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General information Befesa, S.A. (hereinafter the \u201cParent Company\u201d or the \u201cCompany\u201d) was incorporated in Luxembourg on 31 May 2013 as a \u201csoci\u00e9t\u00e9 \u00e0 responsabilit\u00e9 limit\u00e9e\u201d, subject to Luxembourg law for an unlimited period of time. The registered office of the Company is 68-70 Boulevard de la P\u00e9trusse, L-2320 Luxembourg. The Company\u2019s 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\u2019s financial year starts on 1 January and ends on 31 December. The Company\u2019s 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\u2019s General Meeting to change the name of the Company from Bilbao Midco, S.\u00e0.r.l. to Befesa, S.A. The principal place of business of the Group is located in As\u00faa \u2013 Erandio, Bizkaia (Spain). The Company and its subsidiaries (\u201cBefesa\u201d or the \u201cGroup\u201d) 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\u2019s 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\u2019s 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 ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:222100VXGA8L6J4ZWG61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-377": { "value": "1. General information Befesa, S.A. (hereinafter the \u201cParent Company\u201d or the \u201cCompany\u201d) was incorporated in Luxembourg on 31 May 2013 as a \u201csoci\u00e9t\u00e9 \u00e0 responsabilit\u00e9 limit\u00e9e\u201d, subject to Luxembourg law for an unlimited period of time. The registered office of the Company is 68-70 Boulevard de la P\u00e9trusse, L-2320 Luxembourg. The Company\u2019s 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\u2019s financial year starts on 1 January and ends on 31 December. The Company\u2019s 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\u2019s General Meeting to change the name of the Company from Bilbao Midco, S.\u00e0.r.l. to Befesa, S.A. The principal place of business of the Group is located in As\u00faa \u2013 Erandio, Bizkaia (Spain). The Company and its subsidiaries (\u201cBefesa\u201d or the \u201cGroup\u201d) 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\u2019s 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\u2019s 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 2. Basis of presentation of the consolidated financial statements and basis of consolidation 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 (\u201cIFRS\u201d) 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\u2019s 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. 2.1 Fair presentation 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\u2019s consolidated financial statements for 2024 were formally prepared: y In accordance with Accounting Standards (\u201cIFRS\u201d) as adopted by the European Union (IFRS-EU), in conformity with the regulation (EC) of the European Parliament and of the Council, including International Accounting Standards (IAS) and the interpretations issued by the International Financial Reporting Interpretations Committee (IFRIC) and by the Standing Interpretations Committee (SIC). The principal accounting policies and measurement bases applied in preparing the accompanying consolidated financial statements are summarised in Note 3 . y Considering all the mandatory accounting policies and rules, and measurement bases with a material effect on the consolidated financial statements, as well as the alternative permitted by the relevant standards in this connection, which are specified in Note 3. y So that they present fairly the Group\u2019s consolidated equity and consolidated financial position at 31 December 2024 and the consolidated results of its operations, changes in consolidated equity and consolidated cash flows for the year then ended. y On the basis that the accounting records are kept by the Parent and by the other Group companies. However, because the accounting policies and measurement bases used in preparing the Befesa, S.A. consolidated financial statements (IFRS-EU) differ from those used by the Group companies (local standards), the required adjustments and reclassifications were made on consolidation to unify the policies and methods used and to make them compliant with IFRS-EU. y The preparation of the consolidated financial statements in conformity with IFRS Accounting Standards requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group\u2019s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements, are disclosed in Note 2.4. y The consolidated financial statements have been prepared in accordance with Luxembourg\u2019s legal and regulatory framework and on the going concern assumption 2. Basis of presentation of the consolidated financial statements and basis of consolidation continued 2.2 Adoption of new standards and interpretations issued 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: \u2013 Amendments to IAS 1 Presentation of Financial Statements: y Classification of Liabilities as Current or Non-current y Classification of Liabilities as Current or Non-current \u2013 Deferral of Effective Date y Non-current Liabilities with Covenants \u2013 Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback \u2013 Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures: Supplier Finance Arrangements 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: \u2013 Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability In light of the Group\u2019s 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: \u2013 Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7): Disclosures \u2013 Annual Improvements Volume 11 to IFRS Accounting Standards \u2013 Amendments to: y IFRS 1 First-time Adoption of International Financial Reporting Standards y IFRS 7 Financial Instruments: Disclosures and its Accompanying Guidance on Implementing IFRS 7 y IFRS 9 Financial Instruments y IFRS 10 Consolidated Financial Statements y IAS 7 Statement of Cash flows \u2013 Amendments to IFRS 9 and IFRS 7: Contracts Referencing Nature-dependent Electricity \u2013 IFRS 18 Presentation and Disclosure in Financial Statements \u2013 IFRS 19 Subsidiaries without Public Accountability: Disclosure 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 2.3 Functional currency 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. 2.4 Use of estimates and judgements The information in these consolidated financial statements is the responsibility of the Board of Directors of the Parent Company. In the Group\u2019s 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. Relevant accounting estimates and assumptions These estimates relate to the following: Impairment losses on goodwill and certain assets (see Notes 7, 8, 9 and 11) 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: y Projections of the cash flows of the cash-generating unit (CGU) or group of CGUs in question are made for periods of five years (when based on past experience it is possible to predict cash flows accurately over a period longer than five years), calculating a residual value based on flow for the last year projected, provided that this flow is representative of a normalised flow to reflect margin and cash flow experience in those businesses, as well as future expectations. The projections are based on the budgets for next year, increased in accordance with the assumptions estimated by management. y The gross margins used in the calculation are in line with the profit expected to be obtained, based on past experience of profits of each of the segments and on new contracts existing in each case. y To discount the flows, a discount rate is used based on the weighted average cost of capital for assets of this type, adjusted where necessary, on the basis of the additional risk that could be contributed by certain types of activity. y In any case, further sensitivity analyses are conducted, particularly regarding the discount rate used and the residual growth rate, to ensure that the effect of possible changes in estimates of these rates does not have an impact on the recoverability of the recognised goodwill and licences with indefinite useful life. Recoverability of deferred taxes (Notes 3.18 and 19) Deferred tax assets are recognised for all deductible temporary differences and unused deductions for which it is probable that the companies of the Group will have future tax profits against which they can be utilised. To determine the deferred tax assets eligible for recognition, their amount, the dates on which the future tax profits are expected to be obtained and the reversal period of the temporary differences are estimated. If the final outcome (on judgement areas) differs unfavourably by 10% from management estimates, deferred assets would decrease and no material income tax expense would be recorded. If these changes evolved favourably, these deferred tax assets would increase and no material income tax expense would be recorded. Fair value of derivatives The fair value of financial instruments that are not quoted in an active market (e.g. OTC derivatives) is determined by using valuation techniques. The Group uses judgement to select a series of methods and makes assumptions that are mainly based on the market conditions existing at each balance sheet date 2. Basis of presentation of the consolidated financial statements and basis of consolidation continued Estimates made in the context of share-based payments (Note 24) 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.\u2019s share price, and the degree of target achievement. Estimates made in the context of the Purchase Price Allocation (Notes 3.1 and 6) 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 . 2.5 Changes in the scope of consolidation The following is a description of the main changes in the scope of consolidation in 2024 and 2023: 2024 There was no change in the scope of consolidation in 2024. 2023 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. 2.6 Alternative performance measures 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\u2019s variable remuneration. The measures are useful in discussions with the investment analysts\u2019 community. However, these APMs are not uniformly disclosed by all companies, including those in the Group\u2019s 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 .
a) Net debt
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) \u2013 (71)
Net debt 618,956 604,008
b) EBITDA, Adjusted EBITDA and EBITDA margin
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\u2019s 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\u2019s
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 \u20ac3,678 thousand of the
impact of hyperinflation on the Group\u2019s 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.)
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%
c) EBIT, Adjusted EBIT and EBIT margin
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
The following table provides a reconciliation of EBIT margin and Adjusted EBIT margin:
2024 2023
Revenue (a) 1,239,030 1,180,60 0
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%
d) Net debt/Adjusted EBITDA (adjusted leverage ratio)
Net debt/Adjusted EBITDA ratio is defined as net 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
3. Accounting principles and policies and measurement methods applied All accounting principles and policies are consistently applied by the Group. 3.1 Business combination The Group applies the acquisition method for business combinations. The Group has applied IFRS 3 \u201cBusiness Combinations\u201d 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 . 3.2 Subsidiaries 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\u2019s performance 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 . 3.3 Non-controlling interests 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\u2019s reserves . 3.4 Goodwill This heading in the consolidated financial statement reflects the difference between the price paid to acquire certain consolidated subsidiaries and the Group\u2019s 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\u2019s 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 3.5 Other intangible assets 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 \u2013 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: y The expenditure is specifically identified and controlled by project, and its distribution over time is clearly defined. y The Directors have well-founded reasons for believing that there are no doubts as to the technical success or the economic and commercial viability of the projects, on the basis of their level of completion and order book. y The Group has the necessary technical, financial and other resources to complete the development work. y The development cost of the asset, which includes, where appropriate, the personnel expenses of the Group\u2019s personnel working on the projects, can be measured reliably. 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 \u20ac3,053 thousand (2023: \u20ac2,948 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 \u20ac1,897 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 \u20ac1,156 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 \u201cOther intangible assets\u201d 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 3.6 Property, plant and equipment 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, \u20ac68 thousand was recognised in this regard (2023: \u20ac2,055 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 \u201cOther operating income\u201d 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\u201350 Plant and machinery 10\u201335 Other property, plant and equipment 4\u201310 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\u2019 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\u2019s carrying amount is written down immediately to its recoverable amount if the asset\u2019s carrying amount is greater than its estimated recoverable amount (Note 9) . 3.7 Leases 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 3. Accounting principles and policies and measurement methods applied continued 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\u20135%). 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. Otherwise, the lessee will depreciate the right-of-use asset from the commencement date to the earlier of the end of the useful life of the right-of-use asset and the end of the lease term. The Group measures the lease liability by increasing the carrying amount to reflect interest on the lease liability, reducing the carrying amount to reflect the lease payments made and remeasuring the carrying amount to reflect any reassessment or lease modifications or to reflect revised in-substance fixed lease payments. The Group recognises remeasurements of the lease liability as an adjustment to the right-of-use asset, until this is reduced to zero and then in profit or loss. A lessee will remeasure the lease liability by discounting the revised lease payments using a revised discount rate if there is a change in the lease term or a change in the assessment of an option to purchase the underlying asset. The Group remeasures the lease liability if there is a change in the amounts expected to be payable under a residual value guarantee or a change in an index or a rate used to determine those payments, including a change to reflect changes in market rental rates following a market rent review . 3.8 Non-financial asset impairment 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 \u201cAmortisation/Depreciation, impairment and provisions\u201d 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 . 3.9 Financial instruments Recognition and classification of financial instruments 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 \u201cFinancial Instruments: Presentation\u201d. 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. y Amortised cost: Assets that are held for collection of contractual cash flows, where those cash flows solely represent payments of principal and interest, are measured at amortised cost. Interest income from these financial assets is included in finance income using the effective interest rate method. Any gain or loss arising on derecognition is recognised directly in the income statement and presented in other gains/(losses) together with foreign exchange gains and losses. Impairment losses are presented as a separate line item in the consolidated income statement. This category includes the loans, trade and other receivables, and security deposits. y Fair value through other comprehensive income (FVOCI): Assets that are held for collection of contractual cash flows and for selling the financial assets, where the assets\u2019 cash flows solely represent payments of principal and interest, are measured at FVOCI. Movements in the carrying amount are taken through OCI, except for the recognition of impairment gains or losses, interest income and foreign exchange gains and losses which are recognised in the income statement. When the financial asset is derecognised, the cumulative gain or loss previously recognised in OCI is reclassified from equity to the income statement and recognised in other gains/(losses). Interest income from these financial assets is included in finance income using the effective interest method. Foreign exchange gains and losses are presented in other gains/(losses) and impairment expenses are presented as a separate line item in the consolidated income statement. This category corresponds with the hedging derivatives. y Fair value through profit or loss (FVPL): Assets that do not meet the criteria for amortised cost or FVOCI are measured at FVPL. A gain or loss on a debt investment that is subsequently measured at FVPL is recognised in the income statement and presented net in other gains/(losses) in the period in which it arises. This category includes the factoring and equity instruments. 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\u2019s 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\u2018s 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
3. Accounting principles and policies and measurement methods applied continued
Measurement
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\u2019s business
model for managing the asset and the cash flow characteristics of the asset.
Impairment
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.
Derecognition, modification and extinguishment of financial assets
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.
Derecognition and modifications of financial liabilities
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.
The Group considers the terms to be substantially different if the discounted present value of the cash flows under the new
terms, including any fees paid net of any fees received and discounted using the original effective interest rate, is at least
10% different from the discounted present value of the remaining cash flows of the original financial liability.
If the exchange is accounted for as an extinguishment of the original financial liability, any costs or fees incurred are
recognised as part of the gain or loss on the extinguishment. If the exchange is not accounted for as an extinguishment, the
modified flows are discounted at the original effective interest rate, and any difference in the previous carrying amount is
recognised in the income statement. Any costs or fees incurred adjust the carrying amount of the financial liabilities and are
amortised using the amortised cost method over the remaining term of the modified liability.
The Group has contracted reverse factoring facilities with various financial institutions to manage payments to suppliers.
The Group applies the above criteria to determine if it should derecognise the original trade payable and recognise a new
liability with the financial institutions. Trade payables settled under the management of financial institutions are recognised
under trade and other payables only if the Group has transferred management of the payment to the financial institutions but
retains primary responsibility for settling the debt with the trade creditors. At 31 December 2024, the amount is \u20ac1,394
thousand (2023: \u20ac2,176 thousand).
The Group does not identify any type of material liquidity risk related to these reverse factoring agreements. Despite this, the
Group uses only entities that have been given a high independent credit rating and have proven solvency on the market.
Factoring receivables
Befesa derecognises trade receivables for the amount transferred to financial institutions, providing the factor assumes all
the risk of insolvency and default (non-recourse factoring). At 31 December 2024 and 2023, balances receivable not due,
which were extinguished as a result of the aforementioned non-recourse factoring operations, amounted to \u20ac61,466
thousand and \u20ac49,894 thousand, respectively. Unlike above, Befesa does not derecognise amounts receivable transferred
to financial institutions for which it substantially retains the associated risks .
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. Cash flow hedges 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 3. Accounting principles and policies and measurement methods applied continued 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 . 3.11 Cash and cash equivalents This item includes cash on hand, current bank accounts and, where applicable, deposits and reverse repurchase agreements that meet all of the following requirements: y They may be converted into cash. y They have a maturity of three months or less on the date of acquisition. y They are not subject to a significant risk of changes in value. y They form part of the Group\u2019s usual cash management policy. Bank overdrafts are recognised in the consolidated financial statement as current borrowings . 3.12 Inventories \u201cInventories\u201d in the consolidated financial statement includes the assets that the Group: y holds for sale in the ordinary course of its business; y has in the process of production, construction or development for such sale; or y expects to consume in the production process or in the provision of services. 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 . 3.13 Share capital 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. Where any Group company purchases the Company\u2019s share capital (treasury shares), the consideration paid, including any directly attributable incremental costs (net of income taxes), is deducted from equity attributable to equity holders of the Company until the shares are cancelled, reissued or sold. Where such shares are subsequently disposed of or reissued, any consideration received, net of any directly attributable incremental transaction costs and the related income tax effects, is included in equity attributable to the Company\u2019s equity owners . 3.14 Provisions, contingent liabilities and contingent assets In the preparation of the consolidated financial statements, the Parent\u2019s Directors drew a distinction between the following: y Provisions: Credit balances covering present obligations at the consolidated financial statement date arising from past events that could give rise to a loss for the companies, which are certain as to their nature but uncertain as to their amount and/or timing. y Contingent liabilities: Possible obligations arising from past events, the existence of which will be confirmed only by the occurrence or non-occurrence of one or more future events not wholly within the control of the consolidated companies and which do not meet the requirements for recognition as provisions. y Contingent assets: Possible assets that arise from past events, the existence of which will be confirmed only by the occurrence or non-occurrence of one or more future events not wholly within the control of the entities. 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. Provisions for pensions and similar obligations 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\u2019 obligations as pension plan promoters are established in the contribution of a percentage of employees\u2019 pensionable salaries. These commitments are not significant on a Group scale . Dismantling, restoration and similar provisions In addition to the above, \u201cLong-term provisions\u201d 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). Share-based payments 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 . 3.15 Revenue recognition a) Sale of goods 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\u2019s 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
3. Accounting principles and policies and measurement methods applied continued
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\u2019s products have only one performance
obligation: the delivery of WOX, green zinc \u201cSHG\u201d 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.
b) Sale of services
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\u2019s
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:
Steel Business Services
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 \u2013 mainly nickel, chromium
and molybdenum \u2013 recovered in the recycling of stainless steel residues to stainless steel producers for a tolling fee or sells
such recovered metals on the marke t.
In this segment, in addition to the Group revenues from the sales of WOX, the other revenue sources are: y The service fees the Group charges for collecting and recycling crude steel dust. The performance obligations for this type of sale correspond to the collection of waste as defined in each contract; the price of the service is established in each separate contract. y The tolling fees the Group charges for collecting and recycling stainless steel residues and for returning the recovered metals to the stainless steel producers. Most of the services of this type are with the return of recovered metals. If there are no returns, the service is the same as in the previous point (collecting). The performance obligations for this type of sale correspond to waste collection. The Group invoices customers a tolling/conversion fee per tonne of dust treated. The plant receives stainless steel dust from its customers, treats this dust and returns the alloys contained in this dust to the customers. Collection of salt slags and SPLs 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. Technology division 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 \u201cContract assets\u201d at 31 December 2024, which amounts to \u20ac4,839 thousand (2023: \u20ac6,468 thousand) . c) Interest income 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\u2019s carrying amount. d) Income from dividends Income from dividends is recognised when the shareholder\u2019s right to receive payment is established . 3.16 Borrowing costs 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 statem 3. Accounting principles and policies and measurement methods applied continued 3.17 Foreign currency Foreign currency transactions, balances and cash flows 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. Translation of foreign operations Foreign operations whose functional currency is not the currency of a hyperinflationary economy have been translated into euros as follows: y Assets and liabilities, including goodwill and net asset adjustments derived from the acquisition of the operations, including comparative amounts, are translated at the closing rate at the reporting date. y Income and expenses, including comparative amounts, are translated at the exchange rates prevailing at each transaction date. y All resulting exchange differences are recognised as translation differences in other comprehensive income. Translation differences recognised in other comprehensive income are accounted for in profit or loss as an adjustment to the gain or loss on the sale using the same criteria as for subsidiaries. Foreign operations in hyperinflationary economies 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\u2019 financial statements is different to that of the Company, the former is adjusted to the measuring unit at the Group\u2019s reporting date. The results and financial position of the Group\u2019s foreign operations whose functional currency is the currency of a hyperinflationary economy are translated into euros as follows: y Assets and liabilities, including goodwill and net asset adjustments derived from the acquisition of the operations, assets and liabilities, income and expenses, and cash flows, are translated at the closing rate at the most recent reporting date. y Comparative amounts are those that were included in the prior year\u2019s consolidated annual accounts and are not adjusted for subsequent changes in the price level or in exchange rates. The effect of the adjustment on the prior year\u2019s balances is recognised as a revaluation reserve in other comprehensive income/translation differences in other comprehensive income/reserves under equity. 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 \u0130skenderun \u00c7elik Tozu Geri D\u00f6n\u00fc\u015f\u00fcm\u00fc, A.S. and Befesa Silvermet D\u0131\u015f Ticaret, A.S An application of IAS 29 for the first time in Turkey in the Group\u2019s 2022 consolidated annual accounts was carried out in accordance with the following criteria: y The comparative figures for 2021 were not subject to modification. y Hyperinflationary accounting was applied to all assets and liabilities of subsidiaries before conversion. y The historical cost of non-monetary assets and liabilities and the different equity items of those companies was adjusted from the date of acquisition or incorporation into the consolidated statement of financial position until the end of the year to reflect the changes in the purchasing power of the currency resulting from inflation. y The initial equity presented in the stable currency is affected by the cumulative effect of restatement for inflation of non- monetary items from the date they were recognised for the first time and the effect of converting these balances at the closing rate at the beginning of the year. The effect of hyperinflation in the Turkish subsidiaries on the consolidated equity of the Group is \u20ac3.2 million and the \u201cgains on the net monetary position\u201d amounts to \u20ac5.2 million (2023: \u20ac4.4 million and the \u201cgains on the net monetary position\u201d amounts to \u20ac3.9 million), recognised under net exchange differences in the consolidated income statement for the year ended 31 December 2024 and 31 December 2023. 3.18 Income tax, deferred tax assets and deferred tax liabilities 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\u2019s 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). In view of the Group\u2019s international nature, there are several tax rates, depending on the applicable legislation, ranging mainly from 20% to 33% (2023: 20% to 33%) . 3.19 Environmental matters 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 \u201cOther operating expenses\u201d in the accompanying consolidated income statemen 3. Accounting principles and policies and measurement methods applied continued 3.20 Related party transactions The Group performs all its transactions with related parties at arm\u2019s length. In addition, transfer prices are adequately supported and, therefore, the Parent\u2019s Directors consider that there are no material risks in this regard that might give rise to significant liabilities in the future . 3.21 Dividend distribution The distribution of dividends to the Parent Company\u2019s shareholders is recognised as a liability in the Group\u2019s consolidated financial statements in the period in which the dividends are approved by the Parent Company\u2019s shareholders . 3.22 Segment reporting 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\u2019s performance. Segment reporting is disclosed in Note 5. 3.23 Consolidated statement of cash flows The following terms are used in the consolidated statement of cash flows, which has been prepared using the indirect method, with the meanings specified: y Cash flows: Inflows and outflows of cash and cash equivalents, which are short-term, liquid investments that are subject to an insignificant risk of changes in value. y Operating activities: The principal revenue-producing activities of the Group companies and other activities that are not investing or financing activities. y Investing activities: The acquisition and disposal of long-term assets and other investments not included in cash and cash equivalents. y Financing activities: Activities that result in changes in the size and composition of the equity and borrowings that are not operating activities. 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\u2019s view that the financial statements provide more reliable and relevant information about the entity\u2019s cash flows . 3.24 Earnings per share a) Basic earnings per share Basic earnings per share is calculated by dividing: y the profit attributable to the owners of the Company, excluding any costs of servicing equity other than ordinary shares; y 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: y The post-income tax effect of interest and other financing costs associated with dilutive potential ordinary shares y The weighted average number of additional ordinary shares that would have been outstanding, assuming the conversion of all dilutive potential ordinary share s 4. Financial risk management policy 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\u2019s 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. 4.1 Financial risk factors 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\u2019s 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\u2019s main exposures to currency risk at 31 December 2024 and 2023 are shown below. The table reflects the carrying amount of the Group\u2019s financial instruments or classes of financial instruments denominated in foreign currency: 2024 2023 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 USD 15,377 12,540 6,264 3,139 8,968 4,945 8, 511 3,328 EUR 5,411 3,324 \u2013 1,084 4,665 816 \u2013 1,985 Other 292 \u2013 \u2013 45 14 - \u2013 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 \u20ac61 million. ii) Cash flow and fair value interest rate risk The Group\u2019s 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 (\u201cIRSs\u201d), 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 4. Financial risk management policy continued The exposure of the Group\u2019s 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\u2019s 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\u2019s 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\u2019s 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 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 \u20ac102,429 thousands (\u20ac75,818 thousands at 31 December 2023). Trade and other receivables, other receivables, current financial assets and cash are the Group\u2019s 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\u2019s Treasury Department has the objective of maintaining flexible financing through the availability of committed credit lines. Management monitors the Group\u2019s 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) \u2013 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) \u2013 (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\u2019s 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
4. Financial risk management policy continued
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).
