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  "documentTitle": "Befesa Investor Presentation Goldman Sachs 4th Annual Carbonomics Conference",
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  "authorName": "Befesa",
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  "notes": "The chart illustrates the effectiveness of hedging against market volatility.",
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      "text": "For the unhedged portion: each $100/t change in zinc LME price represents c. €8m impact on FY EBITDA",
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      "text": "Befesa’s hedging strategy unchanged: 1–3 years forward, Targeting 60% to 75% of zinc equivalent volume, Befesa providing no collateral. Proven successful. 60–75% hedged up to July 2025. Unhedged portion: $100/t change = c. €8m impact on FY EBITDA.",
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      "text": "1 London Metal Exchange (LME) zinc daily cash settlement prices. 2 Zinc blended prices are averages computed based on the monthly effective LME zinc and hedging prices weighted with the respective hedged and non-hedged volumes. 3 Assumes FX €/$ of 1.10 for 2023, 2024, and 2025",
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      "text": "Befesa’s hedging strategy provides price visibility and lowers impact from zinc price volatility",
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