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.


Dutch
French

Tag: Corporate

Tweets

  • @UmicoreGroup  Feb 14
    RT @HessenChemie: Weiterbildung lohnt sich - für die Mitarbeiter und das Unternehmen. Ein schönes Beispiel ist der Materialtechnologiekonze…
  • @UmicoreGroup  Feb 12
    From little moments to great memories, we’re there. Our materials power the #rechargeablebatteries in your devices.… https://t.co/O5HAXqSS1A
  • @UmicoreGroup  Feb 8
    Our CEO Marc Grynberg is live now on @BloombergTV, explaining the trends in #cleanmobility for 2019. https://t.co/M4SV1vXuwg
  • @UmicoreGroup  Feb 8
    RT @WayneVisser: Yesterday @AntwMgtSchool launched its first of its #SustainableTransformation Corporate #Leadership Groups, for bold actio…
  • @UmicoreGroup  Feb 8
    Our 2018 Full Year Results are live! We've reached our Horizon 2020 targets 2 years ahead of schedule and reaffirm… https://t.co/ueWTxFPYKs
  • @UmicoreGroup  Feb 7
    Paul Spurk, Applied Technology Manager, talked about the latest #batterytechnology developments at @carsymposium: “… https://t.co/cqrYbkSgcx
  • @UmicoreGroup  Feb 6
    Keep an eye out for our full year results coming Friday! #umicore #fullyearresults2018 https://t.co/CAMjI6rJMk
  • @UmicoreGroup  Feb 5
    Thanks to our employee conditions we have been recognized as Top Employer in Belgium for the 14th time in a row. T… https://t.co/synuy998E4
  • @UmicoreGroup  Feb 5
    Have you seen the @medicine_maker interview with @C_Le_Ret yet? He talks about all things #sustainability on a wond… https://t.co/zcX4wTivSm
  • @UmicoreGroup  Jan 30
    Kurt Vandeputte explains the relevance of Umicore’s closed loop model at #AABCEurope in Strasbourg today: “The intr… https://t.co/HRiL9sDImN