management procedures | Own operations | Emissions to air and water can contribute to pollution and climate change, while waste generation requires proper management and disposal. | Reducing emissions and waste generation can improve environmental performance, enhance reputation, and reduce compliance costs. | Stricter environmental regulations and potential penalties for non-compliance. | |
| Management of energy consumption and efficiency measures. | Environmental, health & safety and quality policy; Site management procedures | Own operations | High energy consumption can lead to increased greenhouse gas emissions and operational costs. | Implementing energy efficiency measures can reduce costs, lower carbon footprint, and improve overall sustainability. | Rising energy prices and the impact of carbon taxes. | |
| Investment in technologies and processes to improve resource efficiency and reduce environmental impact. | Environmental, health & safety and quality policy; Site management procedures | Own operations | Lack of investment in modern technologies can lead to outdated processes, higher resource consumption, and greater environmental impact. | Investing in new technologies can lead to significant improvements in resource efficiency, reduced environmental impact, and enhanced competitiveness. | Risk of technological obsolescence and failure to meet evolving environmental standards. | |
| Circularity in waste management, such as recycling and reuse of materials. | Environmental, health & safety and quality policy; Site management procedures | Own operations | Failure to implement circularity principles can lead to increased waste generation and reliance on virgin materials. | Promoting circularity can create new revenue streams, reduce waste disposal costs, and contribute to a more sustainable economy. | Market limitations for recycled materials and challenges in developing circular economy models. | |
| Reducing reliance on primary material input and increasing the output of recycled products. | Environmental, health & safety and quality policy; Site management procedures | Own operations | Over-reliance on primary materials can lead to environmental degradation and resource depletion. | Shifting towards recycled materials reduces the environmental footprint and promotes a more sustainable resource management approach. | Fluctuations in the availability and price of primary raw materials. |
| Site | Country | Type | Capacity (kt) | EMAS | ISO 14001 | ISO 50001 | ISO 9001 | ISO 450001/ OHSAS 18001 |
|---|---|---|---|---|---|---|---|---|
| Steel Dust | ||||||||
| Duisburg | Germany | Crude steel | 87 | OHRIS (German system similar to OHSAS) | ||||
| Freiberg | Germany | Crude steel | 194 | |||||
| Asua – Erandio | Spain | Crude steel | 160 | |||||
| Fouquieres-les-Lens | France | Crude steel | 55 | |||||
| Iskenderun | Turkey | Crude steel | 110 | |||||
| Gyeongju | South Korea | Crude steel | 220 | |||||
| Changzhou | China | Crude steel dust | 110 | |||||
| Xuchang | China | Crude steel dust | 110 | |||||
| US | US | Crude steel dust | 165 | |||||
| US | US | Crude steel dust | 147 | |||||
| Calumet, IL | US | Crude steel dust | 142 | |||||
| Palmerton, PA | US | Crude steel dust | 163 | |||||
| Gravelines | France | Stainless steel dust | 110 | |||||
| Landskrona | Sweden | Stainless steel dust | 64 | |||||
| Spain | Spain | Oxide | 16 | |||||
| Gravelines | France | 100 | ||||||
| Pohang | South Korea | 60 | ||||||
| Rutherford County, NC | US | 141 | ||||||
| Aluminium | ||||||||
| Lünen | Germany | Salt slags & SPL | 170 | |||||
| Hanover | Germany | Salt slags & SPL | 130 | |||||
| Valladolid | Spain | Salt slags & SPL | 150 | |||||
| Bernburg | Germany | Secondary Aluinium | 75 | |||||
| Erandio | Spain | Secondary Aluinium | 64 | |||||
| Les Franqueses de Valles | Spain | Secondary Aluinium | 66 |
ISO 140001: standard for environmental management systems.
ISO 50001: standard for energy management systems.
ISO 45001: standard for quality management systems.
OHSAS 18001: Standard for occupational safety management systems.
Recytech is out of the scope and it is not included in any calculation or percentage.
As part of its environmental policy, Befesa aims to manage the use of resources and their outflows in a way that promotes sustainability and minimizes environmental impact.
Befesa has diverse initiatives in place to make the use of resources more efficient. For example, the coke optimisation process is aimed to reduce the use of coke by up to 40%. This contributes to both the resource use and carbon emissions reduction (see E1-1).
The initiatives related to the use of resources are continuously analysed to understand and improve performance. Investments in R&D are made to improve resource efficiency. The company’s capital expenditure is planned in advance and will be continued in subsequent years, as future developments are evaluated yearly as part of the annual budgeting process and therefore do not form part of a specific environmental action.
The material actions taken this year amounted to 170 thousand euros. They are part of the ‘Property, Plant and Equipment’ assets in the Consolidated Statement of Cash Flows, under the additions made in 2023 – CAPEX, which includes not only regular maintenance CapEx but also expansion CapEx, dedicated to increase the recycling capacity of Befesa’s sites. As part of the target to increase the recycling of steel dust and the quantity of materials produced (see E5-3 for more information), the company is aiming to increase the utilisation rates at the sites, especially those located in China and the US. The most notable project is the refurbishment of the Palmerton site furnace to duplicate the capacity.
Befesa has set three voluntary targets to improve its environmental performance and contribute to the transition to a circular economy. By 2025, the company aims to recycle more than 2.4 million tonnes of steel dust and increase the output of recycled products to more than 1.8 million tonnes. This plan will allow the company to achieve a reduction in primary material input and increase the volumes of recycled material. By 2030, Befesa aims to reduce the use of coke in the US steel dust sites by 40% through optimising processes and implementing technologies that minimise the use of coke in the production phase.
These targets have been set by top management levels. On a monthly basis, plants send their input and output data, which are analysed and reported to management. These are some of the most important environmental KPIs to understand the performance of Befesa, so they are monitored against the budget and quarterly performance reviews by the board of directors.
| Main actions taken in 2024 | Initiative | Outcome | Business unit | Value chain | Location | CapEx cost |
|---|---|---|---|---|---|---|
| Replacement of compressed air consumers | Reduced compressed air and energy consumption | Steel dust | Operations | Europe | <10k | |
| Extension of air lance technology in Waelz kilns to reduce the use of coke | Coke use reduction | Steel dust | Operations | America | 100-500k |
| Waste hierarchy | Baseline (absolute metrics) | Progress (absolute metrics) | Next steps |
|---|---|---|---|
| Reduce the use of primary material input to recycle and the output of recycled product. | Recycling 1.8 million tonnes (2022) | 2023: 2 million tonnes 2024: 2.3 million tonnes | Increasing volumes through higher utilisation at existing plants and starting Palmerton plant (USA) in 2025 |
| Increase the volume of valuable materials recovered from steel dust and waste materials | Recycling 1.5 million tonnes (2022) | 2023: 1.7 million tonnes 2024: 1.7 million tonnes | Reduce coke use in USA plants by 40% (lever 1) by 2030 |
| Prevention | 113 kton (2023) | 2024: 90 kton (-20.4%) | Keep implementing optimisation strategies such as SDHL air lances. |
The company is committed to developing sustainable practices by implementing the Environmental Health and Safety and Quality policy mentioned above.
The following table details the resource inflows for Befesa, which include both the raw materials used in the production process (e.g. waste containing Aluminium, steel dust, scrap, salt slags, etc.) and the materials needed to process them (lime, coke, salts, etc.).
The company also tracks the percentage of resource inflow that is recycled.
| Raw materials | 31(a) TON | 31(c) Ton | Resource inflow recycled (%) |
|---|---|---|---|
| Waste containing Aluminium | 239,027.37 | 239,027.37 | 8.39% |
| Alloying agents (Si, Mg, Mn, Fe, Zn, Cu) | 9,496.49 | 449.13 | 0.02% |
| Smelting salt | 28,984.94 | 28,984.94 | 1.02% |
| Liquid oxygen | 28 ,357.14 | – | – |
| Salt Slag | 414,861.56 | 414,861.56 | 14.57% |
| Steel slag | 11,416.12 | 11,416 .12 | 0.40% |
| sulphuric acid | 71,451.35 | 9,704.60 | 0.40% |
| Steel dust & zinc residues | 1,252,498.74 | 1,252,498.74 | 43.98% |
| Metallurgical coke | 177,729.67 | 1,148.81 | 0.04% |
| Petrol Coke | 37,386.03 | 36,196.73 | 1.27% |
| Anthracite | 8,551.92 | – | – |
| Sodic Bicarbonate | 4,819.26 | – | – |
| Lime | 10 4,181.40 | 7,562.0 8 | 0.27% |
| Item | 31(a) TON | 31(c) Ton | Resource inflow recycled (%) |
|---|---|---|---|
| Zinc oxide | 199,313.00 | 199,313.00 | 7.0 |
| Rock Salt (sodium chloride) | 6,490.00 | – | – |
| Hydrochloric Acid 33-35% | 4,386.00 | – | – |
| Sodium Hypochlorite 10-20% | 2,882.00 | – | – |
| Manganese Sulphate | 1,803.00 | – | – |
| Hydrated lime (calcium hydroxide) | 5,920.00 | – | – |
| Zinc Dust | 386.00 | 386.00 | 0.01% |
| Metal & metal dust | 86,814.00 | 86,814.00 | 3.05% |
| Sand | 15,865.00 | – | – |
| Sugarcane molasses | 2,706.00 | – | – |
| Tackidex 1 | 974.00 | – | – |
| Slag | 130,849.26 | 130,849.26 | 4.59% |
| Total | 2,848,150.25 | 2,419,212.34 | 84.94% |
*Note: Due to the nature of the company’s operations, duplication occurs because some plants produce materials that are used as input for other divisions. For instance, salt slags are processed for the secondary aluminium division but also as input for the salt slags & SPL ones. See E5-5 for reference.
Material outflows from Befesa come from unsold by-products resulting from the steel and aluminium processes. Each site measures the outflow of materials on a monthly basis using an internal reporting tool 1 . Estimates are not included. Due to the nature of the company’s operations, duplication occurs because some plants produce materials that are used as input for other divisions. For instance, salt slags are processed for the secondary aluminium division but as input for the salt slags & SPL ones. See E5-5 for reference.
Waste management is regulated and requires all companies to dispose of waste in authorized facilities or recycle it, which leads to higher treatment costs. Recycling, recovery and reuse are preferred methods, with the ultimate goal of minimizing the amount of waste that requires disposal.
Hazardous waste: Befesa classifies waste as hazardous. Outflows are: flue dusts, filter dusts, metal dusts, lead slags, zinc slags, and flue dusts used in the recycling process. Outflows of waste are not externally disposed of by or to third parties, and are reused or recovered.
Hazardous waste reused/ recovered/recycled: At the end of some recycling operations, the company produces some hazardous residues such as salt slags coming from the secondary aluminium processing. These salt slags are recycled internally by the salt slags recycling division.
Non-hazardous waste: Includes by-products coming from the recycling process of steel dust and alloys, which are sold in the market and need to be disposed of in a non-hazardous landfill. Efforts are made to increase the reuse or recovery of non-hazardous waste, leading to a reduction in the amount sent to landfill, especially for liquids eliminated in solid residues.
Waste
| Item | Hazardous Ton | Non-Hazardous Ton | Total Ton | % |
|---|---|---|---|---|
| a) Total amount of waste generated | 248,476.90 | 492,859.13 | 741,336.03 | 100% |
| b) the total amount by weight diverted from disposal | 185,035.80 | 372,352.94 | 557,388.74 | 75.19% |
| i) Preparation for reuse | 26.49 | 84.51 | 111.11 | 0.01% |
| ii) Recycling | 184,895.45 | 327,314.29 | 512,209.74 | 69.09% |
| iii) Other recovery | 113.86 | 44,954.14 | 45,069.00 | 6.08% |
| c) the amount by weight directed to disposal by waste treatment type | 63,441.10 | 120,506.19 | 183,947.28 | 24.81% |
| i) Incineration | 442.86 | 304.14 | 747.00 | 0.10% |
| ii) Landfilling | 61,516.85 | 101,770.94 | 163,287.79 | 22.03% |
| iii) Other disposal operations | 1,481.39 | 18,431.11 | 19,912.50 | 2.69% |
| Amount and % non-recycled waste | 63,441.10 | 120,583.03 | 184,024.12 | 24.82% |
¹ The data presented here is a consolidation of the figures reported by each site on a monthly basis using an internal reporting tool. Due to the specific context of each plant and its materials, the calculation methodology may vary slightly.
Befesa strives to maximise circularity in its processes, diverting 75% of its waste from disposal. Most of this diversion happens internally, and the remaining materials are sent to specialized external recyclers. The company maximises circularity and value creation by identifying new uses for by-products and secondary materials. For instance, in the steel business unit, Waelz oxide produced in steel dust processing plants is used in the Oxide Washing plants (e.g., Gravelines). On the other hand, in the aluminium business unit, the salt slags resulting from the melting process are used as raw material in the production of cement and sent back to the aluminium melting plant (e.g., Valladolid).
Pyrrho-Tec, a company in which Befesa holds a stake, is working on the recovery of valuable metals from waste, specifically focusing on zinc. The company has been testing in 2024 and Befesa hopes to introduce it in the next year.
Befesa recognises the importance of engaging its stakeholders, as their involvement is crucial to the company's success. Employees are key stakeholders of Befesa. They are the core of the company’s activity, and their engagement and wellbeing are essential to meet the challenges ahead. As a result of the Double Materiality Analysis conducted by the company in 2024, three social material topics have been identified: working conditions, health and safety, and equal treatment and opportunities for all. (See ESRS 2 IRO-1, SBM2 and SBM3)
For each of these topics, Befesa has established a dedicated team to implement the corresponding policies and procedures, considering material impacts, risks, and opportunities.
| Type | Description | Related policies and procedures | Own operations/Value chain |
|---|---|---|---|
| Positive Impact | Fair and stable employment conditions, safe and healthy working environment, promoting the needs and interests of workers and the negotiation processes for labour relations, such as collective agreements. | – Collective agreements | – |
| Increased employee retention and higher productivity as a result of fair labour practices, promoting a positive and stimulating work environment. | – Collective agreements | – | |
| Negative Impact | Potential operational impact by reducing the rate of absenteeism in some locations. | – Collective agreements | – |
| Opportunity | Greater commitment to tasks and increased employee engagement, leading to higher productivity and innovation, aligned with the Company’s culture and values. | – Collective agreements | – |
| Risk | Loss of personal information of employees and stakeholders due to a cyberattack through online scamming. | – | – |
| Wage devaluation of employees due to high inflation, potentially unleashing in strikes. | – Collective agreements | – |
| Type | Description | Related policies and procedures | Own operations/Value chain |
|---|---|---|---|
| Positive Impact | Investment in safety measures and carrying out risk assessments of all plants, increasing the satisfaction of the employees. | – Integrated Safety, Health, Environment and Quality Policy | – |
| Negative Impact | Risk of health and safety due to having to perform activities outside the scope of application of the International Standard ISO 45001. | – Integrated Safety, Health, Environment and Quality Policy | – |
| Opportunity | Inclusion of physical activities and emotional wellbeing, contributing to greater productivity, job satisfaction and employee retention. | – Integrated Safety, Health, Environment and Quality Policy | – |
| 01 Befesa at a glance | |||
| 02 To Befesa’s shareholders | |||
| 03 Management report | |||
| 04 Sustainability | |||
| 05 Consolidated financial statements | |||
| 06 Statutory financial statements | |||
| 07 Additional information |
155Befesa Annual Report 2024
Impacts, Risks and Opportunities (IRO) associated with Health and Safety
| Type | Description | Related policies and procedures | Own operations/Value chain |
|---|---|---|---|
| Risk | The use of chemicals, including injury compensation, medical treatment expenses, and grounds for dismissal of employees, may lead to the development of occupational diseases over time, which can have a negative economic impact over the company, depending on the severity and number of cases, and the legal and regulatory framework applicable to each country. | – Corporate IT Security Policy – Human Resources Policy – Integrated Safety, Health, Environment and Quality Policy | Employees and Contractors |
Impacts, Risks and Opportunities (IRO) associated with Equal treatment and opportunities for all
| Type | Description | Related policies and procedures | Own operations/Value chain |
|---|---|---|---|
| Positive Impact | Promotion of diversity through recruitment and talent management practices, training and development of opportunities to cultivate a culture of inclusivity, and carry out campaigns on equality and diversity. Increase of gender diversity in senior management by increasing the percentage of women in leadership roles. | – Code of Conduct – Human Resources Policy – Diversity, Equity and Inclusion Policy | Employees |
| Negative Impact | Lack of equal opportunities in hiring and promotion processes may lead to a considerable representation of men in jobs that are historically dominated by men, and industry more broadly. | – Code of Conduct – Human Resources Policy – Diversity, Equity and Inclusion Policy | Employees |
| Opportunity | Commitment to equality can generate a better reputation and a stronger brand, leading to greater employee loyalty and attracting new customers by demonstrating a commitment to shared social and ethical values. | – Code of Conduct – Human Resources Policy – Diversity, Equity and Inclusion Policy | Employees |
| Risk | Failure to implement the Diversity, Equity and Inclusion policy can cause reputational damage and negative market reaction, as well as legal and regulatory sanctions, and affect employee morale and productivity. | – Code of Conduct – Human Resources Policy – Diversity, Equity and Inclusion Policy – Human Rights Policy | Employees |
The above risks and opportunities come directly from both Befesa's business model and the idiosyncrasies of the sector and the countries in which it operates. All impacts and opportunities come from a detailed analysis of the company’s ESG strategy and its continuous improvement processes, which are updated on an annual basis in Befesa's Integrated Safety, Health, Environment and Quality Policy (see sections of this chapter). Of the risks and opportunities mentioned above, none have been identified as having material impacts.
For example, the value of the above impacts and opportunities, considering the company’s risk appetite, and the expected evolution of these risks and opportunities are such that they are not expected to have a material impact. All impacts apply to all groups of employees, depending on their role, e.g. for health & safety issues, White Collars and Blue Collars. All impacts apply to all stakeholders, including the value chain, employees, and communities. For example, for health & safety issues, Blue Collars may be more vulnerable. Non-salaried employees have also been considered for the identification of impacts and the assessment of risks and opportunities. For example, depending on the value chain, there may be risks related to child labour or forced labour. All the impacts detected come from continuous improvement processes, which are constantly updated during its activity, and which are the result of the implementation of policies, training and the sharing of best practices, as well as the implementation of specific actions, initiatives and programmes. These actions and initiatives can be seen in more detail in the section Actions to mitigate risks and pursuing opportunities of this chapter. No impacts, risks or opportunities related to transition or other environment-related issues have been identified as having a risk of forced labour or child labour, as of today. As indicated in the ESG roadmap, to identify physical risks related to climate change, and therefore, those that could affect the company and the actions to be considered, the company is in the process of evaluation.
S1-1 Policies
Befesa is committed to achieve a safe, healthy and sustainable working environment for all its employees, and that human rights are respected and upheld throughout its operations. The company has established various policies:
These policies and codes and the material impacts, risks and opportunities obtained from the analysis of Double Materiality has been developed to ensure that the company acts in line with its commitments regarding ESG, and are regularly reviewed. Details of the policies and codes can be found in the Company’s corporate website.
Code of conduct
Befesa’s Code of Conduct applies to all employees, encouraging a culture of respect, inclusivity, and integrity. Befesa expects its team members to embrace diverse values, respect individuality, uphold privacy, and prevent any form of human rights discrimination or harassment on grounds of ethnicity, culture, religion, age, disability, race, gender identity, political opinion, national extraction, social origin, or any other characteristic.
Befesa's Code of Conduct, among other aspects, is aligned with the UN Guiding Principles on Business and Human Rights, the Universal Declaration of Human Rights, the International Labour Organization’s Declaration on Fundamental Principles and Rights at Work and its core conventions. The Code of Conduct provides the framework and reference for the application of Befesa’s principles regarding ethical conduct, anti-corruption, confidentiality, data protection, intellectual property, and other relevant topics, in relation to its business partners and the general public. It also sets out the ethical principles pursued by Befesa, including in relation to its customers, suppliers, the environment, and the communities in which it operates. It also establishes a reporting channel for any stakeholder that wishes to report unethical behaviour or to make a complaint, and it defines the company’s commitment to confidentiality and non-retaliation.
The Code of Conduct also sets out the procedures through which any interested party can express complaints. These expectations extend beyond its organisation to its business partners, who are expected to adhere to the same standards via a Supplier Code of Conduct. The Code of Conduct has been approved by the Befesa board, and the rest of the policies have been approved by the Chairman and the CEO of Befesa. The HR Director and the Chief Legal Officer are responsible for overseeing the implementation of these policies and for analysing any potential breaches. The Code of Conduct is published on Befesa’s website to ensure its visibility. The Code of Conduct is provided to all employees, including in the induction process, and an annual online training is carried out to ensure updates are thoroughly communicated. In addition to the Code of Conduct, the other aforementioned policies are accessible on the intranet. During 2024, the company developed an onboarding training programme that not only explains Befesa’ s principles and values, but also provides an overview of the company’s commitments regarding human rights and environmental protection, and where these documents can be explicitly found. For further information please refer to Business Conduct chapter.
Human Resources Policy
In order to achieve the highest HR standards, Befesa’s Human Resources Department, through its Human Resources Policy, is dedicated to upholding the principles outlined in the Human Rights Act and the Befesa Code of Conduct. This commitment is integrated in all HR processes, from recruitment to promotion and career development. Befesa seeks that all practices are fair, respectful, and compliant with human rights standards. The policy places particular focus on the areas where HR risks are most likely to arise, including recruitment, retrenchment, promotion, compensation, equal opportunities, working hours, and health and safety.
Human Rights Remediation Policy
Befesa is committed to protecting and promoting human rights in all its operations. This commitment is embedded in Befesa's Code of Conduct and its Human Rights Remediation Policy, both strictly prohibiting any form of forced labour, compulsory labour, discrimination, and child labour, among others. With a commitment to respecting internationally recognised human rights and to ensure that all stakeholders are responsible for its implementation and oversight, the policy not only establishes clear procedures for addressing instances of non-compliance but also provides various remediation options, tailored to the nature and severity of each issue. This policy applies to all Befesa employees, contractors, subcontractors, agents, and any third parties performing services at Befesa assets.# Befesa Annual Report 2024
Befesa does not tolerate any form of discrimination based on racial or ethnic origin, colour, sex, sexual orientation, gender identity, disability, age, religion, political opinion, national extraction, social origin, or any other grounds. Dedicated mechanisms are implemented for reporting potential discrimination situations, including harassment, and as previously mentioned a Human Rights Remediation Policy is in place to address any violations of these rights. For more information regarding the remediation actions taking in place, please refer to the section on this report Processes to remediate impact and channels to raise concerns.
Befesa's Diversity, Equity, and Inclusion (DEI) policy plays a vital role in shaping recruitment processes, employee training, and promotion opportunities. This policy seeks that fairness and inclusivity are integrated into every stage of an employee's journey, from onboarding to retirement. Befesa strives to create an environment where everyone feels valued and can thrive. To truly embrace diversity, it is essential that Befesa employees are not only respectful but also genuinely inclusive. Training programmes and awareness campaigns have been launched by the company in recent years to educate employees on the importance of diversity and inclusion, and to foster a culture that values and embraces diversity.
At Befesa, safety is not just a priority but a fundamental value integral to its business operations. Befesa is dedicated to the continuous enhancement of health and safety management systems, ensuring that all employees, non-employees and contractors are protected. These systems are continuously improved with the aim of preventing accidents and occupational diseases, in line with international standards, including ISO 45001 and OHSAS, in addition to Befesa’s Corporate Safety Standards. All Befesa's European locations are certified in ISO 14001 and ISO 9001 in addition to ISO 45001, reflecting their commitment to environmental and quality standards. Furthermore, their facilities comply with all legal requirements, and all its locations are subject to regular internal and external audits to ensure compliance with corporate standards. To ensure compliance and the implementation of the corporate standards, all its locations are also audited internally by the corporate team every 3 years.
The workshop agreements, when deemed necessary, are signed by the respective employee representatives, as they contain measures that directly impact the IROs (Impacts, Risks, and Opportunities) identified during the risk assessment. These agreements cover a range of important topics, including working conditions, working time, shift systems, holidays, employee benefits, and social dialogue protocols, among others. All of these elements contribute to fostering a collaborative environment and a shared understanding of challenges and solutions.
In Befesa, there are mechanisms in place to foster and promote employee engagement, these mechanisms are designed to be inclusive and to ensure that all employees have a voice, regardless of whether they belong to a vulnerable group or not, and are supported in their engagement.
The above-described mechanisms are available to all Befesa employees throughout their professional journey and are adapted in frequencies depending on the nature of the topic addressed. In addition to the channels mentioned above, employees can always reach out to their legal representatives and HR employees. These serve as the primary communication channels for all Befesa employees, particularly those who are vulnerable, allowing them to express their concerns. One of the key goals of the Befesa HR community is to foster an equitable and supportive work environment. This is achieved by caring for employees, providing them with the necessary resources and support, and addressing any special needs they may have. All the measures taken by Befesa to support climate change mitigation do not impact and are aligned with their sustainability objectives.
As the Code of Conduct indicates, if an employee believes that she has been, or is being subjected to discrimination, abusive behaviour or harassment, the employee should report this behaviour or harassment could be addressed through the Whistleblowing Channel. Any such complaints are promptly investigated. If the investigation substantiates the discrimination, abusive behaviour or harassment, immediate corrective actions shall be taken. Any employee complaining in good faith shall not be reprimanded or adversely treated because of having made the complaint.
The Whistleblowing Channel is confidential, anonymous, and available among Befesa employees and other interested parties. Through it, employees can confidentially report concerns about unfair or potentially unlawful practices or conduct within the company. All complaints received through the Whistleblowing Channel, are subsequently presented to Befesa’s Board of Directors. Detailed information about this tool can be found in section G1-1 (Corporate culture and Business conduct policies and G1-3 Prevention and detection of corruption or bribery).
The Whistleblowing Channel is not the only mechanism available to employees for submitting complaints:
Regarding the negative impacts identified during the Materiality analysis, Befesa has implemented actions to prevent and mitigate their materialisation. These actions contribute to the development and reinforcement of key policies, including the Code of Conduct, the Diversity, Equity, and Inclusion Policy, the Human Resources Policy, the Integrated Safety, Health, Environmental & Quality Policy, and the Safety Corporate Standards.# Befesa Annual Report 2024
Befesa develops various initiatives, most of them carried out in specific countries or operations and adapted to each sub-theme.
y Processes implemented in relation to working conditions, and the impact of absenteeism:
– Absence Analysis: A plant-level analysis of absence typologies (long-term, short-term, and other leaves) to identify trends and address underlying causes.
– Absence Talks & Operational Integration Management: In some plants, for example those found in Germany, have implemented structured discussions and reintegration processes to support employees returning to work after absences.
– Restricted Work Opportunities: Offering alternative roles to facilitate employees' return to duty.
– Flexible Work Arrangements: Offering flexible working time arrangements for manufacturing employees and allowing for flexible working arrangements based on the role.
y Processes implemented in relation to working conditions, and the impact of social dialogue:
– Social Dialogue: In countries where workers’ councils and unions are present, collective bargaining processes have been established to negotiate salary agreements.
y Processes implemented in relation to health and safety:
– Ergonomic Campaigns & Training: Providing ergonomic assessments and training programmes.
– Health & Safety Committees: Having employee representatives in Health & Safety committees to ensure a safe and healthy work environment.
– Health & Safety risk reduction programmes: Befesa has also instituted targeted risk reduction programmes, such as the Fatal and Serious Injuries Prevention initiatives, and Hand Injuries Prevention measures.
– Psychological Surveys: Psychosocial surveys must be adapted to specific circumstances, such as changes in working conditions, climate-related concerns, or employee requests. At Befesa, these surveys are generally conducted bi-annually; in some locations, they may be carried out annually.
01 Befesa at a glance
02 To Befesa’s shareholders
03 Management report
04 Sustainability
05 Consolidated financial statements
06 Statutory financial statements
07 Additional information
161Befesa Annual Report 2024
y Processes implemented in relation to equal treatment and opportunities for all, in particular inclusion of people with disabilities:
– Awareness Campaigns & Training: Befesa annually organises awareness campaigns and training courses and the Purposeful Inclusion program to promote the integration of employees with disabilities.
– Support for Autism Research: Befesa has increased its sponsorship of the Autism Chair at the University of Seville, supporting all initiatives promoted by the institution.
– Participation in Inclusive Sports & Advocacy: As part of its commitment to inclusion, Befesa has once again participated in the Copa del Rey Trophy with the aim of promoting accessibility and inclusion, and for the first time, a Paralympic athlete was sponsored to compete as a skipper. Additionally, Befesa sponsored the Death Valley Challenge, led by the president of the NGO Dale, who rode his bike supported by ALS, and his friends cycled 565 km across Death Valley over seven days. Their journey helped to raise awareness of the importance of supporting people with ALS. This effort allowed Befesa to provide a donation to ALS research line in Bilbao.
y Processes implemented in relation to equal treatment and opportunities for all, in especially the attraction of female talent.
– Job advertisements use neutral wording to ensure that no candidate self-excludes from the process for any reason other than the required technical skills.
– All résumés from female candidates are carefully reviewed, and the interviewers check the technical requirements of the profile, bearing in mind that equally qualified candidates are being taken into consideration for the same technical capabilities.
– Befesa requires headhunter agencies and temporary staffing agencies to strictly comply with DEI policies, ensuring fair and equal opportunities for all candidates.
– Increasing company visibility at job fairs and technical universities to attract diverse talent and participating in various employment fairs, where the roles can be performed equally by individuals of any gender. Furthermore, Befesa has designed and implemented a series of measures to mitigate risks and take advantage of opportunities related to its workforce. These initiatives focus on developing and retaining talent.
| Working conditions | Action | Period | Resources* | Scope |
|---|---|---|---|---|
| Occupational Health and Safety | 2023-2024 | Operations and Culture | Corporate HR&CSR department | |
| Step Challenge Initiative | 2024-2025 | Corporate HR&CSR department | All Befesa employees | |
| Cybersecurity awareness Programme | 2024 and ongoing | Corporate IT department | Befesa’s organisation and employees |
Social continued
162 Befesa Annual Report 2024
Initiatives regarding Befesa’s Operations and Culture
Befesa remains committed to strengthening its culture and its people. In 2024, a comprehensive onboarding program was launched to provide new joiners with essential information on Befesa’s operations and values. The training highlights the company’s core values, including its commitment to Diversity, Equity, and Inclusion (DEI). The program aims to ensure that new joiners understand Befesa’s mission, ethical standards, and key policies from the start, and to generate a sense of belonging and engagement with Befesa’s operational values. This program is designed to provide new joiners with the necessary tools to succeed in their new roles.
In 2024, Befesa carried out various global initiatives to create a positive environment for its employees, especially through the Step Challenge – a health, wellness, and social initiative. More than 550 participants from across the Befesa community took part in this challenge, promoting team building and friendly competition. Together, they covered in just one month, the equivalent of circling the Earth. The highest average number of steps was achieved by a team from Madrid, who along with the rest of the participants, received a healthy breakfast for all employees. The communication department publishes a quarterly Befesa Newsletter to share information from Business, R&D, H&S, Environmental, and Social Activities involving Befesa employees. The newsletter is distributed via email and posted on the Befesa intranet. In 2024, there were a total of 4 publications addressed to employees through an email address.
Cybersecurity awareness Programme
The Befesa IT Corporate department maintains an annual cybersecurity programme. The program is based on a previous assessment conducted by a leading cybersecurity firm to identify gaps and vulnerabilities, with the aim of providing specific training and reinforcement of key topics. This proactive approach underscores Befesa’s commitment to cultivating a cybersecurity-conscious culture, positioning employees as frontline defenders against potential threats. As a consequence, the cybersecurity awareness program was successfully implemented in 2024.
| Cybersecurity | Health and safety | Actions |
|---|---|---|
| Fatality prevention program | ||
| Risk Prevention & Hand Injuries Prevention | ||
| Corporate Safety Standards | ||
| Corporate safety Initiatives to reduce accidents, injuries and improve safety performance |
163Befesa Annual Report 2024
Fatal & serious injuries prevention: The fatal & serious injuries (FSI) prevention programme, aims to:
y Increase the focus on the higher consequence risks;
y Extend the scope of risk identification, including near misses, latent unsafe conditions, places and operations, e.g. maintenance, shutdowns, projects;
y Give visibility to those risks at all levels of the organisation, from the executive team to the front-line employees;
y Allocate the appropriate time and resources to safety and
y Ensure that robust controls are in place, and that those controls are effectively implemented.
Befesa Safety Excellence Awards 2024
y Every year Befesa recognises the achievement of Befesa employees and locations that contribute to a safe environment. The Safety Excellence Award:
y Recognises the exceptional safety improvement and Zero lost time injuries.
y Recognises their safety projects.
Traffic safety & Hand injuries prevention:
These awards aim to ensure that driving and hand injuries risks at Befesa.# Befesa Annual Report 2024
During 2024, Befesa has been developing actions to minimise the risks associated with the Code of Conduct requirements in general, and ethical business practices and whistleblowing prevention in particular. All the compliance-related actions and their content and scope are detailed in G1-3: Prevention and Detection of Corruption or Bribery. Other actions related to Diversity, Equity, and Inclusion are led by the Corporate HR & CSR Department, including Non-Discrimination, Cultural Diversity Day, and the International Day of Persons with Disabilities. DEI training covers topics such as Microaggressions, Age-Based Diversity, Purposeful Inclusion, and Overcoming Unconscious Bias. On Cultural Diversity Day, a video highlighting the company’s commitment to fostering an inclusive environment was shared on the intranet and posted on plant notice boards, featuring a QR code for further information and guidance. As in previous years, Befesa also published its Intercultural Calendar at the corporate website, reflecting the diversity of its workforce and helping to avoid scheduling conflicts on certain days.
Aware of the challenges, Befesa’s commitment to diverse and inclusive workforces needs to be comprehensive and sponsors various activities that, alongside Befesa’s training, help gain employment opportunities and access adapted sports. In this regard, Befesa has introduced several online training programmes in 2024, covering topics such as Microaggressions, Age-Based Diversity, Purposeful Inclusion, and Overcoming Unconscious Bias.
In line with its commitment to diversity and training on disability-related topics, Befesa has continued sponsoring the Autism Chair at Seville University throughout 2024, supporting various initiatives that help university students on the autism spectrum gain full access to the labour market.
