Umicore Investor Presentation - March 2020 - Umicore.com
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
Umicore Investor Presentation
March 2020
Introduction to Umicore
We are a global materials technology and
recycling group
One of three global A leading supplier of key The world’s leading
leaders in emission control materials for rechargeable recycler of complex waste
catalysts for light-duty and batteries used in electrified streams containing
heavy-duty vehicles and transportation and portable precious and other
for all fuel types electronics valuable metals
3
With a unique position in clean mobility
materials and recycling
Internal Plug-In Hybrid
Combustion Engine Electric Vehicle
Umicore provides: Umicore provides:
Emission control catalysts Battery cathode materials and
emission control catalysts
Full Electric Vehicle Fuel cells
Umicore provides: Umicore provides:
Battery cathode materials Electro-catalyst and
battery cathode materials
Present across all drive trains and offering sustainable closed-
loop services
4
Built on sound foundations
Supportive
Unique business Industry leader in
megatrends &
model sustainability
legislation
resource
scarcity
more
stringent
emission
control
electrification
recycling
recycling of the
automobile
We help improve air quality, make electrified transport possible
and tackle resource scarcity
5 5
With a robust financial performance and a
global presence
Key figures (FY 2019)
Recurring
Revenues
EBITDA
€ 3.4 bn
€ 753 m
Recurring ROCE
EBIT 12.6%
€ 509 m
40% - Europe
Revenues* by
geography 14% - North America
4% - South America
39% - Asia-Pacific
* 2019 data 3% - Africa 6
We deliver on our Horizon 2020 strategy
Clear leadership Doubled the size
in clean mobility of the business in
materials and terms of earnings
recycling
Rebalanced the Turned
portfolio sustainability into
& earnings a greater
contributions competitive edge
7
With a focused & balanced Group structure
CATALYSIS ENERGY & SURFACE RECYCLING
TECHNOLOGIES
Automotive Catalysts Rechargeable Battery Materials Precious Metals Refining
Precious Metals Chemistry Cobalt & Specialty Materials Jewelry & Industrial Metals
Electroplating
Precious Metals Management
Electro-Optic Materials
Revenues* Capital employed*
Recurring EBIT*
(excluding metal) (average)
13%
20% 33% 35%
34%
43%
37% 52%
33%
8
* FY 2019 data; corporate not included
Unique position in Automotive Catalysts
Strong growth drivers:
Umicore best positioned to
Tightening emission norms for capture growth in growing
LDV and HDD, in particular in gasoline segment; largest share
China, Europe and India of cGPF platforms won in China
and Europe
Significant value uplift especially in
gasoline catalysts
Umicore well positioned to
Increasing share of gasoline capture growth in HDD segments
platforms in the global mix
Umicore expanding capacity in
Increasing uptake of fuel cell fuel cells
drivetrains
9
Unique position in Rechargeable Battery
Materials for xEV
Electrification confirmed as main avenue to
drastically reduce vehicle emissions in mid- and Umicore uniquely positioned to address
long-term long-term requirements of this industry,
while managing short-term fluctuations
Strongly supported by legislation and evidenced
with agility
by massive roll-out of car OEM’s e-mobility
strategies Full spectrum of highest quality
cathode materials
Increasing electrification drives strong market
demand in mid and long-term Process technology and ability
to scale up fast
Technology roadmap offers ample room for Innovation pipeline spanning next
innovation and differentiation 20 years
Product Integrated supply chain and battery
Process recycling
Closed loop offering
10Unique position in Recycling
RECYCLING
Metallurgical leadership and
proprietary technologies for Increasing resource scarcity and need for closing the
treating complex residues and by- loop
products
Growing complexity of materials to recycle
Closing the loop Increased availability of complex materials, in particular
in product businesses by end-of-life materials
offering recycling services
Eco-efficient recycling processes are becoming the
norm
Over 200 different
input streams
Umicore uniquely positioned to capture growth as the
Recovery of more than
20 different metals world’s largest and most complex precious metal
recycler with world class environmental and quality
standards
11We have a solid framework for value creation
Focus on
Strong Focus on cashflows and
growth returns solid capital
structure
• Multiple growth drivers • Earnings growth objective • Prioritize cash for strategic
