Umicore update on trading conditions over the first quarter of 2024
2024年4月26日 - 2:30PM
Umicore update on trading conditions over the first quarter of 2024
Umicore update on trading conditions over the
first quarter of 2024
The market dynamics observed across Umicore’s
four Business Groups over the first quarter of the year are overall
in line with expectations1.
- In an increasingly challenging market context, the
Battery Materials Business Group has started the
execution of its order book, built on strategic customer agreements
concluded over the past two years. The underlying volumes are
gradually building up, following the customers’ ramp up profile,
with a more pronounced volume effect currently still anticipated in
the second half of the year. At the same time, the Business Group
is focusing on the execution of its global capacity
expansions.
- In the Catalysis Business Group, Automotive
Catalysts continued to make good progress on further efficiency
improvements, working capital optimization and free cash flow
generation in line with its strategy to continue to generate peak
profitability. The business unit’s overall business performance was
also in line with expectations. Precious Metals Chemistry and Fuel
Cell & Stationary Catalysts started the year as
anticipated.
- In the Recycling Business Group the scheduled
and regular maintenance shutdown in Precious Metals Refining was
completed in the first quarter and operations restarted. As
previously announced, volumes and earnings will therefore be more
weighted in the second half of 2024. As anticipated, Precious
Metals Management was impacted by limited metal price volatility.
Jewelry & Industrial Metals started the year on track. The
Battery Recycling Solutions Business Unit continues to focus on
recycling scraps from European battery plants in their ramp-up at
its industrial pilot plant in Hoboken (Belgium).
- The Specialty Materials Business Group started
the year in a continued challenging market environment. This
combined with currently lower market premiums affected - as
anticipated - Cobalt & Specialty Materials. Performance of the
Metal Deposition Solutions is in line with expectations. As
anticipated, Electro-Optic Materials had a strong start of the
year.
Based on performance to date, and current market
visibility and metal prices, Umicore confirms that it anticipates
Group’s adjusted EBITDA for the full year 2024 to be in the range
of € 900 million to € 950 million, as announced
in the full-year 2023 results press release.
Furthermore, over the first quarter of 2024,
Umicore made several noteworthy announcements:
- In January, the Group announced it has entered into an
agreement with Microsoft to use artificial intelligence as a means
to facilitate and accelerate its research in battery material
technologies for electric vehicles.
- In February, Umicore concluded an 8-year loan agreement with
the European Investment Bank (EIB) for € 350 million financing the
Group’s R&D activities.
- In addition, Umicore successfully completed mid-April the issue
of a fixed-rate, sustainability-linked US Private Placement Notes
for a total amount of € 499 million equivalent, the funds
will be drawn upon in July 2024. With both transactions Umicore
diversifies and extends its funding base and the maturity of its
debt at attractive fixed rate conditions.
- After the close of the first quarter, Umicore introduced
Nexyclus™, the broadest certificate offering of fully-recycled
precious metals worldwide, including platinum-group metals (PGM),
with three types of certificates. This unique offering addresses
resource scarcity and increased demand for recycled, responsibly
sourced and low-carbon metals, and builds on Umicore’s global
leadership in the recovery of precious metals with its longstanding
circular business model.
For more information
Investor Relations
Caroline Kerremans |
+32 2 227 72 21 |
caroline.kerremans@umicore.com |
Benoît Mathieu |
+32 2 227 73 72 |
benoit.mathieu@umicore.com |
Adrien Raicher |
+32 2 227 74 34 |
adrien.raicher@umicore.com |
Media Relations
Caroline
Jacobs |
+32 2 227 71 29 |
caroline.jacobs@eu.umicore.com |
Financial calendar
- 29 April
2024
Ex-dividend trading date
- 30 April
2024
Record date for the dividend
- 2 May
2024
Payment date for the dividend
- 26 July 2024
Half year results 2024
- 19 August
2024
Ex-dividend trading date, interim dividend 2024
- 20 August 2024
Record date for the interim dividend 2024
- 21 August 2024
Payment date for the interim dividend 2024
About Umicore
Umicore is the circular materials technology
Group. It focuses on application areas where its expertise in
materials science, chemistry and metallurgy make a real difference.
Its activities are organized in four business groups: Battery
Materials, Catalysis, Recycling and Specialty Materials. Each
business group is divided into market-focused business units
offering materials and solutions that are at the cutting edge of
new technological developments and essential to everyday life.
Umicore generates the majority of its revenues
and dedicates most of its R&D efforts to clean mobility
materials and recycling. Umicore’s overriding goal of sustainable
value creation is based on an ambition to develop, produce and
recycle materials in a way that fulfils its mission: materials for
a better life. Umicore’s industrial and commercial
operations as well as R&D activities are located across the
world to best serve its global customer base with more than 11,500
employees. The Group generated revenues (excluding metal) of € 3.9
billion (turnover of € 18.3 billion) in 2023.
1 As a reminder, Umicore at its full-year
results in February presented its 2024 outlook along with its new
organizational structure that consists of four Business Groups -
instead of three before. In the half-year results 2024 press
release, to be published on July 26th, 2024, Umicore will report
its financials under the new format and provide comparable
historical half-year 2023 data for the Battery Materials and
Specialty Materials Business Groups