Within
1 year
Between
1 and 2 years
Between
2 and 5 years
More than
5 years
At 31 December 2024
Bank borrowings and lease liabilities (Note 15) 36,915 22,274 659,293 2,994
Other financial liabilities (derivatives) 26,162 16,151 56 \u2013
Trade and other payables (*) 237,186 1,387 \u2013 \u2013
Unaccrued interest payable 32,928 32,018 86,171 1,581
At 31 December 2023
Bank borrowings and lease liabilities (Note 15) 38,081 21,720 647,589 3,381
Other financial liabilities (derivatives) 2,229 \u2013 \u2013 \u2013
Trade and other payables (*) 216,724 1,533 1,219 \u2013
Unaccrued interest payable 30,191 24,226 15,810 1,167
(*) Long-term payables do not include capital grants amounting to \u20ac3.5 million and \u20ac3.9 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\u2019 financial statements.
Capital management is the responsibility of the Group\u2019s 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\u2019s 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) \u2013 (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%
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. derived from prices) (Level 2)
y Inputs for the asset or liability that are not based on observable market data (unobservable market data) (Level 3)
The table below shows the Group\u2019s assets and liabilities that were measured at fair value at 31 December 2024 and 2023:
2024
Level 2 2024
Assets
\u2013 Derivatives (Note 17) 11,256 11,256
Total assets at fair value 11,256 11,256
Liabilities
\u2013 Derivatives (Note 17) 42,369 42,369
Total liabilities at fair value 42,369 42,369
2023
Level 2 2023
Assets
\u2013 Derivatives (Note 17) 44,697 44,697
Total assets at fair value 44,697 44,697
Liabilities
\u2013 Derivatives (Note 17) 2,229 2,229
Total liabilities at fair value 2,229 2,229
4. Financial risk management policy continued a) Financial instruments Level 2 The fair value of financial instruments not traded in an active market is determined using valuation techniques. The Group employs a variety of methods such as estimated discounted cash flows and uses assumptions based on the market conditions at each financial statement date. If all significant data required to calculate the fair value of an instrument are observable, the instrument is included in Level 2. Specific techniques for measuring financial instruments include the following: y The fair value of interest rate swaps is calculated as the present value of future estimated cash flows. y The fair value of currency forwards is determined using forward exchange rates quoted in the market at the consolidated financial statements date. y It is assumed that the book value of trade payables and receivables approximates their fair value. y The fair value of financial liabilities for financial reporting purposes is estimated by discounting future contractual cash flows at the current market interest rate that is available to the Group for similar financial instruments. The instruments included in Level 2 relate to derivative financial instruments (Note 17). 5. Segment reporting The Board of Directors is ultimately responsible for making the Group\u2019s operational decisions, as the Board functions as the Chief Operating Decision-Maker (CODM). The Board of Directors reviews the Group\u2019s 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 (\u201cSteel Dust\u201d) y Aluminium Salt Slags Recycling Services \u2013 Salt Slags Recycling (\u201cSalt Slags\u201d) \u2013 Secondary Aluminium Production (\u201cSecondary Aluminium\u201d) These segments correspond to the Group\u2019s principal activities (products and services), the sales of which (fee for the services and/or sale of the recycled waste) determine the Group\u2019s 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
a) Segment reporting
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) (11,90 9) (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 \u2013 \u2013 \u2013 2,748
Non-recurrent costs/incomes EBITDA (Note 2.6) 8,803 \u2013 \u2013 \u2013 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) 1,18 0,60 0
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 \u2013 \u2013 \u2013 1,906
Non-recurrent costs/incomes EBITDA (Note 2.6) (8,111) 1,283 \u2013 \u2013 (6,828)
Adjusted EBIT (operating profit/(loss)) 71,330 16,740 13,819 (170) 101,719
5. Segment reporting continued
The reconciliation of Adjusted EBIT to results attributable to the Parent Company is as follows:
2024 2023
Adjusted EBIT 124,407 101,719
\u2013 Non-recurrent costs/(income) EBIT (Note 3.17) (2,748) (1,906)
\u2013 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, 90 9) (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\u2013b) 161,600 31,779 11,180 \u2013 204,559
Non-recurrent costs/incomes (Note 2.6) 8,803 \u2013 \u2013 \u2013 8,803
Adjusted EBITDA 170,403 31,779 11,180 \u2013 213,362
2023
Steel Dust Salt Slags
Secondary
Aluminium
Corporate,
other
minor and
eliminations Total
Revenue 785,575 86,318 360,228 (51,521) 1,18 0,60 0
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\u2013b) 142,202 24,718 21,642 248 188,810
Non-recurrent costs/incomes (Note 2.6) (8 ,111) 1,283 \u2013 \u2013 (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
5. Segment reporting continued
Other segment items included in the consolidated income statement are as follows:
2024 2023
Steel
Dust
Salt
Slags
Secondary
Aluminium
Corporate,
other
minor and
eliminations Total
Steel
Dust
Salt
Slags
Secondary
Aluminium
Corporate,
other
minor and
eliminations Total
Depreciation/
Amortisation
charge:
\u2013 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)
\u2013 Intangible assets
(Notes 8 and 22) (359) (890) (1,190) (64) (2,503) (421) (908) (728) (69) (2,126)
\u2013 Right-of-use
assets (Notes 11
and 22) (9,664) (1,458) (848) (254) (12,224) (9,608) (1,448) (712) (238) (12,0 06)
\u2013 Reversal/
(Recognition)
of impairment
losses and other
(Note 22) (6,748) (1,588) \u2013 \u2013 (8,336) (1,313) (1) (191) \u2013 (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:
2024 2023
Steel
Dust
Salt
Slags
Secondary
Aluminium
Corporate,
other
minor and
eliminations Total
Steel
Dust
Salt
Slags
Secondary
Aluminium
Corporate,
other
minor and
eliminations Total
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 19,428 35,150 118 , 028 60,495 2,021 27,263 42,067 131,846
Current assets 241,316 12,979 65,746 11,185 331,226 244,045 23,466 61,539 12,511 341,561
Total assets 1,618,766 156,690 155,398 47,190 1,978,043 1,564,496 166,880 158,627 55,682 1,945,685
Equity and
liabilities
Net assets 652,701 60,916 23,767 108,353 845,737 642,164 85,394 40,359 109,439 877,356
Non-current
liabilities 736,461 80,891 60,114 (45,423) 832,043 739,172 65,006 40,427 (33,310) 811,295
Current liabilities 229,603 14,883 71,517 (15,740) 300,263 183,160 16,480 77,841 (20,447) 257,034
Total equity and
liabilities 1,618,766 156,690 155,398 47,190 1,978,043 1,564,496 166,880 158,627 55,682 1,945,685
Investments in the corresponding year were as follows (excluding the effect of translation differences):
2024 2023
Steel
Dust
Salt
Slags
Secondary
Aluminium
Corporate,
other
minor and
eliminations Total
Steel
Dust
Salt
Slags
Secondary
Aluminium
Corporate,
other
minor and
eliminations Total
Additions to
non-current assets
(Notes 8 and 9) 68,031 9,232 7,743 98 85,104 76,343 22,910 5,312 25 104,590
Disposals of
non-current assets
(Notes 8 and 9) (5,012) (20,343) (25,074) \u2013 (50,429) (1,833) (122) (1,409) \u2013 (3,364)
Net investments
in the year
(Notes 8 and 9) 63,019 (11,111) (17,331) 98 34,675 74,510 22,788 3,903 25 101,226
Investments in non-current assets include additions to property, plant and equipment (see Note 9) and intangible assets
(see Note 8).
In 2024, disposals mainly relate to the removal of fully amortised assets in the Salt Slags and Secondary Aluminium segments
(Note 8 and 9).
Inter-segment transfers and transactions (if any) are arranged under the same usual commercial terms and conditions as
those that should also be available to unrelated third parties. Details of sales by geographical segment for the years ended
31 December 2024 and 2023 are as follows:
Geographical area 2024 % 2023 %
Spain 222,216 18% 193,394 16%
Germany 133,388 11% 122,949 10%
France 53,376 4% 48,985 4%
Belgium 52,533 4% 46,717 4%
Finland 44,408 4% 54,054 5%
Norway 39,256 3% 32,920 3%
Italy 31,532 3% 19,339 2%
Netherlands 28,166 2% 33,253 3%
Sweden 20,212 2% 18,536 2%
Portugal 14,638 1% 19,058 2%
Rest of Europe 54,741 4% 48,538 4%
US 367, 530 30% 371,776 31%
Japan 54,162 4% 62,134 5%
South Korea 40,121 3% 27,405 2%
Brazil 22,292 2% 20,320 2%
Australia 16,542 1% 11,015 1%
China 12,344 1% 17,643 1%
Singapore 8,822 1% 12,400 1%
Rest of the world 22,751 2% 20,164 2%
1,239,030 100% 1,180,600 100%
5. Segment reporting continued
The distribution of property, plant and equipment, intangible assets (excluding goodwill and licences) and right-of-use
assets is as follows:
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
784,592 744,655
b) Information on customers
At 31 December 2024, only one customer from the Steel Dust segment represented over 10% of the Group\u2019s total revenues;
this customer represents approximately 37% (2023: 35%) of the Group\u2019s total revenues.
6. Business combination
Befesa Zinc Recytech, S.A.S.
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 \u20ac38,900 thousand and \u20ac7,959 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 \u2013 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 \u20ac29,044 thousand (including a goodwill amount of \u20ac9,649 thousand allocable to this business within the Steel CGU), had led to the recognition of a positive result for a total amount of \u20ac20,498 thousand, which was recognised in the \u201cOther income\u201d 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\u2013a) 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 \u20ac40 million (Note 14.d) 7. Goodwill 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 \u2013 15,494 258,929 Steel Dust 341,422 \u2013 \u2013 341,422 Salt Slags 35,829 \u2013 \u2013 35,829 Secondary Aluminium 8,957 \u2013 \u2013 8,957 629,643 \u2013 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 \u2013 (8,854) 243,435 Steel Dust 290,778 50,644 \u2013 341,422 Salt Slags 35,829 \u2013 \u2013 35,829 Secondary Aluminium 8,957 \u2013 \u2013 8,957 587,853 50,644 (8,854) 629,643 The increase in goodwill in 2023 was due to Befesa Zinc Recytech, S.A.S.\u2019s control reassessment described in Note 6. Impairment analysis 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: \u2013 Befesa Zinc US, Inc.: 9.08% (2023: 8.9%). \u2013 Steel Dust: 7.34\u201313.3% (2023: 6.73\u201313.3%). \u2013 Salt Slags: 7.34\u20138.34% (2023: 6.73\u20137.25%). \u2013 Secondary Aluminium: 7.34\u20138.34% (2023: 6.73\u20137.25%). 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\u2019s management in their strategic plans, considering a similar activity structure as the present one and based on previous years\u2019 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\u2019s management carried out a sensitivity analysis of the recoverable amount of goodwill and licences (Note 8) in the event of variations of \u00b15% in key assumptions, and no signs of impairment were identified
8. Other intangible assets
Movements in \u201cOther intangible assets\u201d in the consolidated statement of financial position as at 31 December 2024 and 2023
are as follows:
2024
Development
expenditure Licences
Computer
software
Administrative
concessions
and others Total
Cost:
Balance at 31/12/23 17,493 97,98 0 5,808 5,033 126,314
Additions 3,053 79 115 877 4,124
Disposals (6,664) \u2013 (456) (845) ( 7,965)
Transfers \u2013 \u2013 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) \u2013 (4,592) (2,837) (18,284)
Additions (Note 22.6) (2,059) \u2013 (444) \u2013 (2,503)
Disposals 6,664 \u2013 456 \u2013 7,120
Transfers \u2013 \u2013 \u2013 \u2013 \u2013
Translation differences \u2013 \u2013 (2) \u2013 (2)
Balance at 31/12/24 (6,250) \u2013 (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
8. Other intangible assets continued 2023 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) \u2013 \u2013 149 1,747 1,896 Change in scope of consolidation (Note 2.5) \u2013 \u2013 (233) \u2013 (233) Additions 2,949 \u2013 374 102 3,425 Disposals \u2013 \u2013 (34) \u2013 (34) Transfers \u2013 \u2013 93 400 493 Translation differences \u2013 (611) (30) (9) (650) Balance at 31/12/23 17,493 97,98 0 5,808 5,033 126,314 Accumulated amortisation Balance at 31/12/22 (9,231) \u2013 (4,248) (1,824) (15,303) Business combination \u2013 \u2013 (117 ) (1,013) (1,130) Change in scope of consolidation (Note 2.5) \u2013 \u2013 233 \u2013 233 Additions (Note 22.6) (1,624) \u2013 (502) \u2013 (2,126) Disposals \u2013 \u2013 34 \u2013 34 Transfers \u2013 \u2013 \u2013 \u2013 \u2013 Translation differences \u2013 \u2013 8 \u2013 8 Balance at 31/12/23 (10,855) \u2013 (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\u2019s management based on the impairment tests disclosure in Note 7. 2024 The most significant additions for the year relate to capitalised development expenses, with \u20ac1,897 thousand in the \u201cSecondary Aluminium\u201d segment and \u20ac1,156 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 \u20ac2,949 thousand. Investment commitments At 31 December 2024 and 2023, the Group had no significant investment commitments
9. Property, plant and equipment
Movements in this consolidated statement of financial position as at 31 December 2024 and 2023 are as follows:
2024
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 \u2013 275 9,139 453 71,113 80,980
Disposals (161) (724) (39,061) (2,508) (10) (42,464)
Transfers \u2013 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 \u2013 (89,539) (425,143) (23,215) \u2013 (537,897)
Additions (Note 22.6) \u2013 (7,928) (58,485) (2,227) \u2013 (68,640)
Disposals \u2013 528 38,809 2,506 \u2013 41,843
Transfers \u2013 \u2013 4,923 \u2013 \u2013 4,923
Translation differences \u2013 (233) (3,801) (119) \u2013 (4,153)
Balance at 31/12/24 \u2013 (97,172) (443,697) (23,055) \u2013 (563,924)
Impairment losses at 31/12/23 (874) \u2013 (7,569) (27) \u2013 (8,470)
Impairment losses at 31/12/24 (874) \u2013 (7,569) (27) \u2013 (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
9. Property, plant and equipment continued
2023
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) \u2013 (36,387)
Additions \u2013 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 \u2013 (80,021) (374,662) (21,703) \u2013 (476,386)
Business combination (Note 6) \u2013 (4,354) (13,707) (111) \u2013 (18,172)
Change in scope of consolidation
(Note 2.5) \u2013 1,413 16,302 225 \u2013 17, 940
Additions (Note 22.6) \u2013 (7,492) (56,979) (2,061) \u2013 (66,532)
Disposals \u2013 152 2,382 670 \u2013 3,204
Transfers \u2013 295 (8,011) (2) \u2013 ( 7,718)
Translation differences \u2013 468 9,532 (233) \u2013 9,767
Balance at 31/12/23 \u2013 (89,539) (425,143) (23,215) \u2013 (537,897)
Impairment losses at 31/12/22 (874) \u2013 (28,151) (27) \u2013 (29,052)
Reversal (Note 2.5) \u2013 \u2013 20,582 \u2013 \u2013 20,582
Impairment losses at 31/12/23 (874) \u2013 (7,569) (27) \u2013 (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. (\u20ac39.0 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.
\u201cTransfers\u201d for a net value of \u20ac5.0 million mainly include the amount of long-term spare parts transferred to short-term spare
parts, included in the \u201cInventory\u201d 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 (\u20ac56.5 million) and to works done in Befesa Salzschlacke GmbH, mainly related to the Hanover plant after the fire in 2021 (\u20ac20.4 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 (\u20ac18 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 \u20ac50.9 million, mainly due to the expansion projects in Befesa Holding US, Inc. and in Befesa Aluminium Germany GmbH (2023: \u20ac41.4 million, mainly due to the expansion project in Befesa Holding US, Inc.). 10. Financial assets by category and class 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 \u2013 1,666 \u2013 1,666 Impairment \u2013 ( 741) \u2013 (924) Trade and other receivables (Note 13) 127, 913 \u2013 119,154 \u2013 Security deposits 461 3,665 450 3,875 Financial assets measured at fair value Hedging derivatives (Note 17) \u2013 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
11. Right-of-use assets and lease liabilities
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) (12,0 06)
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 2,519 5,863
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 \u20ac2,545 thousand (2023: \u20ac1,406 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
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 12. Inventories 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 \u201cOther\u201d at 31 December 2024 and 2023 mainly includes spare parts for the Group\u2019s 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. 13. Accounts receivable 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
13. Accounts receivable continued
Changes in the allowances for doubtful debts relating to the Group\u2019s 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) \u2013 (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.
14. Equity
a) Share capital
The number of shares as at 31 December 2024 and 2023 is 39,999,998 with a par value of \u20ac2.78 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\u2019s 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.
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 \u20ac29,200 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 \u20ac50,000 thousand from the net profit of the year 2022). c) Translation differences The breakdown, by company, of \u201cTranslation differences\u201d 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 \u0130skenderun \u00c7elik Tozu Geri D\u00f6n\u00fc\u015f\u00fcm\u00fc, A.S. (17,203) (16,565) Befesa Silvermet D\u0131\u015f 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) (11,4 65) Other (968) (473) Total 24,017 (11,738) d) Non-controlling interests Details of equity \u2013 non-controlling interests are as follows: % non-controlling Thousands of euros 2024 2023 2024 2023 Steel Dust: Befesa Zinc Recytech, S.A.S. 0% 50% \u2013 43,978 Befesa Silvermet Turkey, S.L. and subsidiaries 47.6% 46.4% 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 \u20ac40 million (Note 6). The difference between the consideration paid and the carrying amount of the non-controlling interests was recognised in the \u201cOther reserves\u201d item of the consolidated equity of an amount of \u20ac4,356 thousand
14. Equity continued
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 \u2013 (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 \u2013 11, 953
Current assets \u2013 21,908
Non-current liabilities \u2013 2
Current liabilities \u2013 6,110
Equity \u2013 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\u2019s 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\u2019s management considers that the leverage ratio (Note 2.6) is a good indicator of the degree to which the
objectives set are being achieved.
