Índex - Befesa

Transcription

Índex - Befesa

Índex
Annual Report 2002
5
Befesa Group – Significant Data
6
Summary 2002
14
Location Map
17
Group Activities
19
27
Your Partner in Environmental Services
33
43
55
69
77
Other Complementary Information
78
Human Resources
Research and Development and
Innovation
Ethics and Social Responsibility
82
90
101
Befesa Medio Ambiente, S.A.
Buen Pastor s/n
48903 Luchana – Barakaldo
Vizcaya (Spain)
Tel.: (+34) 94 497 00 66
Fax: (+34) 94 497 02 40
E-mail: [email protected]
www.befesa.es
Annual Report 2002
102
104
106
108
158
164
Fortuny 18 – bajo A
28010 Madrid (Spain)
Tel.: (+34) 91 308 40 44
Fax: (+34) 91 310 50 39
Aluminium waste recycling
Salt slag recycling
Zinc and desulphurisation
waste recycling
Industrial waste management
Industrial cleaning and hydrocarbons
Environmental engineering
Legal and Economic-Financial
Information
Auditors’ Report
Consolidated Balance Sheets
Consolidated Profit and Loss Account
Financial Year Statement
Group and Associated Companies
Management Report
171
Board of Directors
173
Corporate Governance
181
Directory
Results and Evolution
of the Main Figures
•
•
•
•
•
10.4% increase in sales volume
Sustained profitability
Solid financial structure
Significant cash flow generation
Major increase in managed waste
Sales Figures
EBITDA
Total Assets
The Group’s sales volume for the 2002
The operating results before deprecia-
Befesa’s Total Assets are 547.3 million
financial year rose to 403.1 million
tion came to 40.9 million euros for the
euros at the close of the 2002 financial
euros, a 10.4% increase on the pre-
2002 financial year. The mean annual
year. The Assets have increased 324%
vious year. The mean annual growth
growth rate is close to 13%.
over the past six years due to the
rate over the past six years is greater
than 47%.
Group’s large expansion.
600
45
450
403,1
40.5
547,3
40,9
39.9
365.1
40
400
34.7
350
286.1
250
500
35
29.0
300
491,3
383,7
30
400
25
22.4
192.5
300
259,9
200
20
150
15
100
10
50
5
0
0
233,5
154.5
200
129,0
100
57.4
0
2002
2001
99/00
98/99
97/98
(euros
ME)
96/97
2002
2001
99/00
98/99
97/98
96/97
2002
2001
99/00
98/99
97/98
96/97
(euros
ME)
(euros
ME)
Treated Waste
376
513
672
985
1,170
400
600
800
1.000
1.200
1,169,619 tons of waste were treated
and managed during the trading year;
an 18.7% increase on the previous year.
221
200
0
(‘000
mt)
Waste Treated and Managed (tons)
per Business Area
Aluminium waste (1)
Salt slag and aluminium slag
Zinc and desulphurisation waste
1,169,619
157,795
144,374
216,741
417,852
232,857
2002
985,245
170,587
136,004
223,723
279,153
175,778
2001
+ 18.7%
- 7.5
- 6.2
- 3.1
+ 49.7
+ 32.5
% increase
(1) does not include waste treated by subsidiaries abroad
More than 293,000 MW/hr of electricity were sold during the year. This is an
increase of 8.4%.
Since its establishment, Befesa has managed and treated more than 4,470,000 tons
of industrial waste. This clearly proves the beneficial contribution the Group’s
activities make, as regards the saving of valuable resources and protection of the
Environment.
96/97
97/98
98/99
99/00
2001
2002
Annual Report 2002
Significant Data
985
1.086
403.1
40.9
14.9
16.2
1.170
1.378
2002
672
715
365.1
40.5
18.4
14.8
547.3
165.4
95.8
2001
513
523
286.1
39.9
23.7
16.2
491.3
165.6
88.8
0.60
9.8%
30.2%
36.7%
9.5%
99/00
376
456
192.5
34.7
20.6
14.5
383.7
126.1
84.7
0.59
11.6%
33.7%
34.9%
7.9%
38.5
33.1
27,113,479
98/99
154.5
29.0
14.6
11
259.9
108.7
67.3
0.70
14.9%
32.9%
40.2%
11.3%
28.9
35.7
27,113,479
97/98
Net Sales
Operating profit (prior to depreciations)
Ordinary Profit
Net Profit Attributable to the dominant company
233.5
96.4
59.4
0.63
15.0%
41.8%
38.2%
15.1%
32.3
42.7
23,031,280
Treated Waste (000 t)
Average Number of Employees
Balance Sheet (Millions of euros)
Gross Assets
Equity
Net Financial Debt
0.52
13.7%
41.3%
38.1%
14.7%
28.0
28.2
23,031,280
(Millions of euros)
Profit and Loss Account
in euros
Ratios
Net Profit / Share (euros)
(1)
Net Profit / Equity (%)
[ROE]
Equity / Total Liabilities (%)
Financial Leverage
(2)
Cash Flow / Sales (%)
22.7
60.3
23,031,280
Other data
Cash Flow (Millions of euros)
Investments (Millions of euros)
Number of Shares
(1) calculated according to the average number of equivalent shares at 3.01 euros/share
(2) Net Financial Debt / (Equity + Net Financial Debt)
2002 Annual Report
5
Summary 2002
Summary 2002
6
and
having
thus
on
achieved
During the 2002 trading year, a great
market position.
growth, have significantly improved our
together with a noteworthy internal
made, during the course of 2002, which,
series of significant acquisitions were
substantial backing for our company, a
Befesa,
Abengoa’s environmental activities in
course of 2001, the total integration of all
After having completed, during the
generated and returned to the life cycle.
3,500,000 tons of products that have been
establishment, as well as in the close to
managed and treated waste since its
reflected in more than 4,470,000 tons of
saving of resources made by Befesa is
and the significant contribution to the
as regards protection of the Environment,
The beneficial contribution of its activities,
on the previous year.
industrial waste, which is a 19% increase
waste
especially
services,
always
focused
activities
are
environmental
in
technologically
established
recycling
was
S.A.
management activities. During the 2002
(Befesa)
September 1993, to develop, on its own
trading year, Befesa managed and
The company Befesa Medio Ambiente,
and through its participated companies,
treated almost 1,170,000 tons of
and
industrial
an industrial activity focused on favouring
profitable
and
environmental protection and recovery,
with
effort was made to provide the company
structures in each of its business areas in
with the most ideal organisation and
order to allow it to continue positioning
advanced operations.
Its more than 60 companies on the
consolidation.
itself, with a view to the future, in a
Its
Iberian Peninsula and abroad provide
creation.
employment to more than 1,560 and
its
market characterised by growth and
since
reflect the rapid development Befesa has
experienced
in the following six business areas:
Befesa’s activities are currently organised
Management business unit.
the companies of the Industrial Waste
●
●
●
●
recycling
Zinc and desulphurisation waste
Salt slag recycling
hazardous waste.
service for hazardous as well as non-
and offer an integral waste management
companies under the same trade-name
The objective is to group all the
of this business unit will merge into one
During the course of 2003, the companies
de
●
Gestión
●
“Befesa
company called Befesa Gestión de Residuos
company
Aser
Sondika Zinc
Zindes
Rontealde
Zinc and
Desulphuration
Waste Recycling
Industrial
Waste
Management
Business Sectors
The
Companies
Industriales. The company is currently going
Business Unit
Salt
Slag
Recycling
through a reorganisation phase to make
Aluminium
Waste
Recycling
• Valcritec
• Remetal TRP
•
•
•
•
Residuos Industriales” (Befesa G.R.I.) has
Remetal
Refinalsa
Galdan
Aludisc
Deydesa 2000
Intersplav
Donsplav
been established in order to integrate all
•
•
•
•
•
•
•
• CMA
• Trademed
• Cartera
Ambiental
SPM
Comercial Sear
Albega
Borg Austral
Ciclafarma
ABG Servicios
Medioambientales
•
•
•
•
•
•
Industrial
Cleaning and
Hydrocarbons
• Befesa
Tratamientos
Especiales
• Berako Limpiezas
Industriales
Hidro Clean
Ecomat
Etrinsa
Alfagran
Tracemar
•
•
•
•
•
Aureca
Aurecan
Aureval
Auremur
Ecolube
Urbaoil
Retraoil
Urbamar
Dramar
Environmental
Engineering
• Abensur
• Abensur
Medio Ambiente
• Felguera Fluídos
• Elsur
• PE Vilches
2002 Annual Report
7
8
Summary 2002
Cleaning and Hydrocarbons business unit,
made over recent years by the Industrial
The fast growth rate and acquisitions
continue improving its client service.
presence is scarce and, above all, to
start-up new facilities in areas where its
maximum use of its existing facilities,
in Spain and Portugal and continue its
tanks, in order to consolidate its position
activity (SALT) for large crude oil and fuel
specialise in the automated cleaning
The
its activities.
International expansion is foreseen for all
mobile
management of waste by means of
Clean”
will
The industrial cleaning and dust extraction
“Hidro
activities that this company carried out
company
equipment.
together with the expansion of services,
and
good results obtained and demands to be
expansion in Europe and Latin America.
plant
able to successfully take on ambitious
abroad, have meant that a significant
challenges in the future, in Spain as well as
reorganisation has had to be made in this
have been transferred to the company
unit’s new organisation commenced
As of from 1st January 2003, this business
Berako and Berako Equipos Especiales, and
carried out by the companies Hidro-Limp,
unifies all the activities that were originally
“Berako Limpiezas Industriales” which
business unit.
operations.
cleaning,
hydrodynamic cleaning, chemical cleaning,
industrial
dust extraction, and catalyst extraction and
are
The company originally called Unquinaval
replacement operations.
which
is now called “Befesa Tratamientos
From a shareholding point of view, we
Especiales”. This company will strengthen
its activities with the decontamination of
land, as well as with the treatment and
would mention the entry of Nefinsa as a
shareholder. This company, through its
trading
year
2002,
the
subsidiary Terraire, has acquired 4.88% of
the
Befesa’s share capital.
In
environmental sector has also been
affected by the deterioration of the
economic situation. This has resulted in a
low level of demand as well as low prices
for some of the recycled products.
Nevertheless, Befesa maintained its solid
financial structure and achieved good
results once again while consolidating its
position, as leader in Spain, in the
industrial waste treatment market.
Sales figures surpassed 403 million euros,
a 10.4% increase on the previous
financial year. The operating result before
depreciations (EBITDA) was 40.9 million
euros, as against 40.5 million euros for
the previous year.
The consolidated net profits attributed to
Befesa reached 16.2 million euros, a
9.5% increase on the previous year.
Total investments made during the year
came to 33.1 million euros, which shows
maintaining, of an organic nature, to
and
transfer centre in Alovera (Guadalajara)
The company has an Industrial Waste
the high rate of investment Befesa is
increase the volume of activities in which
transportation operations for wastes from
and
it is already participating, as well as by
industries in the region.
collection
means of acquisitions of businesses that
out
are already operating.
Acquisition of Comercial Sear, S.L.
100% of the company “Comercial Sear,
carries
We here-below provide details of the
most significant events for the 2002
financial year.
S.L.” was acquired in April 2002. It is the
first company to hold a management
waste issued by the Regional Government
Acquisition of Logística y Control, S.L.
The company “Logística y Control, S.L.”
of Aragon.
licence for hazardous and non-hazardous
was acquired during the first quarter of
Department of the Environment of
management licence issued by the
hazardous industrial waste. It holds a
management of hazardous and non-
areas.
waste generated in Aragon and bordering
transportation and provisional storage of
activity is centred in the collection,
It operates throughout Spain, although its
2002. This company is dedicated to the
Castilla-La Mancha.
2002 Annual Report
9
position itself in another Autonomous
Logística y Control, has allowed Befesa to
acquisition, as is also the case with
manage waste in Zaragoza and its
Comercial Sear possesses facilities to
company.
now controls 100% of the shares of said
47.5 and 5% shareholdings. Thus, Befesa
Egmasa, and purchased their respective
the partners of CMA, Terraire and
and is therefore Befesa’s guarantee for
CMA is the largest waste facility in Spain
Community where it did not have
facilities to provide waste management
acquisition
waste management.
This
Befesa
to
significantly strengthen its position in
allows
the future to consolidate its leadership in
services.
Acquisition of the outstanding shares
of Complejo Medioambiental de
Andalucía, S.A. (CMA)
in
industrial
management
Andalusia and put a common and co-
waste
As a noteworthy event towards the year
Summary 2002
end, Befesa reached an agreement with
10
ordinated
commercial
in
the
policy
industrial
into
waste
operation with the rest of Befesa’s
companies
management business unit.
Establishment of Alianza BefesaEgmasa, S.L. (Albega)
On 1st October, the company Albega was
established. Befesa and the Andalusian
public company Egmasa each have a 50%
shareholding.
Said company is the result of Befesa being
awarded, under official submission, the
exploitation of the Industrial Waste
Treatment facility that Egmasa possesses
in Palos de la Frontera (Huelva).
consolidate its leadership in Andalusia in
This alliance has allowed Befesa to
Limp, S.A., Ecomat, S.A. and Berako
Berako, S.A., Hidro Clean, S.A., Hidro
high
Equipos Especiales, S.A. The companies
a
provide highly specialised industrial
with
steel, and energy sectors. Likewise, the
market, in the petrochemical, iron and
technological content, on the home
services,
industrial waste management, given that
Autonomous
it now has two waste treatment facilities
the
cleaning
in
that cover a large part of the waste
generated
Community of Andalusia.
Cartera
With its permanent facilities and mobile
innovative automated cleaning process.
European countries, with the use of an
Group provides crude oil tank cleaning
quarter,
services throughout Spain, and in several
last
Acquisition of Tria Equip Ambiental
the
S.L. and Progesa, S.A.
During
units, the Berako Group is one of the
Ambiental acquired 100% of the shares
of the aforementioned companies which
principal companies in its sector and has
a large client portfolio which includes
and
in
assessment
to
dedicated
are
activities
waste
intermediation
well as local institutions and bodies.
management in Catalonia.
Acquisition of Berako
Befesa has, through these acquisitions,
large and medium-sized companies, as
Another noteworthy event in 2002 was
consolidated a leading position in the
refinery and industrial cleaning markets
the acquisition of 70% of the companies
at national level and it has strengthened
its business base in a sector that
promises extremely interesting growth
Strategy and Perspectives
During the course of the financial year,
During the 2002 financial year, apart
are the result of an effort made to adapt
areas in which Befesa currently operates
position in the market. The six business
rates.
from the financial investments made in
Befesa has continued strengthening its
acquisitions, a total of 16.1 million euros
its
effort
in
management
structure to the environmental services
significant
business
was invested in organic growth, with
demand. This has, at the same time, given
current
those made in Compañía Industrial
it greater agility and efficiency as regards
a
Asua-Erandio, S.A. and Remetal Total
made
11
investment, by means of either organic
has
its processes. On the other hand, Befesa
subgroups,
Reclamation Plant Ltd., as well as several
Medioambiental
investments made in Remetal and
Alianza
being noteworthy.
2002 Annual Report
12
Summary 2002
to provide solutions to current needs as
– A firm dedicated investment in R&D&I
dynamism
or
legislative
well as to new ones that arise due to
industrial
restrictions.
– Befesa intends to continue with its
commitment, assumed with society and
its surroundings, to provide solutions to
environmental problems that might
arise, while guaranteeing the reliability
and efficiency of their implementation
as well as their compatibility with
balanced development.
– Growth in the business sectors with the
that
is
ever
more
greatest dynamism under a legislative
framework
demanding of environmental practices.
case, consolidation, in the countries in
– Market development and, if it were the
which Befesa is present and in others in
which it penetrates, by contributing the
technical and management know-how
it has accumulated in our home market.
can
be
All
aforementioned
growth or acquisitions in the sectors
summarised as Befesa’s firm decision to
recent evolution, and can be defined as
immediate future are coherent with our
Our basic strategy lines for the more
and the development of a R&D&I policy.
backed by its experience in management
demands that arise in a global market,
solutions to the new environmental
continue expanding while providing
the
where the best opportunities have arisen.
follows:
As regards business sectors, the set-up for
integral
solutions
for
– Recycling of Aluminium and Zinc Waste:
Now that it has become the leading
while
the above would be as follows:
– To continue adapting our organisation
waste
structure to the needs of a market that
demands
company on the home market, it will
treatment,
industrial
optimising resources and increasing the
the
efficiency of our operational and
on
identify
opportunities
commercial structures.
revaluation of industrial waste, while
dedication
consequence of its investment in
results achieved by Befesa as a
noteworthy
end-
The year 2003 will be witness to the
oils, which is the result of an ambitious
its
– Industrial Cleaning and Hydrocarbons:
international market to enable it to
maintaining
R&D&I. To be precise, it will be the first
and
strengthen its position in a global market
manager position and positioning the
year in which the regeneration of used
recycling
while developing and implementing new
company in all the geographical areas
the
productive practices that increase the
at home. Presentation of the Group in
to
efficiency of our processes.
research
strengthen
the market under one trademark
will
without consideration of the physical
application of new technologies and
the
the geographical expansion of Berako’s
Likewise,
solution
market, basically in Latin America, will
activity.
project,
production processes will allow us to
– Salt slag: The proven efficiency of our
Trasegar’s
market
Continuous
new
in
location of its facilities and offering
the
terms.
integral
industry
an
existing
the
successfully
extend
business model to new geographical
to
further strengthen Befesa’s leading
environmental
response
position in this sector.
areas.
requirements by exploiting the research
Management:
and development activities carried out
Waste
Strengthening of Befesa’s leading
by the company.
– Industrial
position in this area, by means of firm
On
the
one
hand,
the
two basic strategy lines in this business
– Environmental Engineering: There are
sector.
exploitation of the opportunity that has
arisen on the home market as a result
of the National Hydrological Plan and
the National Irrigation Plan. On the
other, an enlargement of its transnational market and of the offered
the
contribution
to
the
products and solutions. As regards the
latter,
construction and/or exploitation of
desalination plants will be noteworthy
13
in the present and more immediate
future.
2002 Annual Report
Location Map
Location Map
14
/
Facility Locations in Spain
Ciclafarma
(Centro Aljarvir)
(Centro Alovera)
Group Presence Worldwide
Mexico
(Ecuador) (*)
Complejo
Ambiental Andino
(Peru) (*)
(Chile) (*)
(*) works in progress
(United Kingdom)
Portugal
(Argentina)
(Ukraine)
(Ukraine)
(Russia)
2002 Annual Report
15
Group
Activities
•
•
•
•
•
•
•
Aluminium
Waste
Recycling
Remetal
Refinalsa
Galdan
Aludisc
Deydesa 2000
Intersplav
Donsplav
Salt
Slag
Recycling
(M €)
Sales Figures
193,7
165,0
200
150
100
50
0
Zinc and
Desulphuration
Waste Recycling
Industrial
Waste
Management
Industrial
Cleaning and
Hydrocarbons
Environmental
Engineering
2001
2002
aluminium industry, are as follows:
related with, or proceeding from the
Aluminium Waste Recycling
The main companies of the Befesa Group
Service / Activity
Aluminium alloys
Secondary aluminium alloys,
extrusion billets, cubelets
for deoxidation
Secondary aluminium alloys
(ingots and liquid)
Aluminium discs for extrusion,
diffusers, …
Non-ferrous scrap metal,
above all aluminium,
materials to be recycled
Aluminium alloys
Secondary aluminium
alloys, (ingots and liquid),
wire rods
End Product
related with the integral recovery and
Location
recycling service for any type of waste
Company
Bilbao
Valladolid
Remetal, S.L
Refinados
del Alunimio, S.A.
–
–
–
–
–
– Leader in Spain in the integral recovery of aluminium waste and scrap and in
the production of secondary aluminium alloys.
Leader in Europe in the recycling of waste with an aluminium content.
Recycling capacity using raw materials with a small aluminium content.
Leading position in the recycling of aluminium waste in the Ukraine.
Facilities in Spain and the Ukraine.
Sale of technology at world level.
Recycling of waste with
an aluminium content
Manufacturing and distribution
of aluminium products
Treatment, recovery and recycling
of non-ferrous metals resulting from
the breaking up of used automobiles
Recycling and integral exploitation
of waste with an aluminium content
Engineering, development of equipment
and facilities in the aluminium sector
Recycling and integral exploitation
of waste with an aluminium content.
Galdan, S.A.
Sverdlovsk
(Ukraine)
Donetsk
(Ukraine)
Alsasua
(Navarra)
Sabiñánigo
(Huesca)
Villarreal
(Álava)
Aluminio
en Discos, S.A.
Deydesa 2000, S.L.
Intersplav
Group Activities
Donsplav
20
The business sector called “aluminium
waste recycling” comprises all the
activities related with the rendering of
aluminium-content waste collection and
treatment services, the manufacturing
and commercialisation of aluminium
alloys and the design, manufacturing and
leader
in
Spain
in
the
assembly of equipment related with the
is
recycling of this material.
Befesa
aforementioned field and leader in
Europe in aluminium-content waste
recycling.
In the political debate regarding the
metals
serves
as
a
model
to
sustainable use of resources, the recycling
of
demonstrate the ideal functioning of the
life-cycle with important contributions in
the saving of resources.
In this sense, the recycling processes and
indispensable elements to ensure the
aluminium, and also for zinc, are
projection in new products, processes and
metal one of those with the greatest
indefinitively. Its properties make this
services offered by the Befesa Group for
future of the production industry.
in the most advanced technologies.
Aluminium, which has extremely useful
the aluminium recycling process is an
of view. The fundamental advantage of
importance from an environmental point
Aluminium and the Environment
characteristics, such as its reduced
The use of aluminium is of special
weight, density and solidity for example,
correct
primary
energy saving of up to 95% compared
The
of
with
production
is the most common metal to be found in
aluminium by means of electrolysis. The
significantly.
recycling and reuse of the resources is
the
the lithosphere and it is, after oxigen and
recycled
silicon, the third most important chemical
be
emissions of carbon dioxide are also
can
reduced
it
element. The recycling process does not
and
negatively affect this metal’s excellent
features
2002 Annual Report
21
22
Group Activities
achieved in line with European directives
in the field of containers and used scrapvehicles. Likewise, we must mention the
fact that its use in the transportation
sector and in automotion means the
adding of an unquestionable value given
that its use always results in lower fuel
consumption. Thus, we can see that the
increase in the number of aluminium
components and pieces in modern trucks
and cars is a tendency that is being
consolidated, with aluminium and quality
being identified as one.
Befesa has specialised in the treatment of
any aluminium-content waste and has
developed, with the passing of time,
optimum techniques, procedures and
equipment for each type of material.
With more than 597,000 tons of
aluminium-content waste having been
recycled by Remetal and its companies
over the last four years, Befesa has made
a significant contribution to the saving of
resources.
2002 Trading Year
In line with the final months of the 2001
trading year – a big reduction in prices
and a significant drop in demand – the
2002 trading year was, once again, a
secondary
aluminium
market.
difficult year for businesses related with
the
However, our subsidiaries in this sector
obtained positive results.
In the 2002 trading year, Befesa’s
companies in this business sector treated
almost 158,000 tons of aluminium waste,
and thus confirmed its unquestionable
leading position in Spain.
aluminium
ingots.
Remetal
has
– Automated lines to produce 5-25 kg
primary aluminium over recent years.
fabricated all the installations for
Secondary aluminium alloys, extrusion
between the furnace and the ingot line
which ensure foam-free uniform filling
– Casting wheels. These are the link
of the ingot mould. They are part of the
billets, wire rod, discs and tape are only
Remetal and its companies produce.
some of the high-quality products that
Production surpassed 97,000 tons in the
ingot production line but are likewise
success with the design of Remetal’s
designed for existing lines. Due to the
2002 trading year.
wheel, there shortly will not be any
not
During the year, an investment of 2.9
has
million euros was made to improve
that
aluminium
incorporated it.
factory
facilities.
ingot manufacturing line, a continuous
automatic truck loading system has
– Truck loader. As another stage of an
been designed, with the recently
The Technology Division is dedicated to
different turnkey units for the aluminium
manufactured cells.
the design, construction and assembly of
industry sector. This Division has a long list
productive furnaces with low energy
– Rotating furnaces. They are extremely
of references covering more than 100
facilities in 40 countries. The main
products produced by the division are:
2002 Annual Report
23
24
Group Activities
consumption and are especially suitable
for low metallic-content materials.
Remetal still leads in the large capacity
segment (25 and 60 tons) thanks to its
proven productivity, large metallic
output and ease of operation.
been proven worldwide available for
– Slag coolers. There is a facility that has
this process. It cools and classifies the
slag in accordance with its metallic
content according to the customer’s
needs. This process is important to
prevent the emission of smoke as well
as the combustion of the metal, and it
thus increases the mean value of the
resulting slag.
– Slag milling facilities. A process has
been developed to enrich the slag with
a minimum loss of metal. The milling
respects the metallic part and only
pulverises the non-metallic part.
During the year 2002, a new slag cooling
system has been designed and patented
and we expect it to revolutionise the
market. The facility combines a greater
constructive simplicity with the advantage
of being able to obtain a more compact
end-product. A prototype is under
construction for the Asua plant which will
come into operation in 2003.
The major operations in 2002 have been:
truck loader, for Mozal. With BHP
– Sale of two ingot production lines with
Billiton having the major shareholding,
Mozal is one of the most modern
Skorpion, in Namibia. Anglo American,
one of the largest mining companies in
– Sale of an ingot production line, for
the
primary aluminium foundries. When it
lines were sold to it and upon them
shareholder. This is our first attempt at
was established, in 1999, three similar
being satisfied with the results, they
adapting our know-how to the zinc
major
chose to come back to the same
sector. Assembly of the line was
and it will come into operation in 2003.
Skorpion’s
supplier. The equipment was designed,
completed towards the end of 2002
been
group,
is
built and shipped in 2002 and will be
has
aluminium
furnace
world,
installed in 2003.
The
French
Affimet, a company belonging to the
– Sale of a 40-ton rotating furnace, to
large
Pechiney.
designed with a totally revolutionary
technology to comply with the strict
environmental requirements demanded
of us. The furnace is already in
operation.
2002 Annual Report
25
Aluminium
Waste
Recycling
Salt
Slag
Recycling
• Valcritec
• Remetal TRP
20
Zinc and
Desulphuration
Waste Recycling
19,2
(M €)
Sales Figures
19,2
18
16
14
12
10
8
6
4
2
0
Industrial
Waste
Management
Industrial
Cleaning and
Hydrocarbons
Environmental
Engineering
2001
2002
Salt Slag Recycling
The activity of the following Befesa Group
companies enables us to completely
Service / Activity
End Product
round off the aluminium recycling cycle:
Location
Company
Valladolid
Aluminium, sodium and potassium
salts, aluminium oxide (Paval)
Aluminium, sodium and potassium
salts, aluminium oxide (Wardal)
Valcritec, S.A.
Valorisation of saline slag and crushing powder from aluminium slag
Valorisation of saline slag
and aluminium slag
is the only company in the United
Likewise, Remetal Total Reclamation Plant
waste generated in Spain.
tons and can treat the totality of this
installed capacity of more than 100,000
secondary aluminium foundries. It has an
services for the large majority of Spanish
slag treatment and it currently provides
that offers a definitive solution for saline
Valcritec is still the only Spanish company
– The only Spanish company offering a solution for saline slag treatment.
– Second company at European level in this activity.
– First and only company operating in the United kingdom that offers a
solution for saline slag and aluminium slag treatment.
– The only Spanish company capable of completely rounding off the aluminium
recycling cycle.
– Capacity installed to treat the total amount of saline slag generated in Spain
Whitchurch
(United Kingdom)
Group Activities
Remetal Total
Reclamation Plant Ltd.
28
plant has an annual treatment capacity of
Kingdom dedicated to said activity. The
the integral exploitation of aluminium-
the rounding off of the recycling cycle and
process (slag, scrap metals,…), enables
required.
result
is
that
the
material and on the quantity of flux salts
depending on the purity of the raw
and is between 400 and 800 kg,
secondary aluminium is extremely variable
of saline slag produced per ton of
rotating furnace employed, the quantity
material mixture and on the type of
rotating furnaces. Depending on the raw
performance and thermal efficiency in
material, prevent oxidation, increase
potassium are used to cover the cast
when mixtures of sodium chloride and
production of aluminium is generated
The saline slag from the secondary
content waste.
70,000 tons of waste and is capable of
treating all the saline slag produced in the
United Kingdom.
the
environmental
unquestionable
Therefore,
Our treatment capacity puts us in second
generation of saline slag.
the
This saline slag is a hazardous waste and
by
cannot be dumped directly due to its high
accompanied
reactivity with water, the fact that gases
are
advantages of the aluminium recycling
While environmental requirements are
are emitted and the danger of the toxic
activity
place in Europe.
becoming ever more demanding within
Valorisation of saline slag
the
substances lixiviating. Therefore, it has to
solving
capable
be treated. The recovery of saline slag is
definitively
problem of waste management, are
the alternative to dumping and the object
of
necessary. The saline slag recycling
of the same is to separate the metallic
the European Union, industrial facilities
process carried out by Valcritec and
aluminium and the salt from the
all the components.