As described in Disclosure Requirement S1-4, Befesa implemented various actions in 2024 linked to its strategic goals on equity, diversity, and inclusion. All the actions were validated by the Befesa Chairman and CEO, approved in the HR & CSR Committee, and later communicated to the regional CEOs during the Health & Safety, Human Resources, and Corporate Social Responsibility committees.
| I RO´s Initiative | Target | Scope | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|
| Protect the company against Potential Cyberattack | Cybersecurity training Ensure Bimonthly Training | Compliance department, email address | roughly 800 employees | Done | Bimonthly Training |
| Measures against potential non-compliance of code of conduct | Code of Conduct Training | Compliance department, email address | roughly 800 employees | Done | |
| Measure to prevent non-compliance of DEI Policies and topics | DEI Campaigns Launch 4 Campaigns | Compliance department, email address | roughly 800 employees | Done | 5 Campaigns to all Befesa employees |
| Measure to prevent non-compliance of DEI Policies and topics | DEI Training Ensure Quarterly Training | Compliance department, email address | roughly 800 employees | Done | Quarterly Training |
| Measures to reduce Absenteeism | Step Challenge initiative Achieve 75M Steps | All Befesa employees | Done | Positive feedback, planned for 2025 | |
| Measures to reduce Absenteeism | Wings for Life race 700 hundred Kilometres | All Befesa employees | Done | Positive feedback, planned for 2025 |
Befesa based its safety strategy on:
* Progressively achieve the excellence in the safety management systems.
* Identify and control the process safety risks
* Promote the safety culture at all the levels of the organisation.
Befesa has established the goal of achieving zero fatalities, achieved in 2024, and progressively reducing the accident rates (for more information see section S1-14). To attain this goal, Befesa has implemented several programmes, as outlined in sections S1-3. These programmes are supported by proactive leading indicators, among others:
These leading indicators are evaluated periodically, and internal audits conducted every three years, and ESG audits annually. These audits involve a comprehensive review of all corporate safety standards. The objectives are established during the annual health and safety strategic meetings, in which all the locations participate in formulating BEFESA’s objectives for the sustainability chapter. Feedback from the locations are summarised and sent back as the annual strategy for final approval.
The strategic goals are also presented for approval at the Regional CEO’s health and safety committee, led by Befesa's CEO and the board of Befesa. Once approved, the strategy and objectives are incorporated into the action plans of each location and monitored at the corporate level through HSE meetings and location audits.
Country
| Number of employees (headcount) 31 Dec 2023 | Number of employees (headcount) 31 Dec 2024 | HC difference | FTE 31 Dec 2024 | 2024 distribution |
|---|---|---|---|---|
| South Korea 71 | 75 | 6% | 75 | 4% |
| Turkey 81 | 86 | 6% | 86 | 5% |
| Mexico 83 | 91 | 10% | 90 | 5% |
| China 104 | 96 | -8% | 96 | 6% |
| France 156 | 163 | 4% | 162 | 9% |
| Spain 401 | 406 | 1% | 380 | 21% |
| Germany 417 | 427 | 2% | 416 | 23% |
| United States 477 | 488 | 2% | 479 | 27% |
| Total 1,790 | 1,832 | 2% | 1,784 | 100% |
Gender
| Number of employees (headcount) 31 Dec 2023 | Number of employees (headcount) 31 Dec 2024 | HC difference | FTE 31 Dec 2024 | 2024 FTE distribution |
|---|---|---|---|---|
| Female 216 | 218 | 1% | 207 | 12% |
| Male 1, 574 | 1,614 | 3% | 1,577 | 88% |
| Other 0 | 0 | 0% | 0 | 0% |
| Not reported 0 | 0 | 0% | 0 | 0% |
| Total Employees 1,790 | 1,832 | 2% | 1,784 | 100% |
| Female | Male | Other* | Not disclosed | Total | % | |
|---|---|---|---|---|---|---|
| Number of employees | 207 | 1,577 | – | – | 1,784 | 100% |
| Number of permanent employees | 187 | 1,416 | – | – | 1,603 | 90% |
| Number of temporary employees | 20 | 161 | – | – | 181 | 10% |
The total number of employees is expressed as headcount at the end of fi the number of employees is expressed as Full-Time Equivalent (FTE).
FTE is calculated based on the fi full-time employee in the same location. This methodology ensures fl
Employee turnover measures the company over a given period. It is calculated by comparing the number left the company to the average number of permanent employees fi
As of December 31, 2024, Befesa had a total of 1,832 employees (1,784 FTE), representing a 2% increase compared ff employee bases in the United States (27%), Germany (23%), and Spain (21%), together accounting for more than 70% of the total of employees. Befesa remains committed to job fl percentage of permanent contracts, employment. Temporary contracts ensuring a stable and engaged employee base. Befesa also continues to improve ff positions, even though the majority Among part-time employees (2% part-time, compared to only 1% of male employees. Regarding gender distribution, the of employees identifying as female and 88% as male. Manufacturing positions account for 75.82 % of the company’s primarily due to the limited number of applications received. Despite operating in a traditionally male-dominated industry, Befesa continues to promote gender diversity, ff retain female talent, as is indicated in previous sections of this report. As a result of these measures, the number of female employees in manufacturing has increased by 12% over the past year, rising from 26 in 2023 to 29 in 2024.
| HC | Non-employee workforce | Total headcount | % |
|---|---|---|---|
| 23 | 1,832 | 1.3% |
Number of non-employees’ workers
The total number of non-employee fi fi
To collect the information regarding reached out to each plant, and they provided the active headcount December 31, 2024. As of December 31, 2024, non- 23 individuals out of a total headcount temporary agency employees, engaged by Befesa to address flffi employed to cover temporary absences such as sick leave or vacation periods, and during periods employees are leaving the company. the company to reach out to these fi permanent positions become available, as they have already gained its operations. This approach helps ffi ffflffi
| Social dialogue | Employees – EEA | Employees – non-EEA | Workplace representation (EEA only) |
|---|---|---|---|
| Coverage rate | (For countries with >50 empl. representing >10% total empl.) | (Estimate for regions with >50 empl. representing >10% total empl.) | (For countries with >50 empl. representing >10% total empl.) |
| 0–19% | |||
| 20–39% | |||
| 40–59% | |||
| 60–79% | Spain, Germany, Sweden, France | Asia, North America | Spain, Germany, Sweden, France |
| 80–100% | Spain, Germany, Sweden, France |
Befesa fully recognises employees' right to freedom of association and collective bargaining. As a testament to this commitment, 75% of the bargaining agreements. In the European Economic Area (EEA), 80-100% of employees in each country falling under such agreements. Outside the EEA, in regions such as Asia and North America, collective agreements are not in place, Befesa regulated through alternative means. These include employee handbooks fi a positive social dialogue. In the European Economic Area (EEA), established, 80-100% of employees are represented through social dialogue.
| Top management | No. | % |
|---|---|---|
| Female | 5 | 21% |
| Male | 19 | 79% |
While female employees constitute presence in top management positions is higher, reaching 21%.
| Headcount Row Labels | Female | Male | Grand Total | % |
|---|---|---|---|---|
| Up to 30 | 28 | 201 | 229 | 12.5% |
| 30 – 50 | 111 | 820 | 931 | 50.8% |
| Over 50 | 79 | 593 | 672 | 36.7% |
| Grand Total | 218 | 1,614 | 1,832 | 100% |
| PWD Female | PWD Male | Total workforce | % | People with disabilities | Total workforce | % |
|---|---|---|---|---|---|---|
| 1 | 23 | 218 | 0.5% | 24 | 1,832 | 1.3% |
it is important to recognise that there is legislation, so the approach must be global level to normalise the situation regardless of the degree of disability, seeking their full integration. This goes beyond removing physical barriers comfortable expressing their condition if they choose to do so.
Every year, Befesa´s Human Resources department collect information on the operations. This includes details on data on alternative measures such as fi fi if legal requirements are not met. While this process ensures regulatory compliance, it is not the only method Befesa uses to monitor progress in disability inclusion across ff
Although Befesa tracks the number of ffi fi ff campaigns focus not only on those ffi fi to their disabilities.
Befesa is committed to ensuring fair and adequate compensation for all its legislation, and sector or local collective bargaining agreements.
Befesa is conducted at the country level,
* y Legal Minimum Wage: Employees’ base salaries are compared against each location.# Sustainability
01 Befesa at a glance
02 To Befesa’s shareholders
03 Management report
04 Sustainability
05 Consolidated financial statements
06 Statutory financial statements
07 Additional information
171
Befesa Annual Report 2024
All employees
receive
equal
pay for
equal
work
in
all
pay
schemes,
based on
role, experience, and tenure, ensuring that all employees receive fair compensation
in
accord with
pay
grades
and
applicable legislation in each region.
The Gender Pay Gap has been
calculated
based
on the
measures
set out in AR 98 of ESRS, using the formula: (Average gross hourly pay of men –
Average gross hourly pay of women) / Average gross hourly pay of men x 100.
The calculation includes all employees
receiving
salary
throughout the reporting period.
All
items
received
during the year have been included to ensure a comprehensive
view
of
their
pay.
The
average
hourly pay level has been used as the basis for comparison, ensuring
equal
treatment
in
remuneration.
Gender Pay Gap (%): -12,57
The reported consolidated GPG
reflects
the
aggregation
of the gender pay gaps across all countries and sites, as required under CSRD methodology. Befesa’s
GPG
is
influenced
by the company’s
workforce
structure
and
demographics, including:
In
all
locations,
and
manageable
remuneration,
all employees are entitled to family- related leave. In the past year, 6% of the total
workforce
took
parental
leave—with
11%
of
female
employees
and
5%
of
male
employees
taking
leave
related
to
family
responsibilities.
All
employees
are
covered
under
existing
social
protection
and
local regulations in each country,
providing
employees
with
social protection against major life
events,
and
comprehensive
coverage for
health
and
disability
benefits.
In all locations, employees are covered for employment injury, acquired disability, parental leave, unemployment, and retirement. Sickness coverage is provided in
most
locations
and
subject
to
local
provisions.
In South Korea, public provisions
provide
comprehensive
social
insurance
and
pension
schemes,
and
health
insurance
are
managed through a combination of employer policies and statutory leave entitlements.
Befesa is committed to the continuous
development
of
employees
and
offers
a variety of training and development programmes. These programmes aim to enhance technical skills, leadership
capabilities,
professional
competencies,
and
employee
developmental
competencies, ensuring sustainable talent development. A key element of Befesa’s talent
development
strategy
is
the
“Executive
Leadership
Development
Programme”
(ELD),
which
has been conducted continuously since 2021. The programme is designed for
senior
executives
with
significant
experience at Befesa and a higher education background or equivalent
professional
qualifications.
The
ELD
programme
attracts
employees
with
many
years
of experience at Befesa, this upper limit is applied
fully
for
new
entrants
to
the
programme.
For
the
ELD
development
programme,
the
ELD
is
structured
as
a
career-
focused
Executive
Leadership
Development
Programme.
In
2023,
Befesa
hosted
2
ELD
3.0
sessions
and
will
host
the
next
programme
in April 2025.
| Work-life balance metrics | Female | Male | Total |
|---|---|---|---|
| Nº of employees entitled to leave | 23 | 87 | 110 |
| Nº of employees entitled to leave | 218 | 1,614 | 1,832 |
| % of entitled employees that took family- | 11% | 5% | 6% |
| leave, and parental | leave. |
01 Befesa at a glance
02 To Befesa’s shareholders
03 Management report
04 Sustainability
05 Consolidated financial statements
06 Statutory financial statements
07 Additional information
173
Befesa Annual Report 2024
In
2023,
all
completed
2.0
graduates
hosted
the programme in June 2024.
In addition to global HR initiatives, local
HR
departments
conduct
across various Befesa locations to
support
employee
development.
Regular
performance
evaluation
systems
are
in
place
in
almost
all Befesa locations ensuring regular feedback and development opportunities. These local performance evaluations complement the global HR initiatives, ensuring that all employees, regardless of location or job level, receive structured feedback, development
opportunities,
and
career
support.
In most locations, individual companies
conduct
employee
development
reviews
to
support
employee’s
career
development.
Each
year,
an
estimated
42%
of
the
total
headcount
participated
in regular performance and career development
reviews.
While most countries conduct annual evaluations, some have additional
reviews
and
multiple
sessions:
* The
Netherlands
has
quarterly
reviews
for
certain
employee
groups.
* China conducts monthly evaluations for blue-collar employees alongside annual
reviews
for
white-collar
employees.
White-collar
employees
typically
receive
bi-annual
performance
reviews.
Blue-collar
employees
often
undergo
more
frequent
or
informal
evaluations
(e.g.,
in
China,
Germany,
and
Spain).
Additionally,
most
Blue-collar
have
an
incentive
system
tied
to
annual
production
targets,
reinforcing
the
need
for
clear
and
shared accountability.
This fosters
a
positive
team spirit
where
collective
success
is
valued.# Befesa Annual Report 2024
Befesa’s commitment to employee training and professional development is a cornerstone of its human resources strategy, supported by continuous investment in global and local programmes. Through the Global Professionals Programme, Global Talent Management Team, the company fosters a culture of knowledge sharing and employee empowerment. This dedication ensures that employees possess the necessary skills and competencies to excel in their roles and contribute to Befesa’s long-term success in a competitive global market.
Befesa aims for a culture of continuous improvement and professional development through the Global Talent Management Team Programme. This structured process plays a crucial role in assessing employee performance, setting development goals, and aligning company's strategic objectives. In 2024, a total of 217 employees (calculated by headcount) participated in the Global Annual Performance Review, chaired and analyzed by the Global HR team.
| Female | Male | Total |
|---|---|---|
| 53 | 164 | 217 |
Focus Group: Employees eligible for a performance-based bonus.
The Performance Review encompasses key components:
Goal Setting & Performance Assessment
Evaluation of Befesa Core Competencies. Employees are assessed based on the following core competencies:
Professional Development
Career Development and Potential
The Global Talent Management Team is a key element of Befesa’s talent management strategy, ensuring that employees receive constructive feedback, clear development plans, and opportunities for career advancement, which in turn contributes to the company’s long-term success.
| Male | Female | Total | |
|---|---|---|---|
| Total training hours | 34,496 | 6,542 | 41,038 |
| No. Total of employees | 1,577 | 207 | 1,784 |
| Average training hours per employee | 22 | 32 | 23 |
2024
| Total training hours | 41,038 |
|---|---|
| Blue collar (%) | 50% |
| White collar (%) | 50% |
| Training hours average per employee | 23 |
Gender breakdown (hours)
* Male: 22
* Female: 32
Age group breakdown (hours)
* Up to 30: 26
* 30 – 50: 28
* Over 50: 15
Training hours per category
* General Training: 10,449
* Health and Safety: 23,586
* Languages: 7,003
| 2024 Total training cost | 513,717€ |
|---|---|
| Blue collar (%) | 39% |
| White collar (%) | 61% |
| Training Cost average per employee | € 288 |
Training Cost per Category
* General Training: 196,090€
* Health and Safety: 241,448€
* Languages: 76,178 €
The company is committed to proactive and intensive training and development. On average, employees received 22 training hours in 2024, with female employees receiving 32 training hours, while male employees received 22 hours. This highlights Befesa’s dedication to supporting female employees’ professional development. In terms of age distribution, employees aged 30-50 years receive the highest training hours, with employees under 30 and over 50 receiving fewer hours. Regarding the distribution by training category, Health & Safety (H&S) training represents the largest share, accounting for 57% of total training hours. These figures underscore Befesa’s commitment to maintaining a safe and responsible workforce, and to continuously upskill its employees to identify and mitigate risks.
Befesa's safety management systems cover 100% of employees and contractors. These systems are regularly updated to align with international standards, including ISO 45001, and OSHAS, in addition to Befesa’s Corporate Safety Standards. Befesa has also instituted targeted risk reduction programmes, such as the Fatal and Serious Injuries Prevention Programme, Work at Height Prevention Programme, and Hand Injuries Prevention measures.
All relevant personnel undergo regular training to ensure they are aware of and adhere to key safety standards, which include, but are not limited to:
Relevant safety committees are in place and are supported by management. Key elements of the safety management system include:
Befesa has maintained a record of no fatalities and low accident rates over the past decade, resulting in zero work-related deaths in the past decade.
| 2023 | 2024 | |
|---|---|---|
| Fatalities | ||
| Own employees | 0 | 0 |
| Contractors | 0 | 0 |
| Total | 0 | 0 |
| Professional illness | ||
| Own employees | 0 | 0 |
| Contractors | 0 | 0 |
| Total | 0 | 0 |
| Number of lost time incidents | ||
| Own employees | 9 | 13 |
| Contractors | 0 | 0 |
| Total | 9 | 13 |
| Number of lost work days | ||
| Own employees | 580 | 753 |
| Contractors | 0 | 0 |
| Total | 580 | 753 |
Befesa has been using the OSHA methodology for calculating the accident’s rates:
Accident rate = Number of accidents x 1000.000 /Number of reported working hours
OSHA based calculations:
| 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Lost Time Injury Rate (LTIR) | ||||||||||
| Own employees | 5.30 | 3.57 | 2.88 | 2.67 | 2.16 | 1.34 | 1.03 | 0.73 | 0.55 | 0.73 |
| Contractors | 8.06 | 0.98 | 3.88 | 5.47 | 1.60 | 0.66 | 0.43 | 0.00 | 0.00 | 0.00 |
| Total | 5.71 | 3.11 | 3.08 | 3.22 | 1.98 | 1.26 | 0.81 | 0.55 | 0.45 | 0.66 |
| Severity Rate (SR) | ||||||||||
| Total | 0.77 | 0.77 | 0.31 | 0.44 | 0.41 | 0.48 | 0.16 | 0.12 | 0.15 | 0.19 |
| 2023 | 2024 | |
|---|---|---|
| Total employees & contractors | ||
| Number of recordable incidents | ||
| Total | 49 | 81 |
| Total recordable rate per 200.000 working hours | ||
| Total (a) | 2.46 | 4.03 |
CSRD based calculations:
| Own employees 2024 | |
|---|---|
| Number of recordable accidents (including commuting accidents) | |
| Total | 84 |
| Total recordable rate per 1.000.000 working hours (including commuting accidents) | |
| Total (b) | 25.45 |
| Own employees 2024 | |
|---|---|
| Number of lost time accidents (including commuting) | |
| Total | 13 |
| Lost time injury rate per 1.000.000 working hours | |
| Total (c) | 3.94 |
Four incidents of alleged discrimination or harassment have been reported in 2024. As of yet, no further investigation processes have been initiated as these have not been substantiated as such.
The Code of Conduct and the General Compliance Policy outline the responsibilities and ethical standards for directors, officers, employees, and third parties acting on behalf of Befesa, including the role of Befesa's Board of Directors. This framework governs their business conduct and ensures adherence to legal and ethical standards, both internally and in their external dealings. These policies are implemented to ensure that Befesa's daily operations are carried out with integrity, efficiency, and responsibility. As explained in all its public documentation, they form the foundation of its ethical and compliance framework, which is a critical aspect of its business conduct initiatives. For further details, please refer to Chapter “GOV-1 + GOV-2 Role of Management & Sustainability” (Pages 177-180).
The duties and responsibilities of the Compliance Management System are focused on and dedicated to providing a robust framework for legal compliance and ethical business practices.
Senior Executive Management (Executive Chair and CEO)
y The Executive Chair and CEO are committed to ensure compliance and communicate this commitment throughout the organization.
y The Executive Chair and CEO are responsible for ensuring that:
(i) appropriate guidelines and policies are developed, issued and continuously monitored with respect to those guidelines and
(ii) non-compliance issues are appropriately sanctioned.
178 Befesa Annual Report 2024
y The Compliance Officer is responsible for the supervision of the internal control system in terms of time and budget.
Compliance Officer
y As mentioned above, the Board has appointed a Corporate Compliance Officer to lead compliance meetings to support the implementation and effectiveness of the CMS.
y These internal compliance meetings ensure that all relevant compliance matters are adequately discussed and that all relevant persons participate: Executive Management, the Corporate Compliance Officer and Global Controller. In addition, other corporate managers (e.g. personnel of the legal department, internal audit, IT department, financial controlling, Environmental, Health, Safety and Security department, the data protection office, and personnel from the business (or various business units) could participate in those meetings depending on the agenda.
y The Corporate Compliance Officer:
i. is responsible for drafting the rules and procedures that are applied to ensure that
ii. if any employees have questions regarding compliance,
iii. implements appropriate training with respect to Befesa’s code of conduct and other material compliance guidelines.
iv. reviews at regular intervals the compliance rules and Befesa’s other compliance guidelines and policies and proposes amendments or additional compliance guidelines or procedures.
v. informs the organisation about important legal developments that require compliance with new regulatory standards.
vi. if any non-compliance issue is suspected, they investigate the issue.
vii. ensures that non-compliance issues are reported to, and sanctioned by, the appropriate level.
viii. is responsible for proposing compliance audits to the Executive Chair and for ensuring that audits be made the subject of a compliance report.
ix. provides regular or ad hoc compliance reports to the Executive Chair and has a reporting line to the Board of Directors.
x. is given the responsibility of informing the Board of Directors about any ESG or specific compliance matter.
y The responsibilities and tasks delegated to the Compliance Officer are duly documented. These are normally done by an appointment letter from Senior Executive Management addressed to, and countersigned by, the Corporate Compliance Officer.
Compliance audits
y In order to ensure that the CMS is effective, a system for compliance audits has been developed and implemented to detect potential non-compliance issues has been instead. Befesa has therefore established an audit compliance process led by the Internal Audit Department. The Internal Audit Department audits compliance matters in addition to its other matters.
y Alternatively, outside professionals (e.g. consultants that specialize in compliance audits or auditors with respect to ESG reporting frameworks) could be engaged.
y The Internal Audit Director proposes, on an annual basis, a compliance audit plan to the Executive Chair and CEO, which describes the selected compliance matters to be made subject to an audit.
y The results of the compliance audit are reported to the Executive Chair and CEO. An executive summary will be submitted to the Audit Committee before being presented to the Board of Directors.
All members of the Board of Directors of Befesa S.A. are required to have a sound background, experience and ability to adequately perform the duties of the Board. For example, a balanced mix of expertise, experience and ability to adequately perform the duties of the Board (ESRS-2 GOV-1 21c + AR5), for example, all members of the Board have ethics and governance skills.
01 Befesa at a glance
02 To Befesa’s shareholders
03 Management report
04 Sustainability
05 Consolidated financial statements
06 Statutory financial statements
07 Additional information
179
Befesa Annual Report 2024
Governance continued
ESRS 2 IRO-1 Impacts, risks and opportunities
The process to identify material impacts, risks and opportunities is disclosed in section 5.3 of the ESRS 2 IRO-1, that includes business conduct policies. The process is based on the EFRAG double materiality guideline, including the context analysis (internal and external communication, analysis of the industry, analysis of internal and external stakeholders), the identification of material impact, risk and opportunities and the evaluation and prioritization of the IROs.
G1-1 Corporate culture and business conduct policies
Corporate culture in Befesa is mainly covered by the Befesa Compliance Management System (CMS). Befesa is committed to achieving success and sustainable development, which must, at all times, fully respect all applicable laws and regulations, internal guidelines and policies and values.
Befesa’s CMS includes, but is not limited to, internal guidelines and policies such as the code of conduct and guidelines that address conflicts of interest, anti-corruption, anti-money laundering, IT services, EHS issues, data privacy and data protection sanctions. These measures, in addition to the regular training, contribute to members in ensuring that Befesa respects its laws and values.
In the next page are the material impacts, risks and opportunities related to Governance: Corporate culture and complaints mechanisms identified, and the policies implemented that relate to them (see the table on the next page).
Befesa’s general compliance policy
The general compliance policy provides guidance to Befesa and its subsidiaries on how to act in a lawful and ethical manner, compliant and with integrity. The policy covers several topics and guidelines that are relevant to operational compliance, tools and procedures. It covers several topics such as commitment of management, code of conduct, compliance officer functions, reporting and investigation of non-compliance, compliance policies, training and the enforcement of a compliance management system.
Befesa’s general compliance policy establishes the foundation for the implementation of an effective compliance management system and the establishment of ethical business practices that ensure that Befesa’s business activities are carried out in compliance with the law. It is supported by monthly compliance committees, and by communication and training for the entire organisation.
Code of conduct
Befesa has in place a code of conduct that is binding for all employees and contractors that are providing services to Befesa. The code is available to all employees and third parties on the Befesa website. The code of conduct sets out the principles and behaviour expected from employees and managers of Befesa.
The code provides the legal and ethical framework with respect to Befesa’s directors, executives, managers and employees. The code establishes the principles of behaviour and guidance on how to deal with ethical dilemmas and on how to act in compliance with the law. The document is available in the eight languages spoken in the countries where Befesa operates. Examples of the most relevant provisions in the code of conduct:
y Exercise due diligence with respect to the laws and regulations of each jurisdiction.
y Do not compromise your integrity. Do not use your position at Befesa to seek personal benefits for yourself, your family or your friends.
y Avoid gifts, entertainment and invitations that could create the appearance of influencing the commercial judgement of the recipient.
y Do not deliberately mislead anyone. Never attempt to falsify any record.
y Treat everyone with fairness and respect. Any form of discrimination based on race, colour, religion, gender, age, marital status, sexual orientation or disability is unacceptable.
y Respect Befesa’s commercial relationships. Treat Befesa’s clients and suppliers at all times. Be a good neighbour.
y Look out for the safety of others. Health and safety standards and procedures are intended to protect you, your colleagues and all others. Exercise due diligence with respect to the safety of others.
y Respect and protect the environment.# Governance
| Type | Description – Related policies and procedures | Own operations/Value chain |
|---|---|---|
| Positive Impact | Enhancement of employee engagement by fostering a sense of belonging and purpose among employees derived from compliance – Code of Conduct | Improved corporation reputation through the implementation of policies and procedures focused on transparency, truthfulness, good practices and ethical behaviour. – Code of Conduct – Ethics and Compliance Policy – Security Dealings Code – International Sanctions – Diversity, equality and inclusion |
| Increased productivity and reduced internal risks by implementing secure and transparent dealings – Whistleblowing Channel – Security Dealings Code – International Sanctions – Diversity, equality and inclusion | ||
| Negative Impact | Absence of Integrated Management Systems, directly affecting the expectations of interest groups in terms of quality, environment, health and safety management. – Befesa CMS | Decline in employee trust towards Befesa, stemming from fears of potential repercussions, leads to employees feeling inhibited about reporting problems through the whistle-blowers channel. – Whistleblowing Channel – Whistleblowing Channel Protocol & Whistleblower Protection Policy |
| The insufficient compliance training implies that employees make unintentional mistakes or even act negligently. While compliance training programs are in place, they may not be comprehensive enough for all employees. – CMS Training – Code of Conduct Training – Quarterly Newsletters – QR Posters – Guidelines of conduct brochures – Compliance web & intranet section | Violation of employee privacy, exposure of sensitive information, and the possibility of this information being used for retaliation, by not having the adequate management system to prevent leakage of personal data of employees. – Confidentiality, and industrial & intellectual property – Privacy Policy | |
| Possible rise in the cases of corruption and bribery due to insufficient compliance training withing employees. While training is provided, it may not be sufficient or comprehensive enough to cover for all countries. – Code of Conduct – Anti-Corruption & Anti-Bribery | Negative impacts to the reputation/image towards Befesa's stakeholders due to potential illegal or ethically questionable activities, such as money laundering, corruption or greenwashing. – Code of Conduct – Anti-Corruption & Anti-Bribery – Anti-money laundering |
| Type | Description – Related policies and procedures | Own operations/Value chain |
|---|---|---|
| Risk | Failure to consider business conduct risks can lead to operational issues such as supply chain disruptions due to scarcity of natural resources, labor disputes related to poor employee representation or risk management issues arising from poor governance. – Befesa CMS | Failure to adapt to the new ESG and regulatory changes can result in a loss of brand value. – Befesa CMS |
| Disruption in the supply chain or regulatory changes can damage the reputation of the organization, productivity among employees, and a decrease in market share and income of the organization. – Befesa CMS | Possible rise in the cases of corruption and bribery or fraud due to insufficient compliance training within employees or negligent acts. – General Compliance Policy – Anti-Corruption & Anti-Bribery | |
| Reputational issues derived from the leakage of confidential information and sensitive data, potentially resulting in legal consequences such as defamation or unfounded accusations. – Code of Conduct – General Compliance Policy – Whistleblowing Channel – Whistleblowing Channel | ||
| Fines due to Directors of Befesa S.A. acts against current business and internal policies. – Befesa CMS | Fines due to inadequate management of environmental and regulatory sanctions at a global level, incurring possible future sanctions. – Befesa CMS | |
| Economic sanctions due to activities considered unfair competition. – Anti-Corruption & Anti-Bribery – Anti-money laundering | ||
| Opportunity | The implementation of ethical and transparent policies will generate a strategic positioning in response to the demand of interest groups. – Ethical and Compliance Policy – Whistleblowing Channel | Competitive positioning as leaders through the introduction and management of ethical business practices, fostering a culture of integrity within Befesa. – Befesa CMS |
| A corporate culture fosters creativity and innovation among employees, driving the generation of innovative solutions to industrial challenges. – Code of Conduct | Enhancement of transparency and accountability, attracting like so investors and partners, by ensuring comparability of information through the reporting of sustainability reports. – Befesa CMS | |
| Protection from potential litigation and legal repercussions through the avoidance of non-compliance with current legislation and company policies. – Whistleblowing Channel – Whistleblowing Channel | Improvement of transparency and accountability as an opportunity to increase the comparability of information and therefore makes investing in Befesa more attractive. Furthermore, this implies that more shareholders and partners will be interested in Befesa, improving their prices. – Befesa CMS | |
| Strengthening the culture of ethics and integrity as an opportunity to increase the comparability of information and therefore makes investing in Befesa more attractive. – Befesa CMS | Elimination of non-compliance with current legislation and the infringement of the code of conduct by any employee at Befesa, that could lead to disciplinary measures. |
Anti-corruption and anti-bribery policy: One of Befesa’s core principles is to act with integrity and honesty, and to compete fairly in the market where it operates. Befesa’s principle is to compete by making deals and providing services to its customers based on the quality and price of its products and services, not by providing undue advantages or bribes.
Anti-money laundering policy: Befesa is committed to carrying out its business transactions in an transparent manner and to ensure that its customers and partners perform their activities legally and from legitimate sources. Accordingly, all employees of Befesa are required to understand and follow the pertinent anti-money laundering guidelines and to comply with Befesa’s rules on payments and to report any suspicious payment methods. All Befesa employees are obliged to report any suspicious behaviour by clients or trading partners, either to the Compliance Officer or to the Legal Department. Furthermore, all employees are to comply with the guidelines regarding accounting and financial reporting in relation to the transactions that need to be made.
Anti-trust policy: It is the unconditional policy of Befesa to operate and enforce compliance throughout the organisation. In this policy, a guideline summarises the basic rules of the competition law and advises on compliance with these rules. Furthermore, all employees are to respect and strictly observe the basic rules of competition law and to avoid any conduct which could lead to infringements of competition law, either through their own actions or those of third parties acting on Befesa’s behalf. Non-compliance will lead to disciplinary measures, including dismissal, and may also have personal consequences for the relevant employee(s).
Conflicts of interest policy: The purpose of this policy is to identify and prevent situations where employees’ personal interests could conflict with the interests of Befesa and its subsidiaries. Every employee must exercise and maintain a high degree of loyalty to Befesa and make business decisions only in the best interests of the Company, not based on their potential personal interests. All employees must avoid any relationship that could compromise their independent judgement in the conduct of Befesa’s business or could reasonably give the appearance of impropriety or a conflict of interest.
Group security dealings code: This code applies to all employees, managers and Directors of Befesa and its fully consolidated subsidiaries and joint ventures. These rules are designed to ensure that employees do not misuse, or place themselves under suspicion of misusing, information about Befesa that they have access to, and also to ensure that they do not misuse information about other companies that may come into their possession, and to protect investors. This code also includes a prohibition on insider trading and other forms of market abuse.
International sanctions policy: International sanctions or restrictive measures take the form of economic instruments that seek to modify policies or activities in other countries by constraining them, or by the use of force. The implemented measures are binding and affect all entities that form part of the organisation that adopts them. In the case of the EU, they are obligatory for all its member states. Befesa believes that all its employees are to comply with these restrictive measures, insofar as they affect Befesa’s business. The aforementioned CMS of Befesa translates these policies into codes, systems and controls in relation to international sanctions.
Diversity, equality and inclusion policy: Befesa seeks to strengthen diversity, equality and inclusion among its employees, and to eliminate discrimination. The policy’s purpose is to provide equality, fairness and respect for all the employees of the Company. It seeks to oppose and avoid all forms of discrimination by ensuring that recruitment, remuneration and promotion at Befesa is based on professional qualifications and performance.
01 Befesa at a glance
02 To Befesa’s shareholders
03 Management report
04 Sustainability
05 Consolidated financial statements
06 Statutory financial statements
07 Additional information
185Befesa Annual Report 2024
Confidentiality, and industrial and intellectual property policy: Befesa relies on the protection of its assets, in particular the industrial and intellectual property rights inherent in the development and exploitation of its activities. The Company strives to protect this by adopting appropriate measures aimed at its employees and for those in charge of confidential information. This policy establishes the operational rules and standards to be applied at Befesa, as well as the criteria to be followed by its employees. This policy protects the industrial and intellectual property of Befesa, guaranteeing a high level of confidentiality and safeguarding current legislation.
Privacy policy
There is in place a privacy policy that applies to all personal data submitted to Befesa through any means of communication. In this policy, stakeholders may find detailed information on the processing of their personal data, as well as the obligation to provide data, data responsible, purpose, type of data and rights, among others. It also covers the measures implemented to protect data security and to prevent the alteration, loss, processing or unauthorised access, in accordance with the applicable regulations.
Supplier code of conduct
During 2020, Befesa implemented a code of conduct for suppliers that must be accepted and signed by all suppliers. Befesa expects its suppliers to implement the principles set out in this code of conduct throughout their organisations and to use their best endeavours to ensure that these principles are upheld by their subcontractors. Befesa expects suppliers to use their best endeavours to ensure that they are in compliance with these principles and to take these principles into consideration when conducting their business.
