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Full year results 2011
Full year results 2011
9 February 20129 February 2012
New rechargeable battery materials plant in Kobe, JapanNew rechargeable battery materials plant in Kobe, Japan
2
Highlights
Strong revenue growth across segments
Record earnings: €
416 million recurring EBIT & €
2.69 eps
Strong operating cashflows lead to net debt reduction
Step up in capex
and R&D in line with Vision 2015
Share buyback of €
93 million
Proposed dividend of €
1.00 per share
Record revenues and earnings
Revenues up 15%
•
Double digit growth in most business units
•
Growth in automotive catalysts outpaced market
•
High levels of supply for recycling
•
Demand for battery materials taking off
Recurring EBIT up 21%
•
Strong performance in Catalysis and Recycling businesses
•
REBIT in Energy Materials and Performance Materials affected by start-up costs, currency fluctuations and market conditions
ROCE at 18.6%H1 H2
Restated in 2004, 2006 and 2008 for discontinued operations in following year
Revenues
510
529
883
861
844 965
860 98
7
1116
526 82
9 810
864
841 94
5 985
863 10
13 1174
1115
1358 16
93
1725
1685 19
10 2100
1723 20
00 2290
1036
0
500
1,000
1,500
2,000
2,500
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011(in €
million)
Recurring EBIT
155
122 17
0 199
215
186 21
5
98
126
111
159 16
0
140
97
156
202
48 504849
98
146
280
233
329 35
9
355
146
343
416
0
100
200
300
400
500
3
4
Sustainability highlights
Social items
•
Safety performance stable compared to previous years
•
New safety initiatives in progress, aimed at creating zero accident workplace
•
Number of employees increased by 186, up 1.3%
Environmental items
•
Investment of €
15 million planned for additional water treatment in Hoboken
•
Soil remediation projects in France and Brazil on-
going
Steady progress towards Vision 2015 sustainability targets (full reporting on 23 March)
Accident frequency rate7.
10
6.30 7.
20
5.30
5.32
3.12 3.54
3.61
7.50
11.7
0
0
2
4
6
8
10
12
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
Accident severity rate
0.25
0.19 0.
22
0.20
0.13 0.
17
0.08 0.
13
0.11
0.41
0.0
0.1
0.2
0.3
0.4
0.5
Sustainability recognition
Top 10 world’s most sustainable corporations, Corporate Knights
Included in Green Index by WWF, Living Planet Fund Management Company & Cheuvreux
Long-standing component of FTSE4Good index & other ethical/sustainable development indices such as the ECPI Ethical EMU Index
Nominated in Sustainability Yearbook 2012 (edited by SAM and KPMG)
5
6
Continued investment in growth projects
R&D spend of €
157 million
•
More than 6% of revenues
•
Efforts stepped up in Recycling (UHT pilot), Energy Materials ((H)EV applications) and Catalysis (HDD)
Capex
reached €
213 million
•
High investments in Automotive Catalysts, Recycling and Rechargeable Battery Materials
•
Further increase in coming year anticipated in line with Vision 2015
Capex
78
64
51 54 50
69
91 103
76
98
74 78 94 91
58
84
125
88
96
115
151
142
146
145
108
153
216
190
172
213
0
50
100
150
200
250
R&D
66 63 71 68 68 73
42
63
94
67 70
84
31
48
103 111
110 12
5
165
136
139 15
7
0
50
100
150
200
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
H1 H2
Restated in 2004, 2006 and 2008 for discontinued operations in following year
R&D restated for scope adjustment in 2010
Business ReviewBusiness Review
New UHT plant in Hoboken, BelgiumNew UHT plant in Hoboken, Belgium
Organised in decentralised business units
AutomotiveCatalysts
PreciousMetals
Management
PreciousMetals
Refining
BatteryRecycling
Jewellery &IndustrialMetals
ZincChemicals
Electro-plating
Cobalt &SpecialtyMaterials
PreciousMetals
Chemistry
BuildingProducts
TechnicalMaterials
PlatinumEngineeredMaterials
ThinFilm
Products
Electro-Optic
Materials
EnergyMaterials
PerformanceMaterials
CatalysisRecycling
8
Business group split for 2011
Revenues
CA35%
EM17%
PM21%
RE27%
(excluding metal)
Corporate not included
EBIT
CA19%
EM9%
PM14%
RE58%
(recurring)
Corporate not included
Capital employed
CA34%
EM20%
PM28%
RE18%
(average)
Corporate not included
CA
CatalysisEM
Energy MaterialsPM
Performance MaterialsRE
Recyclingexcluding Corporate
9
Business group Catalysis
Business group Catalysis
Pd Rh
Pt
Ru
Ir
Emission
control
& other
catalysts
Business group Catalysis
Business group focused on catalytic materials and solutions, mainly based on platinum group metals, with clear focus on cleaner air solutions
•
