Full Year Results 2011
Umicore recorded record earnings in 2011, both in terms of recurring EBIT and earnings per share. The year-onyear growth of the recurring EBIT was driven by the catalysis business, which outpaced the automotive market growth, and the recycling operations, which had an outstanding performance benefiting from abundant supplies of recyclable materials. Umicore’s revenues increased by close to 15% with all businesses groups contributing to the growth. Growth in the second half closely matched that of the first half.
- Revenues of € 2.3 billion (up 15%)
- Recurring EBIT of € 416 million (up 21%)
- ROCE of 18.6% vs 17.5% in 2010
- Recurring net profit (Group share) of € 305 million (up 16%)
- Recurring EPS of € 2.69 (up 16%)
Umicore continued to invest in future growth projects as part of its Vision 2015 strategy. Capital expenditures reached € 213 million (up 24%) with investments increasing in all business groups. Research & Development expenditures increased by 13% to € 157 million.
Umicore continued to generate positive cash flows and further strengthened its capital structure in 2011. Net debt was reduced by almost € 100 million over the course of the year. During 2011 Umicore also bought back 2.6% of its own shares for a total value of € 93 million.
The Board of Directors will propose a gross annual dividend of € 1.00 per share at the Annual General Meeting on 24th April, of which € 0.40 was already paid out as an interim dividend in September 2011.
Note: All comparisons are made with 2010, unless mentioned otherwise.