Full Year Results 2014
Highlights
Revenues were 1% higher compared to 2013. Growth in Catalysis and Energy Materials offset lower revenues in Performance Materials and Recycling. Recurring EBIT was down 10% due mainly to the impact of lower metal prices and currency headwinds. Recurring EBIT was down in Recycling while it increased in the other segments. Growth investments are on track and capital expenditures totalled € 202 million.
- Revenues of € 2.4 billion
- Recurring EBITDA of € 442 million
- Recurring EBIT of € 274 million
- ROCE of 12.2%
- Recurring net profit (Group share) of € 193 million
- Recurring EPS of € 1.79
- Net debt at € 298 million
Umicore is reviewing its portfolio of activities and assessing options to optimize growth and value creation potential. In light thereof, a process has been initiated to prepare the Zinc Chemicals and Building Products business units for a future outside the Umicore Group. These units have improved profitability significantly and are in a strong position to develop further in an environment that is specifically aligned with their respective products, services and applications. Umicore also intends to house its Electro-Optic Materials and Thin Film Products activities in distinct legal entities to enable strategic alliances aimed at accelerating growth. The intention is to implement the portfolio realignment by the end of 2016, subject to market opportunities.
The Board of Directors will propose a gross annual dividend of € 1.00 per share at the Annual General Meeting on 28 April, of which € 0.50 was already paid out as an interim dividend in September 2014.
Outlook
Umicore expects profitability to improve in 2015 driven by further growth in Catalysis and Energy Materials in particular.
Note: All comparisons are made with 2013, unless mentioned otherwise.