One of the world’s leading producers of automotive catalysts, with full range of catalyst technologies for gasoline and diesel engines in passenger cars, on-road and non-road heavy duty vehicles
•
Production and development of catalysts used in chemistry, life sciences and pharmaceutical applications
Growth driven by clean air needs and associated legislation
AutomotiveCatalysts
PreciousMetals
Chemistry
11
12
Catalysis
Revenues up 16%, recurring EBIT up 15%
Umicore’s Automotive Catalysts
growth outperformed the light duty market, which was up 3%
•
Better than market in Europe,
particularly successful with diesel portfolio
•
Outperformed the market in North America,
mainly based on customer exposure
•
Performance in Asia in line with market development
Stronger contribution from Precious Metals Chemistry, based on success in life science catalytic applications
Revenues
399
275 33
9 389
314
311 35
9 42471
2
586 69
9 813
0
200
400
600
800
1,000
2008
2009
2010
2011(in €
million)
Recurring EBIT
57
39
46
39
44
-14
17
764
89
78
-20
0
20
40
60
80
100
31
H1 H2
13
Strengthening position in Asia
•
Progress at Japanese OEMs
•
New production line for LDV and HDD being built in Suzhou, China (commissioning mid 2012)
•
Technology development centre under construction in Suzhou, China (commissioning mid 2012)
Preparing for new legislation in Europe
•
Successful in bids for upcoming Euro 6 legislation
•
New dedicated HDD line under construction in Florange, France (commissioned mid 2012)
Catalysis Key developments
Artist impression of plant with expansion in Suzhou, ChinaArtist impression of plant with expansion in Suzhou, China
Construction of technology development centre in Suzhou, ChinaConstruction of technology development centre in Suzhou, China
Business group Energy Materials
Business group Energy Materials
Co
Ge Ni
In Zn
Co
Ge Ni
In Zn
Optics
Batteries
Photovoltaics
Pigments
Displays
Tools
Optics
Batteries
Photovoltaics
Pigments
Displays
Tools
Business group Energy Materials
Business group providing material solutions for clean energy generation and storage and a number of other applications
•
Leading position in cathode materials for lithium-ion batteries used in today’s portable electronics and starting to be used in (hybrid) electric vehicles
•
Leader in germanium substrates used in high-efficiency solar cells and solid state lighting
•
Production of high-purity metals, alloys, compounds and engineered products for a wide range of other specialist applications such as construction and electronics
Growth driven by demand for renewable energy and need for energy
efficiency
Cobalt &SpecialtyMaterials
Thin FilmProducts
Electro-Optic
Materials
15
16
Energy Materials
Revenues up 14%, while recurring EBIT down 7%
•
Intensive qualification work for new products and applications
•
Start-up costs for new facilities
•
Currency headwinds
Revenue growth in Cobalt & Specialty Materials
•
Growing demand for NMC cathode materials for both (H)EV applications and portable electronics
•
Strong performance in Ceramics & Chemicals applications
Revenues in Electro-Optic Materials
slightly up, as lower demand in IR applications tamper growth in substrates
Increased sales volumes in Thin Film Products
due to gradual penetration of new rotary technologies
Revenues
205
154
173
190
190
151 17
4 206
395
305 34
8 396
0
100
200
300
400
500
2008
2009
2010
2011(in €
million)
Recurring EBIT
36
24 21
21
17
20 20
7
57
24
44 41
0
10
20
30
40
50
60
H1 H2
17
Rechargeable Battery Materials to become business unit
•
Headquartered in South-Korea, close to market and production base
•
Expansion in Cheonan, Korea, in start-up phase
•
New plant in Kobe, Japan, in qualification phase
•
New tech centre in Kobe operational, with focus on HEV applications
Germanium optics business to consolidate on Quapaw site in US
•
Close to main customer base
•
Reduces currency exposure
Energy Materials Key developments
Cheonan
South Korea
Cheonan
South Korea
Kobe
Japan
Kobe
JapanJiangmen
China
Jiangmen
China
Business group Performance
Materials
Business group Performance
Materials
Au Ag
Pt Pd Rh
Ru
Ir
Zn
Au Ag
Pt Pd Rh
Ru
Ir
Zn
ElectricsElectronics
Construction Chemicals
Pharma
ElectricsElectronics
Construction Chemicals
Pharma
Business group Performance Materials
Business group supplying functional materials based on precious and base metals, used in daily life applications and industry
•
Gold and silver based materials used as key components in electrical and electronic equipment
•