Remetal Total Reclamation Plant is
recovery
included in this philosophy. This process,
waste
contaminants in order to be able to reuse
aluminium
together with Remetal’s, Refinalsa’s and
Galdan’s
2002 Annual Report
29
treated and the insoluble solids are
the gases are collected and suitably
epoxy resin mortar; inert load in
aluminium salts; inert load in fertilisers;
hydrate,
and
A pioneering solution for a serious
separated from the brine.
mixtures for siderurgy; exothermic,
oxide
environmental problem – Description
The insoluble solids (Paval, in Spain and
isolating
aluminium
of the activity
Wardal in the United Kingdom) are
inert
for
– Civil works (raw material for cement
following applications:
etc.;
secondary aluminium industry. However,
crystallised and utilised again as flux in the
The salt contained in the brine is
– Agriculture (artificial soil; fertilisers).
refractory
pavements,
etc;
manufacturing;
upon it being a commercial product, it
products,
(synthetic
The saline slag recovery process also
washed and, thanks to their high
industry
permits the recovery of the aluminium
materials).
polymers).
slag crushing powder that is caused by
aluminium-content, can be used in the
– Metallurgical
the fusion of the aluminium.
constructions,
can be employed in any application in
The aluminium is separated from the flux
production of isolating fibres; mortar
screening.
by means of selective crushing and
components).
filling
The different metallic fractions that are
roadway cleaning, etc…).
which salt is commonly used (tanning,
separated are forwarded again to the
and chamotte; refractory and isolating
– Ceramics industry (substitute for clay
materials; glass, abrasives and polishing
secondary aluminium casting process.
The other fraction, which consists of salts
of
paste).
(production
– Chemical
industry
and oxides, is processed in the plant
Group Activities
humidity phase. The waste is inerted here,
30
With 19.2 million euros, the sales figure is
modifications in the crystallisation plant,
reaction temperature control systems and
installing of a second in-tandem reactor,
investment was basically made in the
and likewise obtained a licence to
Regional Government of Castilla y Leon
waste management licence issued by the
This year, Valcritec renewed its hazardous
2002 Trading Year
at the same level as the previous year.
manage non-hazardous waste.
11,800 tons of aluminium, almost 58,000
aluminium slag were treated. Likewise,
Additionally, close to 14,000 tons of
aluminium slag) was 130,400 tons.
(salt slag and crushing powder from
capacity for this powder without the main
permit the enlargement of the treatment
treated on an independent line. This will
powder from aluminium slag to be
reactor in Valcritec to enable the crushing
Works have commenced to install a new
in
said
country.
This
31
thus improving the plant’s performance.
tons of salt and 95,000 tons of oxides
salt slag line being affected.
Last year, the volume of treated waste
were produced.
Contacts have been made in other
European countries to contract salt slag
and crushing dust from aluminium in
order to cover the treatment capacity of
the two plants. Some contracts have
already been forthcoming from Italy
which have led to the exporting of salt
slag to the United Kingdom. These
activities will be continued so that they
can be used, in the medium term, to
expand the business unit.
Next year, efforts will continue to open a
market, in the United Kingdom, capable
of using our product Wardal (aluminium
oxide), as is the case in Spain since several
years ago.
On the other hand, an investment of 1.9
million euros has been made in the plant
in the United kingdom. This was
necessary to adapt the process to the
produced
special characteristics of the salt slag that
is
2002 Annual Report
Aluminium
Waste
Recycling
Salt
Slag
Recycling
Zinc and
Desulphuration
Waste Recycling
Sales Figures
Industrial
Waste
Management
43,8
(M €)
Aser
Sondika Zinc
Zindes
Rontealde
•
•
•
•
42,8
45
40
35
30
25
20
15
10
5
0
Industrial
Cleaning and
Hydrocarbons
Environmental
Engineering
Location
services through a series of companies,
In this business sector, Befesa provides
waste recycling are as follows:
involved in zinc and desulphurisation
The main Befesa Group companies
processes and technologies.
Clients/
Zinc oxide
Waelz oxide
Ceramic sector,
pneumatics
Galvanisation sector
Primary zinc foundries
Service / Activity
Integral steel powder
collection and treatment service
Product commercialisation
Recycling of zinc waste
Secondary zinc
Application Sectors
Recycling of zinc waste
Sulphuric acid,
Oleum
Electric Energy
Water treatment companies, pharmaceutical and
paper industries, food
and chemical companies
in general, fertiliser
production companies
Recycling of
desulphurisation waste
End Product
applying the best-known worldwide
Zinc and Desulphurisation
Waste Recycling
Company
Amorebieta
(Vizcaya)
Baracaldo
Compañía Industrial
Erandio (Vizcaya)
Asua-Erandio, S.A. (Aser)
Recycling Logistics, S.A.
Erandio (Vizcaya)
Sondika Zinc, S.A.
Sondica (Vizcaya)
Zindes, S.A.
Group Activities
Rontealde, S.A.
34
– Befesa owns the only company in Spain that offers an integral steel powder
collection and treatment service for valorisation purposes and the only
alternative, offering the optimum environmental solution for steel powder
treatment.
– It is the only Waelz oxide producer in Spain.
– Befesa is leader, in Spain, in obtaining zinc oxide and secondary zinc.
– Outstanding position in Europe in the steel powder treatment sector.
– The Waelz pyrometallurgical process is, at the present moment, the one which
is most often employed worldwide and is also the best available technology
(BAT) to recover, above all, zinc from electric arc furnace steel powder.
– Befesa complements this process in its subsidiary Aser with another in-house
advanced technology and patented hydrometallurgical process. It achieves
extremely high productivity and an end-product with the purest and highest
quality in the market.
– Aser is the first recycling company, in Spain, to possess an ISO 14001
Environmental Management Certificate and EMAS.
– Consolidation of long term agreements for Aser to treat steel powder generated
in the iron and steel industry in the Basque country.
– Through Rontealde, Befesa provides services to petrochemical plants, solving the
problems of desulphurisation waste generated in their production processes.
– Befesa applies, in Rontealde, the cleanest and safest process to exploit waste sulphur.
– Rontealde has obtained the validation certificate for the Environmental
Management System it has implemented, in accordance with European
Regulation 761/2001 (EMAS).
that
smelt
scrap
steel
with
sector on the service provided for steel
mills
galvanised zinc coating to reproduce
steel. This process produces a hazardous
waste, steel powder. Our company Aser
operates the first and only plant in Spain
dedicated to recycling and recovering this
powder waste that originates in this
electric arc and smelting furnace steel
manufacturing process, and which is
collected in the installed gas elutriation
filters. Aser produces a product, Waelz
oxide, from the zinc content in said steel
material by foundries and in electrolysis in
powder. This is employed as a raw
the manufacturing of zinc metal.
significant
Thanks to the durability of most of the
a
zinc products, this metal is a very valuable
–
Zinc
recycling
contribution to the saving of resources
generations. Currently, 30% of world zinc
the so-called Waelz process, currently
The industrial process operated by Aser,
and sustainable resource for future
Zinc, the worldwide annual consumption
constitutes the best available technology
35
the remaining components reduced to
recovering the zinc it contains and leaving
production is produced by recycling and
Befesa focuses its activity in this business
of which is more than 9 million tons, is a
chemical
(BAT) to treat steelworks powder, basically
or
approximately 80% of the zinc available
physical
to be recycled is actually recycled.
its
metal for many uses and applications
losing
that can be recycled indefinitely without
it
properties.
2002 Annual Report
36
Group Activities
pneumatics industries. Befesa is still the
leader, on the home market, in producing
zinc oxide and secondary zinc.
Subsequently, the services provided by
Befesa companies in the zinc sector are a
fundamental link in the zinc recovery
cycle. They prevent the useless loss of
tons of this metal, reduce dumping and
contribute to reducing the extraction of
has recycled more than 456,000 tons of
During the last four years alone, Befesa
zinc mineral from nature.
danger to the environment) which is used
inert waste (which therefore, is of no
as an aggregate and filling material in the
zinc-content waste and returned almost
galvanisation industry and all types of
Sondika Zinc recycle waste from the
Moreover, the companies Zindes and
of the environmental.
to the saving of resources and protection
significant contribution our activity makes
cycle. This clearly demonstrates the
195,000 tons of products to the zinc life-
construction industry.
scrap that contain zinc, and once again,
they produce secondary zinc for the
galvanisation industry itself and zinc oxide
which is mainly used in the ceramics and
and
fertiliser,
and
water
chemical, paper, pharmaceutical, food,
manure
treatment industries.
2002 Trading Year – Significant
changes at our Aser plant
As was the case with the secondary
aluminium market, 2002 continued to be
an exceptionally complicated year for
companies related with zinc. The large
drop in zinc prices worldwide, which
commenced in 2001 and had not been
experienced since about 20 years ago,
(Vizcaya), was initially conceived as a
Rontealde’s plant, located in Baracaldo
Desulphurisation waste
once again, their strong position in the
companies in this sector demonstrated,
In spite of this scenario, our operating
business.
continued to affect margins in this
sulphuric acid industrial production plant
using pyrite. It is actually another example
of Befesa’s vocation for the Environment.
Since 1995, and subsequent to its
reconversion, Rontealde recycles waste
sulphur retained by the filters in oil
refineries.
of
solving
one
of
the
Rontealde is actually a recycling plant
capable
environmental problems experienced by
process
for
waste
sulphur
oil companies, applying the cleanest and
surest
exploitation. At the same time, the
obtained products, sulphuric acid and
oleum (compound with a high SO3
concentration) are of a very high quality
and are readily accepted by clients in the
2002 Annual Report
37
38
Group Activities
market and their strategic positioning at
the forefront of the zinc-content waste
recyclers in Spain. Thanks to their
adaptation and innovation capacity, the
economic results can be qualified as
excellent.
Long term supply agreements have been
signed during the year with Oñeder and
Arcelia, with a view to Aser managing the
steel powder generated by the main
Basque iron and steel plants.
The production process change from acid
to basic, undertaken in May 2002, is
noteworthy, as are the tests that are being
carried out since then for the oxidation of
the tramp iron in the slag, through the
injection of cold air in the Waelz furnace
by means of lances. This has all led to a
significant increase in our treatment
capacity. In spite of the stoppages that
were necessary to implement these
changes, more than 90,000 dry tons of
steel powder were treated, with which
more than 37,000 dry tons of Treated
Waelz Oxide (D-L.W.O.: Double-Leached
Waelz Oxide®) were obtained, with a
processing and production level very
similar to that reached the previous year,
but with a mean zinc-content of 65.13%,
the highest quality ever achieved in this
company’s history.
Taking the aforementioned magnitudes
into account, Aser has already recycled,
during its fifteen and a half year’s
existence, more than 1,340,000 wet tons
have been sold on the home market, with
(Relsa). Approximately 40% of the units
the company Recycling Logistics, S.A.
product has been integrally carried out by
final customers of Aser’s fabricated
The commercialisation and sale to the
of recovered zinc metal.
content, which is equal to 275,000 tons
of Waelz Oxide, with a 58.2% mean zinc
with which it has produced 472,200 tons
wet tons of other waste rich in this metal,
296,200 tons of zinc, as well as 12,500
of powder that contained more than
2001, the improvement of the zinc law
expressed in US$/ton, compared with
prices on the international market
euro and the marked drop (12%) in zinc
5% depreciation of the dollar against the
Likewise, in spite of the slightly more than
derived from this new approach.
saving in transport unit and logistics costs
occasion due, mainly, to the 57.8%
improved, and has increased 8.6% on this
service and elimination of waste has
unit margin generated by the treatment
abroad with home-produced powder, the
exports being split between France and
Belgium.
Thanks to the radical change made in
policy and the commercial strategy for
capturing raw materials in Aser, focused
on replacing the steel powder from
2002 Annual Report
39
40
Group Activities
unit sale price.
than 23% in the Treated Waelz Oxide net
have given rise to an increase of more
and the cut back in unit sale costs by 24%
production facilities that will come into
awaiting processing in the new zinc oxide
generation of by-products which are
rough cast zinc ingots as well as the
draw attention to the agreement signed
17,000 tons. In this sense, we would
treated waste rose 22%, to more than
new supply sources, the volume of
mention that, thanks to the capturing of
Zindes and Sondika Zinc, we would
in the furnaces, with the corresponding
conceived to put larger capacity hearths
made to the process, such as the changes
the result of a series of improvements
oxide by 15.5%. This increase has been
industry, has increased production of zinc
zinc matte, a waste from the galvanising
Sondika Zinc, which is mostly fed with
operation early in 2003.
in 2002 with Española de Zinc, to treat
As regards the activities of the companies
zinc kish and all the zinc waste generated
increases in productivity. Although the
characterised
by
its
extreme
zinc oxide sales market in Spain is
during its electrolysis process.
Zindes has increased its production of
competitiveness, above all in prices, due
to the massive imports made from Asia,
mainly from China, Sondika Zinc’s sales
surpassed 6,500 tons, 13.3% more than
the previous year and its client portfolio
has increased appreciably.
than
97,500
tons
of
Rontealde, on the other hand, treated
more
desulphurisation waste during the year,
and obtained an equivalent sulphuric acid
production of almost 300,000 tons. Total
sales of equivalent acid during the year
surpassed 316,000 tons
Moreover, it has achieved an excess of
electric energy, once consumption has
been deducted, of more than 46,000
MW/hr.
Investments
During the course of the 2002 financial
euros.
These
included
the
year, Aser made investments for almost 2
million
purchase of new industrial and control
equipment in order to carry out the tests
that are being made in Aser since the
beginning of May 2002, with a view to
modifying the process to enlarge the
installed production capacity in its AsuaErandio plant, in Vizcaya.
2002 Annual Report
41
Aluminium
Waste
Recycling
Salt
Slag
Recycling
Zinc and
Desulphuration
Waste Recycling
Industrial
Waste
Management
• CMA
• Trademed
• Cartera
Ambiental
SPM
Comercial Sear
Albega
Borg Austral
Ciclafarma
ABG Servicios
Medioambientales
•
•
•
•
•
•
25
30
Industrial
Cleaning and
Hydrocarbons
27,9
(M €)
Sales Figures
21,6
20
15
10
5
0
Environmental
Engineering
The
it maintains a noteworthy position as end-
European and Spanish regulations. Thus,
waste as a priority, in accordance with
Industrial Waste Management
business unit focuses its activity on
manager with a presence in all the
management
providing integral environmental services
waste
for the industrial sector, based on a
relevant geographical areas.
industrial
pyramid type hierarchy that has the reuse,
Nerva (Huelva)
Location
Service/Activity
recycling, valorisation and elimination of
Company
Cartagena (Murcia)
Commercial office
Industrial waste transfer centre
Complejo Medioambiental
de Andalucía, S.A. (CMA)
Trademed, S.L.
Ajalvir (Madrid)
Alovera (Guadalajara)
Sant Cugat
(Barcelona)
Lisboa (Portugal)
Valencia
Business development and management services
marketing company
Environmental platform for integral management
of industrial waste
Integrated management system for containers
and medical waste containers
Industrial waste inerting and recovery facility
Promotion of industrial waste elimination services
Buenos Aires
(Argentina)
Madrid
Madrid
Palos de la Frontera
(Huelva)
La Puebla de Alfindén
(Zaragoza)
Pais Vasco
Industrial waste elimination and inerting facility,
and transfer centre
Industrial waste elimination, inerting and
physicochemical treatment facility
Commercial and environmental consulting office
Cartera Ambiental, S.A.
Tria Equip Ambiental, S.L. /
Progesa, S.A.
Servicios Petrolíferos del
Mediterráneo, S.L. (SPM)
Alianza Befesa - Egmasa S.L.
Comercial Sear, S.A.
ABG, Servicios
Medioambientales, S.A.
Befesa Gestión de Residuos
Industriales, S.A.
Borg Austral, S.A.
Group Activities
Ciclafarma, S.A.
44
– Befesa offers an integral industrial waste management and treatment service.
– Befesa puts its trust in the hierarchical arranging of waste, that is to say,
minimise, reutilise, recycle and upgrade.
– Special industrial wastes exist which, due to their characteristics, are of a high
contaminating potential and therefore require specific inerting treatment and
subsequent disposal in security dumps, specially designed for the purpose.
– Befesa is in an outstanding position as regards security dump management.
– Befesa offers the most complete environmental facilities, in Spain, and the most
advanced in Argentina, for the integral management of industrial waste.
– Befesa continues expanding its waste capturing network through transfer
centres and has strengthened its commercial and co-ordination efforts.
– The trade-name “Befesa Gestión de Residuos Industriales” has been implanted
to commercialise the services on offer.
– New service lines are being developed.
– “Multi-product” commercial approach that encourages the crossed sale of
services and integral knowledge of the needs of each client.
– Ciclafarma offers an effective solution to the management of containers and
waste from containers in the Pharmaceutical Industry.
– Befesa is deeply involved in R&D&I and collaborates with universities and
research centres.
– Befesa’s clear objective is that all its companies obtain quality and management
certificates.
Befesa is currently one of the leading
companies, in Spain, in integral industrial
waste management. This business unit is
based on the integral management of
waste and is backed by the established
commercial relationships, the development
of new value-added environmental services
oriented towards the client.
Our services are offered to private
companies, among which multinational
and small and medium-sized industrial
companies are to be found, and also to
Public Administrations, with which Befesa
enjoys a good relationship.
In order to be able to offer our clients this
a
highly-qualified
and
reliable and integral service, the company
possesses
experienced human team and the most
advanced and complete facilities in Spain,
among which we mention a wide-ranging
end-management
facilities
network of transfer centres as well as
three
dedicated to waste elimination, inerting
provides
its
management,
and physicochemical treatment.
Befesa
logistical, conditioning and prior storage
services for a wide range of industrial
wastes throughout Spain, and manages
facilities in Andalusia, Levante and
Madrid, three large waste-production
areas in Spain. An outstanding position in
the management of elimination facilities
must be added to the overall treatment
45
capacity available for any kind of waste
and intermediation tasks carried out.
2002 Annual Report
46
Group Activities
A constantly growing market
most pressing and necessary needs of our
time. In spite of the measures taken
Nonetheless, many of these measures,
regional
such as the national waste plans that
and
community,
the production and transformation phase,
result from the integration of the
national
government levels, regarding the same,
during recent years at autonomous
increased
to achieve sustainable development, the
recent
decades and has improved the quality of
amount of industrial waste has continued
over
life and well-being of the public, but it
to increase.
considerably
has also given rise to by-products and
Industrial and economic development has
wastes, in the different lifecycle phases, in
in product distribution, or finally when
the initial raw materials securing phase, in
these are abandoned by their owners.
and
management
government
potentate industrial waste management,
facilitate
At the same time, one can observe that
and establish principles such as “he who
plans,
society is paying greater attention, in
contaminates must pay”.
regional
recent times, to the problems presented
respective
by waste management, in general, and to
increased
its
Given this situation and the company’s
those with their origin in industry, in
has
particular. The management of waste has
Befesa
desire to offer its clients the best integral
solution,
become, without any doubt, one of the
commercial and co-ordination efforts
with a “multi-product” approach that
encourages the crossed sale of services
and integral knowledge of the needs of
each client. While putting its trust in a
growing offer in the industrial waste
integral service sector, the company has
intensified activities related with waste
capturing.
The improvement in competitiveness and
the increase in total volumes of managed
industrial waste are the fruit of this effort.
Befesa Gestión de Residuos Industriales
has managed, in its facilities, in the 2002
trading year, a total of 410,290 tons of
industrial waste, a 47% increase on the
previous year and almost 6 times the
managed amount 3 years ago.
Growth by means of acquisitions
Acquisition of Logística y Control, S.L.
The company Logística y Control, S.L. was
acquired during the first quarter of 2002.
This company is dedicated to managing
hazardous and non-hazardous industrial
waste, under a manager’s licence issued
by the Department of the Environment of
Castilla-La Mancha. The company has an
Industrial Waste transfer centre in the
municipal area of Alovera (Guadalajara),
and carries out industrial waste collection
and transportation activities in the region.
100% of the company Comercial Sear,
CMA’s shares are now controlled by
Egmasa, respectively. Thus, 100% of
5% of CMA shares from Terraire and
S.L. was acquired in April 2002. The
Befesa.
Acquisition of Comercial Sear, S.L.
company is the first company in the
manage
Autonomous Community of Aragon to
to
CMA is the largest waste facility in Spain
authorised
and is, for Befesa, a guarantee for the
been
have
This acquisition has allowed Befesa to
hazardous and non-hazardous waste. Its
and
future to consolidate its leading position
Aragon
in the management market.
in
activity is centred on the collection,
generated
transportation and provisional storage of
waste
surrounding areas.
industrial
policy
into
We would underline the acquisition,
waste management business unit.
companies that belong to the industrial
operation with the rest of Befesa’s
commercial
in
Andalusia and put a common and co-
management
Acquisition of 100% of Complejo
ordinated
waste
Medioambiental de Andalucía, S.A.
considerably strengthen its position in
(CMA)
towards the end of 2002, of 47.5% and
2002 Annual Report
47
48
Group Activities
the
company
Acquisition of Tria Equip Ambiental
S.L. and Progesa, S.A.
During the last quarter, Cartera Ambiental
acquired 100% of the shares of Tria Equip
Ambiental and Progesa, in Catalonia.
and
intermediation,
These are companies dedicated to
consultation
respectively, in waste management.
de
Organic growth – Expansions and
Medioambiental
improvements to our facilities
Complejo
Andalucía, S.A.
It has industrial waste elimination facilities
with a current capacity of more than
800,000 m3 for hazardous waste and
waste. It is foreseen that this capacity be
almost 600,000 m3 for non-hazardous
enlarged to 4,000,000 m3 for hazardous
waste and to almost 3,000,000 m3 for
of
Establishment
non-hazardous waste. It also possesses a
Andalusian company Egmasa each have a
1st October. Befesa and the public
The company Albega came into being on
Tioxide waste were treated there this year.
operation in 2002 and 29,000 tons of
solid waste inerting facility came into
and handling. Moreover, an inorganic
transfer centre for waste conditioning
Alianza-Egmasa, S.L. (Albega)
50% shareholding. Befesa, through this
industrial
waste
166,000 tons of hazardous and 88,800 of
the
non-hazardous waste were stored in its
in
Andalusia
elimination facilities.
alliance, consolidates its leadership in
management sector, upon it possessing
to the lixiviate treatment facilities and the
During 2002, improvements were made
two waste treatment facilities that cover a
large part of the waste generated in the
Autonomous Community of Andalusia.
project to build up the non-hazardous
waste impounding dump was also
executed.
Albega, S.L.
This company possesses an 80,000
and
inorganic
waste.
Its
ton/year capacity inerting facility for
organic
were completed on the inerting plant to
comply with the new waste admission
criteria published in December 2002.
waste management services for the most
activities. The conditioning and re-
carries out industrial waste transfer
From its centres in Ajalvir and Alovera, it
important industrial pole in Huelva. A
grouping of the same is carried out in the
geographical location allows it to provide
for
waste
plants, as is transportation to the most
from
alternative
suitable final destination for each waste.
fuels
exploitation of the same, in collaboration
facility will be built in 2003, to prepare
with CENIM.
The installations in Ajalvir have been
a
lixiviate
treatment
evapo-
expanded through the acquisition of
Trademed, S.L.
physicochemical
This company has a 3,000 ton/year
capacity
facility, a 13,000 ton/year capacity
inerting/stabilising facility, and a 45,000
ton/year capacity elimination facility.
Moreover, it possesses a transfer centre
for waste segregation and conditioning
and it also executes the preparation of
3,000 tons/year of liquid fuels.
The company managed a total of 55,000
tons, spread over treatment systems.
During the course of the year, it built new
facilities to store containers and to
condition waste, and a container crushing
plant came into operation. It also made
and
improvements to the lixiviate collection
systems
condensation treatment facility came into
operation. This will also treat wastewater
from outside the plant.
During the last quarter, adaptation works
2002 Annual Report
49
50
Group Activities
improvement project was executed. This
An
and
lands and a new adjacent warehouse for
will facilitate solid waste handling and
enlargement
offices and waste conditioning. The
conditioning and will permit treatment
tons in 2002.
and
improvement
The company managed a total of 6,000
installations
been
have
warehouses
Alovera
conditioned for waste treatment and the
and decantation of liquid waste.
in
logistical and operative information and
co-ordination systems with the Ajalvir
centre have come into service.
Comercial Sear, S.L.
A total of 43,500 tons were managed in
2002.
The
enlargement
SPM-Trespi, S.L.
In 2002, it ceased all activities related with
which is based on the regrouping and
the development of the centre’s activity,
Alfindén, has been prepared, to improve
project for the facilities in La Puebla de
SPM
the
Trespi,
conditioning of hazardous and non-
on
installations due to their better conditions
focused
for carrying out its activity. This is centred
hazardous industrial waste.
and
on the regrouping and conditioning of
industrial waste.
This company managed a total of 12,300
tons in 2002.
Latin America
In 2002, activities continued in the
(Ciclafarma)
which
Befesa
Argentina
already
being
waste from pharmaceutical industry by
into practice to manage containers and
in Spain and to put an effective solution
and obtained new first-class clients.
continued developing its activity normally
through its company Borg Austral,
affected the country in 2002, Befesa,
In spite of the deep depression that
Argentina
in which Abengoa’s presence is stable.
projects was intensified in other countries
with
in
countries
an
operated,
into
Ciclafarma
noteworthy, and the development of new
converted
alternative for the pharmaceutical
–
sector
S.A.
Compañía Integral de Clasificación de
Medicamentos,
commenced activities, at the beginning of
putting an Integrated Management
2002, in answer to a significant problem
System into operation, which is called SIG
Ciclafarma.
Borg Austral is located close to Buenos
Aires and possesses the most complete
environmental platform in Argentina.
New API log pond cleaning and refinery
waste management activities commenced
in 2002.
special
wastes
and
the
The company also obtained the licence to
transport
Department of Environmental Policy of
the province of Buenos Aires licensed the
laboratory.
A significant recovery of the industry is
expected in 2003, especially as regards
the final waste disposal activity and
services for oil companies. In this regard,
we mention the API log ponds cleaning
contract in Repsol-YPF’s facilities, which
51
was signed at the beginning of 2003.
2002 Annual Report
Peru
Peruvian industry and society with an
ideal ambiental infrastructure to treat and
phase
by
of
the
with
as
the
as
with
sanitary
project
corresponding
the
well
legal
first
issued
regulations
international safety standards. Caasa has
dispose of wastes complying with local
and
been
Complejo
Ambiental Andino, S.A. (Caasa), with the
authorisation
established
objective of covering the needs of the
governing body.
Befesa
Peruvian industrial sector, as regards
On 26th November 2001, Abengoa Peru
integral waste management, especially,
The
contemplated the construction of a
suitable final disposal of the same.
65,000-ton
impounding
Caasa, which is located in the district of
capacity
Chilca, some 60 km from the city of Lima,
reservoir, offices, laboratory, perimetric
Group Activities
on a 75 hectare surface area, provides
52
fencing
and
a
weighbridge.
The
impounding reservoir will be enlarged in
the future to a 200,000-ton capacity. It is
foreseen that it will come into commercial
activities
have
been
operation towards the beginning of
March 2003.
Commercial
intensified in Brazil, Mexico and Chile.
Establishment of the company Befesa
Gestión de Residuos Industriales
(Befesa G.R.I.).
A significant event took place after the
close of the financial year. Befesa Gestión
de Residuos Industriales was established
to integrate all the business unit industrial
waste companies.
The objective is to group all the
companies under the one trade-name
and offer an integral waste management
service, for hazardous as well as nonhazardous waste.
We must mention the fact that, during
the course of 2003, the companies of this
business unit will merge and become one
company called Befesa Gestión de
Residuos Industriales. The company is
currently undergoing reorganisation to
make the most of the existing facilities,
start-up new facilities in areas where its
presence is scarce, and above all, provide
a better service for clients.
The organisation of Befesa Gestión de
Residuos Industriales has been structured
in five areas to meet these objectives:
industrial area, which covers all the
production centres; commercial area,
divided into three territories (centralnorthern, south and eastern) with their
corresponding branch offices; economicfinancial area; marketing area; logistics
and Business Development area.
Within the logistics area, optimisation of
the logistics costs will be pursued through
the consolidation of transport providers
and standardisation of the processes.
The Business Development activity is
being strongly supported and great
efforts are being made, economic as well
as human, due to the high growth
potential that exists in this sector.
2002 Annual Report
53
Aluminium
Waste
Recycling
Salt
Slag
Recycling
Zinc and
Desulphuration
Waste Recycling
Industrial
Waste
Management
38,2
(M €)
Sales Figures
20,4
40
35
30
25
20
15
10
5
0
Industrial
Cleaning and
Hydrocarbons
• Befesa
Tratamientos
Especiales
• Berako Limpiezas
Industriales
Hidro Clean
Ecomat
Etrinsa
Alfagran
Tracemar
•
•
•
•
•
Aureca
Aurecan
Aureval
Auremur
Ecolube
Urbaoil
Retraoil
Urbamar
Dramar
55
Environmental
Engineering
2002 Annual Report
This total recycling vocation, with the
resulting
advantages
for
the
environment and better exploitation of
natural resources, is one of the group’s
preferential lines of business.
recycling of most of the plastic
greenhouse covers in the country, as
well as the offer of an efficient solution
for equipment contaminated with PCB.
