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2013 Q3 highlights
Revenues stable: growth in Catalysis, Energy Materials and Performance Materials offset by lower revenues in Recycling, due to lower metal prices
Preferred option chosen for further expansion of the Precious Metal Refining activities
Investments in other long term growth programs on track
Continued focus on cost reduction measures to mitigate the effects of adverse market conditions in certain business units
Strong free cashflows and further net debt reduction, including buy backs and interim dividend payout
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2013 full year outlook
Umicore confirms it expects its full year recurring EBIT to be within the previously stated range of between € 300 million and € 330
million, albeit at the lower end of the range due to the more testing metal price environment
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2013 Q3 business review
Revenues up 7%
Global car production was up 3 %. The consolidation of Umicore Shokubai meant that Umicore’s Automotive Catalystsrevenues outpaced the car market
• Modest growth in stabilizing European market
• Somewhat slower-than-market growth in North America
• Overall growth in other regions largely in line with car production
Revenues were down in Precious Metals Chemistry, with lower premiums and a less favourable product mix more than offsetting higher sales volumes
Revenues up 16%
Cobalt & Specialty Materials revenues up due to increased recycling activities and higher sales in ceramics and chemicals
Increased revenues for Electro-Optic Materials with an increase in optics more than offsetting lower substrates volumes
Higher revenues and volumes for Rechargeable Battery Materials, mainly driven by high-end portable electronics
Revenues for Thin Film Products driven by higher demand for large area coating applications
Catalysis Energy Materials
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2013 Q3 business review
Revenues up 2 %
Building Products’ revenues picked up slightly
Revenues in Electroplating were down compared to a strong quarter last year
Revenues in Platinum Engineered Materials benefited from higher concentration of orders from the glass industry
Somewhat lower volumes and revenues in Technical Materials
Slightly higher revenues in Zinc Chemicals despite a lower contribution from the recycling activities
Higher revenues and an improved product mix in Element Six Abrasives
Revenues down 20%
Revenues down for Precious Metals Refining
• Impact of lower metal prices and lower volumes
• Higher availability of industrial residues, stable for end of life materials
Revenues in Jewellery & Industrial Metals down mainly due to recycling volumes
Despite a high volatility, Precious Metals Management reported lower revenues
Further enhancements of processes in Battery Recycling
Performance Materials Recycling
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Ongoing investments for long term growth
Several investments were commissioned in Q3:
• Opening of a new technology centre for automotive catalysts in Brazil
• First HDD line in Florange, France, now fully operational
• Expansion of NMC cathode production in Jiangmen, China, completed
All other announced investments are progressing according to plan
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Investment plans for Hoboken
Umicore has carried out an extensive assessment of options for
a further expansion of its Precious Metals Refining activities as
part of its Vision 2015 growth strategy for Recycling
Preferred option at this stage is a 40% expansion of the
Hoboken capacity, incorporating recent technology
developments
This would involve a € 100 million investment over a period of
two years
The project is subject to final Board approval and engagement
underway with authorities for permit
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Profiling of the Hoboken recycling plant
Largest and most complex precious metals refining operation in the world
Proprietary processes mastering a complex feedwith the highest degree of flexibility and reliability
• Complexity: highest recovery yield on the most complex residues in the shortest throughput time
• Flexibility: 200 different types of raw material
• Reliability: world-leading sampling & assaying
Advantages:
• Synergy with existing facility, staff and know-how
• Builds on a proven business model
NiPbSb
Sn
As
BiIn
Cu Ru
TeRh
Ir
AgPt
Au SePd
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Strategic drivers
Long term market trends are supportive towards the availability ofcomplex raw materials:
• Sustained metal demand through continued global development
• Depletion of mines leads to deterioration of ore quality
• Processing of complex ores yields ever more complex by-products
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Investments in the process
Sulphuric Acid Plant
NickelRefinery
OLEN
Blast Furnace
Smelter
Leaching & Electro
winning
Precious Metals
Refinery
Precious Metals Operations Base Metals Operations
Lead Refinery
Special Metals
Refinery
SO2
Cu Ag, Au, Pt, Pd, Rh, Ir, Ru
Cu-bullionNi-speiss
Cu-matte
Pb-slag
PM-residues
Agresidue
PM-residues
Se-residue
Pb-bullion
In-Te-residue
H2SO4 Ni, As In, Se, Te Pb, Bi, Sb, Sn Slag
Sampling and Assaying
Raw Materials
Gas Cleaning
Water Treatment
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Investments in the process: Late nineties
Sulphuric Acid Plant
NickelRefinery
OLEN
Blast Furnace
Smelter
Leaching & Electro
winning
Precious Metals
Refinery
Precious Metals Operations Base Metals Operations
Lead Refinery
Special Metals
Refinery
Cu Ag, Au, Pt, Pd, Rh, Ir, RuH2SO4 Ni, As In, Se, Te Pb, Bi, Sb, Sn Slag
Sampling and Assaying
Raw Materials
Gas Cleaning
Water Treatment
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Investments in the process: Mid 2000s
Sulphuric Acid Plant
NickelRefinery
OLEN
Blast Furnace
Smelter
Leaching & Electro
winning
Precious Metals
Refinery
Precious Metals Operations Base Metals Operations
Lead Refinery
Special Metals
Refinery
Cu Ag, Au, Pt, Pd, Rh, Ir, RuH2SO4 Ni, As In, Se, Te Pb, Bi, Sb, Sn Slag
Sampling and Assaying
Raw Materials
Gas Cleaning
Water Treatment
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Investments in the process: Most recent
Sulphuric Acid Plant
NickelRefinery
OLEN
Blast Furnace
Smelter
Leaching & Electro
winning
Precious Metals
Refinery
Precious Metals Operations Base Metals Operations
Lead Refinery
Special Metals
Refinery
Cu Ag, Au, Pt, Pd, Rh, Ir, RuH2SO4 Ni, As In, Se, Te Pb, Bi, Sb, Sn Slag
Sampling and Assaying
Raw Materials
Gas Cleaning
Water Treatment
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Investments in the process: 2014 - 2015
Sulphuric Acid Plant
NickelRefinery
OLEN
Blast Furnace
Smelter
Leaching & Electro
winning
Precious Metals
Refinery
Precious Metals Operations Base Metals Operations
Lead Refinery
Special Metals
Refinery
Cu Ag, Au, Pt, Pd, Rh, Ir, RuH2SO4 Ni, As In, Se, Te Pb, Bi, Sb, Sn Slag
Sampling and Assaying
Raw Materials
Gas Cleaning
Water Treatment
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Creating value
• Ramp-up and EBIT accretion to start in 2016
• Returns to exceed cost of capital shortly thereafter
• Continued excellence in environmental performance
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Additional growth opportunities in Recycling
• Further enhancement of capabilities of Hoboken site
• The pursuit of opportunities in new markets
• Continued development of the battery recyclingactivities
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Financial calendar
06/02/2014 2013 results
29/04/2014 AGM
29/04/2014 2014 Q1 trading update
31/07/2014 Half year results 2014
23/10/2014 2014 Q3 trading update
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.
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