Platinum products found in decorative applications and as a key component in high-tech applications such as high-purity glass manufacturing equipment
•
Zinc materials and chemicals used mainly for their protective properties in paints, construction materials and skin-care products
Growth expected to be in line with global GDP
ZincChemicals
ElectroplatingBuildingProducts
TechnicalMaterials
PlatinumEngineeredMaterials
Element SixAbrasives
19
20
Performance Materials
Revenues up 6%, recurring EBIT down 11% reflecting lower contribution of Element Six Abrasives
Revenues increased in Building Products
following recovery of European private housing market
Growth of Technical Materials
businesses, driven by electrical equipment sector
Growth in Electroplating, in particular in Europe
Slightly lower volumes in Platinum Engineered Materials
due to timing of projects in display glass
Zinc Chemicals
volume increases offset by lower premiums, currency headwinds and supply conditions
Revenues
257
208
219 244
226
196 22
7 227
483
404 44
6 471
0
100
200
300
400
500
2008
2009
2010
2011(in €
million)
Recurring EBIT
52
47
39
36
21
29
28
16
88
37
75
67
0
20
40
60
80
100
H1 H2
21
New production line for surface-treated zinc
•
To be located in Viviez, France, and commissioned mid 2014
•
Based on growing commercial success of surface-
treated zinc products in portfolio
Platinum Engineered Materials expanding its footprint
•
New workshop for glass industry applications in Japan operational since end 2011
•
Capacity expansion in Hanau, Germany, to be commissioned mid 2013
Performance Materials Key developments
Artist impression of new production hall in Viviez, FranceArtist impression of new production hall in Viviez, France
Location of new workshop in Yokohama, JapanLocation of new workshop in Yokohama, Japan
Business group Recycling
Business group Recycling
Ag Au
Pt Pd Rh
Ru
Ir
In Se Te Sn
Bi Cu Pb
Ni Co Sb
Ce
La Pr Nd
As S
Ag Au
Pt Pd Rh
Ru
Ir
In Se Te Sn
Bi Cu Pb
Ni Co Sb
Ce
La Pr Nd
As S
Industrial
residues
End-of-life
materials
Industrial
residues
End-of-life
materials
Business group Recycling
Business group offering recycling services for complex and precious metals containing raw materials, considered as a world leader in the recycling of precious metals
•
Recovery of 26 metals* including precious metals (gold, silver, platinum, ..), minor metals (selenium, indium, …) and base metals (lead, copper, …)
•
Main feed materials are by-products of the non-ferrous metals industry, jewellery industry, spent automotive and industrial catalysts and electronic scrap (including rechargeable batteries)
•
Service offering of hedging, leasing, purchasing and sale of precious metals
Growth driven by scarcity of raw materials and tightening waste legislation
* 24 metals in the business group Recycling, 2 in the other business groups
PreciousMetals
Management
PreciousMetals
Refining
BatteryRecycling
Jewellery &IndustrialMetals
23
24
Recycling
Revenues up 20%, recurring EBIT up 37%
Outstanding performance in Precious Metals Refining, based on
•
Higher processed volumes
•
Higher margins due to change in supply mix
•
Higher intake of e-scrap and complex mining residues
•
Higher average received metal prices
Strong performance in Jewellery & Industrial Metals with high demand for (silver) recycling and investment products
Good trading conditions in Precious Metals Management
Revenues
253
222
254 293
255
204 25
2 31750
8
427 50
6 609
0
200
400
600
800
2008
2009
2010
2011(in €
million)
Recurring EBIT
95
66
102 13
3
106
52
93
134
202
118
195
267
0
50
100
150
200
250
300
H1 H2
25
Upgrade and expansion of sampling facility for Precious Metals Refining plant in Hoboken
•
Will offer increased capacity and flexibility
•
To be commissioned mid 2013
UHT plant in Hoboken, commissioned in May and currently in start-up phase
•
Rechargeable battery recycling has started
•
First batch of NiMH batteries processed to extract rare earths in collaboration with Solvay’s affiliate Rhodia
•
Testing of new supply streams and blends started
Waste legislation in Europe strengthening
•
First target of Battery directive to be met in 2012
•
WEEE legislation being strengthened
Recycling Key developments
Artist impression of new sampling facility in HobokenArtist impression of new sampling facility in Hoboken
UHT plant in HobokenUHT plant in Hoboken
FinancialsFinancialsUmicore gold barsUmicore gold bars
Eps
at record level Full year dividend proposed at €
1.00
Recurring EPS0.