• Secular trends • Group and segment organic growth projects
• Supporting legislation returns > cost of capital • Currently in accelerated
• 15%+ ROCE target investment phase
• Privilege organic growth
• Value creation precedes • Strong self-funding capacity
• Complementary M&A, with (normalized excl. current
focus on value creation ROCE maximization
acceleration)
R&D • Cash return to shareholders
6% of Capex
revenues € 553 m*
12
* 2019 dataMaintaining a healthy capital structure
35,2%
31,1%
2000 24,4% 2,00
1800
1,92 1,80
15,3% 13,8%
1600 1,60
1,40 1443 Gearing
1400 1,40 ratio
1,19
1200 1,20
1000
840 1,00
861
800 0,80 Net debt
0,64
0,56 / recurring EBITDA
600 0,60
400 321 296 0,40
200 0,20
Consolidated net
0 0,00 financial debt, end of
2015
2016
2017
2018
2019
period
million €
Net financial debt of € 1,443 m,
Corresponds to : Funding headroom to execute
including new € 390 m long term US
private debt placement, drawn in growth strategy while
1.9x net debt to recurring
September 2019 remaining within the
EBITDA ratio
investment grade territory
Diversified funding base and balanced 35% net gearing ratio
maturity profile
13Business Group Overview
CatalysisCatalysis
A world leader in emission control catalysts for light-duty and
Automotive heavy-duty vehicles and for all fuel types. Complemented by
Catalysts smaller stationary catalyst applications (marine, power
generation, …).
Precious Develops and produces metal-based catalysts used in chemistry,
Metals life sciences and pharmaceutical applications. Also has a
Chemistry complete portfolio of catalyst technologies for fuel cells.
15Automotive Catalysts: business model
We develop technologies which allow our customers to meet
automotive emission legislation at the lowest Total Cost of Ownership
Complete
catalyst systems Customer
to reduce exhaust focus
gas emissions
People Operational
engagement excellence
Global
manufacturing &
technical footprint
16Automotive Catalysts Production Footprint
19 plants in 14 countries, 10 R&D / tech. centers in 7 countries
Frederikssund Karlskoga Lyngby Nowa Ruda Songdo
Denmark Sweden Denmark Poland Korea
Onsan
Burlington Hanau Korea
Canada Germany
Tokoname
Auburn Hills, MI Florange Japan
USA France
Kobe
Japan
Tulsa, OK Rheinfelden/
USA Bad Säckingen Himeji
Germany Japan
Houston, TX
USA Tianjin
China
Americana Suzhou
Brazil China (2)
Production plant
R&D/Tech. center
Joinville Port Elizabeth Pune Rayong
Production plant/R&D Tech. center
Stationary Brazil South Africa India Thailand
17Catalysis 2019 market context
Recession in global car market More stringent emission norms
in key regions
Global light-duty vehicle production down by Euro 6d TEMP for all new vehicles since
6.3% year on year: September 2019
China - 8.9%
Europe - 5.0% Early implementation of China 6a in July 2019
North America - 4.4% in several major cities and provinces
China down 2nd year in a row; steep contraction Increasing share of gasoline particulate filters
in H1 19, while pace of decline eased in Europe and China
somewhat in H2 19
Falling diesel production in Europe
(-12%), share of 35% in European car market
18Catalysis 2019 performance
Revenues +7% and REBIT +10%; outperforming market reflecting market share
gains in light-duty gasoline
REVENUES
1500 1.360 1.460
1.253
1.094 1.163
Automotive Catalysts 1000 620
652 743
545 565
Market share gains in light-duty gasoline
500
Growing penetration of cGPFs in China and Europe 549 598 633 709 717
0
Leadership position in light-duty vehicles in China H1
2015 2016 2017 2018 2019
Higher volumes and revenues in heavy-duty diesel H2
REBIT
300
Precious Metals Chemistry
Strong demand from pharmaceutical and chemical 250 13,2% 12,7%
12,3% 12,4%
industries 200 10,6%
166 185
152 168
Significant increase in demand for fuel cell catalysts 150 124
99
75 85 82
100 63
50 86 87
61 78 81
0
2015 2016 2017 2018 2019
million €
19Catalysis – major milestones in 2019
Capacity expansions
Sustained investments Opening of new plant
to support growth of
in product and for fuel cell catalysts
Automotive Catalysts in
process innovation in Korea
China, Poland and India
20Impressions
Bad-Säckingen plant AC, Germany
Catalyst elements Test bench
Installation stationary DNox catalyst Nowa Ruda plant AC, Poland
Canned catalyst
21Business Group Overview
Energy & Surface TechnologiesEnergy & Surface Technologies
Rechargeable
A leading cathode material supplier for lithium-ion rechargeable
Battery batteries used in electrified vehicles and portable electronics.