The supplier code of conduct covers issues including: environmental protection and energy efficiency; human rights and working conditions; workers’ rights, including their rights to freedom of association and collective bargaining, prohibition of forced labour, child labour and discrimination; business integrity and corporate governance standards. The supplier code of conduct is available on Befesa’s website: www.befesa.com. The implementation of the code is overseen by the Compliance Officer and includes the preparation of reports on the implementation of the code. In addition to the aforementioned policies and codes, Befesa also has complementary compliance policies that complement the internal control system:
Internal procedures
Concept
The internal procedures of Befesa take the form of a suitable internal control system that represents the internal organisation of the Company. They are part of an internal system of communication and authorisation. The main goal is to have a common method of operating, assessing and mitigating the business risks inherent in Befesa’s activities.
These procedures are aimed at:
y Consistency of actions
y Reinforcement of corporate identity
y Risk control and reduction
y Optimisation of management
y Creation of value for stakeholders
y Diversification of activities
Covered areas
The internal procedures cover all areas of the business and are implemented by the Befesa Group. The internal procedures are in place and include controls for the following areas:
– Financial management
– Legal matters and insurance management
– Human resources and CSR
– IT management
– General expenses
– Corporate identity
Other aspects covered by Befesa’s CMS
In addition to the above aspects, as part of Befesa’s CMS, there are other relevant areas in the system, such as internal controls, risk analyses, insurance coverages and data protection regulations.
Internal controls
In addition to the compliance policies mentioned, Befesa has in place an internal control matrix that contains financial and administrative control and processes. This cover the business operational processes of Befesa:
y Purchases
y Fixed assets
y Stocks
y Sales
y Treasury
y Human resources
y Taxes
y Hedging
y Equity
Governance continued
186 Befesa Annual Report 2024
y Closing and reporting
y Legal and ethics
Risk analysis and insurance coverage
Included in the CMS, Befesa has an Risk Management System in place, which is dedicated to the identification and analysis of all relevant risks, whether from operational or sustainability matters addressed in the sustainability section of this Annual Report.
Data Protection
In compliance with the EU General Data Protection Regulation (GDPR) that came into force in May 2018, Befesa has carried out an analysis of the Company’s data-processing activities, with the main goal of adapting those standards to the requirements of the GDPR.
Criminal compliance certification UNE 19601
The Spanish criminal code establishes that legal persons may have criminal responsibility. To avoid this from happening at Befesa, a criminal compliance programme (Criminal Risks Management System) has been implemented. This programme comprises a set of protocols, controls and procedures aimed at preventing a breach of the rules of conduct, and at mitigating the potential sanctions that could generate responsibility for the Company.
Furthermore, Befesa has a certified Management System for Criminal Compliance under the UNE 19601 standard concerning criminal compliance that Befesa Medio Ambiente S.L.U. satisfactorily achieved in 2021. Befesa is working to achieve this certified Management System in 2022 with the aim of obtaining the UNE 19601 certification.
Whistleblowing Channel
Befesa has a confidential whistleblowing channel available to all employees and external third parties for reporting any incidents. This platform is available in eight languages: English, German, French, Spanish, Portuguese, Italian, Korean and Chinese.# Befesa Annual Report 2024
Befesa is a leading company in Europe and the first in the global market for the recycling of industrial oils and fats, and for the generation of energy from these oils. Befesa offers unique services to customers in the chemical and petrochemical industries, as well as in the waste management sector.
Befesa offers services to prevent illegal acts through the implementation of its Compliance and Business Conduct Policy, which is included in the CMS annual training and is also covered in the compliance printed guidelines of conduct that every employee receives. The policy for training in the organisation on business conduct is developed later in this section.
Befesa is certified in UNE 19601 Criminal Compliance, which validates the existence of an adequate structure for the prevention of criminal risks derived from the activity of the company and the capacity of the people in charge of the channel, the protocol established and the capability of the people in charge of the channel.
For its part, it has taken all the security measures to guarantee the security standards: double security certification in ISO 27001, state-of-the-art encryption algorithms, high-security data centres and manual penetration testing. Befesa has a policy called the "Compliance and Business Conduct Policy", and a "Code of Conduct".
Befesa’s policy does not permit any form of retaliation or reprisal (including discharge, demotion, transfer, suspension, threat, intimidation, harassment or any other form of discrimination) by any person or group, directly or indirectly, against any person who in good faith, and in good faith, reports an incident under the policy, permit any form of retaliation or reprisal (including discharge, demotion, transfer, suspension, threat, intimidation, harassment or any other form of discrimination) by any person or group, directly or indirectly, against any person who in good faith, and in good faith, reports an incident under the policy or who participates in an investigation.
Befesa has a structured and comprehensive process to investigate business conduct incidents, including cases of corruption and bribery, with guarantees of impartiality, independence, and objectivity. Key aspects of Befesa's investigation procedures include:
The policy on business conduct is detailed in section G1-3 of this report. In terms of risk regarding corruption and bribery, the areas with the highest risks are: plant managers, purchases & sales areas employees, employees in the financial and administrative areas, and managers. Basically those employees that have relationships with suppliers and clients. However, this list is not exhaustive, and the company is committed to identifying and mitigating all potential compliance and business conducts related risks.
| REC | Whistle-blower Telephone call | Voice intake BKMS system | Internal examiner | Web report Web platform |
|---|---|---|---|---|
These audits cover:
In 2024, a total of 29 audits (2023: 32 audits) have been performed to verify the effectiveness of this internal control matrix. Among others, these include:
Befesa’s internal audit team is also involved in investigations concerning complaints received through the Whistleblowing channel. The results and progress on internal audits are presented to Befesa’s Audit Committee every quarter.
The company has implemented a whistleblower channel, in addition to the preventive and detective measures, Befesa has the necessary preventive and detective measures to ensure that any third party can send potential irregularities. In every investigation carried out, the investigators are independents and separated from the people investigated.
Fines for violation of anti-corruption and bribery policies are a reality in Befesa.
Compliance culture in Befesa is mainly based on a culture of commitment and respect. The CMS is approved by management and the Board of Directors. After that, a training programme is developed by both bodies. Communication and promotion are key for a positive development of the corporate culture through the organisation.
The process that Befesa has in place to prevent, detect and address allegations or incidents of corruption and bribery consists of:
As it has been mentioned, corporate culture in Befesa is mainly covered by the Befesa CMS. The CMS is reported on a regular basis, including the following aspects:
a) Internal meetings: On a monthly basis, the Compliance Officer and the Executive Chair have a meeting to discuss the status of all compliance-related actions and to discuss and approve new strategies.
b) The CMS plan and status are reported on to the Board of Directors as a regular part of the agenda.
c) Audit Committee: A more detailed CMS status is presented in the Audit Committee. Its members supervise the compliance tasks and CMS performance, including compliance-related investigations.
Befesa has implemented four tools to guarantee that everyone in the organisation has access to the latest compliance initiatives: quarterly newsletters, e-learning, compliance guidelines and QR compliance posters. In addition to these tools, all the compliance information is available to all empoyees in the Befesa intranet.
All employees with a direct link to business conduct, Befesa’s management team have a unique opportunity to ensure compliance documentation can be accessed.
External auditors, customers and internal auditors, provide data on the performance of the CMS, which is circulated throughout the organisation and is made available to all Befesa’s employees. These topics are agreed upon with the Board of Directors and are circulated via email throughout the organisation.
The continuous training of Befesa’s employees is key for the future and the development of the organisation. Compliance is an important aspect for the Company. Befesa has therefore developed annual training for employees, including e-learning courses and training tests are updated annually to include the latest compliance-related contents. All the topics included in the Befesa CMS are covered by the training tool, including policies regarding business conduct.
From a qualitative perspective, the company has developed an e-learning compliance training which is available to all employees on the e-learning tool, supported by live interactions and questionnaires. Befesa divides its employees into two main groups:
In reporting forward looking information in accordance with ESRS, the management of the Group is required to prepare the forward-looking information on the basis of disclosed assumptions about events that may occur in the future and possible future actions by the Group. Actual outcome is likely to be different since anticipated events frequently do not occur as expected. Forward-looking information relates to events and actions that have not yet occurred and may never occur. We do not provide assurance on the achievability of this forward-looking information. In determining the disclosures in the Sustainability Statement, the management of the Group interprets undefined legal and other terms. Undefined legal and other terms may be interpreted differently, including the legal conformity of their interpretation and, accordingly, are subject to uncertainties. The references to external sources or websites are not part of the sustainability information as included in the scope of our assurance engagement. We therefore do not provide assurance on this information.
Our responsibility is to plan and perform the assurance engagement to obtain limited assurance about whether the Sustainability Statement is free from material misstatement, whether due to fraud or error, and to issue a limited assurance report that includes our conclusion. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence decisions of users taken on the basis of the Sustainability Statement as a whole. As part of a limited assurance engagement in accordance with ISAE 3000, we exercise professional judgement and maintain professional scepticism throughout the engagement.
Our responsibilities in respect of the Sustainability Statement, in relation to the Process, include:
* performing procedures, including obtaining an understanding of internal control relevant to the engagement, to identify risks that the process to identify the information reported in the Sustainability Statement does not address the applicable requirements of ESRS, but not for the purpose of providing a conclusion on the effectiveness of the Process, including the outcome of the Process;
* designing and performing procedures to evaluate whether the Process to identify the information reported in the Sustainability Statement is consistent with the Group’s description of its Process as disclosed in note IRO-1 Double Materiality Analysis.
194 Befesa Annual Report 2024
Our other responsibilities in respect of the Sustainability Statement include:
* performing risk assessment procedures, including obtaining an understanding of internal control relevant to the engagement, to identify where material misstatements are likely to arise, whether due to fraud or error, but not for the purpose of providing a conclusion on the effectiveness of the Group’s internal control;
* designing and performing procedures responsive to where material misstatements are likely to arise in the Sustainability Statement.
The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
A limited assurance engagement involves performing procedures to obtain evidence about the Sustainability Statement. The procedures performed in a limited assurance engagement vary in nature and form, and are less in extent than for, a reasonable assurance engagement. Consequently, the level of assurance obtained in a limited assurance engagement is substantially lower than the assurance that would have been obtained had a reasonable assurance engagement been performed. The nature, timing and extent of procedures selected depend on professional judgement, identification of disclosures where material misstatements are likely to arise in the Sustainability Statement, whether due to fraud or error.
In conducting our limited assurance engagement, with respect of the Process, we:
* obtained an understanding of the Process by performing inquiries to understand the sources of the information used by management and reviewing the Group’s internal documentation of its Process; and
* evaluated whether the evidence obtained from our procedures about the Process implemented by the Group was consistent with the description of the Process set out in note IRO-1 Double Materiality Analysis.
In conducting our limited assurance engagement, with respect to the Sustainability Statement, we:
* obtained an understanding of the Group’s reporting processes relevant to the preparation of its Sustainability Statement;
* evaluated whether all material information identified by the Process is included in the Sustainability Statement;
* evaluated whether the structure and the presentation of the Sustainability Statement is in accordance with the Criteria;
* performed inquires of relevant personnel and analytical procedures on selected disclosures in the Sustainability Statement;
* performed substantive assurance procedures based on a sample basis on selected disclosures in the Sustainability Statement;
* where applicable, reconciled selected disclosures in the Sustainability Statement with the corresponding disclosures in the financial statements and management report;
* evaluated selected methods, assumptions and data for developing estimates and forward- looking information;
* analysed, on a limited sample basis, relevant internal and external documentation at the level of the Group for selected disclosures
* obtained an understanding of the process to identify taxonomy-eligible and taxonomy- aligned economic activities and the corresponding disclosures in the Sustainability Statement;
01 Befesa at a glance
02 To Befesa’s shareholders
03 Management report
04 Sustainability
05 Consolidated financial statements
06 Statutory financial statements
07 Additional information
195 Befesa Annual Report 2024
The management of the Group is responsible for the other information. The other information comprises information included in the consolidated Annual report 2024 but does not include the Sustainability Statement and our assurance report thereon. Our conclusion on the Sustainability Statement does not cover the other information and we do not express any form of assurance conclusion thereon.
Luxembourg, 29 April 2025
KPMG Audit S.à r.l.
Cabinet de révision agréé
Stephan Lego-Deiber
196 Befesa Annual Report 2024
01 Befesa at a glance
02 To Befesa’s shareholders
03 Management report
04 Sustainability
05 Consolidated financial statements
06 Statutory financial statements
07 Additional information
197 Befesa Annual Report 2024
200 Consolidated statement of financial position
201 Consolidated income statement
202 Consolidated statement of comprehensive income
203 Consolidated statement of changes in equity
204 Consolidated statement of cash flows
205 Notes to the consolidated financial statements
272 Responsibility statement
273 Independent auditor’s report
198 Befesa Annual Report 2024
01 Befesa at a glance
02 To Befesa’s shareholders
03 Management report
04 Sustainability
05 Consolidated financial statements
06 Statutory financial statements
07 Additional information
199 Befesa Annual Report 2024
As at 31 December 2024
(Thousands of euros)
| Assets | Note(s) | 2024 | 2023 |
|---|---|---|---|
| Non-current assets: | |||
| Intangible assets | |||
| Goodwill | 7 | 643,137 | 629,030 |
| Other intangible assets | 8 | 109,503 | 108,030 |
| Right-of-use assets | 11 | 37,594 | 31,945 |
| Property, plant and equipment | 9 | 736,555 | 702,660 |
| Non-current financial assets | |||
| Other non-current financial assets | 10 | 15,846 | 35,138 |
| Deferred tax assets | 19 | 102,182 | 96,708 |
| Total non-current assets | 1,646,817 | 1,604,124 | |
| Current assets: | |||
| Inventories | 12 | 100,332 | 101,089 |
| Trade and other receivables | 13 | 102,429 | 75,818 |
| Trade receivables from related companies | 13 | 354 | 409 |
| Accounts receivable from public authorities | 13 | 10,487 | 20,726 |
| Other receivables | 13 | 14,643 | 22,201 |
| Other current financial assets | 10 | 4,611 | 14,626 |
| Cash and cash equivalents | 4 | 102,520 | 106,692 |
| Total current assets | 331,226 | 341,561 | |
| Total assets | 1,978,043 | 1,945,685 |
The accompanying Notes 1 to 28 and the Appendix are an integral part of the consolidated financial statements.
200 Befesa Annual Report 2024
| Equity and liabilities | Note(s) | 2024 | 2023 |
|---|---|---|---|
| Equity: | |||
| Parent Company | 14 | ||
| Share capital | 111,048 | 111,048 | |
| Share premium | 532,867 | 532,867 | |
| Hedging reserves | (20,787) | 36,888 | |
| Other reserves | 132,254 | 96,490 | |
| Translation differences | 24,017 | (11,738) | |
| Net profit/(loss) for the year | 50,820 | 57,972 | |
| Equity attributable to the owners of the Company | 830,219 | 823,527 | |
| Non-controlling interests | 14 | 15,518 | 53,829 |
| Total equity | 845,737 | 877,356 | |
| Non-current liabilities: | |||
| Long-term provisions | 18 | 16,071 | 18,053 |
| Loans and borrowings | 15 | 664,086 | 655,610 |
| Lease liabilities | 11–15 | 20,475 | 17,080 |
| Other non-current financial liabilities | 17 | 16,207 | – |
| Other non-current liabilities | 16 | 4,908 | 6,707 |
| Deferred tax liabilities | 19 | 110,296 | 113,845 |
| Total non-current liabilities | 832,043 | 811,295 | |
| Current liabilities: | |||
| Loans and borrowings | 15 | 25,422 | 28,798 |
| Lease liabilities | 11–15 | 11,493 | 9,283 |
| Other current financial liabilities | 17 | 26,162 | 2,229 |
| Trade and other payables | 169,646 | 171,084 | |
| Other payables | |||
| Accounts payable to public administrations | 16–20 | 23,590 | 14,103 |
| Other current liabilities | 16 | 43,950 | 31,537 |
| 67,540 | 45,640 | ||
| Total current liabilities | 300,263 | 257,034 | |
| Total equity and liabilities | 1,978,043 | 1,945,685 |
The accompanying Notes 1 to 28 and# Consolidated financial statements
| Note(s) | 2024 | 2023 | |
|---|---|---|---|
| Continuing operations: | |||
| Revenue | 5, 22.1 | 1,239,030 | 1,180,600 |
| Changes in inventories of finished goods and work in progress | (4,256) | 150 | |
| Raw material and consumables | 22.2 | (575,284) | (578,273) |
| Other operating income | 22.3 | 7,412 | 37,101 |
| Personnel expenses | 22.4 | (145,323) | (146,278) |
| Other operating expenses | 22.5 | (317,020) | (304,490) |
| Amortisation/Depreciation, impairment and provisions | 22.6 | (91,703) | (82,169) |
| Operating profit | 112,856 | 106,641 | |
| Finance income | 23 | 1,476 | 2,635 |
| Finance costs | 23 | (46,713) | (39,029) |
| Net exchange differences | 3.17 | 7,231 | (2,179) |
| Net finance income/(loss) | (38,006) | (38,573) | |
| Profit/(Loss) before tax | 74,850 | 68,068 | |
| Corporate income tax expense | 19 | (20,764) | (10,500) |
| Profit/(Loss) for the year from continuing operations | 54,086 | 57,568 | |
| Profit/(Loss) for the year | 54,086 | 57,568 | |
| Attributable to: | |||
| Parent Company’s owners | 50,820 | 57,972 | |
| Non-controlling interests | 3,266 | (404) | |
| Earnings/(Losses) per share from continuing and discontinued operations attributable to owners of the Parent (expressed in euros per share) | |||
| Basic earnings per share: | 27 | 1.27 | 1.45 |
The accompanying Notes 1 to 28 and the Appendix are an integral part of the consolidated financial statements.
| Note(s) | 2024 | 2023 | |
|---|---|---|---|
| Consolidated profit/(loss) for the year | 5 | 54,086 | 57,568 |
| Other comprehensive income from continuing operations: | |||
| Items that may subsequently be reclassified to income statement: | |||
| Income and expense recognised directly in equity | (17,900) | 34,481 | |
| - Cash flow hedges | 17 | (75,870) | 79,878 |
| - Translation differences | 3 | 38,748 | (31,898) |
| - Tax effect | 19 | 19,222 | (13,499) |
| Transfers to the income statement | (1,027) | (26,918) | |
| - Cash flow hedges | 17 | 2,659 | (26,610) |
| - Tax effect | 19 | (3,686) | (308) |
| Other comprehensive income/(loss) for the year, net of tax | (18,927) | 7,563 | |
| Total comprehensive income/(loss) for the year | 35,159 | 65,131 | |
| Attributable to: | |||
| Parent Company’s owners | 28,900 | 65,498 | |
| Non-controlling interests | 6,259 | (367) |
The accompanying Notes 1 to 28 and the Appendix are an integral part of the consolidated financial statements.
| Attributable to the owners of the Parent | ||||||||
|---|---|---|---|---|---|---|---|---|
| Net profit/ (loss) for the year | Non- controlling interests | Share capital (Note 14) | Share premium (Note 14) | Hedging reserves (Note 14) | Other reserves (Note 14) | Translation differences (Note 14) | Total equity | |
| Balances at 31 December 2022 | 111,048 | 532,867 | (2,573) | 37,340 | 20,197 | 106,220 | 14,153 | 819,252 |
| Total comprehensive income for the year | – | – | 39,461 | – | (31,935) | 57,972 | (367) | 65,131 |
| Non-controlling interests operations | – | – | – | – | – | – | 40,043 | 40,043 |
| Business combination (Notes 6 and 14) | – | – | – | – | – | – | – | – |
| Distribution of profit for the year | ||||||||
| Reserves | – | – | – | 106,220 | – | (106,220) | – | – |
| Dividends (Note 14) | – | – | – | (50,000) | – | – | – | (50,000) |
| Other movements (Note 3.17) | – | – | – | 2,930 | – | – | – | 2,930 |
| Balances at 31 December 2023 | 111,048 | 532,867 | 36,888 | 96,490 | (11,738) | 57,972 | 53,829 | 877,356 |
| Total comprehensive income for the year | – | – | (57,675) | – | 35,755 | 50,820 | 6,259 | 35,159 |
| Non-controlling interests operations | – | – | – | – | – | – | – | – |
| Acquisitions of shares (Note 14) | – | – | – | 4,356 | – | – | (44,570) | (40,214) |
| Distribution of profit for the year | ||||||||
| Reserves | – | – | – | 57,972 | – | (57,972) | – | – |
| Dividends (Note 14) | – | – | – | (29,200) | – | – | – | (29,200) |
| Other movements (Note 3.17) | – | – | – | 2,636 | – | – | – | 2,636 |
| Balances at 31 December 2024 | 111,048 | 532,867 | (20,787) | 132,254 | 24,017 | 50,820 | 15,518 | 845,737 |
The accompanying Notes 1 to 28 and the Appendix are an integral part of the consolidated financial statements.
| 2024 | 2023 (*) | |
|---|---|---|
| Cash flows from operating activities: | ||
| Profit/(Loss) for the year before tax | 74,850 | 68,068 |
| Adjustments for: | ||
| Amortisation, impairment and others (Note 22.6) | 91,703 | 82,169 |
| Changes in provisions | (1,982) | (465) |
| Interest income | (1,476) | (2,635) |
| Finance costs (Note 23) | 46,713 | 39,029 |
| Other profit and loss (Notes 2.6 and 6) | (819) | (23,245) |
| Exchange differences (Note 3.17) | (7,231) | 2,179 |
| Changes in working capital: | ||
| Trade receivables and other current assets | (20,185) | 44,113 |
| Inventories | (3,126) | 1,607 |
| Trade and other payables | 9,170 | (46,829) |
| Other cash flows from operating activities: | ||
| Taxes paid/collected | 4,205 | (16,565) |
| Net cash flows from/(used in) operating activities | 191,822 | 147,426 |
| Cash flows from investing activities: | ||
| Investments in intangible assets (Note 8) | (4,124) | (3,425) |
| Investments in property, plant and equipment (Note 9) | (74,444) | (101,387) |
| Collection from financial assets | – | 113 |
| (Acquisition)/Disposal of new subsidiaries (Note 6) | – | 13,848 |
| Net cash flows from/(used in) investing activities | (78,568) | (90,851) |
| Cash flows from financing activities: | ||
| Cash inflows from bank borrowings and other liabilities (Note 15) | 24,014 | 3,848 |
| Cash outflows from bank borrowings and other liabilities (Note 15) | (29,697) | (24,584) |
| Dividends paid to shareholders (Note 14) | (29,200) | (50,000) |
| Interest paid | (42,390) | (30,102) |
| Transactions involving non-controlling interest (Note 14) | (40,000) | (9,500) |
| Net cash flows from/(used in) financing activities | (117,273) | (110,338) |
| Effect of foreign exchange rate changes on cash and cash equivalents | (153) | (1,296) |
| Net increase/(decrease) in cash and cash equivalents | (4,172) | (55,059) |
| Cash and cash equivalents at the beginning of the year | 106,692 | 161,751 |
| Cash and cash equivalents at the end of the year | 102,520 | 106,692 |
(*) Interest paid has been reclassified from cash flows from operating activities to cash flows from financing activities (please refer to Note 3.23).
The accompanying Notes 1 to 28 and the Appendix are an integral part of the consolidated financial statements.
Befesa, S.A. (hereinafter the “Parent Company” or the “Company”) was incorporated in Luxembourg on 31 May 2013 as a “société à responsabilité limitée”, subject to Luxembourg law for an unlimited period of time. The registered office of the Company is 68-70 Boulevard de la Pétrusse, L-2320 Luxembourg. The Company’s statutory activity is the acquisition, holding and disposal of interests in Luxembourg and/or in foreign companies and undertakings, as well as the administration, development and management of such interests. The Company may provide loans and financing in any other kind or form or grant guarantees or security in any other kind or form, for the benefit of the companies and undertakings forming part of the Group of which the Company is a member. The Company may also invest in real estate, in intellectual property rights or in any other movable or immovable assets in any kind or form. The Company may borrow in any kind or form and issue bonds, notes or any other debt instruments as well as warrants or other share subscription rights. In general, the Company may carry out any commercial, industrial or financial operation that it may deem useful in accomplishing and conducting its statutory activity. The Company’s financial year starts on 1 January and ends on 31 December. The Company’s shareholders, at their General Meeting held on 18 October 2017, agreed to convert the Company from a private limited liability company to a public limited company. On the same date, it was also agreed at the Company’s General Meeting to change the name of the Company from Bilbao Midco, S.à.r.l. to Befesa, S.A. The principal place of business of the Group is located in Asúa – Erandio, Bizkaia (Spain). The Company and its subsidiaries (“Befesa” or the “Group”) is an international industrial group (see Appendix) that engages mainly in the management and treatment of industrial residues (see Note 5). The majority of the systems, equipment and facilities included in the Group’s property, plant and equipment should be deemed to be assigned to the management and treatment of industrial residues and, in general, to the protection and improvement of the environment, either because of the business activities carried out by the Group or because of their nature (industrial residues). Most of the expenses and revenues for 2024 and 2023 should be understood to accrue in the normal course of the aforementioned activities. Any information on possible provisions for contingencies and charges and on possible contingencies, liabilities and grants, if any, arising from the normal performance of the activities constituting the Group’s statutory activity, and other environmental measures are described, as and when appropriate, in the related notes to the consolidated financial statements. Since 3 November 2017, Befesa, S.A. has been listed on the Frankfurt Stock Exchange (Germany) (Note 14) (ISIN code LU1704650164).# Notes to the consolidated financial statements as at 31 December 2024
(Thousands of euros)
The consolidated financial statements have been prepared on the basis of the accounting records of Befesa, S.A. and its consolidated subsidiaries. The consolidated financial statements for 2024 have been prepared in accordance with IFRS Accounting Standards (“IFRS”) as adopted by the European Union (IFRS-EU) and other applicable provisions of the applicable financial reporting framework, to give a true and fair view of the consolidated equity and consolidated financial position of Befesa, S.A. and subsidiaries at 31 December 2024, and the consolidated results of operations, consolidated cash flows and changes in consolidated equity for the year then ended. Details of the Group’s accounting policies are included in Note 3. The Directors of the Parent Company consider that the consolidated financial statements for the year ended 31 December 2024, authorised for issue on 29 April 2025, will be approved with no changes by the shareholders at their Annual General Meeting (AGM) to be held on 19 June 2025.
The consolidated statement of financial position, consolidated income statement, consolidated statement of comprehensive income, consolidated statement of changes in equity, consolidated statement of cash flows and the notes thereto for the 2024 financial year include comparative figures for the prior year, which formed part of the 2023 consolidated financial statements approved by the shareholders of the Parent at their AGM held on 20 June 2024.
The Group’s consolidated financial statements for 2024 were formally prepared:
01 Befesa at a glance
02 To Befesa’s shareholders
03 Management report
04 Sustainability
05 Consolidated financial statements
06 Statutory financial statements
07 Additional information
207
a) First-time application of standards
The following new and amendments to standards and interpretations, which are applicable for the first time in 2024, are either not material or do not have a material impact on the consolidated financial statements of the Group as adopted by the EU:
b) Standards, amendments and interpretations issued but not yet effective
At the date these consolidated financial statements were authorised for issue, standards, amendments and interpretations issued but not yet effective, and which the Group expects to adopt for annual periods beginning on or after 1 January 2025, are as follows, as adopted by the EU:
In light of the Group’s activities, the effect of applying the new standards, amendments or interpretations to the consolidated financial statements when they are applied for the first time is not deemed to be relevant for the Group.
c) Standards, amendments and interpretations to existing standards that have not been adopted by the European Union
At the date these consolidated financial statements were authorised for issue, the IASB and the IFRS Interpretations Committee had published the following standards, amendments and interpretations, which are pending adoption by the European Union:
The Group is in the process of reviewing these standards; however, it estimates that the effect of applying new standards, amendments or interpretations to the consolidated financial statements when applied for the first time is not considered to be material for the Group.
Notes to the consolidated financial statements as at 31 December 2024 (Thousands of euros) continued
208
These consolidated financial statements are presented in thousands of euros, as the euro is the currency used in the main economic area in which the Group operates. Foreign operations are recognised in accordance with the policies established in Note 3. The main currencies other than the euro in which the Group carries out its transactions are the US dollar, Korean won, Swedish krona, Turkish lira and Chinese yuan.
The information in these consolidated financial statements is the responsibility of the Board of Directors of the Parent Company. In the Group’s consolidated financial statements for the year ended 31 December 2024, estimates are occasionally made by senior management of the Parent Company and of the consolidated companies, and later ratified by the Directors, in order to qualify certain assets, liabilities, income, expenses and obligations reported herein.
These estimates relate to the following:
The Group verifies annually whether there is an impairment loss in respect of goodwill and other assets, in accordance with the accounting policy described in Note 3. When calculating the value in use of the principal items of goodwill and licences with indefinite useful life, the assumptions used were as follows:
To calculate the liability for the obligation derived from share-based compensation plans with certain employees, at year-end the Group estimates the fair values of the liabilities based on Befesa, S.A.’s share price, and the degree of target achievement.
Estimating the fair value of assets acquired and liabilities assumed in business combinations and Purchase Price Allocations in acquisitions requires significant judgements by management. Although these estimates were made on the basis of the best information available at 31 December 2024 on the events analysed, events that take place in the future might make it necessary to change these estimates (upwards or downwards) in coming years. Changes in accounting estimates would be applied prospectively in accordance with the requirements of IAS 8, recognising the effects of the change in estimates in the related consolidated income statement.
The following is a description of the main changes in the scope of consolidation in 2024 and 2023:
There was no change in the scope of consolidation in 2024.
On 1 January 2023, the Group proceeded to re-evaluate control over its French subsidiary Befesa Zinc Recytech, S.A.S., concluding that it obtains control over Befesa Zinc Recytech, S.A.S., and therefore becoming consolidated by the global integration method as from 1 January 2023 (Note 6). Until 31 December 2022, the Group considered this agreement as a joint agreement, sharing control over the economic activity. Meanwhile, on 10 February 2023, the Group proceeded with the sale of the UK subsidiary Befesa Salt Slags Ltd., which at 31 December 2022 was out of activity. The sale price amounted to 100 thousand of British pounds. Therefore, Befesa Salt Slags Ltd. no longer belongs to the scope of consolidation of the Group. This sale does not have any material impact on the consolidated financial statements.
The Group regularly reports alternative performance measures (APMs) not defined by the IFRS Accounting Standard that management believes are relevant indicators of the performance of the Group. Alternative performance measures are used to provide readers with additional financial information that is regularly reviewed by management and is used to make decisions about operating matters. These measures are also used for defining senior management’s variable remuneration. The measures are useful in discussions with the investment analysts’ community. However, these APMs are not uniformly disclosed by all companies, including those in the Group’s industry. Accordingly, it may not be comparable with similarly titled measures and disclosures by other companies. In addition, certain information presented is derived from amounts calculated in accordance with the IFRS Accounting Standard but is not itself an expressly permitted GAAP measure. Such measures should not be viewed in isolation or as an alternative to the equivalent IFRS Accounting Standard measure. Definitions used and reconciliations to the closest IFRS Accounting Standard measures are presented below.
Notes to the consolidated financial statements as at 31 December 2024 (Thousands of euros) continued
Net debt is defined as current and non-current financial debt plus current and non-current lease liabilities less cash and cash equivalents and less other current financial assets adjusted by non-cash items. The Group believes that net debt is relevant to investors, as it gives an indication of the absolute level of non-equity funding of the business. This can be compared to the income and cash flows generated by the business, and available undrawn facilities. The following table reconciles net debt to the relevant statement of financial position line items:
| 2024 | 2023 | |
|---|---|---|
| Non-current financial debt (Note 15) | 664,086 | 655,610 |
| Non-current lease liability (Notes 11 and 15) | 20,475 | 17,080 |
| Current financial debt (Note 15) | 25,422 | 28,798 |
| Current lease liability (Notes 11 and 15) | 11,493 | 9,283 |
| Cash and cash equivalents (Note 4) | (102,520) | (106,692) |
| Other current financial assets adjusted by non-cash items (Note 10) | – | (71) |
| Net debt | 618,956 | 604,008 |
EBITDA is defined as operating profit for the period before the impact of amortisation, depreciation, impairment and provisions. Adjusted EBITDA is defined as EBITDA adjusted by any non-recurrent costs/incomes. EBITDA margin is defined as EBITDA divided by revenue. The Group believes that EBITDA and EBITDA margin are useful supplemental indicators that may be used to assist in evaluating the Group’s operating performance. The following table reconciles EBITDA to the consolidated income statement line items from which it is derived:
| 2024 | 2023 | |
|---|---|---|
| Revenue (Note 5) | 1,239,030 | 1,180,600 |
| Income/Expenses from operations (except revenue, depreciation and amortisation/depreciation charge and provisions) (Note 22) | (1,034,471) | (991,790) |
| Amortisation/Depreciation, impairment and provisions (a) (Note 22.6) | (91,703) | (82,169) |
| EBIT (operating profit/(loss)) (b) | 112,856 | 106,641 |
| EBITDA (operating profit/(loss) before amortisation/depreciation and provisions) (a+b) | 204,559 | 188,810 |
| Non-recurrent costs/incomes (*) | 8,803 | (6,828) |
| Adjusted EBITDA | 213,362 | 181,982 |
(*) This amount mainly includes other non-recurrent costs related to Befesa Zinc Metal, LLC. and the estimated amount of the impact of hyperinflation on the Group’s EBITDA (2023: this amount mainly included the impact of the takeover in Befesa Zinc Recytech, S.A.S. Notes 6 and 22.3. The estimated amount €3,678 thousand of the impact of hyperinflation on the Group’s EBITDA and other non-recurrent costs related to the ramp-up of Befesa Zinc Metal, LLC., Befesa Zinc Environmental Protection Technology Henan Co, Ltd., and the plant of Hanover of Befesa Salzschlacke GmbH.)