15. Financial debt Details of the related line items in the accompanying consolidated statement of financial position as at 31 December 2024 and 2023 are as follows: 2024 2023 Current maturity Non-current maturity Current maturity Non-current maturity Bank loans and credit facilities 20,533 664,086 22,580 655,610 Unmatured accrued interest 4,889 \u2013 6,218 \u2013 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. The main terms and conditions of borrowings are as follows: 2024 2023 Type Limit in nominal currency (thousands of currency) Interest rate Maturity date Current maturity Non- current maturity Current maturity 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 36,915 684,561 38,081 672,690 At 31 December 2023, the facilities agreement consisted of a \u20ac626 million senior secured Term Loan B (TLB) which is a bullet with maturing in July 2026, a \u20ac75 million revolving credit facility (RCF) maturing in July 2025, and a \u20ac35 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: \u2013 TLB facility commitment in an amount of \u20ac650 million, which is a bullet maturing in July 2029. \u2013 RCF in an amount of \u20ac100 million maturing in July 2028. \u2013 A guarantee facility commitment in an amount of \u20ac35 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 \u20ac0.8 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 15. Financial debt continued 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, \u201cOther\u201d mainly includes the short-term financing of Befesa Silvermet \u0130skenderun and debt related to the financial leases. At 31 December 2024, an amount of \u20ac100 million was undrawn from the syndicated financing arrangement (2023: \u20ac75 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 \u2013 (20,736) 35,619 Exchange rate adjustments (1,296) \u2013 (373) (1,669) Other non-monetary movements (*) \u2013 (11) 21,108 21,097 Net financial debt as at 31 December 2023 (106,692) (71) 710,771 604,008 Cash flows 4,325 \u2013 (5,683) (1,358) Exchange rate adjustments (153) \u2013 1,222 1,069 Other non-monetary movements (*) \u2013 71 15,166 15,237 Net financial debt as at 31 December 2024 (102,520) \u2013 721,476 618,956 (*) Other non-monetary movements: mainly due to the impact of the new contracts under IFRS 16. 16. Other current and non-current payables 2024 2023 Current maturity Non-current maturity Current maturity Non-current maturity Payable to asset suppliers 14,921 \u2013 8,385 \u2013 Accounts payable to public authorities (Note 20) 23,590 \u2013 14,103 \u2013 Remuneration payable (Note 18) 18,840 \u2013 19,064 \u2013 Other 10,189 4,908 4,088 6,707 Total 67,54 0 4,908 45,640 6,707 \u201cOther\u201d mainly includes the capital grants not yet released to income, amounting to approximately \u20ac3.5 million (2023: \u20ac3.9 million), and the current financial liabilities related to the last derivative settlements of the year amounting to EUR 6.6 million (2023: \u20ac0.0 million)
17. Financial derivatives
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 (Note 10)
Swap contracts for zinc \u2013 8,796
Interest rate swap 11, 256 20,845
Equity swap \u2013 880
11,256 30,521
Cash flow hedges current assets
Swap contracts for zinc \u2013 14,138
Foreign currency swap \u2013 38
\u2013 14,176
Total assets 11,256 44,697
Cash flow hedges non-current liabilities:
Swap contracts for zinc 12,637 \u2013
Equity swap 3,570 \u2013
16,207 \u2013
Cash flow hedges current liabilities:
Swap contracts for zinc 26,079 2,229
Foreign currency SWAP 83 \u2013
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:
Tonnes
31 December 2024 31 December 2023
2025
2026 and
subsequent
years 2024
2025 and
subsequent
years
Hedge (in tonnes)
Swap contract for zinc 165,901 152,925 145,733 40,375
165,901 152,925 145,733 40,375
During 2024, Befesa has extended its zinc hedges until and including January 2027 (2023: June 2025 ).
17. Financial derivatives continued 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 \u201cRevenue\u201d in the income statement at each settlement date. Interest rate swaps (floating to fixed) The Company arranged an interest rate swap (\u201cIRS\u201d) in March 2020; the notional amount of the IRSs outstanding at 31 December 2024 and 31 December 2023 totalled \u20ac316,000 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: \u2013 US dollar sales: USD 21,667 thousand \u2013 US dollar purchases: USD 4,900 thousand At 31 December 2023, currency purchase contracts (swaps or forwards) amounted to: \u2013 US dollar sales: USD 14,033 thousand \u2013 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 18. Long-term provisions 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) \u2013 (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) \u2013 (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 \u20ac2.0 million (2023: \u20ac3.1 million) related to the compensation plans described in Note 24. \u201cTransfers\u201d in 2024 and 2023 mainly corresponds to the liability payable in 2025 and 2024, which has been recognised as \u201cRemuneration payable\u201d 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 \u20ac1.9 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 \u201cOther provisions for contingencies and charges\u201d 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 \u20ac7.0 million at 31 December 2024 (2023: \u20ac7.0 million) for the present value of estimated costs. The main asset retirement obligation relates to the ultimate closure of the former Monaca facility
19. Income tax
The Group\u2019s 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 Met\u00e1licos, 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 \u00d3xido, 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\u2019s 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\u2019s 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\u20132026) 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 .
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) \u2013
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)
\u2013 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 \u2013 \u2013 \u2013
Befesa Holding US, Inc. 146,495 \u2013 22,607 26,272
Befesa Circular Alloys Sweden, AB 8,343 \u2013 53 174
Befesa Zinc Environmental Protection
Technology (Henan) Co. Ltd 2,881 \u2013 \u2013 \u2013
Befesa Circular Alloys France, S.A.S. 279 \u2013 \u2013 \u2013
Others 1,398 600 267 \u2013
Total deferred tax 168,304 600 22,927 26,446
19. Income tax continued 2023 Tax loss carry-forwards Deductions Temporary differences (assets) Temporary differences (liabilities) Befesa, S.A. 8,866 \u2013 \u2013 \u2013 Befesa Holding US, Inc. 129,203 \u2013 18,647 19,704 Befesa Circular Alloys Sweden, AB 7, 805 \u2013 \u2013 \u2013 Befesa Circular Alloys France, S.A.S. 4,452 \u2013 144 \u2013 Others 2,321 458 316 \u2013 Total deferred tax 152,647 458 19,107 19,704 The majority of these tax credits (\u20ac155.5 million) expire in 2043 or later (2023: \u20ac142.6 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 Amounts corresponding to deferred tax assets are as follows: 2024 2023 Deferred tax assets 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 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. Movements in deferred tax assets and liabilities in 2024 and 2023 relate to: 2024 Recognised in Balance at 31/12/23 Income statement Equity Balance at 31/12/24 Deferred tax assets Tax loss carry-forwards and deductions 76,793 (1,472) (1,173) 74,148 Derivatives 272 (3,686) 12,156 8,742 Other 19,643 (343) (8) 19,292 Total deferred tax assets 96,708 (5,501) 10,975 102,182 Deferred tax liabilities Revaluations 44,065 (1, 211) 928 43,782 Derivatives 6,264 \u2013 (3,563) 2,701 Goodwill 50,801 4,653 \u2013 55,454 Other (temporary differences) 12,715 (3,903) (453) 8,359 Total deferred tax liabilities 113,845 (461) (3,088) 110,296 2023 Recognised in Balance at 31/12/22 Income statement Equity Balance at 31/12/23 Deferred tax assets Tax loss carry-forwards and deductions 72,731 6,639 (2,577) 76,793 Derivatives 13,902 (308) (13,322) 272 Other 17,014 1,492 1,137 19,643 Total deferred tax assets 103,647 7,823 (14,762) 96,708 Deferred tax liabilities Revaluations 46,123 (1,498) (560) 44,065 Derivatives 7,474 \u2013 (1,210) 6,264 Goodwill 46,644 4,157 \u2013 50,801 Other (temporary differences) 7,392 5,259 64 12,715 Total deferred tax liabilities 107,633 7,918 (1,706) 113,845 The main amounts and changes in deferred tax assets and liabilities in 2024 and 2023 were as follows 19. Income tax continued 2024 y Movements recognised in equity relate mainly to the tax effect of the measurement of derivatives hedging zinc prices (Note 17), and to the impact of conversion difference, mainly from deductions in Turkey and Befesa Zinc US, Inc. y The movement in goodwill relates to the tax depreciation of the goodwill by Befesa Zinc. 2023 y Movements recognised in equity relate mainly to the tax effect of the measurement of derivatives hedging zinc prices (Note 17), and to the impact of conversion difference from deductions in Turkey (-\u20ac2.3 million) in assets, and from Befesa Zinc US, Inc. (\u20ac0.6 million) in liabilities. y The movement in income statement in tax loss carry-forwards and deductions is mainly related to tax loss carry-forwards generated in Befesa Management Services, Chinese and Korean companies (\u20ac8.4 million) and tax incentives regarding investments in fixed assets in Turkey (\u20ac2.2 million). Meanwhile, in Basque fiscal companies, tax loss carry-forwards and deductions amounting to \u20ac4.2 million have been used. y The movement in goodwill relates mainly to the tax depreciation of the goodwill by Befesa Zinc. 20. Public administrations 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) Receivable (Note 13) Payable (Note 16) VAT 8,420 7,232 7,812 5,979 Withholdings and interim payments 198 919 \u2013 787 Corporate income tax 1,200 11,9 68 11,975 4,636 Social security 11 2,696 14 2,134 Other 658 775 925 567 Total 10,487 23,590 20,726 14,103 \u201cAccounts payable to public authorities\u201d 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. 21. Guarantee commitments to third parties and contingencies At 31 December 2024 and 2023, a number of Group companies had provided guarantees for an overall amount of approximately \u20ac71.9 million (31 December 2023: \u20ac74.0 million) to guarantee their operations vis-\u00e0-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 \u20ac4,065 thousand in 2023 under \u201cOther operating income\u201d (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 \u201cOther receivables\u201d (2023: \u20ac2,280 thousand) 22. Income and expenses 22.1 Revenues Details of revenues by category for 2024 and 2023 are as follows: 2024 % 2023 % Steel Dust 825,550 67% 785,575 67% \u2013 Sale of WOX and other metals 541,882 44% 480,778 41% \u2013 Service fees 83,527 7% 101,270 9% \u2013 Smelting: sale of metals and by\u2013products (Note 6) 341,334 28% 326,935 28% \u2013 Eliminations (*) (141,193) (123,408) Salt Slags 105,874 9% 86,318 7% \u2013 Sale of aluminium concentrates and melting salt 62,947 5% 51,903 4% \u2013 Fees for recycling salt slags and SPL 42,927 3% 34,415 3% Secondary Aluminium 367,296 30% 360,228 31% \u2013 Sale of secondary aluminium alloys 342,717 28% 333,157 28% \u2013 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. 22.2 Raw materials and consumables 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 22.3 Other operating income 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) \u2013 20,498 Other operating income (Note 21) 1,283 4,065 Services 4,381 4,214 Total 7,412 37,101
22. Income and expenses continued
22.4 Personnel expenses
Details of personnel expenses in the consolidated income statement for 2024 and 2023 are as follows:
2024 2023
Wages and salaries 112,24 3 114,749
Employer\u2019s social security contributions 19,240 18,250
Other welfare costs 13,840 13,279
Total 145,323 146,278
Of the Group\u2019s 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
22.5 Other operating expenses
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
22.6 Amortisation/Depreciation, impairment and provisions
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
23. Finance costs 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) \u2013 35 Total 46,713 39,029 In 2024, an interest rate swap settlement accrued \u20ac11,181 thousand of finance income (2023: \u20ac9,336 thousand). Other finance costs include \u20ac4,450 thousand related to the fair value of the equity swap (Note 17) (2023: \u20ac0 thousand). 24. Remuneration of the Board of Directors Directors\u2019 remuneration and other benefits Remuneration in the total amount of \u20ac5,768 thousand was accrued in 2024 to the members of the Parent Company\u2019s Board of Directors (including Executive Members of the Board of Directors) for discharging their duties in Group companies (2023: \u20ac8,106 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. Incentives to executives and other matters 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\u2019s 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 \u20ac3.4 million and \u20ac5.8 million, respectively. In 2022, the Parent Company approved another compensation plan for certain members of the Group\u2019s 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\u2019s 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\u2019s 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 \u20ac4.4 million, the second 1/3 was paid in 2022 for an amount of \u20ac2.7 million, and the third 1/3 was paid in 2023 for an amount of \u20ac1.6 million 25. Information on the environment 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) . 26. Auditors\u2019 fees Fees corresponding to services rendered by KPMG Audit S.\u00e0.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 27. Earnings per share a) Basic earnings/(losses) per share (EUR per share) 2024 2023 From continuing operations attributable to the ordinary equity holders of the Company 1.27 1.45 From discontinued operations \u2013 \u2013 Total basic earnings/(losses) per share attributable to the ordinary equity holders of the Company 1.27 1.45 b) Diluted earnings/(losses) per share (EUR per share) As at 31 December 2024 and 2023, there are no differences between basic and diluted earnings/(losses) per share . c) Reconciliation of earnings used in calculating earnings 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 d) Weighted average number of shares used as the denominator 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. 28. Subsequent events 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\u2019s long-term July 2029 maturity date and all other contractual terms remain unchanged 28. Subsequent events 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\u2019s long-term July 2029 maturity date and all other contractual terms remain unchanged. Subsidiaries 2024 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 \u2013 116,526 \u2013 \u2013 Befesa Management Services GmbH Germany Holding 100% KPMG 25 2,458 (30) 263 \u2013 \u2013 MRH Residuos Met\u00e1licos, S.L.U. Spain Holding 100% (1) 15,600 13,679 \u2013 57,607 (53,000) \u2013 Befesa Salzschlacke GmbH Germany Aluminium waste treatment 100% KPMG 25 3,843 \u2013 1,673 \u2013 \u2013 Befesa Aluminium Germany GmbH Germany Aluminium waste treatment 100% KPMG 25 303 \u2013 \u2013 \u2013 \u2013 Befesa Aluminio, S.L.U. Spain Recovery of metals 100% KPMG 4,767 64,150 \u2013 11, 383 \u2013 Befesa Aluminio Comercializadora, S.L. Spain Marketing company 100% (1) 90 21 \u2013 \u2013 \u2013 \u2013 Befesa Zinc, S.A.U. Spain Holding 100% KPMG 25,010 498,176 \u2013 63,619 (60,000) \u2013 Befesa Zinc Comercial, S.A. (Sociedad Unipersonal) Spain Sale of recycled waste 100% KPMG 60 7,529 \u2013 325 \u2013 \u2013 Befesa Zinc Aser, S.A. (Sociedad Unipersonal) Spain Recovery of metals 100% KPMG 4,260 7,153 \u2013 46,024 (40,850) \u2013 Befesa Zinc Sur, S.L. (Sociedad Unipersonal) Spain Recovery of metals 100% (1) 605 202 \u2013 (3) \u2013 \u2013 Befesa Zinc \u00d3xido, S.A. (Sociedad Unipersonal) Spain Recovery of metals 100% KPMG 1,102 5,364 \u2013 564 \u2013 \u2013 Befesa Steel R&D, S.L. (Sociedad Unipersonal) Spain Development of projects and technology innovation 100% (1) 3 797 \u2013 59 \u2013 \u2013 Befesa Circular Alloys, S.L.U. Spain Holding 100% (1) 3 14,512 \u2013 5,924 \u2013 Befesa Circular Alloys France, S.A.S. France Recovery of metals 100% KPMG 4,000 1,206 \u2013 3,096 \u2013 Befesa Circular Alloys Sweden, AB Sweden Recovery of metals 100% KPMG 5,309 2,895 (351) (3,236) Thousands of euros (31/12/2024) Entity Country Activity % interest Auditor Capital Reserves Translation differences Results Interim dividend \u2013 Befesa Silvermet Turkey, S.L. Spain Holding 53.60% (1) 9,175 740 \u2013 (111) \u2013 Befesa Silvermet \u0130skenderun \u00c7elik Tozu Geri D\u00f6n\u00fc\u015f\u00fcm\u00fc, A.S. Turkey Recovery of metals 100% E&Y 5,707 42,185 (30,467) 5,914 \u2013 Befesa Silvermet D\u0131\u015f Ticaret, A.S. Turkey Recovery of metals 100% (1) 2,674 4,923 (4,987) 874 \u2013 \u2013 Befesa Zinc Germany GmbH Germany Holding 100% (1) 25 552,394 \u2013 20,059 (20,000) Befesa Steel Services GmbH Germany Sales and logistics 100% KPMG 2,045 68,004 \u2013 (28) \u2013 Befesa Zinc Duisburg GmbH Germany Recovery of metals 100% KPMG 5,113 14,083 \u2013 38 \u2013 Befesa Zinc Korea Co., Ltd. South Korea Recovery of metals 100% KPMG 17,015 20,756 (4,200) 7,052 \u2013 Befesa Pohang Co., Ltd. South Korea Recovery of metals 100% KPMG 1,770 5,883 (1,150) 1,422 \u2013 Befesa Zinc Freiberg GmbH & Co., KG Germany Recovery of metals 100% KPMG 1,000 12,628 \u2013 245 \u2013 Befesa Zinc Environmental Protection Technology (Jiangsu) Co., Ltd. China Recovery of metals 100% KPMG 21,407 (9,877) 799 (1,828) \u2013 Befesa (China) Investment Co., Ltd. China Holding 100% KPMG 18,825 (1,084) 236 187 \u2013 Befesa Zinc Environmental Protection Technology (Henan) Co., Ltd. China Recovery of metals 100% KPMG 17,890 (6,197) (11) (7,751) \u2013 Befesa Zinc Gravelines S.A.S. France Waelz oxide treatment 100% KPMG 8,000 327 \u2013 395 \u2013 Befesa Holding US, Inc. US Befesa Zinc US, Inc. US Waelz oxide treatment 100% ( 1 ) / ( 2 ) 549,152 (798) 32,044 21,150 \u2013 Befesa Zinc Metal, Inc. US Zinc refining 100% ( 1 ) / ( 2 ) 107,466 (37,306) (9,708) (48,275) \u2013 Befesa Zinc Recytech, S.A.S. (3) France Recovery of metals 100% Deloitte 6,240 3,718 \u2013 14,762 \u2013 (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 \u2013 51,582 \u2013 \u2013 Befesa Management Services GmbH Germany Holding 100% KPMG 25 2,191 (30) 267 \u2013 \u2013 MRH Residuos Met\u00e1licos, S.L.U. Spain Holding 100% (1) 15,600 14,997 \u2013 (1,318) \u2013 \u2013 Befesa Salzschlacke GmbH Germany Aluminium waste treatment 100% KPMG 25 22,192 \u2013 9,651 \u2013 \u2013 Befesa Aluminium Germany GmbH Germany Aluminium waste treatment 100% KPMG 25 303 \u2013 \u2013 \u2013 \u2013 Befesa Aluminio, S.L.U. Spain Recovery of metals 100% KPMG 4,767 79,285 \u2013 14,957 \u2013 Befesa Aluminio Comercializadora, S.L. Spain Marketing company 100% (1) 90 21 \u2013 \u2013 \u2013 \u2013 Befesa Zinc, S.A.U. Spain Holding 100% KPMG 25,010 413,275 \u2013 43,901 (39,000) \u2013 Befesa Zinc Comercial, S.A. (Sociedad Unipersonal) Spain Sale of recycled waste 100% KPMG 60 7,105 \u2013 424 \u2013 \u2013 Befesa Zinc Aser, S.A. (Sociedad Unipersonal) Spain Recovery of metals 100% KPMG 4,260 15,376 \u2013 33,451 (30,800) \u2013 Befesa Zinc Sur, S.L. (Sociedad Unipersonal) Spain Recovery of metals 100% (1) 605 206 \u2013 (3) \u2013 \u2013 Befesa Zinc \u00d3xido, S.A. (Sociedad Unipersonal) Spain Recovery of metals 100% KPMG 1,102 6,113 \u2013 (749) \u2013 \u2013 Befesa Steel R&D, S.L. (Sociedad Unipersonal) Spain Development of projects and technology innovation 100% (1) 3 787 \u2013 10 \u2013 \u2013 Befesa Circular Alloys, S.L.U. (3) Spain Holding 100% (1) 3 10,342 \u2013 10,169 \u2013 Befesa Circular Alloys France, S.A.S. (4) France Recovery of metals 100% KPMG 4,000 (154) \u2013 7,241 \u2013 Befesa Circular Alloys Sweden, AB (5) Sweden Recovery of metals 100% KPMG 5,309 (3,956) (261) 1,600 \u2013 \u2013 Befesa Silvermet Turkey, S.L., Spain Holding 53.60% (1) 9,175 800 \u2013 (60) ntity Country Activity % interest Auditor Capital Reserves Translation differences Results Interim dividend Befesa Silvermet \u0130skenderun \u00c7elik Tozu Geri D\u00f6n\u00fc\u015f\u00fcm\u00fc, A.S. Turkey Recovery of metals 100% E&Y 4,968 46,260 (29,103) (9,851) \u2013 Befesa Silvermet D\u0131\u015f Ticaret, A.S. Turkey Recovery of metals 100% (1) 2,035 4,060 (4,758) 452 \u2013 \u2013 Befesa Zinc Germany GmbH Germany Holding 100% KPMG 25 430,14 4 \u2013 12,250 (15,000) Befesa Steel Services GmbH Germany Sales and logistics 100% KPMG 2,045 67,970 \u2013 33 \u2013 Befesa Zinc Duisburg GmbH Germany Recovery of metals 100% KPMG 5 ,113 17,207 \u2013 (53) \u2013 Befesa Zinc Korea Co., Ltd. South Korea Recovery of metals 100% KPMG 17,015 34,798 (1,448) (505) \u2013 Befesa Pohang Co., Ltd. South Korea Recovery of metals 100% KPMG 1,770 3,827 (646) 2,061 \u2013 Befesa Zinc Freiberg GmbH & Co., KG Germany Recovery of metals 100% KPMG 1,000 18,118 \u2013 200 \u2013 Befesa Zinc Environmental Protection Technology (Jiangsu) Co., Ltd. China Recovery of metals 100% KPMG 21,407 (5,896) 426 (3,982) \u2013 Befesa (China) Investment Co, Ltd. China Holding 100% KPMG 18,825 (422) 228 (662) \u2013 Befesa Zinc Environmental Protection Technology (Henan) Co., Ltd. China Recovery of metals 100% KPMG 17,890 (1,034) (209) (5,163) \u2013 Befesa Zinc Gravelines S.A.S. France Waelz oxide treatment 100% KPMG 8,000 273 \u2013 1,677 \u2013 Befesa Holding US, Inc. US Befesa Zinc US, Inc. US Waelz oxide treatment 100% (1)/(2) 424,152 22,345 (494) (1,725) \u2013 Befesa Zinc Metal, Inc. US Zinc refining 100% (1)/(2) 107,466 (15,490) (11,4 64) (21,055) \u2013 Recytech, S.A. France Recovery of metals 50% Deloitte 6,240 13,450 \u2013 7, 960 \u2013 (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. ( ", "dimensions": { "concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory", "language": "en", "entity": "scheme:222100VXGA8L6J4ZWG61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-1": { "value": "Befesa, S.A", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:222100VXGA8L6J4ZWG61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-379": { "value": "Befesa, S.A", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:222100VXGA8L6J4ZWG61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-2": { "value": "Luxembourg", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:222100VXGA8L6J4ZWG61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-3": { "value": "\u201csoci\u00e9t\u00e9 \u00e0 responsabilit\u00e9 limit\u00e9e\u201d", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:222100VXGA8L6J4ZWG61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-4": { "value": " Luxembourg", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:222100VXGA8L6J4ZWG61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-8": { "value": "68-70 Boulevard de la P\u00e9trusse, L-2320 Luxembourg", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:222100VXGA8L6J4ZWG61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-5": { "value": "Befesa, S.A", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:222100VXGA8L6J4ZWG61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-6": { "value": "As\u00faa \u2013 Erandio, Bizkaia (Spain). ", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:222100VXGA8L6J4ZWG61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-7": { "value": "The Company and its subsidiaries (\u201cBefesa\u201d or the \u201cGroup\u201d) is an international industrial group (see Appendix) that engages mainly in the management and treatment of industrial residues (see Note 5) ", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:222100VXGA8L6J4ZWG61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-380": { "value": "2. Basis of presentation of the consolidated financial statements and basis of consolidation 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 (\u201cIFRS\u201d) 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\u2019s 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. 2.1 Fair presentation 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\u2019s consolidated financial statements for 2024 were formally prepared: y In accordance with Accounting Standards (\u201cIFRS\u201d) as adopted by the European Union (IFRS-EU), in conformity with the regulation (EC) of the European Parliament and of the Council, including International Accounting Standards (IAS) and the interpretations issued by the International Financial Reporting Interpretations Committee (IFRIC) and by the Standing Interpretations Committee (SIC). The principal accounting policies and measurement bases applied in preparing the accompanying consolidated financial statements are summarised in Note 3 . y Considering all the mandatory accounting policies and rules, and measurement bases with a material effect on the consolidated financial statements, as well as the alternative permitted by the relevant standards in this connection, which are specified in Note 3. y So that they present fairly the Group\u2019s consolidated equity and consolidated financial position at 31 December 2024 and the consolidated results of its operations, changes in consolidated equity and consolidated cash flows for the year then ended. y On the basis that the accounting records are kept by the Parent and by the other Group companies. However, because the accounting policies and measurement bases used in preparing the Befesa, S.A. consolidated financial statements (IFRS-EU) differ from those used by the Group companies (local standards), the required adjustments and reclassifications were made on consolidation to unify the policies and methods used and to make them compliant with IFRS-EU. y The preparation of the consolidated financial statements in conformity with IFRS Accounting Standards requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group\u2019s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements, are disclosed in Note 2.4. y The consolidated financial statements have been prepared in accordance with Luxembourg\u2019s legal and regulatory framework and on the going concern assumption 2. Basis of presentation of the consolidated financial statements and basis of consolidation continued 2.2 Adoption of new standards and interpretations issued 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: \u2013 Amendments to IAS 1 Presentation of Financial Statements: y Classification of Liabilities as Current or Non-current y Classification of Liabilities as Current or Non-current \u2013 Deferral of Effective Date y Non-current Liabilities with Covenants \u2013 Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback \u2013 Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures: Supplier Finance Arrangements 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: \u2013 Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability In light of the Group\u2019s 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: \u2013 Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7): Disclosures \u2013 Annual Improvements Volume 11 to IFRS Accounting Standards \u2013 Amendments to: y IFRS 1 First-time Adoption of International Financial Reporting Standards y IFRS 7 Financial Instruments: Disclosures and its Accompanying Guidance on Implementing IFRS 7 y IFRS 9 Financial Instruments y IFRS 10 Consolidated Financial Statements y IAS 7 Statement of Cash flows \u2013 Amendments to IFRS 9 and IFRS 7: Contracts Referencing Nature-dependent Electricity \u2013 IFRS 18 Presentation and Disclosure in Financial Statements \u2013 IFRS 19 Subsidiaries without Public Accountability: Disclosure 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 .