Materials
Cobalt & Refines and recycles cobalt and nickel; produces cobalt and
Specialty nickel specialty chemicals for a wide range of applications (incl.
Materials tires, catalysts, surface treatment). Also includes battery recycling.
Supplies precious metal electrolytes & processes for technical,
Electroplating functional and decorative applications.
Supplier of products for thermal imaging as well as wafers for
Electro-Optic
space solar cells and high brightness LEDs, chemicals for fiber
Materials optics and thin film applications.
23Rechargeable Battery Materials: business model
Product innovation Process innovation
based on strong fuels productivity
application know-how improvements while
maintaining highest quality
standards (stringent
Established industrial automotive standards)
footprint close to the
customer
Integrated process flows
Strong industrialization with guaranteed access
capabilities building on to critical raw materials
historical Umicore key allows an agile market
competences approach
24It takes a lot to play
in the automotive league
Car OEMs need :
High quality cathode materials excellent product quality on 20+ specs
• … custom made for different types of xEVs wide spectrum of cathode material technologies
• … in massive volumes industrial capabilities
• … at the highest speed and flexibility ability to scale up fast
• … at a competitive price cost-efficient processes
• …without any sustainability image risk. ethically sourced materials
It takes product technology,
process technology and supply
25Product, process and supply
Key success factors
3 Supply 1 Product Technology 2 Process Technology
Raw Industrial
Lab scale Pilot scale
materials scale
• Feed flexibility • Ability to scale up fast
Wide spectrum of cathode
• Cost-efficient processes
• Battery recycling material technologies
• Industrial capabilities
Best in class product quality on 20+ specs:
continuous fine-tuning at lab, pilot and industrial scale
261 Cathode material specs to fulfil cell
Product
technology
performance specs
Cathode material Cathode material
product specs performance specs
• Particle size • Packing • Capacity • Safety
• Morphology density • Power • Charge
• Composition • Porosity (charge/discharge) efficiency
• Purity • Consistency • Cycle life • and more…
• and more…
Tailoring cathode Fundamental chemistry know- Ability to further enhance the
material characteristics how to design the right product product designs during the
to the cell specs composition during lab phase qualification cycles in pilot phase
requires:
272 Rechargeable Battery Materials
Process
technology
Expansion projects timeline
Year
2016 2017 2018 2019 2020 2021 2022 2023
EUR 160 million
announced April 2016 Brownfield in China
Greenfield in Korea
Completed on accelerated schedule
Significant scale effects that
EUR 300 million benefitted 2018 margins
announced May 2017
Greenfield in China and Poland
Competence Center in Belgium
EUR 660 million
announced Feb 2018
Significant upfront costs in 2019 and 2020.
Projects on track with commissioning of competence center
and start of construction of Poland plant in 2019. Also start of
commissioning of Chinese greenfield, with timeline for ramp
up of new capacity adjusted to pace of demand.