01 Befesa at a glance
02 To Befesa’s shareholders
03 Management report
04 Sustainability
05 Consolidated financial statements
06 Statutory financial statements
07 Additional information
211
Befesa Annual Report 2024
2. Basis of presentation of the consolidated financial statements and basis of consolidation continued
The following table provides a reconciliation of EBITDA margin and Adjusted EBITDA margin:
| 2024 | 2023 | |
|---|---|---|
| Revenue (a) | 1,239,030 | 1,180,600 |
| EBITDA (b) | 204,559 | 188,810 |
| Non-recurrent costs/incomes | 8,803 | (6,828) |
| Adjusted EBITDA (c) | 213,362 | 181,982 |
| EBITDA margin (%) (b/a) | 17% | 16% |
| Adjusted EBITDA margin (%) (c/a) | 17% | 15% |
EBIT is defined as operating profit for the year. The Group uses EBIT to monitor its financial return after both operating expenses and a charge representing the cost of usage of its property, plant and equipment and finite-life intangible assets. Adjusted EBIT is defined as EBIT adjusted by any non-recurrent costs/incomes. EBIT margin and Adjusted EBIT margin are defined as EBIT and Adjusted EBIT as a percentage of revenue, respectively. The Group believes that these ratios are useful measures to demonstrate the proportion of revenue that has been realised as EBIT and Adjusted EBIT, and therefore indicators of profitability. The following table reconciles EBIT and Adjusted EBIT to the income statement line items from which it is derived:
| 2024 | 2023 | |
|---|---|---|
| Revenue (Note 5) | 1,239,030 | 1,180,600 |
| Income/Expenses from operations (except revenue, depreciation and amortisation/depreciation charge and provisions) (Note 22) | (1,034,471) | (991,790) |
| Amortisation/Depreciation, impairment and provisions (Note 22) | (91,703) | (82,169) |
| EBIT (operating profit/(loss)) | 112,856 | 106,641 |
| Non-recurrent costs/(income) EBIT (Note 3.17) | 2,748 | 1,906 |
| Non-recurrent costs/(income) EBITDA (Note 2.6) | 8,803 | (6,828) |
| Adjusted EBIT | 124,407 | 101,719 |
Notes to the consolidated financial statements as at 31 December 2024 (Thousands of euros) continued
212
Befesa Annual Report 2024
The following table provides a reconciliation of EBIT margin and Adjusted EBIT margin:
| 2024 | 2023 | |
|---|---|---|
| Revenue (a) | 1,239,030 | 1,180,600 |
| EBIT (b) | 112,856 | 106,641 |
| Non-recurrent costs/(income) EBIT (Note 3.17) | 2,748 | 1,906 |
| Non-recurrent costs/(income) EBITDA (Note 2.6) | 8,803 | (6,828) |
| Adjusted EBIT (c) | 124,407 | 101,719 |
| EBIT margin (%) (b/a) | 9% | 9% |
| Adjusted EBIT margin (%) (c/a) | 10% | 9% |
Net debt/Adjusted EBITDA ratio is defined asnet debt divided by Adjusted EBITDA. The Group believes that this ratio is a useful measure to show its ability to generate the income needed to be able to settle its loans and borrowings as they fall due. The following table reconciles the net debt/Adjusted EBITDA ratio to net debt and Adjusted EBITDA:
| 2024 | 2023 | |
|---|---|---|
| Net debt (Note 4) | 618,956 | 604,008 |
| Adjusted EBITDA | 213,362 | 181,982 |
| Net debt/Adjusted EBITDA | 2.9 | 3.3 |
e) Capex
Capex is defined as the cash payments made during the period for investments in intangible assets, property, plant and equipment, and right-of-use assets. The Group believes that this measure is useful to understand the effort made by the Group each year to acquire, upgrade and maintain physical assets such as property, industrial buildings and equipment. The following table reconciles capex to the cash flow statement line items from which it is derived:
| 2024 | 2023 | |
|---|---|---|
| Cash flows from investing activities: | ||
| Investments in intangible assets (Note 8) | 4,124 | 3,425 |
| Investments in property, plant and equipment (Note 9) | 74,444 | 101,387 |
| Capex | 78,568 | 104,812 |
213Befesa Annual Report 2024
All accounting principles and policies are consistently applied by the Group.
The Group applies the acquisition method for business combinations. The Group has applied IFRS 3 “Business Combinations” revised in 2008 to transactions carried out from 1 January 2010. The acquisition date is the date on which the Group obtains control of the acquiree. The consideration transferred in a business combination is calculated as the sum of the acquisition-date fair values of the assets transferred, the liabilities incurred or assumed, the equity instruments issued and any consideration contingent on future events or compliance with certain conditions in exchange for control of the acquiree. The consideration transferred excludes any payment that does not form part of the exchange for the acquired business. Acquisition costs are recognised as an expense when incurred. The Group recognises the assets acquired and liabilities assumed at their acquisition-date fair value. Liabilities assumed include any contingent liabilities that represent present obligations arising from past events for which the fair value can be reliably measured. The Group also recognises indemnification assets transferred by the seller at the same time and following the same measurement criteria as the item that is subject to indemnification from the acquiree, taking into consideration, where applicable, the insolvency risk and any contractual limitations on the indemnified amount. These criteria are not applicable to long-term defined benefit obligations, share-based payment transactions, or deferred tax assets and liabilities.
The excess between the consideration given, plus the value assigned to non-controlling interests and the value of net assets acquired and liabilities assumed, is recognised as goodwill. Where applicable, the defect, after assessing the amount of consideration delivered, the value allocated to non-controlling interests and the identification and valuation of the net assets acquired, is recognised in a separate item in the consolidated income statement. The business combination has only been determined provisionally, so the identifiable net assets have initially been recognised at their provisional values, and adjustments made during the measurement period have been recognised as if they had been known at the acquisition date. Comparative figures for the previous year are restated where applicable. In any event, adjustments to provisional amounts only reflect information obtained about facts and circumstances that existed at the acquisition date and, if known, would have affected the measurement of the amounts recognised at that date.
For business combinations achieved in stages, the excess of the consideration given, plus the value assigned to non- controlling interests and the fair value of the previously held interest in the acquiree, over the net value of the assets acquired and liabilities assumed, is recognised as goodwill. Any shortfall, after assessing the consideration given, the value assigned to non-controlling interests and to the previously held interest, and after identifying and measuring the net assets acquired, is recognised in profit or loss. The Group recognises the difference between the fair value of the previously held interest in the acquiree and the carrying amount in consolidated profit or loss or in other comprehensive income.
Subsidiaries are entities, including structured entities, over which the Group, either directly or indirectly, exercises control. The Group controls a subsidiary when it is exposed, or has rights, to variable returns from its involvement with the subsidiary and has the ability to affect those returns through its power over the subsidiary. The Group has power over a subsidiary when it has existing substantive rights that give it the ability to direct the relevant activities. The Group is exposed, or has rights, to variable returns from its involvement with the subsidiary when the returns from its involvement have the potential to vary as a result of the subsidiary’s performance.
Notes to the consolidated financial statements as at 31 December 2024 (Thousands of euros) continued
214 Befesa Annual Report 2024
The income, expenses and cash flows of subsidiaries are included in the consolidated financial statements from the date of acquisition, which is the date on which the Group obtains effective control of the subsidiaries. Subsidiaries are no longer consolidated once control ceases. Transactions and balances with Group subsidiaries and unrealised gains or losses have been eliminated on consolidation. Nevertheless, unrealised losses have been considered as an indicator of impairment of the assets transferred. The accounting policies of subsidiaries have been adapted to Group accounting policies for transactions and events in similar circumstances. The consolidated financial statements or financial statements of the subsidiaries used in the consolidation process have been prepared as of the same date and for the same period as those of the Group.
Non-controlling interests in subsidiaries acquired as of 1 January 2004 are recognised on the acquisition date at the percentage participation in the fair value of identifiable net assets. Non-controlling interests in subsidiaries acquired prior to the transition date were recognised at the percentage participation in their equity on the date of first consolidation. Non-controlling interests are disclosed in consolidated equity separately from equity attributable to shareholders of the Parent. Non-controlling interests in consolidated profits for the year (and in consolidated comprehensive income for the year) are also presented separately in the consolidated statement of comprehensive income.
The consolidated total comprehensive income for the year and changes in equity of the subsidiaries attributable to the Group and non-controlling interests after consolidation adjustments and eliminations are determined in accordance with the percentage ownership at year-end, without considering the possible exercise or conversion of potential voting rights and after discounting the effect of dividends, agreed or not, on cumulative preference shares classified in equity accounts. However, Group and non-controlling interests are calculated taking into account the possible exercise of potential voting rights and other derivative financial instruments which, in substance, currently give access to the returns associated with the interests held in the subsidiaries. The results and each component of other comprehensive income are allocated to equity attributable to the shareholders of the Parent and to non-controlling interests in proportion to their investment, although this implies a balance receivable from non-controlling interests. The increase and decrease of non-controlling interests in a subsidiary while maintaining control is recognised as a transaction with equity instruments. Therefore, no new acquisition cost arises from the increases, and no results are recognised from the decreases. Instead, the difference between the consideration paid or received and the carrying amount of the non-controlling interests is recognised in the investor’s reserves.
This heading in the consolidated financial statement reflects the difference between the price paid to acquire certain consolidated subsidiaries and the Group’s interest in the fair value of the net assets (assets, liabilities and contingent liabilities) of those companies at the date of acquisition. Any excess of the Group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the Company acquired over the acquisition cost of the investment is allocated to income on the date of acquisition. Goodwill is recognised as an asset and at the end of each reporting period it is estimated whether any impairment has reduced its value to an amount lower than its carrying amount. If so, impairment losses are recognised for the goodwill, which must not be reversed in a subsequent period. Goodwill is allocated to CGUs for the purpose of impairment testing. The goodwill is allocated to the CGUs that are expected to benefit from the business combination in which the goodwill arises. On disposal of a subsidiary or associate, the attributable amount of goodwill is included in the determination of the gain or loss on disposal.# 3. Accounting principles and policies and measurement methods applied continued
Intangible assets are recognised initially at acquisition or production cost and are subsequently measured at cost less any accumulated amortisation and any accumulated impairment losses.
Internally generated intangible assets – research and development expenditure
Expenditure on research activities is recognised as an expense in the year in which it is incurred. In conformity with IFRS Accounting Standards, the Group classifies as internally generated intangible assets the expenses incurred in the development of projects that meet the following conditions:
Internally generated intangible assets are amortised on a straight-line basis over the period that they are expected to generate income, which is generally five years. The technical, economic and financial potential of each project is reviewed at each year-end. If a project is progressing negatively or if there are no financing plans to assure effective completion, the related amount is charged to income in full. Where no internally generated intangible asset can be recognised, development expenditure is accounted for as an expense in the year in which it is incurred.
The Group has recognised the work performed on its intangible assets in relation to the development of new technologies for which there is a high probability of technical and economic success as a decrease in the income statement headings which reflect the carrying amount of capitalised expenses for an amount of €3,053 thousand (2023: €2,948 thousand). The amounts capitalised during the year mainly relate to projects aimed at improving aluminium scrap treatment processes, developed by the subsidiary Befesa Aluminio, S.L., amounting to €1,897 thousand, and to a project in Befesa Holding US, Inc. focused on converting a residue into a new product for reuse in production, amounting to €1,156 thousand (2023: the capitalised amounts primarily related to projects aimed at improving aluminium scrap treatment processes, developed by Befesa Aluminio, S.L.).
Computer software
The acquisition and development costs incurred in relation to the basic computer systems used in the management of the Group are recognised with a charge to “Other intangible assets” in the consolidated financial statement. Computer system maintenance costs are recognised with a charge to the consolidated income statement for the year in which they are incurred. Computer software is amortised on a straight-line basis over the useful life of the assets (five years).
Concessions, patents, licences and similar items
In general, the amounts recognised by the Group in connection with concessions, patents, licences and similar items relate to the cost incurred in acquiring them, which is amortised on a straight-line basis over the estimated useful life based on the concession arrangement. The capitalised concessions have a maximum estimated useful life of 25 years. Licences acquired in a business combination are recognised at fair value at the acquisition date and have an indefinite useful life. Licences with an indefinite useful life are tested for impairment at least annually (Note 8). The useful life, in accordance with IAS 38, is considered indefinite due to the fact that those licences represent the amount that any producer willing to enter the market at any moment would have to pay in order to obtain the needed environmental authorisation to start the activity and have no maturity.
Notes to the consolidated financial statements as at 31 December 2024 (Thousands of euros) continued
Property, plant and equipment are recognised at acquisition cost less any accumulated depreciation and any recognised impairment losses. However, prior to the date of transition to IFRS Accounting Standards, the Group revalued certain items of property, plant and equipment as permitted by the applicable legislation. In accordance with IFRS Accounting Standards, the Group considered the amount of the restatements as part of the cost of the assets. The costs of expansion, modernisation or improvements, leading to increased productivity, capacity or efficiency or to a lengthening of the useful lives of the assets, are capitalised. Repairs that do not lead to a lengthening of the useful life of the assets and maintenance expenses are charged to the consolidated income statement for the year in which they are incurred.
In-house work on non-current assets is recognised at accumulated cost (external costs plus in-house costs, determined on the basis of in-house warehouse materials consumption and manufacturing costs allocated using hourly absorption rates, similar to those used for inventory valuation). In 2024, €68 thousand was recognised in this regard (2023: €2,055 thousand, primarily related to works carried out by Befesa Salzschlacke GmbH for the reconstruction of the plant following the 2021 fire) (Note 22.3). The work performed by the Group on its property, plant and equipment is recognised under “Other operating income” in the consolidated income statement.
The Group depreciates property, plant and equipment using the straight-line method (land is not subject to depreciation), distributing the cost of the assets over the following years of estimated useful life:
| Average years of estimated useful life |
|---|
| Buildings 16–50 |
| Plant and machinery 10–35 |
| Other property, plant and equipment 4–10 |
Because the Group has to meet certain costs in relation to the closure of its facilities, the accompanying consolidated financial statement includes the provisions raised for such costs (Note 18). Assets’ residual values and useful lives are reviewed, and adjusted as appropriate, at each consolidated financial statement date. Gains and losses on disposals are determined by comparing the proceeds to the carrying amount of the items sold. An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount (Note 9).
Identification of a lease
At the inception of a contract, the Group assesses whether it contains a lease. A contract is or contains a lease if it conveys the right to control the use of an identified asset for a period of time in exchange for a consideration. The period of time during which the Group uses an asset includes consecutive and non-consecutive periods of time. The Group reassesses the conditions if the contract is changed.
Lessee accounting
For contracts that contain one or more lease components and non-lease components, the Group considers all the components as a single lease component. The right-of-use asset comprises the amount of the lease liability, any lease payments made at or before the commencement date, less any lease incentives received, any initial direct costs incurred and an estimate of dismantling and restoration costs to be incurred, as described in the accounting policy for provisions.
The Group measures the lease liability at the present value of the lease payments that are not made at the commencement date. The Group discounts the lease payments using the appropriate incremental borrowing rate, unless the interest rate implicit in the lease can be reliably determined. In this regard, for initial measurement of the lease liability, the incremental borrowing rate has been used, which represents the rate of interest that a lessee would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment (2–5%). Pending lease payments comprise fixed payments, less any lease incentives receivable, variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date, amounts expected to be payable by the lessee under residual value guarantees, the exercise price of the purchase option if the lessee is reasonably certain to exercise that option, and payments of penalties for terminating the lease, if the lease term reflects the lessee exercising an option to terminate the lease. The Group measures the right-of-use asset at cost, less any accumulated depreciation and any accumulated impairment losses, adjusted for any remeasurement of the lease liability. If the lease transfers ownership of the underlying asset to the Group by the end of the lease term or the right-of-use asset includes the price of the purchase option, the lessee will depreciate the right-of-use asset following the depreciation criteria for property, plant and equipment from the commencement date of the lease to the end of the useful life of the underlying asset.# 3. Accounting principles and policies and measurement methods applied
At each reporting date, the Group reviews non-financial assets to determine if there is any indication that they might have undergone an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where the asset itself does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the CGU to which the asset belongs. In addition, at each statement of financial position date, the possible impairment of goodwill and of any intangible assets that have not yet come into operation or which have an indefinite useful life is analysed. The recoverable amount is the higher of fair value, less costs to sell and value in use, which is taken to be the present value of the estimated future cash flows. In order to calculate value in use, the assumptions used include discount rates, growth rates and forecast changes in selling prices and costs. The Directors estimate post-tax discount rates, which reflect the time value of money and the risks specific to the CGU. The growth rates and the changes in selling prices and costs are based on in-house and industry forecasts, and experience and future expectations, respectively.
If the recoverable amount of an asset is less than its carrying amount, an impairment loss is recognised for the difference, with a charge to “Amortisation/Depreciation, impairment and provisions” in the consolidated income statement. Impairment losses recognised for an asset in prior years are reversed, with a credit to the aforementioned heading when there is a change in the estimates concerning the recoverable amount of the asset, increasing the carrying amount of the asset, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised, except in the case of the impairment of goodwill, which cannot be reversed.
Financial instruments are classified on initial recognition as a financial asset, a financial liability or an equity instrument in accordance with the economic substance of the contractual arrangement and the definitions of a financial asset, a financial liability and an equity instrument in IAS 32 “Financial Instruments: Presentation”.
For measurement purposes, the Group classifies financial instruments in the following categories of financial assets and financial liabilities according to the business model and the characteristics of the contractual cash flows.
The business model is determined by key Group personnel and on one level reflects the manner in which they jointly manage groups of financial assets to reach a specific business objective. The Group’s business model represents the manner in which it manages its financial assets to generate cash flows. The Group initially designates a financial liability at FVPL if doing so eliminates or significantly reduces an inconsistency in the measurement or recognition that would otherwise arise if measurement of the assets of liabilities or recognition of the results thereof were made on different bases, or if a group of financial liabilities or financial assets and financial liabilities is managed, and their return is evaluated, based on fair value, in accordance with an investment strategy or documented risk management strategy, and information on this group is provided internally on the same basis to the Group‘s key management personnel. The Group classifies the remaining financial liabilities, except financial guarantee contracts, commitments to extend below-market rate loans and financial liabilities resulting from a transfer of financial assets that do not qualify for derecognition or are recognised using the continued involvement approach, as financial liabilities at amortised cost.
At initial recognition, the Group measures a financial asset and financial liability at its fair value, plus, in the case of a financial asset not at FVPL, transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at FVPL are expensed in the consolidated statement of income statement. Financial assets with embedded derivatives are considered in their entirety when determining if their cash flows are solely payment of principal and interest. Subsequent measurement of debt instruments, financial assets and financial liabilities depends on the Group’s business model for managing the asset and the cash flow characteristics of the asset.
The Group recognises an impairment loss for expected credit losses on financial assets at amortised cost, FVOCI, lease finance receivables, contractual assets, loan commitments and financial guarantees. For trade receivables, the Group applies the simplified approach permitted under IFRS 9, which requires that expected lifetime losses be recognised from the initial recognition of the receivable.
Financial assets are derecognised when the contractual rights to the cash flows from the financial asset expire or have been transferred and the Group has transferred substantially all the risks and rewards of ownership.
The Group derecognises all or part of a financial liability when it either discharges the liability by paying the creditor or is legally released from primary responsibility for the liability, either by a process of law or by the creditor. The exchange of debt instruments between the Group and the counterparty or substantial modifications of initially recognised liabilities are accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability, providing the instruments have substantially different terms.## 3.10 Hedge accounting
Derivative financial instruments are initially recognised using the same criteria as for financial assets and financial liabilities. Derivative financial instruments that do not qualify for hedge accounting are classified and measured as financial assets and financial liabilities at fair value through profit or loss. Derivative financial instruments that qualify for hedge accounting are initially measured at fair value, plus any transaction costs that are directly attributable to the acquisition, or less any transaction costs directly attributable to the issue of the financial instruments. Nonetheless, transaction costs are subsequently recognised in profit and loss as they do not form part of the changes in the effective value of the hedge.
At the inception of the hedge, the Group formally designates and documents the hedging relationships and the objective and strategy for undertaking the hedges. This documentation includes identifying the hedging instrument, the hedged item, the nature of the risk being hedged and how the Group measures hedge effectiveness. Hedge accounting applies only when there is an economic relationship between the hedged item and the hedging instrument. The effect of credit risk does dominate the value changes that result from that economic relationship, and the hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually uses to hedge that quantity of hedged item. However, that designation does not reflect an imbalance between the weightings of the hedged item and the hedging instrument that would create hedge ineffectiveness, irrespective of whether or not it is recognised, which could result in an accounting outcome that would be inconsistent with the purpose of hedge accounting.
For cash flow hedges of forecast transactions or a component thereof, the Group assesses whether these transactions are highly probable and if they present an exposure to variations in cash flows that could ultimately affect profit or loss for the year. At the inception of the hedging relationship, and on an ongoing basis, the Group evaluates if the relationship meets the effectiveness qualifying criteria prospectively. The Group assesses the effectiveness at each accounting close or when there are significant changes affecting the effectiveness requirements. The Group performs a qualitative assessment of effectiveness, providing that the fundamental conditions of the instrument and the hedged item are the same. When the fundamental conditions are not exactly the same, the Group uses a hypothetical derivative with fundamental conditions equivalent to the hedged item to assess and measure efficiency. The Group records changes in the time value of the options, hedging an item related to a transaction in other comprehensive income. If the hedged item results in the recognition of a non-financial asset or liability, the Group includes the accumulated amount in other comprehensive income with an adjustment to the non-financial asset or liability. For the remaining hedging relationships, the amount deferred in other comprehensive income is reclassified to profit or loss in the same period or periods in which the expected hedged cash flows affect profit or loss. Nonetheless, if the Group expects that part of the amount will not be recovered in one or more future periods, this is immediately recognised in profit or loss. However, if the hedge is interrupted, the amount deferred in other comprehensive income is reclassified immediately to profit or loss.
The Group recognises the portion of the gain or loss on the fair value measurement of a hedging instrument that is determined to be an effective hedge in other comprehensive income. The ineffective portion and the specific component of the gain or loss or cash flows on the hedging instrument, excluding the measurement of the hedge effectiveness, are recognised under finance income or costs. The separate component of other comprehensive income associated with the hedged item is adjusted to the lesser of the cumulative gain or loss on the hedging instrument from the inception of the hedge and the cumulative change in fair value or present value of the expected future cash flows on the hedged item from the inception of the hedge. However, if the Group expects that all or a portion of a loss recognised in other comprehensive income will not be recovered in one or more future periods, it reclassifies the amount that is not expected to be recovered into finance income or finance expenses.
If a hedge of a forecast transaction subsequently results in the recognition of a financial asset or a financial liability, the associated gains or losses that were recognised in other comprehensive income are reclassified to profit or loss in the same period or periods during which the asset acquired or liability assumed affects profit or loss and under the same caption of the consolidated income statement.
This item includes cash on hand, current bank accounts and, where applicable, deposits and reverse repurchase agreements that meet all of the following requirements:
Bank overdrafts are recognised in the consolidated financial statement as current borrowings.
“Inventories” in the consolidated financial statement includes the assets that the Group:
Raw materials and goods held for resale are measured at the lower of FIFO cost and market. Ancillary products, consumables and spare parts are measured at the lower of the price per the last invoice and market value, which does not differ significantly from FIFO cost. Work in progress and finished goods are measured at the lower of market value and average production cost. Average production cost is calculated as the specific cost of the supplies and services plus the applicable portion of the direct and indirect cost of labour and general manufacturing expenses. Other warehouse materials are measured at the lower of average acquisition cost and market value. Obsolete, defective or slow-moving materials have been reduced to their net realisable value.
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are presented in equity as a deduction, net of taxes, from resources obtained.# Notes to the consolidated financial statements as at 31 December 2024 (Thousands of euros) continued
In the preparation of the consolidated financial statements, the Parent’s Directors drew a distinction between the following:
The Group recognises provisions for the estimated amount required to suitably meet its liability, whether it is legal or constructive, probable or certain, arising from contingencies, litigation in process or obligations, which arise as a result of past events, for which it is more probable than not that an outflow of resources will be required, provided that it is possible to make a reasonable estimate of the amount in question. Provisions are recognised when the liability or obligation arises with a charge to the relevant heading in the consolidated income statement, based on the nature of the obligation, for the present value of the provision when the effect of discounting the obligation is material.
Several Group companies have certain defined benefit obligations with their employees to supplement social security retirement pensions. These obligations had been externalised at 31 December 2024 and 2023. Subsidiaries’ obligations as pension plan promoters are established in the contribution of a percentage of employees’ pensionable salaries. These commitments are not significant on a Group scale.
In addition to the above, “Long-term provisions” in the accompanying consolidated financial statement also include, where applicable, the estimated amounts required to close certain facilities (Note 18), and the estimated amounts required to settle any liability that might arise from ongoing litigation and other significant obligations, when it is considered more probable than not that these obligations will have to be met, whereas any contingent liabilities (possible obligations that arise from past events whose existence will be confirmed only by the occurrence or non-occurrence of one or more future events not wholly within the control of Befesa) are not recognised in the consolidated financial statements, but rather are disclosed, as required by IAS 37 (see Note 22).
The fair value of options granted under share-based compensation plans is recognised as an employee benefits expense with the corresponding increase in long-term liabilities. For cash-settled share-based payment transactions, the Group measures the goods or services acquired and the liability incurred at the fair value of the liability. Until the liability is settled, the Group remeasures the fair value of the liability at the end of each reporting period, with any changes in fair value recognised in the consolidated income statement. Services received or goods acquired, and the liability payable are recognised over the vesting period or immediately if vesting is immediate. The Group only recognises as personnel expenses the amount accrued in accordance with the vesting conditions of the fair value of the payment on the grant date, and the residual amount accrued is recognised as finance income or expense.
Sales of Waelz oxide (WOX) and green zinc (Special High Grade, also known as SHG) and secondary aluminium are recognised when control of the products is transferred to the customers, mainly manufacturing companies, when the customer has full discretion over the products and there is no unfulfilled obligation that could affect the client’s acceptance of the products. Delivery occurs depending on the specific agreements with customers (incoterm), the risks of obsolescence and loss have been transferred to the customer, and the Group has evidence that all criteria for acceptance have been satisfied.
Revenue is recognised when the goods are delivered as this is the point in time that the consideration is unconditional because only the passage of time is required before the payment is due. The Group acts as the principal in all sales transactions. In addition, the Group has determined that its contracts with customers do not contain a significant financing component and Group sales have no variable component. No critical judgements in recognising revenue are identified. In relation to the revenue recognition of sales, the Group considers that under IFRS 15 there is only one kind of contract with customers. The assessment is supported by the fact that the main sales of the Group’s products have only one performance obligation: the delivery of WOX, green zinc “SHG” or secondary aluminium. Furthermore, the products are not dependent on or connected to other products or services. Consequently, as there are no delayed performance obligations, the revenue is recognised fully after passing control to the customer. The performance obligations for this type of sale reflect the delivery of distinct goods defined in each contract and the price of each delivery is established in each separate contract, having been indexed to various market variables on the payment dates.
Revenue from customer contracts is recognised based on the amount expected to be received from the customer when the transfer of control of a customer service occurs. Control transfer can occur at a specific time or over time. The performance obligations for this type of sale correspond to the collection of waste, the collection of the salt slags and SPLs, and the delivery of the defined product in each technology contract. The Group considers that the performance obligation related to this type of service is satisfied at a specific point in time except for technology contract sales, where the performance obligation is satisfied over time. The price of each service is established in each separate contract. Each contract has a unique performance obligation, which means that the price is estimated on an individual contract basis. A contract is not considered to contain a significant financing component when the period between when the customer’s committed service is transferred and when the customer pays for that service is one year or less. There are no incremental costs for any of this type of rendering of services to secure the contract. Consequently, as there are no delayed performance obligations, the revenue is recognised fully after passing control to the customer. Based on this, the Group discloses revenue by reporting segment and geographical area (Note 5). The different type of services provided by Befesa are:
In the Steel Dust Recycling Services segment, the Group collects and recycles crude steel dust and other steel residues generated in the production of crude, stainless and galvanised steel through EAF steel production. The Group sells the WOX produced in the recycling of crude steel dust to zinc smelters and, to a lesser extent, returns metals – mainly nickel, chromium and molybdenum – recovered in the recycling of stainless steel residues to stainless steel producers for a tolling fee or sells such recovered metals on the market.
In this segment, in addition to the Group revenues from the sales of WOX, the other revenue sources are:
In the Salt Slags operations of the Aluminium Salt Slags Recycling Services segment, the Group recycles salt slags that it receives from customers for a service fee or generates during its own production of secondary aluminium. In addition, the Group recycles SPLs generated by primary aluminium producers. The basis for the Aluminium Salt Slags Recycling Services segment is the secondary aluminium production market in Europe. The secondary aluminium production market produces salt slags, which are categorised as a hazardous waste in Europe and other markets. The performance obligations for this type of sale reflect the collection of the salt slags and SPLs. The treatment price per tonne is a fixed price indicated in each contract, based on the tonnes received during the year.
The Secondary Aluminium subsegment has a small technology division which designs, constructs, assembles and starts up the facilities so that they are ready for use in the aluminium, zinc and lead cast houses. The performance obligation for this type of sale reflects the delivery of the defined product in each contract, with each contract containing a purchase order with all of the specifications of the project and a fixed price for it. Note 13 to the consolidated financial statements for 2024 reflects a breakdown of “Contract assets” at 31 December 2024, which amounts to €4,839 thousand (2023: €6,468 thousand).
Interest income is accrued on a time-proportion basis by reference to the principal outstanding and the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset’s carrying amount.
Income from dividends is recognised when the shareholder’s right to receive payment is established.
Borrowing costs directly attributable to the acquisition, construction or production of assets, in accordance with IAS 23 for assets that necessarily take a substantial period of time to be prepared for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. Investment income earned on the temporary investment of specific borrowings, pending their expenditure on qualifying assets, is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in the consolidated income statement in the year in which they are incurred.
01 Befesa at a glance
02 To Befesa’s shareholders
03 Management report
04 Sustainability
05 Consolidated financial statements
06 Statutory financial statements
07 Additional information
225
Befesa Annual Report 2024
Foreign currency transactions are translated into the functional currency using the exchange rate prevailing at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies have been translated into euros at the foreign exchange rate ruling at the financial statement date, whereas non-monetary assets and liabilities valued at historical cost are translated at the rates prevailing at the transaction date. For these purposes, advances to suppliers and customers are deemed non-monetary items and are translated at the exchange rate on the date the payment or collection took place. Subsequent recognition of the receipt of the inventories or the advance on the income from sales is translated at the original exchange rate and not at the transaction date. Non-monetary assets measured at fair value have been translated into euros at the exchange rate at the date that the fair value was determined. Exchange gains and losses arising on the settlement of foreign currency transactions and the translation into euros of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.
Foreign operations whose functional currency is not the currency of a hyperinflationary economy have been translated into euros as follows:
The financial statements of Group companies whose functional currency is the currency of a hyperinflationary economy are restated in terms of the measuring unit at the reporting date. If the reporting date of the consolidated companies’ financial statements is different to that of the Company, the former is adjusted to the measuring unit at the Group’s reporting date. The results and financial position of the Group’s foreign operations whose functional currency is the currency of a hyperinflationary economy are translated into euros as follows:
Given the economic situation in Turkey, and in accordance with the definition of a hyperinflationary economy established in IAS 29, the country has been considered hyperinflationary since 1 January 2022. The Group holds investments in Turkey through the subsidiaries Befesa Silvermet İskenderun Çelik Tozu Geri Dönüşümü, A.S. and Befesa Silvermet Dış Ticaret, A.S.
Notes to the consolidated financial statements as at 31 December 2024 (Thousands of euros) continued
226
Befesa Annual Report 2024
An application of IAS 29 for the first time in Turkey in the Group’s 2022 consolidated annual accounts was carried out in accordance with the following criteria:
The effect of hyperinflation in the Turkish subsidiaries on the consolidated equity of the Group is €3.2 million and the “gains on the net monetary position” amounts to €5.2 million (2023: €4.4 million and the “gains on the net monetary position” amounts to €3.9 million), recognised under net exchange differences in the consolidated income statement for the year ended 31 December 2024 and 31 December 2023.
Expense for income tax and other similar taxes applicable to the foreign consolidated entities is recognised in the consolidated income statement, except when it results from a transaction the result of which is recognised directly in equity, in which case the related tax is also recognised in equity. Current income tax expense is calculated by aggregating the current tax arising from the application of the tax rate to the taxable profit (tax loss) for the year, after deducting allowable tax credits, plus the change in deferred tax assets and liabilities, and any tax loss and tax credit carry-forwards and deductions. Deferred tax assets and liabilities include temporary differences measured at the amount expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities and their tax bases, and tax loss and tax credit carry-forwards. These amounts are measured at the tax rates that are expected to apply in the period when the asset is realised or the liability is settled. Deferred tax liabilities are recognised for all taxable temporary differences, unless, in general, the temporary difference arises from the initial recognition of goodwill. In addition, deferred tax assets recognised for tax loss, tax credit carry-forwards and temporary differences are only recognised if it is considered probable that the consolidated companies will have sufficient future taxable profits against which they can be utilised. The Directors have also taken into account the Group’s ability to use tax benefits in different fiscal years, depending on their needs. Deferred tax assets and liabilities recognised are reassessed at each financial statement date in order to ascertain whether they still exist, and the appropriate adjustments are made based on the findings of the analyses performed (see Notes 19 and 20).# 3. Accounting principles and policies and measurement methods applied continued
The Group carries out actions aimed mainly at preventing, reducing or repairing any damage its activities may cause to the environment. The Group recognises environmental investments at acquisition or production cost, net of the related accumulated depreciation/amortisation, and classifies them by nature in the appropriate non-current asset accounts. Expenses incurred in order to comply with the applicable environmental legislation are classified by nature under “Other operating expenses” in the accompanying consolidated income statement.
01 Befesa at a glance
02 To Befesa’s shareholders
03 Management report
04 Sustainability
05 Consolidated financial statements
06 Statutory financial statements
07 Additional information
227Befesa Annual Report 2024
The Group performs all its transactions with related parties at arm’s length. In addition, transfer prices are adequately supported and, therefore, the Parent’s Directors consider that there are no material risks in this regard that might give rise to significant liabilities in the future.
The distribution of dividends to the Parent Company’s shareholders is recognised as a liability in the Group’s consolidated financial statements in the period in which the dividends are approved by the Parent Company’s shareholders.
The operating segments are presented consistently with the management approach, in accordance with the information used internally at the highest decision-making level. The maximum authority for decision-making is responsible for assigning resources to operating segments and evaluating the segment’s performance. Segment reporting is disclosed in Note 5.
