Umicore Group

(in million €) H2 2016 H2 2017 2016 2017
Turnover* 5,921 5,808 11,086 12,277
Revenues (excluding metal) 1,313 1,462 2,668 2,916
Recurring EBITDA 268 303 527 599
Recurring EBIT 175 207 351 410
of which associates 11 18 18 30
Non-recurring EBIT (43) (32) (110) (46)
IAS 39 effect on EBIT (5) (18) (9) (21)
Total EBIT 127 157 232 343
Recurring EBIT margin 12.5% 12.9% 12.5% 13.1%
Effective recurring tax rate 24.5% 25.7% 25.0% 25.7%
Recurring net profit, Group share 121 133 233 267
Net profit, Group share 85 93 131 212
R&D expenditure 78 86 156 175
Capital expenditure 201 225 287 365
Net cash flow before financing 68 (230) 142 (381)
Total assets, end of period 4,146 5,116 4,146 5,116
Group shareholders' equity, end of period 1,790 1,803 1,790 1,803
Consolidated net financial debt, end of period 296 840 296 840
Gearing ratio, end of period 13.8% 31.1% 13.8% 31.1%
Average net debt / recurring EBITDA 55.4% 115.1% 57.6% 93.8%
Capital employed, end of period 2,397 3,004 2,397 3,004
Capital employed, average 2,394 2,861 2,399 2,710
Return on capital employed (ROCE) 14.6% 14.4% 14.6% 15.1%
Workforce, end of period (fully consolidated) 9,921 9,769 9,921 9,769
Workforce, end of period (associates) 3,196 3,360 3,196 3,360
Accident frequency rate** 3.50 3.06 3.34 3.01
Accident severity rate** 0.16 0.09 0.56 0.09

*Including the elimination of the transactions between continued and discontinued operations

** Excluding Zinc Chemicals for 2016 and 2017, excluding Building Products for 2017