Industrial Cleaning and Hydrocarbons
This business unit includes all the group
companies dedicated to a wide range of
industrial cleaning services, as well as to
the recycling of specific products that
are susceptible to being integrated in
the production chain.
The activities related with oleous waste
and the cleaning and repair of fuel tanks
are complemented in other facilities
belonging to this business unit, with the
Service/Activity
Location
Company
Recycling of plastics from the agricultural sector, such as greenhouse covers
Leading company in the used oils and marpol collection and treatment business
Recycling of used oils with energy recovery (“AURECA” process)
Collection of used oils and preparation for energy assessment
Collection of waste from ships, treatment and commercialisation for fuel
Collection of waste from ships, treatment and commercialisation for fuel
Regeneration of used oils to be sold as a base for lubricants and asphalt
Regeneration of used oils to be used as a lubricant base
Automated cleaning (SALT) of large crude-oil and fuel tanks
Manufacturing of set and mobile plants for industrial cleaning, water treatment, inerting, etc.
Decontamination of transformers and condensers contaminated with PCB
Treatment of oil waste; tank cleaning, repair and degasification, mobile units,
land decontamination
Hydrodynamic industrial cleaning, chemical cleaning, dust extraction,
extraction and replacing of catalysts
Befesa Tratamientos Cádiz
Especiales, S.A.
Berako Limpiezas Trapagarán (Vizcaya)
Industriales, S.A
Perafort (Tarragona)
Bilbao
Hidro Clean, S.A. Cornella (Barcelona)
Ecomat, S.A.
Zarátamo (Vizcaya)
Europea de Trata- Cartagena (Murcia)
mientos Industiales,
S.A. (Etrinsa)
Alfagran, S.L.
Alhama de Murcia
(Murcia)
Madrid
Madrid
Huelva
Valencia
Cartagena
Alfaro (Rioja)
Algeciras (Cádiz)
Valencia
Ciudad Real
Madrid
Group Activities
Tracemar
Aureca, S.L.
Aurecan, S.L.
Aureval, S.L.
Auremur, S.L.
Retraoil, S.L.
Dramar
Urbamar
Urbaoil
Ecolube, S.A.
56
The rapid rate of growth and the
acquisitions made over recent years,
together with the expansion of services,
good results and requirements to
successfully take on significant
challenges in the future, in Spain as well
Reorganisation of the activities
With these acquisitions, Befesa has
taken up a leading position in the
refinery and industrial cleaning market
in Spain and strengthens its business
base in a sector that promises interesting
growth rates.
client portfolio, which includes large and
medium-sized companies as well as local
institutions and administrations.
– Leader in Spain in the refinery and tank cleaning market
– Outstanding position in the industrial cleaning market
– Efficient solution for equipment contaminated with PCB
– Befesa possesses the largest low density polyethylene recycling plant in
Spain
– Befesa is world-leader in the specific recycling of greenhouse plastics and is
among the first three European companies in the recycling of polyethylene
film
– Befesa is leader, in Spain, in the collection and treatment of used oils with a
market quota of more than 50%
– Befesa offers efficient solutions to the problem of used oils with state-of-theart recycling and regenerating technology
– Advanced in-house technology
Growth and expansion of activities
The acquisition, in 2002, of 70% of the
companies Berako, S.A., Hidro Clean,
S.A., Hidro Limp, S.A., Ecomat, S.A. and
Berako Equipos Especiales, S.A. is
noteworthy. The companies provide
highly-specialised industrial cleaning
services with a high technological
content, in Spain, to sectors such as the
petrochemical, iron and steel and energy
sectors. Likewise, they provide crude oil
tank cleaning services throughout the
country and in several European
countries with the use of an innovative
automated cleaning process.
With its set and mobile plants, the
Berako Group is one of the leading
companies in its sector with a large
2002 Annual Report
57
58
Group Activities
as abroad, have meant that this business
sector’s structure has been subjected to
a significant reorganisation process.
As of from 1st January 2003, a new
organisation has come into operation in
this business sector.
The company “Befesa Tratamientos
Especiales” (formerly Unquinaval) will
strengthen its land decontamination
activities, as well as its waste treatment
and management activity, by means of
mobile units. International expansion is
foreseen for all its activities.
The company “Hidro Clean” will
specialise in automated cleaning (SALT)
of large crude oil and fuel tanks, to
consolidate its position in Spain and
Portugal and continue expansion in
Europe and Latin America.
The industrial cleaning and dust
extraction activities that this company
carried out have been transferred to the
company
“Berako
Limpiezas
Industriales”, which takes over all the
activities that used to be carried out by
Hidro-Limp, Berako and Berako Equipos
Especiales.
Befesa Tratamientos Especiales
In 2002, Befesa Tratamientos Especiales
(formerly Unquinaval) developed the
following activities:
a) Cleaning
services,
waste
management,
repairs,
oil-tank
tightness testing and small-size PPL
tank maintenance contracts for inhouse
use
(hotels,
hospitals,
communities), or to be used outside
the
facility
(petrol
stations,
distributors, workshops, etc.).
b) Cleaning services and management of
waste from large diameter tanks
(refineries, storage centres, etc.).
c) Waste management with Stationary
Centrifuging and Filtering Plant in
Cepsa’s refinery, in Gibraltar.
d) In-situ waste management
Mobile Centrifuging Units.
with
As regards the activities related with
small-sized PPL tanks, the operating area
has been expanded to cover all Spain
and new business sectors have been
entered: cleaning of separators, waste
collection maintenance contracts,
expansion
of
testing
activities
(tightening, low voltage, overall
inspections, high pressure and similar
vessels).
Last year, some 300 tests were carried
out on tanks and piping systems, and
around 180 tanks were repaired or
cleaned.
Tasks were also diversified in the largesized tank sector, not only as regards
cleaning and waste management
activities, but also as regards repair
operations (bottom lining, surface
preparation), as well as other works in
non-related PPL tanks and containers:
water tanks, containers for foodstuffs
and others.
More than 20 cleaning and repair
operations were carried out last year on
large-sized tanks, with intervention in
approximately 40 units. We would
mention, as a most significant
operation, the cleaning of the T-150
crude oil storage tank, in Cepsa’s
refinery, on the island of Tenerife.
As regards waste management with
stationary plant, the waste treatment
capacity was increased in Cepsa’s
refinery, in Gibraltar, with the installation
of a new press-filter, and improvement
and optimisation activities were carried
out on the centrifuging treatment line.
More than 130,000 m3 of oleous waste
were managed in 2002.
Commercial activities with a view to
obtaining contracts to implement
Treatment Plants in other refineries will
be undertaken in 2003, at home as well
as abroad (for example, in Portugal,
Mexico). The objective is to not only
execute the treatment of oleous and
biological sludge from said installations,
but to position ourselves in said
countries in order to expand our field of
activity: integral management of all their
2002 Annual Report
59
60
Group Activities
waste, industrial cleaning, tank
maintenance, operation of treatment
plants.
In-situ waste treatment business in the
client’s facilities, close to the generating
point, is one of Befesa Tratamientos
Especiales’s vocations.
Classification as a Repsol Petróleo
contracting company has been an
important step towards expanding our
area of activity.
In 2003, a new market will be
potentated. This is the proportioning of
mobile centrifuging and filtering plants
to urban Sewage Plants that are
springing up all over the country and
generate a very considerable amount of
waste, and also for the food,
siderometallurgical
and
ceramics
industries.
Berako Limpiezas Industriales
Berako Limpiezas Industriales has
consolidated its position as the leading
company, in Spain, in the industrial
cleaning sector.
The opening of work-centres in Aragon
and Extremadura are the first steps
towards geographical expansion that
will continue, in 2003, in Asturias,
Valencia, Andalusia and Portugal.
The catalyst extraction activity received a
great boost with the signing of contracts
with CEPSA to operate in its Tenerife,
Campo de Gibraltar and Huelva
refineries.
Within the chemical cleaning sector, preoperational treatment activities were
carried out in the 800 MW Bahía de
Vizcaya and 400 MW Castejón
Combined-Cycle
Stations.
Thermal
Power
These works included chemical cleaning
of the steam boilers, flushing of the
associated piping system and gas line
blowing. Technically speaking, the preoperational chemical treatment works in
Bahía de Vizcaya combined-cycle
thermal power station was the
inauguration of a new line of activity
that we expect to potentate in the
future.
As regards industrial cleaning activities,
we stress the decontamination of the
used oil treatment plant in Arganda
(formerly Ulibarri) and in Escombreras
Thermal Power Station, in Cartagena.
Hidro Clean specialises in automated
cleaning systems with the development
of the SALT.
An automated service to clean preheaters in thermal power stations has
been developed as a new technological
contribution.
Moreover,
the
incorporation
of
ultra-pressure
equipment to descale in petrochemical
plants at pressures up to 2,500 bars will
allow us a significant competitive
advantage.
The company acquired, towards the end
of 2002, the company Aragonesa de
Aguas y Vertidos, with head offices in
Zaragoza, and it is our intention to
provide services in the region of Aragon.
The Automated Tank Cleaning System
(SALT) is an innovative, advanced and
Hidro Clean
All the above required an investment of
more than 1.4 million euros.
2002 Annual Report
61
62
Group Activities
proven system for cleaning crude oil
tanks. SALT is an ideal alternative to the
traditional tank cleaning process, and
replaces the manual system while
adding the following advantages:
– Recovery of energy resources: up to
95% of the total product is recovered.
– Minimisation of contaminating
waste: the final wastes, 5%, are
inorganic and impregnated with
hydrocarbons.
– Safety: the workers are not exposed
to a noxious atmosphere and there is
no emission of fumes to the
atmosphere. Work is executed in an
inert and safe atmosphere with low
explosion risk.
– Shorter execution time: the time the
tank is out of operation is reduced by
up to 65% compared with the manual
system and the highest environmental
regulation standards are strictly
complied with.
The reduction of time in which the tank
is out of operation and the recovery of
up to 95% of hydrocarbons allows a
significant economic saving in the waste
treatment process. When the above are
combined with greater safety and strict
environmental compliance, the SALT
process becomes an extremely attractive
cleaning system.
In 2002, the activity has been
consolidated in Spain and its
geographical expansion is continuing. In
Portugal, two operations have been
executed and activities commenced in
Italy where two tanks were cleaned (for
AGIP, in Taranto refinery).
Hidro Clean is making a commercial
effort in the French market and this will
enable us to initiate this activity shortly
in said country.
Commercial development took place in
Latin America (Mexico, Brazil and
Argentina) during the course of 2002,
and the company presented very
significant tenders there. We would
mention the participation in the global
contract with Petrobras, Brazil’s main oil
company, and one of the most
important at world level.
Ecomat
During 2002, Ecomat has become the
most important supplier of high-power
exhauster impeller equipment. It has
incorporated the new liquid ring pump
technology in its range of suction
vehicles to work in explosive
atmospheres.
It has developed, in close collaboration
with the INASMET technological centre,
the industrial scale prototype of a
thermal gasifier for urban sludge. The
prototype is currently being subjected to
tests to assess performance ratings and
evaluate the obtained by-products.
The manufacturing of a compact
cleaning unit for large storage tanks, for
oil and its derivatives, is being
completed.
Etrinsa – an efficient solution for PCB
contaminated equipment
Etrinsa, a company located in Cartagena
(Murcia) and specialised in the
collection, transportation, dismantling,
decontamination and elimination of
transformers, condensers and PCB
contaminated material, is the first facility
dedicated to this activity in Spain.
2002 Annual Report
63
64
Group Activities
Special mention must be made, as
regards the most significant aspects of
the activity, of the commercial agreement
signed with Ecocat to manage materials
with PCB. Said agreement includes the
use of the facilities that Ecocat has in
Legutiano (Alava), with transformer
emptying and provisional storage facilities
available, for liquid-filled, as well as for
empty transformers. These transformers,
once drained, will be sent to Etrinsa to be
eliminated.
During the trading year, more than
2,700 tons of PCB contaminated waste
were managed, the same level as the
previous year.
In 2002, the Department of the
Environment of the Autonomous
Community of Murcia approved Etrinsa’s
new Exploitation and Monitoring Plan.
This Plan lays down a new work method
in the facilities, more in accord with
market and Environmental demands.
Likewise, it abolished the transformer
treatment and storage limits set in the
previous Plan.
Alfagran – recycling of plastic
greenhouse materials
Through the company Alfagran, Befesa
recycles plastic greenhouse waste.
Alfagran is still the largest low-density
polyethylene recycler in Spain, which
makes it world leader in the specific
recycling of greenhouse plastics. It is
among the first three companies in
Europe in the polyethylene film recycling
market.
Over the last 7 years, our subsidiary
Alfagran has recycled more than 80,000
tons of this type of waste and thus offers
an environmentally advantageous
alternative to the uncontrolled burning
of this plastic waste.
In the 2002 trading year, Alfagran was,
firstly, negatively influenced by the
reduction
in
plastic
material
consumption and, secondly, by the fall in
prices which, in many cases, made
exportation unfeasible due to the high
transportation costs – Alfagran exports
over 60% of its production, mainly to
European Union countries, but also to
Latin America, China and Tunisia…
In spite of this unfavourable situation,
Alfagran ended the year with very
satisfactory recycling and production
levels. In 2002, the company treated
more than 15,000 tons of greenhouse
film waste, 2.1% more than in 2001,
while production was almost 12,900
tons of grain coal, 7.2% more than in
2001.
Tracemar
Subsequent to the creation of Tracemar,
by Befesa and Urbaser, during the
course of last year, this company is
leader in collection, characterisation,
recycling, recovery and regeneration of
used oils and marpols, in Spain.
2002
meant
the
significant
consolidation of the company’s activity,
in waste collection as well as final
management of the same.
Thanks to its extensive collection
network with more than 90 vehicles and
2002 Annual Report
65
66
Group Activities
the capacity of its industrial facilities,
Tracemar can offer all types of solutions
for a wide range of waste hydrocarbons,
from the preparation of decontaminated
fuels to energy recovery and
regeneration of new base oils.
All the wastes have been conveniently
analysed and classified in its 15 transfer
centres throughout the country,
temporarily stored in its 11 million-litre
capacity storage facilities and processed
in its seven recycling plants.
Tracemar’s facilities are currently capable
of processing more than 110,000 tons a
year of used oil while producing the
electric energy a town with more than
64,000 inhabitants, with a mean
industrialisation rate, would consume.
On the other hand, Tracemar group’s
facilities to treat waste from the
maritime transportation sector (MARPOL
waste) currently provide a service to the
15 publicly owned ports.
Last year, as regards the collection and
recycling activity, Tracemar’s companies
recycled more than 135,000 tons of
hydrocarbon waste, an increase of more
than 8% on the previous year’s figures.
Once again, the collection network
surpassed 72,000 tons.
As regards electric energy production
from waste recycling activities, 2002 saw
Tracemar export more than 247 million
kWh to the distribution network. This
was a significant increase of almost 20%
on figures for the previous year and is
equivalent to the electric energy
consumption of a town with 50,000
inhabitants with an industrialisation rate
equal to the country’s mean.
Within the programme to reconvert the
group’s used oil management facilities in
order to obtain regenerated lubricant
bases in complete harmony with the
European Union directives, the licences
were obtained, in 2002, to construct a
regeneration plant for Aurecan, in Palos
de la Frontera (Huelva). This plant will be
commissioned in 2003.
The licence obtaining process for
Auremar’s new plant in Cartagena
(Murcia) is also at a very advanced stage,
with the favourable Environmental
Impact
Statement
having
been
obtained.
2002 Annual Report
67
Aluminium
Waste
Recycling
Salt
Slag
Recycling
Zinc and
Desulphuration
Waste Recycling
Industrial
Waste
Management
70
80
90
100
110
Industrial
Cleaning and
Hydrocarbons
109,0
(M €)
Sales Figures
67,4
60
50
40
30
20
10
0
Environmental
Engineering
• Abensur
• Abensur
Medio Ambiente
• Felguera Fluídos
• Elsur
• PE Vilches
Environmental Engineering
water
application
Sectors
and
environmental management technologies.
Activity
waste
Befesa integrates, in the business unit, all
Location
Livestock
Solid, urban and industrial waste plants,
livestock and other wastes
Energy, iron and steel, metallurgy,
chemical sectors, treatment of spills, in general
Hydraulics, supply, upgrading
and modernisation of irrigation systems,
Water treatment and
Desalination
Municipal Services
of
its engineering activities to drive constant
Company
Sevilla
innovation in the development and
Abensur Servicios
Urbanos, S.A.(Abensur)
Design and construction of hydraulic
infrastructures;
Integral water cycle management
Vilches
(Jaén)
Gijón
Sevilla
El Ejido
(Almería)
Elsur, S.A.
Abensur Medio
Ambiente, S.A.
Felguera Fluidos, S.A.
Procesos Ecológicos
Vilches, S.A.
Group Activities
– Leader in water treatment and waste management
– One of the leading companies, in Spain, in water treatment plant engineering and
construction
– Leader, in Spain, in desalination plants
– Befesa possesses the most advanced technology to treat lixiviates from dumps and
composting plants and industrial water with a high biological load
– Abensur Medio Ambiente stands out for its great prestige and knowledge of
technologies and processes that are applicable to a wide variety of environmental
problems, fundamentally in waste treatment plants
– Important presence in the Latin American market
Integral water management
and maintenance of
municipal services
Design, construction and operation
of environmental plants
Water treatment in the steel sector,
lixiviates from dumps /
biomethanisation,
High load industrial treatment plants,
Turnkey execution of industrial
installations
Recycling of livestock waste (pig slurry)
with production of manure
and electric energy
70
is operated through Abensur, Abensur
Befesa group’s environmental engineering
technical solutions.
as the application of integral and efficient
development are directly affecting this
environmental subjects and sustainable
to
In an ever-more dynamic market, similar
market,
sensitivity
to last year’s, especially as regards classic
infrastructures with other types of less
greater
activities such as hydraulics, hydroelectric
impacting works, such as the reuse of
Society’s
power stations, water treatment and
treated water, replacement of traditional
Medio Ambiente and Felguera Fluidos.
desalination, with the modernisation of
gravity irrigation systems with pressurised
works
irrigation systems, resulting in water
irrigations systems: sprinkler or drip, etc.
civil
saving and the application of new
replacing
technologies, being noteworthy, Abensur
has continued to grow, with extremely
would
especially
mention
the
We
indexes,
importance of seawater and brackish water
penetration
high
market
demonstrating its competitiveness as well
2002 Annual Report
71
72
Group Activities
than
which to supply populated areas, which
desalination, as one more resource with
irrigation systems, and also from the rest of
investments in the modernisation of
Companies which are responsible for
State-owned Agricultural Infrastructure
guarantee
provides
the public sector. The Autonomous
greater
traditional sources from surface and
Communities
a
underground waters. In relation with the
responsible for urban wastewater treatment
districts
same, we have participated in several
works, are making large investments to
municipal
national and international forums on
increased from the Ministry of the
Catalonia and the Mediterranean East
transfer of water from the river Ebro to
The National Hydrological Plan, with the
indicated under standard 91/271.
have the same completed by 2005, as
and
desalination.
Continuing with the tendency in previous
Environment, our main client, as well as
years in the water market, calls for bids have
from State-owned Hydrographical Catch-
Coast Region, and the National Irrigation
Ministry
Plan, both of which are being executed,
the
of
Companies,
basin
have reactivated Abensur’s traditional
Agriculture, Fisheries and Food through the
hydraulics market.
As regards the works contracted during
the year we would mention the irrigation
modernisation activity, the transformation
of the traditional irrigation system to a
localised system for Comunidad de
Regantes de Villarreal (Castellon) for
Seiasa de la Meseta Sur and the
enlargement of the main pumping station
in the Irrigatable Area of the Northeast
Coast of Cadiz, with a 9.2 m3/sec
capacity, and 10 MVA installed for the
Hydrographical Confederation of the
Guadalquivir; in the water treatment
activity, we mention the tertiary treatment
system for effluent in Tarrasa Sewage
Treatment Plant (Barcelona) to irrigate the
new courses of Real Club de Golf El Prat.
Abroad, works continue on the execution
of the Supply to Loja (Ecuador), with a
500 l/sec capacity and we have completed
the 8,420 m3/day capacity sewage
treatment plant for the towns of Buin
Oriente, Linderos, Paine and Alto Jahuel,
for Empresa Metropolitana de Aguas
Sanitarias de Santiago, Emos in Chile.
the
traditional
We would mention, among the main
executions:
of
area of Loja (Ecuador).
population of 175,000 in the municipal
Acusur.
diameters and different materials, for
• Reverse osmosis seawater desalination
plant with a 65,000 m3/day flow of
• Transformation
• Tijola 6,000 kVA and Los Manueles
3,150 kVA Hydroelectric Power
(Castellon),
produce water, for urban supply to the
Villarreal
towns in Campo de Cartagena (Murcia),
de
turbines,
Z.R.
Stations,
irrigation system to a localised system
interconnected on the gravitational
for the Ministry of the Environment.
for
covering 1,250 ha, which consists of:
section of the Negratin-Almanzora
Pelton
regulation reservoir, pumping station,
(Almeria) transfer, for Acusur.
with
automatic subscriber plant, piping
several
Nijar,
(Almeria), for Acusur.
de
in
73
Carboneras
produce water (constituting the largest
plant with a 120,000 m3/day flow of
with
• Negratin (Granada) reservoir drive
pipeline for the Negratin-Almanzora
long
desalination plant in Europe), to irrigate
m
Campo
5,445
nominal flow and an elevation of 421
m,
Transfer System, with a 2m 3/sec
• Reverse osmosis seawater desalination
networks, remote control system and
management building for Seiasa de la
Meseta Sur.
• Collection, 39 km pipeline and Potable
Water Treatment Plant, with a 500 l/sec
capacity enlargeable to 1,000 l/sec for a
2002 Annual Report
During the 2002 trading year, Abensur
company
responsible
for
the
Medio Ambiente continued operating as
the
development of environmental engineering
and promotion and construction of Befesa’s
Industrial Waste Treatment Projects. While
focusing on industrial waste in response to
of
the
strict
European
the new challenges imposed by the
application
environmental policies, and on maintaining
sustainable development, its activity is
centred on technical support for several
Befesa companies to promote corporate
development projects, in Spain as well as in
Latin America.
Likewise, works have continued on the
construction of Solid Urban Waste
Treatment Plants, and the exploitation of
this type of facility and of Pig Slurry
Treatment Plants has been expanded and
consolidated.
Felguera Fluidos is dedicated to the
plants,
water and process water treatment
design and construction of industrial
population of 33,000, included under
wastewaters from different types of
of
Activity XIII of the 100% Treatment Plan
industries among which we mention the
treatment
for Madrid Autonomous Community,
the
• El Atabal desalination plant for water
from the Guadalteba-Guadalhorce, La
with prolonged aeration technology, for
to
Viñuela, El Limonero reservoirs, as well
sectors related with food conservation,
from biomethanisation and high-load
industrial and urban dumps, lixiviates
dairy, pharmaceutical, lixiviates from
and
as from the aquifer on which it is
Canal de Isabel II.
• Enlargement of Barranco Seco STW (Las
Palmas), for a population of 245,000,
located, with salinities between 6,500
mg/l and 850 mg/l, with a 165,000
m3/day capacity, to be used to supply
Malaga, for Acusur.
waters, in general.
During the course of 2002, work
by means of reversible electro-dialysis
filtration, to use 26,000 m3/day for
tertiary treatment (EDR) and ultra-
• Sewage Treatment Plant for Villarejo de
Salvanes, Fuentidueña de Tajo,
and
continued
contracting
execution of Combined-Cycle
the
irrigation purposes, for the Ministry of
on
the Environment.
Tajo
and
de
Extremera,
Group Activities
Brea
Villamanrique de Tajo, with an overall
74
and
Sauz”
abroad, with the treatment of process
Thermal Power Stations, at home and
process and a biological one to treat an
the combining of a physicochemical
commissioned. The treatment consists of
for Bioetanol Galicia was executed and
treatment efficiency obtained is greater
“El
Combined-Cycle Thermal Power Station,
with a high contaminating load. The
annual flow of 100,000 m3 of wastewater
than 95%.
from
in Mexico, whose project includes
demineralisation technologies, and similar
wastewaters
modern reverse osmosis evaporation and
works were completed in Castejón
(Navarra) Thermal Power Station, for
Hidroeléctrica del Cantábrico. As regards
dump and biomethanisation lixiviate
treatment, Felguera Fluidos executed
Pinto’s biomethanisation treatment plant,
in Madrid, and has been awarded the
50,000
and
70,000
m3/year
contract for the lixiviate plant, in Malaga,
with
treatment flows, respectively.
In the industrial steel sector, several water
treatment works were executed for
Aceralia. These have allowed Felguera
Fluidos to continue, unquestionably, as
leading company in the sector. As regards
the chemical sector, the new biological
sludge treatment plant was constructed
for Interquisa-Cepsa. This project marks
the commencement of a new activity. We
would also mention water treatment
activities in olive packing and dressing
factories, where significant progresses
out
in
and
del
“Aceitunas
“Aceitunas
have been made with successful tests
carried
Guadalquivir”
Camacho”, two of the sector’s most
significant factories, in Morón de la
Frontera (Seville).
In 2002, the wastewater treatment plant
2002 Annual Report
75
Other
Complementary
Information
At 31st December 2002, Befesa Group’s
total workforce was 1,563. The 26%
increase on the previous year is due
with
Berako
Limpiezas
mainly to the incorporation of new
companies,
Industriales being noteworthy in this
sense.
highest
level,
with
maximum
Befesa now possesses a human asset of
the
qualification and experience, enabling us
to take on the ambitious challenges that
the group has set for the future.
The distribution per business sector was
Distribution of the average workforce was
as follows:
Total Employees (*)
20
as follows:
258
107
125
201
480
372
1,563
The average number of employees rose to
people, which is a 27% increase.
1,378, with an increase, in 2002, of 292
consideration
(*) all the companies at 100% have been taken into
Sal slag recycling
Zinc and desulphurisation waste recycling
Environmental
Befesa
Human Resources
78
Total: 1,378
Under actual conditions, characterised by
innovation and change, the performance
of its professionals, as well as its capacity
for attracting, developing and retaining
talent, are the key to success for any
company.
Befesa, being well aware of this situation,
has put its trust in Human Resources, with
a two-fold objective: strengthen, exploit,
transmit and manage knowledge and
experience of its highest level professionals
and permanently provide the organisation
with human resources with suitable
means, in quantity and quality, to develop
and implement the company strategy.
With this in mind, an integral and
integrated Human Resource Management
System is being implemented, based on
competencies in all of Befesa’s Business
Units.
Management: 71 (5.1%)
456
523
715
1,086
1,378
200
400
600
800
1,000
1,200
1,400
Graduates and technical staff: 292 (21.2%)
Clerical staff: 140 (10.2%)
194
Average No. of Employees
Labourers: 875 (63.5%)
185
0
2002 Annual Report
79
95/96
96/97
97/98
98/99
99/00
2001
2002
80
know-how,
expertness,
aptitudes,
behaviour and motivation of Befesa’s
personnel, which is no more than its
competencies.
This management system is the means by
through
constant
which Befesa takes on the challenges it has
programmed
improvement that allows it to maintain
and develop a sustained advantage
window, aligning the human resources
with its strategy, while attempting to
obtain excellent performance levels. The
objective of this system is to develop,
strengthen and pay these human resources
so that they may contribute the best of
themselves and place this contribution in
line with Befesa’s needs.
describing and classification of the job,
Integral, given that it covers the defining,
Befesa’s companies have contracted a
the field of Occupational Risk Prevention,
Spain use a Pooled Prevention System in
Currently, while Abengoa’s companies in
recruiting and selection to attract the best
their
Health
Technical
with
Monitoring
and
professionals on the market, training and
system
development, with the resulting career
corresponding Insurance Companies.
Prevention
plans, and substitution, assessment, task
management and retribution, as well as
The activities required to integrate Befesa’s
change will be made during the course of
Service are being carried out, and the
companies in Abengoa’s Pooled Prevention
retro-feeding,
Integrated, given that it contemplates
internal communication.
inter-related
2003.
processes,
exploitation of the synergies among them,
(Selection, Training, Assessment), they all
autonomy that is required for each one
127 different training courses were given
Befesa personnel’s know-how, in 2002,
As regards the permanent updating of
so that they self-enrich. In spite of the
have to pursue a common goal.
Moreover, the system is based on
hours of training.
participated. They received a total of 8,273
with a total of 953 employees having
competencies given that we are managing
These activities were directed towards the
Financing, Strategy and Managing
Corporate Training (Basic Courses,
greater or lesser extent, from this training
All Befesa’s companies have benefited, to a
Standards).
of NOC Courses (Obligatory Compliance
Qualities), and the ever-wider diffusion
following training areas:
– Specific courses oriented towards the
professional activity itself, such as
waste handling and management,
and, in particular, the personnel from
pneumatics, aluminium, production
plastic material injection, handling of
Abensur Servicios Urbanos, Abensur
treatment
Occupational
included
within
Zindes.
