Half Year Results 2013

Regional website Germany

Highlights

Umicore’s revenues were stable compared to the first half of 2012 with an increase in Catalysis and Energy Materials offset by a decrease in Recycling. Recurring EBIT in the period was down 15% year on year due to a less favourable product and regional mix and the impact of lower metal prices on recycling margins.

  • Revenues of € 1.2 billion (down 0.6%)
  • Recurring EBITDA of € 240 million (down 10%)
  • Recurring EBIT of € 163 million (down 15%)
  • ROCE of 14.5% versus 17.4% in the first half of 2012
  • Recurring net profit (Group share) of € 115 million (down 21%)
  • Recurring EPS of € 1.02 (down 22%)


Compared to the second half of last year, revenues were up by 4%, pointing to a stabilisation in many product end-markets.

While taking steps to improve margins, Umicore remains committed to invest in its longer term growth programmes. Capital expenditures were € 120 million, with increases in Energy Materials and Recycling. Research & Development expenditure was stable at € 91 million.

Net cashflow was positive, leading to a reduction of net debt to € 190 million, corresponding to a gearing ratio of 9.6%.

Umicore bought back 758,311 of its shares in the first half of the year. In line with the dividend policy an interim dividend of € 0.50 per share will be paid out in September. The amount corresponds to half the annual dividend declared for the financial year 2012.

Outlook

Full year recurring EBIT is expected to remain within the previously provided range of € 300 to € 330 million.

Note: All comparisons are made with the first half year of 2012, unless mentioned otherwise.

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