Umicore Group

(in million €) H1 2017 H2 2017 H1 2018
Turnover* 6,469 5,808 6,354
Revenues (excluding metal) 1,454 1,462 1,684
Recurring EBITDA 296 303 364
Recurring EBIT 204 207 261
of which associates 12 18 5
Non-recurring EBIT (15) (32) (6)
IAS 39 effect on EBIT (3) (18) -
Total EBIT 186 157 256
Recurring EBIT margin 13.2% 12.9% 15.2%
Effective recurring tax rate 25.8% 25.7% 25.4%
Recurring net profit, Group share 134 133 163
Net profit, Group share 119 93 161
R&D expenditure 89 86 96
Capital expenditure 141 225 198
Net cash flow before financing (151) (230) (270)
Total assets, end of period 4,733 5,116 6,175
Group shareholders' equity, end of period 1,781 1,803 2,573
Consolidated net financial debt, end of period 556 840 429
Gearing ratio, end of period 23.2% 31.1% 14.1%
Average net debt / recurring EBITDA 71.9% 115.1% 87.1%
Capital employed, end of period 2,719 3,004 3,285
Capital employed, average 2,558 2,861 3,144
Return on capital employed (ROCE) 15.9% 14.4% 16.6%
Workforce, end of period (fully consolidated) 10,402 9,769 9,875
Workforce, end of period (associates) 3,314 3,360 3,370
Accident frequency rate** 2.94 3.06 3.40
Accident severity rate** 0.08 0.09 0.05

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

**exluding Building Products for 2017