Investor Presentaiton
Cash flow, net debt & leverage
S&P upgraded Befesa to
'BB+, outlook stable' (18 June 2021)
Moody's affirmed Befesa's 'Ba2,
outlook stable' (17 May 2021)
Continued strong liquidity of c.€300m including record €224m cash on hand, post-dividend & acquisition funding;
Net leverage of x2.16 at YE'21, improved vs. x3.10 at YE'20 and vs. x2.33 at Q3'21
Adjusted EBITDA to total cash flow (€m)
60.8
-12.3
44.0
Incl. €6 non-recurring
AZR acquisition cost
Incl. WC for AZR
-1.9
-2.6
-8.6
-11.9
0.0
Adj. EBITDA WC change &
Q4 2021
Interests
Taxes
other
Operating
cash flow
Maintenance
capex 1)
Growth
capex
Bank
borrowings/
Acquisition/
FX effects 2)
1) Includes investments required to maintain or replace assets as well as those related to productivity, compliance and IT
2) Mainly includes cash bank inflows/outflows from bank borrowings and other liabilities, as well as the effect of foreign exchange rate changes on cash
Change
23.4
Dividend
Total cash flow
Q4 2021 3)
At 30 Sept 2021
At 31 Dec 2021
LTM Adj. EBITDA4)
€207.2
+€10.6 / +5.1%
€217.8
LTM Operating cash flow 5)
€128.7
-€10.8/ -8.4%
€117.9
Gross debt6)
€682.8
+€11.9 / +1.7%
€694.7
Cash on hand³)
€200.7
+€23.4 / +11.7%
€224.1
Net debt
€482.1
-€11.5-2.4%
€470.6
Net leverage
x2.33
-x0.17
x2.16
3) Cash on hand of €200.7m at Q3'21 closing increased by €23.4m cash flow Q4'21, ending at €224.1m total cash on hand at year-end 2021
4) 2021 LTM EBITDA incorporates full-twelve-rolling months of the US operations
5) Includes AZR's operating cash flows since closing of the acquisition on 17 Aug 2021
6) €694.7m gross debt at year-end 2021 includes €100m TLB add-on to partly fund the AZR acquisition, as well as China local loans
Company Presentation - April 2022
15
BEFESAView entire presentation