FULL YEAR RESULTS 2021
UMICORE ANNOUNCES ALL-TIME RECORD RESULTS AND CASH FLOWS
Substantial growth in revenues and earnings driven by strong underlying operational performance in all business groups, further supported by an exceptional precious metal price environment
Revenues for the full year grew by 22% to € 4.0 billion and adjusted EBIT increased 81% to € 971 million. Excluding the approximate € 270 million precious metal price impact, adjusted EBIT increased 30% to reach approximately € 700 million. Adjusted net profit of the Group and adjusted EPS more than doubled to € 667 million and € 2.77 per share respectively. Cash conversion came in at record levels with adjusted EBITDA growing 56 % to € 1,251 million, net working capital decreasing by € 167 million and capital expenditures stabilizing at € 389 million. Net financial debt was reduced by € 454 million to € 960 million or 0.77 times LTM adjusted EBITDA.
A gross annual dividend of € 0.80 per share, of which € 0.25 was already paid out in
Revenues in Catalysis reached record levels with strong growth across business units. Automotive Catalysts outperformed the global car market. This was enabled by market share gains and a favorable platform mix in the European and Chinese light-duty gasoline markets, particularly strong demand for Umicore’s China V heavy-duty diesel catalysts in the first half. Sales volumes of fuel cell catalysts were also well up. This strong operational performance was further supported by efficiency improvements and high PGM prices and resulted in a record adjusted EBIT of € 326 million.
Revenues and earnings in Energy & Surface Technologies increased, reflecting higher sales volumes of EV cathode materials in Rechargeable Battery Materials and an extraordinarily strong contribution of the Cobalt & Specialty Materials and – to a lesser extent - Metal Deposition Solutions business units. Adjusted EBIT increased to € 139 million, despite higher fixed costs related to recent and ongoing expansions and higher R&D spending in battery materials.
Recycling posted record revenues and earnings, significantly above the previous record levels of 2020, driven by a robust operational performance in the various business units, a strong contribution from the trading activities and an exceptional precious metals price environment.
Outlook
Catalysis is expected to continue to benefit from its strong market position in gasoline catalyst applications in
In Energy & Surface Technologies,
The Recycling business group is expected to continue to benefit from a supportive supply mix as well as robust volumes in Precious Metals Refining. Current precious metal prices are situated well below the peak levels of 2021. However, assuming current precious metal prices were to prevail throughout the year, it is expected that the business group will deliver another strong performance in 2022, albeit not at the record level achieved in 2021.
- Revenues of € 4.0 billion (+22%)
- Adjusted EBITDA of € 1,251 million (+56%)
- Adjusted EBIT of € 971 million (+81%)
- EBIT adjustments of - € 75 million
- ROCE of 22.2%
(compared to 12.1% in 2020) - Adjusted net profit (Group share) of € 667 million and adjusted EPS of € 2.77 (+107%)
- Cashflow from operations of € 1,405 million
(vs € 603 million in 2020); free cashflow from operations of € 989 million (vs € 167 million in 2020) - Capital expenditures amounted to € 389 million
(vs € 403 million in 2020) - Net debt at € 960 million, down from € 1,414 million at the end of 2020. This corresponds to a Net debt/ LTM adj. EBITDA ratio of 0.77.
- Proposed gross annual dividend of € 0.80, of which € 0.25 was already paid out in
August 2021 .
Note: All references to revenues in this document refer to revenues excluding metals (i.e. all revenue elements less the value of purchased metals).
Reflections of
“Umicore has a strong embedded purpose and a track record of continuous transformation. The
The complementarity of our activities has proven to be a true competitive edge. In Energy & Surface Technologies and Catalysis we serve the automotive market by enabling electrification on a mass scale and by offering cutting-edge technologies for clean combustion engines. Through our Recycling activities, we close our and our customers’ materials loop and offer a unique sustainable and circular approach that will be ever more important in a world of raw materials scarcity.
We have already made significant progress in preparing
Shaping of Umicore’s future strategy and Capital Markets Day to be held on 22 June
At its Capital Markets Day Umicore’s Management Board will set out:
- Umicore’s views on the growth prospects in its key markets and in particular the expected drive train transitions in the automotive and transport industry;
- Umicore’s ambition and capabilities to fully capture the anticipated exponential growth in demand for Rechargeable Battery Materials to power EVs while delivering sustainable returns;
- The value creation potential over the next decade of Umicore’s Automotive Catalysts activities in a context of declining internal combustions engines volumes;
- The resilience and strong underlying performance of the
Umicore businesses, including Precious Metals Refining, in less favorable metal price conditions; - Umicore’s ambition and plan to capture growth from the next-wave of sustainability-driven markets, such as fuel-cell catalysts and battery recycling;
- Umicore’s initiatives to secure its position as an industry leader in sustainability, technology and operational excellence;
- Update on our ambitious Let’s go for Zero roadmap.
Link to all documents related to Umicore’s 2021 FY results.
Investors relations
https://www.umicore.com/en/investors/
Webcast for investors, analysts and media
https://www.umicore.com/en/investors/info/full-year-results-2021-webcast/
www.umicore.com
For more information
Investor Relations
Eva Behaeghe +32 2 227 70 68 eva.behaeghe@umicore.com
Evelien Goovaerts +32 2 227 78 38 evelien.goovaerts@umicore.com
Media Relations
Marjolein Scheers +32 2 227 71 47 marjolein.scheers@umicore.com
Caroline Jacobs +32 2 227 71 29 caroline.jacobs@umicore.com
Financial calendar
25 March 2022 Publication of the annual report 2021
28 April 2022 Annual General Meeting
2 May 2022 Ex-dividend trading date
3 May 2022 Record date for the dividend
4 May 2022 Payment date for the dividend
22 June 2022 Capital Markets Day
29 July 2022 Half year results 2022
Umicore’s industrial and commercial operations as well as R&D activities are located across the world to best serve its global customer base. The Group generated revenues (excluding metal) of € 4.0 billion (turnover of € 24.1 billion) and employed 11,050 people in 2021
A conference call and audio webcast for analysts and investors will take place today at
A conference call and audio webcast for media will take place today at
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