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Full Year Result 2015

Regional website Germany

Highlights

Revenues were well up (+11%) compared to 2014 with strong growth in Catalysis and Energy & Surface Technologies more than offsetting the impact of lower metal prices on the recycling activities. The revenue growth, which was in part driven by the ramp-up of recent growth investments, was the main factor behind the REBIT growth of 21%.

  • Revenues of € 2.6 billion (+11%)
  • Recurring EBITDA of € 505 million (+14%)
  • Recurring EBIT of € 330 million (+21%)
  • ROCE of 13.7% (versus 12.2% in 2014)
  • Recurring net profit (Group share) of € 246 million (+27%)
  • Recurring EPS of € 2.27 (+27%)
  • Net debt at € 321 million corresponding to a gearing ratio of 15.3%

Non recurring elements amounted to a charge of € 63 million to net earnings relating primarily to restructuring measures and impairments of permanently tied-up metal inventories.
Growth investments are on or ahead of schedule and capital expenditures amounted to € 240 million. In Recycling major investments were successfully carried out as part of the program to increase capacity of the Hoboken plant by 40%.
The Board of Directors will propose a gross annual dividend of € 1.20 per share at the Annual General Meeting on 26 April 2016 of which € 0.50 was already paid out as an interim dividend in September 2015.

Outlook

Umicore expects significant volume increases in its strategic growth platforms of clean mobility and recycling in 2016. Sales of automotive catalysts are set to benefit from strengthening demand in both light and heavy duty applications while the accelerating trend towards vehicle electrification should drive sales of
rechargeable battery materials higher. Processed volumes at the Hoboken recycling operations are also set to increase following the completion of the main investment wave in 2015.
Metal prices are currently at lower levels than the average of last year. Given the high level of market volatility it is too early to estimate what impact metal prices might have on the anticipated benefits from the strong volume growth.

Note

In accordance with IFRS 5 no depreciation charges were recognized for the discontinued operations in the second half of 2015.
All comparisons are made with 2014, unless mentioned otherwise. All Group KPIs include the discontinued operations.