2.3 Functional currency
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.
2.4 Use of estimates and judgements
The information in these consolidated financial statements is the responsibility of the Board of Directors of the Parent
Company.
In the Group\u2019s 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.
Relevant accounting estimates and assumptions
These estimates relate to the following:
Impairment losses on goodwill and certain assets (see Notes 7, 8, 9 and 11)
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:
y Projections of the cash flows of the cash-generating unit (CGU) or group of CGUs in question are made for periods of
five years (when based on past experience it is possible to predict cash flows accurately over a period longer than five
years), calculating a residual value based on flow for the last year projected, provided that this flow is representative
of a normalised flow to reflect margin and cash flow experience in those businesses, as well as future expectations.
The projections are based on the budgets for next year, increased in accordance with the assumptions estimated
by management.
y The gross margins used in the calculation are in line with the profit expected to be obtained, based on past experience of
profits of each of the segments and on new contracts existing in each case.
y To discount the flows, a discount rate is used based on the weighted average cost of capital for assets of this type,
adjusted where necessary, on the basis of the additional risk that could be contributed by certain types of activity.
y In any case, further sensitivity analyses are conducted, particularly regarding the discount rate used and the residual
growth rate, to ensure that the effect of possible changes in estimates of these rates does not have an impact on the
recoverability of the recognised goodwill and licences with indefinite useful life.
Recoverability of deferred taxes (Notes 3.18 and 19)
Deferred tax assets are recognised for all deductible temporary differences and unused deductions for which it is probable
that the companies of the Group will have future tax profits against which they can be utilised. To determine the deferred tax
assets eligible for recognition, their amount, the dates on which the future tax profits are expected to be obtained and the
reversal period of the temporary differences are estimated.
If the final outcome (on judgement areas) differs unfavourably by 10% from management estimates, deferred assets would
decrease and no material income tax expense would be recorded. If these changes evolved favourably, these deferred tax
assets would increase and no material income tax expense would be recorded.
Fair value of derivatives
The fair value of financial instruments that are not quoted in an active market (e.g. OTC derivatives) is determined by using
valuation techniques. The Group uses judgement to select a series of methods and makes assumptions that are mainly
based on the market conditions existing at each balance sheet date .
2. Basis of presentation of the consolidated financial statements and basis of consolidation continued
Estimates made in the context of share-based payments (Note 24)
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.\u2019s share price, and the degree of target achievement.
Estimates made in the context of the Purchase Price Allocation (Notes 3.1 and 6)
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 .
2.5 Changes in the scope of consolidation
The following is a description of the main changes in the scope of consolidation in 2024 and 2023:
2024
There was no change in the scope of consolidation in 2024.
2023
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.
2.6 Alternative performance measures
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\u2019s variable remuneration. The measures are useful in discussions with the investment analysts\u2019 community.
However, these APMs are not uniformly disclosed by all companies, including those in the Group\u2019s 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 .
a) Net debt 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) \u2013 (71) Net debt 618,956 604,008 b) EBITDA, Adjusted EBITDA and EBITDA margin 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\u2019s 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\u2019s 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 \u20ac3,678 thousand of the impact of hyperinflation on the Group\u2019s 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.) 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% c) EBIT, Adjusted EBIT and EBIT margin 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 The following table provides a reconciliation of EBIT margin and Adjusted EBIT margin: 2024 2023 Revenue (a) 1,239,030 1,180,60 0 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% d) Net debt/Adjusted EBITDA (adjusted leverage ratio) Net debt/Adjusted EBITDA ratio is defined as net 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 ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:222100VXGA8L6J4ZWG61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-9": { "value": "2. Basis of presentation of the consolidated financial statements and basis of consolidation 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 (\u201cIFRS\u201d) 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\u2019s 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. 2.1 Fair presentation 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\u2019s consolidated financial statements for 2024 were formally prepared: y In accordance with Accounting Standards (\u201cIFRS\u201d) as adopted by the European Union (IFRS-EU), in conformity with the regulation (EC) of the European Parliament and of the Council, including International Accounting Standards (IAS) and the interpretations issued by the International Financial Reporting Interpretations Committee (IFRIC) and by the Standing Interpretations Committee (SIC). The principal accounting policies and measurement bases applied in preparing the accompanying consolidated financial statements are summarised in Note 3 . y Considering all the mandatory accounting policies and rules, and measurement bases with a material effect on the consolidated financial statements, as well as the alternative permitted by the relevant standards in this connection, which are specified in Note 3. y So that they present fairly the Group\u2019s consolidated equity and consolidated financial position at 31 December 2024 and the consolidated results of its operations, changes in consolidated equity and consolidated cash flows for the year then ended. y On the basis that the accounting records are kept by the Parent and by the other Group companies. However, because the accounting policies and measurement bases used in preparing the Befesa, S.A. consolidated financial statements (IFRS-EU) differ from those used by the Group companies (local standards), the required adjustments and reclassifications were made on consolidation to unify the policies and methods used and to make them compliant with IFRS-EU. y The preparation of the consolidated financial statements in conformity with IFRS Accounting Standards requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group\u2019s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements, are disclosed in Note 2.4. y The consolidated financial statements have been prepared in accordance with Luxembourg\u2019s legal and regulatory framework and on the going concern assumption ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:222100VXGA8L6J4ZWG61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-389": { "value": "The Group\u2019s consolidated financial statements for 2024 were formally prepared: y In accordance with Accounting Standards (\u201cIFRS\u201d) as adopted by the European Union (IFRS-EU), in conformity with the regulation (EC) of the European Parliament and of the Council, including International Accounting Standards (IAS) and the interpretations issued by the International Financial Reporting Interpretations Committee (IFRIC) and by the Standing Interpretations Committee (SIC). The principal accounting policies and measurement bases applied in preparing the accompanying consolidated financial statements are summarised in Note 3 ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:222100VXGA8L6J4ZWG61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-10": { "value": "2. Basis of presentation of the consolidated financial statements and basis of consolidation continued 2.2 Adoption of new standards and interpretations issued 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: \u2013 Amendments to IAS 1 Presentation of Financial Statements: y Classification of Liabilities as Current or Non-current y Classification of Liabilities as Current or Non-current \u2013 Deferral of Effective Date y Non-current Liabilities with Covenants \u2013 Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback \u2013 Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures: Supplier Finance Arrangements 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: \u2013 Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability In light of the Group\u2019s 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: \u2013 Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7): Disclosures \u2013 Annual Improvements Volume 11 to IFRS Accounting Standards \u2013 Amendments to: y IFRS 1 First-time Adoption of International Financial Reporting Standards y IFRS 7 Financial Instruments: Disclosures and its Accompanying Guidance on Implementing IFRS 7 y IFRS 9 Financial Instruments y IFRS 10 Consolidated Financial Statements y IAS 7 Statement of Cash flows \u2013 Amendments to IFRS 9 and IFRS 7: Contracts Referencing Nature-dependent Electricity \u2013 IFRS 18 Presentation and Disclosure in Financial Statements \u2013 IFRS 19 Subsidiaries without Public Accountability: Disclosure 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 ", "dimensions": { "concept": "ifrs-full:DisclosureOfFirstTimeAdoptionExplanatory", "language": "en", "entity": "scheme:222100VXGA8L6J4ZWG61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-11": { "value": "2.3 Functional currency 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:222100VXGA8L6J4ZWG61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-12": { "value": "2.4 Use of estimates and judgements The information in these consolidated financial statements is the responsibility of the Board of Directors of the Parent Company. In the Group\u2019s 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. Relevant accounting estimates and assumptions These estimates relate to the following: Impairment losses on goodwill and certain assets (see Notes 7, 8, 9 and 11) 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: y Projections of the cash flows of the cash-generating unit (CGU) or group of CGUs in question are made for periods of five years (when based on past experience it is possible to predict cash flows accurately over a period longer than five years), calculating a residual value based on flow for the last year projected, provided that this flow is representative of a normalised flow to reflect margin and cash flow experience in those businesses, as well as future expectations. The projections are based on the budgets for next year, increased in accordance with the assumptions estimated by management. y The gross margins used in the calculation are in line with the profit expected to be obtained, based on past experience of profits of each of the segments and on new contracts existing in each case. y To discount the flows, a discount rate is used based on the weighted average cost of capital for assets of this type, adjusted where necessary, on the basis of the additional risk that could be contributed by certain types of activity. y In any case, further sensitivity analyses are conducted, particularly regarding the discount rate used and the residual growth rate, to ensure that the effect of possible changes in estimates of these rates does not have an impact on the recoverability of the recognised goodwill and licences with indefinite useful life. Recoverability of deferred taxes (Notes 3.18 and 19) Deferred tax assets are recognised for all deductible temporary differences and unused deductions for which it is probable that the companies of the Group will have future tax profits against which they can be utilised. To determine the deferred tax assets eligible for recognition, their amount, the dates on which the future tax profits are expected to be obtained and the reversal period of the temporary differences are estimated. If the final outcome (on judgement areas) differs unfavourably by 10% from management estimates, deferred assets would decrease and no material income tax expense would be recorded. If these changes evolved favourably, these deferred tax assets would increase and no material income tax expense would be recorded. Fair value of derivatives The fair value of financial instruments that are not quoted in an active market (e.g. OTC derivatives) is determined by using valuation techniques. The Group uses judgement to select a series of methods and makes assumptions that are mainly based on the market conditions existing at each balance sheet date . 2. Basis of presentation of the consolidated financial statements and basis of consolidation continued Estimates made in the context of share-based payments (Note 24) 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.\u2019s share price, and the degree of target achievement. Estimates made in the context of the Purchase Price Allocation (Notes 3.1 and 6) 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 ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:222100VXGA8L6J4ZWG61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-13": { "value": "2.6 Alternative performance measures 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\u2019s variable remuneration. The measures are useful in discussions with the investment analysts\u2019 community. However, these APMs are not uniformly disclosed by all companies, including those in the Group\u2019s 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 a) Net debt 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) \u2013 (71) Net debt 618,956 604,008 b) EBITDA, Adjusted EBITDA and EBITDA margin 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\u2019s 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\u2019s 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 \u20ac3,678 thousand of the impact of hyperinflation on the Group\u2019s 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.) 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% c) EBIT, Adjusted EBIT and EBIT margin 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 The following table provides a reconciliation of EBIT margin and Adjusted EBIT margin: 2024 2023 Revenue (a) 1,239,030 1,180,60 0 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% d) Net debt/Adjusted EBITDA (adjusted leverage ratio) Net debt/Adjusted EBITDA ratio is defined as net 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 ", "dimensions": { "concept": "ifrs-full:DisclosureOfAdditionalInformationExplanatory", "language": "en", "entity": "scheme:222100VXGA8L6J4ZWG61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-14": { "value": "3.1 Business combination The Group applies the acquisition method for business combinations. The Group has applied IFRS 3 \u201cBusiness Combinations\u201d 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 6. Business combination Befesa Zinc Recytech, S.A.S. 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 \u20ac38,900 thousand and \u20ac7,959 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 \u2013 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 \u20ac29,044 thousand (including a goodwill amount of \u20ac9,649 thousand allocable to this business within the Steel CGU), had led to the recognition of a positive result for a total amount of \u20ac20,498 thousand, which was recognised in the \u201cOther income\u201d 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\u2013a) 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 \u20ac40 million (Note 14.d", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:222100VXGA8L6J4ZWG61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-15": { "value": "3.2 Subsidiaries 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\u2019s performance 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 ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:222100VXGA8L6J4ZWG61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-381": { "value": "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 . 3.3 Non-controlling interests 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\u2019s reserves . 3.4 Goodwill This heading in the consolidated financial statement reflects the difference between the price paid to acquire certain consolidated subsidiaries and the Group\u2019s 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\u2019s 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 3.5 Other intangible assets 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 \u2013 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: y The expenditure is specifically identified and controlled by project, and its distribution over time is clearly defined. y The Directors have well-founded reasons for believing that there are no doubts as to the technical success or the economic and commercial viability of the projects, on the basis of their level of completion and order book. y The Group has the necessary technical, financial and other resources to complete the development work. y The development cost of the asset, which includes, where appropriate, the personnel expenses of the Group\u2019s personnel working on the projects, can be measured reliably. 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 \u20ac3,053 thousand (2023: \u20ac2,948 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 \u20ac1,897 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 \u20ac1,156 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 \u201cOther intangible assets\u201d 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 3.6 Property, plant and equipment 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, \u20ac68 thousand was recognised in this regard (2023: \u20ac2,055 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 \u201cOther operating income\u201d 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\u201350 Plant and machinery 10\u201335 Other property, plant and equipment 4\u201310 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\u2019 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\u2019s carrying amount is written down immediately to its recoverable amount if the asset\u2019s carrying amount is greater than its estimated recoverable amount (Note 9) . 3.7 Leases 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 3. Accounting principles and policies and measurement methods applied continued 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\u20135%). 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. Otherwise, the lessee will depreciate the right-of-use asset from the commencement date to the earlier of the end of the useful life of the right-of-use asset and the end of the lease term. The Group measures the lease liability by increasing the carrying amount to reflect interest on the lease liability, reducing the carrying amount to reflect the lease payments made and remeasuring the carrying amount to reflect any reassessment or lease modifications or to reflect revised in-substance fixed lease payments. The Group recognises remeasurements of the lease liability as an adjustment to the right-of-use asset, until this is reduced to zero and then in profit or loss. A lessee will remeasure the lease liability by discounting the revised lease payments using a revised discount rate if there is a change in the lease term or a change in the assessment of an option to purchase the underlying asset. The Group remeasures the lease liability if there is a change in the amounts expected to be payable under a residual value guarantee or a change in an index or a rate used to determine those payments, including a change to reflect changes in market rental rates following a market rent review . 3.8 Non-financial asset impairment 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 \u201cAmortisation/Depreciation, impairment and provisions\u201d 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 . 3.9 Financial instruments Recognition and classification of financial instruments 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 \u201cFinancial Instruments: Presentation\u201d. 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. y Amortised cost: Assets that are held for collection of contractual cash flows, where those cash flows solely represent payments of principal and interest, are measured at amortised cost. Interest income from these financial assets is included in finance income using the effective interest rate method. Any gain or loss arising on derecognition is recognised directly in the income statement and presented in other gains/(losses) together with foreign exchange gains and losses. Impairment losses are presented as a separate line item in the consolidated income statement. This category includes the loans, trade and other receivables, and security deposits. y Fair value through other comprehensive income (FVOCI): Assets that are held for collection of contractual cash flows and for selling the financial assets, where the assets\u2019 cash flows solely represent payments of principal and interest, are measured at FVOCI. Movements in the carrying amount are taken through OCI, except for the recognition of impairment gains or losses, interest income and foreign exchange gains and losses which are recognised in the income statement. When the financial asset is derecognised, the cumulative gain or loss previously recognised in OCI is reclassified from equity to the income statement and recognised in other gains/(losses). Interest income from these financial assets is included in finance income using the effective interest method. Foreign exchange gains and losses are presented in other gains/(losses) and impairment expenses are presented as a separate line item in the consolidated income statement. This category corresponds with the hedging derivatives. y Fair value through profit or loss (FVPL): Assets that do not meet the criteria for amortised cost or FVOCI are measured at FVPL. A gain or loss on a debt investment that is subsequently measured at FVPL is recognised in the income statement and presented net in other gains/(losses) in the period in which it arises. This category includes the factoring and equity instruments. 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\u2019s 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\u2018s 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 3. Accounting principles and policies and measurement methods applied continued Measurement 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\u2019s business model for managing the asset and the cash flow characteristics of the asset. Impairment 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. Derecognition, modification and extinguishment of financial assets 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. Derecognition and modifications of financial liabilities 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. The Group considers the terms to be substantially different if the discounted present value of the cash flows under the new terms, including any fees paid net of any fees received and discounted using the original effective interest rate, is at least 10% different from the discounted present value of the remaining cash flows of the original financial liability. If the exchange is accounted for as an extinguishment of the original financial liability, any costs or fees incurred are recognised as part of the gain or loss on the extinguishment. If the exchange is not accounted for as an extinguishment, the modified flows are discounted at the original effective interest rate, and any difference in the previous carrying amount is recognised in the income statement. Any costs or fees incurred adjust the carrying amount of the financial liabilities and are amortised using the amortised cost method over the remaining term of the modified liability. The Group has contracted reverse factoring facilities with various financial institutions to manage payments to suppliers. The Group applies the above criteria to determine if it should derecognise the original trade payable and recognise a new liability with the financial institutions. Trade payables settled under the management of financial institutions are recognised under trade and other payables only if the Group has transferred management of the payment to the financial institutions but retains primary responsibility for settling the debt with the trade creditors. At 31 December 2024, the amount is \u20ac1,394 thousand (2023: \u20ac2,176 thousand). The Group does not identify any type of material liquidity risk related to these reverse factoring agreements. Despite this, the Group uses only entities that have been given a high independent credit rating and have proven solvency on the market. Factoring receivables Befesa derecognises trade receivables for the amount transferred to financial institutions, providing the factor assumes all the risk of insolvency and default (non-recourse factoring). At 31 December 2024 and 2023, balances receivable not due, which were extinguished as a result of the aforementioned non-recourse factoring operations, amounted to \u20ac61,466 thousand and \u20ac49,894 thousand, respectively. Unlike above, Befesa does not derecognise amounts receivable transferred to financial institutions for which it substantially retains the associated risks
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.
