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  • 17.0 %
    Share capital 31/03/2017
  • 1,017 EUR M
    Value of the stake 31/03/2017
  • 17.0 %
    Voting rights 31/03/2017
  • 2
    Number of representatives in statutory bodies 31/03/2017
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

Performance in 2016

Income and recurring EBIT for continued activities increased by 3% and 7% respectively.
Group income, including discontinued activities, grew by 1% and REBIT rose by 6%. The strong growth in Automotive Catalysts and Rechargeable Battery Materials more than offset the impact of the drop in metal prices on the Recycling activities. Net income was down due to higher financial expenses and taxes.
Thanks to strong operating cash flow generation and despite major investments, the balance sheet structure remains sound. Net financial indebtedness decreased slightly to EUR 296 million, or 0.6x the recurring EBITDA.


Umicore’s activities in the field of clean mobility should lead to robust growth in 2017. High demand for the company’s cathode materials used in automobiles should result in increased volumes in 2017. Although there will be no major changes in emissions standards in 2017, Umicore nevertheless expects demand for automotive catalysts to increase. Regarding recycling activities, the increased capacity of the plant in Hoboken should generate an increase in volumes handled compared with 2016, albeit in return for slightly lower margins.


Board of Directors (2/10*)
* Number of GBL's representatives in statutory bodies in relation to the total number of members