The following terms are used in the consolidated statement of cash flows, which has been prepared using the indirect method, with the meanings specified:
In the year 2024, the Group changed the presentation criteria for the payment of financial interest, shifting them from being recorded as operating cash flow to financing cash flow. This change is due to management’s view that the financial statements provide more reliable and relevant information about the entity’s cash flows.
a) Basic earnings per share
Basic earnings per share is calculated by dividing:
* the profit attributable to the owners of the Company, excluding any costs of servicing equity other than ordinary shares;
* the weighted average number of ordinary shares outstanding during the financial year, adjusted for bonus elements in ordinary shares issued during the year and excluding treasury shares.
b) Diluted earnings per share
Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take the following into account:
* The post-income tax effect of interest and other financing costs associated with dilutive potential ordinary shares
* The weighted average number of additional ordinary shares that would have been outstanding, assuming the conversion of all dilutive potential ordinary shares
Notes to the consolidated financial statements as at 31 December 2024 (Thousands of euros) continued
228 Befesa Annual Report 2024
The activities carried out by the Group through its business segments are exposed to several financial risks: market risk (including foreign currency risk, fair value interest rate risk and price risk), credit risk, liquidity risk and cash flow interest rate risk. The risk management model used by the Group focuses on the uncertainty in financial markets and attempts to minimise the potential adverse effects on the Group’s earnings. Risk management is carried out by the Corporate Financial Department in accordance with internal management rules. This department identifies, assesses and hedges financial risks in close cooperation with the different operating units. The internal management rules provide written policies for global risk management and for specific areas such as foreign currency risk, interest rate risk, liquidity risk, the use of derivative and non-derivative instruments, and the investment of cash surpluses. There were no changes in risk management policies between 2024 and 2023.
a) Market risk
i) **Foreign currency risk**
The Group companies operate internationally and are therefore exposed to foreign currency risks in foreign currency transactions (especially the US dollar). To control the foreign currency risk that arises from future commercial transactions and recognised assets and liabilities, Group companies use derivative contracts. Foreign currency risk arises when future commercial transactions and recognised assets and liabilities are denominated in a currency that it is not the Group’s functional currency. For financial reporting purposes, each subsidiary designates hedges with the Corporate Financial Department as fair value hedges or as cash flow hedges, as appropriate. In addition, at the corporate level, external foreign currency hedges are designated as foreign currency risk hedges on certain assets, liabilities or future transactions. The Group’s main exposures to currency risk at 31 December 2024 and 2023 are shown below. The table reflects the carrying amount of the Group’s financial instruments or classes of financial instruments denominated in foreign currency:
| Currency | Trade and other receivables | Treasury | Short-term loans and borrowings | Trade and other payables | Trade and other receivables | Treasury | Short-term loans and borrowings | Trade and other payables |
|---|---|---|---|---|---|---|---|---|
| 2024 | 2023 | |||||||
| USD | 15,377 | 12,540 | 6,264 | 3,139 | 8,968 | 4,945 | 8,511 | 3,328 |
| EUR | 5,411 | 3,324 | – | 1,084 | 4,665 | 816 | – | 1,985 |
| Other | 292 | – | – | 45 | 14 | – | – | 62 |
| Total | 21,080 | 15,864 | 6,264 | 4,268 | 13,647 | 5,761 | 8,511 | 5,375 |
If the average exchange rate of the euro in 2024 and 2023 had depreciated or appreciated by 10% on all functional currencies other than the euro, with the other variables remaining constant, results for the year would not have changed significantly. The US dollar is the primary currency to which the Group is exposed. If, as at 31 December 2024, the euro had appreciated or depreciated by 10% against the dollar, while all other currencies and variables remained constant, the equity attributable to the Parent Company would have fluctuated by approximately €61 million.
ii) **Cash flow and fair value interest rate risk**
The Group’s interest rate risk mainly arises from variable interest financial debt. To manage interest rate risk, in certain situations the Group uses floating-to-fixed interest rate swaps (“IRSs”), either for the total amount or a portion of the loan and either for the full term or a portion thereof. In 2024 and 2023, had the average interest rates on the financial debt denominated in euros increased or decreased by 50 basis points, with all the other variables remaining constant, the profit after tax for the year would not have been significantly affected as a result of the hedging policies in place.
01 Befesa at a glance
02 To Befesa’s shareholders
03 Management report
04 Sustainability
05 Consolidated financial statements
06 Statutory financial statements
07 Additional information
229Befesa Annual Report 2024
The exposure of the Group’s financial debt to variations in interest rates is set out below:
| 2024 | 2023 | |
|---|---|---|
| Total external financial debt (Note 15) | 721,476 | 710,771 |
| Effect of interest rate swaps (Note 17) | (316,000) | (316,000) |
| Financial debt subject to variable interest | 405,476 | 394,771 |
iii) Price risk
Earnings in the Steel Dust, Salt Slags and Secondary Aluminium segments are exposed to the movement of recycled metal prices (zinc and aluminium). The Group manages price risk through the acquisition of commodity swaps. Befesa’s target in the Steel Dust Recycling Services segment is to hedge between 60% and 75% of the sale transactions, which are subject to the risk of changes in selling prices. The objective of the Group is to secure a certain level of revenues that will ensure a reasonable return, given the risk of decline that these revenues may face in the event of a fall in zinc prices, which accounts for 85% of the price of the product sold (WOX). The Group uses zinc futures contracts at the London Metal Exchange (LME), hedging between 60% and 75% of the estimated sales, therefore the likelihood of the hedged transaction being executed is almost 100%, given that, due to the nature of the business, the sale of the entire production is assured. Establishing this limit protects the business against reductions in production due to once-off events, such as breakdowns, technical shutdowns or other similar circumstances. These financial instruments are initially analysed to assess if they can be treated as hedging instruments and, if so, the accounting rules specific to these instruments may be applied. Note 17 contains a breakdown of derivative financial instruments arranged on the selling prices of these metals.b) Credit risk
Credit risk arises from cash and cash equivalents, contractual cash flows of debt investments carried at amortised cost and at FVOCI, favourable derivative financial instruments and deposits with banks and financial institutions, as well as credit exposures to wholesale and retail customers, including outstanding receivables. Regarding cash and cash equivalents, the Group’s credit policy is to use only entities that have been given high independent credit ratings. Most of the balances are held in credit institutions located in the eurozone, mainly in Spain and Germany, with their credit risk rated at least BBB or above. Most receivables and work in progress relate to several customers in various industries and countries. In most cases, the contracts provide for progress billings, billings at the beginning of the provision of service or billings upon delivery of the product. It is standard practice for the Group to reserve the right to cancel projects in the event of any material breach and, in particular, of default on payment. In addition, under most contracts the Group has a firm commitment from several banks for the acquisition, without recourse, of receivables. Under these agreements, the Group pays a fee to the banks for assuming its credit risk, plus interest and a spread on the financing received. In all cases, the Group assumes liability for the validity of the receivables. In this regard, factored receivables are recognised from the consolidated financial statement, provided that all the conditions established in IFRS 9 are met for their derecognition from the consolidated financial statement. An analysis is performed to determine if the risks and rewards inherent to ownership of the related financial assets have been transferred, comparing the Group’s exposure to changes in the amounts and timing of net cash flows from the transferred asset before and after the transfer. Once the exposure of the Group factoring the receivables to these changes has been eliminated or substantially reduced, the financial asset in question is deemed to have been transferred.
Notes to the consolidated financial statements as at 31 December 2024 (Thousands of euros) continued 230 Befesa Annual Report 2024
In addition, some Group companies work with insurance companies that establish the credit guaranteed, normally insuring around 95% of the risk hedged in case of insolvency. The Finance Department continually seeks to adjust the limits granted to business needs. The Group allows for an acceptable level of commercial risk, which is established based on each specific customer, market and circumstance (history of non-payment and solvency, among others). Consequently, regarding the balance of trade and other receivables, the potential effect of trade receivables, for which there are factoring agreements, would have to be excluded, as well as the effect of other trade receivables that can be factored but which have not yet been sent to the factor at year-end and assets that are covered by credit insurance and that are reflected in this balance. Through this policy, the Group minimises its credit risk exposure in relation to these assets. At 31 December 2024, the amount subject to credit risk amounts to €102,429 thousands (€75,818 thousands at 31 December 2023). Trade and other receivables, other receivables, current financial assets and cash are the Group’s main financial assets and represent its maximum exposure to credit risk, in the event that the counterparty does not meet its obligations.
c) Liquidity risk
The prudent management of liquidity risk entails the maintenance of sufficient cash and marketable securities, the availability of financing through a sufficient level of committed credit facilities and the capacity to settle market positions. Given the dynamic nature of the core businesses, the Group’s Treasury Department has the objective of maintaining flexible financing through the availability of committed credit lines. Management monitors the Group’s liquidity reserve projections and changes in net borrowings, calculated as follows at 31 December 2024 and 2023:
| 2024 | 2023 | |
|---|---|---|
| Cash and cash equivalents | 102,520 | 106,692 |
| Other current financial assets adjusted by non-cash items (Note 10) | – | 71 |
| Undrawn credit facilities and unused financing (Note 15) | 100,000 | 75,000 |
| Liquidity reserve | 202,520 | 181,763 |
| Financial debt (Note 15) | 689,508 | 684,408 |
| Finance lease payables (Note 15) | 31,968 | 26,363 |
| Cash and cash equivalents | (102,520) | (106,692) |
| Other current financial assets adjusted by non-cash items (Note 10) | – | (71) |
| Net debt (Note 2.6) | 618,956 | 604,008 |
| Less non-current borrowings (Note 15) | (684,561) | (672,690) |
| Current net financial debt | (65,605) | (68,682) |
One of the Group’s strategic objectives is the optimisation and most efficient possible use of its assets and resources assigned to the business. Therefore, the Group pays special attention to the net operating working capital invested in it. In this respect, as in previous years, during 2024 and 2023 the Group made significant efforts to control and reduce collection periods with customers and other debtors, and to optimise payment terms, thereby unifying policies and conditions across the Group.
01 Befesa at a glance
02 To Befesa’s shareholders
03 Management report
04 Sustainability
05 Consolidated financial statements
06 Statutory financial statements
07 Additional information
231Befesa Annual Report 2024
The table below presents an analysis of the financial liabilities that will be settled, which are grouped to reflect the term remaining from the date of the financial statements to contractual maturity. This breakdown does not include long-term provisions (Note 18).
At 31 December 2024
| | Within 1 year | Between 1 and 2 years | Between 2 and 5 years | More than 5 years |
| :----------------------------------- | :-----------: | :-------------------: | :-------------------: | :---------------: |
| Bank borrowings and lease liabilities (Note 15) | 36,915 | 22,274 | 659,293 | 2,994 |
| Other financial liabilities (derivatives) | 26,162 | 16,151 | 56 | – |
| Trade and other payables (*) | 237,186 | 1,387 | – | – |
| Unaccrued interest payable | 32,928 | 32,018 | 86,171 | 1,581 |
At 31 December 2023
| | Within 1 year | Between 1 and 2 years | Between 2 and 5 years | More than 5 years |
| :----------------------------------- | :-----------: | :-------------------: | :-------------------: | :---------------: |
| Bank borrowings and lease liabilities (Note 15) | 38,081 | 21,720 | 647,589 | 3,381 |
| Other financial liabilities (derivatives) | 2,229 | – | – | – |
| Trade and other payables (*) | 216,724 | 1,533 | 1,219 | – |
| Unaccrued interest payable | 30,191 | 24,226 | 15,810 | 1,167 |
(*) Long-term payables do not include capital grants amounting to €3.5 million and €3.9 million in 2024 and 2023, respectively.
d) Capital risk
The Group manages its equity investments to ensure that its subsidiaries have a guarantee of continuity in terms of their assets and financial position, maximising shareholder return by optimising the structure of equity and liabilities on the liabilities side of the subsidiaries’ financial statements. Capital management is the responsibility of the Group’s Management Committee, whose approach focuses on increasing the value of the business in the long term for shareholders and investors as well as for employees and customers. The objective is to achieve constant, sustained results through organic and, where necessary, inorganic growth. For this purpose, a balance in the businesses is required, with control of financial risks, combined with the necessary financial flexibility to achieve such objectives. The Group’s capital management policy focuses on achieving a financial structure that optimises the cost of capital while maintaining a solid financial position. This policy makes the creation of value for the shareholders compatible, with access to financial markets at a competitive cost in order to cover both debt-refinancing requirements and the investment plan financing needs not covered by the funds generated by the business. Details of the debt/equity ratios (excluding balances with Group companies) as at 31 December 2024 and 2023 are as follows:
| 2024 | 2023 | |
|---|---|---|
| Total bank borrowings and lease liabilities (Note 15) | 721,476 | 710,771 |
| Less: Cash and cash equivalents | (102,520) | (106,692) |
| Other current financial assets adjusted by non-cash items (Note 10) | – | (71) |
| Net debt | 618,956 | 604,008 |
| Total equity | 845,737 | 877,356 |
| Total capital invested | 1,464,693 | 1,481,364 |
| Borrowing ratio | 42.3% | 40.8% |
For a detailed definition of net debt, please refer to Note 2.6.
Notes to the consolidated financial statements as at 31 December 2024 (Thousands of euros) continued 232 Befesa Annual Report 2024
4.2 Fair value estimation
IFRS 13 establishes as fair value the price that would be received to sell an asset or be paid to transfer a liability in an orderly transaction between market participants at the measurement date, whether it is observable or has been estimated using a valuation technique. For this purpose, consistent data with features that market participants would consider in the transaction are selected. IFRS 13 maintains the principles of the other standards while setting the full framework for fair value measurement when it is mandatory under other IFRSs and establishes the additional information to be disclosed about fair value measurements. The requirements of IFRS 13 are met by the Group in the fair value measurement of assets and liabilities when fair value is required by other IFRSs. For financial assets and liabilities not valued at fair value, the Group breaks down the possible impacts between the fair value and the amortised cost if the impact is significant (Note 10). Based on the content of IFRS 13 and in accordance with IFRS 7 on financial instruments measured at fair value, the Group reports on estimating the fair value hierarchy levels as follows:
y Quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1)
y Inputs other than quoted prices included in Level 1 that are observable either directly (i.e. reference prices) or indirectly (i.e.# 5. Segment reporting
The Board of Directors is ultimately responsible for making the Group’s operational decisions, as the Board functions as the Chief Operating Decision-Maker (CODM). The Board of Directors reviews the Group’s internal financial information in order to assess its performance and allocate resources to the segments. The Board of Directors analyses the business based on the segments indicated:
y Steel Dust Recycling Services (“Steel Dust”)
y Aluminium Salt Slags Recycling Services – Salt Slags Recycling (“Salt Slags”) – Secondary Aluminium Production (“Secondary Aluminium”)
These segments correspond to the Group’s principal activities (products and services), the sales of which (fee for the services and/or sale of the recycled waste) determine the Group’s revenue. The Board of Directors assesses the performance of the operating segments, based mainly on operating income before interest and taxes (EBIT), depreciation/amortisation and provisions (EBITDA). The financial information received by the Board of Directors includes finance income and costs tax aspects, cash flow and net debt only on a consolidated basis because this is the way the Group manages them. For a detailed definition of EBIT and EBITDA, please refer to Note 2.6. The accounting policies and measurement bases applied to the information furnished to the Board of Directors are consistent with those applied in the consolidated financial statements .
Notes to the consolidated financial statements as at 31 December 2024 (Thousands of euros) continued
Set out below is the distribution by segment of EBIT and Adjusted EBIT for the year ended 31 December 2024 and for the year ended 31 December 2023 (thousands of euros).
2024
| Steel Dust | Salt Slags | Secondary Aluminium | Corporate, other minor and eliminations | Total | |
|---|---|---|---|---|---|
| Revenue | 825,550 | 105,874 | 367,296 | (59,690) | 1,239,030 |
| Income/Expenses from operations (except revenue, depreciation and amortisation/ depreciation charge and provisions) | (663,950) | (74,095) | (356,116) | 59,690 | (1,034,471) |
| Amortisation/Depreciation, impairment and provisions | (71,037) | (11,909) | (8,318) | (439) | (91,703) |
| EBIT (operating profit/(loss)) | 90,563 | 19,870 | 2,862 | (439) | 112,856 |
| Non-recurrent costs/incomes EBIT (Note 3.17) | 2,748 | – | – | – | 2,748 |
| Non-recurrent costs/incomes EBITDA (Note 2.6) | 8,803 | – | – | – | 8,803 |
| Adjusted EBIT (operating profit/(loss)) | 102,114 | 19,870 | 2,862 | (439) | 124,407 |
2023
| Steel Dust | Salt Slags | Secondary Aluminium | Corporate, other minor and eliminations | Total | |
|---|---|---|---|---|---|
| Revenue | 785,575 | 86,318 | 360,228 | (51,521) | 1,180,600 |
| Income/Expenses from operations (except revenue, depreciation and amortisation/ depreciation charge and provisions) | (643,373) | (61,600) | (338,586) | 51,769 | (991,790) |
| Amortisation/Depreciation, impairment and provisions | (64,667) | (9,261) | (7,823) | (418) | (82,169) |
| EBIT (operating profit/(loss)) | 77,535 | 15,457 | 13,819 | (170) | 106,641 |
| Non-recurrent costs/incomes EBIT (Note 3.17) | 1,906 | – | – | – | 1,906 |
| Non-recurrent costs/incomes EBITDA (Note 2.6) | (8,111) | 1,283 | – | – | (6,828) |
| Adjusted EBIT (operating profit/(loss)) | 71,330 | 16,740 | 13,819 | (170) | 101,719 |
Notes to the consolidated financial statements as at 31 December 2024 (Thousands of euros) continued
The reconciliation of Adjusted EBIT to results attributable to the Parent Company is as follows:
| 2024 | 2023 | |
|---|---|---|
| Adjusted EBIT | 124,407 | 101,719 |
| – Non-recurrent costs/(income) EBIT (Note 3.17) | (2,748) | (1,906) |
| – Non-recurrent costs/(income) EBITDA (Note 2.6) | (8,803) | 6,828 |
| EBIT (operating profit/(loss)) | 112,856 | 106,641 |
| Finance income/(cost) | (38,006) | (38,573) |
| Corporate income tax | (20,764) | (10,500) |
| Profit/(Loss) attributable to continuing operations | 54,086 | 57,568 |
| Non-controlling interests (Note 14d) | (3,266) | 404 |
| Profit/(Loss) attributable to the Parent Company | 50,820 | 57,972 |
Set out below is the distribution by segment of EBITDA and Adjusted EBITDA for the years ended 31 December 2024 and 2023 (thousands of euros):
2024
| Steel Dust | Salt Slags | Secondary Aluminium | Corporate, other minor and eliminations | Total | |
|---|---|---|---|---|---|
| Revenue | 825,550 | 105,874 | 367,296 | (59,690) | 1,239,030 |
| Income/Expenses from operations (except revenue, depreciation and amortisation/ depreciation charge and provisions) | (663,950) | (74,095) | (356,116) | 59,690 | (1,034,471) |
| Amortisation/Depreciation, impairment and provisions (a) | (71,037) | (11,909) | (8,318) | (439) | (91,703) |
| EBIT (operating profit/(loss)) (b) | 90,563 | 19,870 | 2,862 | (439) | 112,856 |
| EBITDA (operating profit/(loss) before amortisation/depreciation and provisions) (a–b) | 161,600 | 31,779 | 11,180 | – | 204,559 |
| Non-recurrent costs/incomes (Note 2.6) | 8,803 | – | – | – | 8,803 |
| Adjusted EBITDA | 170,403 | 31,779 | 11,180 | – | 213,362 |
Notes to the consolidated financial statements as at 31 December 2024 (Thousands of euros) continued
2023
| Steel Dust | Salt Slags | Secondary Aluminium | Corporate, other minor and eliminations | Total | |
|---|---|---|---|---|---|
| Revenue | 785,575 | 86,318 | 360,228 | (51,521) | 1,180,600 |
| Income/Expenses from operations (except revenue, depreciation and amortisation/ depreciation charge and provisions) | (643,373) | (61,600) | (338,586) | 51,769 | (991,790) |
| Amortisation/Depreciation, impairment and provisions (a) | (64,667) | (9,261) | (7,823) | (418) | (82,169) |
| EBIT (operating profit/(loss)) (b) | 77,535 | 15,457 | 13,819 | (170) | 106,641 |
| EBITDA (operating profit/(loss) before amortisation/depreciation and provisions) (a–b) | 142,202 | 24,718 | 21,642 | 248 | 188,810 |
| Non-recurrent costs/incomes (Note 2.6) | (8,111) | 1,283 | – | – | (6,828) |
| Adjusted EBITDA | 134,091 | 26,001 | 21,642 | 248 | 181,982 |
The reconciliation of Adjusted EBITDA to results attributable to the Parent Company is as follows:
| 2024 | 2023 | |
|---|---|---|
| Adjusted EBITDA | 213,362 | 181,982 |
| Non-recurrent costs/incomes (Note 2.6) | (8,803) | 6,828 |
| Amortisation/Depreciation, impairment and provisions | (91,703) | (82,169) |
| Operating profit/(loss) | 112,856 | 106,641 |
| Finance income/(cost) | (38,006) | (38,573) |
| Corporate income tax | (20,764) | (10,500) |
| Profit/(Loss) attributable to continuing operations | 54,086 | 57,568 |
| Non-controlling interests (Note 14d) | (3,266) | 404 |
| Profit/(Loss) attributable to the Parent Company | 50,820 | 57,972 |
Other segment items included in the consolidated income statement are as follows:
| Steel Dust | Salt Slags | Secondary Aluminium | Corporate, other minor and eliminations | Total | Steel Dust | Salt Slags | Secondary Aluminium | Corporate, other minor and eliminations | Total | |
|---|---|---|---|---|---|---|---|---|---|---|
| 2024 | 2023 | |||||||||
| Depreciation/ Amortisation charge: | ||||||||||
| – Property, plant and equipment (Notes 9 and 22) | (54,266) | (7,973) | (6,280) | (121) | (68,640) | (53,325) | (6,904) | (6,192) | (111) | (66,532) |
| – Intangible assets (Notes 8 and 22) | (359) | (890) | (1,190) | (64) | (2,503) | (421) | (908) | (728) | (69) | (2,126) |
| – Right-of-use assets (Notes 11 and 22) | (9,664) | (1,458) | (848) | (254) | (12,224) | (9,608) | (1,448) | (712) | (238) | (12,006) |
| – Reversal/ (Recognition) of impairment losses and other (Note 22) | (6,748) | (1,588) | – | – | (8,336) | (1,313) | (1) | (191) | – | (1,505) |
| Total | (71,037) | (11,909) | (8,318) | (439) | (91,703) | (64,667) | (9,261) | (7,823) | (418) | (82,169) |
Details of segment assets and liabilities are as follows:
| Steel Dust | Salt Slags | Secondary Aluminium | Corporate, other minor and eliminations | Total | Steel Dust | Salt Slags | Secondary Aluminium | Corporate, other minor and eliminations | Total | |
|---|---|---|---|---|---|---|---|---|---|---|
| 2024 | 2023 | |||||||||
| Assets | ||||||||||
| Intangible assets | 687,812 | 51,069 | 15,756 | 3 | 754,640 | 670,625 | 51,105 | 15,890 | 53 | 737,673 |
| Property, plant and equipment | 597,088 | 86,070 | 52,998 | 399 | 736,555 | 563,452 | 85,978 | 52,795 | 435 | 702,660 |
| Right-of-use assets | 31,026 | 4,646 | 1,470 | 452 | 37,594 | 25,879 | 4,310 | 1,140 | 616 | 31,945 |
| Non-current financial assets and deferred tax assets | 61,524 | 1,926 |
The distribution of property, plant and equipment, intangible assets (excluding goodwill and licences) and right-of-use assets is as follows:
| Geographical area | 2024 | 2023 |
|---|---|---|
| US | 393,797 | 351,091 |
| Germany | 122,024 | 119,774 |
| China | 93,036 | 93,961 |
| Spain | 84,219 | 85,139 |
| France | 35,407 | 36,625 |
| South Korea | 23,520 | 27,859 |
| Turkey | 17,991 | 15,817 |
| Sweden | 14,598 | 14,389 |
| Total | 784,592 | 744,655 |
At 31 December 2024, only one customer from the Steel Dust segment represented over 10% of the Group’s total revenues; this customer represents approximately 37% (2023: 35%) of the Group’s total revenues.
On 1 January 2023, the Group proceeded to re-evaluate control over its French subsidiary Befesa Zinc Recytech, S.A.S. in response to the liquidation procedure of the other partner, Recylex S.A. (see Note 2.5). Befesa Zinc Recytech, S.A.S. was established in 1991 by Befesa Steel Services GmbH (a company belonging to the Group) and Recylex S.A. Both parties holding 50% of the share capital respectively. Its activities consist of recycling steel dust and producing WOX, and until 31 December 2022 the Group considered this agreement as a joint operation. As a result of the liquidation process of the partner Recylex S.A., the latter no longer carries out commercial activities and the Group, throughout the financial year 2023, acquired 100% of the final product of Befesa Zinc Recytech, S.A.S. The main relevant activities related to the business fall under the decisions of the General Director of the Company, which directly depends on the European Chief Executive Officer of the Group and simultaneously has been appointed as General Director of the other French subsidiary. Moreover, given that the Group is in charge of the supply of the dust and is the client at the same time, the latter makes the decisions on these relevant activities. Given this situation, the Group re-evaluated the control it had over this business, concluding that it obtains control over Befesa Zinc Recytech, S.A.S., and therefore becoming consolidated by the global integration method as from 1 January 2023 (Note 2.5). This business generated revenue and a consolidated profit/(loss) of €38,900 thousand and €7,959 thousand, respectively, for the Group (before non-controlling interests) between 1 January 2023 and the end of the reporting period.
The breakdown of the fair value of the net assets and the excess of net assets over the cost of the combination was as follows:
| Thousands of euros | |
|---|---|
| Consideration transferred | – |
| Non-controlling interests | 49,543 |
| Fair value of previous investment in the business | 49,543 |
| Fair value of net assets acquired | (38,793) |
| Goodwill | 60,293 |
The valuation at fair value of 50% of the previous net assets of the Befesa Zinc Recytech, S.A.S. business, which amounted to €29,044 thousand (including a goodwill amount of €9,649 thousand allocable to this business within the Steel CGU), had led to the recognition of a positive result for a total amount of €20,498 thousand, which was recognised in the “Other income” item of the consolidated income statement for the year 2023 (Note 22.3).
The amounts recognised by significant class at the date of acquisition of the assets, liabilities and contingent liabilities (100% of net assets) are as follows:
| Thousands of euros | |
|---|---|
| Property, plant and equipment (Note 9) | 8,812 |
| Other intangible assets | 1,534 |
| Other financial assets | 713 |
| Cash and cash equivalents | 27,697 |
| Other current assets | 8,518 |
| Total assets | 47,274 |
| Other liabilities | 2,978 |
| Current liabilities | 5,503 |
| Total liabilities and contingent liabilities | 8,481 |
| Total net assets | 38,793 |
| Total net assets acquired (100%) (a) | 38,793 |
| Fair value of non-controlling interests | 49,543 |
| Fair value of net assets acquired | 49,543 |
| Total fair value (b) | 99,086 |
| Goodwill (b–a) | 60,293 |
The criteria for calculating the main assets and liabilities existing at the date of taking over the operations of Befesa Zinc Recytech, S.A.S. were the following: Property, plant and equipment: Estimated the fair value of the tangible assets based on the cost method.
Finally, in 2024, the Group signed a share purchase agreement and completed the acquisition of the remaining 50% stake in Befesa Zinc Recytech, S.A.S. for a price of €40 million (Note 14.d).
Details of goodwill on the consolidated statement of financial position as at 31 December 2024 and 2023 are as follows:
| CGU | Balance at 31/12/23 | Business combination (Note 6) | Translation differences | Balance at 31/12/24 |
|---|---|---|---|---|
| Befesa Zinc US, Inc. | 243,435 | – | 15,494 | 258,929 |
| Steel Dust | 341,422 | – | – | 341,422 |
| Salt Slags | 35,829 | – | – | 35,829 |
| Secondary Aluminium | 8,957 | – | – | 8,957 |
| Total | 629,643 | – | 15,494 | 645,137 |
| CGU | Balance at 31/12/22 | Business combination (Note 6) | Translation differences | Balance at 31/12/23 |
|---|---|---|---|---|
| Befesa Zinc US, Inc. | 252,289 | – | (8,854) | 243,435 |
| Steel Dust | 290,778 | 50,644 | – | 341,422 |
| Salt Slags | 35,829 | – | – | 35,829 |
| Secondary Aluminium | 8,957 | – | – | 8,957 |
| Total | 587,853 | 50,644 | (8,854) | 629,643 |
The increase in goodwill in 2023 was due to Befesa Zinc Recytech, S.A.S.’s control reassessment described in Note 6.
The Group has implemented a procedure where at each year-end, any impairment of goodwill and licences with indefinite useful life (Note 8) is analysed. The recoverable amount is the higher of fair value less costs to sell and value in use, which is taken to be the present value of estimated future cash flows. The measurement methods indicated in Note 2.4 led to discount rates used to perform the impairment test in a range for each CGU, as follows:
The discount rates used are pre-tax and reflect the risks specific to the significant CGU segments. The Directors consider that a change in the discount rate used (approximately 50 basis points) would not have a significant impact on these consolidated financial statements. The cash flow budget is determined by the Group’s management in their strategic plans, considering a similar activity structure as the present one and based on previous years’ experience. At the end of 2024 and 2023, estimates were made of the recoverable amounts of the CGUs to which goodwill and/or licences with indefinite useful life had been allocated, in accordance with Notes 3.4 and 3.5 and the methods described above. No impairment has been recognised in 2024 and 2023. The Group’s management carried out a sensitivity analysis of the recoverable amount of goodwill and licences (Note 8) in the event of variations of ±5% in key assumptions, and no signs of impairment were identified.# Notes to the consolidated financial statements as at 31 December 2024 (Thousands of euros)
Movements in “Other intangible assets” in the consolidated statement of financial position as at 31 December 2024 and 2023 are as follows:
| Development expenditure | Licences | Computer software | Administrative concessions and others | Total | |
|---|---|---|---|---|---|
| Cost: | |||||
| Balance at 31/12/23 | 17,493 | 97,980 | 5,808 | 5,033 | 126,314 |
| Additions | 3,053 | 79 | 115 | 877 | 4,124 |
| Disposals | (6,664) | – | (456) | (845) | (7,965) |
| Transfers | – | – | 16 | (461) | (445) |
| Translation differences | 48 | 1,081 | 9 | 6 | 1,144 |
| Balance at 31/12/24 | 13,930 | 99,140 | 5,492 | 4,610 | 123,172 |
| Accumulated amortisation | |||||
| Balance at 31/12/23 | (10,855) | – | (4,592) | (2,837) | (18,284) |
| Additions (Note 22.6) | (2,059) | – | (444) | – | (2,503) |
| Disposals | 6,664 | – | 456 | – | 7,120 |
| Transfers | – | – | – | – | – |
| Translation differences | – | – | (2) | – | (2) |
| Balance at 31/12/24 | (6,250) | – | (4,582) | (2,837) | (13,669) |
| Other intangible assets, net at 31/12/23 | 6,638 | 97,980 | 1,216 | 2,196 | 108,030 |
| Other intangible assets, net at 31/12/24 | 7,680 | 99,140 | 910 | 1,773 | 109,503 |
| Development expenditure | Licences | Computer software | Administrative concessions and others | Total | |
|---|---|---|---|---|---|
| Cost: | |||||
| Balance at 31/12/22 | 14,544 | 98,591 | 5,489 | 2,793 | 121,417 |
| Business combination (Note 6) | – | – | 149 | 1,747 | 1,896 |
| Change in scope of consolidation (Note 2.5) | – | – | (233) | – | (233) |
| Additions | 2,949 | – | 374 | 102 | 3,425 |
| Disposals | – | – | (34) | – | (34) |
| Transfers | – | – | 93 | 400 | 493 |
| Translation differences | – | (611) | (30) | (9) | (650) |
| Balance at 31/12/23 | 17,493 | 97,980 | 5,808 | 5,033 | 126,314 |
| Accumulated amortisation | |||||
| Balance at 31/12/22 | (9,231) | – | (4,248) | (1,824) | (15,303) |
| Business combination (Note 6) | – | – | (117) | (1,013) | (1,130) |
| Change in scope of consolidation (Note 2.5) | – | – | 233 | – | 233 |
| Additions (Note 22.6) | (1,624) | – | (502) | – | (2,126) |
| Disposals | – | – | 34 | – | 34 |
| Transfers | – | – | – | – | – |
| Translation differences | – | – | 8 | – | 8 |
| Balance at 31/12/23 | (10,855) | – | (4,592) | (2,837) | (18,284) |
| Other intangible assets, net at 31/12/22 | 5,313 | 98,591 | 1,241 | 969 | 106,114 |
| Other intangible assets, net at 31/12/23 | 6,638 | 97,980 | 1,216 | 2,196 | 108,030 |
Licences are intangible assets with an indefinite useful life. The recoverability of these licences has been evaluated by the Group’s management based on the impairment tests disclosure in Note 7.
2024
The most significant additions for the year relate to capitalised development expenses, with €1,897 thousand in the “Secondary Aluminium” segment and €1,156 thousand in Befesa Holding US, Inc. (Note 3.5). In 2024, disposal mainly relates to the removal of fully amortised assets in the subsidiary Befesa Aluminio, S.L.U.
2023
The most significant additions for the year relate to development expenses capitalised in the Secondary Aluminium segment, amounting to €2,949 thousand.
Investment commitments
At 31 December 2024 and 2023, the Group had no significant investment commitments.