Cash flow hedges
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 .
3. Accounting principles and policies and measurement methods applied continued 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 . 3.11 Cash and cash equivalents This item includes cash on hand, current bank accounts and, where applicable, deposits and reverse repurchase agreements that meet all of the following requirements: y They may be converted into cash. y They have a maturity of three months or less on the date of acquisition. y They are not subject to a significant risk of changes in value. y They form part of the Group\u2019s usual cash management policy. Bank overdrafts are recognised in the consolidated financial statement as current borrowings . 3.12 Inventories \u201cInventories\u201d in the consolidated financial statement includes the assets that the Group: y holds for sale in the ordinary course of its business; y has in the process of production, construction or development for such sale; or y expects to consume in the production process or in the provision of services. 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 . 3.13 Share capital 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. Where any Group company purchases the Company\u2019s share capital (treasury shares), the consideration paid, including any directly attributable incremental costs (net of income taxes), is deducted from equity attributable to equity holders of the Company until the shares are cancelled, reissued or sold. Where such shares are subsequently disposed of or reissued, any consideration received, net of any directly attributable incremental transaction costs and the related income tax effects, is included in equity attributable to the Company\u2019s equity owners 3.14 Provisions, contingent liabilities and contingent assets In the preparation of the consolidated financial statements, the Parent\u2019s Directors drew a distinction between the following: y Provisions: Credit balances covering present obligations at the consolidated financial statement date arising from past events that could give rise to a loss for the companies, which are certain as to their nature but uncertain as to their amount and/or timing. y Contingent liabilities: Possible obligations arising from past events, the existence of which will be confirmed only by the occurrence or non-occurrence of one or more future events not wholly within the control of the consolidated companies and which do not meet the requirements for recognition as provisions. y Contingent assets: Possible assets that arise from past events, the existence of which will be confirmed only by the occurrence or non-occurrence of one or more future events not wholly within the control of the entities. 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. Provisions for pensions and similar obligations 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\u2019 obligations as pension plan promoters are established in the contribution of a percentage of employees\u2019 pensionable salaries. These commitments are not significant on a Group scale . Dismantling, restoration and similar provisions In addition to the above, \u201cLong-term provisions\u201d 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). Share-based payments 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 . 3.15 Revenue recognition a) Sale of goods 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\u2019s 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 3. Accounting principles and policies and measurement methods applied continued 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\u2019s products have only one performance obligation: the delivery of WOX, green zinc \u201cSHG\u201d 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. b) Sale of services 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\u2019s 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: Steel Business Services 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 \u2013 mainly nickel, chromium and molybdenum \u2013 recovered in the recycling of stainless steel residues to stainless steel producers for a tolling fee or sells such recovered metals on the marke In this segment, in addition to the Group revenues from the sales of WOX, the other revenue sources are: y The service fees the Group charges for collecting and recycling crude steel dust. The performance obligations for this type of sale correspond to the collection of waste as defined in each contract; the price of the service is established in each separate contract. y The tolling fees the Group charges for collecting and recycling stainless steel residues and for returning the recovered metals to the stainless steel producers. Most of the services of this type are with the return of recovered metals. If there are no returns, the service is the same as in the previous point (collecting). The performance obligations for this type of sale correspond to waste collection. The Group invoices customers a tolling/conversion fee per tonne of dust treated. The plant receives stainless steel dust from its customers, treats this dust and returns the alloys contained in this dust to the customers. Collection of salt slags and SPLs 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. Technology division 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 \u201cContract assets\u201d at 31 December 2024, which amounts to \u20ac4,839 thousand (2023: \u20ac6,468 thousand) . c) Interest income 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\u2019s carrying amount. d) Income from dividends Income from dividends is recognised when the shareholder\u2019s right to receive payment is established . 3.16 Borrowing costs 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 statem ent in the year in which they are incurred 3. Accounting principles and policies and measurement methods applied continued 3.17 Foreign currency Foreign currency transactions, balances and cash flows 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. Translation of foreign operations Foreign operations whose functional currency is not the currency of a hyperinflationary economy have been translated into euros as follows: y Assets and liabilities, including goodwill and net asset adjustments derived from the acquisition of the operations, including comparative amounts, are translated at the closing rate at the reporting date. y Income and expenses, including comparative amounts, are translated at the exchange rates prevailing at each transaction date. y All resulting exchange differences are recognised as translation differences in other comprehensive income. Translation differences recognised in other comprehensive income are accounted for in profit or loss as an adjustment to the gain or loss on the sale using the same criteria as for subsidiaries. Foreign operations in hyperinflationary economies 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\u2019 financial statements is different to that of the Company, the former is adjusted to the measuring unit at the Group\u2019s reporting date. The results and financial position of the Group\u2019s foreign operations whose functional currency is the currency of a hyperinflationary economy are translated into euros as follows: y Assets and liabilities, including goodwill and net asset adjustments derived from the acquisition of the operations, assets and liabilities, income and expenses, and cash flows, are translated at the closing rate at the most recent reporting date. y Comparative amounts are those that were included in the prior year\u2019s consolidated annual accounts and are not adjusted for subsequent changes in the price level or in exchange rates. The effect of the adjustment on the prior year\u2019s balances is recognised as a revaluation reserve in other comprehensive income/translation differences in other comprehensive income/reserves under equity. 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 \u0130skenderun \u00c7elik Tozu Geri D\u00f6n\u00fc\u015f\u00fcm\u00fc, A.S. and Befesa Silvermet D\u0131\u015f Ticaret, A.S An application of IAS 29 for the first time in Turkey in the Group\u2019s 2022 consolidated annual accounts was carried out in accordance with the following criteria: y The comparative figures for 2021 were not subject to modification. y Hyperinflationary accounting was applied to all assets and liabilities of subsidiaries before conversion. y The historical cost of non-monetary assets and liabilities and the different equity items of those companies was adjusted from the date of acquisition or incorporation into the consolidated statement of financial position until the end of the year to reflect the changes in the purchasing power of the currency resulting from inflation. y The initial equity presented in the stable currency is affected by the cumulative effect of restatement for inflation of non- monetary items from the date they were recognised for the first time and the effect of converting these balances at the closing rate at the beginning of the year. The effect of hyperinflation in the Turkish subsidiaries on the consolidated equity of the Group is \u20ac3.2 million and the \u201cgains on the net monetary position\u201d amounts to \u20ac5.2 million (2023: \u20ac4.4 million and the \u201cgains on the net monetary position\u201d amounts to \u20ac3.9 million), recognised under net exchange differences in the consolidated income statement for the year ended 31 December 2024 and 31 December 2023. 3.18 Income tax, deferred tax assets and deferred tax liabilities 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\u2019s 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). In view of the Group\u2019s international nature, there are several tax rates, depending on the applicable legislation, ranging mainly from 20% to 33% (2023: 20% to 33%) . 3.19 Environmental matters 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 \u201cOther operating expenses\u201d in the accompanying consolidated income statemen t 3. Accounting principles and policies and measurement methods applied continued 3.20 Related party transactions The Group performs all its transactions with related parties at arm\u2019s length. In addition, transfer prices are adequately supported and, therefore, the Parent\u2019s Directors consider that there are no material risks in this regard that might give rise to significant liabilities in the future . 3.21 Dividend distribution The distribution of dividends to the Parent Company\u2019s shareholders is recognised as a liability in the Group\u2019s consolidated financial statements in the period in which the dividends are approved by the Parent Company\u2019s shareholders . 3.22 Segment reporting 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\u2019s performance. Segment reporting is disclosed in Note 5. 3.23 Consolidated statement of cash flows The following terms are used in the consolidated statement of cash flows, which has been prepared using the indirect method, with the meanings specified: y Cash flows: Inflows and outflows of cash and cash equivalents, which are short-term, liquid investments that are subject to an insignificant risk of changes in value. y Operating activities: The principal revenue-producing activities of the Group companies and other activities that are not investing or financing activities. y Investing activities: The acquisition and disposal of long-term assets and other investments not included in cash and cash equivalents. y Financing activities: Activities that result in changes in the size and composition of the equity and borrowings that are not operating activities. 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\u2019s view that the financial statements provide more reliable and relevant information about the entity\u2019s cash flows . 3.24 Earnings per share a) Basic earnings per share Basic earnings per share is calculated by dividing: y the profit attributable to the owners of the Company, excluding any costs of servicing equity other than ordinary shares; y 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: y The post-income tax effect of interest and other financing costs associated with dilutive potential ordinary shares y The weighted average number of additional ordinary shares that would have been outstanding, assuming the conversion of all dilutive potential ordinary share ", "dimensions": { "concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:222100VXGA8L6J4ZWG61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-16": { "value": "3.3 Non-controlling interests 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\u2019s reserves ", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:222100VXGA8L6J4ZWG61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-17": { "value": "3.4 Goodwill This heading in the consolidated financial statement reflects the difference between the price paid to acquire certain consolidated subsidiaries and the Group\u2019s 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\u2019s 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 ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:222100VXGA8L6J4ZWG61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-18": { "value": "3. Accounting principles and policies and measurement methods applied continued 3.5 Other intangible assets 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 \u2013 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: y The expenditure is specifically identified and controlled by project, and its distribution over time is clearly defined. y The Directors have well-founded reasons for believing that there are no doubts as to the technical success or the economic and commercial viability of the projects, on the basis of their level of completion and order book. y The Group has the necessary technical, financial and other resources to complete the development work. y The development cost of the asset, which includes, where appropriate, the personnel expenses of the Group\u2019s personnel working on the projects, can be measured reliably. 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 \u20ac3,053 thousand (2023: \u20ac2,948 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 \u20ac1,897 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 \u20ac1,156 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 \u201cOther intangible assets\u201d 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 ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:222100VXGA8L6J4ZWG61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-19": { "value": "3.6 Property, plant and equipment 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, \u20ac68 thousand was recognised in this regard (2023: \u20ac2,055 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 \u201cOther operating income\u201d 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\u201350 Plant and machinery 10\u201335 Other property, plant and equipment 4\u201310 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\u2019 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\u2019s carrying amount is written down immediately to its recoverable amount if the asset\u2019s carrying amount is greater than its estimated recoverable amount (Note 9) ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:222100VXGA8L6J4ZWG61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-20": { "value": "3.7 Leases 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 3. Accounting principles and policies and measurement methods applied continued 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\u20135%). 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. Otherwise, the lessee will depreciate the right-of-use asset from the commencement date to the earlier of the end of the useful life of the right-of-use asset and the end of the lease term. The Group measures the lease liability by increasing the carrying amount to reflect interest on the lease liability, reducing the carrying amount to reflect the lease payments made and remeasuring the carrying amount to reflect any reassessment or lease modifications or to reflect revised in-substance fixed lease payments. The Group recognises remeasurements of the lease liability as an adjustment to the right-of-use asset, until this is reduced to zero and then in profit or loss. A lessee will remeasure the lease liability by discounting the revised lease payments using a revised discount rate if there is a change in the lease term or a change in the assessment of an option to purchase the underlying asset. The Group remeasures the lease liability if there is a change in the amounts expected to be payable under a residual value guarantee or a change in an index or a rate used to determine those payments, including a change to reflect changes in market rental rates following a market rent review ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:222100VXGA8L6J4ZWG61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-21": { "value": "3.8 Non-financial asset impairment 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 \u201cAmortisation/Depreciation, impairment and provisions\u201d 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 ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:222100VXGA8L6J4ZWG61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-22": { "value": "3.9 Financial instruments Recognition and classification of financial instruments 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 \u201cFinancial Instruments: Presentation\u201d. 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. y Amortised cost: Assets that are held for collection of contractual cash flows, where those cash flows solely represent payments of principal and interest, are measured at amortised cost. Interest income from these financial assets is included in finance income using the effective interest rate method. Any gain or loss arising on derecognition is recognised directly in the income statement and presented in other gains/(losses) together with foreign exchange gains and losses. Impairment losses are presented as a separate line item in the consolidated income statement. This category includes the loans, trade and other receivables, and security deposits. y Fair value through other comprehensive income (FVOCI): Assets that are held for collection of contractual cash flows and for selling the financial assets, where the assets\u2019 cash flows solely represent payments of principal and interest, are measured at FVOCI. Movements in the carrying amount are taken through OCI, except for the recognition of impairment gains or losses, interest income and foreign exchange gains and losses which are recognised in the income statement. When the financial asset is derecognised, the cumulative gain or loss previously recognised in OCI is reclassified from equity to the income statement and recognised in other gains/(losses). Interest income from these financial assets is included in finance income using the effective interest method. Foreign exchange gains and losses are presented in other gains/(losses) and impairment expenses are presented as a separate line item in the consolidated income statement. This category corresponds with the hedging derivatives. y Fair value through profit or loss (FVPL): Assets that do not meet the criteria for amortised cost or FVOCI are measured at FVPL. A gain or loss on a debt investment that is subsequently measured at FVPL is recognised in the income statement and presented net in other gains/(losses) in the period in which it arises. This category includes the factoring and equity instruments. 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\u2019s 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\u2018s 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 . 3. Accounting principles and policies and measurement methods applied continued Measurement 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\u2019s business model for managing the asset and the cash flow characteristics of the asset. Impairment 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. Derecognition, modification and extinguishment of financial assets 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. Derecognition and modifications of financial liabilities 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. The Group considers the terms to be substantially different if the discounted present value of the cash flows under the new terms, including any fees paid net of any fees received and discounted using the original effective interest rate, is at least 10% different from the discounted present value of the remaining cash flows of the original financial liability. If the exchange is accounted for as an extinguishment of the original financial liability, any costs or fees incurred are recognised as part of the gain or loss on the extinguishment. If the exchange is not accounted for as an extinguishment, the modified flows are discounted at the original effective interest rate, and any difference in the previous carrying amount is recognised in the income statement. Any costs or fees incurred adjust the carrying amount of the financial liabilities and are amortised using the amortised cost method over the remaining term of the modified liability. The Group has contracted reverse factoring facilities with various financial institutions to manage payments to suppliers. The Group applies the above criteria to determine if it should derecognise the original trade payable and recognise a new liability with the financial institutions. Trade payables settled under the management of financial institutions are recognised under trade and other payables only if the Group has transferred management of the payment to the financial institutions but retains primary responsibility for settling the debt with the trade creditors. At 31 December 2024, the amount is \u20ac1,394 thousand (2023: \u20ac2,176 thousand). The Group does not identify any type of material liquidity risk related to these reverse factoring agreements. Despite this, the Group uses only entities that have been given a high independent credit rating and have proven solvency on the market. Factoring receivables Befesa derecognises trade receivables for the amount transferred to financial institutions, providing the factor assumes all the risk of insolvency and default (non-recourse factoring). At 31 December 2024 and 2023, balances receivable not due, which were extinguished as a result of the aforementioned non-recourse factoring operations, amounted to \u20ac61,466 thousand and \u20ac49,894 thousand, respectively. Unlike above, Befesa does not derecognise amounts receivable transferred to financial institutions for which it substantially retains the associated risks . ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:222100VXGA8L6J4ZWG61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-23": { "value": "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. Cash flow hedges 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 3. Accounting principles and policies and measurement methods applied continued 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 ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:222100VXGA8L6J4ZWG61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-24": { "value": "3.11 Cash and cash equivalents This item includes cash on hand, current bank accounts and, where applicable, deposits and reverse repurchase agreements that meet all of the following requirements: y They may be converted into cash. y They have a maturity of three months or less on the date of acquisition. y They are not subject to a significant risk of changes in value. y They form part of the Group\u2019s usual cash management policy. Bank overdrafts are recognised in the consolidated financial statement as current borrowings ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:222100VXGA8L6J4ZWG61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-25": { "value": "3.12 Inventories \u201cInventories\u201d in the consolidated financial statement includes the assets that the Group: y holds for sale in the ordinary course of its business; y has in the process of production, construction or development for such sale; or y expects to consume in the production process or in the provision of services. 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 ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:222100VXGA8L6J4ZWG61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-26": { "value": "3.13 Share capital 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. Where any Group company purchases the Company\u2019s share capital (treasury shares), the consideration paid, including any directly attributable incremental costs (net of income taxes), is deducted from equity attributable to equity holders of the Company until the shares are cancelled, reissued or sold. Where such shares are subsequently disposed of or reissued, any consideration received, net of any directly attributable incremental transaction costs and the related income tax effects, is included in equity attributable to the Company\u2019s equity owners . ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:222100VXGA8L6J4ZWG61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-27": { "value": "3.14 Provisions, contingent liabilities and contingent assets In the preparation of the consolidated financial statements, the Parent\u2019s Directors drew a distinction between the following: y Provisions: Credit balances covering present obligations at the consolidated financial statement date arising from past events that could give rise to a loss for the companies, which are certain as to their nature but uncertain as to their amount and/or timing. y Contingent liabilities: Possible obligations arising from past events, the existence of which will be confirmed only by the occurrence or non-occurrence of one or more future events not wholly within the control of the consolidated companies and which do not meet the requirements for recognition as provisions. y Contingent assets: Possible assets that arise from past events, the existence of which will be confirmed only by the occurrence or non-occurrence of one or more future events not wholly within the control of the entities. 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. Provisions for pensions and similar obligations 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\u2019 obligations as pension plan promoters are established in the contribution of a percentage of employees\u2019 pensionable salaries. These commitments are not significant on a Group scale . Dismantling, restoration and similar provisions In addition to the above, \u201cLong-term provisions\u201d 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). Share-based payments 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 ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:222100VXGA8L6J4ZWG61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-382": { "value": "Provisions for pensions and similar obligations 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\u2019 obligations as pension plan promoters are established in the contribution of a percentage of employees\u2019 pensionable salaries. These commitments are not significant on a Group scale ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:222100VXGA8L6J4ZWG61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-383": { "value": "
Dismantling, restoration and similar provisions
In addition to the above, \u201cLong-term provisions\u201d 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).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDecommissioningRestorationAndRehabilitationProvisionsExplanatory", "language": "en", "entity": "scheme:222100VXGA8L6J4ZWG61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-384": { "value": "
Share-based payments
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 .
