Umicore Investor Presentation - October 2019
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Umicore Investor Presentation
October 2019
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 (H1 2019)
Recurring
Revenues
EBITDA
€ 1.6 bn
€ 357 m
Recurring ROCE
EBIT 12.3%
€ 240 m
Revenues* by
geography
* 2018 data 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)
14%
19% 33%
29% 35%
44%
37% 51%
38%
* H1 2019 data; corporate not included 8
Unique position in Automotive Catalysts
CATALYSIS
Tightening emission norms for LDV and
Total LDV and HDD catalyst market value HDD, in particular in China, Europe and
India
Significant value uplift especially in
gasoline catalysts
Increasing share of gasoline cars globally
Umicore won largest share of cGPF
platforms in China and Europe
Increasing uptake of fuel cell drivetrains
Technology and innovation play
We are well positioned to capture unprecedented value growth in
automotive catalyst markets
9
Unique position in Rechargeable Battery
Energy &
Surface Materials for xEV
Technologies
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 • Not overstretch balance sheet
6% of Capex • Cash return to shareholders
revenues € 478 m*
* 2018 data 12And maintain a strong capital structure
31%
2000 29%
23% 24% 1.60
1800 1.35
15% 15% 14%
1600 14% 1.40
14% 1.15 Gearing
1400 1.20 ratio
1200 0.87 0.91
1.00
1,059
1000 0.72 861
840 0.80
800 0.59 0.65 0.60 Average net debt
0.55 0.60
556 / recurring EBITDA
600 429
314 321 298 296 0.40
400
200 0.20
Consolidated net
0 0.00 financial debt, end of
H1 2016
H2 2016
H2 2018
H1 2019
H1 2015
H2 2015
H1 2017
H2 2017
H1 2018
period
million €
Net financial debt € 1,059 m Corresponds to : Ample funding headroom to
execute growth strategy, no
1.35 x average net debt to
Modest impact from the adoption of need for additional capital
recurring EBITDA ratio
IFRS 16 due to limited use of injection
operating leases (€ 37 m) 29% net gearing ratio
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
17Total LDV and HDD catalyst market
set for unprecedented value growth
MARKET VALUE
EVOLUTION BY
REGION Massive tightening of
Europe emission norms in China,
Europe and India drive
Greater China massive value uplift in both
Japan / Korea the LDV and HDD catalyst
markets
Middle East / Africa
North America Value growth
by far outpacing
South America vehicle production
South Asia
(mainly India)
Technology and
1 2 3
Innovation play
2017 2020 2025
Source: IHS, KGP, Umicore estimates
18Umicore well positioned to capture this growth
Next to volume growth, unprecedented future system value step-up due to
tightening emission norms in Europe, China and India in particular.
Light-Duty Vehicles Heavy-Duty Diesel Stationary :
▪ Gaining significant share ▪ Growing from a distant # ▪ Growing niche
in growing gasoline 3 position ▪ New legislation
segment ▪ Strong position in China, ▪ Leverage global
▪ Disproportionate share of the largest HDD market presence
gasoline GPF platforms ▪ Development partner of
won in China and Europe most major HDD OEMs
Through R&D, we continue to build a competitive technology portfolio and
invest in additional flexible capacity using proprietary processes
19Catalysis H1 2019 performance
Revenues +1% and stable REBIT; in strong contrast with declining auto market
REVENUES
800
700
Automotive Catalysts
717
709
600
(~90% Catalysis revenues)
652
633
620
500
598
565
549
545
400
300
Market share gains in light duty gasoline 200
100
Growing penetration of cGPFs 0
H1 2015
H2 2016
H1 2018
H2 2015
H1 2016
H1 2017
H2 2017
H2 2018
H1 2019
Good customer and platform mix esp. in China
H1
Higher revenues in heavy-duty diesel
H2
REBIT
100
Precious Metals Chemistry 90
80
87
86
85
82
81
70
78
Strong demand from pharmaceutical and chemical
75
60
industries
63
61
50
Higher revenues from fuel cell catalysts 40
30
20
10
0
H2 2017
H2 2018
H1 2015
H2 2015
H1 2016
H2 2016
H1 2017
H1 2018
H1 2019
million € Umicore H1 2019 performanc e 20Strong growth drivers in Catalysis
Tightening emission norms for Umicore best positioned to
LDV and HDD, in particular in capture growth in growing
China, Europe and India gasoline segment
Significant value uplift especially Largest share of cGPF platforms
in gasoline catalysts won in China and Europe
Increasing share of gasoline Umicore well positioned to
platforms in the global mix capture growth in HDD segments
Increasing uptake of fuel cell Umicore expanding capacity in
drivetrains fuel cells
Umicore H1 2019 performanc e 21Impressions
Bad-Säckingen plant AC, Germany
Catalyst elements Test bench
Installation stationaryDNoxcatalyst Nowa Ruda plant AC, Poland
Canned catalyst
22Business 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.