283 Access to raw materials
Supply Unique integration in the value chain
Raw material Metal Product Application End use
Umicore • Flexibility in supply feed, high speed to market
and responsiveness to customer needs
293 Access to raw materials
Supply Battery recycling as critical additional source of supply
• Umicore is fully aligned with OECD Due Diligence
for Responsible Supply Chains of Minerals from
Conflict-Affected and High-Risk Areas
• Certified clean and ethical supply to our
customers
• Urban mining indispensable for global
electrification of transportation
• Proven industrial capabilities for all types and
formats of Li-ion batteries
• Patented recycling technology
• High recovery rates for lithium, cobalt, nickel and
copper
• Highest environmental standards
Umicore Flexibility in supply feed, high speed to market
and responsiveness to customer needs
30E&ST 2019 market context
Slowdown in global EV demand and low cobalt price
Global EV market up 7.7% in 2019 compared to 62% in 2018, reflecting abrupt
decline in EV sales in China in H2 due to subsidy cuts
LCO in consumer electronics: supply chain reducing excess inventories
ESS in Korea: subdued demand due to safety incidents
Depressed cobalt price (-56% vs 2018) and inflow of cheaper unethically
sourced artisanal cobalt
31E&ST 2019 performance
Revenues -5%; REBIT -29% reflecting slowdown in demand and low cobalt price
REVENUES
1500
Rechargeable Battery Materials 1.289 1.225
Lower sales for portable electronics and ESS 894
1000 639
Higher sales for EVs, in line with global EV market 618
587 610
495
Recycling and refining activities hit by low cobalt price 500 322
289
650 607
Higher D&A, higher R&D and upfront costs for 298 288 398
greenfield expansions 0
H1
2015 2016 2017 2018 2019
H2
REBIT
Cobalt & Specialty Materials
19,8%
Impacted by low cobalt price and inflow of cheaper 500
14,6% 14,5%
unethically sourced artisanal cobalt 400 12,6% 13,2%
Customers reducing excess inventories 300 257
200 183
140 136
81
Revenues for Electroplating slightly up; stable 100 70 82 79
30 45 121 102
61
revenues for Electro-Optic Materials 0 40 37
2015 2016 2017 2018 2019
million €
32E&ST – major milestones in 2019
Capacity expansions
• Commissioning greenfield
Commissioning of Acquisition of cobalt refinery
plant in China new Process and cathode precursor
Competence Center activities in Kokkola, Finland
• Start of construction greenfield
plant in Poland (Olen, Belgium)
Support for long-term
Multi-year cathode growth
materials supply Conclusion of long-term
• Obtained support within
agreements with leading EV supply partnerships for
framework of IPCEI* for
battery makers, LG Chem sustainable cobalt batteries
and Samsung SDI • Global Battery Alliance initiative
* Important Projects of Common European Interest 33Impressions EV car battery pack Packaging finished product RBM Cheonan production sites, Korea 34
Business Group Overview
RecyclingRecycling
Operates the world’s most sophisticated precious metals recycling facility
Precious Metals
and recovers 17 precious and other valuable metals from complex waste
Refining streams.
Precious Metals Services for hedging, leasing, purchasing and sale of precious and
Management platinum group metals to internal and external customers
Supplier of precious metals based products for jewelry and industrial
Jewelry &
applications, recycler of jewellery and production scrap and producer of
Industrial Metals platinum-based equipment for the glass and chemical industries.
36Precious Metal Refining
Largest and most
complex precious
metals recycling
operation in
the world Leading refiner of
17 different metals
Processes
more than 200
different types
of raw materials World class
environmental and
quality standards
37The value chain of metals
Ores & Refined New
concentrates metals products
Smelters Consumers
Mines Industry
& refiners
Complex mining Smelting Complex Complex
concentrates & refining production end-of-life
& residues residues scrap materials
Industrial by-products End-of life materials
3838Revenue Drivers
Main revenue drivers
Treatment & refining
Metal yield
charges
Treatment charges are Umicore assumes the risk
determined, among other of recovery above or
criteria, by the complexity under the contractually
of the materials agreed recovery rate
39Metal price exposure
Managing the effects
of metal price movements
Direct: Indirect: on earnings
through metal through raw Systematic hedging of
yield material availability transactional exposure
Depending on market conditions
hedging of (part of) structural
metal price exposure through
contractual arrangements
Impact on working capital is
mitigated by toll-refining – metals
remain property of the supplier
during treatment
40Umicore has unique technology
Umicore is unique due to its
proprietary complex flowsheet that
combines three metallurgical
streams
This enables
Ability to optimize
