Value creation
Umicore seeks to generate economic value through its existing businesses and any acquisitions or organic growth initiatives that it undertakes. This entails generating a return on capital employed (recurring pre-tax operating profit / average capital employed for the period) in excess of our overall Group pre-tax cost of capital. This cost of capital can vary over time in function of our risk profile and the state of the world’s debt and equity markets. Umicore aims to create value for shareholders in the medium term. This is achieved in the first instance through achieving solid operational performance. We seek to grow our existing businesses and also to enter markets which have attractive growth potential and to develop leadership positions within these markets. From a financial perspective we aim to safeguard our business through sound financial management and by maintaining a strong balance sheet. We have no fixed target regarding debt levels but we aim to maintain an investment grade status at all times.
