Glossary

Accident frequency rate

Number of lost time accidents per million hours worked. Accidents on the road to and from work are excluded.

Accident severity rate

Number of calendar days lost per thousand hours work. Accidents on the road to and from work are excluded.

Average capital employed

For half years: average of capital employed at start and end of the period; For full year: average of the half year averages.

Average number of shares outstanding, basic

Average number of outstanding shares.

Average number of shares outstanding, diluted

Average number of outstanding shares + number of potential new shares to be issued under the existing stock option plans x dilution impact of the stock option plans.

Capital employed

Total equity (excluding fair value reserves) + net financial debt + provisions for employee benefits – deferred tax assets and liabilities – IAS 39 impact.

Capital expenditure

Capitalized investments in tangible and intangible assets, excluding capitalized R&D costs.

EBIT

Operating profit (loss) of fully consolidated companies, including income from other financial investments + Group share in net profit (loss) of companies accounted for under equity method.

Effective recurring tax rate

Recurring tax charge / recurring profit (loss) before income tax of fully consolidated companies.

EPS

Earnings per share for equity holders.

EPS, basic

Net earnings, Group share / average number of outstanding shares.

EPS, diluted

Net earnings, Group share / (average number of outstanding shares + number of potential new shares to be issued under the existing stock option plans x dilution impact of the stock option plans).

Gearing ratio

Net financial debt / (net financial debt + equity of the Group).

Market capitalization

Closing price x total number of outstanding shares.

Net cashflow before financing

Net operating cashflow – net cashflow generated by (used in) investing activities.

Net financial debt

Non-current financial debt + current financial debt - cash and cash equivalents.

Non-recurring EBIT

Includes non-recurring items related to restructuring measures, impairment of assets, and other income or expenses arising from events or transactions that are clearly distinct from the ordinary activities of the company. Any writedowns on those metal inventories permanently tied up in operations are part of the non-recurring EBIT of the business groups.

Operating cashflow

Cashflow generated from operations before change in working capital requirement plus dividend and grants received

Outstanding shares

Issued shares– treasury shares.

Recurring EBIT

EBIT - non-recurring EBIT - IAS 39 effect.

Recurring EBIT margin

Recurring EBIT of fully consolidated companies / revenues excluding metals.

Recurring EBITDA

Recurring EBIT + recurring depreciation and amortization of fully consolidated companies.

Recurring EPS

Recurring net earnings, Group share / average number of (issued shares – treasury shares).

Return on capital employed (ROCE)

Recurring EBIT / average capital employed.

Revenues (excluding metal)

All revenue elements - value of purchased metals.

R&D expenditure

Gross research and development charges, including capitalised costs. From 2013 Umicore has decided to deduct any research grants that are received from third parties from its reported R&D figures. Umicore has also made some further R&D cost reclassifications by applying the internationally recognized Frascati Manual definitions. The reported R&D figures now also exclude R&D of associates.

The above financial definitions relate to non-IFRS performance indicators except for EPS, basic and EPS, diluted.

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