Movements in this consolidated statement of financial position as at 31 December 2024 and 2023 are as follows:
| Land | Buildings | Plant and machinery | Other property, plant and equipment | Fixed assets in progress | Total | |
|---|---|---|---|---|---|---|
| Cost: | ||||||
| Balance at 31/12/23 | 45,421 | 212,888 | 908,070 | 35,489 | 47,159 | 1,249,027 |
| Additions | – | 275 | 9,139 | 453 | 71,113 | 80,980 |
| Disposals | (161) | (724) | (39,061) | (2,508) | (10) | (42,464) |
| Transfers | – | 7,777 | 29,306 | 2,374 | (49,391) | (9,934) |
| Translation differences | (112) | 2,525 | 26,298 | 166 | 2,463 | 31,340 |
| Balance at 31/12/24 | 45,148 | 222,741 | 933,752 | 35,974 | 71,334 | 1,308,949 |
| Accumulated depreciation and provisions: | ||||||
| Balance at 31/12/23 | – | (89,539) | (425,143) | (23,215) | – | (537,897) |
| Additions (Note 22.6) | – | (7,928) | (58,485) | (2,227) | – | (68,640) |
| Disposals | – | 528 | 38,809 | 2,506 | – | 41,843 |
| Transfers | – | – | 4,923 | – | – | 4,923 |
| Translation differences | – | (233) | (3,801) | (119) | – | (4,153) |
| Balance at 31/12/24 | – | (97,172) | (443,697) | (23,055) | – | (563,924) |
| Impairment losses at 31/12/23 | (874) | – | (7,569) | (27) | – | (8,470) |
| Impairment losses at 31/12/24 | (874) | – | (7,569) | (27) | – | (8,470) |
| Carrying amount at 31/12/23 | 44,547 | 123,349 | 475,358 | 12,247 | 47,159 | 702,660 |
| Carrying amount at 31/12/24 | 44,274 | 125,569 | 482,486 | 12,892 | 71,334 | 736,555 |
| Land | Buildings | Plant and machinery | Other property, plant and equipment | Fixed assets in progress | Total | |
|---|---|---|---|---|---|---|
| Cost: | ||||||
| Balance at 31/12/22 | 45,942 | 175,462 | 785,167 | 33,700 | 147,976 | 1,188,247 |
| Business combination (Note 6) | 185 | 5,608 | 16,211 | 200 | 375 | 22,579 |
| Change in scope of consolidation (Note 2.5) | (79) | (1,413) | (34,670) | (225) | – | (36,387) |
| Additions | – | 2,652 | 2,934 | 622 | 94,957 | 101,165 |
| Disposals | (6) | (158) | (2,432) | (700) | (35) | (3,331) |
| Transfers | 106 | 33,341 | 163,408 | 1,964 | (191,594) | 7,225 |
| Translation differences | (727) | (2,604) | (22,548) | (72) | (4,520) | (30,471) |
| Balance at 31/12/23 | 45,421 | 212,888 | 908,070 | 35,489 | 47,159 | 1,249,027 |
| Accumulated depreciation and provisions: | ||||||
| Balance at 31/12/22 | – | (80,021) | (374,662) | (21,703) | – | (476,386) |
| Business combination (Note 6) | – | (4,354) | (13,707) | (111) | – | (18,172) |
| Change in scope of consolidation (Note 2.5) | – | 1,413 | 16,302 | 225 | – | 17,940 |
| Additions (Note 22.6) | – | (7,492) | (56,979) | (2,061) | – | (66,532) |
| Disposals | – | 152 | 2,382 | 670 | – | 3,204 |
| Transfers | – | 295 | (8,011) | (2) | – | (7,718) |
| Translation differences | – | 468 | 9,532 | (233) | – | 9,767 |
| Balance at 31/12/23 | – | (89,539) | (425,143) | (23,215) | – | (537,897) |
| Impairment losses at 31/12/22 | (874) | – | (28,151) | (27) | – | (29,052) |
| Reversal (Note 2.5) | – | – | 20,582 | – | – | 20,582 |
| Impairment losses at 31/12/23 | (874) | – | (7,569) | (27) | – | (8,470) |
| Carrying amount at 31/12/22 | 45,068 | 95,441 | 382,354 | 11,970 | 147,976 | 682,809 |
| Carrying amount at 31/12/23 | 44,547 | 123,349 | 475,358 | 12,247 | 47,159 | 702,660 |
2024
The main additions for the year relate to investments made by Befesa Holding US, Inc. (€39.0 million), primarily driven by the Palmerton Project and recurring environmental and maintenance expenditures at each plant. In 2024, disposals mainly relate to the removal of fully amortised assets in the subsidiary Befesa Aluminio, S.L.U. “Transfers” for a net value of €5.0 million mainly include the amount of long-term spare parts transferred to short-term spare parts, included in the “Inventory” line of the consolidated statement of financial position due to their storage cycle of less than one year.
2023
The main additions for the year are related to the investments made by the new companies in the US (€56.5 million) and to works done in Befesa Salzschlacke GmbH, mainly related to the Hanover plant after the fire in 2021 (€20.4 million) and the recurring environmental and maintenance investments made at each plant every year.
Impairment losses
On 31 December 2024, there were no impairment additions. On 31 December 2023, the reversal of the impairment losses mainly relates to the sale of Befesa Salt Slags, Ltd. as at 31 December 2023 (€18 million) as a result of the sale of this company (Note 2.5).
Insurance
The Group takes out insurance policies to cover possible risks that its property, plant and equipment are subject to. The coverage is considered to be sufficient.
Capitalisation of borrowing costs
There are no significant borrowing costs capitalised in 2024 and 2023.
Mortgaged property, plant and equipment
At 31 December 2024 and 2023, there are no significant fixed assets pledged to secure loans.
Investment commitments
At 31 December 2024, the Group had investment commitments amounting to €50.9 million, mainly due to the expansion projects in Befesa Holding US, Inc. and in Befesa Aluminium Germany GmbH (2023: €41.4 million, mainly due to the expansion project in Befesa Holding US, Inc.).
The classification of financial assets by category and class is as follows:
| 2024 | 2023 | |||
|---|---|---|---|---|
| Current | Non-current | Current | Non-current | |
| Financial assets at amortised cost | ||||
| Loans | ||||
| Variable rate | – | 1,666 | – | 1,666 |
| Impairment | – | (741) | – | (924) |
| Trade and other receivables (Note 13) | 127,913 | – | 119,154 | – |
| Security deposits | 461 | 3,665 | 450 | 3,875 |
| Financial assets measured at fair value | ||||
| Hedging derivatives (Note 17) | – | 11,256 | 14,176 | 30,521 |
| Total financial assets | 128,374 | 15,846 | 133,780 | 35,138 |
The fair value of financial assets does not differ significantly from their carrying amount.
Details of and movement in classes of right-of-use assets during 2024 and 2023 are as follows:
| Land | Buildings | Plant and machinery | Other property, plant and equipment | Total | |
|---|---|---|---|---|---|
| Cost: | |||||
| Balance at 31/12/22 | 17,594 | 6,842 | 10,981 | 10,830 | 46,247 |
| Additions | 688 | 1,905 | 4,962 | 7,606 | 15,161 |
| Disposals | 110 | (293) | (2,135) | (2,255) | (4,573) |
| Translation differences | (509) | (73) | (99) | (517) | (1,198) |
| Balance at 31/12/23 | 17,883 | 8,381 | 13,709 | 15,664 | 55,637 |
| Additions | 127 | 1,343 | 7,622 | 9,684 | 18,776 |
| Disposals | 81 | (213) | (5,087) | (2,659) | (7,878) |
| Translation differences | 300 | 116 | 182 | 998 | 1,596 |
| Balance at 31/12/24 | 18,391 | 9,627 | 16,426 | 23,687 | 68,131 |
| Accumulated amortisation | |||||
| Balance at 31/12/22 | (3,018) | (3,743) | (5,661) | (2,930) | (15,352) |
| Additions (Note 22.6) | (1,011) | (1,463) | (4,661) | (4,871) | (12,006) |
| Disposals | (158) | 126 | 1,711 | 1,556 | 3,235 |
| Translation differences | 22 | 39 | 134 | 236 | 431 |
| Balance at 31/12/23 | (4,165) | (5,041) | (8,477) | (6,009) | (23,692) |
| Additions (Note 22.6) | (1,077) | (1,333) | (4,495) | (5,319) | (12,224) |
| Disposals | (81) | 195 | 3,230 | ||
| Translation differences (45) (76) (60) (303) (484) | |||||
| Balance at 31/12/24 (5,368) (6,255) (9,802) (9,112) (30,537) | |||||
| Right-of-use assets net at 31/12/2023 13,718 3,340 5,232 9,655 31,945 | |||||
| Right-of-use assets net at 31/12/2024 13,023 3,372 6,624 14,575 37,594 |
The short-term lease expense for 2024 amounts to €2,545 thousand (2023: €1,406 thousand). Details of lease payments and liabilities An analysis of the contractual maturity of lease liabilities, including future interest payable, is as follows:
| 2024 | 2023 | |
|---|---|---|
| Within 1 year | 11,493 | 9,283 |
| Between 1 and 2 years | 7,134 | 5,799 |
| Between 2 and 3 years | 4,927 | 3,732 |
| More than 3 years | 8,414 | 7,549 |
| 31,968 | 26,363 |
Notes to the consolidated financial statements as at 31 December 2024 (Thousands of euros) continued
248
Befesa Annual Report 2024
The changes in this liability from 1 January to 31 December are as follows:
| 2024 | 2023 | |
|---|---|---|
| Balance as at 1 January | 26,363 | 24,286 |
| Increase | 18,776 | 15,838 |
| Lease payments | (13,385) | (12, 826) |
| Interest | 1,257 | 980 |
| Disposal | (2,226) | (1,224) |
| Translation differences | 1,183 | (691) |
| 31,968 | 26,363 |
Details of inventories in the accompanying consolidated statement of financial position as at 31 December 2024 and 2023 are as follows:
| 2024 | 2023 | |
|---|---|---|
| Finished goods | 23,827 | 25,258 |
| Goods in progress and semi-finished goods | 5,822 | 7,807 |
| Raw materials | 26,017 | 31,889 |
| Other | 44,666 | 36,135 |
| Total | 100,332 | 101,089 |
“Other” at 31 December 2024 and 2023 mainly includes spare parts for the Group’s facilities. The Group has taken out insurance policies to cover risks relating to inventories. The coverage provided by these policies is considered to be sufficient.
The breakdown of accounts receivable in the accompanying consolidated statement of financial position as at 31 December 2024 and 2023 is as follows:
| 2024 | 2023 | |
|---|---|---|
| Contract assets | 4,839 | 6,468 |
| Trade and other receivables | 98,565 | 70,549 |
| Trade receivables from related companies | 354 | 409 |
| Other receivables (Note 21) | 11,631 | 19,342 |
| Public authorities (Note 20) | 10,487 | 20,726 |
| Advances to suppliers | 3,012 | 2,859 |
| Expected credit loss | (975) | (1,199) |
| Total | 127,913 | 119,154 |
No significant impact of the applicability of the expected credit loss model has been identified on trade receivables.
01 Befesa at a glance
02 To Befesa’s shareholders
03 Management report
04 Sustainability
05 Consolidated financial statements
06 Statutory financial statements
07 Additional information
249
Befesa Annual Report 2024
Changes in the allowances for doubtful debts relating to the Group’s trade and other receivables for 2024 and 2023 are as follows:
| 2024 | 2023 | |
|---|---|---|
| Opening balance | (1,199) | (1,891) |
| Write-off uncollectible accounts receivable and other transfers | 263 | 712 |
| Business combination (Note 6) | – | (28) |
| Conversion differences | (39) | 8 |
| Closing balance | (975) | (1,199) |
The credit quality of trade receivables that have not become impaired can be classified as highly satisfactory, because in substantially all of the cases the risks are accepted and covered by credit risk insurers and/or banks and financial institutions. The maximum exposure to credit risk at the date of presentation of the financial information is the fair value of each of the accounts receivable disclosed above and, in all cases, taking into consideration the aforementioned credit insurance coverage.
a) Share capital
The number of shares as at 31 December 2024 and 2023 is 39,999,998 with a par value of €2.78 each. All the shares are listed on the Frankfurt Stock Exchange. The authorised capital of the Company (including, for the avoidance of doubt, the Company’s issued share capital) is set at 39,999,998 shares. The shareholder structure as at 31 December 2024 and 2023 is as follows:
| Percentage of ownership | 2024 | 2023 |
|---|---|---|
| Free-float (including management) | 100% | 100% |
| Total | 100% | 100% |
b) Share premium and other reserves
Details in the consolidated financial statement are as follows:
| 2024 | 2023 | |
|---|---|---|
| Share premium | 532,867 | 532,867 |
| Hedging reserves | (20,787) | 36,888 |
| Other reserves | 132,254 | 96,490 |
| Total | 644,334 | 666,245 |
Share premium
The share premium may be used to provide for the payment of any shares that the Parent Company may repurchase from its shareholders, to offset any net realised losses, to make distributions to its shareholders, in the form of a dividend, or to allocate funds to the legal reserve.
Notes to the consolidated financial statements as at 31 December 2024 (Thousands of euros) continued
250
Befesa Annual Report 2024
Other reserves
The Parent Company is required to transfer a minimum of 5% of its net statutory profit for each financial year to a legal reserve. This requirement ceases to be necessary once the balance of the legal reserve reaches 10% of the issued share capital. If the legal reserve later falls below the 10% threshold, at least 5% of net statutory profits must again be allocated to the reserve. The legal reserve is not available for distribution to the shareholders. At the AGM in June 2024, the shareholders resolved to approve the distribution of a dividend of €29,200 thousand from the net profit of the year 2023 (2023: in June 2023, the shareholders at their AGM resolved to approve the distribution of a dividend of €50,000 thousand from the net profit of the year 2022).
c) Translation differences
The breakdown, by company, of “Translation differences” at 31 December 2024 and 2023 is as follows:
| Company or group of companies | 2024 | 2023 |
|---|---|---|
| Befesa Zinc Korea, Ltd. | (4,200) | (1,448) |
| Befesa Circular Alloys Sweden, AB | (3,639) | (3,137) |
| Befesa Silvermet İskenderun Çelik Tozu Geri Dönüşümü, A.S. | (17,203) | (16,565) |
| Befesa Silvermet Dış Ticaret, A.S. | (1,135) | (1,959) |
| Befesa Zinc Environmental Protection Technology (Jiangsu) Co, Ltd. | 799 | 426 |
| Befesa Zinc Environmental Protection Technology (Henan) Co, Ltd. | (11) | (209) |
| Befesa Holding US, Inc. | 60,082 | 23,092 |
| Befesa Zinc Metal, Inc. | (9,708) | (11,465) |
| Other | (968) | (473) |
| Total | 24,017 | (11,738) |
d) Non-controlling interests
Details of equity – non-controlling interests are as follows:
| % non-controlling | Thousands of euros | |
|---|---|---|
| 2024 | 2023 | |
| Steel Dust: | ||
| Befesa Zinc Recytech, S.A.S. | 0% | 50% |
| Befesa Silvermet Turkey, S.L. and subsidiaries | 47.6% | 46.4% |
| Total |
| Thousands of euros | 2024 | 2023 |
|---|---|---|
| Befesa Zinc Recytech, S.A.S. | – | 43,978 |
| Befesa Silvermet Turkey, S.L. and subsidiaries | 15,518 | 9,851 |
| Total | 15,518 | 53,829 |
On 4 March 2024, Befesa Steel Services GmbH acquired the remaining 50% stake in Befesa Zinc Recytech, S.A.S. (formerly Recytech, S.A.) for a price of €40 million (Note 6). The difference between the consideration paid and the carrying amount of the non-controlling interests was recognised in the “Other reserves” item of the consolidated equity of an amount of €4,356 thousand.
01 Befesa at a glance
02 To Befesa’s shareholders
03 Management report
04 Sustainability
05 Consolidated financial statements
06 Statutory financial statements
07 Additional information
251
Befesa Annual Report 2024
Movements in non-controlling interests are as follows:
| 2024 | 2023 | |
|---|---|---|
| Balance at 1 January of current period | 53,829 | 14,153 |
| Profit for the year | 3,266 | (404) |
| Difference in foreign currency conversion | 2,993 | 37 |
| Dividends to non-controlling interests | – | (9,500) |
| Variations in the perimeter and business combinations (Notes 2.5 and 6) | (44,570) | 49,543 |
| Balance at 31 December of current period | 15,518 | 53,829 |
Summary information on subsidiaries with non-controlling material shareholdings
Below are the main figures of Befesa Zinc Recytech, S.A.S. expressed in thousands of euros.
| Befesa Zinc Recytech, S.A.S. | 2024 | 2023 |
|---|---|---|
| Non-current assets | – | 11,953 |
| Current assets | – | 21,908 |
| Non-current liabilities | – | 2 |
| Current liabilities | – | 6,110 |
| Equity | – | 27,749 |
| Sales | 5,504 | 38,900 |
| Profit before taxes | 1,570 | 10,240 |
| Profit after taxes | 1,183 | 7,959 |
Below are the main figures of Befesa Silvermet Turkey, S.L. and its subsidiaries, expressed in thousands of euros.
| Befesa Silvermet Turkey, S.L. and its subsidiaries | 2024 | 2023 |
|---|---|---|
| Non-current assets | 33,766 | 31,250 |
| Current assets | 13,266 | 9,736 |
| Non-current liabilities | 935 | 5,858 |
| Current liabilities | 13,523 | 13,869 |
| Equity | 32,574 | 21,259 |
| Sales | 29,389 | 19,535 |
| Profit before taxes | 6,575 | (10,404) |
| Profit after taxes | 5,613 | (9,459) |
e) Capital management
The Group’s capital management focuses on achieving a financial structure that optimises the cost of capital while maintaining a solid financial position. This policy reconciles the creation of value for the shareholders, with access to financial markets at a competitive cost in order to cover both debt-refinancing requirements and investment plan financing needs not covered by the funds generated by the business (Note 4.1.d). The Group’s management considers that the leverage ratio (Note 2.6) is a good indicator of the degree to which the objectives set are being achieved.
Notes to the consolidated financial statements as at 31 December 2024 (Thousands of euros) continued
252
Befesa Annual Report 2024
Details of the related line items in the accompanying consolidated statement of financial position as at 31 December 2024 and 2023 are as follows:
| Current maturity | Non-current maturity | Current maturity | Non-current maturity | |
|---|---|---|---|---|
| 2024 | 2024 | 2023 | 2023 | |
| Bank loans and credit facilities | 20,533 | 664,086 | 22,580 | 655,610 |
| Unmatured accrued interest | 4,889 | – | 6,218 | – |
| Finance lease payables (Note 11) | 11,493 | 20,475 | 9,283 | 17,080 |
| Total | 36,915 | 684,561 | 38,081 | 672,690 |
The fair values of borrowings are not materially different from their carrying amounts as the interest payable is close to current market rates.# 15. Financial debt
The main terms and conditions of borrowings are as follows:
| Type | Limit in nominal currency (thousands of currency) | Interest rate | Maturity date | 2024 Current maturity | 2024 Non-current maturity | 2023 Current maturity | 2023 Non-current maturity |
|---|---|---|---|---|---|---|---|
| Facilities agreement | EUR 785,000 | Euribor+2.75% | 2029 | 4,763 | 639,802 | 6,015 | 616,234 |
| Jiangsu | CNY 220,000 | LPR(NBIC)+25 bps | 2026 | 7,271 | 7,253 | 9,264 | 14,011 |
| Henan | CNY 260,000 | LPR(NBIC)+25 bps | 2027 | 6,673 | 17,030 | 4,522 | 22,864 |
| Other | 18,208 | 20,476 | 18,280 | 19,581 | |||
| Total | 36,915 | 684,561 | 38,081 | 672,690 |
At 31 December 2023, the facilities agreement consisted of a €626 million senior secured Term Loan B (TLB) which is a bullet with maturing in July 2026, a €75 million revolving credit facility (RCF) maturing in July 2025, and a €35 million guarantee facility maturing in July 2025.
On 18 July 2024, the Company successfully completed the refinancing of its facilities agreement, which now consists of:
– TLB facility commitment in an amount of €650 million, which is a bullet maturing in July 2029.
– RCF in an amount of €100 million maturing in July 2028.
– A guarantee facility commitment in an amount of €35 million maturing in July 2028.
The Group has analysed whether there is a substantial modification of the conditions and concluded that the original liabilities are not cancelled, as the discounted present value of the cash flows under the new terms decreases by only 0.42% compared to the discounted present value of the remaining cash flows of the original financial liability. However, this modification resulted in the recognition of a finance cost of €0.8 million, as the new future cash flows were discounted at the original effective rate of 2.8%.
Following the 2024 refinancing, the interest rate on the TLB was set at Euribor plus a 2.75% spread, whereas the RCF carried a spread of 2.25% (compared to the previous rates in 2023 of 2.00% and 2.25%, respectively, prior to the refinancing). These spreads could be adjusted downwards to 2.25% in the case of TLB and to 1.75% in the case of the RCF, depending on the ratio of net financial debt/Adjusted EBITDA.
01 Befesa at a glance
02 To Befesa’s shareholders
03 Management report
04 Sustainability
05 Consolidated financial statements
06 Statutory financial statements
07 Additional information
253Befesa Annual Report 2024
The facilities agreement provides a financial covenant based on the net leverage which will not exceed the ratio 4.5:1 for any relevant period. The covenant applies only if the total amount of all drawings under the RCF exceeds 40% of the commitments. At 31 December 2024 and 2023, the RCF has not been drawn and no financial covenant applies.
The facilities agreement was signed by the Parent of the Group (Befesa, S.A.) and has been designed to meet the financing needs of all Group companies. The facilities agreement limits the dividend distribution if any Group company incurs an event of default as defined in the agreement.
In 2020, Befesa closed the financing structure for both plants under construction in China (Jiangsu and Henan). The notional and the rest of the conditions signed are shown in the table above.
At 31 December 2024 and 2023, “Other” mainly includes the short-term financing of Befesa Silvermet İskenderun and debt related to the financial leases. At 31 December 2024, an amount of €100 million was undrawn from the syndicated financing arrangement (2023: €75 million) (Note 4.c).
The evolution of net financial debt during the 2024 and 2023 is as follows:
| Cash and cash equivalents (Note 4) | Other current financial assets (Note 10) | Financial debt (Note 15) | Total Net financial debt | |
|---|---|---|---|---|
| As at 31 December 2022 | (161,751) | (60) | 710,772 | 548,961 |
| Cash flows | 56,355 | – | (20,736) | 35,619 |
| Exchange rate adjustments | (1,296) | – | (373) | (1,669) |
| Other non-monetary movements (*) | – | (11) | 21,108 | 21,097 |
| As at 31 December 2023 | (106,692) | (71) | 710,771 | 604,008 |
| Cash flows | 4,325 | – | (5,683) | (1,358) |
| Exchange rate adjustments | (153) | – | 1,222 | 1,069 |
| Other non-monetary movements (*) | – | 71 | 15,166 | 15,237 |
| As at 31 December 2024 | (102,520) | – | 721,476 | 618,956 |
(*) Other non-monetary movements: mainly due to the impact of the new contracts under IFRS 16.
| 2024 Current maturity | 2024 Non-current maturity | 2023 Current maturity | 2023 Non-current maturity | |
|---|---|---|---|---|
| Payable to asset suppliers | 14,921 | – | 8,385 | – |
| Accounts payable to public authorities (Note 20) | 23,590 | – | 14,103 | – |
| Remuneration payable (Note 18) | 18,840 | – | 19,064 | – |
| Other | 10,189 | 4,908 | 4,088 | 6,707 |
| Total | 67,540 | 4,908 | 45,640 | 6,707 |
“Other” mainly includes the capital grants not yet released to income, amounting to approximately €3.5 million (2023: €3.9 million), and the current financial liabilities related to the last derivative settlements of the year amounting to EUR 6.6 million (2023: €0.0 million).
Notes to the consolidated financial statements as at 31 December 2024 (Thousands of euros) continued
254 Befesa Annual Report 2024
The Group uses derivative financial instruments to hedge the risks to which its activities, operations and future cash flows are exposed, which are mainly risks arising from changes in exchange rates, interest rates and the market price of certain metals, mainly zinc. Details of the balances that reflect the measurement of derivatives in the accompanying consolidated statement of financial position as at 31 December 2024 and 2023 are as follows:
| 2024 | 2023 | |
|---|---|---|
| Cash flow hedges non-current assets | ||
| Swap contracts for zinc | – | 8,796 |
| Interest rate swap | 11,256 | 20,845 |
| Equity swap | – | 880 |
| Total | 11,256 | 30,521 |
| Cash flow hedges current assets | ||
| Swap contracts for zinc | – | 14,138 |
| Foreign currency swap | – | 38 |
| Total | – | 14,176 |
| Total assets | 11,256 | 44,697 |
| Cash flow hedges non-current liabilities: | ||
| Swap contracts for zinc | 12,637 | – |
| Equity swap | 3,570 | – |
| Total | 16,207 | – |
| Cash flow hedges current liabilities: | ||
| Swap contracts for zinc | 26,079 | 2,229 |
| Foreign currency SWAP | 83 | – |
| Total | 26,162 | 2,229 |
| Total liabilities | 42,369 | 2,229 |
Zinc derivative contracts
Details of the tonnes hedged and of the maturity of the related contracts at 31 December 2024 and 2023 are as follows:
| 31 December 2024 | 31 December 2023 | |
|---|---|---|
| 2025 | 2026 and subsequent years | |
| Tonnes | ||
| Hedge (in tonnes) | ||
| Swap contract for zinc | 165,901 | 152,925 |
| Total | 165,901 | 152,925 |
During 2024, Befesa has extended its zinc hedges until and including January 2027 (2023: June 2025).
01 Befesa at a glance
02 To Befesa’s shareholders
03 Management report
04 Sustainability
05 Consolidated financial statements
06 Statutory financial statements
07 Additional information
255Befesa Annual Report 2024
Derivatives are designated to hedge highly probable forecast transactions (sales). The full effect of the hedge is recognised in equity, net of the tax effect, considering its assessment as highly effective hedging instruments. The portion transferred to profit/(loss) each year is recognised under “Revenue” in the income statement at each settlement date.
Interest rate swaps (floating to fixed)
The Company arranged an interest rate swap (“IRS”) in March 2020; the notional amount of the IRSs outstanding at 31 December 2024 and 31 December 2023 totalled €316,000 thousand (Note 4.1), which was classified as a highly effective hedging instrument. The fix interest rate is 0.236%, and the main benchmark floating rate was Euribor. This derivative matures in July 2026.
Equity swap
At the end of the year 2024, the Group has an ongoing equity swap agreement to acquire 293,228 shares. At the end of the year 2023, the Group had formalised an equity swap agreement to acquire 374,588 shares with the same schedule of the compensation plan (Note 24).
Foreign currency cash flow hedges
At 31 December 2024, currency purchase contracts (swaps or forwards) amounted to:
– US dollar sales: USD 21,667 thousand
– US dollar purchases: USD 4,900 thousand
At 31 December 2023, currency purchase contracts (swaps or forwards) amounted to:
– US dollar sales: USD 14,033 thousand
– US dollar purchases: USD 7,873 thousand
Highly probable future hedged transactions denominated in foreign currency are expected to take place on various dates within the next 12 months. The gains and losses recognised in the hedging reserve in equity in connection with forward foreign currency contracts at 31 December 2024 and 2023 are recognised in profit or loss in the year in which the hedged transactions affect the income statement. Gains and losses in equity in respect of currency forwards at 31 December 2024 will be transferred to the income statement over the next 12 months.
Notes to the consolidated financial statements as at 31 December 2024 (Thousands of euros) continued
256 Befesa Annual Report 2024
Details of long-term provisions on the liability side of the accompanying consolidated financial statements and of movements in 2024 and 2023 are as follows:
| Provisions for litigation, pensions and similar obligations | Other provisions for contingencies and charges | Total long-term provisions | |
|---|---|---|---|
| Balance at 31 December 2022 | 9,795 | 8,723 | 18,518 |
| Profit and loss impact | 2,539 | 1,588 | 4,127 |
| Transfers | (3,889) | – | (3,889) |
| Payments | (284) | (73) | (357) |
| Conversion differences | (79) | (267) | (346) |
| Balance at 31 December 2023 | 8,082 | 9,971 | 18,053 |
| Profit and loss impact | (143) | 197 | 54 |
| Transfers | (1,837) | – | (1,837) |
| Payments | (340) | (694) | (1,034) |
| Conversion differences | 345 | 490 | 835 |
| Balance at 31 December 2024 | 6,107 | 9,964 | 16,071 |
Provisions for litigation, pensions and similar obligations
At 31 December 2024, the Group recognised a provision of €2.0 million (2023: €3.1 million) related to the compensation plans described in Note 24. “Transfers” in 2024 and 2023 mainly corresponds to the liability payable in 2025 and 2024, which has been recognised as “Remuneration payable” at 31 December 2024 and 2023. In 2024, the profit and loss impacts are related to a cancellation of a provision for Befesa Holding US, Inc.partially offset by the compensation plans described in Note 24. In 2023, the profit and loss impacts were mainly related to the compensation plans described in Note 24.
Other provisions for contingencies and charges
The Group company Befesa Circular Alloys France, S.A.S. (formerly Befesa Valera, S.A.S.) recognises a provision of approximately €1.9 million at 31 December 2024 and 2023 for the present value of the estimated costs of dismantling the concession for the performance of their activities at the Port of Dunkirk (France) following its termination. In addition, the Group recognised other provisions under “Other provisions for contingencies and charges” to meet liabilities, whether legal or implicit, probable or certain, due to contingencies, ongoing litigations and tax obligations, which arise as the result of past events and are more likely than not to require an outflow of resources embodying economic benefits from the Group to settle the obligation, provided that a reliable estimate can be made of the amount of the obligation.
Befesa Zinc US, Inc. recognises asset retirement obligations linked to its different facilities in the US of €7.0 million at 31 December 2024 (2023: €7.0 million) for the present value of estimated costs. The main asset retirement obligation relates to the ultimate closure of the former Monaca facility .
257
Befesa Annual Report 2024
The Group’s Parent Company, Befesa, S.A., is subject to Luxembourg law (Note 1). Befesa Medio Ambiente, S.L.U. heads the fiscal group of companies subject to Biscay tax regulation. That tax group comprises Befesa Medio Ambiente, S.L.U., MRH Residuos Metálicos, S.L.U., Befesa Aluminio, S.L.U., Befesa Aluminio Comercializadora, S.L.U., Befesa Zinc, S.A.U., Befesa Zinc Comercial, S.A.U., Befesa Zinc Óxido, S.A.U., Befesa Zinc Aser, S.A.U., Befesa Steel R&D, S.L.U., Befesa Zinc Sur, S.L.U. and Befesa Circular Alloys, S.L.U.
The German companies Befesa Zinc Germany GmbH, Befesa Steel Services GmbH, Befesa Zinc Freiberg GmbH and Befesa Zinc Duisburg GmbH file consolidated tax returns under the tax legislation applicable to them in Germany; Befesa Zinc Gravelines, S.A.S. and Befesa Circular Alloys France, S.A.S. file consolidated tax returns under the tax legislation applicable to them in France; the German companies Befesa Salzschlacke GmbH and Befesa Aluminium Germany GmbH file consolidated tax returns under the tax legislation applicable to them in Germany; and in the US, the companies Befesa Holding US, Inc., Befesa Zinc US, Inc., Befesa Zinc Metal, LLC. and Chesnut Ridge Railroad, Corp. file consolidate tax returns under the tax legislation applicable to them in the US. The remaining Group companies file individual income tax returns in accordance with the tax legislation applicable to them.
Group companies subject to Biscay tax legislation, including those that form part of the tax group, generally have open for review by the tax authorities the years that have not become statute-barred, the last four years for income tax and for the main taxes and tax obligations applicable to them, in accordance with current legislation.
Fully consolidated foreign subsidiaries calculate income tax expense and tax charges for the taxes applicable to them in conformity with the legislation of, and at the tax rates in force in, their respective countries (Note 3.19).
Pillar Two legislation has been enacted or substantively enacted in certain jurisdictions in which the Group operates. The legislation is effective for the Group’s financial year beginning 1 January 2024. The Group is in scope of the enacted or substantively enacted legislation and has performed an assessment of the Group’s potential exposure to Pillar Two income taxes. The assessment of the potential exposure to Pillar Two income taxes is based on the most recent tax filings, country-by- country reporting and financial statements for the constituent entities in the Group. Based on the assessment, the Group would meet at least one of the Transitional Safe Harbours tests for the following years (2024–2026) in all the jurisdictions except in France, where a capitalisation of tax loss carry-forwards coming from previous years has been carried out in 2024. Without this impact, the French jurisdiction also would meet at least one of the Transitional Safe Harbours tests. The Group does not expect a material exposure to Pillar Two income taxes in any jurisdiction .
Notes to the consolidated financial statements as at 31 December 2024 (Thousands of euros) continued
258
Befesa Annual Report 2024
The reconciliation of accounting profit/(loss) for the year to income tax expense for the year is as follows:
| 2024 | 2023 | |
|---|---|---|
| Profit/(Loss) before tax from continuing operations | 74,850 | 68,068 |
| Total accounting profit/(loss) before tax | 74,850 | 68,068 |
| Tax charge at the tax rate in force in each territory | (20,253) | (18,251) |
| Tax credits (loss) generated/used in the year and not capitalised | (7,311) | (2,265) |
| Off-balance tax credits recognition | 4,849 | 2,402 |
| Tax credit de-recognition | (2,128) | – |
| Non-deductible expenses and non-computable income (Note 22.3) | 426 | 4,445 |
| Tax deductions generated/(used) in the year | 1,241 | 893 |
| Others | 2,412 | 2,276 |
| Income tax expense | (20,764) | (10,500) |
| – From continuing operations | (20,764) | (10,500) |
2024
Tax credits generated/used in the year and not capitalised mainly corresponds to tax loss carry-forwards generated in US companies. Off-balance tax credits recognition relates mainly to previous year tax loss carry-forwards capitalisation in companies in France.
2023
Non-computable income at 31 December 2023 mainly corresponds to the income from valuing the net asset of Befesa Zinc Recytech, S.A.S. at 31 December 2022 at fair value (Note 22.3) that does not have a tax impact.
The detail of not reflected deferred tax assets and liabilities as of 31 December 2024 and 2023 is as follows:
2024
| Tax loss carry-forwards | Deductions | Temporary differences (assets) | Temporary differences (liabilities) | |
|---|---|---|---|---|
| Befesa, S.A. | 8,908 | – | – | – |
| Befesa Holding US, Inc. | 146,495 | – | 22,607 | 26,272 |
| Befesa Circular Alloys Sweden, AB | 8,343 | – | 53 | 174 |
| Befesa Zinc Environmental Protection Technology (Henan) Co. Ltd | 2,881 | – | – | – |
| Befesa Circular Alloys France, S.A.S. | 279 | – | – | – |
| Others | 1,398 | 600 | 267 | – |
| Total deferred tax | 168,304 | 600 | 22,927 | 26,446 |
2023
| Tax loss carry-forwards | Deductions | Temporary differences (assets) | Temporary differences (liabilities) | |
|---|---|---|---|---|
| Befesa, S.A. | 8,866 | – | – | – |
| Befesa Holding US, Inc. | 129,203 | – | 18,647 | 19,704 |
| Befesa Circular Alloys Sweden, AB | 7,805 | – | – | – |
| Befesa Circular Alloys France, S.A.S. | 4,452 | – | 144 | – |
| Others | 2,321 | 458 | 316 | – |
| Total deferred tax | 152,647 | 458 | 19,107 | 19,704 |
The majority of these tax credits (€155.5 million) expire in 2043 or later (2023: €142.6 million).