84
0.62
0.95
0.96
1.17 1.24 1.
39
0.31
0.48
0.57
0.59
0.78 0.83 0.
74
0.55
1.09
1.29
0.18
0.28 0.33
0.60
0.80
1.80 1.
93
0.73
2.33
2.69
1.73
1.21
1.41
0.00
0.50
1.00
1.50
2.00
2.50
3.00
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
(in € / share)
H1 H2
Restated for discontinued operations in 2004, 2006 and 2008
Dividend
0.28 0.
32
0.33 0.
37 0.42
0.65
0.65
0.65
0.80
1.00
0.33
0.40
0.00
0.25
0.50
0.75
1.00
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
(in € / share)
Dividend interim dividendH1 H2
Restated in 2004, 2006 and 2008 for discontinued operations in following year (Proposed dividend for 2011)
27
Non-recurring elements
Non-recurring EBIT of €
1 million
Net positive IAS 39 impact of
€
15.3 million (non-cash)
Total impact on net result of
€
20.4 million
Non-recurring items (in million €) 2011
Impairments on metal inventory (9.3) Restructuring charges & provisions (7.5) Pension provision movements 8.2 Sale of Nyrstar subscription rights 10.1 Other (0.4)
Non-recurring EBIT 1.0
Non-recurring tax result 4.0 Non-recurring minority result (0.1)
Net non-recurring result 5.1
Net IAS 39 effect 15.3
Total impact on net result 20.4
28
Net financial debt evolution
Net debt31/122011
Net debt31/122010
Operatingcashflow
Workingcapitalchanges
Capex
Dividends
Sharebuybacks Other
+598 -49
-213
-99
-93
-51
-267-360
-400
-300
-200
-100
0
100
200
300(in million €)
Strong operational cashflows allow to finance growth projects and return cash to shareholders
29
Gross financial debtBonds
(maturity 2012)41%
Other bank
facilities20%
Fixed rate loan
(maturity 2013)5%
Commercial paper
33%
Bank overdrafts
1%
Floating rate
Fixed rate
Strong capital structure
Gearing ratio (D/D+E) of 13.4%
net debt / REBITDA ratio of 0.5x
Net financial debt
767
725
616
813
178
333
177
360
267
340
204
643
585
515
0
200
400
600
800
1,000
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
(in million €)
Securitisation Net debt, continued
30
Wrap-upWrap-up
Umicar Imagine,
which participated in 2011 World Solar Challenge Umicar Imagine,
which participated in 2011 World Solar Challenge
Vision 2015 key developments
Market in 2011
•
Increasing penetra-
tion
of (H)EV models
•
NMC more and more adopted as key cathode material
More stringent emission control
Resource
scarcityRenewable
energyElectrification
of the automobile
Umicore in 2011
•
Production expan-
sions
in Korea and Japan
•
Tech centre built in Japan
Market in 2011
•
Euro 6 legislation agreed by EU
•
HDD market gradually picking up
Umicore in 2011
•
Production expan-
sions
on-going in China and for HDD
•
Test centre under construction in China
Market in 2011
•
Battery Directive implemented
•
EU agreement on WEEE recast
Umicore in 2011
•
UHT pilot plant inaugurated
Market in 2011
•
Concentrator PV gaining momentum
Umicore in 2011
•
ITO rotary targets qualifications
•
New substrate capacity under qualification
32
33
Wrap-up
Strong revenue growth across segments
Record earnings: €
416 million recurring EBIT & €
2.69 eps
Strong operating cashflows lead to net debt reduction
Step up in capex
and R&D in line with Vision 2015
Share buyback of €
93 million
Proposed dividend of €
1.00 per share
34
Financial calendar
24
April
2012
AGM and 2012 first quarter trading update
27
April
2012
Ex dividend trading date
2
May
2012
Record date for dividend
3
May
2012
Payment date for dividend
23-24 May 2012
Capital market event: “Umicore in the driver’s seat”
•
Taking place in South Korea
•
If interested please go to: http://www.zoomerang.com/Survey/WEB22ECRF6R6B6
30
July
2012
2012
half year results publication
23
October
2012
2012
third quarter trading update
35
Forward-looking statements
This presentation contains forward-looking information that involves risks and uncertainties, including statements about Umicore’s plans, objectives, expectations and intentions.