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:222100VXGA8L6J4ZWG61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-28": { "value": "3.15 Revenue recognition a) Sale of goods 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\u2019s 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 3. Accounting principles and policies and measurement methods applied continued 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\u2019s products have only one performance obligation: the delivery of WOX, green zinc \u201cSHG\u201d 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. b) Sale of services 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\u2019s 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: Steel Business Services 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 \u2013 mainly nickel, chromium and molybdenum \u2013 recovered in the recycling of stainless steel residues to stainless steel producers for a tolling fee or sells such recovered metals on the marke t. In this segment, in addition to the Group revenues from the sales of WOX, the other revenue sources are: y The service fees the Group charges for collecting and recycling crude steel dust. The performance obligations for this type of sale correspond to the collection of waste as defined in each contract; the price of the service is established in each separate contract. y The tolling fees the Group charges for collecting and recycling stainless steel residues and for returning the recovered metals to the stainless steel producers. Most of the services of this type are with the return of recovered metals. If there are no returns, the service is the same as in the previous point (collecting). The performance obligations for this type of sale correspond to waste collection. The Group invoices customers a tolling/conversion fee per tonne of dust treated. The plant receives stainless steel dust from its customers, treats this dust and returns the alloys contained in this dust to the customers. Collection of salt slags and SPLs 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. Technology division 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 \u201cContract assets\u201d at 31 December 2024, which amounts to \u20ac4,839 thousand (2023: \u20ac6,468 thousand) c) Interest income 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\u2019s carrying amount. d) Income from dividends Income from dividends is recognised when the shareholder\u2019s right to receive payment is established ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:222100VXGA8L6J4ZWG61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-29": { "value": "3.16 Borrowing costs 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 statem ent in the year in which they are incurred ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:222100VXGA8L6J4ZWG61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-30": { "value": "3. Accounting principles and policies and measurement methods applied continued 3.17 Foreign currency Foreign currency transactions, balances and cash flows 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. Translation of foreign operations Foreign operations whose functional currency is not the currency of a hyperinflationary economy have been translated into euros as follows: y Assets and liabilities, including goodwill and net asset adjustments derived from the acquisition of the operations, including comparative amounts, are translated at the closing rate at the reporting date. y Income and expenses, including comparative amounts, are translated at the exchange rates prevailing at each transaction date. y All resulting exchange differences are recognised as translation differences in other comprehensive income. Translation differences recognised in other comprehensive income are accounted for in profit or loss as an adjustment to the gain or loss on the sale using the same criteria as for subsidiaries. Foreign operations in hyperinflationary economies 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\u2019 financial statements is different to that of the Company, the former is adjusted to the measuring unit at the Group\u2019s reporting date. The results and financial position of the Group\u2019s foreign operations whose functional currency is the currency of a hyperinflationary economy are translated into euros as follows: y Assets and liabilities, including goodwill and net asset adjustments derived from the acquisition of the operations, assets and liabilities, income and expenses, and cash flows, are translated at the closing rate at the most recent reporting date. y Comparative amounts are those that were included in the prior year\u2019s consolidated annual accounts and are not adjusted for subsequent changes in the price level or in exchange rates. The effect of the adjustment on the prior year\u2019s balances is recognised as a revaluation reserve in other comprehensive income/translation differences in other comprehensive income/reserves under equity. 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 \u0130skenderun \u00c7elik Tozu Geri D\u00f6n\u00fc\u015f\u00fcm\u00fc, A.S. and Befesa Silvermet D\u0131\u015f Ticaret, A.S An application of IAS 29 for the first time in Turkey in the Group\u2019s 2022 consolidated annual accounts was carried out in accordance with the following criteria: y The comparative figures for 2021 were not subject to modification. y Hyperinflationary accounting was applied to all assets and liabilities of subsidiaries before conversion. y The historical cost of non-monetary assets and liabilities and the different equity items of those companies was adjusted from the date of acquisition or incorporation into the consolidated statement of financial position until the end of the year to reflect the changes in the purchasing power of the currency resulting from inflation. y The initial equity presented in the stable currency is affected by the cumulative effect of restatement for inflation of non- monetary items from the date they were recognised for the first time and the effect of converting these balances at the closing rate at the beginning of the year. The effect of hyperinflation in the Turkish subsidiaries on the consolidated equity of the Group is \u20ac3.2 million and the \u201cgains on the net monetary position\u201d amounts to \u20ac5.2 million (2023: \u20ac4.4 million and the \u201cgains on the net monetary position\u201d amounts to \u20ac3.9 million), recognised under net exchange differences in the consolidated income statement for the year ended 31 December 2024 and 31 December 2023. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:222100VXGA8L6J4ZWG61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-385": { "value": "3.17 Foreign currency Foreign currency transactions, balances and cash flows 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. Translation of foreign operations Foreign operations whose functional currency is not the currency of a hyperinflationary economy have been translated into euros as follows: y Assets and liabilities, including goodwill and net asset adjustments derived from the acquisition of the operations, including comparative amounts, are translated at the closing rate at the reporting date. y Income and expenses, including comparative amounts, are translated at the exchange rates prevailing at each transaction date. y All resulting exchange differences are recognised as translation differences in other comprehensive income. Translation differences recognised in other comprehensive income are accounted for in profit or loss as an adjustment to the gain or loss on the sale using the same criteria as for subsidiaries. Foreign operations in hyperinflationary economies 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\u2019 financial statements is different to that of the Company, the former is adjusted to the measuring unit at the Group\u2019s reporting date. The results and financial position of the Group\u2019s foreign operations whose functional currency is the currency of a hyperinflationary economy are translated into euros as follows: y Assets and liabilities, including goodwill and net asset adjustments derived from the acquisition of the operations, assets and liabilities, income and expenses, and cash flows, are translated at the closing rate at the most recent reporting date. y Comparative amounts are those that were included in the prior year\u2019s consolidated annual accounts and are not adjusted for subsequent changes in the price level or in exchange rates. The effect of the adjustment on the prior year\u2019s balances is recognised as a revaluation reserve in other comprehensive income/translation differences in other comprehensive income/reserves under equity. 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 \u0130skenderun \u00c7elik Tozu Geri D\u00f6n\u00fc\u015f\u00fcm\u00fc, A.S. and Befesa Silvermet D\u0131\u015f Ticaret, A.S
An application of IAS 29 for the first time in Turkey in the Group\u2019s 2022 consolidated annual accounts was carried out in
accordance with the following criteria:
y The comparative figures for 2021 were not subject to modification.
y Hyperinflationary accounting was applied to all assets and liabilities of subsidiaries before conversion.
y The historical cost of non-monetary assets and liabilities and the different equity items of those companies was adjusted
from the date of acquisition or incorporation into the consolidated statement of financial position until the end of the year
to reflect the changes in the purchasing power of the currency resulting from inflation.
y The initial equity presented in the stable currency is affected by the cumulative effect of restatement for inflation of non-
monetary items from the date they were recognised for the first time and the effect of converting these balances at the
closing rate at the beginning of the year.
The effect of hyperinflation in the Turkish subsidiaries on the consolidated equity of the Group is \u20ac3.2 million and the \u201cgains
on the net monetary position\u201d amounts to \u20ac5.2 million (2023: \u20ac4.4 million and the \u201cgains on the net monetary position\u201d
amounts to \u20ac3.9 million), recognised under net exchange differences in the consolidated income statement for the year
ended 31 December 2024 and 31 December 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfHyperinflationaryReportingExplanatory", "language": "en", "entity": "scheme:222100VXGA8L6J4ZWG61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-31": { "value": "3.18 Income tax, deferred tax assets and deferred tax liabilities 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\u2019s 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). In view of the Group\u2019s international nature, there are several tax rates, depending on the applicable legislation, ranging mainly from 20% to 33% (2023: 20% to 33%) ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:222100VXGA8L6J4ZWG61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-390": { "value": "3.18 Income tax, deferred tax assets and deferred tax liabilities 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\u2019s 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). In view of the Group\u2019s international nature, there are several tax rates, depending on the applicable legislation, ranging mainly from 20% to 33% (2023: 20% to 33%) . ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:222100VXGA8L6J4ZWG61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-32": { "value": "3.19 Environmental matters 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 \u201cOther operating expenses\u201d in the accompanying consolidated income statemen t 25. Information on the environment 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) ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEnvironmentRelatedExpenseExplanatory", "language": "en", "entity": "scheme:222100VXGA8L6J4ZWG61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-33": { "value": "3. Accounting principles and policies and measurement methods applied continued 3.20 Related party transactions The Group performs all its transactions with related parties at arm\u2019s length. In addition, transfer prices are adequately supported and, therefore, the Parent\u2019s Directors consider that there are no material risks in this regard that might give rise to significant liabilities in the future ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:222100VXGA8L6J4ZWG61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-34": { "value": "3.21 Dividend distribution The distribution of dividends to the Parent Company\u2019s shareholders is recognised as a liability in the Group\u2019s consolidated financial statements in the period in which the dividends are approved by the Parent Company\u2019s shareholders ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:222100VXGA8L6J4ZWG61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-35": { "value": "3.22 Segment reporting 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\u2019s performance. Segment reporting is disclosed in Note 5. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:222100VXGA8L6J4ZWG61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-36": { "value": "3.23 Consolidated statement of cash flows The following terms are used in the consolidated statement of cash flows, which has been prepared using the indirect method, with the meanings specified: y Cash flows: Inflows and outflows of cash and cash equivalents, which are short-term, liquid investments that are subject to an insignificant risk of changes in value. y Operating activities: The principal revenue-producing activities of the Group companies and other activities that are not investing or financing activities. y Investing activities: The acquisition and disposal of long-term assets and other investments not included in cash and cash equivalents. y Financing activities: Activities that result in changes in the size and composition of the equity and borrowings that are not operating activities. 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\u2019s view that the financial statements provide more reliable and relevant information about the entity\u2019s cash flows ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:222100VXGA8L6J4ZWG61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-37": { "value": "3.24 Earnings per share a) Basic earnings per share Basic earnings per share is calculated by dividing: y the profit attributable to the owners of the Company, excluding any costs of servicing equity other than ordinary shares; y 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: y The post-income tax effect of interest and other financing costs associated with dilutive potential ordinary shares y The weighted average number of additional ordinary shares that would have been outstanding, assuming the conversion of all dilutive potential ordinary share s ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:222100VXGA8L6J4ZWG61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-386": { "value": "
4. Financial risk management policy
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\u2019s 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.
4.1 Financial risk factors
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\u2019s
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\u2019s main exposures to currency risk at 31 December 2024 and 2023 are shown below. The table reflects the
carrying amount of the Group\u2019s financial instruments or classes of financial instruments denominated in foreign currency:
2024 2023
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
USD 15,377 12,540 6,264 3,139 8,968 4,945 8, 511 3,328
EUR 5,411 3,324 \u2013 1,084 4,665 816 \u2013 1,985
Other 292 \u2013 \u2013 45 14 - \u2013 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 \u20ac61 million.
ii) Cash flow and fair value interest rate risk
The Group\u2019s 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 (\u201cIRSs\u201d), 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 .
4. Financial risk management policy continued The exposure of the Group\u2019s 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\u2019s 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\u2019s 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\u2019s 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 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 \u20ac102,429 thousands (\u20ac75,818 thousands at 31 December 2023). Trade and other receivables, other receivables, current financial assets and cash are the Group\u2019s 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\u2019s Treasury Department has the objective of maintaining flexible financing through the availability of committed credit lines. Management monitors the Group\u2019s 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) \u2013 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) \u2013 (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\u2019s 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 4. Financial risk management policy continued 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). Within 1 year Between 1 and 2 years Between 2 and 5 years More than 5 years At 31 December 2024 Bank borrowings and lease liabilities (Note 15) 36,915 22,274 659,293 2,994 Other financial liabilities (derivatives) 26,162 16,151 56 \u2013 Trade and other payables (*) 237,186 1,387 \u2013 \u2013 Unaccrued interest payable 32,928 32,018 86,171 1,581 At 31 December 2023 Bank borrowings and lease liabilities (Note 15) 38,081 21,720 647,589 3,381 Other financial liabilities (derivatives) 2,229 \u2013 \u2013 \u2013 Trade and other payables (*) 216,724 1,533 1,219 \u2013 Unaccrued interest payable 30,191 24,226 15,810 1,167 (*) Long-term payables do not include capital grants amounting to \u20ac3.5 million and \u20ac3.9 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\u2019 financial statements. Capital management is the responsibility of the Group\u2019s 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\u2019s 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) \u2013 (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 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. derived from prices) (Level 2) y Inputs for the asset or liability that are not based on observable market data (unobservable market data) (Level 3) The table below shows the Group\u2019s assets and liabilities that were measured at fair value at 31 December 2024 and 2023: 2024 Level 2 2024 Assets \u2013 Derivatives (Note 17) 11,256 11,256 Total assets at fair value 11,256 11,256 Liabilities \u2013 Derivatives (Note 17) 42,369 42,369 Total liabilities at fair value 42,369 42,369 2023 Level 2 2023 Assets \u2013 Derivatives (Note 17) 44,697 44,697 Total assets at fair value 44,697 44,697 Liabilities \u2013 Derivatives (Note 17) 2,229 2,229 Total liabilities at fair value 2,229 2,229 4. Financial risk management policy continued a) Financial instruments Level 2 The fair value of financial instruments not traded in an active market is determined using valuation techniques. The Group employs a variety of methods such as estimated discounted cash flows and uses assumptions based on the market conditions at each financial statement date. If all significant data required to calculate the fair value of an instrument are observable, the instrument is included in Level 2. Specific techniques for measuring financial instruments include the following: y The fair value of interest rate swaps is calculated as the present value of future estimated cash flows. y The fair value of currency forwards is determined using forward exchange rates quoted in the market at the consolidated financial statements date. y It is assumed that the book value of trade payables and receivables approximates their fair value. y The fair value of financial liabilities for financial reporting purposes is estimated by discounting future contractual cash flows at the current market interest rate that is available to the Group for similar financial instruments. The instruments included in Level 2 relate to derivative financial instruments (Note 17)", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:222100VXGA8L6J4ZWG61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-38": { "value": "4.1 Financial risk factors 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\u2019s 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\u2019s main exposures to currency risk at 31 December 2024 and 2023 are shown below. The table reflects the carrying amount of the Group\u2019s financial instruments or classes of financial instruments denominated in foreign currency: 2024 2023 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 USD 15,377 12,540 6,264 3,139 8,968 4,945 8, 511 3,328 EUR 5,411 3,324 \u2013 1,084 4,665 816 \u2013 1,985 Other 292 \u2013 \u2013 45 14 - \u2013 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 \u20ac61 million. ii) Cash flow and fair value interest rate risk The Group\u2019s 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 (\u201cIRSs\u201d), 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 4. Financial risk management policy continued The exposure of the Group\u2019s 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\u2019s 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 ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:222100VXGA8L6J4ZWG61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-39": { "value": "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\u2019s 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\u2019s 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 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 \u20ac102,429 thousands (\u20ac75,818 thousands at 31 December 2023). Trade and other receivables, other receivables, current financial assets and cash are the Group\u2019s main financial assets and represent its maximum exposure to credit risk, in the event that the counterparty does not meet its obligations ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:222100VXGA8L6J4ZWG61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-40": { "value": "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\u2019s Treasury Department has the objective of maintaining flexible financing through the availability of committed credit lines. Management monitors the Group\u2019s 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) \u2013 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) \u2013 (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\u2019s 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 4. Financial risk management policy continued 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). Within 1 year Between 1 and 2 years Between 2 and 5 years More than 5 years At 31 December 2024 Bank borrowings and lease liabilities (Note 15) 36,915 22,274 659,293 2,994 Other financial liabilities (derivatives) 26,162 16,151 56 \u2013 Trade and other payables (*) 237,186 1,387 \u2013 \u2013 Unaccrued interest payable 32,928 32,018 86,171 1,581 At 31 December 2023 Bank borrowings and lease liabilities (Note 15) 38,081 21,720 647,589 3,381 Other financial liabilities (derivatives) 2,229 \u2013 \u2013 \u2013 Trade and other payables (*) 216,724 1,533 1,219 \u2013 Unaccrued interest payable 30,191 24,226 15,810 1,167 (*) Long-term payables do not include capital grants amounting to \u20ac3.5 million and \u20ac3.9 million in 2024 and 2023, respectively ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:222100VXGA8L6J4ZWG61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-41": { "value": "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\u2019 financial statements. Capital management is the responsibility of the Group\u2019s 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\u2019s 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) \u2013 (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% ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:222100VXGA8L6J4ZWG61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-42": { "value": "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. derived from prices) (Level 2) y Inputs for the asset or liability that are not based on observable market data (unobservable market data) (Level 3) The table below shows the Group\u2019s assets and liabilities that were measured at fair value at 31 December 2024 and 2023: 2024 Level 2 2024 Assets \u2013 Derivatives (Note 17) 11,256 11,256 Total assets at fair value 11,256 11,256 Liabilities \u2013 Derivatives (Note 17) 42,369 42,369 Total liabilities at fair value 42,369 42,369 2023 Level 2 2023 Assets \u2013 Derivatives (Note 17) 44,697 44,697 Total assets at fair value 44,697 44,697 Liabilities \u2013 Derivatives (Note 17) 2,229 2,229 Total liabilities at fair value 2,229 2,229 4. Financial risk management policy continued a) Financial instruments Level 2 The fair value of financial instruments not traded in an active market is determined using valuation techniques. The Group employs a variety of methods such as estimated discounted cash flows and uses assumptions based on the market conditions at each financial statement date. If all significant data required to calculate the fair value of an instrument are observable, the instrument is included in Level 2. Specific techniques for measuring financial instruments include the following: y The fair value of interest rate swaps is calculated as the present value of future estimated cash flows. y The fair value of currency forwards is determined using forward exchange rates quoted in the market at the consolidated financial statements date. y It is assumed that the book value of trade payables and receivables approximates their fair value. y The fair value of financial liabilities for financial reporting purposes is estimated by discounting future contractual cash flows at the current market interest rate that is available to the Group for similar financial instruments. The instruments included in Level 2 relate to derivative financial instruments (Note 17)", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:222100VXGA8L6J4ZWG61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-43": { "value": "5. Segment reporting The Board of Directors is ultimately responsible for making the Group\u2019s operational decisions, as the Board functions as the Chief Operating Decision-Maker (CODM). The Board of Directors reviews the Group\u2019s 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 (\u201cSteel Dust\u201d) y Aluminium Salt Slags Recycling Services \u2013 Salt Slags Recycling (\u201cSalt Slags\u201d) \u2013 Secondary Aluminium Production (\u201cSecondary Aluminium\u201d) These segments correspond to the Group\u2019s principal activities (products and services), the sales of which (fee for the services and/or sale of the recycled waste) determine the Group\u2019s 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 a) Segment reporting 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) (11,90 9) (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 \u2013 \u2013 \u2013 2,748 Non-recurrent costs/incomes EBITDA (Note 2.6) 8,803 \u2013 \u2013 \u2013 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) 1,18 0,60 0 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 \u2013 \u2013 \u2013 1,906 Non-recurrent costs/incomes EBITDA (Note 2.6) (8,111) 1,283 \u2013 \u2013 (6,828) Adjusted EBIT (operating profit/(loss)) 71,330 16,740 13,819 (170) 101,719 