Details of deferred tax assets and deferred tax liabilities in the accompanying consolidated financial statements for 2024 and 2023 are as follows:
| 2024 | 2023 | |
|---|---|---|
| Deferred tax assets arising from: | ||
| Tax loss carry-forwards and tax credits and tax relief | 74,148 | 76,793 |
| Revaluation of derivative financial instruments | 8,742 | 272 |
| Other deferred tax assets | 19,292 | 19,643 |
| Total deferred tax assets | 102,182 | 96,708 |
| Deferred tax liabilities arising from: | ||
| Asset revaluation | 43,782 | 44,065 |
| Revaluation of derivative financial instruments | 2,701 | 6,264 |
| Deferred tax liability arising from the tax deductibility of goodwill | 55,454 | 50,801 |
| Other deferred tax liabilities | 8,359 | 12,715 |
| Total deferred tax liabilities | 110,296 | 113,845 |
| 2024 | 2023 | |
|---|---|---|
| Amounts corresponding to deferred tax assets are as follows: | ||
| Deferred tax assets recoverable in more than 12 months | 88,798 | 91,486 |
| Deferred tax assets recoverable within 12 months | 13,384 | 5,222 |
| Total deferred tax assets | 102,182 | 96,708 |
The Directors of the Group companies consider that the tax assets recognised will be offset in the income tax returns of the Group companies taken individually or of the companies forming the consolidated tax group, as appropriate, within the applicable deadlines and limits .
Notes to the consolidated financial statements as at 31 December 2024 (Thousands of euros) continued
259
Befesa Annual Report 2024
Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax assets against current tax liabilities and the deferred tax assets and deferred tax liabilities relate to the income taxes levied by the same tax authority. At 31 December 2024 and 2023, there was no material offset of deferred tax assets and liabilities.
The Group recognises deferred tax assets, tax loss carry-forwards and unused tax credits and tax relief to the extent that their future realisation or utilisation is sufficiently assured.
260
Befesa Annual Report 2024# 19. Income tax
Details of tax receivables and tax payables on the asset and liability sides, respectively, of the accompanying consolidated statement of financial position as at 31 December 2024 and 2023 are as follows:
| 2024 | 2023 | |
|---|---|---|
| Receivable (Note 13) | Payable (Note 16) | |
| VAT | 8,420 | 7,232 |
| Withholdings and interim payments | 198 | 919 |
| Corporate income tax | 1,200 | 11,968 |
| Social security | 11 | 2,696 |
| Other | 658 | 775 |
| Total | 10,487 | 23,590 |
“Accounts payable to public authorities” on the liability side of the accompanying consolidated financial statements includes the liability relating to applicable taxes, mainly personal income tax withholdings, VAT and projected income tax relating to the profit for each year, mainly net of tax withholdings and pre-payments made each year.
At 31 December 2024 and 2023, a number of Group companies had provided guarantees for an overall amount of approximately €71.9 million (31 December 2023: €74.0 million) to guarantee their operations vis-à-vis customers, banks, government agencies and other third parties. The Group has contingent liabilities for litigation arising in the ordinary course of business from which no significant liabilities are expected to arise other than those for which provisions have already been recognised. In November 2021, a fire broke out at the plant in Hanover (Germany) belonging to the subsidiary Befesa Salzschlacke GmbH. Because of this fire, some parts of the plant were seriously damaged and have consequently been amortised. The insurance policy in place fully covers the damage caused, so the Group recognised an income of €4,065 thousand in 2023 under “Other operating income” (Note 22.3). In 2024, the Group has not recognised any income related to this incident and at 31 December 2024, the Group has no outstanding amounts to collect under “Other receivables” (2023: €2,280 thousand).
Notes to the consolidated financial statements as at 31 December 2024 (Thousands of euros) continued
Details of revenues by category for 2024 and 2023 are as follows:
| 2024 | % | 2023 | % | |
|---|---|---|---|---|
| Steel Dust | 825,550 | 67% | 785,575 | 67% |
| – Sale of WOX and other metals | 541,882 | 44% | 480,778 | 41% |
| – Service fees | 83,527 | 7% | 101,270 | 9% |
| – Smelting: sale of metals and by–products (Note 6) | 341,334 | 28% | 326,935 | 28% |
| – Eliminations (*) | (141,193) | (123,408) | ||
| Salt Slags | 105,874 | 9% | 86,318 | 7% |
| – Sale of aluminium concentrates and melting salt | 62,947 | 5% | 51,903 | 4% |
| – Fees for recycling salt slags and SPL | 42,927 | 3% | 34,415 | 3% |
| Secondary Aluminium | 367,296 | 30% | 360,228 | 31% |
| – Sale of secondary aluminium alloys | 342,717 | 28% | 333,157 | 28% |
| – Technology division and others | 24,579 | 2% | 27,071 | 2% |
| Corporate, other minor eliminations | (59,690) | (51,521) | ||
| Total | 1,239,030 | 1,180,600 |
(*) Eliminations in the Steel Dust segment correspond to the elimination of sales between Befesa Zinc US, Inc. and Befesa Zinc Metal, Inc., as Befesa Zinc US, Inc. sells 100% of its production to Befesa Zinc Metal, Inc., which processes WOX and transforms it into SHG zinc. The Group discloses revenue by reporting segment and geographical area in Note 5.
Details of procurements in the consolidated income statement for 2024 and 2023 are as follows:
| 2024 | 2023 | |
|---|---|---|
| Cost of raw materials and other supplies used | 579,595 | 578,482 |
| Changes in goods held for resale, raw materials and other inventories | (4,311) | (209) |
| 575,284 | 578,273 |
Details of other operating income in the consolidated income statement for 2024 and 2023 are as follows:
| 2024 | 2023 | |
|---|---|---|
| In-house work on non-current assets (Note 3.6) | 68 | 2,055 |
| Income from income-related grants | 1,680 | 6,269 |
| Gain on business combination (Note 6) | – | 20,498 |
| Other operating income (Note 21) | 1,283 | 4,065 |
| Services | 4,381 | 4,214 |
| Total | 7,412 | 37,101 |
Notes to the consolidated financial statements as at 31 December 2024 (Thousands of euros) continued
Details of personnel expenses in the consolidated income statement for 2024 and 2023 are as follows:
| 2024 | 2023 | |
|---|---|---|
| Wages and salaries | 112,243 | 114,749 |
| Employer’s social security contributions | 19,240 | 18,250 |
| Other welfare costs | 13,840 | 13,279 |
| Total | 145,323 | 146,278 |
Of the Group’s average headcount in 2024, 218 employees had temporary employment contracts (2023: 214 employees). The number of employees at the 2024 and 2023 year-end, by gender, was as follows:
| 2024 | 2023 | |||
|---|---|---|---|---|
| Male | Female | Male | Female | |
| Management | 43 | 8 | 45 | 7 |
| Experts | 153 | 69 | 165 | 41 |
| Professionals | 313 | 66 | 291 | 100 |
| Operators and assistants | 1,068 | 64 | 1,073 | 68 |
| Total | 1,577 | 207 | 1,574 | 216 |
| 2024 | 2023 | |
|---|---|---|
| External services | 300,814 | 287,698 |
| Taxes other than income tax | 6,893 | 6,595 |
| Other current operating expenses | 9,313 | 10,197 |
| Total | 317,020 | 304,490 |
| 2024 | 2023 | |
|---|---|---|
| Amortisation of intangible assets (Note 8) | 2,503 | 2,126 |
| Depreciation of property, plant and equipment (Note 9) | 68,640 | 66,532 |
| Amortisation of right-of-use assets (Note 11) | 12,224 | 12,006 |
| Other | 8,336 | 1,505 |
| Total | 91,703 | 82,169 |
The breakdown of this balance in the 2024 and 2023 consolidated income statements is as follows:
| 2024 | 2023 | |
|---|---|---|
| Interest expense | 39,768 | 35,786 |
| Other finance costs | 6,945 | 3,208 |
| Losses of fair value of financial assets measured at fair value through profit or loss (Note 6) | – | 35 |
| Total | 46,713 | 39,029 |
In 2024, an interest rate swap settlement accrued €11,181 thousand of finance income (2023: €9,336 thousand). Other finance costs include €4,450 thousand related to the fair value of the equity swap (Note 17) (2023: €0 thousand).
Remuneration in the total amount of €5,768 thousand was accrued in 2024 to the members of the Parent Company’s Board of Directors (including Executive Members of the Board of Directors) for discharging their duties in Group companies (2023: €8,106 thousand). Also, as at 31 December 2024 and 2023 and during the year then ended, the Parent Company had not granted any loans, advances or other benefits to its former or current Directors. In addition, the Parent Company did not have any pension or guarantee obligations with any current members of the Board of Directors.
In 2024 and 2023, there were no transactions with senior executives outside the normal course of business. In January 2018, the Parent Company approved a compensation plan for certain members of the Group’s management. This compensation plan was linked to the evolution of certain key indicators determined in the agreement (cumulative EBIT and/ or EBITDA; cumulative cash flow; return on inputs of strategic projects; and EHS environment, health and safety, and governance as strategic initiatives). The plan consists of four tranches of three years each, from January 2018 to January 2021, and considers 89,107 shares per tranche.The agreed remuneration plan is conditioned to the continuation of the beneficiaries as senior management and managers of the Group. The agreed remuneration related to the fourth and third tranche was paid in 2024 and 2023 for the amounts of €3.4 million and €5.8 million, respectively. In 2022, the Parent Company approved another compensation plan for certain members of the Group’s management. This compensation plan was linked to the evolution of certain key indicators determined in the agreement (cumulative EBITDA; cumulative cash flow; ESG targets; and share price development). The plan consists of four tranches of three years each, from January 2022 to January 2025, and considers 82,392 shares per tranche. The agreed remuneration plan is conditioned to the continuation of the beneficiaries as senior management and managers of the Group. The main assumptions correspond to the estimation of the degree of achievement of the key indicators and the fair value of the shares. In this regard, in 2024 the Group’s Directors estimate a degree of achievement of these indicators of 75% for the fifth tranche and 100% for the remaining tranches using the market value of Befesa, S.A. shares at 31 December 2024, as a reference. In 2023, the Group’s Directors estimate a degree of achievement of these indicators of 100% for all tranches, taking as reference the market value of Befesa, S.A. shares at 31 December 2023. On 26 April 2021, the Board of Directors of the Company granted a Transformational Growth Incentive Plan (TGIP) incentivising a transformational acquisition opportunity. This TGIP is linked to the evolution of the share price, consisting of 187,500 shares that can be executed 1/3 in 2021, 1/3 in 2022 and the last 1/3 in 2023. The first 1/3 was paid in 2021 for an amount of €4.4 million, the second 1/3 was paid in 2022 for an amount of €2.7 million, and the third 1/3 was paid in 2023 for an amount of €1.6 million.
The Parent Company and its subsidiaries maintain their production facilities in such a way as to meet the standards established by the environmental legislation of the countries in which the facilities are located. Property, plant and equipment include investments made in assets intended to minimise the environmental impact and protect and improve the environment (Note 1).
Fees corresponding to services rendered by KPMG Audit S.à.r.l. and network firms for the years ended 31 December 2024 and 2023, irrespective of the invoice date, are as follows:
| Thousands of euros | 2024 | 2023 |
|---|---|---|
| Audit services | 1,057 | 783 |
| Tax services | 8 | 16 |
| Other services | 204 | 47 |
| 1,269 | 846 |
| 2024 | 2023 | |
|---|---|---|
| From continuing operations attributable to the ordinary equity holders of the Company | 1.27 | 1.45 |
| From discontinued operations | – | – |
| Total basic earnings/(losses) per share attributable to the ordinary equity holders of the Company | 1.27 | 1.45 |
As at 31 December 2024 and 2023, there are no differences between basic and diluted earnings/(losses) per share.
| Thousands of euros | 2024 | 2023 |
|---|---|---|
| Profit/(Loss) for the year from continuing operations | 54,086 | 57,568 |
| Less non-controlling interests from continuing operations | (3,266) | 404 |
| Profit/(Loss) from continuing operations attributable to the ordinary equity holders of the Company | 50,820 | 57,972 |
| Profit/(Loss) attributable to the ordinary equity holders of the Company used in calculating basic and diluted earnings per share | 50,820 | 57,972 |
| Number in thousand | 2024 | 2023 |
|---|---|---|
| Weighted average number of ordinary shares used as the denominator in calculating basic earnings per share (Note 14) | 40,000 | 40,000 |
As at 31 December 2024 and 2023, there are no financial instruments or other contracts that might have a significant dilutive effect on the calculation of earnings per share.
On 19 March 2025, Befesa repriced its TLB, reducing its interest rate by 50 bps to Euribor +225 bps with a floor of 0%. The facility’s long-term July 2029 maturity date and all other contractual terms remain unchanged.
| Thousands of euros (31/12/2024) | Entity | Country | Activity | % interest | Auditor | Capital | Reserves | Translation differences | Results | Interim dividend |
|---|---|---|---|---|---|---|---|---|---|---|
| Subsidiaries: | ||||||||||
| Befesa Medio Ambiente, S.L.U. | Spain | Holding | 100% | KPMG | 150,003 | 820,038 | – | 116,526 | – | |
| Befesa Management Services GmbH | Germany | Holding | 100% | KPMG | 25 | 2,458 | (30) | 263 | – | |
| MRH Residuos Metálicos, S.L.U. | Spain | Holding | 100% | (1) | 15,600 | 13,679 | – | 57,607 | (53,000) | |
| Befesa Salzschlacke GmbH | Germany | Aluminium waste treatment | 100% | KPMG | 25 | 3,843 | – | 1,673 | – | |
| Befesa Aluminium Germany GmbH | Germany | Aluminium waste treatment | 100% | KPMG | 25 | 303 | – | – | – | |
| Befesa Aluminio, S.L.U. | Spain | Recovery of metals | 100% | KPMG | 4,767 | 64,150 | – | 11,383 | – | |
| Befesa Aluminio Comercializadora, S.L. | Spain | Marketing company | 100% | (1) | 90 | 21 | – | – | – | |
| Befesa Zinc, S.A.U. | Spain | Holding | 100% | KPMG | 25,010 | 498,176 | – | 63,619 | (60,000) | |
| Befesa Zinc Comercial, S.A. (Sociedad Unipersonal) | Spain | Sale of recycled waste | 100% | KPMG | 60 | 7,529 | – | 325 | – | |
| Befesa Zinc Aser, S.A. (Sociedad Unipersonal) | Spain | Recovery of metals | 100% | KPMG | 4,260 | 7,153 | – | 46,024 | (40,850) | |
| Befesa Zinc Sur, S.L. (Sociedad Unipersonal) | Spain | Recovery of metals | 100% | (1) | 605 | 202 | – | (3) | – | |
| Befesa Zinc Óxido, S.A. (Sociedad Unipersonal) | Spain | Recovery of metals | 100% | KPMG | 1,102 | 5,364 | – | 564 | – | |
| Befesa Steel R&D, S.L. (Sociedad Unipersonal) | Spain | Development of projects and technology innovation | 100% | (1) | 3 | 797 | – | 59 | – | |
| Befesa Circular Alloys, S.L.U. | Spain | Holding | 100% | (1) | 3 | 14,512 | – | 5,924 | – | |
| Befesa Circular Alloys France, S.A.S. | France | Recovery of metals | 100% | KPMG | 4,000 | 1,206 | – | 3,096 | – | |
| Befesa Circular Alloys Sweden, AB | Sweden | Recovery of metals | 100% | KPMG | 5,309 | 2,895 | (351) | (3,236) | – | |
| Befesa Silvermet Turkey, S.L. | Spain | Holding | 53.60% | (1) | 9,175 | 740 | – | (111) | – | |
| Befesa Silvermet İskenderun Çelik Tozu Geri Dönüşümü, A.S. | Turkey | Recovery of metals | 100% | E&Y | 5,707 | 42,185 | (30,467) | 5,914 | – | |
| Befesa Silvermet Dış Ticaret, A.S. | Turkey | Recovery of metals | 100% | (1) | 2,674 | 4,923 | (4,987) | 874 | – | |
| Befesa Zinc Germany GmbH | Germany | Holding | 100% | (1) | 25 | 552,394 | – | 20,059 | (20,000) | |
| Befesa Steel Services GmbH | Germany | Sales and logistics | 100% | KPMG | 2,045 | 68,004 | – | (28) | – | |
| Befesa Zinc Duisburg GmbH | Germany | Recovery of metals | 100% | KPMG | 5,113 | 14,083 | – | 38 | – | |
| Befesa Zinc Korea Co., Ltd. | South Korea | Recovery of metals | 100% | KPMG | 17,015 | 20,756 | (4,200) | 7,052 | – | |
| Befesa Pohang Co., Ltd. | South Korea | Recovery of metals | 100% | KPMG | 1,770 | 5,883 | (1,150) | 1,422 | – | |
| Befesa Zinc Freiberg GmbH & Co. KG | Germany | Recovery of metals | 100% | KPMG | 1,000 | 12,628 | – | 245 | – | |
| Befesa Zinc Environmental Protection Technology (Jiangsu) Co., Ltd. | China | Recovery of metals | 100% | KPMG | 21,407 | (9,877) | 799 | (1,828) | – | |
| Befesa (China) Investment Co., Ltd. | China | Holding | 100% | KPMG | 18,825 | (1,084) | 236 | 187 | – | |
| Befesa Zinc Environmental Protection Technology (Henan) Co., Ltd. | China | Recovery of metals | 100% | KPMG | 17,890 | (6,197) | (11) | (7,751) | – | |
| Befesa Zinc Gravelines S.A.S. | France | Waelz oxide treatment | 100% | KPMG | 8,000 | 327 | – | 395 | – | |
| Befesa Holding US, Inc. | US | 100% | (1) / (2) | 549,152 | (798) | 32,044 | 21,150 | – | ||
| Befesa Zinc US, Inc. | US | Waelz oxide treatment | 100% | (1) / (2) | 107,466 | (37,306) | (9,708) | (48,275) | – | |
| Befesa Zinc Metal, Inc. | US | Zinc refining | 100% | (1) | 6,240 | 3,718 | – | 14,762 | – | |
| Befesa Zinc Recytech, S.A.S. (3) | France | Recovery of metals | 100% | Deloitte | ||||||
| (1) Companies not subject to statutory audit | ||||||||||
| (2) Audit for Group audit purposes by KPMG | ||||||||||
| (3) Name changed in 2024 from Recytech, S.A. to Befesa Zinc Recytech, S.A.S. |
| Thousands of euros (31/12/2023) | Entity | Country | Activity | % interest | Auditor | Capital | Reserves | Translation differences | Results | Interim dividend |
|---|---|---|---|---|---|---|---|---|---|---|
| Subsidiaries: | ||||||||||
| Befesa Medio Ambiente, S.L.U. | Spain | Holding | 100% | KPMG | 150,003 | 803,745 | – | 51,582 | – | |
| Befesa Management Services GmbH | Germany | Holding | 100% | KPMG | 25 | 2,191 | (30) | 267 | – | |
| MRH Residuos Metálicos, S.L.U. | Spain | Holding | 100% | (1) | 15,600 | 14,997 | – | (1,318) | – | |
| Befesa Salzschlacke GmbH | Germany | Aluminium waste treatment | 100% | KPMG | 25 | 22,192 | – | 9,651 | – | |
| Befesa Aluminium Germany GmbH | Germany | Aluminium waste treatment | 100% | KPMG | 25 | 303 | – | – | – | |
| Befesa Aluminio, S.L.U. | Spain | Recovery of metals | 100% | KPMG | 4,767 | 79,285 | – | 14,957 | – | |
| Befesa Aluminio Comercializadora, S.L. | Spain | Marketing company | 100% | (1) | 90 | 21 | – | – | – | |
| Befesa Zinc, S.A.U. | Spain | Holding | 100% | KPMG | 25,010 | 413,275 | – | 43,901 | (39,000) | |
| Befesa Zinc Comercial, S.A. | Spain | Sale of recycled waste | 100% |
| Entity | Country | Activity | % interest | Auditor | Capital | Reserves | Translation differences | Results | Interim dividend |
|---|---|---|---|---|---|---|---|---|---|
| Befesa Zinc Aser, S.A. (Sociedad Unipersonal) | Spain | Sale of recycled waste | 100% | KPMG | 60 | 7,105 | – | 424 | – |
| Befesa Zinc Aser, S.A. (Sociedad Unipersonal) | Spain | Recovery of metals | 100% | KPMG | 4,260 | 15,376 | – | 33,451 | (30,800) |
| Befesa Zinc Sur, S.L. (Sociedad Unipersonal) | Spain | Recovery of metals | 100% (1) | 605 | 206 | – | (3) | – | |
| Befesa Zinc Óxido, S.A. (Sociedad Unipersonal) | Spain | Recovery of metals | 100% | KPMG | 1,102 | 6,113 | – | (749) | – |
| Befesa Steel R&D, S.L. (Sociedad Unipersonal) | Spain | Development of projects and technology innovation | 100% | (1) | 3 | 787 | – | 10 | – |
| Befesa Circular Alloys, S.L.U. (3) | Spain | Holding | 100% | (1) | 3 | 10,342 | – | 10,169 | – |
| Befesa Circular Alloys France, S.A.S. (4) | France | Recovery of metals | 100% | KPMG | 4,000 | (154) | – | 7,241 | – |
| Befesa Circular Alloys Sweden, AB (5) | Sweden | Recovery of metals | 100% | KPMG | 5,309 | (3,956) | (261) | 1,600 | – |
| Befesa Silvermet Turkey, S.L., Spain | Spain | Holding | 53.60% | (1) | 9,175 | 800 | – | (60) | 270 |
| Befesa Silvermet İskenderun Çelik Tozu Geri Dönüşümü, A.S. | Turkey | Recovery of metals | 100% | E&Y | 4,968 | 46,260 | (29,103) | (9,851) | – |
| Befesa Silvermet Dış Ticaret, A.S. | Turkey | Recovery of metals | 100% | (1) | 2,035 | 4,060 | (4,758) | 452 | – |
| Befesa Zinc Germany GmbH | Germany | Holding | 100% | KPMG | 25 | 430,14 | 4 | 12,250 | (15,000) |
| Befesa Steel Services GmbH | Germany | Sales and logistics | 100% | KPMG | 2,045 | 67,970 | – | 33 | – |
| Befesa Zinc Duisburg GmbH | Germany | Recovery of metals | 100% | KPMG | 5,113 | 17,207 | – | (53) | – |
| Befesa Zinc Korea Co., Ltd. | South Korea | Recovery of metals | 100% | KPMG | 17,015 | 34,798 | (1,448) | (505) | – |
| Befesa Pohang Co., Ltd. | South Korea | Recovery of metals | 100% | KPMG | 1,770 | 3,827 | (646) | 2,061 | – |
| Befesa Zinc Freiberg GmbH & Co. KG | Germany | Recovery of metals | 100% | KPMG | 1,000 | 18,118 | – | 200 | – |
| Befesa Zinc Environmental Protection Technology (Jiangsu) Co., Ltd. | China | Recovery of metals | 100% | KPMG | 21,407 | (5,896) | 426 | (3,982) | – |
| Befesa (China) Investment Co, Ltd. | China | Holding | 100% | KPMG | 18,825 | (422) | 228 | (662) | – |
| Befesa Zinc Environmental Protection Technology (Henan) Co., Ltd. | China | Recovery of metals | 100% | KPMG | 17,890 | (1,034) | (209) | (5,163) | – |
| Befesa Zinc Gravelines S.A.S. | France | Waelz oxide treatment | 100% | KPMG | 8,000 | 273 | – | 1,677 | – |
| Befesa Holding US, Inc. | US | ||||||||
| Befesa Zinc US, Inc. | US | Waelz oxide treatment | 100% (1)/(2) | 424,152 | 22,345 | (494) | (1,725) | – | |
| Befesa Zinc Metal, Inc. | US | Zinc refining | 100% (1)/(2) | 107,466 | (15,490) | (11,464) | (21,055) | – | |
| Recytech, S.A. | France | Recovery of metals | 50% | Deloitte | 6,240 | 13,450 | – | 7,960 | – |
(1) Companies not subject to statutory audit
(2) Audit for Group audit purposes by Grant Thornton
(3) Name changed in 2023 from Befesa Stainless Recycling, S.L. to Befesa Circular Alloys, S.L.U.
(4) Name changed in 2023 from Befesa Valera, S.A.S. to Befesa Circular Alloys France, S.A.S.
(5) Name changed in 2023 from Befesa ScanDust AB to Befesa Circular Alloys Sweden, AB.
01 Befesa at a glance
02 To Befesa’s shareholders
03 Management report
04 Sustainability
05 Consolidated financial statements
06 Statutory financial statements
07 Additional information
271Befesa Annual Report 2024
Javier Molina
Executive Chair
Asier Zarraonandia
Chief Executive Officer
Rafael Pérez Gómez
Chief Financial Officer
We, Javier Molina Montes, Asier Zarraonandia Ayo and Rafael Pérez Gómez, respectively Executive Chair, Chief Executive Officer and Chief Financial Officer, confirm, to the best of our knowledge, that:
Luxembourg, 29 April 2025
KPMG Audit S.à r.l.
Tel: +352 22 51 51
1 39, Avenue John F. Kennedy
Fax: +352 22 51 71
L-1855 Luxembourg
E-mail: [email protected]
Internet: www.kpmg.lu
©2025 KPMG Audit S.à r.l., a Luxembourg entity and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.
R.C.S Luxembourg B 149133
To the Shareholders of Befesa S.A.
68 -70, Boulevard de la Pétrusse
L -2320 Luxembourg
Luxembourg
REPORT OF THE REVISEUR D’ENTREPRISES AGREE
Report on the audit of the consolidated financial statements
Opinion
We have audited the consolidated financial statements of Befesa S.A. and its subsidiaries (the "Group"), which comprise the consolidated statement of financial position as at 31 December 2024, and the consolidated income statement, the consolidated statement of comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the year then ended, and notes to the consolidated financial statements, including material accounting policy information and other explanatory information.
In our opinion, the accompanying consolidated financial statements give a true and fair view of the consolidated financial position of the Group as at 31 December 2024, and its consolidated financial performance and its consolidated cash flows for the year then ended in accordance with IFRS Accounting Standards as adopted by the European Union.
Basis for opinion
We conducted our audit in accordance with the EU Regulation N° 537/2014, the Law of 23 July 2016 on the audit profession (the “Law of 23 July 2016”) and with International Standards on Auditing (“ISAs”) as adopted for Luxembourg by the Commission de Surveillance du Secteur Financier (the “CSSF”). Our responsibilities under the EU Regulation N° 537/2014, the Law of 23 July 2016 and ISAs as adopted for Luxembourg by the CSSF are further described in the « Responsibilities of “réviseur d'entreprises agréé” for the audit of the consolidated financial statements » section of our report.
We are also independent of the Group in accordance with the International Code of Ethics for Professional Accountants, including International Independence Standards, issued by the International Ethics Standards Board for Accountants (“IESBA Code”) as adopted for Luxembourg by the CSSF together with the ethical requirements that are relevant to our audit of the consolidated financial statements, and have fulfilled our other ethical responsibilities under those ethical requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Key audit matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated financial statements of the current period. These matters were addressed in the context of the audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
Responsibilities of the Board of Directors and Those Charged with Governance for the consolidated financial statements
The Board of Directors is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with IFRS Accounting Standards as adopted by the European Union, and for such internal control as the Board of Directors determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.
The Board of Directors is responsible for presenting and marking up the consolidated financial statements in compliance with the requirements set out in the Delegated Regulation 2019/815 on European Single Electronic Format (“ESEF Regulation”). In preparing the consolidated financial statements, the Board of Directors is responsible for assessing the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.
Those charged with governance are responsible for overseeing the Group’s financial reporting process.
Responsibilities of the “réviseur d’entreprises agréé” for the audit of the consolidated financial statements
The objectives of our audit are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a report of the “réviseur d’entreprises agréé” that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the EU Regulation N° 537/2014, the Law of 23 July 2016 and with ISAs as adopted for Luxembourg by the CSSF will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements.
Our responsibility is to assess whether the consolidated financial statements have been prepared in all material respects with the requirements laid down in the ESEF Regulation.# REPORT OF THE REVISEUR D’ENTREPRISES AGREE
We have audited the consolidated financial statements of Befesa S.A. and its subsidiaries (the "Group"), which comprise the consolidated statement of financial position as at 31 December 2024, and the consolidated income statement, the consolidated statement of comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the year then ended, and notes to the consolidated financial statements, including material accounting policy information and other explanatory information.
In our opinion, the accompanying consolidated financial statements give a true and fair view of the consolidated financial position of the Group as at 31 December 2024, and its consolidated financial performance and its consolidated cash flows for the year then ended in accordance with IFRS Accounting Standards as adopted by the European Union.
We conducted our audit in accordance with the EU Regulation N° 537/2014, the Law of 23 July 2016 on the audit profession (the “Law of 23 July 2016”) and with International Standards on Auditing (“ISAs”) as adopted for Luxembourg by the Commission de Surveillance du Secteur Financier (the “CSSF”). Our responsibilities under the EU Regulation N° 537/2014, the Law of 23 July 2016 and ISAs as adopted for Luxembourg by the CSSF are further described in the « Responsibilities of “réviseur d'entreprises agréé” for the audit of the consolidated financial statements » section of our report.
We are also independent of the Group in accordance with the International Code of Ethics for Professional Accountants, including International Independence Standards, issued by the International Ethics Standards Board for Accountants (“IESBA Code”) as adopted for Luxembourg by the CSSF together with the ethical requirements that are relevant to our audit of the consolidated financial statements, and have fulfilled our other ethical responsibilities under those ethical requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated financial statements of the current period. These matters were addressed in the context of the audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
a) Why the matter was considered to be one of the most significant in our audit of the consolidated financial statements of the current period
On 17 August 2021, the Group, through Befesa Holding US, Inc, acquired a 100% interest in American Zinc Recycling Corp. (currently Befesa Zinc US, Inc). Befesa Zinc US, Inc has its registered office in Pittsburgh, Pennsylvania and its principal activity is providing electric arc furnace steel dust (EAFD) recycling services. The main reason for the business combination was to enter the US market and become a global leader in steel dust recycling.
As a result of the business combination, a goodwill of EUR 228,674 thousand resulting from the excess of net assets acquired over the cost of acquisition arose on the date of acquisition. As of 31 December 2024, the goodwill from Befesa Zinc US, Inc. is EUR 258,929 thousand, which represents 40.1% of the total goodwill amount of Befesa S.A..
We identified the goodwill from Befesa Zinc US, Inc., and particularly the recoverability of the asset as a key audit matter because of its significance to the consolidated financial statements, being Befesa Zinc US, Inc. a relatively recent cash generating unit acquired and because of the significant judgement of the management and estimation required in performing the valuation analysis which could be subject to error or potential management bias.
b) How the matter was addressed in our audit
Our procedures concerning the valuation of Befesa Zinc US, Inc goodwill included, but were not limited to, the following:
The Board of Directors is responsible for the other information. The other information comprises the information stated in the consolidated annual report including the management report and the Corporate Governance Statement but does not include the consolidated financial statements and our report of the “réviseur d'entreprises agréé” thereon. Our opinion on the consolidated financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the consolidated financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the consolidated financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report this fact. We have nothing to report in this regard.
The Board of Directors is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with IFRS Accounting Standards as adopted by the European Union, and for such internal control as the Board of Directors determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.
The Board of Directors is responsible for presenting and marking up the consolidated financial statements in compliance with the requirements set out in the Delegated Regulation 2019/815 on European Single Electronic Format (“ESEF Regulation”).
In preparing the consolidated financial statements, the Board of Directors is responsible for assessing the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.
Those charged with governance are responsible for overseeing the Group’s financial reporting process.
The objectives of our audit are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a report of the “réviseur d'entreprises agréé” that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the EU Regulation N° 537/2014, the Law of 23 July 2016 and with ISAs as adopted for Luxembourg by the CSSF will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements.
As part of an audit in accordance with the EU Regulation N° 537/2014, the Law of 23 July 2016 and with ISAs as adopted for Luxembourg by the CSSF, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
Our responsibility is to assess whether the consolidated financial statements have been prepared in all material respects with the requirements laid down in the ESEF Regulation. As part of an audit in accordance with the EU Regulation N° 537/2014, the Law of 23 July 2016 and with ISAs as adopted for Luxembourg by the CSSF, we exercise professional judgment and maintain professional skepticism throughout the audit.
We also:
— Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
— Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s internal control.
— Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.
— Conclude on the appropriateness of the Board of Directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our report of the “réviseur d’entreprises agréé” to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our report of the “réviseur d’entreprises agréé”. However, future events or conditions may cause the Group to cease to continue as a going concern.
— Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
— Obtain sufficient appropriate audit evidence regarding the financial information of the entities and business activities within the Group to express an opinion on the consolidated financial statements.
We are responsible for the direction, supervision and performance of the Group audit. We remain solely responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats or safeguards applied.
From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the consolidated financial statements of the current period and are therefore the key audit matters. We describe these matters in our report unless law or regulation precludes public disclosure about the matter.
We have been appointed as “réviseur d’entreprises agréé” by the Shareholders on 20 June 2024 and the duration of our uninterrupted engagement, including previous renewals and reappointments, is 6 years.
The consolidated management report is consistent with the consolidated financial statements and has been prepared in accordance with applicable legal requirements. We confirm that the prohibited non-audit services referred to in the EU Regulation N° 537/2014 were not provided and that we remained independent of the Group in conducting the audit.
We have checked the compliance of the consolidated financial statements of the Group as at 31 December 2024 with relevant statutory requirements set out in the ESEF Regulation that are applicable to consolidated financial statements. For the Group it relates to:
— consolidated financial statements prepared in a valid xHTML format;
In our opinion, the consolidated financial statements of Befesa S.A. as at 31 December 2024, identified as 222100VXGA8L6J4ZWG61-2024-12-31-0-en.zip, have been prepared, in all material respects, in compliance with the requirements laid down in the ESEF Regulation.
