Umicore: Half Year Results

Umicore’s performance in the first half of 2010 improved substantially from the low levels seen in the first half of 2009, and was also well up compared to the second half of 2009. This was due to the recovery in the main markets of the Advanced Materials and Precious Metals Products & Catalysts businesses, coupled with the positive impact of cost reduction measures. The Precious Metals Services business continued to perform at an outstanding level with better supply conditions and higher metal prices.

• Revenues of ¤ 987.1 million (¤ 860.2 million in H1 2009); • Recurring EBIT of ¤ 186.3 million (¤ 49.5 million in H1 2009); • EBITDA of ¤ 244.3 million (¤ 111.6 million in H1 2009); • Adjusted basic EPS of ¤ 1.24 per share (¤ 0.18 per share in H1 2009); • ROCE of 20.1%.

Although the combination of increased revenues and higher metal prices led to higher working capital needs, which impacted operating cashflow and resulted in a higher net debt, the company’s gearing remains low. • Net debt of ¤ 240.6 million at the end of June 2010 (¤ 161.1 million at end 2009); • Gearing ratio of 13.7%.