Trading Update Q1 2012
Revenues increased by 11% compared to the first quarter of 2011 despite the economic slowdown that is affecting several markets and regions:
- Catalysis revenues were up 18%
- Energy Materials revenues were up 12%
- Performance Materials revenues were up 4%
- Recycling revenues were up 8%.
Overall margins were negatively impacted by the depreciation and start-up costs related to new investments as well as the effects on recycling margins of lower prices for certain metals. Umicore continued to generate highly positive cash flows.
Several new capital investment projects related to Vision 2015 were initiated in early 2012.
Umicore businesses continue to post strong performances despite more challenging economic conditions. Full year recurring EBIT is expected to be in the range of € 370 to € 410 million compared to a record level of € 416 million in 2011. Higher depreciation charges linked to new investments account for most of the expected difference with 2011. Recurring EBITDA is expected to reach between € 520 and € 560 million compared to € 553 million in 2011.
Note: All comparisons are made with the first quarter of 2011, unless mentioned otherwis