On 1 July 2010 Umicore re-organised its activities into 4 business groups and adjusted the primary segmentation accordingly. The new segmentation is in line with Umicore's strategy and management structure. The new reporting segments are:
The segment comprises the Automotive Catalysts and Precious Metals Chemistry business units. Their activities centre on the development and production of catalyst formulations and systems that are used to abate emissions from combustion engines, as well as in chemical and life science applications.
The segment comprises the Cobalt & Specialty Materials, Electro-Optic Materials and Thin Film Products business units. These units develop and produce materials that are used in energy storage (rechargeable batteries) and the production of clean energy. The refining of metals used in these applications and coming from secondary sources belongs to the scope of activity of these units.
The segment comprises the Building Products, Electroplating, Platinum Engineered Materials, Technical Materials and Zinc Chemicals business units. These units develop and produce functional materials that are used in decorative, electronic, electrical, high purity glass and construction applications, mainly. The Zinc Chemicals business unit also recycles secondary zinc products to secure part of its supply requirements. The segment also includes Umicore’s shareholding in Element Six Abrasives.
The segment consists of the business units Precious Metals Refining, Jewellery & Industrial Metals, Precious Metals Management and Battery Recycling. Their activities focus on the recycling of end-of-life products and the refining of industrial residues which contain precious and special metals.
Corporate covers corporate activities, shared operational functions and the Group’s Research, Development & Innovation unit, which includes the Fuel Cells development program.
Umicore has also redefined or relabelled three of its financial performance indicators in order to improve readability.
Recurring EBITDA is defined as recurring EBIT plus recurring depreciations and amortisation and of fully consolidated companies. This definition was reviewed on 22 October 2010.
Net financial debt is defined as the sum of current and non-current financial debt, minus cash and cash equivalents. The previous definition also subtracted loans granted, such as loans to associated companies and margin calls on forward contracts, from the net financial debt. This change of definition has a slight impact on Capital employed, ROCE and gearing ratio values.
Recurring EPS was previously labelled as “EPS, adjusted, basic”. The definition is unchanged.
The full glossary for the different key performance indicators can be found on this page.
All the historic financials presented under the new segmentation reflect both the changes in segmentation as well as changes relating to the new definitions of these financial performance indicators.