Half Year Results 2012

Regional website Germany

Highlights

Umicore’s revenues grew by 8% in the first half, while recurring EBIT in the period reached € 192 million. This represents a good performance in the context of the downturn in the global economy. Higher levels of research and development spending and increased depreciation costs accounted for the difference with the first half of 2011. Return on capital employed remained strong, despite the continued high level of investment.

  • Revenues of € 1.2 billion (up 8%)
  • Recurring EBITDA of €266 million (down 5%)
  • Recurring EBIT of € 192 million (down 11%)
  • ROCE of 17.4% vs 19.2% in the first half of 2011
  • Recurring net profit (Group share) of € 146 million (down 8%)
  • Recurring EPS of € 1.31 (down 6%)

Umicore continued to invest in growth projects as part of its Vision 2015 strategy with a number of significant initiatives announced during the period. Capital expenditures reached € 94.6 million. Research & Development expenditure reached € 87 million, increasing by 19%, with the main increase recorded in Catalysis and Recycling.

Umicore generated positive cashflows. The capital structure remained very solid with net debt brought down further during the period to € 255 million, corresponding to a gearing ratio of 12.5%.

In line with the dividend policy, the Board of Directors has approved an interim dividend of € 0.50 per share, corresponding to half the annual dividend declared for the financial year 2011. This will be paid out in September.

Outlook

Despite the downturn in the global economy, Umicore anticipates profitability in the second half of the year to be essentially in line with that of the first half. Full year recurring EBIT is therefore expected to be in the lower half of the previously provided range of € 370 to € 410 million.

Note: All comparisons are made with the first half year of 2011, unless mentioned otherwise.