Flexibility to treat Recovery & Scope to broaden
feed and
a broad range of valorization of the to new types of
therefore
input materials most metals materials in future
profitability
• Umicore technology guarantees environmentally friendly
processing, a high yield and a more competitive cost
• Umicore introduced its unique Ultra High Temperature
technology for Battery Recycling more than 5 years ago
4141Recycling 2019 market context
Supportive metal prices and favorable supply environment
Supportive metal price environment
Higher prices for certain precious and platinum group metals, particularly in
the second half of 2019
Favorable supply environment with increased availability of complex end-of-life
materials
Growing proportion of more complex and higher metal loaded spent
automotive catalysts
Higher availability of printed circuit boards due to Green Fence in China
Umicore H1 2019 performance 42Recycling 2019 performance
Revenues +9%; REBIT +40% reflecting favorable supply mix, higher metal
prices and optimization of input mix
REVENUES
1.000
Precious Metals Recycling 800 663 641 650 626 681
600
Higher availability of spent autocats and printed circuit 320 318 311 300 368
boards 400
Higher metal prices 200 343 323 339 326 313
0 H1
Optimization of input mix allowed to offset most of the
2015 2016 2017 2018 2019
volume shortfall due to extended maintenance H2
REBIT
shutdown and fire incident in July
300 27,6%
Stable revenues for Jewelry & Industrial Metals; 250 21,3% 21,5%
19,5% 19,7%
substantial earnings contribution from Precious 200
188
142
Metals Management 150 125 128 135
112
100 65 55 56
63
50 77 79 76
62 73
0
2015 2016 2017 2018 2019
million €
Umicore H1 2019 performance 43Recycling – major milestones in 2019
Completion of multi- Investments to sustain
Upgrade of key
year expansion and improve the
equipment during
program at Hoboken environmental
extended shutdown
plant performance of the
plant
Umicore H1 2019 performance 44Impressions PMR Hoboken recycling plant, Belgium 45
Financials FY 2019
Key figures 2019
REVENUES REBIT Free Operating Cash Flow
+3% to € 3.4 bn € 509 m, close to 2018 € -39 m (€ -406 m in FY 18)
Strong growth in Catalysis (+7%)
record level Net debt € 1,443m
and Recycling (+9%) partly offset Balanced contribution from the Net debt / REBITDA 1.9x
by decline in E&ST (-5%) three business groups
Absorbs strong increase in D&A
RECURRING NET REBITDA
CAPEX € 553 m
PROFIT (Group share) +5 % to € 753* m
-5% to € 312 m Stable group REBITDA margin of ROCE 12.6%
Recurring EPS of € 1.30 22.1%* reflecting intense growth investments
Margin increase in Catalysis and
Proposed gross annual dividend Recycling
of € 0.75
Strong performance in a persistently difficult market context
47
* € 17 m impact from IFRS 16, excluding this, REBITDA is € 736 m and REBITDA margin is 21.6%Robust performance in challenging market context
REBIT & REBIT margin
Recurring EBIT at € 509 m, close to
700 15,5% 14,8%
record level of 2018
600 13,2%
CAGR
12,2% 12,6% Double digit growth in Recycling and
500
514 509 2015-2019
400 299 320
398
252
+ 11 % Catalysis offset by decrease in E&ST
269
300
140 165
203 Increase in D&A and costs related to
200
100 261 240
greenfield investments in battery
160 155 195
0
materials
2015 2016 2017 2018 2019
REBITDA & REBITDA margin
19,3% 19,9% 20,0%
21,9% 22,1% CAGR Recurring EBITDA growth (+ 5%) to
800 2015-2019
587
720 753
+ 10 %
new high of € 753 m
600 465 496
356 396
299
Robust group margin despite headwinds
400
225 258
Adoption of IFRS 16 lease standard
200 364 357
240 238 288 effect of € 17 m
0
2015 2016 2017 2018 2019
48
Group, excluding discontinued activities, million €Strong sequential earnings growth in second half
REBIT & REBIT margin
Strong H2 19 performance after more
300
12,8% 12,8% 13,5% 13,0%
15,2% 15,9% 14,3% 15,3% challenging H1 19
250 11,6% 12,3%
269
Strong sequential and year-on-year growth in H2
261
252
240
200
203
195
150 Mostly driven by Recycling (higher metal prices in
165
160
155
140
100
H2 19 and reflecting impact of extended shutdown
50
0
in H1 19 and fire incident in H2 18)
H1 2015
H2 2015
H1 2016
H2 2016
H1 2017
H2 2017
H1 2018
H2 2018
H1 2019
H2 2019
Also higher H2 19 performance in Catalysis, but
lower in E&ST
REBITDA & REBITDA margin
21,3% 22,4% 21,4% 22,7%
450 19,6% 19,1% 19,2% 20,5% 20,2% 19,8% FY 19 vs H2 19 vs H2 19 vs
400
350 FY18 H2 18 H1 19
396
364
357
356
300
Revenues +3% +9% +6%
299
250
288
258
200
240
238
225
150
100 Recurring EBIT -1% +7% + 12 %
50
0 Recurring EBITDA +5% + 11 % + 11 %
H1 2015
H2 2015
H1 2016
H2 2016
H1 2017
H2 2017
H1 2018
H2 2018
H1 2019
H2 2019
49
Group, excluding discontinued activities, million €Improvement in free operating cash flows
million €, continued operations only
1000 800
627
500
549 Cash flow from operations highest in
0 92 last five years at € 549 m
-78
-500
Includes a € 78 m increase in working capital
-708