Rontealde, Sondika Zinc, Valcritec and
Ambiental, Refinalsa, Relsa, Remetal,
Medio Ambiente, Alfagran, Aser, Cartera
course,
water
and
Risk
fork-trucks, sewage treatment course,
potable
languages,
Prevention courses.
those
– As regards specific areas, we would
mention
2002 Annual Report
81
In this sense, Befesa dedicates significant
Befesa is experiencing dynamic growth
with very high technological levels and
carries out its activity in a sector that is
characterised by the appearance of
legislation with new and more
demanding environmental criteria from
the EU and its transposition to the
member states. This compels the
development of new technologies to
comply with these criteria.
Research and
Development and Innovation
82
resources to research, development and
innovation, each year.
Constant research, development and
innovation is considered to be
fundamental for Befesa and all the group
companies. As regards innovation,
Befesa’s policies, as is the case with its
main shareholder, are oriented towards
the creation of value and its upkeep. The
innovation is oriented towards three
groups of tangible objectives which, in
the future, will contribute to maintaining
Befesa’s technological competitiveness:
diversification, by means of new products
and services, differentiation through
improvement and adaptation of its
existing products and services as well as
process improvement.
Apart from this internal effort, the group
companies are establishing more and
more relationships with national and
international universities, with the
Superior Scientific Research Council, with
the National Metallurgical Research
Centre as well as with European
companies in the sector, through the
execution of projects that are of mutual
interest.
As regards intangible objectives, we
would mention the pursuit of the
acquisition of essential competencies and
most especially the generation of options
for the future. The latter is especially
connected with value through growth
prospects and the development of new
businesses.
Befesa is confident that the effort it
dedicates to the improvement of current
processes and products to optimise costs
and reduce environmental impacts,
together with the research and
development that make it more
technologically competitive, will bear
fruit and be reflected in greater
acceptance of the services provided and
the products offered to our clients.
The innovative projects under execution
in 2002 per Befesa business sector are:
●
●
Optimisation of aluminium recycling
(Optimus)
Environmental improvements achieved
through the perfecting of a rotating
furnace (Mejorot):
During the year a new loading
arrangement,
with
significant
improvements in efficiency and fusion
control, was designed. A new pretreatment system for aluminium
scrapings was also patented as a result
of this project.
Aluminium
●
Minimisation of waste production as a
result of aluminium recycling (Minirex):
An industrial prototype of a slag
cooling press has been constructed. It
incorporates significant novelties in the
metal recovery process and the same
have been patented.
●
●
●
●
New oil-drying process for aluminium
discs
Influence of the quality of secondary
metal and the properties to deform
plastic material (Calido)
Process to minimise iron in the
aluminium recycling cycle (Sin Fe)
Elimination of oil on aluminium discs
(Sin Aceite):
This project has resulted in the
patenting of novel disc cleaning
equipment.
Apart from research with in-house
means, other projects are executed in
collaboration with official standardisation
bodies and research centres, with the
Basque country university, Labein,
CENIM, INASMET and the OEA/EAA
meriting special mention.
Salt Slag
As regards technological development,
efforts are still concentrated on both the
increase of production and recovery of a
larger amount of aluminium and better
quality end-products.
●
83
Perfecting the salt fluxes utilised in an
aluminium foundry (Supersal):
The results obtained are most
satisfactory with significant economic
implications in productivity.
2002 Annual Report
84
Zinc
Within Aser’s R&D&I activities, oriented
towards obtaining higher value added
products and processes, a UniversityCompany research project has been
executed, in 2002, in collaboration with
the Superior College of Engineers of
Bilbao,
titled
“Physicochemical
characterisation and development of a
process to manufacture high-quality ZnO
from Waelz lixiviate Oxide”. This is a
continuation of the experimental and
industrial tests carried out over recent
years by the Company with a view to
obtaining a high-purity zinc oxide (ZnO),
to be applied in the pneumatics and
ceramics industries, employing the Aser
produced Treated Waelz Oxide as the raw
material.
Likewise, since May 2002, industrial tests
are being carried out in Aser with a view
to increasing the energy performance
and process capacity of the Waelz
furnace, to oxidise the metallic iron
content in the slag to be found close to
the furnace outlet. Said oxidation is
achieved by means of the controlled
injection of air onto the slag surface
through refractory steel lances equipped
with a diffuser system.
The objective of this project is to reduce,
by more than 40%, the amount of coke
fed to the furnace for each ton of
processed waste and eliminate the
consumption of natural gas. As a
consequence, expectations are to reduce,
by more than 50%, the emission of
greenhouse effect gases in the form of
CO2 through the Waelz furnace exhaust
stack. The gain in useful volume within
the furnace and the improvement of the
process conditions will, likewise, permit
an increase of more than 20% in the
powder treatment capacity. Although
more complete control of the variables
that impinge on the new process has still
to be achieved, some of these
expectations have at least already been
met as programmed.
Finally, within “Aser’s Environmental
Contaminating
Load
Reduction
Programme“, agreed with the Basque
Government’s Department of the
Environment, in 2001, a 2-year research
project was initiated in collaboration with
Labein’s technological centre and the
Professorate of Chemistry and the
Environment of the College of Industrial
Engineers of Bilbao. The activities carried
out in 2002 were mainly focused on
three fields of activity:
a) Study of the reduction in the
concentration of selenium in waste
from an industrial point of view.
b) Reduction
of
the
effluent
contaminating load and the total
dumped quantity.
c) Re-approaching the lixiviation process
operated by Aser and the possible
alternatives of re-engineering directed
towards minimising the dumped
quantity or its contaminating load.
The project, which was subsidised under
the Basque Government’s INTEK
Programme, has materialised in practise
with the installation of a new sand filter
to enlarge the capacity of Aser’s water
treatment plant.
Patents and Industrial Property
The intense activity carried out by Aser in
the scientific research and technological
development sector, applied to all its
products and processes, as well as its
investment efforts in R&D&I, have
enabled it to take out two invention
patents, which are:
85
– Patent no. 9500605, called “Procedure
to obtain high purity zinc oxide by
means of lixiviation of waelz oxide with
baker’s salt dissolubles”, granted on
17th May 2001 and published in the
Official Newsletter of the Spanish
Patent and Trademark Office, on 16th
June 2001.
2002 Annual Report
86
This patent is for Spain exclusively and
also includes several researchers from
the National Metallurgical Research
Centre (CENIM) of the Superior
Scientific Research Council (CSIC), as
inventors.
– Patent no. 9500713, titled “Procedure
to hydrometallurgically treat the
purification of waelz oxides by means
of their lixiviation with baker’s salt”,
granted on 20th May 1998 and
published in the Official Newsletter of
the Spanish Patent and Trademark
Office, on 1st July 1998.
The different companies in the industrial
waste management business sector have
kept up their efforts to improve their
facilities and services. Apart from the
activities themselves, the companies have
signed a series of collaboration agreements
with Universities and Technological Centres
to jointly execute waste characterisation,
treatment and recycling projects.
Cartera Ambiental:
The company continues research to
eliminate heavy metals from industrial
effluent. This research is the fruit of a
research contract with the Chemical
Engineering Department of the University
of Castilla-La Mancha, signed in 1999.
Trademed:
– In collaboration with the University of
Murcia.
PROFIT Project dealing with land
contamination by heavy metals that
exist at the former Potash and
Derivatives site (El Hondon), which has
been declared to be of great interest by
the Department of Agriculture, Water
and the Environment of the
Autonomous Community of Murcia.
The data obtained are documented in
the project’s technical report, as well as
in photographs and distribution maps
of the same. The project is at the final
solution phase which is being carried
out by the Ministry of Science and
Technology.
– In collaboration with the University of
Cartagena.
Project on the use of by-products to
stabilise potentially toxic elements
(sexvalent chrome). It is at the study
and development stage (Department
of Chemical Engineering of the
Polytechnic University of Cartagena).
– Steel powder.
Steel powder stabilisation tests with
different types of reagents pursuing
treatment efficiency and a reduction of
the hydrolysis processes that occur in
the treatment systems that are
available for said fusion slag.
– Formic acid treatment.
A formic acid neutralisation and
stabilisation technique has been
developed with by-products from the
aluminium industry. To be precise, soda
baths employed as a cleaner agent. It is
at the solidification process study and
improvement
stage,
optimising
conditions and searching for a possible
stabiliser.
Albega:
A research project has commenced with
the CENIM related to the exploitation and
recycling of organic and inorganic waste
with the objective of preparing
replacement fuels.
Cartera Ambiental:
In 2002, the company guided works by
last-year Chemical Engineering students
from the University of Castilla-La
Mancha, as well as by students taking the
1st Ambiental Management Masters
given by the UCLM.
Complejo Medioambiental Andalucía
(CMA):
It continues to maintain research project
collaboration agreements with the
University of Huelva, the Occupational
Training School of Nerva, the
International University of Andalusia, the
University of Baeza and the University of
Bremen.
2002 Annual Report
87
88
Industrial Cleaning and Hydrocarbons:
The companies in this business sector
have the following projects under way:
Hidro Clean
During the course of last year, it
developed equipment and an innovative
working system: the so-called SALT-fuel
system to automatically carry out
cleaning activities on tanks with up to a
60 m diameter, optimising resources,
revaluing waste and increasing safety of
the workers, and replace the manual
cleaning system that was being used up
to then to clean fuel storage tanks.
It is developing, in order to continue
improving its services, a work system with
the
incorporation
of
biological
technology that will complement the
SALT
with
even-safer
operating
procedures.
Etrinsa
Execution of a project called “Reductive
Dehalogenation in the Homogeneous
Phase
of
Electronic
Transfer
Organochlorated Contaminants”, with
the collaboration of the University of
Alicante. Said projects consist of
researching
alternatives
to
the
incineration of dielectric oils with a weak
PCB (Polychlorised Biphenyls) content.
The project is based on the use of an
electronic transfer reagent that acts by
dissociating the organic chlorine in the
oils, thus converting all these substrates
into reaction products of a hydrocarbonated nature while enabling them
to be eliminated in Spain, in cement
factories, oil treatment plants, etc.
Alfagran
Dedicated to the development of
granules. We would mention the
production and consolidation of the use
of a type of granule for the inner lining of
corrugated electric cable conduit piping,
on the national as well as international
market.
Likewise, work continues on the
“Feasibility study on the use of organic
based
industrial
by-products
in
construction materials”, which the
Superior Scientific Research Council has
been carrying out (in its “Eduardo
Torroja” Science and Technology
Construction Institute) as part of the
National R&D&I Plan (2000-2003).
A technological feasibility study
commenced on a manufacturing process
of plastic compounds reinforced with
fibres, both recycled. This development
contemplates the application of these
composites in the automotive and
electric
appliances
manufacturing
sectors, fundamentally.
The study is being carried out with the
collaboration of the Gayker Technological
Institute, in the Basque country, and is
expected to be completed during the first
quarter of 2003.
Tracemar
The following projects have been
developed, in the oleous waste sector, in
collaboration with the Chemical
Engineering Department of the University
of Castilla-La Mancha:
– Used oils regeneration process by
distillation using the demetalised oils
obtained in the Aureca process.
– Development of a distilled oils finishing
process, an alternative to hardening.
Moreover, the PETRI Project development
programme, which was being carried out
in collaboration with the Polytechnic
University of Alicante, has concluded.
This has led to the development and
putting into operation of advanced
analytical
procedures.
With
the
application of these tests in used oils
checking and acceptance processes, an
important advance has been made as
regards the capability of detecting nondesired atypical contaminating agents
that might give rise to the incorrect
functioning of the process.
2002 Annual Report
89
Transparency and Security in Markets and
another chapter of this Annual Report.
Report). These rules are described in
Stock Exchange Listed Companies (Aldama
Befesa Medio Ambiente develops an
Triple Balance
Economic Balance
The evolution of the Companies main
Report.
Sales Figures
(M €)
0
50
100
150
200
250
300
350
400
450
192.5
403,1
1999
286,1
403.1
192,5
2002
154,5
365,1
same is reflected in the following indicators:
activity has increasing enormously, and the
that, over the last four years, Befesa’s
Nevertheless, we wish to mention the fact
Annual
a service to its clients, the occupational and
of
this
economic magnitudes are extensively
Rules
in
presented
the
Corporate
human development of its employees and
adapted
Responsibility.
has
Commission for the Development of
the recommendations of the Special
Government applied by the company to
Befesa
Government
Social
the creation of value for its shareholders.
Befesa orients its activity towards providing
advanced operations.
through economic and technologically
environmental protection and recovery,
industrial activity destined to favouring
Introduction
Ethics and Social Responsibility
90
97/98
98/99
99/00
2001
2002
Ebitda
34.9
(M €)
40,5 40,9
40.9
39,9
1999
34,7
2002
29,0
97/98
98/99
99/00
2001
Environmental Balance
45
40
35
30
25
20
15
10
5
0
2002
Befesa is fully centred on the sustainability
of this Annual Report corresponding to
the business units.
Environmental protection – Objective
would
require
maximum
Sustainable development in relation to
waste
exploitation of the resources, materials
or
elimination
of
their
and energy content in the same and the
reduction
hazardousness prior to dumping. This is
Befesa’s objective.
Moreover, Befesa wants to offer a
management system, for industrial waste,
that does not generate new waste.
Befesa’s activity also includes giving
priority to prevention in generation, to
reuse and recycling, with the final solution
being dumping and it offers an integral
waste management system to its clients.
This can be seen from the success it has
had in developing new treatment systems
that do not produce waste material, such
aluminium
production
as the recycling of salt slag from
secondary
processes, where Befesa is the world
Nonetheless, Befesa is always conscious
technological leader.
of the fact that waste management must
of all its activities: recycling of aluminium
waste, salt slag, zinc and desulphurisation
always
the
waste, industrial waste management,
environmental protection guarantees that
improvements.
economically applicable technological
with
industrial cleaning and hydrocarbons, and
are to be found in the available and
quantitative
executed
environmental engineering for water
their
be
treatment and waste management.
and
Extensive information regarding these
activities
information is to be found in the chapters
2002 Annual Report
91
requirements imposed in their respective
legal requirements and guarantee all the
All the Group’s facilities comply with all
certificates.
and EMAS) and quality (ISO 9002)
environmental management (ISO 14001
This commitment by Befesa to the
environment is also reflected in its training
and assessment activities, and it is more
than willing to share its know-how with a
large variety of audiences. Befesa Group
companies continue to offer training
courses and seminars on environmental
regulations, as well as computerised
integral waste management systems. They
also design and implement communication
and sensitisation campaigns, and prepare
chemical and waste product management
and handling manuals.
Environmental Principles
considers
Befesa’s Environmental Policy is based on
management
Environmental awareness and security
environmental laws and regulations.
Befesa must always comply with all
priority objective.
environmental protection and security a
Befesa’s
the following principles:
●
●
●
and
must
be
while
always
company
must be present at all levels within the
Due to the activity carried out by Befesa
operating licences. Likewise, all treated
waste
waste complies with the authorisations
Befesa
is
making
a
significant
waste must be Befesa’s central goal.
preventing the production of new
of
developed and encouraged.
way that any possible environmental
treatment
and its companies, a foundation stone of
impacts associated with our facilities,
The
our commitment to the environment is
●
imposed by the appropriate authorities
Befesa’s objective is that all its companies
processes and services be minimised, and
contribution to the saving of resources
●
and all emissions are controlled regularly.
obtain Certificates for their Quality or
the companies pay special attention to
that of carrying out our activities in such a
that
and minimisation of waste.
techniques
the protection of their workers, local
treatment
use
surroundings and the public in general.
of
Environmental Management Systems. The
guarantee environmental conservation
has been officially recognised through
92
●
●
●
to say, we do our utmost to get things
preventive than corrective systems, that is
possible
Befesa must permanently control the
of
impact its production processes have on
analysis
right the first time out.
an
the environment. Each new project must
include
Quality Assurance and Control, and in
management
accreditations
systems
evolving and have now become quality
general, the quality systems have been
Befesa must keep in constant contact
corresponding
repercussions on the environment.
with the authorities and business
Certificates awarded in accordance with
through
their
associations on subjects related with
with
environmental protection and security,
ISO 9000 Standards.
transparency
As is the case with quality related subjects,
information
and it must develop good-neighbour
the environmental system must manage its
and
relationships with the public and social
controlled
organisations.
and
foundations, and this means that we must
solid
be accredited as certified companies in
on
Befesa must assess and assist its clients in
activity
all subjects related with the handling of
accordance with ISO 14000 Standards and,
environmental
in
as
their industrial waste in order that the
cases,
same may be done without causing
management companies.
certain
danger and with maximum security
research process, collaborating with
Befesa must maintain a continuous
been certified in accordance with ISO 9000
Quality Management Systems that have
end of 2002, 14 companies possess
previous years and upon coming to the
guarantees.
institutions that are specialised in said
Standard. Likewise, 15 companies have
As a consequence of the trajectory over
field, in order to develop new financially
certified in accordance with ISO 14000.
●
feasible waste recycling treatment
Environmental
already
We would mention, as an example of
Management Systems that have been
implemented
systems.
Quality and the Environment
Befesa’s firm commitment to sustainable
to
the
commitment
development in strict compliance with the
worldwide, to be certified in accordance
Befesa’s
and
most
The principle of Continuous Improvement
Environment are the driving axis of our
legislation, the fact that our subsidiary
environmental
activity, with deep trust being put into total
demanding
recycling.
The evolution of the quality systems has
with the European Regulation EEC no.
Aser, has been the first recycling company,
led us to achieving a model of more
2002 Annual Report
93
been undertaken within the corporate
Quality and Environmental structure, to
diffuse the use of the new applications and
explain the advantages they contribute to
the daily management of projects and
works, with a view to continuous
improvement.
The functions of the Quality and
Environmental organisations are, basically,
accordance
documentation,
in
with
keeping
the
it
the management and development of
System
updated
regulations
and
with
corresponding applicable national and
international
environmental legislation, propose and
secretary
to
the
Quality
and
develop an annual internal audit plan, act
as
Environmental Committee where the
objectives, indicators and goals for the
applications to improve the management
A new version of two computerised
training programmes and in the assessing
assessment activities, collaborate in
departments as regards consultation and
proposed, attend to the areas and
company, areas and departments are
1836/93,
of the Quality and Environmental Systems
Eco-
Management and Audit Scheme (EMAS).
have been implemented in all our Group
of suppliers, act as supervisor in the
Community’s
In April 1998, Aser decided, voluntarily, to
application of problem resolution (PRR)
the
adhere to the EMAS and to publish
companies as a strategic tool. One is to
then,
manage and resolve problems (PRR) and
from
an
of
annually,
and improvement actions (IA) systems,
as
Environmental Statement to be verified
and
General
the other to deal with improvement
with
actions (IA).
collaborate
and validated by the certifying body itself.
the Verification Certificate that evidences
Ambiental and Rontealde, have obtained
other companies from the group, Cartera
activities can be proposed by the source
resolution of problems and improvement
applications is that the management and
The most significant aspect of these
2002, 94% more than in the previous
PRR’s registered during the course of
companies is backed by a total of 278
the system implemented in the Group
improvement proposals. The success of
Systems, with a view to deciding on
Management in the annual revision of the
Environmental
closest to the problem, in such a way that
We would mention that, in 2002, two
conformity
its detection and solving goes from “down
their
Management Systems to the requirements
of
established in the European Regulations on
year. Likewise, the 115 improvement
58% increase on the previous year.
activities registered in 2002, indicate a
to up”.
The necessary informing activities have
Environmental Management and Auditing
(EMAS). Therefore, three group companies
now possess said Certificate.
94
143
278
2001
2002
115
2002
the
Generated
IA
2001
stress
Generated
PRR
would
73
Generated PRR and IA
We
300
250
200
accordance
Salt slag
standard.
●
with
ISO
14000:1996
In acknowledgement of the effort made
by Aser to subject its activity to the
demands of EC Regulation No. 761/2001
(EMAS), the Ministry of the Environment
that the Minister himself presented at a
has distinguished Aser with a Diploma
Valcritec has implemented a quality
ceremony held on 24th October 2002.
one system over the last year, and the
systems have been totally integrated in
in
8th November.
accordance
with
the
95
stipulations laid down in Law 31/1995, of
System,
norms of an Occupational Risk Prevention
required to work, in the future, under the
also developed the procedures that are
As a complement to the above, Aser has
system in accordance with ISO 9000:2000
2003.
and the same will be certified early in
150
●
into force for this material during the
the new legislation that recently came
Environmental Management Systems, to
adapt, the Aser implemented Quality and
Taking into consideration the need to
passed.
financial year. All were successfully
its Environmental Statement for the 2001
Management Systems and also validated
standard Environmental Quality and
carried out follow-up audits on Aser’s ISO
During the course of the year, LRQA
Aser
Zinc and Desulphurisation Waste
100
50
0
following
improvements during 2002 per business
Aluminium
sector:
●
and
course of 2002, Aser has suited its
S.L.
systems to ISO 9001/2000 standard for
Remetal,
The
companies
Refinalsa are working to comply with the
Quality Management and the EMAS EC
Aluminio en Discos, S.A. continues
761/2001 Regulation. Moreover, both
requirements of the EMAS regulation.
preparations to have its Quality System
in
resulting Integrated Management System
awaiting audit.
14001 Standards and EMAS 761/2001 is
accordance with ISO 9001/2000, ISO
Environment),
(Quality
an
the
certified for the first time in accordance
of
and
with ISO 9000:2000 standard.
phase
Galdan, S.A. is at the design and
implementation
Environmental Management System in
2002 Annual Report
96
Management System in accordance with
in possession of the Environmental
Since 25th October 2002, the company is
this process will be completed in 2003.
standard UNE-EN ISO 9001:2000, and
is currently working to adapt to the new
out by Aenor towards the end of 2002. It
standard UNE-EN ISO 9002:1994, carried
Management Certificate in accordance
Zindes:
with Standard UNE-EN ISO 14001:1996,
to
Likewise, the first steps have been taken
with certification number CGM-02/310,
which was awarded by Aenor. On the
Management
System
manuals
and
Environmental
other hand, the first steps are being taken
the
to adapt its Quality Management System
procedures to standard UNE-EN ISO
obtained the validation certificate for its
On 12th December 2002, Rontealde
Rontealde:
14001:1996.
elaborate
to Standard UNE-EN ISO 9001:2000.
Sondika Zinc:
It has successfully passed the last followup audit on its zinc production Quality
Environmental Management System, for
the production of sulphuric acid and
oleum in their different concentrations.
accordance
Statement,
with
was
the
also
Likewise, the information contained in its
in
Environmental
validated
requirements of European Regulation
761/2001 (EMAS), after successfully
passing the audit carried out by the
Spanish Standardisation and Certifying
Association (AENOR).
●
Cartera Ambiental
It has become the first Spanish company
in the hazardous waste management
sector to obtain the EMAS European
accreditation, as well as the ISO 9001 and
ISO 14000 Quality certificates.
has
CMA
It
renewed
its
ISO
14001
environmental certification and has set
itself the goal of achieving EMAS
accreditation in the year 2004.
The rest of the companies have set 2003
and 2004 to obtain accreditation for their
Cleaning
and
different quality and environmental
Hydrocarbons
Industrial
systems.
●
Befesa Tratamientos Especiales
The latest quality audit, carried out in
January 2003, was made while following
private manner), in order to be able to
and ISO 9001/2000 (in an internal and
standards.
made for transition to ISO 9002/2000
satisfactory, with modifications being
14001 certification.
passed the audits carried out prior to ISO
Auremur and Urbamar have satisfactorily
two procedures, ISO 9002/94 (obligatory)
initiate the proceedings that are required
Retraoil completed the audit process
the
System,
system
is
Environmental
a
During 2002, the company adopted
January 2003.
awarded the ISO 14001 certificate, in
●
the new requirements of Standard UNEEN ISO 9000:2000.
Abensur and Abensur Medio Ambiente
company
standard UNE-EN ISO 9001:2000 and
registered
obtained
standard.
97
certificates in accordance with said
the
The companies Aurecan and Dramar
completed their adaptation to the new
Tracemar
Quality System UNE-EN ISO 9002:1994 to
carried out by Aenor, fruit of which it was
Alfagran
for certification prior to the year-end
under the new standard, and thus
prepare the new quality system with a
regards
view to ISO 9001/2000 certification.
As
Management
currently being elaborated to initiate the
procedures with BVQI for consultations
regarding the implementation of the
system and its subsequent certification.
obtained ISO 14001 Certification.
certificate through the first annual follow-
Hidro Clean
External audits were made during the
up audit.
Aureval has renewed its ISO 14001
course of the year and results were
2002 Annual Report
The
current
situation
as
regards
certifications of Group companies is as
follows:
98
Eco-Management and Audit Scheme
(EMAS) Community Regulation
Environmental Management
Certificate ISO 14001
Quality Management
Certificate ISO 9000
Certified Companies
Aser, S.A.
Rontealde, S.A.
Abensur
Abensur Medio Ambiente, S.A
Aurecan, S.L
Aser, S.A.
Aureval, S.L
CMA
Dramar, S.L.
Etrinsa, S.A.
Refinados del Aluminio, S.A.
Remetal, S.L.
Retraoil, S.L.
Rontealde, S.A.
Valcritec, S.A.
Zindes, S.A.
In the process of implementing
Environmental Management
(standard ISO 14001)
Oficinas Centrales de Befesa
Aureca, S.L.
Auremur, S.L.
Borg Austral, S.A. (Argentina)
Deydesa 2000, S.L.
Galdan,S.A.
Trademed, S.L
Urbamar, S.L.
Abensur
Abensur Medio Ambiente, S.A.
Alfagran, S.L
Aser, S.A.
Borg Austral, S.A. (Argentina)
Felguera Fluidos, S.A.(ISO 9001:1994)
Galdán, S.A
Intersplav (Ukraine)
Remetal, S.L.
Rontealde, S.A.
Sondika Zinc, S.A.
Unquinaval, S.L.
In the process of implementing
Quality Management
(standard ISO 9000)
Aluminio en Discos, S.A.
Deydesa 2000, S.L.
Trademed, S.L.
Unquinaval, S.L.
Valcritec, S.A.
those
of
and
in
being
the
The Quality systems of the certified
companies
are
that
employees
are
is
established;
part
of
the
employees
through the Focus-Abengoa Foundation,
Abengoa’s social activity is channelled
per
contracted with their corresponding
insurance companies.
of
units. In 2002, 127 training courses were
with the employees and family members
Befesa’s Social Activity
Total: 1,563
distribution
The
process
adapted to comply with the new
business sector is as follows:
implementation
standards ISO 9000 of the year 2000.
Social Balance
At the close of 2002, Befesa employed a
total of 1,563 workers, in Spain and
abroad.
Befesa pursues occupational improvement
objectives
for its employees through the satisfying of
set
continuous advancement and perfecting
by means of stimulations from new realistic
challenges; and the development of their
potential and turning their capabilities into
value by means of training and career
its
plans. The development of the capabilities
of
management by competencies model
given, with 953 employees participating
Befesa has implemented in all its business
and a total of 8,273 hours were employed
efforts in the implementing of practice
In acknowledgement of Rontealde’s
activity. Moreover, numerous cultural
members can benefit from said social
Befesa Group employees and their family
assistance from the same. Therefore, all
significant
Training
of
programmes
activities are promoted, mainly in the
avail
Programme for students in work centres,
fields of music and painting, and also
to
the Basque Businessmen’s Confederation
through publications and conferences.
able
of Abengoa and its group of Companies
awarded the company the Confebask
being
in the same.
Prize for Instructors, in November 2002.
One of the groups that receive the most
the
Befesa’s companies have a Technical
attention from the Foundation is that
within
Prevention and Health Monitoring system
Industrial Waste Management:
Zinc and Desulphurisation
Waste Recycling
Salt Slag Recycling:
Environmental Engineering:
Aluminium Waste recycling:
Befesa:
480
201
125
107
372
258
20
99
Total Employees
Industrial Cleaning
and Hydrocarbons:
2002 Annual Report
100
have worked in Abengoa and its
comprising the persons that work, or
and to La Antilla Residence).
retired personnel (access to information
companies (Befesa), and their spouses or
On the other hand, very different activities
the awarding of prizes and financial
are developed in the Foundation, such as
assistance to stimulate learning in the
orphaned children.
education
with
young, through a wide programme of
related
This assistance, during 2002, resulted in
prizes and financial aids that are destined,
activities
exclusively, to the sons and daughters,
employees, as well as those of its
programmes),
orphans, family members and staff
grant
occupational health, individual attention
(schooling
(orientation,
members that work in Abengoa or in its
companies, and their family members can
employee
Group companies. Therefore, all Befesa’s
benefit from the same, and from other
illnesses,
acknowledgement of employees with 25
activities related with publications, music
from
years’ continuous service in the company,
or exhibitions.
the
information, negotiation of bank loans or
to
etc.),
a social fund for extraordinary expenses
access to La Antilla Residence (rest and
arising
company
for
co-existence
centre
personnel), publications (two-monthly
newsletters in Spanish and English),
Befesa Medio Ambiente, S.A. and Dependent
Companies that make up the Befesa Group
Legal and
Economic –
Financial
Information
Translation of consolidated financial statements originally issued in Spanish and prepared in accordance with generally
accepted accounting principles in Spain (see Note 27). In the event of a discrepancy, the Spanish-language version prevails.
