Brussels, February 9, 2012 - Umicore, a materials technology producer and recycler, reports 2011 results. Please find in this message a short summary including a comment of CEO Marc Grynberg, a link to his videomessage and the financial highlights. Please find attached the full press release.
At a glance
Materials technology producer and recycler Umicore today announced record results for 2011. This record level was achieved for both recurring EBIT (up 21% to € 416 million) as well as earnings per share (up 16% to € 2.69 per share). The company reported strong revenue growth across all of its businesses. This growth was generally faster than the market, underscoring the strength of Umicore's competitive position.
Umicore also generated strong cash flows in 2011. This enabled the company to increase its growth investments. Capital expenditures reached a record level of € 213 million, including major investments in recycling, rechargeable battery materials and automotive catalysts. Research and Development expenditures also increased by 13% to € 157 million.
Umicore further strengthened its capital structure in 2011 with net debt reduced by some € 100 million during the year. Umicore bought back € 93 million of its own shares in 2011 and the Board of Directors will propose an increased dividend of € 1.00 per share to shareholders at the AGM in April.
Commenting on the results Umicore's CEO, Marc Grynberg said:
"2011 was a special year for Umicore. The fact that we have been able to produce these record results so soon after the downturn of 2009 is a source of great satisfaction and has been achieved a year earlier than originally anticipated. We have also made significant progress towards our 2015 ambitions, not only in terms of economic performance but also with regard to sustainable development goals."
Link to video message: http://www.umicore.com/en/media/videoLibrary/2011resulltsVideoMessageCEO/2011resulltsVideoMessageCEO_800.flv
Highlights
Umicore recorded record earnings in 2011, both in terms of recurring EBIT and earnings per share. The year-on-year growth of the recurring EBIT was driven by the catalysis business, which outpaced the automotive market growth, and the recycling operations, which had an outstanding performance benefiting from abundant supplies of recyclable materials. Umicore's revenues increased by close to 15% with all businesses groups contributing to the growth. Growth in the second half closely matched that of the first half.
· Revenues of € 2.3 billion (up 15%)
· Recurring EBIT of € 416 million (up 21%)
· ROCE of 18.6% vs 17.5% in 2010
· Recurring net profit (Group share) of € 305 million (up 16%)
· Recurring EPS of € 2.69 (up 16%)
Umicore continued to invest in future growth projects as part of its Vision 2015 strategy. Capital expenditures reached € 213 million (up 24%) with investments increasing in all business groups. Research & Development expenditures increased by 13% to € 157 million.
Umicore continued to generate positive cash flows and further strengthened its capital structure in 2011. Net debt was reduced by almost € 100 million over the course of the year. During 2011 Umicore also bought back 2.6% of its own shares for a total value of € 93 million.
The Board of Directors will propose a gross annual dividend of € 1.00 per share at the Annual General Meeting on 24th April, of which € 0.40 was already paid out as an interim dividend in September 2011.
Note: All comparisons are made with 2010, unless mentioned otherwise.