-1000 requirements, mostly driven by impact of
FY15 FY16 FY17 FY18 FY19
Cashflow generated from operations after net working capital cash flow higher PGM prices in Catalysis
Net working capital cash flows
Cashflow from operations before net working capital cash flow
million €, continued operations only
800
Improved free cash flow from operations,
600
400
549
close to break even (€ -39 m) despite
200 higher growth investments
92
0
-39
-200
-406
Capex of € 553 m, 2/3rd in E&ST
-400
-600 -498
Complemented by higher capitalized
development expenses of € 35 m
-588
-800
FY15 FY16 FY17 FY18 FY19
Cashflow generated from operations after net working capital cash flow
Capex + capitalized development expenses
Free cashflow from operations
50
*Free cashflow from operations = cashflow generated from operations – capex & capitalized development expensesNet cash flow bridge
million €
Free operating cashflow of € - 39 m
(€ - 406 m in 2018)
€ 188 m cash out linked to the
Kokkola acquisition
Increased dividend payout to
Umicore shareholders
(€ 186 m vs € 175 m in 2018)
Increase in net financial debt of €
582 m, including non-cash increase
of € 46 m from IFRS 16 adoption
51Further extension of funding base
Issuance of € 390 m US private placement notes,
Committed medium & long term
complementing existing committed credit facilities:
facilities
Historically low, fixed interest rates
Total of € 1,875 m
Maturities of 7, 10 and 12 years 2000
1800
Total of committed medium and long term debt facilities 1600 Syndicated Bank Credit
amounting to € 1,875 million. 1400
795 Facilities (undrawn)
1200
1000
Debt maturity profile 390 2019 US Private Placement
500 800
400 600
300
360 2017 US Private Placement
400
200
200
100 330 2017 Schuldschein
0 0
million € 2023 2024 2025 2026 2027 2028 2029 2030 2031 million €
522020 Outlook
Outlook 2020
As communicated in April 2019, Umicore expects to grow revenues and earnings in 2020 despite a
deterioration in the global macro-economic environment since then, particularly in the automotive
sector. This growth outlook assumes that the recent coronavirus outbreak will not result in a
protracted or material effect on the economy in 2020.
While there are no signs of an imminent recovery in the automotive market, the business group
Catalysis is expected to continue to benefit from its strong market position in gasoline catalyst
applications and a further penetration of higher value gasoline particulate filters in Europe and China.
Despite the expectation of subdued EV sales in China, Energy & Surface Technologies anticipates to
benefit from higher sales of cathode materials for EVs in 2020, as well as the consolidation of the
recently acquired activities in Kokkola, Finland. At the same time, the business group’s performance
will reflect higher fixed costs related to the ongoing investments in capacity and innovation.
Performance in Recycling is expected to benefit from a combination of higher metal prices, some of
which were hedged in the course of 2019, a sustained favorable supply environment and increased
availability of the Hoboken smelter.
54Key Investment Considerations
Key investment considerations
• Well positioned to take advantage of accelerating global megatrends : more stringent emission control,
electrification of the automobile and resource scarcity
• Global presence and unique competences acquired over many years;
• A market leader in most key product markets and particularly in automotive catalysts, cathode materials and
complex polymetallic recycling;
• Strong organic growth prospects supported by legislation
• Well-diversified business profile with broad product, end-market and customer base driven by a common theme of
sustainability
• Strong track record of and commitment to innovation to maintain competitive lead (R&D spending of close to 6
% of revenues in 2019)
• Robust financial performance across cycles and margin focus with recent investments yielding returns
• Strong balance sheet with recent substantial growth investments
• Experienced board, management team, and clear governance principles
56Forward-looking statements
This presentation contains forward- Should one or more of these risks,
looking information that involves risks uncertainties or contingencies materialize,
and uncertainties, including statements or should any underlying assumptions
about Umicore’s plans, objectives, prove incorrect, actual results could vary
expectations and intentions. materially from those anticipated,
expected, estimated or projected.
Readers are cautioned that forward-
looking statements include known and As a result, neither Umicore nor
unknown risks and are subject to any other person assumes any
significant business, economic and responsibility for the accuracy of these
competitive uncertainties and forward-looking statements.
contingencies, many of which are
beyond the control of Umicore.
57You can also read
