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  • 17.0 %
    Share capital 30/06/2017
  • 1,160 EUR M
    Value of the stake 30/06/2017
  • 17.0 %
    Voting rights 30/06/2017
  • 2
    Number of representatives in statutory bodies 30/06/2017
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 widely recognized.
It is centered on three business lines: Catalysis, Energy & Surface Technologies and Recycling.

Investment case

  • Umicore has a business model geared towards clean technologies that are benefiting from favourable long-term trends, namely through activities in automotive catalysts, batteries for electric cars and precious metals recycling.
  • In these areas, Umicore enjoys a global leadership position, along with solid knowhow, high-quality means of production and a talented management team.
  • Umicore was GBL’s first investment in its “Incubator” portfolio in 2013, before becoming “Strategic” in 2016.

Half-year results 2017

  • Revenues (excluding metal) grew by 7% to EUR 1,454 million and recurring EBIT increased by 16% to EUR 204 million, reflecting the positive growth in each division, which was particularly significant in the case of Energy & Surface Technologies.
  • ROCE increased to 15.9% vs. 14.6% in the first half of 2016.
  • Net debt was EUR 556 million, up by EUR 260 million compared to 31 December 2016 following the acquisition of Ordeg, investments in additional production capacity and an increase in working capital requirements.

Outlook for 2017

Umicore expects full year recurring EBIT to be at the high end of the previously guided range of EUR 370 million to EUR 400 million assuming current market conditions continue to prevail. Excluding discontinued operations, this equates to the high end of a range of EUR 355 million to EUR 385 million.

Governance

Board of Directors (2/11*) Audit Committee (1/3*)
Member Member
Member
* Number of GBL's representatives in statutory bodies in relation to the total number of members