Assets
Thousand of Euros
Fixed and other noncurrent assets:
Start-up expenses, net (Note 5)
Intangible assets, net (Note 6)
Tangible fixed assets, net (Note 7)
Long-term investments, net (Note 8)
Deferred charges (Notes 6, 15 and 16)
Consolidation goodwill (Note 9)
Current assets:
Inventories (Note 10)
Accounts receivable (Note 11)
Short-term investments (Note 12)
Cash
Accrual accounts
Total assets
547,312
54,392
165,466
5,338
12,541
1,799
239,536
87,045
4,419
4,961
23,814
162,867
24,670
216,312
12/31/02
491,288
43,323
164,911
3,318
12,838
1,445
225,835
60,968
4,409
4,996
18,865
159,892
16,323
200,076
12/31/01
Befesa Medio Ambiente, S.A. and Subsidiaries Composing the Befesa Group
Consolidated Balance Sheets
Financial Statements
as of December 31, 2002 and 2001 (Notes 1, 2, 3 and 4)
104
55,253
2,785
11,675
13,954
4,251
16,249
-9,219
165,425
81,612
11,593
8,425
65,252
-8,487
12/31/02
15,381
16,133
74,046
42,532
1,608
14,033
10,709
4,251
14,830
165,565
81,612
11,593
5,944
52,781
-1,195
12/31/01
Thousand of Euros
Minority interests (Note 14)
23,923
20,592
99,768
49,235
132,209
18,272
19,631
1,729
221,076
Shareholders' Equity
and Liabilities
Deferred revenues (Note 20)
58,463
159,210
11,204
18,954
1,623
249,454
491,288
Current liabilities:
Payable to credit institutions (Note 15)
Trade accounts payable
Payable to Group companies (Note 17)
Other nontrade payables (Note 16)
Accrual accounts
Long-term debt:
Payable to credit institutions (Note 15)
Payable to Group companies
at long term (Note 17)
Other payables (Note 16)
Negative consolidation difference
(Note 3-b)
Shareholders' equity (Note 13):
Capital stock
Additional paid-in capital
Reserves
Reserves at consolidated companies
Translation differences
Income for the year attributable to the
Parent Company
Interim dividend paid during the year
Provisions for contingencies
and expenses (Note 19)
547,312
Total shareholders´ equity & liabilities
The accompanying Notes 1 to 27 and the Exhibit are an integral part of the
consolidated balance sheet as of December 31, 2002.
These Financial Statements are provisional until approved at the Shareholders’
Meeting to be held on 24th June 2003
Annual Report 2002
105
Consolidated Statements of Income
4,610
14,890
1,742
176
2,692
4,318
7,891
703
8,594
17,159
82
62,146
23,729
427,358
274,226
50,016
Year Ended
12/31/02
19,736
4,402
15,334
1,311
3,178
18,425
110
7
1,750
3,324
8,189
1,857
10,046
12,730
(37)
50,346
27,829
372,008
150
245,000
35,990
Year Ended
12/31/01
Thousand of Euros
13,852
(3,242)
17,094
504
14,830
Debit
V. Consolidated income before taxes
(Add)/Less - Corporate income tax (Note 18)
VI. Consolidated income for the year
845
16,249
IV. Extraordinary income
III. Income from ordinary activities
Variation in fixed asset allowances (Note 8)
Losses on fixed assets
Extraordinary expenses
Amortization of consolidation goodwill
(Note 9)
Financial and similar expenses
(Notes 15, 16 and 17)
Exchange losses
Expenses:
Decrease in finished goods and
work-in-process inventories
Procurements
Personnel expenses (Note 21)
Depreciation and amortization expense
(Notes 5, 6 and 7)
Variation in operating allowances
Other operating expenses
I. Operating income
Less - Income attributed to minority
interests (Note 14)
VII. Net income for the year
for the years ended December 31, 2002 and 2001 (Notes 1, 2, 3 and 4)
106
Credit
Thousand of Euros
Revenues:
Net sales (Notes 17 and 21)
Increase in finished product and
work-in-process inventories
Capitalized expenses of in-house
work on fixed assets
Other operating revenues
Other financial revenues
Exchange gains
II. Financial loss
Reversal of negative consolidation goodwill
Income of companies accounted for by
the equity method (Note 8)
Gains on disposal of holdings
Gains on fixed assets (Note 7)
Capital subsidies transferred to
income for the year (Note 20)
Prior years' revenues and income
IV. Extraordinary loss
1,189
2,302
1,038
4,610
81
2,549
-
7,070
8,594
537
987
427,358
1,938
3,888
18,471
403,061
Year Ended
12/31/02
1,207
1,538
3,178
230
203
1,851
239
8,170
10,046
691
1,185
372,008
4,469
2,420
-
365,119
Year Ended
12/31/01
The accompanying Notes 1 to 27 and the Exhibit are an integral part of the
consolidated statement of income for 2002.
These Financial Statements are provisional until approved at the Shareholders’
Meeting to be held on 24th June 2003
Annual Report 2002
107
Notes to consolidated financial statements
Accordingly, most of the systems, equipment and facilities included in the Befesa
Group’s tangible fixed assets should be deemed to be assigned to the management and
treatment of industrial waste, the provision of environmental cleaning and engineering
services and, in general, to the protection and improvement of the environment, either
a. Recycling of aluminum waste.
b. Recycling of saline slag.
c. Recycling of zinc and desulfurization waste.
d. Management of industrial waste.
e. Industrial and oil and gas cleaning.
f. Environmental engineering.
Befesa is the Parent Company of an international industrial group which engages
mainly in the management and treatment of industrial waste and in the provision of
environmental cleaning and engineering services. The Befesa Group is currently
structured in the following six business areas:
On June 30, 1998, there was a public offering of the Company’s shares and the shares
were subsequently admitted to listing on the continuous market (Spanish computerized
trading system).
The Company’s corporate purpose is basically the acquisition, disposal and holding for
its own account of shares, other equity investments, bonds and debentures and any
other marketable securities and public and private debt securities, whether listed or not
on organized markets; the promotion, participation in and management of business
ventures and activities relating to the protection and recuperation of the environment
and to the rational use of natural resources; the recovery and treatment of all kinds of
raw materials and industrial residues and waste, including their recycling, recovery and
disposal; the prevention, treatment, control and elimination of industrial and urban
emissions, waste and residues; and the performance of studies and projects of all kinds
on procedures and facilities relating to the aforementioned activities, as well as their
exploitation.
On September 30, 1993, Befesa Medio Ambiente, S.A. (“the Company”) acquired
majority holdings in various companies with similar corporate purposes, thereby
becoming on that date the head of an industrial group (“the Group” or “the Befesa
Group”) operating in the environmental industry.
1. Group companies
for the year ended December 31, 2002
108
because of the business activity carried on by the Group or because of their nature.
Also, most of the 2002 expenses and revenues should be understood to have accrued
in the normal course of the aforementioned activities. The information on the
provisions for contingencies and expenses, if any, and on the contingencies, liability and
subsidies, if any, arising from the normal performance of the activities included in the
Group’s corporate purpose, and other environmental measures are described, as and if
appropriate, in the related notes to consolidated financial statements.
These activities are carried on by the various Group companies, which are divided into
three subgroups headed by the following investees of the Parent Company: MRH
Residuos Metálicos, S.L., Alianza Medioambiental, S.L. and Abensur, Servicios Urbanos,
S.A. The consolidated information on these subgroups is as follows:
Thousands of Euros (*)
Entity
Erandio
(Vizcaya)
Location
Recovery of waste
containing metals and
minerals
Line of Business
100%
100%
10,289
55,109
42,747
Capital
(56)
1,955
4,155
32,865
Reserves
(544)
811
7,901
8,161
Income
(Loss)
-
-
(5,330)
(4,025)
-
1,728
8,311
3,915
Minority
Interim
Interests
Dividend (Note 14)
MRH Residuos
Metálicos, S.L.
subgroup
Baracaldo
(Vizcaya)
Recovery of oils,
treatment of nonmetallic waste,
management of water
treatment plants and
supply networks
100%
991
Percentage
of
Ownership
Alianza
Medioambiental,
S.L. (AMA)
subgroup
Sevilla
Construction of
hydraulic and
environmental
engineering works
100%
Abensur
Servicios Urbanos,
S.A. subgroup
Integral corporate
management services
109
Madrid
Befesa Servicios
Corporativos, S.A.
ended December 31, 2002.
(*) Including adjustments for the purposes of uniformity. Consolidated net worth data for the year
Annual Report 2002
110
Also, the companies in the Alianza Medioambiental, S.L. and subsidiaries subgroup
(“AMA subgroup”), in the MRH Residuos Metálicos, S.L. and subsidiaries subgroup
(“MRH subgroup”), in the Abensur Servicios Urbanos, S.A. and subsidiaries subgroup
(“Abensur subgroup”) and Befesa Servicios Corporativos, S.A. are included in
consolidation (see Note 2-b) and the relevant information thereon are set forth in the
Exhibit to these notes to consolidated financial statements.
The data relating to Group companies which were not included in consolidation because
they were scantly material with respect to the accompanying consolidated financial
statements or because they were commencing operations are shown in Note 8.
As shown in the aforementioned Exhibit, certain consolidated subsidiaries engage in
electricity cogeneration activities. This business activity is regulated by Royal Decree
2818/1998 on the production of electricity at hydroelectric cogeneration facilities and
other facilities fed by renewable energy resources or sources. Pursuant to this Royal
Decree, all the power produced and not consumed by the companies is acquired by the
electric utility operating in each area and with which the related supply agreements
have been reached.
2. Basis of presentation of the consolidated financial statements
a) True and fair viewThe accompanying consolidated financial statements for 2002, which were prepared
from the accounting records of the Company and of the consolidated subsidiaries,
include certain accounting adjustments and reclassifications to conform the accounting
and presentation methods applied by the subsidiaries with those used by the Befesa
Group. These consolidated financial statements are presented in accordance with the
Spanish National Chart of Accounts and the accounting standards established in
corporate law and, accordingly, give a true and fair view of the net worth, financial
position and results of operations of the Company and the subsidiaries composing the
BEFESA Group and of the funds obtained and applied by them.
The financial statements of the Company and of each of the consolidated subsidiaries
for 2002 have not yet been approved by the respective Shareholders' Meetings.
However, the Parent Company’s directors consider that they will be approved without
any changes.
b) Consolidation principlesThe subsidiaries that were consolidated were those that are 50% or more directly
owned by the Company and which, together with the latter, constitute a single
decision-making unit (see Note 1) and the associated or multigroup companies that
make a material contribution to the consolidated financial statements.
The subsidiaries were fully consolidated and companies jointly managed with one or
more non-Group companies were proportionally consolidated. The investments in
associated companies included in the scope of consolidation were accounted for by the
equity method.
All material accounts and transactions between the fully consolidated companies were
eliminated in consolidation. The equity of minority interests in the subsidiaries’ net
worth and results is presented under the “Minority Interests” and “Income Attributed
to Minority Interests” captions in the accompanying consolidated balance sheet and
consolidated statement of income, respectively (see Note 14).
The equity method requires the value at which the investments are recorded in the
books of the company owning the investment to be replaced by the amount relating
to that company’s share in the net worth of the investee.
In this connection, it should be pointed out that the holding in the Ukrainian company
Intersplav amounts to 50.84% as regards the corporate rights attributable to capital
stock, and to 40% as regards dividend rights and rights to receive the assets
corresponding to the ownership interest in the event of liquidation. Accordingly, and
due to the situation in the country where this company is located, the Company’s
directors have chosen to carry this investment by the equity method. Had the
investment been fully consolidated, the effect on the various captions on the asset and
liability sides of the consolidated balance sheet and on the consolidated statement of
income as of December 31, 2002, would not have been material.
In accordance with standard practice, the consolidated financial statements do not
include the tax effect of including in the Company's accounts the accumulated reserves
and retained earnings of the other consolidated companies, since it is considered that
such reserves will be used as self-financing resources by the related companies.
Annual Report 2002
111
112
Translation of foreign currency financial statementsThe financial statements as of December 31, 2002, of Borg Austral, S.A., Adenur, S.A.,
Intersplav and Remetal TRP, Ltd. were translated to euros by the year-end rate method
and, accordingly, the assets and liabilities were translated at the year-end exchange
rates, the capital stock and reserves at the historical exchange rates and the revenues
and expenses at the average exchange rates for the year.
The portion attributable to the Group of the difference between translating the
revenues and expenses at the average exchange rates and the capital stock and
reserves at the historical exchange rates, and translating the assets and liabilities at
the year-end exchange rates is presented under the “Shareholders’ Equity Translation Differences” caption in the accompanying consolidated balance sheet as
of December 31, 2002, and amounted to €8,487 thousand (negative), of which
€3,619 thousand (negative) relate to Borg Austral, S.A., €1,899 thousand (negative)
to Intersplav, €2,476 thousand (negative) to Adenur, S.A. and €493 thousand
(negative) to Remetal TRP, Ltd. (see Note 13).
c) Comparative informationScope of consolidationThe Alianza Medioambiental, S.L. subgroup, and more specifically its Prisma, Promoción
de Industrias y Servicios Medioambientales, S.L. subgroup, was reorganized in 2002.
For this purpose, Alianza Medioambiental, S.L. contributed to Prisma, Promoción de
Industrias y Servicios Medioambientales, S.L. 40% of the shares of Trademed,
Tratamientos del Mediterráneo, S.L. Subsequently, Prisma, Promoción de Industrias y
Servicios Medioambientales, S.L. transferred to Alianza Medioambiental, S.L. the
holdings it then owned in Borg Austral, S.A., Adenur, S.A., Alfagran, S.L. and the
Tratamiento de Aceites y Marpoles, S.L. subgroup. Then, Prisma, Promoción de
Industrias y Servicios Medioambientales, S.L. carried out an upstream merger with
Trademed, Tratamientos del Mediterráneo, S.L. and adopted the latter’s corporate
name.
New companies were incorporated or acquired in 2002 and included in the scope of
consolidation. The main inclusions were as follows:
– Befesa Gestión de Residuos Industriales, S.A. was incorporated through the AMA
subgroup.
100.00%
100.00%
78.49%
% of Ownership
– Alianza Befesa Egmasa, S.L. was formed through the AMA subgroup and 50% of its
shares were subsequently sold at no gain to Empresa de Gestión Medioambiental,
S.A. This company was formed to operate and manage the hazardous waste
inertization plant at Palos de la Frontera (Huelva) (see Note 6).
– A 70.04% holding in Leitek Luz y Tecnología, S.A. was acquired in April 2002
through the AMA subgroup. This company is the parent company of the following
entities:
Berako, S.A.
Berako Equipos Especiales, S.A.
Hidro Clean, S.A.
This acquisition had a cost of approximately €9,155 thousand and gave rise to
consolidation goodwill of €6,496 thousand. This goodwill is being amortized over 20
years, since this is the estimated period over which this holding will contribute to the
obtainment of income for the Group (see Notes 3-a and 9).
100.00%
21.51%
% of Ownership
– A 70.00% holding in Ecomat, S.A. was acquired in April 2002 through the AMA
subgroup. This company is the parent company of the following entities:
Hidro Limp, S.A.
Hidro Clean, S.A.
This acquisition had a cost of approximately €4,018 thousand and gave rise to
consolidation goodwill of €1,865 thousand. This goodwill is being amortized over 20
years, since this is the estimated period over which this holding will contribute to the
obtainment of income for the Group (see Notes 3-a and 9).
The acquisition of Ecomat, S.A. also gave rise to consolidation goodwill at the Befesa
Group of approximately €1,066 thousand, which is the goodwill Ecomat, S.A.
generated in prior years on the acquisition of its ownership interest in Hidro Clean,
S.A. This goodwill is being amortized over 20 years, since this is the estimated period
Annual Report 2002
113
114
over which this holding will contribute to the obtainment of income for the Group
(see Notes 3-a and 9).
The Befesa Group, through the AMA subgroup, granted the minority shareholders of
Laitek Luz y Tecnología, S.A. and of Ecomat, S.A. a unilateral and irrevocable promise
to purchase (put option for the minority shareholders) 29.96% of the shares of Laitek
Luz y Tecnología, SA. and 30.00% of the shares of Ecomat, S.A. In turn, the current
minority shareholders granted a unilateral and irrevocable promise to sell (call option
for the Befesa Group) these holdings. These put and call options are free and may
only be exercised at one time for all the aforementioned percentage holdings when
five years and five years and six months, respectively, have elapsed from August 2,
2001. The put and call options must be exercised within the stipulated period. The
price to be paid by Befesa for each of the shares under the put and call options,
respectively, shall be the value attributable to each share of a multiplier on the EBITDA
for the last fiscal year ended prior to the date on which the option is exercised, with
a minimum amount for all the shares of €5,589 thousand plus the amount
contributed by the sellers in any possible capital increase.
– All the shares of Comercial Sear, S.L. were acquired in April 2002, through the AMA
subgroup, for approximately €2,533 thousand, giving rise to consolidation goodwill
of €2,287 thousand. This goodwill is being amortized over 20 years, since this is the
estimated period over which this holding will contribute to the obtainment of income
for the Group (see Notes 3-a and 9). €481 thousand of the aforementioned
acquisition price, which are payable in 2004, were outstanding as of December 31,
2002, and this amount is recorded under the “Long-Term Debt – Other Payables”
caption in the accompanying consolidated balance sheet (see Note 16).
– A 52.5% holding in Complejo Medioambiental de Andalucía, S.A. was acquired in
December 2002 from various shareholders, basically from Terraire, S.A. (see Note 13),
through the AMA subgroup, for approximately €23,075 thousand. As a result of this
acquisition, the Befesa Group owns all the shares of this company. This acquisition
gave rise to consolidation goodwill of €18,258 thousand, which will be amortized in
20 years, since this is the estimated period over which this holding will contribute to
the obtainment of income for the Group (see Notes 3-a and 9). Of the
aforementioned acquisition price, €200 thousand payable in 2003 and €351
thousand payable in 2004, were outstanding as of December 31, 2002, and these
amounts are recorded under the “Current Liabilities – Other Nontrade Payables” and
“Long-Term Debt – Other Payables” captions, respectively, in the accompanying
consolidated balance sheet (see Note 16).
– Shares making up a 99.91% holding in Suministros Petrolíferos de Mediterráneo,
S.A. were acquired in 2002 through the AMA subgroup for approximately €277
thousand, giving rise to consolidation goodwill of €186 thousand. This goodwill is
being amortized over 20 years, since this is the estimated period over which this
holding will contribute to the obtainment of income for the Group (see Notes 3-a
and 9).
Certain companies acquired in prior years were included in the scope of consolidation
of the Befesa Group for the first time in 2002. In prior years they were not
consolidated because their contribution was not material. The detail of these
companies as of December 31, 2002, indicating the consolidation method used and
the ownership interest therein, was as follows:
Equity methodEcología Canaria, S.A. (Note 8)
Through the AMA subgroupFull consolidationAdenur, S.A.
50.00%
50.00%
45.00%
100.00%
% of Ownership
Through the Tracemar subgroupProportional consolidationDi Nunzio, S.A. (*)
Urbaoil, S.A.
(*) This holding was acquired in 2001, giving rise to consolidation goodwill, in the percentage
attributable to the Befesa Group, of €455 thousand, which is being amortized over 20 years (see
Notes 3-a and 9).
Recording of tax assetsIn accordance with an ICAC Resolution dated March 15, 2002, the Group recorded tax
assets relating to tax credits and tax relief which had not been used for tax purposes as
of December 31, 2002, the effect of which is disclosed in Note 18. This fact should be
taken into account in order to be able to properly compare the 2001 and the 2002
figures.
Annual Report 2002
115
116
3. Valuation standards and accounting principles applied
The main accounting principles and valuation methods applied in preparing the
accompanying 2002 consolidated financial statements were as follows:
a) Consolidation goodwillThe accompanying consolidated balance sheet includes €87,045 thousand of
consolidation goodwill, net of amortization, representing the positive difference in
consolidation between the amounts paid to acquire the shares of consolidated
subsidiaries and their underlying book values on the date of acquisition or first-time
consolidation (see Note 9).
The Group amortizes goodwill on a straight-line basis over 20 years from the date of
acquisition of the holdings, since this is the estimated period in which this goodwill will
contribute to generating revenues for the Group. Accordingly, the Company recorded
amortization of approximately €4,318 thousand with a charge to the “Amortization of
Consolidation Goodwill” caption in the accompanying consolidated statement of
income (see Note 9).
b) Negative consolidation differenceThe negative consolidation difference relates to the negative difference between the
amounts paid in previous years to acquire shares of consolidated subsidiaries and the
underlying book value of the shares on the date of acquisition or first-time
consolidation.
This negative consolidation difference is not amortized and, if appropriate, will be
recorded as a revenue when the related holdings are sold.
c) Accrual principleRevenues and expenses are recognized on an accrual basis for accounting purposes.
d) Start-up expensesThese relate mainly to capital increase, preopening and preoperating expenses. The
Group companies amortize these expenses on a straight-line basis over five years (see
Note 5).
e) Intangible assetsThe amounts relating to intellectual property are recorded at their acquisition or
production cost and are amortized over five years (see Note 6).
Research and development expenses are recorded at acquisition or production cost and
the projects are clearly defined. These expenses are amortized over five years on a
systematic basis and the technical, economic and financial potential of each project is
reviewed at the end of each year. If a project is progressing negatively or there are no
financing plans to assure effective completion, the related amount is expensed currently
in full (see Note 6).
Computer software is recorded at acquisition cost and is amortized over five years (see
Note 6).
The rights under financial lease contracts are recorded as intangible assets at the cash
value of the related assets, and the total debt for lease payments plus the amount of the
purchase option are recorded as a liability. The difference between the two amounts,
which represents the interest expenses on the transaction, is recorded as a deferred
expense and is allocated to income each year by the interest method (see Note 6).
Easements relate to the cost paid by the subsidiary Rontealde, S.A. for indefinite-term
right of way, since its land and facilities are located in the industrial complex of another
company. This cost was allocated to the Company’s land and facilities in equal
proportions and, accordingly, the amortization is based on 50% of the value and is
being taken on a straight-line basis over 25 years, the estimated useful life of the plant
(see Note 6).
The administrative concessions relate basically to the tender rights paid by Abensurasa,
A.I.E. to the El Ejido Municipal Council to obtain the right to participate as a private
partner with a 70% equity investment in Empresa Mixta de Servicios Municipales de El
Ejido. This cost is being amortized on a straight-line basis over the life of the concession,
which is established at 25 years.
f) Tangible fixed assetsTangible fixed assets are stated at acquisition cost revalued, if appropriate, pursuant to
the applicable enabling legislation, including Vizcaya Regulation 6/1996 and Asset
Revaluation Royal Decree 2607/1996 (see Notes 7 and 13).
Annual Report 2002
117
118
25
10
5
4
–
–
–
–
50
25
10
10
Average Years of Useful Life
The Group companies depreciate their tangible fixed assets by the straight-line method
at annual rates based on the following years of estimated useful life:
Structures
Plant and machinery
Other fixtures, tools and furniture
Other tangible fixed assets
Upkeep and maintenance expenses are expensed currently.
Financial expenses and exchange differences relating directly to tangible fixed assets
and incurred during the related construction period are capitalized.
g) Financial investmentsLong-term investments (see Notes 1, 2 and 8)1. Investments in Group or associated companies not included in consolidation:
The investments in nonconsolidated Group and associated companies are valued at
their acquisition cost in the consolidated financial statements. Value adjustments are
made by recording the related allowances when acquisition cost is higher than the
underlying book value of the investee, taking into account the unrealized gains
disclosed at the time of the acquisition and still existing at the date of subsequent
valuation. Had these investments been consolidated, the effect as of December 31,
2002, would not have been material (see Note 8).
2. The other long-term investments are valued at the lower of acquisition cost or
market.
Short-term investments (Note 12)Short-term investments are valued at the lower of cost or market. Short-term loans are
recorded at repayment value, which includes the principal and accrued interest at yearend.
h) InventoriesThe Group’s inventories are valued as follows (see Note 10):
1. Raw materials and merchandise: at the lower of FIFO cost or market.
2. Ancillary products, consumables and replacement parts: at the lower of the price per
the last invoice or market value. The value resulting from the valuation of these
products at the price per the last invoice does not differ significantly from FIFO cost.
3. Semifinished and finished goods: at the lower of market value or average production
cost. Production cost is calculated as the specific cost of the supplies and services plus
the applicable portion of the direct and indirect cost of labor and general
manufacturing expenses.
4. Work-in-process: this is valued by the percentage-of-completion method under
which the result on a project is calculated by applying to the projected final result on
each project in process the percentage resulting from comparing the actual direct
and indirect costs incurred with the projected total direct and indirect costs.
Additionally, for projects in process the Company does not allocate a percentage of
completion exceeding the percentage of the advances billed to the customer. Based
on this policy, the projected final result on the projects is determined on the basis of
the difference between:
– Total revenues to be obtained on the basis of the sale price stipulated in the
contract, and revenues arising from modifications previously accepted by
customers, contract price revisions, settlements and other applicable items; and
– Actual costs incurred through the valuation date plus an estimate of the costs to
be incurred through completion of the project.
If a final loss is projected, the loss is recorded in full when it becomes known.
i) SubsidiesOperating subsidies are recorded in full as revenues in the year in which notification
that they will be granted is received, provided that there is reasonable certainty
regarding their collection.
Annual Report 2002
119
120
Capital subsidies (see Note 20) are recorded at the amount granted and are allocated
to income in proportion to the period depreciation on the subsidized assets, except in
the case of nondepreciable assets, the subsidies for which are allocated to income in
the year in which the related assets are sold or relieved from the accounts.
j) Corporate income taxThe expense for corporate income tax of each year is calculated on the basis of book
income before taxes, increased or decreased, as appropriate, by the permanent
differences from the taxable income, net of tax relief and tax credits arising and
deducted in the year, excluding tax withholdings and prepayments (see Note 18).
The tax benefit relating to tax loss carryforwards, tax credits and tax relief, as
appropriate, is recorded as a deduction of corporate income tax for the year in which
entitlement to the deduction arises, provided that there are reasonable estimates of the
future performance of the various Group companies at individual level or of the
companies composing the consolidated tax Group, as appropriate, which indicate that
these deductions may be taken in the future, as indicated in Note 18.
The tax rate applicable to the Group companies located in the Basque Country is 32.5%
and that applicable to the Ukrainian company Intersplav is 30%. A tax rate of 35% is
applicable to the other companies.
k) Foreign currency transactionsThe balances of trade accounts payable and receivable (denominated in non-euro area
currencies) are valued at the exchange rates ruling at the transaction date, and are
adjusted at year-end to the exchange rates then prevailing, except for those currencies
that have been hedged. Exchange losses, if any, are charged to income. Exchange gains
are deferred until they are effectively realized.
As of December 31, 2002, the Company had arranged exchange rate hedge
transactions relating to advances to suppliers for US$ 3,317 thousand (see Note 10).
l) Sales of futuresIn 2002 various Group companies carried out transactions in the metals futures market
(mainly zinc and primary and secondary aluminum) to fully or partially cover sales of
physical tonnes containing these metals.
The differences in the market prices arising as a result of the continuous fluctuations of
futures traded on organized markets are treated in accordance with the following
criteria:
– Positive or negative differences arising due to variations in the market price of futures
transactions which are genuine risk-hedging deals are recorded by adjusting the value
of the main hedged transaction.
– Positive or negative differences arising on transactions that are not defined as
hedging are allocated directly to the income statement over the life of the
transaction, and a theoretical close is performed on the open transactions based on
market prices.
The result of the futures transactions for the year ended December 31, 2002, was a
gain of €998 thousand for transactions closed in the year, and a gain of €366
thousand for transactions open at year-end.
m) Provisions for pensions and similar obligationsCertain Group companies have various obligations to their employees to supplement
their social security retirement pensions. These obligations had been externalized as of
December 31, 2002. The obligations of the subsidiaries as sponsors of the related
pension plans are to contribute a percentage of the pensionable salary of their
employees.
Also, the provision of approximately €394 thousand as of December 31, 2001,
recorded by the subsidiary Refinalsa for supplementary unemployment benefit, early
retirement benefit and other commitments to employees who were terminated
pursuant to the labor force reduction plans implemented in previous years has been
released in 2002 since these commitments have been externalized (see Note 19).
n) Severance costsUnder current labor regulations, the Group companies are required to pay severance to
employees terminated without just cause.
Since the Parent Company’s directors do not expect any future terminations which
would give rise to material liabilities, no provision has been recorded in this connection.
Annual Report 2002
121
122
4. Distribution of the Parent Company’s income
1,133
984
9,219
11,336
11,336
11,336
Thousands of Euros
The Parent Company’s Board of Directors will propose to the Shareholders’ Meeting the
following distribution of income for the year ended December 31, 2002:
Distributable income:
Income for the year
Distribution:
To legal reserve
To voluntary reserves
On August 2, 2002 and December 18, 2002, the Company’s directors resolved to
distribute two interim dividends of €4,609 thousand each (€0.17 gross per share
carrying dividend rights) out of 2002 income. These interim dividends were paid in full
in 2002 (see Note 13).