Our audit report only refers to the consolidated financial statements of Befesa S.A. as at 31 December 2024, identified as 222100VXGA8L6J4ZWG61-2024-12-31-0-en.zip, prepared and presented in accordance with the requirements laid down in the ESEF Regulation, which is the only authoritative version
Luxembourg, 29 April 2025
KPMG Audit S.à r.l.
Cabinet de révision agréé
Stephan Lego-Deiber
01 Befesa at a glance
02 To Befesa’s shareholders
03 Management report
04 Sustainability
05 Consolidated financial statements
06 Statutory financial statements
07 Additional information
277
Befesa Annual Report 2024
278
Befesa Annual Report 2024
Befesa Annual Report 2024
279
01 Befesa at a glance
02 To Befesa’s shareholders
03 Management report
04 Sustainability
05 Consolidated financial statements
06 Statutory financial statements
07 Additional information
Balance sheet for the year ended 31 December 2024
(Expressed in euros)
| Note(s) | 2024 | 2023 |
|---|---|---|
| Assets | ||
| A. Subscribed capital unpaid | ||
| I. Subscribed capital not called | ||
| II. Subscribed capital called but unpaid | ||
| B. Formation expenses | 3 | 1,063,163.00 |
| C. Fixed assets | 1,247,026,151.00 | |
| I. Intangible assets | ||
| 1. Costs of development | ||
| 2. Concessions, patents, licences, trademarks and similar rights and assets, if they were | ||
| a) acquired for valuable consideration and need not be shown under C.I.3 | ||
| b) created by the undertaking itself | ||
| 3. Goodwill, to the extent that it was acquired for valuable consideration | ||
| 4. Payments on account and intangible assets under development | ||
| II. Tangible assets | ||
| 1. Land and buildings | ||
| 2. Plant and machinery | ||
| 3. Other fixtures and fittings, tools and equipment | ||
| 4. Payments on account and tangible assets in the course of construction | ||
| III. Financial assets | 4 | 1,247,026,151.00 |
| 1. Shares in affiliated undertakings | 597,026,151.00 | |
| 2. Loans to affiliated undertakings | 650,000,000.00 | |
| 3. Participating interests | ||
| 4. Loans to undertakings with which the undertaking is linked by virtue of participating interests | ||
| 5. Investments held as fixed assets | ||
| 6. Other loans | ||
| D. Current assets | 4,591,788.00 | |
| I. Stocks | ||
| 1. Raw materials and consumables | ||
| 2. Work in progress | ||
| 3. Finished goods and goods for resale | ||
| 4. Payments on account | ||
| II. Debtors | 5 | 4,566,283.00 |
| 1. Trade debtors | ||
| a) becoming due and payable within one year | ||
| b) becoming due and payable after more than one year | ||
| 2. Amounts owed by affiliated undertakings | 4,566,283.00 | |
| a) becoming due and payable within one year | 5.1 | 4,185,685.00 |
| b) becoming due and payable after more than one year | 5.2 | 380,598.00 |
| 3. Amounts owed by undertakings with which the undertaking is linked by virtue of participating interests | ||
| a) becoming due and payable within one year | ||
| b) becoming due and payable after more than one year | ||
| 4. Other debtors | ||
| a) becoming due and payable within one year | ||
| b) becoming due and payable after more than one year | ||
| III. Investments | ||
| 1. Shares in affiliated undertakings | ||
| 2. Own shares | ||
| 3. Other investments | ||
| IV. Cash at bank and in hand | 25,505.00 | |
| E. Prepayments | 6 | 5,415,009.00 |
| TOTAL (ASSETS) | 1,258,096,111.00 |
281
Befesa Annual Report 2024
01 Befesa at a glance
02 To Befesa’s shareholders
03 Management report
04 Sustainability
05 Consolidated financial statements
06 Statutory financial statements
07 Additional information
CAPITAL, RESERVES AND LIABILITIES
| Note(s) | 2024 | 2023 |
|---|---|---|
| A Capital and reserves | 7 | 598,083,750.00 |
| I. Subscribed capital | 111,047,595.00 | |
| II. Share premium account | 532,868,268.00 | |
| III. Revaluation reserve | ||
| IV. | ||
| # Balance Sheet |
| Reserves | 57,197,732.00 | 35,050,242.00 | |
| 1. Legal reserve | 11,104,760.00 | 11,104,760.00 | |
| 2. Reserve for own shares | |||
| 3. Reserves provided for by the articles of association | |||
| 4. Other reserves, including the fair value reserve | 46,092,972.00 | 23,945,482.00 | |
| a) other available reserves | 46,092,972.00 | 23,945,482.00 | |
| b) other non-available reserves | |||
| V. Profit or loss brought forward | -129,992,312.00 | -129,992,312.00 | |
| VI. Profit or loss for the financial year | 26,962,467.00 | 51,347,489.00 | |
| VII. Interim dividends | |||
| VIII. Capital investment subsidies | |||
| B. Provisions | 8 | 102,511.00 | 52,511.00 |
| 1. Provisions for pensions and similar obligations | |||
| 2. Provisions for taxation | |||
| 3. Other provisions | 102,511.00 | 52,511.00 | |
| C. Creditors | 9 | 654,494,841.00 | 631,631,749.00 |
| 1. Debenture loans | |||
| a) Convertible loans | |||
| i) becoming due and payable within one year | |||
| ii) becoming due and payable after more than one year | |||
| b) Non-convertible loans | |||
| i) becoming due and payable within one year | |||
| ii) becoming due and payable after more than one year | |||
| 2. Amounts owed to credit institutions | 654,185,685.00 | 631,454,512.00 | |
| a) becoming due and payable within one year | 4,185,685.00 | 5,454,512.00 | |
| b) becoming due and payable after more than one year | 650,000,000.00 | 626,000,000.00 | |
| 3. Payments received on account of orders insofar as they are shown separately as deductions from stocks | |||
| a) becoming due and payable within one year | |||
| b) becoming due and payable after more than one year | |||
| 4. Trade creditors | 268,549.00 | 134,452.00 | |
| a) becoming due and payable within one year | 268,549.00 | 134,452.00 | |
| b) becoming due and payable after more than one year | |||
| 5. Bills of exchange payable | |||
| a) becoming due and payable within one year | |||
| b) becoming due and payable after more than one year | |||
| 6. Amounts owed to affiliated undertakings | |||
| a) becoming due and payable within one year | |||
| b) becoming due and payable after more than one year | |||
| 7. Amounts owed to undertakings with which the undertaking is linked by virtue of participating interests | |||
| a) becoming due and payable within one year | |||
| b) becoming due and payable after more than one year | |||
| 8. Other creditors | 40,607.00 | 42,785.00 | |
| a) Tax authorities | 40,607.00 | 42,785.00 | |
| b) Social security authorities | |||
| c) Other creditors | |||
| i) becoming due and payable within one year | |||
| ii) becoming due and payable after more than one year | |||
| D. Deferred income | 10 | 5,415,009.00 | 3,195,262.00 |
| TOTAL (CAPITAL, RESERVES AND LIABILITIES) | 1,258,096,111.00 | 1,235,200,804.00 |
Balance sheet for the year ended 31 December 2024 (Expressed in euros) continued
282
Befesa Annual Report 2024
Note(s)
2024
2023
Note(s)
2024
2023
1. Net turnover
2. Variation in stocks of finished goods and in work in progress
3. Work performed by the undertaking for its own purposes and capitalised
4. Other operating income
11
974,134.00
1,236,766.00
5. Raw materials and consumables and other external expenses
-667,847.00
-892,597.00
a) Raw materials and consumables
b) Other external expenses
12
-667,847.00
-892,597.00
6. Staff costs
13
–
–
a) Wages and salaries
b) Social security costs
i) relating to pensions
ii) other social security costs
c) Other staff costs
7. Value adjustments
14-3
-731,424.00
-729,425.00
a) in respect of formation expenses and of tangible and intangible fixed assets
-731,424.00
-729,425.00
b) in respect of current assets
8. Other operating expenses
15
-732,908.00
-701,424.00
9. Income from participating interests
16
28,000,000.00
52,474,998.00
a) derived from affiliated undertakings
28,000,000.00
52,474,998.00
b) other income from participating interests
10. Income from other investments and loans forming part of the fixed assets
17
38,894,376.00
32,814,572.00
a) derived from affiliated undertakings
38,894,376.00
32,814,572.00
b) other income not included under a)
11. Other interest receivable and similar income
18
12,616,138.00
10,808,836.00
a) derived from affiliated undertakings
1,434,569.00
1,472,832.00
b) other interest and similar income
11,181,569.00
9,336,004.00
12. Share of profit or loss of undertakings accounted for under the equity method
13. Value adjustments in respect of financial assets and of investments held as current assets
14. Interest payable and similar expenses
19
-51,382,502.00
-43,659,422.00
a) concerning affiliated undertakings
-11,181,405.00
-9,356,567.00
b) other interest and similar expenses
-40,201,097.00
-34,302,855.00
15. Tax on profit or loss
16. Profit or loss after taxation
26,969,967.00
51,352,304.00
17. Other taxes not shown under items 1 to 16
20
-7,500.00
-4,815.00
18. Profit or loss for the financial year
26,962,467.00
51,347,489.00
Profit and loss account for the year ended 31 December 2024 (Expressed in euros)
284
Befesa Annual Report 2024
Befesa S.A. (the “Company”) (formerly Bilbao Midco S.à r.l) was incorporated in Luxembourg on 31 May 2013 as a “société à responsabilité limitée” subject to the Luxembourg law for an unlimited period of time. On 18 October 2017, the shareholders resolved to convert the Company from its current form of a “société à responsabilité limitée” into a “société anonyme” without creating a new legal entity or affecting the legal existence or personality of the Company in any manner, and to change the name of the Company into Befesa S.A. The registered office of the Company is established at 68-70 Boulevard de la Pétrusse, L-2320 Luxembourg.
The registered office of the Company is established in Luxembourg and the Company number with the Registre de Commerce is B177697. The financial year of the Company starts on 1 January and ends on 31 December.
The object of the Company is the acquisition, holding and disposal of interests in Luxembourg and/or in foreign companies and undertakings, as well as the administration, development and management of such interests. The Company may provide loans and financing in any other kind or form, or grant guarantees or security in any kind or form, for the benefit of the companies and undertakings forming part of the group of which the Company is a member. The Company may also invest in real estate, in intellectual property rights or any other movable or immovable assets in any kind or form. The Company may borrow in any kind or form and issue bonds, notes or any other debt instruments as well as warrants or other share subscription rights. In a general fashion, the Company may carry out any commercial, industrial or financial operation, which it may deem useful in the accomplishment and development of its object.
Following the Initial Public Offer (“IPO”) held on 3 November 2017, the Company is listed on the Frankfurt Stock Exchange (ISIN number: LU1704650164).
The Company also prepares consolidated financial statements in accordance with IFRS Accounting standards as adopted by the European Union (“IFRS”). The consolidated financial statements and the management report are available at the registered office of the Company.
The annual accounts of the Company are prepared in accordance with Luxembourg legal and regulatory requirements.
Accounting policies and valuation rules follow the historical cost convention and are determined and applied by the Board of Directors, in accordance with the ones prescribed by the law of 19 December 2002, as amended.
The preparation of annual accounts requires the use of certain critical accounting estimates. It also requires the Board of Directors to exercise its judgement in the process of applying the accounting policies. Changes in assumptions may have a significant impact on the annual accounts in the period in which the assumptions changed. The Board of Directors believes that the underlying assumptions are appropriate and that the annual accounts therefore present the financial position and results fairly.
The Board of Directors makes estimates and assumptions that affect the reported amounts of assets and liabilities in the next financial year. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The Company’s annual accounts have been prepared on a going concern basis which assumes that the Company will be able to meet its liabilities as they fall due.
Notes to the statutory financial statements for the year ended 31 December 2024 (Expressed in euros)
286
Befesa Annual Report 2024
Formation expenses are written off within a period of five years.
Shares in affiliated undertakings are valued at purchase price including the expenses incidental thereto.
Loans to affiliated undertakings are valued at nominal value including the expenses incidental thereto.
```In case of a durable depreciation in value according to the opinion of the Board of Directors, value adjustments are made in respect of financial assets, so that they are valued at the lower figure to be attributed to them at the balance sheet date. These value adjustments are not continued if the reasons for which the value adjustments were made have ceased to apply.
2.4 Debtors
Debtors are valued at their nominal value. They are subject to value adjustments where their recovery is compromised. These value adjustments are not continued if the reasons for which the value adjustments were made have ceased to apply.
2.5 Prepayments
This asset item includes expenditure incurred but relating to a subsequent financial year.
2.6 Provisions
Provisions are intended to cover losses or debts of which the nature is clearly defined and which, at the date of the balance sheet, are either likely to be incurred or certain to be incurred but uncertain as to their amount or as to the date on which they will arise. Provisions may also be created in order to cover charges which have their origin in the financial year under review or in a previous financial year, the nature of which is clearly defined and which at the date of the balance sheet are either likely to be incurred or certain to be incurred but uncertain as to their amount or as to the date on which they will arise.
Provision for taxation
Provisions for taxation corresponding to the difference between the tax liability estimated by the Company and the advance payments for the financial years for which the tax return has not yet been filed are recorded under the caption “Provisions”.
2.7 Creditors
Creditors are recorded at their reimbursement value. When the amount repayable on account is greater than the amount received, the difference is shown as an asset and is written off over the period of the debt.
2.8 Deferred income
This liability item includes income received but relating to a subsequent financial year.
2.9 Value adjustments
Value adjustments are deducted directly from the related asset.
2.10 Income from participating interests
Income from dividends is recognised when the shareholder’s right to receive payment is established.
2.11 Interest income and charges
Interest income and interest charges are accrued on a timely basis, by reference to the principal outstanding and at the nominal interest rate applicable.
287Befesa Annual Report 2024
01 Befesa at a glance
02 To Befesa’s shareholders
03 Management report
04 Sustainability
05 Consolidated financial statements
06 Statutory financial statements
07 Additional information
The increase in the capital and reserves of the 16 June 2021 had formation expenses of 3,649,126 EUR. As of 31 December 2024, 731,424 EUR (2023: 729,425 EUR) have been passed through profit and loss, leaving 1,063,163 EUR (2023: 1,794,587 EUR) in the balance sheet.
| Gross book value – opening balance | Additions | Disposals | Transfers | Gross book value – closing balance | |
|---|---|---|---|---|---|
| Shares in affiliated undertakings | 597,026,151 | – | – | – | 597,026,151 |
| Loans to affiliated undertakings | 626,000,000 | 24,000,000 | – | – | 650,000,000 |
| Total | 1,223,026,151 | 24,000,000 | – | – | 1,247,026,151 |
| Net book value – opening balance | Additions | Disposals | Transfers | Net book value – closing balance | |
|---|---|---|---|---|---|
| Shares in affiliated undertakings | 597,026,151 | – | – | – | 597,026,151 |
| Loans to affiliated undertakings | 626,000,000 | 24,000,000 | – | – | 650,000,000 |
| Total | 1,223,026,151 | 24,000,000 | – | – | 1,247,026,151 |
In the opinion of the Board of Directors, no durable decrease in value has occurred on shares in affiliated undertakings as at 31 December 2024, neither as at 31 December 2023; accordingly, no value adjustment was recorded.
Undertaking in which the Company holds at least 20% in their share capital is as follows:
| Name | Registered office | % holding | Net book value (EUR) | Net equity (EUR) | Net result (EUR) |
|---|---|---|---|---|---|
| Befesa Medio Ambiente, S.L.U. Audited account | Spain | 100% | 597,026,151 | 647,829,000 | 84,551,000 |
Loans to affiliated undertakings
| Counterparty | Currency | Amount | Interest rate | Maturity date |
|---|---|---|---|---|
| Loan to Befesa Medio Ambiente, S.L.U. | EUR | 650,000,000 | 2.75%+Euribor 3M | 09.07. 2029 |
The facility agreement granted to the Company (Note 9) and the loan granted to Befesa Medio Ambiente, S.L.U. have the same principal economic terms. In July 2024, the loan to Befesa Medio Ambiente, S.L.U. increased by EUR 24,000,000 in the same way as the Term Loan B (Note 9).
In the opinion of the Board of Directors, no durable decrease in value has occurred on loans to affiliated undertakings as at 31 December 2024, neither as at 31 December 2023; accordingly, no value adjustment was recorded.
Notes to the statutory financial statements for the year ended 31 December 2024 (Expressed in euros) continued
288 Befesa Annual Report 2024
| As at 31/12/2024 | As at 31/12/2023 | Within one year | More than one year | |
|---|---|---|---|---|
| Amounts owed by affiliated undertakings | 4,185,685 | 380,598 | 4,566,283 | 7,054,308 |
| Total | 4,185,685 | 380,598 | 4,566,283 | 7,054,308 |
| As at 31/12/2024 | As at 31/12/2023 | |
|---|---|---|
| Accrued interest – loan and interest rate swap Befesa Medio Ambiente, S.L.U. | 4,185,685 | 5,454,512 |
| Total | 4,185,685 | 5,454,512 |
| As at 31/12/2024 | As at 31/12/2023 | |
|---|---|---|
| Reciprocal Credit Agreement to Befesa Medio Ambiente, S.L.U. | 380,598 | 1,599,796 |
| Total | 380,598 | 1,599,796 |
As at 1 December 2020, the Company signed a “Reciprocal Credit Agreement” with Befesa Medio Ambiente, S.L.U. The interest is Euribor plus a margin of 0.50% and the maturity is indefinite.
In the opinion of the Board of Directors, the recovery of debtors is not compromised as at 31 December 2024; accordingly, no value adjustment was recorded.
| As at 31/12/2024 | As at 31/12/2023 | |
|---|---|---|
| Transaction costs | 5,415,009 | 3,195,262 |
| Insurance costs | – | 115,271 |
| Total | 5,415,009 | 3,310,533 |
Transaction costs represent the outstanding expenses yet to be recognised in the profit and loss, related to the facility agreement granted to the Company. In 2024, an amount of EUR 3,460,536 in transaction costs was paid due to the refinancing of this facility agreement (Note 9). These transaction costs have been capitalised and are amortised over the term of the facility.
289Befesa Annual Report 2024
01 Befesa at a glance
02 To Befesa’s shareholders
03 Management report
04 Sustainability
05 Consolidated financial statements
06 Statutory financial statements
07 Additional information
| Balance as at 31/12/2023 | Allocation of preceding result | Dividend | Result of current year | Balance as at 31/12/2024 | |
|---|---|---|---|---|---|
| Subscribed capital | 111,047,595 | – | – | – | 111,047,595 |
| Share premium | 532,868,268 | – | – | – | 532,868,268 |
| Legal reserve | 11,104,760 | – | – | – | 11,104,760 |
| Other available reserves | 23,945,482 | 22,147,490 | – | – | 46,092,972 |
| Profit or loss brought forward | -129,992,312 | – | – | – | -129,992,312 |
| Profit or loss for the financial year | 51,347,489 | -51,347,489 | – | 26,962,467 | 26,962,467 |
| Dividend | – | 29,199,999 | -29,199,999 | – | – |
| Total | 600,321,282 | – | -29,199,999 | 26,962,467 | 598,083,750 |
The number of shares as at 31 December 2024 and 2023 is 39,999,998 with a par value of 2.78 EUR each and fully paid up.
On 9 July 2024, Befesa distributed to its shareholders a dividend of 0.73 EUR per share, amounting to 29,199,999 EUR, as approved by the AGM held on 20 June 2024.
On 6 July 2023, Befesa distributed to its shareholders a dividend of 1.25 EUR per share, amounting to 49,999,998 EUR, as approved by the AGM held on 15 June 2023.
In accordance with relevant Luxembourg law, the Company is required to transfer a minimum of 5% of its net profit for each financial year to a legal reserve. This requirement ceases to be necessary once the balance on the legal reserve reaches 10% of the issued share capital. If the legal reserve later falls below the 10% threshold, at least 5% of net profits must again be allocated to the reserve. The legal reserve is not available for distribution to the shareholders. As at 31 December 2024, the legal reserve reaches 10% of the issued share capital.
| As at 31/12/2024 | As at 31/12/2023 | |
|---|---|---|
| Other provisions | 102,511 | 52,511 |
| Total | 102,511 | 52,511 |
As at 31 December 2024 and 31 December 2023, the other provisions consist mainly of provision for other operating expenses not yet invoiced.
| Within one year | Between 2 and 5 years | As at 31/12/2024 | As at 31/12/2023 | |
|---|---|---|---|---|
| Amounts owed to credit institutions | 4,185,685 | 650,000,000 | 654,185,685 | 631,454,512 |
| Trade creditors | 268,549 | – | 268,549 | 134,452 |
| Total | 4,454,234 | 650,000,000 | 654,454,234 | 631,588,964 |
Notes to the statutory financial statements for the year ended 31 December 2024 (Expressed in euros) continued
290 Befesa Annual Report 2024
The debt with credit institutions arises from a facility agreement signed by the Company in 2017.
At 31 December 2023, the facilities agreement consisted of a EUR 626 million senior secured Term Loan B (TLB) which is a bullet with maturing in July 2026, a EUR 75 million revolving credit facility (RCF) maturing in July 2025, and a €35 million guarantee facility maturing in July 2025.
On 18 July 2024, the Company successfully completed the refinancing of its facilities agreement, which now consists of:
* TLB facility commitment in an amount of EUR 650 million, which is a bullet maturing in July 2029.
* RCF in an amount of EUR 100 million maturing in July 2028.
* A guarantee facility commitment in an amount of EUR 35 million maturing in July 2028.Following the 2024 refinancing, the interest rate on the TLB was set at Euribor plus a 2.75% spread, whereas the RCF carried a spread of 2.25% (compared to the previous rates in 2023 of 2.00% and 2.25%, respectively, prior to the refinancing). These spreads could be adjusted downwards to 2.25% in the case of the TLB and to 1.75% in the case of the RCF, depending on the ratio of net financial debt/EBITDA. In March 2020, Befesa arranged an interest rate swap to fix the interest for the extension period of the refinancing signed on 9 July 2019. The fixed interest rate was 0.236% and the notional on the amount totalled EUR 316,000,000. The positive fair value of this IRS was EUR 11,255,909 as at 31 December 2024 (2023: EUR 20,845,348). As at 31 December 2024 and 2023, the amounts becoming due and payable within one year are composed of accrued interest on the facility, and of accrued interest on the IRS.
| As at 31/12/2024 | As at 31/12/2023 |
|---|---|
| 5,415,009 | 3,195,262 |
| 5,415,009 | 3,195,262 |
Deferred income – transaction costs
Total
The facility agreement granted to the Company (Note 9) and the loan granted to Befesa Medio Ambiente, S.L.U. (Note 4) have the same principal economic terms. The transaction costs on the facility (Note 6) have been accounted for equally on the loan granted to Befesa Medio Ambiente, S.L.U..
The other operating income consists of the management fee for the costs the Company recharged to its subsidiary Befesa Medio Ambiente, S.L.U. amounts to EUR 974,134 as at December 2024 (2023: EUR 1,236,766).
| As at 31/12/2024 | As at 31/12/2023 | |
|---|---|---|
| Accounting, auditing and domiciliation fees | 94,112 | 118,451 |
| Banking and similar services | 3,400 | 3,248 |
| Legal fees | 183,526 | 232,947 |
| Other commissions and professional fees | 378,933 | 528,924 |
| Miscellaneous | 7,876 | 9,027 |
| Total | 667,847 | 892,597 |
291Befesa Annual Report 2024
01 Befesa at a glance
02 To Befesa’s shareholders
03 Management report
04 Sustainability
05 Consolidated financial statements
06 Statutory financial statements
07 Additional information
The average number of employees for the year 2024 was nil (2023: nil).
| As at 31/12/2024 | As at 31/12/2023 | |
|---|---|---|
| Formation expenses | 731,424 | 729,425 |
| Total | 731,424 | 729,425 |
The other operating expenses consists mainly of Directors´ fees.
As of 31 December 2024, the income from participating interests derived from affiliated undertakings amounts to EUR 28,000,000 due to the dividend received from Befesa Medio Ambiente, S.L.U. (Note 4).
As of 31 December 2023, the income from participating interests derived from affiliated undertakings amounts to EUR 52,474,998 due to a net gain of EUR 2,475,000 resulting from the sale of Befesa Management Services, GmbH and the dividend received from Befesa Medio Ambiente, S.L.U. of EUR 49,999,998 (Note 4).
Details of income from other investments and loans forming part of the fixed assets for 2024 and 2023 are follows:
| As at 31/12/2024 | As at 31/12/2023 | |
|---|---|---|
| Loans to affiliated undertakings (Loan to Befesa Medio Ambiente, S.L.U.) | 38,864,248 | 32,814,572 |
| Reciprocal Credit Agreement | 30,128 | – |
| Total | 38,894,376 | 32,814,572 |
| As at 31/12/2024 | As at 31/12/2023 | |
|---|---|---|
| Amortisation costs | 1,240,790 | 1,266,317 |
| Income of IRS from credit institutions | 11,181,405 | 9,335,799 |
| Invoices for management of financing activities recharged to affiliated undertakings | 193,779 | 206,515 |
| Others | 164 | 205 |
| Total | 12,616,138 | 10,808,836 |
| As at 31/12/2024 | As at 31/12/2023 | |
|---|---|---|
| Interest cost | 38,864,248 | 32,814,572 |
| Cost of IRS (*) | 11,181,405 | 9,335,799 |
| Reciprocal Credit Agreement | – | 20,768 |
| Amortisation cost | 1,240,790 | 1,266,317 |
| Other expenses | 96,059 | 221,966 |
| Total | 51,382,502 | 43,659,422 |
| (*) The cost was recharged by Befesa Medio Ambiente, S.L.U. (Note 18). |
Notes to the statutory financial statements for the year ended 31 December 2024 (Expressed in euros) continued
292 Befesa Annual Report 2024
The Company is subject to the general tax regulation applicable in Luxembourg.
In terms of Pillar Two legislation, Befesa, S.A. is the Ultimate Parent Entity of the Befesa Group. The Pillar Two legislation has been enacted or substantively enacted in certain jurisdictions in which the Group operates. The legislation is effective for the Group’s financial year beginning 1 January 2024. The Group is in scope of the enacted or substantively enacted legislation and has performed an assessment of the Group’s potential exposure to Pillar Two income taxes.
The assessment of the potential exposure to Pillar Two income taxes is based on the most recent tax filings, country-by-country reporting, and financial statements for the constituent entities in the Group. Based on the assessment, the Group would meet at least one of the Transitional Safe Harbours tests for the following years (2024 – 2026) in all the jurisdictions except in France, where a capitalisation of tax loss carry-forwards coming from previous years has been carried out in 2024. Without this impact, the French jurisdiction would also meet at least one of the Transitional Safe Harbours tests. The Group does not expect a material exposure to Pillar Two income taxes in any jurisdiction.
Befesa, S.A. maintains tax credits coming from tax loss carry-forwards not reflected in balance in the amount of EUR 8,907,672 as at 31 December 2024 (2023: EUR 8,866,304).
On 19 October 2017, the Company entered into a facility agreement (Note 9). In this context, the Company pledged the shares of Befesa Medio Ambiente, S.L.U.
There were no direct or indirect transactions with main shareholders and members of its administrative, management and supervisory bodies that would be material and not concluded under normal market conditions unless previously disclosed.
There are no advances, loans or commitments given on their behalf by way of guarantee of any kind granted to the members of the management and supervisory bodies during the financial year (2023: nil).
On 19 March 2025, the Company repriced its TLB, reducing its interest rate by 50 bps to Euribor +225 bps, with a floor of 0%. The facility’s long-term maturity date of July 2029 and all other contractual terms remain unchanged.
293Befesa Annual Report 2024
01 Befesa at a glance
02 To Befesa’s shareholders
03 Management report
04 Sustainability
05 Consolidated financial statements
06 Statutory financial statements
07 Additional information
Rafael Pérez
Chief Financial Officer
Javier Molina
Executive Chair
Asier Zarraonandia
Chief Executive Officer
We, Javier Molina Montes, Asier Zarraonandia Ayo and Rafael Pérez Gómez, respectively Executive Chair, Chief Executive Officer and Chief Financial Officer, confirm, to the best of our knowledge:
y the 2024 statutory annual accounts of Befesa S.A. presented in this Annual Report, which have been prepared in accordance with Luxembourg legal and regulatory requirements, give a true and fair view of the assets, liabilities, financial position and profit or loss of Befesa, S.A.; and
y the management report on the annual accounts included in this Annual Report, which has been combined with the management report on the consolidated financial statements included in this Annual Report, gives a fair review of the development and performance of the business and the position of Befesa, S.A., or Befesa, S.A. and its consolidated subsidiaries, taken as a whole, as applicable, together with a description of the principal risks and uncertainties that they face.
Luxembourg, 29 April 2025
Statutory financial statements
294 Befesa Annual Report 2024
Independent auditor’s report
KPMG Audit S.à r.l.
Tel: +352 22 51 51
1 39, Avenue John F. Kennedy
Fax: +352 22 51 71
L-1855 Luxembourg
E-mail: [email protected]
Internet: www.kpmg.lu
©2025 KPMG Audit S.à r.l., a Luxembourg entity and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.
R.C.S Luxembourg B 149133
To the Shareholders of Befesa S.A.
68 -70, Boulevard de la Pétrusse
L -2320 Luxembourg
Luxembourg
REPORT OF THE REVISEUR D’ENTREPRISES AGREÉ
Report on the audit of the annual accounts
Opinion
We have audited the annual accounts of Befesa S.A. (the "Company"), which comprise the balance sheet as at 31 December 2024, and the profit and loss account for the year then ended, and notes to the annual accounts, including a summary of significant accounting policies. In our opinion, the accompanying annual accounts give a true and fair view of the financial position of the Company as at 31 December 2024, and of the results of its operations for the year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of the annual accounts.
Basis for opinion
We conducted our audit in accordance with the EU Regulation N° 537/2014, the Law of 23 July 2016 on the audit profession (the “Law of 23 July 2016”) and with International Standards on Auditing (“ISAs”) as adopted for Luxembourg by the Commission de Surveillance du Secteur Financier (the “CSSF”). Our responsibilities under the EU Regulation N° 537/2014, the Law of 23 July 2016 and ISAs as adopted for Luxembourg by the CSSF are further described in the « Responsibilities of “réviseur d'entreprises agréé” for the audit of the annual accounts » section of our report.# Independent auditor’s report
We are also independent of the Company in accordance with the International Code of Ethics for Professional Accountants, including International Independence Standards, issued by the International Ethics Standards Board for Accountants (“IESBA Code”) as adopted for Luxembourg by the CSSF together with the ethical requirements that are relevant to our audit of the annual accounts, and have fulfilled our other ethical responsibilities under those ethical requirements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Key audit matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the annual accounts of the current period. These matters were addressed in the context of the audit of the annual accounts as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
We have determined that there are no key audit matters to communicate in our report.
295
Befesa Annual Report 2024
01 Befesa at a glance
02 To Befesa’s shareholders
03 Management report
04 Sustainability
05 Consolidated financial statements
06 Statutory financial statements
07 Additional information
Other information
The Board of Directors is responsible for the other information. The other information comprises the information stated in the annual report including the management report and the Corporate Governance Statement but does not include the annual accounts and our report of the “réviseur d'entreprises agréé” thereon.
Our opinion on the annual accounts does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the annual accounts, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the annual accounts or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report this fact.
We have nothing to report in this regard.
Responsibilities of the Board of Directors and Those Charged with Governance for the annual accounts
The Board of Directors is responsible for the preparation and fair presentation of the annual accounts in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of the annual accounts, and for such internal control as the Board of Directors determines is necessary to enable the preparation of annual accounts that are free from material misstatement, whether due to fraud or error.
The Board of Directors is responsible for presenting the annual accounts in compliance with the requirements set out in the Delegated Regulation 2019/815 on European Single Electronic Format (“ESEF Regulation”).
In preparing the annual accounts, the Board of Directors is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
Those charged with governance are responsible for overseeing the Company’s financial reporting process.
Responsibilities of the “réviseur d’entreprises agréé” for the audit of the annual accounts
The objectives of our audit are to obtain reasonable assurance about whether the annual accounts as a whole are free from material misstatement, whether due to fraud or error, and to issue a report of the “réviseur d’entreprises agréé” that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the EU Regulation N° 537/2014, the Law of 23 July 2016 and with ISAs as adopted for Luxembourg by the CSSF will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these annual accounts.
Our responsibility is to assess whether the annual accounts have been prepared in all material respects with the requirements laid down in the ESEF Regulation.
Independent auditor’s report continued
296
Befesa Annual Report 2024
As part of an audit in accordance with the EU Regulation N° 537/2014, the Law of 23 July 2016 and with ISAs as adopted for Luxembourg by the CSSF, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats or safeguards applied.
From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the annual accounts of the current period and are therefore the key audit matters. We describe these matters in our report unless law or regulation precludes public disclosure about the matter.
Report on other legal and regulatory requirements
We have been appointed as “réviseur d’entreprises agréé” by the the Shareholders on 20 June 2024 and the duration of our uninterrupted engagement, including previous renewals and reappointments, is 6 years.
The management report is consistent with the annual accounts and has been prepared in accordance with applicable legal requirements.
We confirm that the prohibited non-audit services referred to in the EU Regulation N° 537/2014 were not provided and that we remained independent of the Company in conducting the audit.
297
Befesa Annual Report 2024
01 Befesa at a glance
02 To Befesa’s shareholders
03 Management report
04 Sustainability
05 Consolidated financial statements
06 Statutory financial statements
07 Additional information
We have checked the compliance of the annual accounts of the Company as at 31 December 2024 with relevant statutory requirements set out in the ESEF Regulation that are applicable to annual accounts. For the Company it relates to:
In our opinion, the annual accounts of Befesa S.A. as at 31 December 2024, identified as 222100VXGA8L6J4ZWG61-2024-12-31-0-en.zip, have been prepared, in all material respects, in compliance with the requirements laid down in the ESEF Regulation.
Our audit report only refers to the annual accounts of Befesa S.A. as at 31 December 2024, identified as 222100VXGA8L6J4ZWG61-2024-12-31-0-en.zip, prepared and presented in accordance with the requirements laid down in the ESEF Regulation, which is the only authoritative version
Luxembourg, 29 April 2025
KPMG Audit S.à r.l.# Befesa Annual Report 2024
| Name | Description .
Building tools?
Free accounts include 100 API calls/year for testing.
Have a question? We'll get back to you promptly.