24Rechargeable 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
25Battery market projections
Electrification triggered by legislation in Europe and China
700
Electrification
Regulatory driver 600
500
400
Portables
Societal driver 300
200
Energy 100
Storage System
Regulatory driver 0
2015 2020 2025
Source: Avicenne, Navigant, Roland Berger, AABC,
IHS, Gartner, SNR, CRU, Roskill
26It 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
27Product, 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
281 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:
292 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
Expected to result in significant upfront costs in 2019
Construction (China, Poland) on track, timeline for
ramp up of new capacity adjusted to pace of demand
303 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
313 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
32Expanding integrated and sustainable battery
materials supply chain
Agreement to acquire Freeport Partnership with Glencore for
Cobalt’s refining and cathode sustainable cobalt supply
precursor activities in Finland Long-term supply guarantee for substantial part of our
cobalt needs
Fully integrated and sustainable battery materials
supply chain in Europe Cobalt sourced from state-of-the-art industrial mining
operations, then shipped to our refineries globally
To support Umicore’s and its customers’ European
growth plans
Umicore battery supply chain in Europe
Supply precursors for cathode materials production in
Poland, due to start in H2 2020
Complementary IP and know-how for refining and
precursor production
Team of experienced battery industry professionals
Acquisition earnings accretive from 2020 and value
accretive from 2021
Closing subject to customary conditions and approvals
Umicore H1 2019 performanc e 33E&ST H1 19 performance
Revenues -7%; REBIT -16% reflecting slowdown in demand and lower metal prices
REVENUES
700
Rechargeable Battery Materials 600
650
639
607
500
495
400
Lower NMC for ESS and LCO sales
398
300
321
298
Flat demand for automotive applications 200
289
288
100
0
H1 2015
H2 2016
H2 2018
H2 2015
H1 2016
H1 2017
H2 2017
H1 2018
H1 2019
Recycling and refining activities hit by lower metal prices
H1
H2
Cobalt & Specialty Materials REBIT
160
140
Customer destocking of excess inventories 120 136
100 121
Activities impacted by low metal prices 80 102
Inflow of cheaper unethically sourced artisanal cobalt 60 79
40 61
40 45
20
30 37
Electroplating
Revenues for slightly down; stable for 0
H2 2015
H1 2018
H2 2018
H1 2015
H1 2016
H2 2016
H1 2017
H2 2017
H1 2019
Electro-Optic Materials
Battery materials value chain is ~70% E&ST revenues
million € Umicore H1 2019 performanc e 34Strong growth drivers for E&ST
Electrification and technology differentiation
Electrification confirmed as the main Technology roadmap offers ample
avenue to drastically reduce vehicle room for innovation and
emissions in mid & long term differentiation:
Product: range, charging times,
Strongly supported by legislation: durability
Continued regulatory push in China
despite earlier than anticipated Process: ability to scale up fast, cost
subsidy cuts efficient and flexible processes,
quality consistency
CO2 legislation in Europe
Closed loop offering
and evidenced by the massive roll-
out of car OEM’s e-mobility strategies
Umicore ideally positioned to address the long-term requirements of
this industry, while managing short-term fluctuations with agility
Umicore H1 2019 performanc e 35Impressions
EV car battery pack
36
Packaging finished product RBM Cheonan production sites, KoreaBusiness 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.
38Precious 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
39The 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
4040Revenue 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
41Metal 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
42Umicore 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
4343Recycling H1 2019 performance
Revenues and REBIT -2%(*) due to extended maintenance shutdown
REVENUES
600
450
Precious Metals Recycling (~70% Recycling
300
revenues)
343
339
327
323
320
318
313
311
300
150
Better throughput rates following latest wave of
investments in Hoboken 0
H2 2015
H1 2017
H1 2019
H1 2015
H1 2016
H2 2016
H2 2017
H1 2018
H2 2018
Lower processed volumes due to extended scheduled H1
shutdown H2
REBIT
Better supply mix and higher metal prices
100
Revenues for Jewelry & Industrial Metals
77 79
slightly up; higher earnings contribution from Precious 50 65 62 63
73 76
55 56
Metals Management
0
H2 2015
H1 2017
H1 2015
H1 2016
H2 2016
H2 2017
H1 2018
H2 2018
H1 2019
(*) excluding the impact of the divestment of the European activities of Technical
Materials at the end of January 2018 million € Umicore H1 2019 performanc e 44Strong drivers for Recycling
Increasing resource scarcity Umicore uniquely positioned to
and need for closing the loop capture growth in this segment
as the world’s largest and most
