Trading Update Q3 2013
Revenues were stable compared to the same period in 2012. The revenue growth in Catalysis, Energy Materials and Performance Materials was offset by lower revenues in Recycling as a result of lower metals prices. Cashflows remained strong and net debt decreased further in the quarter.
Umicore has carried out an extensive assessment of growth options for Precious Metals Refining as part of the strategy to expand in Recycling. Based on technical and market studies and subject to final Board approval, the preferred option at this stage is to pursue a € 100 million expansion of the Hoboken facility targeting a 40% capacity increase with ramp-up expected to start in 2016. Umicore has engaged with the authorities to obtain the necessary permits. Investments in other long term growth programmes continued with a number of projects reaching or nearing completion.
Since the beginning of the year and up until 18 October Umicore had bought back 1,779,385 shares, representing 1.48 % of the issued shares. Umicore thereby held on 18 October 9,602,286 shares in treasury, or 8 % of the issued shares.
Umicore confirms it expects its full year recurring EBIT to be within the previously stated range of between € 300 million and € 330 million, albeit at the lower end of the range due to the more testing metal price environment.
Note: All comparisons are made with the third quarter of 2012, unless mentioned otherwise.