5,367
5,367
537
4,830
4,609
23
24,605
17,999
6,629
Thousands of Euros
The provisional accounting statement prepared in accordance with Article 216 of the
revised Corporations Law stating the existence of sufficient liquidity as of July 22, 2002,
for the distribution of the interim dividend of €4,609 thousand is as follows:
Income before taxes
Accrued corporate income tax
Income after taxes
Allocation to legal reserve
Amount proposed for distribution
Cash and cash equivalents
Receivables and other
Current liabilities
Liquidity
4,609
4,609
107
37,364
29,837
7,634
10,890
(840)
11,730
1,173
10,557
Thousands of Euros
The provisional accounting statement prepared in accordance with Article 216 of the
revised Corporations Law stating the existence of sufficient liquidity as of December 15,
2002, for the distribution of the interim dividend of €4,609 thousand is as follows:
Income before taxes
Accrued corporate income tax
Income after taxes
Allocation to legal reserve
Interim dividend already
paid during the year
Amount proposed for distribution
Cash and cash equivalents
Receivables and other
Current liabilities
Liquidity
5. Start-up expenses
Net Balance
at 12/31/01
140
5
123
268
Changes in the
Scope of
Consolidation
(Note 2-c)
67
178
559
804
Additions
(27)
(27)
Retirements
(30)
(344)
(700)
(6)
(1,080)
Provisions
486
361
4,030
84
4,961
Net Balance
at 12/31/02
123
309
549
4,048
90
4,996
The variations in the year ended December 31, 2002, in the “Start-Up Expenses”
caption in the accompanying consolidated balance sheet were as follows:
Thousands of Euros
Incorporation expenses
Capital increase expenses
Preopening expenses
Other
The balance of the “Preopening Expenses” account includes the amount, net of
amortization, of all the expenses incurred by the Group companies from inception
Annual Report 2002
124
through the date on which they completed the activities prior to the entry into
operation of the facilities and production equipment. The additions relate mainly to the
expenses incurred in the incorporation and start-up in 2002 of Befesa Gestión de
Residuos Industriales, S.A., which is part of the AMA subgroup (see Note 2-c).
The “Preoperating Expenses” account includes the expenses incurred by Remetal T.R.P.,
Ltd. in 2001 in the start-up of the plant for the treatment of saline slag. The net
unamortized balance as of December 31, 2002, amounted to approximately €2,108
thousand.
The Parent Company Befesa Medio Ambiente, S.A. recorded under the “Capital
Increase Expenses” caption in 1998 the stamp tax paid in that year amounting to €229
thousand. However, this Company had filed an appeal before the Madrid High Court.
A decision was handed down in this connection in 2002 upholding the Company’s
claim and ordering the Directorate-General of Taxes of Madrid to refund the amount
paid by the Company and to pay the related interest, for a total amount of €285
thousand. This amount had not yet been collected as of December 31, 2002, and was
recorded with a charge to the “Taxes Receivable” caption in the accompanying
consolidated balance sheet at that date (see Note 18) and with a credit to the “Other
Operating Revenues” caption in the accompanying 2002 consolidation statement of
income, net of the unamortized amount of €27 thousand. Additionally, the Parent
Company recorded as additions to this caption expenses of €100 thousand relating to
the capital increase carried out in 2001.
The “Other” caption in the foregoing table includes basically the expenses incurred in
connection with the new combustion plant of the subsidiary Rontealde, S.A., which
consist of expenses directly relating to production (basically plant personnel expenses)
incurred by the company in connection with the investments made in its production
plant in 1995, which led to the temporary halting of production.
6. Intangible assets
The variations in the year ended December 31, 2002, in intangible asset accounts and
in the related accumulated amortization were as follows:
Thousands of Euros
CostIntellectual property
Research and development expenses
Computer software
Rights on leased assets (Note 7)
Easements (Note 3-e)
Administrative concessions
Accumulated amortizationIntellectual property
Research and development expenses
Computer software
Rights on leased assets
Easements (Note 3-e)
Administrative concessions
Net
1,243
2,805
881
11,826
639
12,910
30,304
Balance at
12/31/02
(151)
(3,877)
(4,028)
(23)
(1,692)
(525)
(1,233)
(252)
(2,765)
(6,490)
23,814
Transfers
(Notes 7
and 8)
(371)
(124)
(495)
(23)
(23)
Retirements
24
732
117
2,830
4,959
8,662
58
371
40
469
Additions/
Provisions
1
514
46
1,747
69
2,377
(21)
(332)
(108)
(637)
(43)
(466)
(1,607)
Changes in
the Scope of
Balance at Consolidation
12/31/01
(Note 2-c)
1,218
1,930
718
7,524
639
11,759
23,788
(1)
(43)
(31)
(300)
(31)
(406)
1,971
125
(59)
(1,688)
(426)
(273)
(209)
(2,268)
(4,923)
18,865
The main additions in 2002 to the “Intangible Assets - Rights on Leased Assets” caption
relate to financial lease contracts entered into by Alfagran, S.L. and certain Tracemar
subgroup companies.
Additionally, in 2002 the Group company Befesa Gestión de Residuos Industriales, S.A.
entered into an agreement with Empresa de Gestión Medioambiental, S.A. which
enabled the Group to enter the business of operation and management of the
hazardous waster inertization plant at Palos de la Frontera, owned by the
aforementioned company, by virtue of an administrative concession for waste
management granted to it by the Andalusia Autonomous Community Government.
The amount paid as a consideration amounted to €3,310 thousand and is recorded
under the “Administrative Concessions” caption. Under this agreement, a new
company, Alianza Befesa Egmasa, S.L., was incorporated (see Note 2-c). Under this
agreement, the Group undertook to buy the facilities of the aforementioned plant,
Annual Report 2002
126
owned by Empresa de Gestión Medioambiental, S.A., within a maximum period of
three years for €1,562 thousand, adjusted to present value at the purchase date.
Empresa de Gestión Medioambiental, S.A. undertakes to take over the aforementioned
administrative concession from Alianza Befesa Egmasa, S.L. on the purchase date. Until
then, the new company incorporated for the operation and management of the abovementioned plant will pay an annual amount of €240 thousand for the use of the
aforementioned facilities.
Research and development expenses relate mainly to the cost of the projects conducted
by the Group to carry on its business activities. This cost includes direct labor costs, a
portion of allocable indirect expenses, and external costs valued at their acquisition
price.
The assets which are recorded as of December 31, 2002, under financial lease contracts
relate basically to a hydroelectric plant, a cogeneration engine, various installations and
an industrial building for €5,085 thousand, €765 thousand, €588 thousand and €901
thousand, respectively, which were leased by Iniciativas Hidroeléctricas, S.A., Aceite
Usados y Recuperación Energética de Andalucía, S.L., Alfagran, S.L., and Suministros
Petrolíferos del Mediterráneo, S.L., respectively (the latter was leased during the year).
The financial lease contract terms vary in general from three to five years, except for the
financial lease of the hydroelectric plant and the industrial building, the terms of which
are 15 and 13 years, respectively. The data on the financial lease contracts in force as
of December 31, 2002, are as follows:
Prior Years
1,565
2002
9,370
Lease Payments
Outstanding
with Purchase
Option
(Notes 15 and 16)
296
Value of
Purchase
Option
Thousands of Euros
Original Cost
2,107
Lease payments
11,826
7. Tangible fixed assets
(7,000)
(83,006)
6,483
24,183
21,440
261,504
34,063
175,335
(713)
(1,118)
(8,279)
11,782
(150)
(6,298)
1,154
632
3,260
20,061
1,886
13,129
(1,760)
(700)
(14,472)
(1,184)
(10,828)
1,033
4,410
492
16,111
2,758
7,418
225
229
1,878
1
1,423
(278)
(309)
(3,583)
(902)
(2,094)
(3,819)
4,243
23
2,282
(2,683)
14,732
(24,562)
(14,704)
(4,631)
1,593
18,310
Transfers
(Note 6)
10
14
1,193
1,169
(30)
(65)
(21)
(5,326)
(5,210)
Translation
Differences
(10,569)
(4,426)
(121,269)
162,867
(6,051)
(100,223)
23,094
4,598
10,158
284,136
39,398
206,888
Balance
at
12/31/02
127
(4,512)
(7,094)
(101,612)
159,892
Changes in
Balance the Scope of
Consolidation Additions/
at
(Note 2-c) (Provisions) Retirements
12/31/01
The variations in the year ended December 31, 2002, in tangible fixed asset accounts
and in the related accumulated depreciation were as follows:
Thousands of Euros
CostLand and structures
Plant and machinery
Other fixtures, tools,
furniture and computer hardware
Construction in progress
Accumulated depreciationStructures
Plant and machinery
Other fixtures, tools,
furniture and computer hardware
Net
As indicated in Note 3-f, the Group companies Rontealde, S.A., Compañía Industrial
Asúa-Erandio, S.A., Remetal, S.L., Zindes, S.A., Cartera Ambiental, S.A. and Refinados
del Aluminio, S.A. (see Note 1) revalued their tangible fixed assets pursuant to the
applicable enabling legislation on asset revaluations. The net effect of the revaluations
as of December 31, 2002, totaled approximately €6,779 thousand, and the
revaluations increased the depreciation expense for 2002 by €769 thousand.
The most significant additions in 2002 relate to the investments for the construction of
the Procesos Ecológicos Vilches, S.A., and Remetal T.R.P., Ltd. plants, and to
investments by other companies in the Remetal subgroup, amounting to approximately
€564 thousand, €1,822 thousand and €1,736 thousand, respectively. The subsidiary
Annual Report 2002
128
Compañía Industrial Asúa-Erandio, S.A. made significant investments during the year in
the expansion and improvement of buildings and the acquisition of machinery and
fixtures totaling approximately €3,344 thousand.
In 2002 the subsidiary Remetal, S.L. retired tangible fixed assets with a cost of €1,406
thousand and accumulated depreciation as of December 31, 2002, of €1,296
thousand, and obtained €94 thousand from the sale. The Group recorded the related
capital gains and losses which amounted to approximately €7 thousand and €23
thousand, respectively.
Suministros Petrolíferos del Mediterráneo, S.L., by virtue of a lease-back transaction
arranged with a financial institution during the year, recorded the addition and
subsequent disposal of the assets affected by the transaction, amounting to €902
thousand, under the “Land and Structures” caption in the accompanying consolidated
balance sheet and recorded the financial lease contract under the “Rights on Leased
Assets” caption (see Note 6). The Group did not record any gain or loss on this
transaction.
In 2002 the investee Abengoa Servicios Urbanos, S.A., which is part of the Abensur
subgroup, transferred to the “Inventories” caption work-in-process amounting to
€4,782 thousand which had been recorded under the “Construction in Progress”
caption (see Note 10).
The Group takes out insurance policies to cover the possible risks to which its tangible
fixed assets are subject. As of December 31, 2002, these assets were reasonably
insured.
As of December 31, 2002, the cost of the fully depreciated tangible fixed assets in use
amounted to approximately €25.7 million.
8. Long-term investments
The variations in the year ended December 31, 2002, in the balances of this caption in
the consolidated balance sheet were as follows:
Thousands of Euros
Accounts receivableLoans to Group companies
Loans to associated companies
Other long-term loans
Equity investmentsIn companies accounted
for by the equity method (Note 2)
In Group companies
In associated companies
Other long-term investments
Guarantees and deposits given
Less- AllowancesInvestments in Group companies
Investments in associated companies
Other investments
(361)
-
1,685
1,199
11,057
1,006
7,167
-
(243)
(786)
(1,648)
(581)
(38)
-
2,549
2,549
-
-
(1,687)
(1,687)
-
(724)
(2,347)
(241)
(3,312)
24,670
8,243
3,392
5,834
177
910
27,982
238
750
8,438
Balance
at
12/31/02
174
750
1,309
422
(496)
253
(182)
(3)
(1,518)
(221)
(1,742)
Changes in
Balance the Scope of Additions
Carried by Translation
Consolidation and Transfers
at
the Equity Differences
(Note 2-c)
12/31/01
(Note 6) Retirements Method
(Note 13)
6,959
2,203
5,834
420
244
17,893
-
129
(721)
(829)
(20)
(1,570)
16,323
The “Loans to Associated Companies” caption relates to the loans to the DramarAndalucía and Urbamar-Levante joint ventures which are recorded at 50% of the
amount granted since the Tracemar subgroup is proportionally consolidated (see Note
2-c).
The “Long-Term Loans” caption relates basically to a loan of €595 thousand from
Abensur Medio Ambiente, S.A. to one of the joint ventures in which it has an
ownership interest, which earns interest at Mibor+0.5%, and an account receivable by
Empresa Mixta de Servicios Municipales de El Ejido, S.A. from the El Ejido Municipal
Council, amounting to €4,301 thousand. These amounts are mainly due in 2004. In
2002 this caption also includes the account receivable from one of the joint ventures in
which Abensur Medio Ambiente, S.A. participates for the amount of €3,877 thousand
paid for construction of a urban solid waste recovery and composting plant, which will
Annual Report 2002
130
be recovered through operation of the aforementioned plant by this joint venture (see
Note 6). Additionally, €339 thousand were transferred to short term in 2002.
The main variations in long-term investments were as follows:
Investments in Group companies• In 2002 80% holdings were acquired through the AMA subgroup in Tria Equip de
Gestió Ambiental, S.L. and Procesos y Gestión Ambiental, S.L. for approximately
€519 thousand and €572 thousand, respectively. Additionally, a 50% holding in
Flores e Hijos, S.A. was acquired through the Tracemar subgroup for €291 thousand.
These companies were not included in the consolidated Group in 2002 because they
were acquired recently, they are not material and there was no involvement in their
management in 2002.
Investments in companies accounted for by the equity method-
(1,687)
8,243
2,549
422
6,959
Thousands of Euros
The variations in the “Investments in Companies Accounted for by the Equity Method”
caption were as follows:
Balance at December 31, 2001
Income of companies accounted
for by the equity method
Changes in the scope of consolidation
arising in the year
Ecología Canaria, S.A. was included for the first time in 2002 in the scope of
consolidation of the Befesa Group (see Note 2-c).
Of the total amount of “Investments in Companies Accounted for by the Equity
Method” as of December 31, 2002, €4,178 thousand relate to Intersplav, €3,153
thousand to Deydesa 2000, S.L., €462 thousand to Ecolube, S.A. and €450 thousand
to Ecología Canaria, S.A.
Following is certain information on the investments in Group and associated companies
which were not accounted for by the equity method or fully consolidated because they
are in the process of being liquidated, have not commenced operations, do not
constitute a decision-making unit or are scantly material (see Notes 1 and 3-g):
3
3
3
150
28
37
(715)
-
(3)
(3)
(3)
-
60
188
257
60
3
6
727
3
5
62
3
3
3
150
30
61
Capital
Stock
(2)
125
1
122
(60)
36
(3)
9
61
-
Reserves
(1)
(20)
(135)
(18)
140
47
60
1
-
(102)
(3)
(136)
1
13
-
Income
(Loss)
Thousands of Euros
99.8%
99.8%
99.9%
100%
94%
60%
726
89
715
25
(724)
4
(1,837)
20
Allowance
99.8%
47.5%
100%
100%
60
37
134
291
519
572
3,392
(303)
(2)
337
-
Cost per
Books
Group companies:
Aureca, Aceites Usados y Recuperación
Energética del Principado de Asturias, S.L.
Inarco, S.L.
Nuema, Nuevas Energías Madrid, S.L.
Ciclafarma, S.A..
B.F. Tiver, S.L.
Internet Recicla, S.A.
Centro de Áreas de Reciclado y
tratamientos Ambientales (CARTAMB), S.L.
Vicente Fresno Aceites, S.L.
Tec-88, S.L.
Remetal Trading and Investment, A.G.
100%
20%
50%
50%
80%
80%
1,849
1,082
2,488
325
Percentage
of Direct and
Indirect
Ownership
Complejo Medioambiental de Navarra, S.A.
ABG Servicios Medioambientales, S.A.
Complejo Ambiental Andino, S.A.
Flores e Hijos, S.A.
Tria Equip de Gestió Ambiental, S.L.
Procesos y Gestión Ambiental, S.L.
51%
50%
100%
100%
(126)
(1,500)
(721)
(2,347)
131
945
541
2,488
325
1,535
5,834
Associated companies:
Donsplav
Energías Renovables Leonesas, S.A.
Abensur Trading Company
Aguas de Baena, A.I.E.
Other
Annual Report 2002
Group companies:
Energética del Principado de Asturias, S.L.
Inarco, S.L.
Nuema, Nuevas Energías Madrid, S.L.
Ciclafarma, S.A.
B.F. Tiver, S.L.
Internet Recicla, S.A.
Centro de Áreas de Reciclado y
Tratamientos Ambientales (CARTAMB), S.L.
Vicente Fresno Aceites, S.L.
Tec-88, S.L.
Remetal Trading and Investment, A.G.
Complejo Medioambienteal de Navarra, S.A.
ABG Servicios Medioambientales, S.A.
Flores e Hijos, S.A.
Tria Equip de Gestio Ambiental, S.L.
Procesos y Gestión Ambiental, S.L.
Associated companies:
Donsplav (*)
Energías Renovables Leonesas, S.A.
Abensur Trading Company
132
Ukraine
León
Uruguay
Córdoba
Madrid
Zamudio (Vizcaya)
Erandio (Vizcaya)
Zürich (Switzerland)
Pamplona
Bilbao
Lima ( Peru)
Madrid
San Celoni ( Barcelona)
Sant Cugat del Valles
( Barcelona)
Madrid
Madrid
Madrid
Madrid
Gijón
Madrid
Registered Office
Treatment of waste
Promotion of renewable energies
Services
Upkeep and cleaning services in the
Baena municipality
Environmental platform
Collection and sale of used oils and waste management
Instrumentality company. Inactive
Trading of metals
Deposit of special waste
Performance of environmental studies and projects
Environment
Collection of used oils
Waste management intermediation
Waste management intermediation
Inactive
Inactive
Inactive
Recycling of pharmaceutical waste
Environmental protection
Inactive
Line of Business
Residuos Metálicos Subgroup, is 51%; however, for the purpose of receiving dividends and assets
(*) The holding in the capital stock of Donsplav owned through Remetal, S.L., a company in the MRH
in the event of liquidation, the Company’s percentage of ownership is set at 40%.
Other associated companiesIn addition to the aforementioned holdings, Remetal, S.L. has holdings of 32% in
Krasbilmet and of 26% in Obimet, with a gross cost per books of approximately €639
thousand and €156 thousand, respectively. The Parent Company does not have
uniform balance sheets of these mentioned companies; the allowances recorded in
prior years for these companies totaled €639 thousand and €82 thousand,
respectively. These allowances were recorded mainly because of the economic and
financial position of these companies and of the economic situation in Russia and the
Ukraine, the countries where they are located and which are in a period of recession
and are experiencing serious economic difficulties.
9. Consolidation goodwill
177
(4,318)
87,045
60,968
30,218
Thousands of Euros
The variations in the year ended December 31, 2002, in this caption in the
accompanying consolidated balance sheet were as follows (Notes 2-c and 3-a):
Additions
Changes in the scope
of consolidation (Note 2-c)
Amortization (Note 3-a)
The detail of the ending balance of the goodwill and of the related accumulated
amortization is as follows:
Annual Report 2002
133
Company
Thousands of Euros
Unquinaval, S.L.
Deydesa 2000, S.L.
Compañía Industrial Asúa-Erandio, S.A.
Remetal, S.L.
Sondika Zinc, S.A.
Zindes, S.A.
Borg Austral, S.A.
TRESPI
Suministros Petrolíferos del Mediterráneo, S.L.
Dramar-Andalucía and Urbamar-Levante
joint ventures
Aurecan, Aceites Usados
y Recuperación Energética de Andalucía, S.L.
Retraoil, S.L.
Ecolube, S.A.
Abensur Servicios Urbanos, S.A.
Intersplav
Etrinsa, Europea
de Tratamientos Industriales, S.A.
Laitek Luz y Tecnología, S.A.
Ecomat, S.A.
Hidro Clean, S.A.
Di Nunzio, S.A.
Recuperación de Rodas e Madeira, S.L.
de Andalucía, S.A.
Altamira Medioambiental, S.L.
134
117
1,738
4,911
6,981
5,144
20,833
499
968
3,016
582
292
35
-
-
186
455
-
(52)
8
-
-
(234)
-
(1)
(4,318)
(10)
(325)
(93)
(53)
(23)
(1)
(114)
(69)
(109)
(110)
(575)
(19)
(78)
(283)
(386)
(438)
(1,301)
(38)
(57)
(177)
(34)
(15)
(9)
Amortization
18,258
39
87,045
190
6,171
1,772
1,013
432
19
2,173
1,903
1,971
10,635
31
205
98
1,426
4,628
6,595
4,706
19,532
461
911
2,839
548
277
212
Net Ending
Balance
12/31/02
Changes in the
Scope of
Consolidation
(Note 2-c)
52
2,004
2,081
11,210
31
274
6,496
1,865
1,066
20
2,287
177
Additions
(Note 2-c)
200
18,258
40
30,218
Net Goodwill
12/31/01
60,968
10. Inventories
The breakdown of the balance of this caption in the accompanying consolidated
balance sheet as of December 31, 2002, is as follows:
Finished goods
Merchandise
Semifinished goods
Work-in-process
Ancillary products
Consumables and replacement parts
Raw materials
By-products
Advances to suppliers
Allowances
Thousands of Euros
9,554
2,940
3,089
23,504
160
2,561
8,584
1,065
2,988
(53)
54,392
In accordance with generally accepted accounting principles, the sales made without a
fixed final price are valued at the year-end market price of the related metal and currency.
In the year ended December 31, 2002, Recycling Logistics, S.A. recorded, with a charge to
the “Net Sales” caption in the accompanying consolidated statement of income, €78
thousand relating to the difference between the provisional and final settlements of all the
transactions open as of December 31, 2001. Also, as of December 31, 2002, there were
€2,606 thousand of sale transactions open. At the date of preparation of these
consolidated financial statements, the difference between the current valuation of the
provisional settlements and the valuation as of December 31, 2002, was not significant.
11. Accounts receivable
136,082
2,871
6,752
20,707
(946)
165,466
Thousands of Euros
Trade receivables for sales
Receivable from Group companies (Note 17)
Sundry accounts receivable
Receivable from public authorities (Note 18)
Less- Allowance for bad debts
Annual Report 2002
135
136
12. Short-term investments
3,163
1,963
38
5,338
1,74
Thousands of Euros
Short-term loans to Group
companies (Note 17)
Short-term mutual funds, fixed-income
securities and deposits
Other short-term loans
Short-term guarantees and deposits
The “Short-Term Mutual Funds, Fixed-Income Securities and Deposits” caption includes
basically treasury bills acquired under resale agreement by Abensur Servicios Urbanos,
S.A. and Abensur Medio Ambiente, S.A. for €2,166 thousand and €783 thousand,
respectively. These investments and the “Other Short-Term Loans” earn market interest
rates and they all mature in 2003.
13. Shareholders’ equity
The variations in equity accounts in the year ended December 31, 2002, were as
follows:
Thousands of Euros
Distribution of 2001 income
Changes in the scope of
consolidation (Note 2-c)
Income for the year,
per accompanying statement
a) Capital stock-
81,612
-
Capital
Stock
-
664
248
Legal
Reserve
11,593
-
11,593
-
7,513
-
5,280
2,233
65,252
122
-
52,781
12,349
Reserves at
Consolidated
Companies
(8,487)
(7,292)
(1,195)
-
Translation
Differences
(Notes 2-b
and 8)
16,249
16,249
-
14,830
(14,830)
Income
for the
Year
(9,219)
(9,219)
-
-
137
Interim
Dividend
(Note 4)
912
Additional
Paid-in
Other
Capital
Reserves
81,612
As of December 31, 2002, the Parent Company’s capital stock consisted of 27,113,479
shares of €3,01 par value each.
Since June 1998 the Parent Company’s shares have been listed on the Madrid and
Bilbao Stock Exchanges and have been traded by the Spanish computerized trading
system (Continuous Market).
6.25 %
4.88 %
3.61 %
100.00%
70.20 %
15.06 %
Thousands of Euros
The Parent Company’s shareholder structure as of December 31, 2002, was as follows:
ASA Environment & Energy Holding, A.G.(*)
Abengoa, S.A.
Sociedad Inversora de Energía
y Medio Ambiente, S.A. (*)
Terraire, S.A.
Other
(*) Companies majority owned by Abengoa, S.A.
Annual Report 2002
138
b) Legal reserveUnder the revised Corporations Law, 10% of income for each year must be transferred
to the legal reserve until the balance of this reserve reaches at least 20% of capital
stock.
The legal reserve can be used to increase capital provided that the remaining reserve
balance does not fall below 10% of the increased capital stock amount. Otherwise,
until the legal reserve exceeds 20% of capital stock, it can only be used to offset losses,
provided that sufficient other reserves are not available for this purpose.
c) Additional paid-in capitalThe balance of the “Additional Paid-In Capital” caption arose as a result of the capital
increase carried out in 2001 at the Parent Company. The revised Corporations Law
expressly permits the use of the additional paid-in capital balance to increase capital
and establishes no specific restrictions as to its use.
d) Restricted reservesThe individual financial statements of the consolidated companies include reserves
amounting to approximately €28,233 thousand relating to the legal reserve,
revaluation reserve, reserve for retired capital and other reserves which are restricted as
to their use (see Notes 1, 3-f, 5, 6 and 7).
e) Reserves at consolidated companiesThe breakdown, by company, of the balance of this caption as of December 31, 2002,
is as follows:
Company
Other reserves of the Parent Company (*)
Befesa Servicios Corporativos, S.A.
MRH Residuos Metálicos subgroupCompañía Industrial Asúa-Erandio, S.A. (Aser)
Zindes, S.A.
Remetal, S.L.
Aser Recuperación del Zinc, S.L.
Valcritec, S.A.
Other
AMA subgroupRontealde, S.A.
Alfagran, S.L.
Complejo Medioambiental de Andalucía, S.A.
Tracemar subgroup
Other subgroup companies
Abensur subgroupAbensur Servicios Urbanos, S.A.
Thousands of Euros
(1,584)
(56)
6,519
1,538
16,830
3,261
2,542
2,559
1,617
1,928
22,581
1,413
1,666
708
3,988
(258)
65,252
(*) The “Other Reserves of the Parent Company” account includes consolidation adjustments.
f) Income for the yearThe breakdown, by company, of the contribution to consolidated income for the year
ended December 31, 2002, is as follows:
Annual Report 2002
139
140
Company
Parent Company
Consolidation adjustments (*)
MRH Residuos Metálicos subgroupMRH Residuos Metálicos, S.L.
Aser Recuperación del Zinc, S.L.
Compañía Industrial Asúa-Erandio (ASER), S.A.
Zindes, S.A.
Sondika Zinc, S.A.
Remetal, S.L.
Valcritec, S.A.
Deydesa 2000, S.L.
Intersplav
Remetal TRP, Ltd.
Galdan, S.A.
AMA subgroupAlianza Medioambiental, S.L.
Rontealde, S.A.
Trademed, Tratamientos del Mediterráneo, S.L.
Etrinsa, Europea de Tratamientos
Industriales, S.A.
Alfagran, S.A.
Complejo Medio Ambiental de Andalucía, S.A.
Laitek Luz y Tecnología, S.A. subgroup
Ecomat, S.A. subgroup
Tracemar subgroup
Other subgroup companies (**)
Abensur subgroup
Abengoa Servicios Urbanos, S.A.
Empresa Mixta de Servicios Municipales
de El Ejido, S.A.- ELSUR.
Abensurasa, A.I.E.
Thousands of Euros
11,336
(12,775)
(544)
(4)
(344)
2,475
2,181
114
57
5,219
(488)
431
782
1,734
(619)
(1,968)
(107)
(1,635)
1,952
3,097
514
257
213
1,683
(131)
633
504
785
86
(385)
423
773
16,249
(*) These relate basically to amortization of consolidation goodwill, eliminations of dividends and
variations in investment valuation allowances attributable to the Parent Company.
(**) The information disclosed in the Exhibit shows the contribution to consolidated income of the
other companies, taking into account the percentage of ownership and, where appropriate,
consolidation adjustments.
14. Minority interests
1,224
504
13,954
3
4,518
262
317
695
5
1,347
1,159
431
429
2,154
906
Thousands of Euros
2,596
13,954
10,709
845
(196)
Thousands of Euros
The variations in 2002 in the balance of this caption in the accompanying consolidated
balance sheet and the detail of the balance thereof as of December 31, 2002, were as
follows:
Income attributable to minority interests
Dividends distributed to minority shareholders
Changes in the scope of consolidation
(Note 2.c)
Company
MRH subgroup:
Galdan, S.A.
Zindes, S.A.
Sondika Zinc, S.A.
AMA subgroup:
Rontealde, S.A.
Alfagran, S.A.
Procesos Ecológicos, S.A. (*)
Laitek Luz y Tecnología, S.A.
Ecomat, S.A.
Tracemar subgroup:
Abensur subgroup:
Iniciativas Hidroeléctricas, S.A.
Elsur, S.A.
(*) Includes the effect of direct and indirect minority interests in Procesos Ecológicos Vilches, S.A.