Growing complexity of complex precious metal
materials to recycle recycler with world class
environmental and quality
Eco-efficient recycling standards
processes are becoming the
norm
Umicore H1 2019 performanc e 45Impressions PMR Hoboken recycling plant, Belgium 46
Financials H1 2019
Robust performance in a challenging environment
REBIT & REBIT margin
400 13.5%
15.2% 14.3% 16
. 0%
Down compared to a record H1 18 and resilient
12.4%
11.8% 15.9% 14
. 0%
sequential performance
300 12
. 0%
12.8% 13.0% 10
. 0%
vs H1 18 vs H2 18
261
252
200
240
10.0%
8.0%
Revenues -3% +3%
203
195
6.0%
165
155
100
148
4.0%
Recurring EBIT -8% -5%
120
2.0%
0 0.0%
Recurring EBITDA -2% =
H2 2015
H1 2016
H1 2017
H2 2017
H1 2019
H1 2015
H2 2016
H1 2018
H2 2018
REBITDA & REBITDA margin Robust margin performance despite higher costs (D&A
and greenfield expansions) :
500 22.4%
20.5% 21.3% 21.4% 22 .0%
20.2%
400 19.3% 19.8% 20 .0%
Recurring EBIT margin of 14.3%
17.9%
Recurring EBITDA margin of 21.4%
364
300 17.4%
357
356
18 .0%
299
Adoption of IFRS 16 lease standard increasing D&A and
288
200
258
238
16 .0%
220
recurring EBITDA by € 7.3 million
206
100 14 .0%
ROCE of 12.3% reflecting impact of recent investments
0 12 .0%
5
H1201
5
H2201
6
H1201
6
H2201
7
H1201
7
H2201
8
H1201
8
H2201
9
H1201
Umicore H1 2019 performanc e 48
Group, excluding discontinued activ ities, million €Stronger free operating cash flows
Cashflow generated from operations tripled
compared to H1 18 and highest in recent years
Stable net working capital in 1H19 versus last
year’s strong increase
Higher capex (€ 241 m) of which two thirds in
E&ST
Complemented by increased capitalized
development expenses (€ 17 m) also mostly in
E&ST
Substantial improvement in free operating
cashflow year on year (€ 50 m in H1 19)
* Full year projected capex of appr. € 600 m and
targeting stable working capital
* Free operating cashf low = cashf low generated f rom operations – capex & capitalized dev elopment expenses Umicore H1 2019 performanc e 49Net cash flow profile
**
*
Free operating cashflow Tax and net interest cash Higher dividend pay-out to Non-cash increase in net
of € 50 m out of € 86 m Umicore shareholders financial debt of € 37 m
(- € 104 m in H1 18) (€ 88 m in H1 18) (€ 96m vs € 91m in H1 18) from IFRS 16 adoption
* Cashf low generated f rom operations includes net working capital cash f lows
Umicore H1 2019 performanc e 50
** Free operating cashf low = cashf low generated f rom operations – capex & capitalized dev elopment expensesMaintaining a strong capital structure
31%
2000 29%
23% 24% 1.60
1800 1.35
15% 15% 14%
1600 14% 1.40
14% 1.15 Gearing
1400 1.20 ratio
1200 0.87 0.91
1.00
1,059
1000 0.72 861
840 0.80
800 0.59 0.65 0.60 Average net debt
0.55 0.60
556 / recurring EBITDA
600 429
314 321 298 296 0.40
400
200 0.20
Consolidated net
0 0.00 financial debt, end of
H1 2016
H2 2016
H2 2018
H1 2019
H1 2015
H2 2015
H1 2017
H2 2017
H1 2018
period
million €
Net financial debt € 1,059 m Corresponds to : Ample funding headroom to
execute growth strategy, no
1.35 x average net debt to
Modest impact from the adoption of need for additional capital
recurring EBITDA ratio
IFRS 16 due to limited use of injection
operating leases (€ 37 m) 29% net gearing ratio
Umicore H1 2019 performanc e 51Further extended 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
Expected drawdown in September 1800
Total of committed medium and long term debt facilities 1600 Syndicated bank facilities
amounting to € 1,875 million. 1400
795 (largely undrawn)
No major maturities before 2029 1200
1000
Debt maturity profile 390 2019 US Private Placement
500 800
400 600
300
360 2017 US Private Placement
400
200
200 330
100 2017 Schuldschein
0 0
million € 2023 2024 2025 2026 2027 2028 2029 2030 2031 million €
Umicore H1 2019 performanc e 522019 Outlook
Outlook 2019
As announced in April, Umicore expects its recurring EBIT for the full year to be in a range of € 475
million to € 525 million, assuming no material further deterioration of the macroeconomic
environment.
In Catalysis, Umicore expects to continue outperforming the automotive market and grow the
business group’s recurring EBIT for the full year from last year’s level.
The Energy & Surface Technologies business group continues to face challenging market conditions
in its key end-markets which, combined with the effect of low cobalt prices and unethical supply as
well as costs related to new investments, means that the business group’s recurring EBIT for the full
year is expected to be well below the level of last year.
In Recycling, Umicore expects to benefit from the throughput improvement in Hoboken which,
combined with a favorable supply mix and higher prices for certain metals, means that the business
group’s recurring EBIT for the full year should grow from the level of 2018, despite the impact of the
July fire incident in Hoboken.
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 2018)
• 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.
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