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  • 17.0 %
    Share capital 30/09/2016
  • 1,064 EUR M
    Market value of investment 30/09/2016
  • 17.0 %
    Voting rights 30/09/2016
  • 2
    Representatives in statutory bodies 30/09/2016
Investment Year 2013 Investment history

Umicore is a global group specialised in materials technology and the recycling of precious metals. Its activity is focused on application fields where its expertise in materials science, chemistry and metallurgy is recognised.

It is centered on three business lines: Catalysis, Energy & Surface Technologies and Recycling.

GBL and Umicore

Umicore was GBL’s first investment in its Incubator portfolio as of 2013.

GBL increased its stake in Umicore throughout 2015, by seizing buying opportunities in a volatile market environment. The 15% threshold was crossed in September and GBL held a 16.6% interest at 31 December 2015.

Half-year results 2016

  • Turnover grew by 1% to EUR 1,354 million and recurring EBIT increased by 3% to EUR 176 million, reflecting strong growth in Automotive Catalysts and Rechargeable Battery Materials which more than offset the impact of lower prices for metals on the various recycling activities
  • ROCE increased slightly to 14.6%, compared to 14.4% for the first half of 2015
  • Net debt amounted to EUR 298 million, down EUR 24 million compared to 31/12/2015, due in particular to a decline in investments over the period

Outlook for 2016

The group has announced an annual recurring EBIT objective of between EUR 345 and 365 million, this figure being based on the assumption that prices for metals will stay at their current level.



Board of Directors (2/11*)
* Number of GBL's representatives in statutory bodies in relation to the total number of members