Annual Report 2002
141
142
15. Payable to credit institutions
49,238
1,106
7,490
629
58,463
Short
Term
47,295
7,958
55,253
Long
Term
96,533
9,064
7,490
629
113,716
Total
The breakdown of the balances of the “Payable to Credit Institutions” captions as of
December 31, 2002, is as follows:
Thousands of Euros
Loans from and credit accounts with
financial institutions
Lease payments payable (Note 6)
Payable for discounted notes and bills
Unmatured accrued interest
All the loans and credit facilities bear interest at market rates, tied mainly to EURIBOR
plus a spread.
The short- and long-term balances of the “Payable to Credit Institutions” caption,
approximately €28,085 thousand and €21,086 thousand, respectively, relate to
financing without recourse, which is deemed to be the financing from certain
subsidiaries (basically Empresa Mixta de Servicios Municipales de El Ejido, S.A.- ELSUR,
Iniciativas Hidroeléctricas, S.A. and Complejo Medioambiental de Andalucía, S.A.)
which is assigned to specific business projects securing repayment of the
aforementioned financing and which is not secured by any additional guarantee from
other Group or related companies. As of December 31, 2002, the total net value of the
assets classified under the “Intangible Assets” caption and the “Tangible Fixed Assets”
caption on the asset side of the accompanying consolidated balance sheet which are
specifically assigned to these projects was approximately €31,729 thousand.
The repayment schedule for the long-term loans is as follows:
2004
2005
2006
2007
Subsequent years
16. Other short-term and long-term debt
Thousands of Euros
13,610
10,959
6,727
5,980
17,977
55,253
2,182
10,818
1,856
4,038
18,954
60
Short
Term
4,448
15,898
20,592
246
Long
Term
6,630
10,818
1,856
19,936
39,546
306
Total
The detail of the “Long-Term Debt - Other Payables” and “Current Liabilities - Other
Nontrade Payables” captions in the accompanying consolidated balance sheet as of
December 31, 2002, is as follows:
Thousands of Euros
Fixed asset suppliers- Financial leases (Note 6)
- Other fixed asset suppliers
(Notes 2-c and 7)
Payable to public authorities (Note 18)
Compensation payable
Other
This financing includes interest, which the Group recorded under the “Deferred
Charges - Deferred Interest Expenses” caption in the accompanying consolidated
balance sheet as of December 31, 2002.
The repayment schedule for the long-term debt is as follows:
Annual Report 2002
143
144
2004
2005
2006
2007
Subsequent years
Thousands of Euros
13,130
1,046
948
736
4,732
20,592
17. Balances and transactions with Group and related companies
The balances and transactions with Group companies as of December 31, 2002, and
for the year then ended are as follows:
Thousands of Euros
Abencor Suministros S.A.
Abener Energía S.A.
Abengoa, S.A.
Abengoa Brasil Ltda.
Abengoa Chile S.A.
Abensur Trading Company S.A.
Abengoa México S.A. de C.V.
Befesa México S.A. de C.V.
Bioetanol Galicia S.A.
Complejo Ambiental Andino S.A.
Ciclafarma, S.A.
Deydesa 2000, S.L.
Ecoagrícola, S.A.
Energías Renovables Leonesas S.A.
Instalaciones Inabensa, S.A.
Intersplav
Proyectos Técnicos Industriales S.A.
Residuos Sólidos Urbanos de Ceuta, S.A.
S.A. Instalaciones de Control
Sainco Tráfico, S.A
S.I.E.M.A, S.A.
S.I.M.O., S.A.
Telvent Outsourcing
Telvent Interactiva S.A.
Teyma Abengoa, S.A.
Aguas del Tunari, S.A.
Other
Total
254
169
65
28
19
4
5
103
42
41
469
411
971
290
2,871
34
77
196
18
7
1
7,246
99
158
621
23
129
26
171
41
1,931
426
11,204
23,923
23,923
2
629
407
65
27
30
24
103
42
86
82
1,497
60
67
4,723
6
17,758
8
1,535
24,211
54
35
92
864
266
222
51
49,952
Short-Term Accounts
Sales and Purchases
Investments Receivable Accounts Long-Term
Other
and Other
(Note 12) (Note 11) Payable
Debt
Revenues Expenses
174
174
In 2001 the Company entered into a current account credit agreement with its
shareholder Abengoa, S.A. (see Note 13) with a maximum limit of €60 million,
automatically renewable each year. The directors consider this to be long-term
financing since the agreement is automatically renewed and has the support of the
shareholder. This financing bears interest at market rates and the Company had drawn
down €23,923 thousand as of December 31, 2002.
Financial
Revenues
575
6
1
6
588
Financial
Expenses
145
20
20
Annual Report 2002
146
The balances and transactions with Group companies relate to purchase, sale and other
commercial transactions, the most noteworthy being the purchase of aluminum scrap
from Intersplav for the trading operations carried on by the subsidiary Remetal, S.L.,
and purchases of raw materials from the related company Deydesa 2000, S.L., which
were basically made by the same subsidiary.
Additionally, the Befesa Group paid approximately €4.7 million of corporate charges
for management and administration and other services provided by Abengoa, S.A.
18. Tax matters
3.807
918
2,337
3,079
9,509
1,057
20,707
Receivable
(Note 11)
1.558
2,599
1,092
835
658
3,746
330
10,818
Payable
(Note 16)
The detail of the balances of the short-term accounts receivable from and payable to
public authorities as of December 31, 2002, is as follows:
Thousands of Euros
Short termVAT
Prepaid/deferred income tax
Tax withholdings and prepayments
Subsidies receivable
Tax losses available for carryforward
Social security taxes
Personal income tax withholdings payable
Tax on income from movable capital payable
Corporate income tax
Other
Corporate income tax is calculated on the basis of income per books determined by
application of generally accepted accounting principles, which does not necessarily
coincide with the taxable income.
Befesa Medio Ambiente, S.A. and the subsidiaries MRH Residuos Metálicos, S.L.,
Remetal, S.L., Tec-88, S.L., Aser Recuperación del Zinc, S.L., Recycling Logistics, S.A.,
Compañía Industrial Asúa-Erandio, S.A., Aser Compañía Industrial del Zinc, S.L., Alianza
Medioambiental, S.L. and Rontealde, S.A. file consolidated corporate income tax
returns in accordance with Vizcaya corporate income tax legislation. On January 30,
2001, the appropriate notification of application of this tax regime for 2001-2003 was
submitted to the Vizcaya tax authorities, and the Group was assigned number 4/01/B
in this connection. Alianza Medioambiental, S.L. and Rontealde, S.A. were included in
the Tax Group in 2002. The final composition of the Group in 2002 was notified to the
Vizcaya tax authorities on December 27, 2002. The other Befesa Group companies file
individual corporate income tax returns in accordance with the applicable tax
legislation.
(4,268)
13,881
(3,260)
10,621
4,270
(195)
13,852
222
Thousands of Euros
The reconciliation of the income per books to the taxable income for corporate income
tax purposes for 2002 is as follows:
Income for the year before taxes
Permanent differences, net
Permanent differences due to
consolidation adjustments
Timing differences, net
Timing differences due to
consolidation adjustments
Gross taxable income
Tax loss carryforward
Taxable income
The permanent differences arising from consolidation adjustments relate basically to
the write-off of goodwill and the collection of dividends from subsidiaries.
The consolidated corporate income tax charge amounts to €6,885 thousand and
results from applying to the taxable income the applicable tax rates (32.5% or 35%, as
appropriate), and eliminating from the taxable income the tax losses of the subsidiaries
which are not part of the consolidated Tax Group for which no tax asset was recorded
based on the policy of prudence.
Additionally, tax credits for investments, research and development, environmental and
export activities and job creation, totaling approximately €663 thousand, and double
taxation tax credits, amounting to approximately €2,552 thousand, were taken in 2002.
Annual Report 2002
147
148
(6,912)
(3,242)
3,670
Thousands of Euros
The detail of the “Corporate Income Tax” caption in the accompanying 2002
consolidated statement of income is as follows:
Provision for 2002 corporate
income tax expense
Revenue arising from recording
of tax assets for tax credits and tax relief
and tax losses available for carryforward
In accordance with an ICAC Resolution dated March 15, 2002, certain Group
companies recorded in 2002 double taxation and other tax credits which arose in the
current year and in prior years. Certain Group companies recognized tax assets relating
to double taxation and other tax credits in accordance with this rule and also recorded
tax assets relating to tax losses available for carryforward which arose in prior years and
in 2002 for approximately €6,164 thousand and €748 thousand, respectively. The tax
assets available amounted to €9,509 thousand as of December 31, 2002, including
those recorded in prior years, as a result of prior years’ tax losses. The directors of the
various Group companies and of the Parent Company consider that these tax assets will
be offset in the corporate income tax returns of the various Group companies taken
individually or of the companies composing the consolidated Tax Group, as appropriate,
within the next ten years, considering the respective applicable deadlines and limits.
The aforementioned tax assets were recorded in 2002 with a credit of approximately
€6,912 thousand to the “Corporate Income Tax” caption in the accompanying
consolidated statement of income.
The Group companies are entitled to use in future years tax assets not recorded as of
December 31, 2002, since their offset in future years is not sufficiently certain. These
tax assets, totaling approximately €655 thousand, relate to tax credits for investments,
environmental and export activities, job creation and training, and can be deducted
from the corporate income tax charge of the immediately following years, provided that
the applicable deadlines and limits are not exceeded.
The tax losses available for carryforward not recorded as of December 31, 2002,
because their offset by the Group company which incurred them is not sufficiently
certain, amount to €6,128 thousand. In accordance with the legislation in force since
January 1, 2002, after the amendment introduced by Law 24/2001 (December, 27), tax
losses can be offset against the taxable income of the tax periods ended in the
following 15 years.
The main Group companies generally have the last three years open for review by the
tax inspection authorities for the main taxes applicable to them. The other companies
subject to Spanish regulations have the last four years open for review.
Various investees are taxed for corporate income tax purposes under the Vizcaya
Corporate Income Tax Regulations. Certain provisions of the aforementioned
Regulations have been challenged at various court instances. However, the Parent
Company’s directors consider that the possibility of material liabilities arising in the
future in this connection is not probable.
19. Provisions for contingencies and expenses
-
2,525
2,785
116
144
149
12/31/02
-
597
597
Changes in the
Scope of
Consolidation
(Note 2-c)
(219)
-
(394)
(394)
Amounts
Used
335
144
1.193
974
Provisions /
(Excesses)
394
735
1,608
12/31/01
The variations in the year ended December 31, 2002, in the “Provisions for
Contingencies and Expenses” caption in the accompanying consolidated balance sheet
as of that date are as follows:
Thousands of Euros
Provision for warranties
Provision for indemnity payments
Provision for other commitments to
employees (Note 3-m)
Other provisions
The “Provision for Warranties” account relates to the contracts under warranty of the
subsidiary Felguera Fluídos, S.A. as of December 31, 2002.
The “Provision for Other Commitments to Employees” account relates to the
Annual Report 2002
Thousands of Euros
Capital subsidies
Subsidized interest on loans received
Other
150
commitments acquired by the subsidiary REFINALSA, which as discussed in Note 3-m
were externalized in 2002.
The “Other Provisions” account relates basically to the provisions of the Group
companies Trademed, Tratamientos del Mediterráneo, S.L. and Complejo
Medioambiental de Andalucía, S.A. for the expenses incurred in the sealing and closure
of waste safe storage facilities.
20. Deferred revenues
This caption in the accompanying consolidated balance sheet relates to the subsidies
received as of December 31, 2002, net of the amounts allocated to income.
Balance at
12/31/01
1,114
1,114
Changes in
the Scope of
Consolidation
(Note 2-c)
12
1,795
1,807
Additions
(4,090)
(4,090)
Transfers to
Long-Term
Debt
(1,118)
(62)
(9)
(1,189)
Amounts
Used
8,080
527
3,068
11,675
Balance at
12/31/02
The variations in this caption in the year ended December 31, 2002, were as follows:
12,162
589
1,282
14,033
1.
€3,005 thousand relating to a subsidy granted on November 28, 1984, by the
Ministry of Industry (Directorate-General of Mines) under the Mining Development
Law for the processing of pyrites by Rontealde, S.A. and for metal income support.
The main amounts received under capital subsidies through December 31, 2002, which
at that date had not been fully credited to income are as follows:
2.
€727 thousand relating to a subsidy granted on November 20, 1986, to
Rontealde, S.A. by the Basque Government’s Vice-Council for the Environment to
finance the investment required to implement environmental protection measures.
8.
7.
6.
5.
4.
3.
€810 thousand relating to a subsidy granted by the Department of Employment
and Industry of the Autonomous Community of Andalusia to Etrinsa, Europea de
Tratamientos Industriales, S.A. in 2001 to finance its investments.
Approximately €805 thousand granted to Etrinsa, Europea de Tratamientos
Industriales, S.A. by Instituto de Fomento de Murcia to finance investments
relating to its corporate purpose.
Approximately €1,989 thousand and €2,164 thousand relating to subsidies
granted in prior years by the Environmental Agency and the Ministry of Economy
and Finance (Directorate-General of Budget Analysis and Planning), respectively, to
Complejo Medioambiental de Andalucía, S.A. for investments made by the
aforementioned company for waste treatment activities.
Approximately €2,903 thousand relating to a subsidy granted by Instituto de
Fomento de Murcia under the Regional Incentives program to Trademed,
Tratamientos del Mediterráneo, S.L.
Approximately €956 thousand relating to a subsidy from the European Investment
Bank (EIB), through ICO, of 2% of the interest payable by the subsidiaries
Trademed, Tratamientos del Mediterráneo, S.L. and Aureval, S.L. on the loan to
these companies from the EIB.
€2,094 thousand relating to a subsidy from the Ministry of Economy and Finance
under the Regional Incentives program to Valcritec, S.A. and to Alfagran, S.L.
The transfer recorded in 2002 relates to the transfer of the amount collected in prior
years by one of the joint ventures in which Abensur Servicios Urbanos, S.A. participates,
which is finally deemed to be a refundable advance. The Group had not transferred any
amount to income in this connection.
Annual Report 2002
151
152
21. Revenues and expenses
Net sales-
288,821
114,240
403,061
Thousands of Euros
The breakdown of the Company’s net ordinary sales in the year ended December 31,
2002, is as follows:
Spain
Abroad
Personnel expenses-
39,427
9,615
974
50,016
Thousands of Euros
The detail of the “Personnel Expenses” caption in the consolidated statement of
income for the year ended December 31, 2002, is as follows:
Wages and salaries
Employer social security costs
Other employee welfare expenses
57
317
234
770
1,378
Average Number of Employees
The average number of employees during the year ended December 31, 2002, was as
follows:
Managers
Graduates and other line personnel
Clerical staff
Operatives and professionals, first class
22. Guarantee commitments to third parties
As of December 31, 2002, several Group companies had received guarantees totaling
approximately €9.7 million, of which approximately €513 thousand had been required
upon the award of construction contracts, as is standard practice in the industry in
which the subsidiary Felguera Fluidos, S.A. operates, and approximately €9.2 million
relate to guarantees provided by Cartera Ambiental, S.A., Abensur Medio Ambiente,
S.A., Remetal, S.L., and Refinados del Aluminio, S.A. to customers and government
agencies.
Also, in December 31, 2002, several Abensur and Berako subgroup companies had
received guarantees for approximately €38.3 and €2.8 million, respectively, to secure
their transactions.
Also, as of December 31, 2002, Tratamientos del Mediterráneo, S.L. had provided
guarantees totaling approximately €12 million for its investees Aurecan, Aceites Usados
y Recuperación Energética de Andalucía, S.L., Aureca, Aceites Usados y Recuperación
Energética de Madrid, S.L. and Borg Austral, S.A. to secure the transactions carried out
by these companies, which as of the date of preparation of these financial statements
were operational and did not have any financial problems.
As of December 31, 2002, the Parent Company provided a guarantee for the subsidiary
Abensur Servicios Urbanos, S.A. for an amount of approximately €1,745 thousand to
secure a supply contract entered into by the aforementioned subsidiary.
On May 28, 2002, the Parent Company and several subsidiaries (Remetal, S.L.,
Rontealde, S.A., Compañía Industrial Asua-Erandio, S.A., Recycling Logystics, S.A.,
Refinados del Aluminio, S.A., Valcritec, S.A., Trademed, Tratamientos del Mediterráneo,
S.L. and Abensur Servicios Urbanos, S.A.) signed as guarantors of Abengoa, S.A. (see
Note 13) a long-term credit agreement (syndicated loan) for €500 million granted to
Abengoa, S.A. The guarantee given by Befesa Medio Ambiente, S.A. and the
aforementioned subsidiaries is limited to a maximum amount of €220 million. The loan
is for an estimated term of six years, and repayments begin in 2006. It is intended to
finance investments in projects and companies enabling Abengoa as a Group to expand
its operations and lines of business.
Annual Report 2002
153
154
23. Directors’ compensation and other benefits
During the year ended December 31, 2002, the directors of the Parent Company
earned € 708 thousand of salaries and attendance fees for discharging their duties at
the various Group companies.
Also, as of the date of preparation of these consolidated financial statements, the
Parent Company had not granted any loans, advances or other benefits to its former or
current directors.
24. Incentives to managers
On June 21, 2001, the Shareholders’ Meeting authorized the implementation of an
incentives program for Befesa Group executives and employees, as notified to the
Spanish National Securities Market Commission. Accordingly, on that same date a
related company (see Note 13) sold to nine executives of the Befesa Group 401,946
shares of the Parent Company. Befesa Medio Ambiente, S.A. approved the transaction
conditions, which established, inter alia, that the maintenance of ownership of these
shares by the beneficiaries is conditional on the fulfillment of a five-year program of
management targets.
25. Fess for audit and other services
The fees for financial audit services provided to the various companies composing the
Befesa Group and subsidiaries by the principal auditor during 2002 amounted to
approximately €228 thousand. The audit fees charged by other auditors participating
in the audit of the various Group companies totaled approximately €38 thousand.
Additionally, the fees for other professional services provided to the various Group
companies by the principal auditor during 2002 amounted to approximately €29
thousand.
2002
2001
Thousands of Euros
Source of
Funds
26. Consolidated statements of changes in financial position for
2002 and 2001
2001
28,887
2002
Thousands of Euros
38,461
23,881
Application
of Funds
Funds obtained from operations
-
Increase in minority interests (Note 14)
Total Funds Obtained
Funds Applied in Excess of
Funds Obtained (Decrease in
Working Capital)
Transfer of tangible fixed assets to
inventories (Note 7)
Transfer to short term of long-term debt (Note 8)
Capital increase
2,904
21,814
3,567
2,436
625
804
16,111
8,662
7,519
Capital subsidies (Note 20)
2,596
Fixed asset additionsStart-up expenses (Note 5)
Tangible fixed assets (Note 7)
Intangible assets (Note 6)
Long-term investments (Note 8)
21,686
5,361
30,218
Other deferred revenues (Note 20)
12
Additions to goodwill (Notes 2-c and 9)
986
583
482
Long-term debtLoans and other credits
1,795
Deferred charges
275
8,871
196
46,506
Dividend paid to minority interests (Note 14)
803
-
-
394
19,345
Effect of translation differences
Use of provisions for contingencies and expenses
(Note 19)
29,730
Repayment or transfer to short term of
long-term debt
171
602
2,055
7,817
11
1,625
1,648
7,645
Fixed asset disposalsIntangible assets (Note 6)
Tangible fixed assets (Note 7)
Long-term investments (Note 8)
Changes in the scope of consolidation (Note 2-c)
-
-
9,219
339
(Note 13)
-
4,782
1,472
71,839
Effect of translation differences
97,775
80,830
8,991
112,452
14,677
80,830
Total
155
112,452
80,830
112,452
Total Funds Applied
Funds Obtained in Excess of
Funds Applied (Increase
in Working Capital)
Total
Annual Report 2002
Increase
81,208
14,277
-
Decrease
Decrease
10,194
68,544
7,122
634
95,485
2001
28,378
297
86,494
2002
11,069
555
2,020
354
28,675
8,991
Increase
Inventories
Accounts receivable
Accounts payable
Short-term investments
Cash
Asset accrual accounts
13,998
-
Thousands of Euros
Total
14,677
Income per books
Income for the year attributed
to minority interests (Note 14)
Depreciation and amortization
expense (Notes 5, 6 and 7)
Variation in investment valuation
allowances and allowances
for long-term loans (Note 8)
Losses on fixed assets
Deferred charges taken to income
Goodwill amortization expense (Note 9)
Period provision for contingencies
and expenses (Note 19)
Allocation to extraordinary
income (Note 5)
Income of companies accounted
for by the equity method (Note 8)
Gains on fixed assets (Notes 7)
Amortization of negative
difference in consolidation
Deferred revenues taken
to income (Note 20)
Thousands of Euros
-
(2,549)
(81)
27
974
1,742
176
790
4,318
17,159
845
16,249
(1,400)
28,887
(239)
(1,851)
(433)
-
450
110
7
855
3,324
12,730
504
14,830
2001
(1,189)
38,461
2002
The reconciliation of the income per books for the years ended December 31, 2002 and
2001, to the funds obtained from operations is as follows:
-
Variation in Working Capital
156
27. Explanation added for translation to English
These consolidated financial statements are presented on the basis of accounting
principles generally accepted in Spain. Certain accounting practices applied by the
Group that conform with generally accepted accounting principles in Spain may not
conform with generally accepted accounting principles in other countries.
Annual Report 2002
157
Company
Baracaldo (Vizcaya)
Nerva (Huelva)
Espinardo (Murcia)
Seville
Seville
Valencia
Seville
Ajalvir (Madrid)
Cádiz
Location
Line of Business
Group and Associated Companies
AMA subgroupAlianza Medioambiental, S.L.
Complejo Medioambiental de Andalucía, S.A.
Etrinsa, Europea de Tratamientos Industriales, S.A.
Procesos Ecológicos, S.A.
Procesos Ecológicos Vilches, S.A.
Unión Química Naval e Industrial, S.L.
Valencia
Gijón (Asturias)
Baracaldo (Vizcaya)
Murcia
Madrid
TRESPI, S.L.
Rontealde, S.A.
Alfagran, S.L.
Trademed, Tratamientos del Mediterráneo, S.L.
Buenos Aires (Argentina)
Madrid
Las Palmas (Canary Is.)
Palos de La Frontera (Huelva)
Zaragoza
Borg Austral, S.A.
Befesa Gestión Residuos Industriales, S.A.
Ecología Canaria, S.A. (1)
Alianza Befesa Egmasa, S.L. (3)
Trápaga (Vizcaya)
Trápaga (Vizcaya)
Trápaga (Vizcaya)
Zaratamo (Vizcaya)
Holding company
Treatment of oils and electricity cogeneration
Technical environmental counseling
Industrial cleaning
Sewer services and effluxation
Manufacture of machinery for the recovery and
handling of fluids
Industrial cleaning
Industrial chemical cleaning
Holding company
Special waste storage
Decontamination of transformers
Holding company for liquid manure companies
Liquid manure, cogeneration
Classification of waste and transfer center
Waste transfer center
Physicochemical treatment of biological and
oily sludge
Sorting of waste and transfer center
Water and environmental treatment
Manufacture of sulfuric acid from waste sulfur
Recycling of plastics and electricity
Cogeneration
Treatment of oils, physicochemical,
safe storage
Incineration, inertization and safe storage
Collection, transportation, storage, treatment and
elimination of industrial waste
Hazardous waste management
Waste transfer center
Berako subgroupLaitek Luz y Tecnología, S.A.
Berako, S.A.
Berako Equipos Especiales, S.A.
Ecomat, S.A.
Zaratamo (Vizcaya)
Zaratamo (Vizcaya)
Madrid
Huelva
Hidro-Limp, S.A.
Hidro Clean, S.A.
Tratamiento de Aceites
y Marpoles, S.L. subgroup- (3)
Tratamiento de Aceites y Marpoles, S.L.
Aurecan, Aceites Usados y Recuperación
Energética de Andalucía, S.L.
158
100%
100%
100%
90%
93.07%
(2)
Deloitte & Touche
Ernst & Young
(2)
(2)
Deloitte & Touche
(2)
Deloitte & Touche
Deloitte & Touche
Deloitte & Touche
Deloitte & Touche
Deloitte & Touche
Deloitte & Touche
(2)
Auditoría y Consulta
Deloitte & Touche
Deloitte & Touche
Deloitte & Touche
Deloitte & Touche
Audited by
L.R.
F.A.
L.R.
L.R.
L.R.
L.R.
-
F.A.
F.A.
F.A.
F.A.
F.A.
F.A.
F.A.
L.R.
F.A.
F.A.
F.A.
Type of
Engagement (*)
60
124
3
326
150
3
1,958
60
150
9,962
15
902
23,543
1,797
55,109
2,615
1,211
481
1,232
638
3,294
355
6
Capital
861
694
1,788
1,586
171
2,058
243
(360)
668
482
90
1,178
20,056
1,759
438
3,012
139
(6)
(5)
(34)
134
2,479
1,041
Reserves
(**)
1,307
39
540
417
157
674
(70)
210
52
191
(283)
(196)
184
4,482
263
2,102
229
5,926
3,543
257
47
(27)
(131)
642
163
Income (loss)
(**)
-
(9)
(177)
(120)
-
-
-
-
(5,330)
(3,400)
(100)
-
Interim
Dividend
Thousands of Euros (12/31/02)
98%
100%
45%
Touche
Touche
Touche
Touche
240
962
6,682
1,104
Percentage of
Ownership
50%
100%
Deloitte
Deloitte
Deloitte
Deloitte
L.R.
L.R.
15,028
2,344
100%
100%
100%
50%
60%
99.91%
100%
80% (***)
100%
70%
70%
70%
70%
Deloitte & Touche
Deloitte & Touche
L.R.
L.R.
&
&
&
&
70%
70%
Deloitte & Touche
Deloitte & Touche
159
50%
50%
Annual Report 2002
Valencia
Line of Business
Madrid
Location
Cartagena
Company
Alfaro (La Rioja)
Madrid
Elche (Alicante)
Uruguay
Vigo (Pontevedra)
Aureval, S.L.
Energética de Madrid, S.L.
Aceites Usados y Recuperación
Energética de Murcia, S.L.
Retraoil, S.L.
Ecolube, S.A. (1)
Altamira Medioambiental, S.L.
Adenur. S.A.
Treatment of oils
Recovery of oils
Recovery of products
Holding company
Recovery of wheels, wood and products of any
other type
Sorting of waste and transfer center
Reprocessing of oils
Integral corporate management services
Seville
Palma de Mallorca
Madrid
Madrid
Abensur Servicios Urbanos, S.A. subgroupAbensur Servicios Urbanos, S.A.
Seville
Seville
Di Nuncio, S.A.
Urbaoil, S.A.
Iniciativas Hidroelécticas, S.A.
Abensurasa, A.I.E.
Holding company
Development of hydraulic infrastructures, treatment
of water and integral management of water cycle
Water usage concession in Cerrato (Palencia)
Concession-holder company which obtains the
financing for ELSUR
Management of municipal services of El Ejido
Erandio (Vizcaya)
El Ejido
MRH Residuos Metálicos subgroupMRH, Residuos Metálicos, S.L.
Erandio (Vizcaya)
Erandio (Vizcaya)
Empresa Mixta de Servicios Municipales de
El Ejido, S.A.- ELSUR
Aser Recuperación del Zinc, S.L. subgroupAser Recuperación del Zinc, S.L.
Compañía Industrial Asúa-Erandio (ASER), S.A.
Erandio (Vizcaya)
Sondika (Vizcaya)
Amorebieta (Vizcaya)
Vizcaya
Holding company
Recovery of metal- and mineralcontaining waste
Distribution
Recovery of metals
Recovery of metals
Recovery of metal- and mineralcontaining waste
Sondika Zinc, S.A.
Zindes, S.A.
Aser, Compañía Industrial del Zinc, S.L.
160
70%
50%
100%
100%
50%
50%
100%
50%
15%
50%
100%
45.01%
50%
50%
50%
Percentage of
Ownership
Deloitte & Touche
Deloitte & Touche
Deloitte & Touche
Deloitte & Touche
Deloitte & Touche
Deloitte & Touche
EPG Auditores
(2)
(2)
(2)
Deloitte & Touche
Deloitte & Touche
Deloitte & Touche
Audited by
L.R.
F.A.
L.R.
F.A.
F.A.
F.A.
L.R.
L.R.
L.R.
F.A.
F.A.
-
L.R.
L.R.
L.R.
Type of
Engagement (*)
60
1,102
180
605
6,010
4,260
42,747
60
2,455
2,945
10,289
19
60
991
3
4,306
3
8
141
2,403
2,819
1,923
Capital
234
637
3,992
-
9,966
7,701
26,845
1,015
(6)
-
1,951
(15)
(56)
2,866
(1,222)
(43)
1,767
1,782
107
Reserves
(**)
2,181
112
223
-
2,132
2,809
4,471
604
-
811
18
(544)
24
1
(151)
(52)
592
(96)
310
(750)
-
(1,800)
(750)
(4,025)
-
-
-
-
-
-
-
-
100%
Deloitte & Touche
Deloitte & Touche
F.A.
F.A.
F.A.
L.R.
161
Interim
Dividend
100%
100%
Deloitte & Touche
Deloitte & Touche
Deloitte & Touche
(2)
Income (loss)
(**)
100%
51%
51%
100%
Annual Report 2002
Company
Remetal, S.L. and subsidiaries
(Remetal subgroup)Remetal, S.L.
Refinados del Aluminio, S.A. (REFINALSA)
Valcritec, S.A.
Galdan, S.A.
Remetal T.R.P., Ltd.
Deydesa 2000, S.L. (1)
Intersplav (1)
162
Location
Erandio (Vizcaya)
Valladolid
Valladolid
Alsasua (Navarra)
Sabiñánigo (Huesca)
United Kingdom.
Legutiano (Alava)
Ukraine
Line of Business
Recovery of metals
Production and recycling of aluminum
Treatment of aluminum waste
Production of liquid aluminum
Manufacture of aluminum
Recovery of metals
Recovery and production of metals and plastics
Treatment of waste
Audited by
F.A.
F.A.
F.A.
F.A.
F.A.
F.A.
L.R.
Type of
Engagement (*)
273
36,804
5,866
5,523
1,394
3,000
14,423
1,495
Capital
5,837
14,860
3,049
3,315
(319)
(784)
(1,044)
4,432
Reserves
(**)
4,334
1,397
(488)
360
(213)
(928)
(1,682)
1,954
Income (loss)
(**)
-
-
Percentage of
Ownership
Deloitte & Touche
Deloitte & Touche
Deloitte & Touche
Deloitte & Touche
Deloitte & Touche
Blueprint Audit Ltd.
Charman Auditores
F.A.
Companies not required to have their financial statements audited.
163
Interim
Dividend
100%
100%
100%
50%
66.67%
100%
40%
PriceWaterHouseCoopers
Includes adjustments for the purposes of uniformity.
statements – L.R.
Limited review with scope for the Group’s consolidated financial
Type of engagement: Full audit – F.A.
50.84%
(*)
(**)
(***) On January 15, 2003, the remaining 20% of the shares of Cartera Ambiental, S.A. were
Consolidated by the proportional integration method.
Carried by the equity method (Notes 2-b and 8).
acquired, through the AMA subgroup, for approximately €3,713 thousand.
(2)
(1
(3)
The data shown in the foregoing tables were provided by the Abensur, AMA and MRH Subgroup
companies.
Annual Report 2002
Translation of a report originally issued in Spanish. In the event of a discrepancy, the Spanish-language version prevails.
Management Report
Management Report
in 2002:
expansion policy and as a result the following noteworthy transactions were carried out
In the year ended December 31, 2002, the Group continued to implement its established
Portugal, and it is also expanding in Latin America (Peru and Mexico).
autonomous communities as well as in the Ukraine, Russia, Argentina, the U.K. and
The Befesa Group currently carries on its business activities in practically all the Spanish
ownership are shown in the tables and in the Exhibit in the financial statements.
and Abensur Servicios Urbanos, S.A. The companies and the related percentages of
three subgroups headed by MRH Residuos Metálicos, S.L., Alianza Medioambiental, S.L.
The more than 50 companies currently composing the Befesa Group are divided into
business group.
Since 2000 Befesa has belonged to Abengoa, making up the environmental services
• Environmental engineering
• Industrial and oil and gas cleaning
• Industrial waste management
• Recycling of zinc and desulfurization waste
• Recycling of saline slag
• Recycling of aluminum waste
subsidiaries divided into the following business areas:
company in this industry listed on the Spanish stock market. It operates through
is the leader in Spain in integral industrial waste management services and the only
Since it was incorporated, Befesa has rapidly developed a major industrial Group which
protection and recovery through profitable, state-of-the-art operations.
on, directly or through its investees, industrial activities aimed at environmental
Befesa Medio Ambiente, S.A. (“Befesa”) was incorporated in September 1993 to carry
1. Introduction
Consolidated Group.
is the head of a corporate group, the report refers to the business activities of the
Readers of this management report should note that, since Befesa Medio Ambiente, S.A.
for the Year Ended December 31, 2002
164
Trademed, Tratamientos del Mediterráneo, S.L. in an upstream merger by absorption
• In 2002 Prisma Promoción de Industrias y Servicios Medioambientales, S.L. absorbed
effective for accounting purposes January 1, 2002, the post-merger company
adopting the name of the latter.
• In April Berako, S.A., Berako Equipos Especiales, S.L., Hidro Clean, S.A. and HydroLimp, S.A. joined the group through the acquisition of 70% of their holding
companies by Laitek Luz y Teconología, S.A. and Ecomat, S.A., which engage in
industrial cleaning.
Residuos, S.L. were also included in the Group in 2002 through the acquisition of all
• The waste transfer center companies Comercial Sear, S.L. and Logística y Control de
their shares.
public-sector company Empresa de Gestión Medioambiental, S.A. (Egmasa), which is
• Alianza Befesa Egmasa, S.L. was incorporated on an equal-footing basis with the
responsible for managing various recycling and waste elimination processes.
• The Group subscribed to a capital increase at Complejo Ambiental Andino, S.A.
(Peru), which engages in the deposit of industrial waste, and a 50% holding in its
capital stock was acquired.
• The percentage of ownership of Suministros Petrolíferos del Mediterráneo, S.L. was
increased to 99.91%.
Medioambiental de Andalucía, S.A. was acquired, thereby making it a wholly-owned
• In December 2002 52.5% of the capital stock of the subsidiary Complejo
investee.
2. Business performance
The Group’s main data for the year ended December 31, 2002, and the variations with
respect to the year ended December 31, 2001 are as follows:
2002 Annual Report
165
166
Management Report
Balance sheet (Thousands of Euros)
Total assets
Shareholders’ equity
Net financial debt (1)
Income statement (Thousands of Euros)
Net sales
Operating income before interest, tax,
depreciation and amortization (EBITDA)
Attributable net income
Cash flow (2)
Ratios
Self financing (%)
Financial leverage (3) (%)
equivalents.
30.2
36.7
40,888
16,249
38,461
403,061
547,312
165,425
95,837
2002
33.7
34.9
40,559
14,830
28,887
365,119
491,288
165,565
88,776
2001
0.8%
9.5%
13.9%
10.4%
11.4%
0%
7.9%
%
Variation
(1) Bank debt and other financial debt – Short-term financial investments – Cash and cash
+ amortization/reversal of goodwill or negative consolidation difference – deferred revenues
(2) Attributable net income + minority interests + depreciation and amortization ± period provisions
taken to income.
(3) Net financial debt / Shareholders' equity + Net financial debt.
288,821
114,240
2002
253,976
111,143
2001
13.7%
2.8%
%
Variation
The detail of net sales, distinguishing between those to the Spanish market and exports,
is as follows:
Net sales (Thousands of Euros)
Spain
Exports
164,974
19,158
43,808
27,864
38,226
109,031
403,061
2002
193,673
19,152
42,820
21,570
20,455
67,449
365,119
2001
-14.8%
0%
2.3%
29.2%
86.9%
61.6%
10.4%
%
Variation
The detail of sales by line of business and of the variations therein in 2002 is as follows:
Sales figures (Thousands of Euros)
Recycling of aluminum waste
Recycling of saline slag
Recycling of zinc waste (**)
Management of industrial waste
Industrial and oil and gas cleaning
Environmental engineering and other
(**) Including Rontealde’s desulfurization line of business.
In 2002 the Befesa Group, in addition to the equity investments described above,
invested €16.1 million in organic growth, including most notably the investments in
Compañía Industrial Asua-Erandio, S.A. and Remetal Total Reclamation Plant Ltd., as
well as various investments in the Remetal and Alianza Medioambiental subgroups.
The average headcount in 2002 was 1,378 employees, up significantly on previous
years.
3. Outlook
The deterioration of the economic situation in 2002 has affected the environmental
industry, especially the aluminum business. Nonetheless, Befesa managed to increase its
net sales and EBITDA, thereby maintaining a pattern of growth. Accordingly, given the
Group’s solid financial structure and good earnings figures despite the current economic
climate, the outlook for the future is favorable.
The above, coupled with the growth vocation of our main shareholder, with a strong
presence in countries where Befesa does not yet operate, the strategy of alliances with
other groups and the growing body of environmental legislation in Spain and the
European Union will doubtlessly permit the future growth of the Group.
2002 Annual Report
167
168
Management Report
4. Acquisition of shares of Befesa Medio Ambiente, S.A.
In 2002 the Company did not own, either directly or through its subsidiaries, any shares
of treasury stock, and this was also the case at year-end. Similarly, no shares of Befesa
Medio Ambiente, S.A. were owned by third parties which could be acting in their own
name but on behalf of the Group companies.
On June 18, 2002, the Shareholders' Meeting of Befesa authorized the Board of
Directors to acquire treasury stock representing up to 5% of capital stock for a period of
18 months.
5. Capital stock and shareholder structure of Befesa Medio Ambiente, S.A.
As of December 31, 2002, the Company's capital stock consisted of 27,113,479 fully
70.20%
15.06%
6.25%
4.88%
3.61%
100.00%
% of Ownership
paid shares of €3.01 par value each, fully paid in and owned as follows.
ASA Environment & Energy Holding A.G. (*)
Abengoa, S.A.
Sociedad Inversora de Energía y Medio Ambiente, S.A. (*)
Terraire, S.A.
Other shareholders
(*) Companies wholly owned by Abengoa, S.A.
6. Governing bodies of the Company
As of the date of preparation of these consolidated financial statements the composition
Chairman:
ASA Environment & Energy Holding AG,
Manuel Barrenechea Guimón
Javier Molina Montes
of the Company’s Board of Directors was as follows:
Deputy chairman:
Alfonso Castresana Alonso de Prado
Jesús Pérez Rodríguez
Salvador Martos Hinojosa
Ignacio de las Cuevas Miaja
Álvaro Castro Cabeza de Vaca
Manuel Blanco Losada
represented by Raoul Bussmann
Directors:
Nondirector secretary:
2002 Annual Report
169
Board of
Directors
Board of Directors
Chairman
Directors
Nondirector secretary
Jesús Pérez Rodríguez
Álvaro Castro Cabeza de Vaca
represented by Raoul Bussmann
ASA Environment & Energy Holding AG,
Deputy Chairman
Board of Directors
172
Corporate
Governance
• Articles of Association
• Internal Regulations on Conduct
in matters related with the Stock
Market
• Board of Directors’ Regulations
-
Yes
Mercantile Register
Yes
Yes
Yes
Cnmv (*)
those in progress related to the incorporation of said recommendations.
site. In point 4 here-below, a detailed explanation is given on the actions taken and
shall be recorded in the Mercantile Register. It shall also be incorporated in Befesa’s web
Shareholders’ Meeting and which, once approved, shall be forwarded to the Cnmv and
Operating Regulations for General Shareholders’ Meetings, to be approved at the next
accordance with these recommendations and has prepared, among others, the
Recommendations” the company has updated the aforementioned regulations in
1.5 Additionally, and as explained in point 4 hereafter “Incorporation of the Aldama Report
(*) at the Cnmv (Spanish Securities and Exchange Commission) website (http:/www.cnmv.es)
Yes
nature, while others are available to the general public from the specified registers.
and regulations contained in the documents listed below. Some are of an internal
1.4 Therefore, Befesa Medio Ambiente’s governing bodies operate according to the rules
the instructions in the Code of Conduct.
rights and obligations and include the rules that must govern his actions, in line with
contain the legal status of a Director of Befesa Medio Ambiente, and which limit his
1.3 On 13th December 2001, the Board of Directors approved these Regulations which
internal Regulations regarding Conduct in Matters Related with the Stock Market.
Befesa Madio Ambiente approved, at the meeting held on 12th December 2000, the
in the professional actions of the Directors and managers, the Board of Directors of
1.2 With a view to establishing a set of rules and regulations to protect ethical behaviour
the Bye-laws.
administering and representing the company with the faculties attributed it by Law and
deliberating body, and the Board of Directors as the body responsible for managing,
Association which contemplate the General Shareholders’ Meeting as the supreme
1.1 Befesa’s current governing structure is established under article 9 of the Articles of
1. Rules of Governance applied for the Company
174
2. Summary of the rules and regulations applicable to the governing bodies
2.1 Articles of Association
The Board of Directors is regulated under articles 17 to 21, both inclusive, of the
Articles of Association.
• Number of Directors: The Board is made up by 8 Directors, a number included
within the statutory provisions, which establish that the Board shall be formed by a
number of Directors that cannot be less than three (3), nor more than twelve (12).
• Requirements to be appointed Director: One does not have to be a shareholder,
except in the case of temporary appointment for co-optation carried out by the
Board itself, in accordance with Law.
• Term of office: 4 years.
• Offices: one Chairman, one Deputy Chairman and a Secretary (non-director).
2.2 Board of Directors’ Rules and Regulations
These rules and regulations establish standards of ethical conduct and responsible
business practice aimed at ensuring the increase in value of the company. They also
establish the legal status of a director of Befesa Medio Ambiente.
shareholders equally. It must also open the necessary channels to ensure regular
• Relations with Shareholders (article 5): The Board of Directors must treat all
exchange of information.
to ensure the transparency of the Company in respect of financial markets, promote
• Stock Market (article 7): The Board of Directors must take the appropriate measures
the correct formation of the company’s share prices and supervise the financial
information that is publicised periodically.
and those laid down in the articles of association regarding appointment to office,
• Appointment requirements (article 10): In addition to meeting legal requirements
directors must also be acknowledgedly solvent and possess the personal status,
experience, skills and expertise required to perform directorship functions.
Annual Report 2002
175
176
or more times, for a similar term.
• Term of office and retirement (article 11): 4 years. Directors may be re-elected, one
• Restriction on outgoing directors: Outgoing directors must refrain from occupying
a position in a rival company for 2 years from the time when their term of office
finalised.
• Directors’ duties: They must monitor the performance of, and provide effective
guidance and leadership for the management of the company to ensure that its
value increases to the benefit of the shareholders; acting independently and solely
in the interests of the company, they must observe all confidentiality requirements;
they must report any shares they hold (either directly or indirectly); they may not
hold any kind of position in rival companies (whether directly or through a third
party) and may not act as representatives or consultants to such companies; they
must not make use of company information that is not public; they must not use
the company’s assets or use their position in the company to increase their personal
wealth.
2.3 Internal Regulations on Conduct in Stock Market Matters
This is a set of rules and regulations intended to ensure ethical conduct in the exercise
of professional activities, not only by the members of the Board of Directors, but also
by the company’s executive officers. These obligations also extend to the immediate
family environment (spouses, offspring) and to participated companies.
position they hold or the information to which they have access so requires.
• Scope of application: Members of the Board of Directors and employees when the
• Obligations: They must safeguard all information or data relating to the company
or its shares; they must not use such information for their own benefit or for that
of third parties; they must not make recommendations on the purchase or sale of
company shares; they must establish a regulatory regime and a register of specific
people and operations which are considered to be “Relevant Facts”, subject to
revision by the internal auditors; they must report all acquisitions or transfers of
Befesa Medio Ambiente shares quoted on organised stock markets made by each
person on their own behalf or on behalf of others (spouses, offspring or
companies).
3. Composition of governing bodies and meeting regime
Deputy Chairman:
Chairman:
Asa Environment & Energy Holding,
• Board of Directors.
Directors:
represented by Raoul Bussman.
Alvaro Castro Cabeza de Vaca
Secretary (non-director):
Minimum 6 for the year 2003.
Jesus Perez Rodriguez
Meetings:
Members:
Chairman:
Minimum 6 for the year 2003.
Javier Molina Montes (Executive Director)
Manuel Blanco Losada (Independent Director)
• Auditing Committee.
Secretary:
Ignacio de la Cuevas Miaja (Independent Director)
Meetings:
• Appointments and Payments Commission
It is foreseen that the designation of an Appointments and Payments Commission,
and its corresponding rules and regulations, be presented for approval at the next
Meeting of the Board of Directors, to be held in April 2003.
4. Incorporation of the Recommendations of the Aldama Report
As a consequence of the recommendations regarding corporate governance included in
the Aldama Report, of January 2003, Befesa has considered it convenient to revise the
content of its corporate governance internal rules and regulations in order to incorporate,
in the same, the recommendations that are compatible with its governance structure and
reunify and reorder the other provisions that were already contemplated and developed in
its internal rules and regulations. Thus, the following provisions have been taken into
consideration, at the time of publishing this Report, to be imminently implemented:
Annual Report 2002
177
178
4.1 Functioning Regime Regulations for the General Shareholders’ Meeting
The development of General Shareholders’ Meetings of the Company is governed by
what is stipulated in Corporate Law and in the Articles of Association. However, the
Company considers that the elaboration of Internal Rules and Regulations would be
appropriate for the functioning and development of the General Shareholders’
Meetings. The same has been elaborated and will be presented for approval at the next
General Shareholders’ Meeting to be held during the course of the first half of 2003.
4.2 Board of Directors’ Commissions
In accordance with what is established under Law 44/2002 of 22nd November related
with Financial System Reforming Measures, article 47 “Auditing Committee”, the
Board of Directors of Befesa Medio Ambiente agreed at the meeting held on 18th
December 2002, to establish an Auditing Committee and the same has been registered
with the Cnmv.
The Committee is permanently integrated by three directors. Two of the same are nonexecutive and thus maintain the majority of non-executive members established by said
Law.
The office of Chairman falls enforceably on one of the non-executive members and
shall rotate annually among the same. The maximum term of office shall not be greater
than 4 years and at least one year must go by prior to the same director being reelected chairman.
Moreover, it is foreseen that the constitution of an Appointments and Payments
Committee be presented for approval at the next Board of Directors’ Meeting to be
held in April 2003. The Cnmv shall be opportunely notified of said approval so that it
may register the same.
in a sole text
4.3 Consolidation of the internal rules and regulations for Corporate Governance
Befesa currently employs, apart from the Articles of Association, the Rules and Regulations
for the Board of Directors and the Internal Conduct Rules and Regulations for Matters
related with the Stock Market and, once the Rules and Regulations for the General
Shareholders’ Meetings, the Auditing Committee and Appointments and Payments
Commission Rules and Regulations have been approved, all these regulations shall be
integrated in one document to be called “Internal Corporate Governance Rules and
Regulations” which shall be registered with the Cnmv and incorporated at Befesa’s website.
4.4 Basic obligations in the event of a Conflict of Interests
Befesa’s Internal Corporate Governance Rules and Regulations regulate the obligations
and procedures to be executed in the event of its administrators or executives
encountering a situation of conflict of interests .
However, and upon having taken the recommendations of the Aldama Report, in this
respect, into consideration, the Company has decided that it would be convenient to
revise the Board of Directors’ Rules and Regulations, in order to redefine and regroup
the basic obligations of the Administrators in conflict of interests situations
(notification, confidentiality, etc.) that were already contemplated in said Board of
Directors’ Rules and Regulations.
4.5 Company’s ethical-social framework
This Company Annual Report has already reflected the activities of a social and
beneficial nature carried out by the Company. Nonetheless, a specific and detailed
caption has been included, and the same will be published in Befesa’s web site.
4.6 External Services Providers
The Company is in agreement with the recommendations made in the Aldama Report
regarding the cautiousness and reservations that must be adopted by the providers of
professional external services in order to guarantee the transparency of independency
of said services. As regards its relations with third parties, the company shall demand
compliance with and verification of said obligations.
4.7 Other information
The content of Befesa’s web site is being revised and updated in order to incorporate
in the same, as veracious and complete information, to be made available to the
shareholders and general public, the commercial, economic and legal information
available within the Company, including, among others, that related to Corporate
Governance rules and regulations, economic information that is periodically forwarded
to the Cnmv and the Stock Markets, Relevant Facts, information regarding General
Shareholders’ Meetings, Annual Report, etc.
Annual Report 2002
179
Directory
Valcritec, S.A.
Salt Slag Recycling
• Assistant Manager
• Economic-Financial
Donsplav
Intersplav
Deydesa, 2000, S.L.
Aluminio en Discos, S.A. (Aludisc)
Galdán, S.A.
(Refinalsa)
Remetal, S.L.
Aluminium Waste Recycling
• Commercial
• Economic-Financial
• Quality
• Trading
• Technical
Corporative Services
• Legal Adviser
• Consolidation and Auditing
• Financial
• Information and Management Systems
• Human Resources
Befesa Medio Ambiente, S.A.
• Chairman
• Deputy Chairman
Adrian Platt
Rubén Calderón Alonso
Carlos Ruiz de Veye
Asier Zarraonandía Ayo
Alexander Shevelev
Victor Ivanovich Boldenkov
Ion Olaeta Bolinaga
Manuel Barrenechea del Arenal
Pedro Ugartemendia Merino
Pablo Núñez Ortega
Federico Barredo Ardanza
Federico Barredo Ardanza
Alvaro Aguirre Lipperheide
Carlos Ruiz de Veye
Fernando Zufía Sustacha
Ignacio Alfaro Abreu
Antonio Marín Hita
Eduardo Martín Onorato
Ignacio García Hernández
Álvaro Polo Guerrero
Shropshire SY13 3PA (England)
47011 - Valladolid
48950 - Erandio (Vizcaya)
83008 Donetsk (Ukraine)
349200 Sverdlovsk (Ukraine)
01170 - Legutiano
(Villarreal de Álava)
22600 - Sabiñánigo (Huesca)
31800 - Alsasua (Navarra)
47011 - Valladolid
48903 Luchana-Baracaldo
(Vizcaya)
28010 - Madrid
Location
Ctra. Bilbao-Plencia, 21
Fenns Bank Whitchurch
Ctra. De Cabezón, s/n
Ctra. Luchana-Asúa, 13
Luganskaya Oblats
Pol.Ind. Gojain - San Antolín, 6.
Avda. de Huesca, 25
Pol. Ind. Ibarrea
Ctra. de Cabezón, s/n
Buen Pastor s/nº
Fortuny, 18
Postal address
94.453.50.30
[email protected]
44.1948.78.04.41
[email protected]
983.26.40.08
[email protected]
4.453.02.00
[email protected]
380.622.53.47.69
[email protected]
380.643.47.53.55
[email protected]
945.46.54.12
[email protected]
974.48.33.61
[email protected]
948.56.36.75
[email protected]
983.25 06.00
[email protected]
94.453.02.00
[email protected]
94.453.02.00
[email protected]
94.497.05.33
[email protected]
91.308.40.44
[email protected]
Phone / e-mail
44.1948.78.05.09
983.26.40.77
94.453.00.97
380.622.53.30.63
380.642.50.13.40
945.46.54.55
974.48.29.67
948.56.31.11
983.25.64.99
94.453.00.97
94.453.00.97
94.497.02.40
91.310.50.39
Fax
Directory
Remetal TRP Limited
48950 Asúa-Erandio (Vizcaya)
94.453.33.80
Ana Martínez de Urbina
Iñigo Urcelay González
Isabel Herrero Sangrador
Javier Vallejo Ochoa de Alda
Directory
Zinc and Desulphurisation Waste
Recycling
• Commercial
• Supplies and Factory Administration
• Economic - Financial
• Technica
182
Postal address
Phone / e-mail
94.453.33.80
Fax
Location
94.453.50.30
[email protected]
94.453.28.53
Ctra. Bilbao-Plencia, 21
94.673.08.00
48950 Asúa - Erandio (Vizcaya)
94.673.09.30
[email protected]
94.497.02.40
Barrio Euba, s/n
94.497.00.66
[email protected]
91.700.08.12
Compañía Industrial Asúa-Erandio, S.A.
(Aser)
48340 - Amorebieta (Vizcaya)
Buen Pastor s/n
91.700.08.09
[email protected]
91.700.08.12
Sangroniz Bidea, 24
Joseba Arróspide Ercoreca
48903 - Luchana-Barakaldo
(Vizcaya)
Fernando el Santo, 27
91.700.08.09
[email protected]
959.58.00.43
48150 - Sondika (Vizcaya)
Zindes, S.A.
28010 - Madrid
959.58.00.43
[email protected]
Joseba Arróspide Ercoreca
Rontealde, S.A.
José Francisco Núñez Martín
Iñigo Molina Montes
Antonio Rodriguez Mendiola
Leopoldo Sánchez del Río
Santiago Ortiz Domínguez
Apolinar Abascal Montes
Jacobo del Barco Galván
28010 Madrid
Ctra. Nerva - El Madroño,
Km. 20
Sondika Zinc, S.A.
• Assistant to Management
• Commercial
• Business Development
• Industrial
• Levante Region
• Southern Region
José Francisco Núñez Martín
21670-Nerva (Huelva)
94.471.14.45
[email protected]
Befesa Gestión de Residuos
Industriales, S.A. (Bgri)
Santiago Ortiz Dominguez
91.884.49.73
de Andalucía, S.A. (CMA)
91.884.46.72
[email protected]
96.132.25.61
968.16.70.22
96.134.08.80
[email protected]
91.700.08.12
968.16.70.01
[email protected]
Ciudad de Barcelona, 21
91.700.08.09
[email protected]
976-10.72.17
Ctra. Nal. 343, Km.9, Valle de
Escombreras
46988 - Paterna (Valencia)
976.10.72.11
[email protected]
959.36.93.30
30350-Cartagena (Murcia)
28010 - Madrid
Polígono Malpica-Alfindén
C/Almendro - Nave 75/81
959.36.93.46
91.310.50.39
Suministros Petrolíferos
del Mediterráneo, S.L. (SPM)
Daniel González Martín
50171 La Puebla de Alfindén
(Zaragoza)
Pol. Ind. Nuevo Puerto
91.308.40.44
[email protected]
968.63.22.33
Tratamientos del Mediterráneo, S.L.
(Trademed)
Ciclafarma, S.A.
Roberto Caudevilla Mallén
21810 Palos de la Frontera (Huelva)
Fortuny, 18
968.63.22.21
[email protected]
91.535.12.84
28864 - Ajalvir (Madrid)
Carmen Figal Fernández
28010 - Madrid
Pol. Ind. Las Salinas
C/Salinas, s/nº
91.535.91.73
Antonio Rodríguez Mendiola
Alianza Befesa Egmasa, S.L. (Albega)
Alfredo Velasco Erquicia
30840 - Alhama de Murcia
(Murcia)
Guzmán el Bueno, 133 - Pla. 6ª
Industrial Cleaning and
Hydrocarbons
Jesús Bueno Abella
28003 Madrid
Pol. Ind. Los Olivos Atlántico, 23
Alfagran, S.L.
Jesús Fuente de Prada
Eduardo Pitto Romero
183
Tratamientos de Aceites y
Marpoles, S.L. (Tracemar)
2002 Annual Report
Latin America
Abensur Medio Ambiente
Elsur, S.A.
Abensur Servicios Urbanos
• International
• Economic - Financial
Befesa Tratamientos Especiales, S.L.
Ecomat, S.A.
Hidro Clean, S.A.
Berako Limpiezas Industriales, S.A.
Europea de Tratamientos
Industriales, S.A. (Etrinsa)
José Giménez Burló
Juan Abaurre Llorente
Germán Ayora López
Manuel Caballos Piñero
Rafael González García
José Marañón Martín
Fernando García Hoyo
Justo Bolaños Hernández
José Marañón Martín
Ignacio Muñoz Donat
José Antonio Rivero Río
José María Ortiz
de Zárate Apodaca
José Antonio Aguirre Allende
Antonio Navarro Mompean
1063 - Buenos Aires (Argentina)
41018 - Seville
41018 - Seville
04700 El Egido (Almería)
33204 - Gijón (Asturias)
41018 - Seville
41018 Seville
46988 - Paterna (Valencia)
48480 Zarátamo (Vizcaya)
48510 Trapagarán (Vizcaya)
48510 Trapagarán (Vizcaya)
30395-Cartagena (Murcia)
Paseo de Colón, 728 - piso 10
Avda. de la Buhaira, 2
Plaza Mayor, 20
Ctra. Villaviciosa, 40
Ciudad de Barcelona, 21
Polígono Barrondo, Pab. 4
Carretera de San Vicente, s/nº
Carretera de San Vicente, s/nº
Polig. Ind. Cabezo Beaza. Avda.
de Bruselas, 148 - 149
Postal address
5411.43.44.78.00
95.493.71.11
954.93.71.11
[email protected]
950.48.90.50
[email protected]
98.513.17.18
[email protected]
954.93.71.11
[email protected]
954.93.71.11
[email protected]
96.134.08.80
94.671.34.38
[email protected]
94.472.40.50
[email protected]
94.496.73.00
[email protected]
968.32.06.21
[email protected]
Phone / e-mail
5411.43.44.78.77
954.93.70.18
954.93.70.11
950.57.01.63
98.513.19.87
954.93.70.18
954.93.70.18
96.132.25.61
94.671.34.28
94.472.40.51
94.495.00.15
968.12.21.61
Fax
Location
Borg Austral, S.A.
Canaval y Moreyra 654, piso 7
511.224.7609
San Isidro - Lima (Peru)
52. 55.5262.7150
511.224.5489
[email protected]
52.55.5262.7111
[email protected]
5521.2217.3337
Ignacio Baena Blázquez
Percy Irribarren Ibáñez
11300 Mexico D.F. (Mexico)
Bahía de Santa Bárbara 174 Col.
Verónica Anzures
5521.2217.3300
[email protected]
CAASA
20020-080 Rio de Janeiro (Brazil)
Av. Marechal Câmara 160,
salas 1833/1834
Norberto del Barrio Brun
Rogério Ribeiro Abreu
dos Santos
Befesa Mexico, S.A.
Directory
MTC Engenharia, S.A.
184

Índex - Befesa

Transcription

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