Readers are cautioned that forward-looking statements include known and unknown risks and are subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the control of Umicore.
Should one or more of these risks, uncertainties or contingencies materialize, or should any underlying assumptions prove incorrect, actual results could vary materially from those anticipated, expected, estimated or projected.
As a result, neither Umicore nor any other person assumes any responsibility for the accuracy of these forward-looking statements.
AnnexesAnnexes
Umikids, Child care initiative started in Hanau, GermanyUmikids, Child care initiative started in Hanau, Germany
Business Group summary
Key figures(in million €) 2010 2011
Revenues 698.7 813.3 +16.4%
Recurring EBITDA 104.6 119.4 +14.1%
Recurring EBIT 77.7 89.5 +15.2%of which associates 4.8 5.7 +18.8%
EBIT 72.4 96.8 +33.7%
R&D 79.9 87.2 +9.1%Capex 45.7 49.5 +8.3%
REBIT margin 10.4% 10.3% -0.1%ROCE 12.7% 12.4% -0.3%
Key figures (in million €) 2010 2011
Revenues 347.6 395.9 +13.9%
Recurring EBITDA 67.5 67.7 +0.3%
Recurring EBIT 43.9 41.0 -6.6%of which associates 5.7 6.3 +10.5%
EBIT 43.1 34.2 -20.6%
R&D 13.1 16.9 +29.0%Capex 38.3 67.6 +76.5%
REBIT margin 11.0% 8.8% -2.2%ROCE 11.8% 9.5% -2.3%
Catalysis Energy Materials
37
Business Group summary
Key figures(in million €) 2010 2011
Revenues 446.3 471.2 +5.6%
Recurring EBITDA 101.3 93.6 -7.6%
Recurring EBIT 75.2 67.0 -10.9%of which associates 23.2 13.4 -42.2%
EBIT 78.6 65.1 -17.2%
R&D 16.0 17.4 +8.7%Capex 23.9 31.6 +32.2%
REBIT margin 11.7% 11.4% -0.3%ROCE 12.8% 11.1% -1.7%
Key figures(in million €) 2010 2011
Revenues 506.1 609.5 +20.4%
Recurring EBITDA 236.7 310.7 +31.3%
Recurring EBIT 195.5 267.2 +36.7%EBIT 182.2 274.3 +50.5%
R&D 10.3 15.4 +49.5%Capex 50.3 55.7 +10.7%
REBIT margin 38.6% 43.8% +5.2%ROCE 64.8% 69.8% +5.0%
RecyclingPerformance Materials
38
P&L
39
(in million €) 2010 2011
Turnover 9,691.1 14,480.9 +49.4%Revenues 1,999.7 2,289.8 +14.5%
Recurring operating profit 312.4 393.1 +25.8%Recurring contribution from associates 30.1 22.9 -23.9%
Recurring EBIT 342.5 416.1 +21.5%
Net recurring financial result (18.4) (29.8) +62.0%Net recurring tax result (56.1) (72.4) +29.1%
Net recurring result 268.0 313.8 +17.1%
Net impact of non-recurrings, IAS 39 and Discontinued items (14.9) 20.4 -236.9%
Net result 253.1 334.2 +32.0%of which minority share 4.4 9.3 +111.4%of which Group share 248.7 325.0 +30.7%
Average weighted interest rate 3.8% 3.7% -0.1%Effective recurring tax rate 19.1% 19.9% +0.8%
Income statement
40
(in million €) 2010 2011
Turnover 9,691.1 14,480.9 +49.4%Operating income 9,746.2 14,537.8 +49.2%Operating expenses (9,444.2) (14,142.8) +49.8%Income (loss) from other financial assets 1.0 10.2 +920.0%
Result from operating activities 303.0 405.2 +33.7%
Net financial expenses (27.9) (35.0) +25.4%Foreign exchange gains & losses 7.4 7.4 Share in result of associates 21.0 27.4 +30.5%
Profit before tax 307.3 410.2 +33.5%
Income taxes (54.2) (76.0) +40.2%
Profit of the period 253.1 334.2 +32.0%of which minority share 4.4 9.3 +111.4%of which Group share 248.7 325.0 +30.7%
(in (€/share)
Total EPS 2.20 2.87 +30.5%Recurring EPS 2.33 2.69 +15.5%Dividend 0.80 1.00 +25.0%
Balance sheet
41
Consolidated balance sheet 31/12 31/12(in million €) 2010 2011
Non-current assets 1,371.9 1,418.5 +3.4%Current assets 2,139.7 2,294.6 +7.2%
Total assets 3,511.6 3,713.2 +5.7%
Group shareholders' equity 1,517.0 1,667.5 +9.9%Minority interest 61.7 54.2 -12.2%Non-current liabilities 551.8 391.5 -29.1%Current liabilities 1,384.5 1,599.9 +15.6%
Total equity & liabilities 3,511.6 3,713.2 +5.7%
Net financial debt, continued 360.4 266.6 -26.0%Gearing ratio 18.6% 13.4% -5.2%Net debt / REBITDA 0.8 0.5 -37.5%
Cashflow statement
42
(in million €) 2010 2011
Cashflow from operations 398.4 598.4 +50.2%Tax paid (47.3) (34.4) -27.3%Change in working capital requirements (247.0) (48.6) -80.3%
Net cashflow from operations 104.1 515.5 +395.2%