5. Segment reporting continued The reconciliation of Adjusted EBIT to results attributable to the Parent Company is as follows: 2024 2023 Adjusted EBIT 124,407 101,719 \u2013 Non-recurrent costs/(income) EBIT (Note 3.17) (2,748) (1,906) \u2013 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, 90 9) (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\u2013b) 161,600 31,779 11,180 \u2013 204,559 Non-recurrent costs/incomes (Note 2.6) 8,803 \u2013 \u2013 \u2013 8,803 Adjusted EBITDA 170,403 31,779 11,180 \u2013 213,362 2023 Steel Dust Salt Slags Secondary Aluminium Corporate, other minor and eliminations Total Revenue 785,575 86,318 360,228 (51,521) 1,18 0,60 0 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\u2013b) 142,202 24,718 21,642 248 188,810 Non-recurrent costs/incomes (Note 2.6) (8 ,111) 1,283 \u2013 \u2013 (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 5. Segment reporting continued Other segment items included in the consolidated income statement are as follows: 2024 2023 Steel Dust Salt Slags Secondary Aluminium Corporate, other minor and eliminations Total Steel Dust Salt Slags Secondary Aluminium Corporate, other minor and eliminations Total Depreciation/ Amortisation charge: \u2013 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) \u2013 Intangible assets (Notes 8 and 22) (359) (890) (1,190) (64) (2,503) (421) (908) (728) (69) (2,126) \u2013 Right-of-use assets (Notes 11 and 22) (9,664) (1,458) (848) (254) (12,224) (9,608) (1,448) (712) (238) (12,0 06) \u2013 Reversal/ (Recognition) of impairment losses and other (Note 22) (6,748) (1,588) \u2013 \u2013 (8,336) (1,313) (1) (191) \u2013 (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: 2024 2023 Steel Dust Salt Slags Secondary Aluminium Corporate, other minor and eliminations Total Steel Dust Salt Slags Secondary Aluminium Corporate, other minor and eliminations Total 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 19,428 35,150 118 , 028 60,495 2,021 27,263 42,067 131,846 Current assets 241,316 12,979 65,746 11,185 331,226 244,045 23,466 61,539 12,511 341,561 Total assets 1,618,766 156,690 155,398 47,190 1,978,043 1,564,496 166,880 158,627 55,682 1,945,685 Equity and liabilities Net assets 652,701 60,916 23,767 108,353 845,737 642,164 85,394 40,359 109,439 877,356 Non-current liabilities 736,461 80,891 60,114 (45,423) 832,043 739,172 65,006 40,427 (33,310) 811,295 Current liabilities 229,603 14,883 71,517 (15,740) 300,263 183,160 16,480 77,841 (20,447) 257,034 Total equity and liabilities 1,618,766 156,690 155,398 47,190 1,978,043 1,564,496 166,880 158,627 55,682 1,945,685 Investments in the corresponding year were as follows (excluding the effect of translation differences): 2024 2023 Steel Dust Salt Slags Secondary Aluminium Corporate, other minor and eliminations Total Steel Dust Salt Slags Secondary Aluminium Corporate, other minor and eliminations Total Additions to non-current assets (Notes 8 and 9) 68,031 9,232 7,743 98 85,104 76,343 22,910 5,312 25 104,590 Disposals of non-current assets (Notes 8 and 9) (5,012) (20,343) (25,074) \u2013 (50,429) (1,833) (122) (1,409) \u2013 (3,364) Net investments in the year (Notes 8 and 9) 63,019 (11,111) (17,331) 98 34,675 74,510 22,788 3,903 25 101,226 Investments in non-current assets include additions to property, plant and equipment (see Note 9) and intangible assets (see Note 8). In 2024, disposals mainly relate to the removal of fully amortised assets in the Salt Slags and Secondary Aluminium segments (Note 8 and 9). Inter-segment transfers and transactions (if any) are arranged under the same usual commercial terms and conditions as those that should also be available to unrelated third parties. Details of sales by geographical segment for the years ended 31 December 2024 and 2023 are as follows: Geographical area 2024 % 2023 % Spain 222,216 18% 193,394 16% Germany 133,388 11% 122,949 10% France 53,376 4% 48,985 4% Belgium 52,533 4% 46,717 4% Finland 44,408 4% 54,054 5% Norway 39,256 3% 32,920 3% Italy 31,532 3% 19,339 2% Netherlands 28,166 2% 33,253 3% Sweden 20,212 2% 18,536 2% Portugal 14,638 1% 19,058 2% Rest of Europe 54,741 4% 48,538 4% US 367, 530 30% 371,776 31% Japan 54,162 4% 62,134 5% South Korea 40,121 3% 27,405 2% Brazil 22,292 2% 20,320 2% Australia 16,542 1% 11,015 1% China 12,344 1% 17,643 1% Singapore 8,822 1% 12,400 1% Rest of the world 22,751 2% 20,164 2% 1,239,030 100% 1,180,600 100% 5. Segment reporting continued The distribution of property, plant and equipment, intangible assets (excluding goodwill and licences) and right-of-use assets is as follows: 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 14,389 784,592 744,655 b) Information on customers At 31 December 2024, only one customer from the Steel Dust segment represented over 10% of the Group\u2019s total revenues; this customer represents approximately 37% (2023: 35%) of the Group\u2019s total revenues", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:222100VXGA8L6J4ZWG61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-44": { "value": "7. Goodwill 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 \u2013 15,494 258,929 Steel Dust 341,422 \u2013 \u2013 341,422 Salt Slags 35,829 \u2013 \u2013 35,829 Secondary Aluminium 8,957 \u2013 \u2013 8,957 629,643 \u2013 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 \u2013 (8,854) 243,435 Steel Dust 290,778 50,644 \u2013 341,422 Salt Slags 35,829 \u2013 \u2013 35,829 Secondary Aluminium 8,957 \u2013 \u2013 8,957 587,853 50,644 (8,854) 629,643 The increase in goodwill in 2023 was due to Befesa Zinc Recytech, S.A.S.\u2019s control reassessment described in Note 6. Impairment analysis 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: \u2013 Befesa Zinc US, Inc.: 9.08% (2023: 8.9%). \u2013 Steel Dust: 7.34\u201313.3% (2023: 6.73\u201313.3%). \u2013 Salt Slags: 7.34\u20138.34% (2023: 6.73\u20137.25%). \u2013 Secondary Aluminium: 7.34\u20138.34% (2023: 6.73\u20137.25%). 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\u2019s management in their strategic plans, considering a similar activity structure as the present one and based on previous years\u2019 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\u2019s management carried out a sensitivity analysis of the recoverable amount of goodwill and licences (Note 8) in the event of variations of \u00b15% in key assumptions, and no signs of impairment were identified ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:222100VXGA8L6J4ZWG61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-45": { "value": "8. Other intangible assets Movements in \u201cOther intangible assets\u201d in the consolidated statement of financial position as at 31 December 2024 and 2023 are as follows: 2024 Development expenditure Licences Computer software Administrative concessions and others Total Cost: Balance at 31/12/23 17,493 97,98 0 5,808 5,033 126,314 Additions 3,053 79 115 877 4,124 Disposals (6,664) \u2013 (456) (845) ( 7,965) Transfers \u2013 \u2013 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) \u2013 (4,592) (2,837) (18,284) Additions (Note 22.6) (2,059) \u2013 (444) \u2013 (2,503) Disposals 6,664 \u2013 456 \u2013 7,120 Transfers \u2013 \u2013 \u2013 \u2013 \u2013 Translation differences \u2013 \u2013 (2) \u2013 (2) Balance at 31/12/24 (6,250) \u2013 (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 8. Other intangible assets continued 2023 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) \u2013 \u2013 149 1,747 1,896 Change in scope of consolidation (Note 2.5) \u2013 \u2013 (233) \u2013 (233) Additions 2,949 \u2013 374 102 3,425 Disposals \u2013 \u2013 (34) \u2013 (34) Transfers \u2013 \u2013 93 400 493 Translation differences \u2013 (611) (30) (9) (650) Balance at 31/12/23 17,493 97,98 0 5,808 5,033 126,314 Accumulated amortisation Balance at 31/12/22 (9,231) \u2013 (4,248) (1,824) (15,303) Business combination \u2013 \u2013 (117 ) (1,013) (1,130) Change in scope of consolidation (Note 2.5) \u2013 \u2013 233 \u2013 233 Additions (Note 22.6) (1,624) \u2013 (502) \u2013 (2,126) Disposals \u2013 \u2013 34 \u2013 34 Transfers \u2013 \u2013 \u2013 \u2013 \u2013 Translation differences \u2013 \u2013 8 \u2013 8 Balance at 31/12/23 (10,855) \u2013 (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\u2019s management based on the impairment tests disclosure in Note 7. 2024 The most significant additions for the year relate to capitalised development expenses, with \u20ac1,897 thousand in the \u201cSecondary Aluminium\u201d segment and \u20ac1,156 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 \u20ac2,949 thousand. Investment commitments At 31 December 2024 and 2023, the Group had no significant investment commitments ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:222100VXGA8L6J4ZWG61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-46": { "value": "9. Property, plant and equipment Movements in this consolidated statement of financial position as at 31 December 2024 and 2023 are as follows: 2024 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 \u2013 275 9,139 453 71,113 80,980 Disposals (161) (724) (39,061) (2,508) (10) (42,464) Transfers \u2013 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 \u2013 (89,539) (425,143) (23,215) \u2013 (537,897) Additions (Note 22.6) \u2013 (7,928) (58,485) (2,227) \u2013 (68,640) Disposals \u2013 528 38,809 2,506 \u2013 41,843 Transfers \u2013 \u2013 4,923 \u2013 \u2013 4,923 Translation differences \u2013 (233) (3,801) (119) \u2013 (4,153) Balance at 31/12/24 \u2013 (97,172) (443,697) (23,055) \u2013 (563,924) Impairment losses at 31/12/23 (874) \u2013 (7,569) (27) \u2013 (8,470) Impairment losses at 31/12/24 (874) \u2013 (7,569) (27) \u2013 (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 9. Property, plant and equipment continued 2023 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) \u2013 (36,387) Additions \u2013 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 \u2013 (80,021) (374,662) (21,703) \u2013 (476,386) Business combination (Note 6) \u2013 (4,354) (13,707) (111) \u2013 (18,172) Change in scope of consolidation (Note 2.5) \u2013 1,413 16,302 225 \u2013 17, 940 Additions (Note 22.6) \u2013 (7,492) (56,979) (2,061) \u2013 (66,532) Disposals \u2013 152 2,382 670 \u2013 3,204 Transfers \u2013 295 (8,011) (2) \u2013 ( 7,718) Translation differences \u2013 468 9,532 (233) \u2013 9,767 Balance at 31/12/23 \u2013 (89,539) (425,143) (23,215) \u2013 (537,897) Impairment losses at 31/12/22 (874) \u2013 (28,151) (27) \u2013 (29,052) Reversal (Note 2.5) \u2013 \u2013 20,582 \u2013 \u2013 20,582 Impairment losses at 31/12/23 (874) \u2013 (7,569) (27) \u2013 (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. (\u20ac39.0 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. \u201cTransfers\u201d for a net value of \u20ac5.0 million mainly include the amount of long-term spare parts transferred to short-term spare parts, included in the \u201cInventory\u201d 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 (\u20ac56.5 million) and to works done in Befesa Salzschlacke GmbH, mainly related to the Hanover plant after the fire in 2021 (\u20ac20.4 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 (\u20ac18 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 \u20ac50.9 million, mainly due to the expansion projects in Befesa Holding US, Inc. and in Befesa Aluminium Germany GmbH (2023: \u20ac41.4 million, mainly due to the expansion project in Befesa Holding US, Inc.)", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:222100VXGA8L6J4ZWG61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-47": { "value": "10. Financial assets by category and class 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 \u2013 1,666 \u2013 1,666 Impairment \u2013 ( 741) \u2013 (924) Trade and other receivables (Note 13) 127, 913 \u2013 119,154 \u2013 Security deposits 461 3,665 450 3,875 Financial assets measured at fair value Hedging derivatives (Note 17) \u2013 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 ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:222100VXGA8L6J4ZWG61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-48": { "value": "11. Right-of-use assets and lease liabilities 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) (12,0 06) 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 2,519 5,863 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 \u20ac2,545 thousand (2023: \u20ac1,406 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 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 ", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:222100VXGA8L6J4ZWG61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-49": { "value": "12. Inventories 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 \u201cOther\u201d at 31 December 2024 and 2023 mainly includes spare parts for the Group\u2019s 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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:222100VXGA8L6J4ZWG61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-50": { "value": "13. Accounts receivable 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 . 13. Accounts receivable continued Changes in the allowances for doubtful debts relating to the Group\u2019s 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) \u2013 (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", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:222100VXGA8L6J4ZWG61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-51": { "value": "14. Equity a) Share capital The number of shares as at 31 December 2024 and 2023 is 39,999,998 with a par value of \u20ac2.78 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\u2019s 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. 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 \u20ac29,200 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 \u20ac50,000 thousand from the net profit of the year 2022). c) Translation differences The breakdown, by company, of \u201cTranslation differences\u201d 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 \u0130skenderun \u00c7elik Tozu Geri D\u00f6n\u00fc\u015f\u00fcm\u00fc, A.S. (17,203) (16,565) Befesa Silvermet D\u0131\u015f 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) (11,4 65) Other (968) (473) Total 24,017 (11,738) d) Non-controlling interests Details of equity \u2013 non-controlling interests are as follows: % non-controlling Thousands of euros 2024 2023 2024 2023 Steel Dust: Befesa Zinc Recytech, S.A.S. 0% 50% \u2013 43,978 Befesa Silvermet Turkey, S.L. and subsidiaries 47.6% 46.4% 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 \u20ac40 million (Note 6). The difference between the consideration paid and the carrying amount of the non-controlling interests was recognised in the \u201cOther reserves\u201d item of the consolidated equity of an amount of \u20ac4,356 thousand . 14. Equity continued 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 \u2013 (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 \u2013 11, 953 Current assets \u2013 21,908 Non-current liabilities \u2013 2 Current liabilities \u2013 6,110 Equity \u2013 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\u2019s 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\u2019s 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 ", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:222100VXGA8L6J4ZWG61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-52": { "value": "15. Financial debt Details of the related line items in the accompanying consolidated statement of financial position as at 31 December 2024 and 2023 are as follows: 2024 2023 Current maturity Non-current maturity Current maturity Non-current maturity Bank loans and credit facilities 20,533 664,086 22,580 655,610 Unmatured accrued interest 4,889 \u2013 6,218 \u2013 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. The main terms and conditions of borrowings are as follows: 2024 2023 Type Limit in nominal currency (thousands of currency) Interest rate Maturity date Current maturity Non- current maturity Current maturity 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 36,915 684,561 38,081 672,690 At 31 December 2023, the facilities agreement consisted of a \u20ac626 million senior secured Term Loan B (TLB) which is a bullet with maturing in July 2026, a \u20ac75 million revolving credit facility (RCF) maturing in July 2025, and a \u20ac35 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: \u2013 TLB facility commitment in an amount of \u20ac650 million, which is a bullet maturing in July 2029. \u2013 RCF in an amount of \u20ac100 million maturing in July 2028. \u2013 A guarantee facility commitment in an amount of \u20ac35 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 \u20ac0.8 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 . 15. Financial debt continued 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, \u201cOther\u201d mainly includes the short-term financing of Befesa Silvermet \u0130skenderun and debt related to the financial leases. At 31 December 2024, an amount of \u20ac100 million was undrawn from the syndicated financing arrangement (2023: \u20ac75 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 \u2013 (20,736) 35,619 Exchange rate adjustments (1,296) \u2013 (373) (1,669) Other non-monetary movements (*) \u2013 (11) 21,108 21,097 Net financial debt as at 31 December 2023 (106,692) (71) 710,771 604,008 Cash flows 4,325 \u2013 (5,683) (1,358) Exchange rate adjustments (153) \u2013 1,222 1,069 Other non-monetary movements (*) \u2013 71 15,166 15,237 Net financial debt as at 31 December 2024 (102,520) \u2013 721,476 618,956 (*) Other non-monetary movements: mainly due to the impact of the new contracts under IFRS 16", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:222100VXGA8L6J4ZWG61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-53": { "value": "16. Other current and non-current payables 2024 2023 Current maturity Non-current maturity Current maturity Non-current maturity Payable to asset suppliers 14,921 \u2013 8,385 \u2013 Accounts payable to public authorities (Note 20) 23,590 \u2013 14,103 \u2013 Remuneration payable (Note 18) 18,840 \u2013 19,064 \u2013 Other 10,189 4,908 4,088 6,707 Total 67,54 0 4,908 45,640 6,707 \u201cOther\u201d mainly includes the capital grants not yet released to income, amounting to approximately \u20ac3.5 million (2023: \u20ac3.9 million), and the current financial liabilities related to the last derivative settlements of the year amounting to EUR 6.6 million (2023: \u20ac0.0 million) .", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:222100VXGA8L6J4ZWG61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-54": { "value": "17. Financial derivatives 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 (Note 10) Swap contracts for zinc \u2013 8,796 Interest rate swap 11, 256 20,845 Equity swap \u2013 880 11,256 30,521 Cash flow hedges current assets Swap contracts for zinc \u2013 14,138 Foreign currency swap \u2013 38 \u2013 14,176 Total assets 11,256 44,697 Cash flow hedges non-current liabilities: Swap contracts for zinc 12,637 \u2013 Equity swap 3,570 \u2013 16,207 \u2013 Cash flow hedges current liabilities: Swap contracts for zinc 26,079 2,229 Foreign currency SWAP 83 \u2013 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: Tonnes 31 December 2024 31 December 2023 2025 2026 and subsequent years 2024 2025 and subsequent years Hedge (in tonnes) Swap contract for zinc 165,901 152,925 145,733 40,375 165,901 152,925 145,733 40,375 During 2024, Befesa has extended its zinc hedges until and including January 2027 (2023: June 2025 17. Financial derivatives continued 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 \u201cRevenue\u201d in the income statement at each settlement date. Interest rate swaps (floating to fixed) The Company arranged an interest rate swap (\u201cIRS\u201d) in March 2020; the notional amount of the IRSs outstanding at 31 December 2024 and 31 December 2023 totalled \u20ac316,000 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: \u2013 US dollar sales: USD 21,667 thousand \u2013 US dollar purchases: USD 4,900 thousand At 31 December 2023, currency purchase contracts (swaps or forwards) amounted to: \u2013 US dollar sales: USD 14,033 thousand \u2013 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 ", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:222100VXGA8L6J4ZWG61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-55": { "value": "18. Long-term provisions 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) \u2013 (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) \u2013 (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 \u20ac2.0 million (2023: \u20ac3.1 million) related to the compensation plans described in Note 24. \u201cTransfers\u201d in 2024 and 2023 mainly corresponds to the liability payable in 2025 and 2024, which has been recognised as \u201cRemuneration payable\u201d 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 \u20ac1.9 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 \u201cOther provisions for contingencies and charges\u201d 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 \u20ac7.0 million at 31 December 2024 (2023: \u20ac7.0 million) for the present value of estimated costs. The main asset retirement obligation relates to the ultimate closure of the former Monaca facility ", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:222100VXGA8L6J4ZWG61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-56": { "value": "19. Income tax The Group\u2019s 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 Met\u00e1licos, 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 \u00d3xido, 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\u2019s 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\u2019s 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\u20132026) 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 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) \u2013 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) \u2013 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 \u2013 \u2013 \u2013 Befesa Holding US, Inc. 146,495 \u2013 22,607 26,272 Befesa Circular Alloys Sweden, AB 8,343 \u2013 53 174 Befesa Zinc Environmental Protection Technology (Henan) Co. Ltd 2,881 \u2013 \u2013 \u2013 Befesa Circular Alloys France, S.A.S. 279 \u2013 \u2013 \u2013 Others 1,398 600 267 \u2013 Total deferred tax 168,304 600 22,927 26,446 19. Income tax continued 2023 Tax loss carry-forwards Deductions Temporary differences (assets) Temporary differences (liabilities) Befesa, S.A. 8,866 \u2013 \u2013 \u2013 Befesa Holding US, Inc. 129,203 \u2013 18,647 19,704 Befesa Circular Alloys Sweden, AB 7, 805 \u2013 \u2013 \u2013 Befesa Circular Alloys France, S.A.S. 4,452 \u2013 144 \u2013 Others 2,321 458 316 \u2013 Total deferred tax 152,647 458 19,107 19,704 The majority of these tax credits (\u20ac155.5 million) expire in 2043 or later (2023: \u20ac142.6 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 Amounts corresponding to deferred tax assets are as follows: 2024 2023 Deferred tax assets 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 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. Movements in deferred tax assets and liabilities in 2024 and 2023 relate to: 2024 Recognised in Balance at 31/12/23 Income statement Equity Balance at 31/12/24 Deferred tax assets Tax loss carry-forwards and deductions 76,793 (1,472) (1,173) 74,148 Derivatives 272 (3,686) 12,156 8,742 Other 19,643 (343) (8) 19,292 Total deferred tax assets 96,708 (5,501) 10,975 102,182 Deferred tax liabilities Revaluations 44,065 (1, 211) 928 43,782 Derivatives 6,264 \u2013 (3,563) 2,701 Goodwill 50,801 4,653 \u2013 55,454 Other (temporary differences) 12,715 (3,903) (453) 8,359 Total deferred tax liabilities 113,845 (461) (3,088) 110,296 2023 Recognised in Balance at 31/12/22 Income statement Equity Balance at 31/12/23 Deferred tax assets Tax loss carry-forwards and deductions 72,731 6,639 (2,577) 76,793 Derivatives 13,902 (308) (13,322) 272 Other 17,014 1,492 1,137 19,643 Total deferred tax assets 103,647 7,823 (14,762) 96,708 Deferred tax liabilities Revaluations 46,123 (1,498) (560) 44,065 Derivatives 7,474 \u2013 (1,210) 6,264 Goodwill 46,644 4,157 \u2013 50,801 Other (temporary differences) 7,392 5,259 64 12,715 Total deferred tax liabilities 107,633 7,918 (1,706) 113,845 The main amounts and changes in deferred tax assets and liabilities in 2024 and 2023 were as follows 19. Income tax continued 2024 y Movements recognised in equity relate mainly to the tax effect of the measurement of derivatives hedging zinc prices (Note 17), and to the impact of conversion difference, mainly from deductions in Turkey and Befesa Zinc US, Inc. y The movement in goodwill relates to the tax depreciation of the goodwill by Befesa Zinc. 2023 y Movements recognised in equity relate mainly to the tax effect of the measurement of derivatives hedging zinc prices (Note 17), and to the impact of conversion difference from deductions in Turkey (-\u20ac2.3 million) in assets, and from Befesa Zinc US, Inc. (\u20ac0.6 million) in liabilities. y The movement in income statement in tax loss carry-forwards and deductions is mainly related to tax loss carry-forwards generated in Befesa Management Services, Chinese and Korean companies (\u20ac8.4 million) and tax incentives regarding investments in fixed assets in Turkey (\u20ac2.2 million). Meanwhile, in Basque fiscal companies, tax loss carry-forwards and deductions amounting to \u20ac4.2 million have been used. y The movement in goodwill relates mainly to the tax depreciation of the goodwill by Befesa Zinc", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:222100VXGA8L6J4ZWG61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-387": { "value": "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 Amounts corresponding to deferred tax assets are as follows: 2024 2023 Deferred tax assets 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 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. Movements in deferred tax assets and liabilities in 2024 and 2023 relate to: 2024 Recognised in Balance at 31/12/23 Income statement Equity Balance at 31/12/24 Deferred tax assets Tax loss carry-forwards and deductions 76,793 (1,472) (1,173) 74,148 Derivatives 272 (3,686) 12,156 8,742 Other 19,643 (343) (8) 19,292 Total deferred tax assets 96,708 (5,501) 10,975 102,182 Deferred tax liabilities Revaluations 44,065 (1, 211) 928 43,782 Derivatives 6,264 \u2013 (3,563) 2,701 Goodwill 50,801 4,653 \u2013 55,454 Other (temporary differences) 12,715 (3,903) (453) 8,359 Total deferred tax liabilities 113,845 (461) (3,088) 110,296 2023 Recognised in Balance at 31/12/22 Income statement Equity Balance at 31/12/23 Deferred tax assets Tax loss carry-forwards and deductions 72,731 6,639 (2,577) 76,793 Derivatives 13,902 (308) (13,322) 272 Other 17,014 1,492 1,137 19,643 Total deferred tax assets 103,647 7,823 (14,762) 96,708 Deferred tax liabilities Revaluations 46,123 (1,498) (560) 44,065 Derivatives 7,474 \u2013 (1,210) 6,264 Goodwill 46,644 4,157 \u2013 50,801 Other (temporary differences) 7,392 5,259 64 12,715 Total deferred tax liabilities 107,633 7,918 (1,706) 113,845 The main amounts and changes in deferred tax assets and liabilities in 2024 and 2023 were as follows :
19. Income tax continued
2024
y Movements recognised in equity relate mainly to the tax effect of the measurement of derivatives hedging zinc prices
(Note 17), and to the impact of conversion difference, mainly from deductions in Turkey and Befesa Zinc US, Inc.
