31 July 2018

Half year results 2018

Highlights

Revenues and recurring EBIT were up substantially compared to the same period last year driven predominantly by growing demand for Umicore’s cathode materials for rechargeable batteries used in automotive applications.

 Revenues of € 1.7 billion (+16% or +23% excluding discontinued operations)

 Recurring EBITDA of € 364 million (+23% or +26% excluding discontinued operations)

 Recurring EBIT of € 261 million (+28% or +34% excluding discontinued operations)

 ROCE of 16.6% (versus 15.9% in the first half of 2017)

 Recurring net profit (Group share) of € 163 million (+22% or + 28% excluding discontinued operations)

 Recurring EPS of € 0.69 (+12%)

 Net debt at € 429 million corresponding to a gearing ratio of 14.1%

Umicore’s growth investments are proceeding as planned with capital expenditure amounting to € 198 million in the first half of the year. It is expected that capital expenditure will accelerate in the second half of the year. In Rechargeable Battery Materials, additional capacity was commissioned on the existing sites in Asia and production is ramping up. Preparation is underway for the greenfield cathode material production plants in China and Europe. In Catalysis, the integration of the heavy-duty diesel and stationary emission control catalyst activities acquired from Haldor Topsoe at the end of 2017 has started.

On 8 February, Umicore successfully raised € 892 million of new equity by issuing 10% new ordinary shares through an accelerated bookbuild process. The proceeds are used to fund Umicore’s organic growth investments, particularly in cathode materials, and will provide additional flexibility to pursue potential acquisitions and partnerships that would strengthen Umicore’s offering in clean mobility and recycling.

An interim dividend of € 0.35 per share will be paid out in August. In line with the dividend policy, the amount corresponds to half the annual dividend declared for the financial year 2017.

Outlook

Umicore expects its recurring EBIT to be in the range of € 510 million to € 550 million for the full year, as previously indicated, assuming current market and macroeconomic conditions continue to prevail. While all three business groups are expected to contribute to this year’s revenue and profit growth, the vast majority of the growth is coming from Energy & Surface Technologies.

 Note: All comparisons are made with the first half of 2017 and all Group KPIs include the discontinued operations, unless mentioned otherwise. Building Products contributed to the KPIs of discontinued operations until end September 2017. There are no discontinued operations remaining as from the start of 2018.


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