Capex (172.0) (212.6) +23.6%Acquisitions (9.0) (6.0) -33.3%Disposals 2.1 12.5 +495.2%Loans to third parties (165.4) (0.9) -99.5%
Net cashflow from investing (172.3) (206.9) +20.1%
Capital changes 13.8 (94.3) -783.3%Dividends (110.1) (99.3) -9.8%Interests (11.5) (15.5) +34.8%Loans to the Group 97.3 (91.5) -194.0%
Net cashflow from financing (10.6) (300.6) +2735.8%
Exchange rate fluctuations (4.9) (6.2) +26.5%
Total net cashflow of the period (81.9) 1.8 -102.2%
Strategy Strategy
Umicore’s business approach
We transform metals into hi-tech materials
We use application know-how to create tailor-made solutions in close collaboration with our customers
We close the loop and secure supply by recycling production scrap and end-of-life materials
We aim to minimize our environmental impact and be the best employer and neighbour
material
solutions
Metals
Applicationknow-how
Recycling
Material
solutions
Chemistry
Material science
Metallurgy
44
Strategy based on clear focus on key development areas
•
Key growth areas responding to global megatrends
•
Innovation as a differentiator for success in all areas
Potential to achieve average annual double digit growth
between now and 2015/2020 in the business groups Catalysis, Energy Materials and Recycling
•
Growth will not be equal over all activities
•
Growth will not be linear
•
Growth will not be pursued at the expense of value creation
Goal to generate an average ROCE of 15%+
between now and 2015
Performance-based environmental and social objectives
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Great place to work
Eco-
efficiency
Stakeholder engagement
Economic performance
Sustainability objectives for 2011-2015
Zero lost time accidents
Occupational exposure reduction
People development
Preferred employer
We aim to have ZERO lost time accidents
We will reduce the body concentrations of specific metals to which our employees have an exposure: Cd, Pb, Co, Ni, As, Pt
All employees will receive an annual appraisal to discuss individual development
We will target our actions based on the results of the 2010 People Survey
Growth and returns
Reduce carbon footprint
Emission reduction
Product sustainability
We aim to reduce our CO2
emissions by 20% vs
2006 levels and based on 2006 industrial scope
We aim to reduce by 20% the impact of metal emissions to water and air vs
2009 levels
We will invest in tools to better understand and measure the life cycles and impacts of our products
Sustainable procurement
Local community
We will implement the new Sustainable Procurement Charter throughout our business
All our sites will be expected to make further steps in identifying key stakeholders and engaging with the local community
We aim to achieve double digit revenue growth and our goal is to
generate an average return on capital employed of more than 15%
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Growth strategy based on key megatrends
More stringent emission controlResource scarcity
Renewable energy Electrification of the automobile
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Umicore well aligned with key megatrends
Market position
Umicore is a leading producer of key materials for rechargeable batteries for portable electronics
Market position
Umicore is the largest recycler of precious metals, able to recycle more than 20 different metals
Market position
Umicore provides catalysts for 1 out of 3 cars in the world as well as for trucks & non-road vehicles
Market position
Umicore supplies key innovative materials for high-efficiency solar cells and other photovoltaic applications
Growth opportunity
Expand recycling through UHT technology
Growth opportunity
Expand autocat
activity into new segments
Growth opportunity
Develop Umicore’s presence in PV materials
Growth opportunity
Expand battery materials activity into (H)EVs
More stringent emission controlResource scarcity
Renewable energy Electrification of the automobile
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