y The movement in goodwill relates to the tax depreciation of the goodwill by Befesa Zinc.
2023
y Movements recognised in equity relate mainly to the tax effect of the measurement of derivatives hedging zinc prices
(Note 17), and to the impact of conversion difference from deductions in Turkey (-\u20ac2.3 million) in assets, and from Befesa
Zinc US, Inc. (\u20ac0.6 million) in liabilities.
y The movement in income statement in tax loss carry-forwards and deductions is mainly related to tax loss carry-forwards
generated in Befesa Management Services, Chinese and Korean companies (\u20ac8.4 million) and tax incentives regarding
investments in fixed assets in Turkey (\u20ac2.2 million). Meanwhile, in Basque fiscal companies, tax loss carry-forwards and
deductions amounting to \u20ac4.2 million have been used.
y The movement in goodwill relates mainly to the tax depreciation of the goodwill by Befesa Zinc.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:222100VXGA8L6J4ZWG61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-57": { "value": "20. Public administrations 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) Receivable (Note 13) Payable (Note 16) VAT 8,420 7,232 7,812 5,979 Withholdings and interim payments 198 919 \u2013 787 Corporate income tax 1,200 11,9 68 11,975 4,636 Social security 11 2,696 14 2,134 Other 658 775 925 567 Total 10,487 23,590 20,726 14,103 \u201cAccounts payable to public authorities\u201d 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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:222100VXGA8L6J4ZWG61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-58": { "value": "21. Guarantee commitments to third parties and contingencies At 31 December 2024 and 2023, a number of Group companies had provided guarantees for an overall amount of approximately \u20ac71.9 million (31 December 2023: \u20ac74.0 million) to guarantee their operations vis-\u00e0-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 \u20ac4,065 thousand in 2023 under \u201cOther operating income\u201d (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 \u201cOther receivables\u201d (2023: \u20ac2,280 thousand) ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:222100VXGA8L6J4ZWG61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-388": { "value": "
22. Income and expenses
22.1 Revenues
Details of revenues by category for 2024 and 2023 are as follows:
2024 % 2023 %
Steel Dust 825,550 67% 785,575 67%
\u2013 Sale of WOX and other metals 541,882 44% 480,778 41%
\u2013 Service fees 83,527 7% 101,270 9%
\u2013 Smelting: sale of metals and by\u2013products
(Note 6) 341,334 28% 326,935 28%
\u2013 Eliminations (*) (141,193) (123,408)
Salt Slags 105,874 9% 86,318 7%
\u2013 Sale of aluminium concentrates and melting
salt 62,947 5% 51,903 4%
\u2013 Fees for recycling salt slags and SPL 42,927 3% 34,415 3%
Secondary Aluminium 367,296 30% 360,228 31%
\u2013 Sale of secondary aluminium alloys 342,717 28% 333,157 28%
\u2013 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.
22.2 Raw materials and consumables
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
22.3 Other operating income
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) \u2013 20,498
Other operating income (Note 21) 1,283 4,065
Services 4,381 4,214
Total 7,412 37,101
22. Income and expenses continued 22.4 Personnel expenses Details of personnel expenses in the consolidated income statement for 2024 and 2023 are as follows: 2024 2023 Wages and salaries 112,24 3 114,749 Employer\u2019s social security contributions 19,240 18,250 Other welfare costs 13,840 13,279 Total 145,323 146,278 Of the Group\u2019s 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 22.5 Other operating expenses 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 22.6 Amortisation/Depreciation, impairment and provisions 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 ", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:222100VXGA8L6J4ZWG61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-60": { "value": "22. Income and expenses 22.1 Revenues Details of revenues by category for 2024 and 2023 are as follows: 2024 % 2023 % Steel Dust 825,550 67% 785,575 67% \u2013 Sale of WOX and other metals 541,882 44% 480,778 41% \u2013 Service fees 83,527 7% 101,270 9% \u2013 Smelting: sale of metals and by\u2013products (Note 6) 341,334 28% 326,935 28% \u2013 Eliminations (*) (141,193) (123,408) Salt Slags 105,874 9% 86,318 7% \u2013 Sale of aluminium concentrates and melting salt 62,947 5% 51,903 4% \u2013 Fees for recycling salt slags and SPL 42,927 3% 34,415 3% Secondary Aluminium 367,296 30% 360,228 31% \u2013 Sale of secondary aluminium alloys 342,717 28% 333,157 28% \u2013 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", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:222100VXGA8L6J4ZWG61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-61": { "value": "22.2 Raw materials and consumables 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 ", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:222100VXGA8L6J4ZWG61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-59": { "value": "22.3 Other operating income 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) \u2013 20,498 Other operating income (Note 21) 1,283 4,065 Services 4,381 4,214 Total 7,412 37,101 ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:222100VXGA8L6J4ZWG61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-62": { "value": "22. Income and expenses continued 22.4 Personnel expenses Details of personnel expenses in the consolidated income statement for 2024 and 2023 are as follows: 2024 2023 Wages and salaries 112,24 3 114,749 Employer\u2019s social security contributions 19,240 18,250 Other welfare costs 13,840 13,279 Total 145,323 146,278 Of the Group\u2019s 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 ", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:222100VXGA8L6J4ZWG61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-63": { "value": "22.5 Other operating expenses 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 ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:222100VXGA8L6J4ZWG61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-64": { "value": "22.6 Amortisation/Depreciation, impairment and provisions 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 ", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:222100VXGA8L6J4ZWG61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-65": { "value": "23. Finance costs 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) \u2013 35 Total 46,713 39,029 In 2024, an interest rate swap settlement accrued \u20ac11,181 thousand of finance income (2023: \u20ac9,336 thousand). Other finance costs include \u20ac4,450 thousand related to the fair value of the equity swap (Note 17) (2023: \u20ac0 thousand). ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:222100VXGA8L6J4ZWG61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-66": { "value": "24. Remuneration of the Board of Directors Directors\u2019 remuneration and other benefits Remuneration in the total amount of \u20ac5,768 thousand was accrued in 2024 to the members of the Parent Company\u2019s Board of Directors (including Executive Members of the Board of Directors) for discharging their duties in Group companies (2023: \u20ac8,106 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. Incentives to executives and other matters 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\u2019s 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 \u20ac3.4 million and \u20ac5.8 million, respectively. In 2022, the Parent Company approved another compensation plan for certain members of the Group\u2019s 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\u2019s 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\u2019s 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 \u20ac4.4 million, the second 1/3 was paid in 2022 for an amount of \u20ac2.7 million, and the third 1/3 was paid in 2023 for an amount of \u20ac1.6 million .", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:222100VXGA8L6J4ZWG61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-68": { "value": "26. Auditors\u2019 fees Fees corresponding to services rendered by KPMG Audit S.\u00e0.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 4", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:222100VXGA8L6J4ZWG61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-67": { "value": "27. Earnings per share a) Basic earnings/(losses) per share (EUR per share) 2024 2023 From continuing operations attributable to the ordinary equity holders of the Company 1.27 1.45 From discontinued operations \u2013 \u2013 Total basic earnings/(losses) per share attributable to the ordinary equity holders of the Company 1.27 1.45 b) Diluted earnings/(losses) per share (EUR per share) As at 31 December 2024 and 2023, there are no differences between basic and diluted earnings/(losses) per share c) Reconciliation of earnings used in calculating earnings 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 d) Weighted average number of shares used as the denominator 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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:222100VXGA8L6J4ZWG61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-69": { "value": "28. Subsequent events 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\u2019s long-term July 2029 maturity date and all other contractual terms remain unchanged 28. Subsequent events 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\u2019s long-term July 2029 maturity date and all other contractual terms remain unchanged. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:222100VXGA8L6J4ZWG61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-70": { "value": "Subsidiaries 2024 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 \u2013 116,526 \u2013 \u2013 Befesa Management Services GmbH Germany Holding 100% KPMG 25 2,458 (30) 263 \u2013 \u2013 MRH Residuos Met\u00e1licos, S.L.U. Spain Holding 100% (1) 15,600 13,679 \u2013 57,607 (53,000) \u2013 Befesa Salzschlacke GmbH Germany Aluminium waste treatment 100% KPMG 25 3,843 \u2013 1,673 \u2013 \u2013 Befesa Aluminium Germany GmbH Germany Aluminium waste treatment 100% KPMG 25 303 \u2013 \u2013 \u2013 \u2013 Befesa Aluminio, S.L.U. Spain Recovery of metals 100% KPMG 4,767 64,150 \u2013 11, 383 \u2013 Befesa Aluminio Comercializadora, S.L. Spain Marketing company 100% (1) 90 21 \u2013 \u2013 \u2013 \u2013 Befesa Zinc, S.A.U. Spain Holding 100% KPMG 25,010 498,176 \u2013 63,619 (60,000) \u2013 Befesa Zinc Comercial, S.A. (Sociedad Unipersonal) Spain Sale of recycled waste 100% KPMG 60 7,529 \u2013 325 \u2013 \u2013 Befesa Zinc Aser, S.A. (Sociedad Unipersonal) Spain Recovery of metals 100% KPMG 4,260 7,153 \u2013 46,024 (40,850) \u2013 Befesa Zinc Sur, S.L. (Sociedad Unipersonal) Spain Recovery of metals 100% (1) 605 202 \u2013 (3) \u2013 \u2013 Befesa Zinc \u00d3xido, S.A. (Sociedad Unipersonal) Spain Recovery of metals 100% KPMG 1,102 5,364 \u2013 564 \u2013 \u2013 Befesa Steel R&D, S.L. (Sociedad Unipersonal) Spain Development of projects and technology innovation 100% (1) 3 797 \u2013 59 \u2013 \u2013 Befesa Circular Alloys, S.L.U. Spain Holding 100% (1) 3 14,512 \u2013 5,924 \u2013 Befesa Circular Alloys France, S.A.S. France Recovery of metals 100% KPMG 4,000 1,206 \u2013 3,096 \u2013 Befesa Circular Alloys Sweden, AB Sweden Recovery of metals 100% KPMG 5,309 2,895 (351) (3,236) \u2013 ntity Country Activity % interest Auditor Capital Reserves Translation differences Results Interim dividend \u2013 Befesa Silvermet Turkey, S.L. Spain Holding 53.60% (1) 9,175 740 \u2013 (111) \u2013 Befesa Silvermet \u0130skenderun \u00c7elik Tozu Geri D\u00f6n\u00fc\u015f\u00fcm\u00fc, A.S. Turkey Recovery of metals 100% E&Y 5,707 42,185 (30,467) 5,914 \u2013 Befesa Silvermet D\u0131\u015f Ticaret, A.S. Turkey Recovery of metals 100% (1) 2,674 4,923 (4,987) 874 \u2013 \u2013 Befesa Zinc Germany GmbH Germany Holding 100% (1) 25 552,394 \u2013 20,059 (20,000) Befesa Steel Services GmbH Germany Sales and logistics 100% KPMG 2,045 68,004 \u2013 (28) \u2013 Befesa Zinc Duisburg GmbH Germany Recovery of metals 100% KPMG 5,113 14,083 \u2013 38 \u2013 Befesa Zinc Korea Co., Ltd. South Korea Recovery of metals 100% KPMG 17,015 20,756 (4,200) 7,052 \u2013 Befesa Pohang Co., Ltd. South Korea Recovery of metals 100% KPMG 1,770 5,883 (1,150) 1,422 \u2013 Befesa Zinc Freiberg GmbH & Co., KG Germany Recovery of metals 100% KPMG 1,000 12,628 \u2013 245 \u2013 Befesa Zinc Environmental Protection Technology (Jiangsu) Co., Ltd. China Recovery of metals 100% KPMG 21,407 (9,877) 799 (1,828) \u2013 Befesa (China) Investment Co., Ltd. China Holding 100% KPMG 18,825 (1,084) 236 187 \u2013 Befesa Zinc Environmental Protection Technology (Henan) Co., Ltd. China Recovery of metals 100% KPMG 17,890 (6,197) (11) (7,751) \u2013 Befesa Zinc Gravelines S.A.S. France Waelz oxide treatment 100% KPMG 8,000 327 \u2013 395 \u2013 Befesa Holding US, Inc. US Befesa Zinc US, Inc. US Waelz oxide treatment 100% ( 1 ) / ( 2 ) 549,152 (798) 32,044 21,150 \u2013 Befesa Zinc Metal, Inc. US Zinc refining 100% ( 1 ) / ( 2 ) 107,466 (37,306) (9,708) (48,275) \u2013 Befesa Zinc Recytech, S.A.S. (3) France Recovery of metals 100% Deloitte 6,240 3,718 \u2013 14,762 \u2013 (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 ubsidiaries 2023 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 \u2013 51,582 \u2013 \u2013 Befesa Management Services GmbH Germany Holding 100% KPMG 25 2,191 (30) 267 \u2013 \u2013 MRH Residuos Met\u00e1licos, S.L.U. Spain Holding 100% (1) 15,600 14,997 \u2013 (1,318) \u2013 \u2013 Befesa Salzschlacke GmbH Germany Aluminium waste treatment 100% KPMG 25 22,192 \u2013 9,651 \u2013 \u2013 Befesa Aluminium Germany GmbH Germany Aluminium waste treatment 100% KPMG 25 303 \u2013 \u2013 \u2013 \u2013 Befesa Aluminio, S.L.U. Spain Recovery of metals 100% KPMG 4,767 79,285 \u2013 14,957 \u2013 Befesa Aluminio Comercializadora, S.L. Spain Marketing company 100% (1) 90 21 \u2013 \u2013 \u2013 \u2013 Befesa Zinc, S.A.U. Spain Holding 100% KPMG 25,010 413,275 \u2013 43,901 (39,000) \u2013 Befesa Zinc Comercial, S.A. (Sociedad Unipersonal) Spain Sale of recycled waste 100% KPMG 60 7,105 \u2013 424 \u2013 \u2013 Befesa Zinc Aser, S.A. (Sociedad Unipersonal) Spain Recovery of metals 100% KPMG 4,260 15,376 \u2013 33,451 (30,800) \u2013 Befesa Zinc Sur, S.L. (Sociedad Unipersonal) Spain Recovery of metals 100% (1) 605 206 \u2013 (3) \u2013 \u2013 Befesa Zinc \u00d3xido, S.A. (Sociedad Unipersonal) Spain Recovery of metals 100% KPMG 1,102 6,113 \u2013 (749) \u2013 \u2013 Befesa Steel R&D, S.L. (Sociedad Unipersonal) Spain Development of projects and technology innovation 100% (1) 3 787 \u2013 10 \u2013 \u2013 Befesa Circular Alloys, S.L.U. (3) Spain Holding 100% (1) 3 10,342 \u2013 10,169 \u2013 Befesa Circular Alloys France, S.A.S. (4) France Recovery of metals 100% KPMG 4,000 (154) \u2013 7,241 \u2013 Befesa Circular Alloys Sweden, AB (5) Sweden Recovery of metals 100% KPMG 5,309 (3,956) (261) 1,600 \u2013 \u2013 Befesa Silvermet Turkey, S.L., Spain Holding 53.60% (1) 9,175 800 \u2013 (60) \u2013 Thousands of euros (31/12/2023) Entity Country Activity % interest Auditor Capital Reserves Translation differences Results Interim dividend Befesa Silvermet \u0130skenderun \u00c7elik Tozu Geri D\u00f6n\u00fc\u015f\u00fcm\u00fc, A.S. Turkey Recovery of metals 100% E&Y 4,968 46,260 (29,103) (9,851) \u2013 Befesa Silvermet D\u0131\u015f Ticaret, A.S. Turkey Recovery of metals 100% (1) 2,035 4,060 (4,758) 452 \u2013 \u2013 Befesa Zinc Germany GmbH Germany Holding 100% KPMG 25 430,14 4 \u2013 12,250 (15,000) Befesa Steel Services GmbH Germany Sales and logistics 100% KPMG 2,045 67,970 \u2013 33 \u2013 Befesa Zinc Duisburg GmbH Germany Recovery of metals 100% KPMG 5 ,113 17,207 \u2013 (53) \u2013 Befesa Zinc Korea Co., Ltd. South Korea Recovery of metals 100% KPMG 17,015 34,798 (1,448) (505) \u2013 Befesa Pohang Co., Ltd. South Korea Recovery of metals 100% KPMG 1,770 3,827 (646) 2,061 \u2013 Befesa Zinc Freiberg GmbH & Co., KG Germany Recovery of metals 100% KPMG 1,000 18,118 \u2013 200 \u2013 Befesa Zinc Environmental Protection Technology (Jiangsu) Co., Ltd. China Recovery of metals 100% KPMG 21,407 (5,896) 426 (3,982) \u2013 Befesa (China) Investment Co, Ltd. China Holding 100% KPMG 18,825 (422) 228 (662) \u2013 Befesa Zinc Environmental Protection Technology (Henan) Co., Ltd. China Recovery of metals 100% KPMG 17,890 (1,034) (209) (5,163) \u2013 Befesa Zinc Gravelines S.A.S. France Waelz oxide treatment 100% KPMG 8,000 273 \u2013 1,677 \u2013 Befesa Holding US, Inc. US Befesa Zinc US, Inc. US Waelz oxide treatment 100% (1)/(2) 424,152 22,345 (494) (1,725) \u2013 Befesa Zinc Metal, Inc. US Zinc refining 100% (1)/(2) 107,466 (15,490) (11,4 64) (21,055) \u2013 Recytech, S.A. France Recovery of metals 50% Deloitte 6,240 13,450 \u2013 7, 960 \u2013 (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", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:222100VXGA8L6J4ZWG61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } } } }