Umicore Investor Presentation
September 2020 Introduction to Umicore We are a global materials technology and recycling group
One of three global A leading supplier of key The world’s leading leaders in emission control materials for rechargeable recycler of complex waste catalysts for light-duty and batteries used in electrified streams containing heavy-duty vehicles and transportation and portable precious and other for all fuel types electronics valuable metals
3 With a unique position in clean mobility materials and recycling
Internal Plug-In Hybrid Combustion Engine Electric Vehicle Umicore provides: Umicore provides: Emission control catalysts Battery cathode materials and emission control catalysts
Full Electric Vehicle Fuel cells Umicore provides: Umicore provides: Battery cathode materials Electro-catalyst and battery cathode materials
Present across all drive trains and offering sustainable closed- loop services
4 Built on sound foundations
Supportive Unique business Industry leader in megatrends & model sustainability legislation
resource scarcity more stringent emission control
electrification recyclingrecycling of the automobile
We help improve air quality, make electrified transport possible and tackle resource scarcity
5 5 With a robust financial performance and a global presence
Key figures (FY 2019)
Adj. Revenues EBITDA € 3.4 bn € 753 m
Adj. EBIT ROCE € 509 m 12.6%
40% - Europe Revenues* by Clean geography 14% - North America mobility and R&D Recycling 6% of 4% - South America 75% of revenues revenues 39% - Asia-Pacific
* 2019 data 3% - Africa 6 We deliver on our Horizon 2020 strategy
Clear leadership Doubled the size in clean mobility of the business in materials and terms of earnings recycling
Rebalanced the Turned portfolio sustainability into & earnings a greater contributions competitive edge
7 With a focused & balanced Group structure
CATALYSIS ENERGY & SURFACE RECYCLING TECHNOLOGIES
Automotive Catalysts Rechargeable Battery Materials Precious Metals Refining Precious Metals Chemistry Cobalt & Specialty Materials Jewelry & Industrial Metals Electroplating Precious Metals Management Electro-Optic Materials
Capital employed* Revenues* Adj. EBIT* (excluding metal) (average) 13% 20% 33% 35% 34% 43%
37% 52% 33%
* FY 2019 data; corporate not included 8 Unique position in Automotive Catalysts CATALYSIS
Strong growth drivers: Umicore best positioned to Tightening emission norms for capture growth in growing LDV and HDD, in particular in gasoline segment; largest share China, Europe and India of cGPF platforms won in China and Europe Significant value uplift especially in gasoline catalysts Umicore well positioned to Increasing share of gasoline capture growth in HDD segments platforms in the global mix Umicore expanding capacity in Increasing uptake of fuel cell fuel cells drivetrains
9 Unique position in Rechargeable Battery Energy & Surface TechnologiesMaterials for xEV
Electrification confirmed as main avenue to drastically reduce vehicle emissions in mid- and Umicore uniquely positioned to address long-term long-term requirements of this industry, while managing short-term fluctuations Strongly supported by legislation and evidenced with agility by massive roll-out of car OEM’s e-mobility strategies Full spectrum of highest quality cathode materials Increasing electrification drives strong market demand in mid and long-term Process technology and ability to scale up fast Technology roadmap offers ample room for Innovation pipeline spanning next innovation and differentiation 20 years Product Integrated supply chain and battery Process recycling Closed loop offering
10 Unique position in Recycling RECYCLING
Metallurgical leadership and proprietary technologies for Increasing resource scarcity and need for closing the treating complex residues and by- loop products Growing complexity of materials to recycle Closing the loop Increased availability of complex materials, in particular in product businesses by end-of-life materials offering recycling services Eco-efficient recycling processes are becoming the norm Over 200 different input streams
Umicore uniquely positioned to capture growth as the Recovery of more than 20 different metals world’s largest and most complex precious metal recycler with world class environmental and quality standards
11 Solid framework for value creation
Focus on Strong Focus on cashflows and growth returns solid capital structure
• Multiple growth drivers • Earnings growth objective • Prioritize cash for strategic • Secular trends • Group and segment organic growth projects • Supporting legislation returns > cost of capital • Currently in accelerated investment phase • Privilege organic growth • 15%+ ROCE target • Strong self-funding capacity • Complementary M&A, with • Value creation precedes ROCE maximization (normalized excl. current focus on value creation acceleration) • Cash return to shareholders
12 Maintaining a healthy capital structure
35.2% 33.6% 31.1% 28.6% 23.2% 24.4% 14.3% 13.8% 14.1% H1 20 net financial debt of € 1,349 m, million € 1.92 1.75 slightly below the level of end 2019 1400 1.48 1.40 1.60 1.19 Gearing
1200 0.99 1443 1.10 ratio Corresponds to robust credit ratios : 1000 0.56 0.64 1349 0.39 0.60
800 1059 Net debt
• Net debt / LTM Adjusted EBITDA 0.10 861 600 840 / LTM Adj. EBITDA ratio of 1.75x 400 -0.40 556 Consolidated net -0.90
• Net gearing ratio of 34 % 200 429 financial debt, end of
298 296
0 -1.40 period
H1 H2 H1 H2 H1 H2 H1 H2 H1
2016 2017 2017 2018 2018 2019 2019 2020 Further extended and diversified 2016 strong liquidity base in June 2020: Long-Term Fixed Rate Debt Maturity Profile • € 125 m 8-year EIB loan million € 500 • € 500 m 5-year convertible bond 400 • € 1.2 bn cash on balance sheet at 30 300 June in addition to appr. € 1 bn of 200 committed undrawn credit lines 100 0 2023 2024 2025 2026 2027 2028 2029 2030 2031
13 Business Group Overview Catalysis Catalysis
A world leader in emission control catalysts for light-duty and Automotive heavy-duty vehicles and for all fuel types. Complemented by Catalysts smaller stationary catalyst applications (marine, power generation, …).
Precious Develops and produces metal-based catalysts used in chemistry, Metals life sciences and pharmaceutical applications. Also has a Chemistry complete portfolio of catalyst technologies for fuel cells.
15 Automotive Catalysts: business model
We develop technologies which allow our customers to meet automotive emission legislation at the lowest Total Cost of Ownership
Complete catalyst systems Customer to reduce exhaust focus gas emissions
People Operational engagement excellence
Global manufacturing & technical footprint
16 Automotive Catalysts Production Footprint 17 plants in 14 countries, 9 R&D / tech. centers in 7 countries
Frederikssund Karlskoga Lyngby Nowa Ruda Songdo Denmark Sweden Denmark Poland Korea
Onsan Burlington Hanau Korea Canada Germany Tokoname Auburn Hills, MI Florange Japan USA France Kobe Japan Rheinfelden/
Bad Säckingen Himeji Germany Japan Houston, TX USA Tianjin China
Americana Suzhou Brazil China (2)
Production plant R&D/Tech. center Joinville Port Elizabeth Pune Rayong Production plant/R&D Tech. center Stationary Brazil South Africa India Thailand
17 Catalysis – major milestones in 2019
Capacity expansions Sustained investments Opening of new plant to support growth of in product and for fuel cell catalysts Automotive Catalysts in process innovation in Korea China, Poland and India
18 COVID-19 outbreak: impact on auto-industry
H1 2020 YoY evolution of passenger car production across all powertrains (source: IHS & Umicore - 20/07/2020)
China Europe North America Global market
2,500,000 2,500,000 2,500,000 9,000,000 -47% -34% -27% 8,000,000 -12% -54% -39% -67% -62% 2,000,000 2,000,000 2,000,000 -26% 7,000,000 -21% -93% -34%
6,000,000 -31% -85% 1,500,000 1,500,000 1,500,000 -30% -99% 5,000,000 -88%
4,000,000 1,000,000 1,000,000 1,000,000
3,000,000
2,000,000 500,000 500,000 500,000
1,000,000
0 0 0 0 January February March April May June January February March April May June January February March April May June January February March April May June
2019 2020 2019 2020 2019 2020 2019 2020
H1 2020 global car production down 35% YoY Catalysis H1 2020 performance Revenues -20% and Adj. EBIT -75%; severe impact from COVID-19 and related car OEM production shutdowns
REVENUES
800
600
743
717
709
652
633 620
Automotive Catalysts 400 598
571 565 Widespread car OEM production shutdowns and car 200 sales plunging 0 Severe impact on revenues and volumes
H1
H2 2016 H2 2017 H1 2017 H2 2018 H1 2018 H2 2019 H1 2019 H2 2020 H1 Further outperformance of LDV market in China 2016 H1 H2 HDD less down than market given higher demand for Adjusted EBIT China V technologies 120 100
80 99
87
86
85 82 Precious Metals Chemistry 81
60 78 75 Revenues down due to COVID-19 impact on 40 automotive industry 20
Continued strong demand for pharmaceutical 0 21
ingredients and fuel cell catalysts
H1 2016 H1 2016 H2 2017 H1 2017 H2 2018 H1 2018 H2 2019 H1 2019 H2 2020 H1
million €
20 Impressions
Bad-Säckingen plant AC, Germany Catalyst elements Test bench
Nowa Ruda plant AC, Poland Canned catalyst Installation stationary DNox catalyst 21 Business Group Overview Energy & Surface Technologies Energy & Surface Technologies
Rechargeable A leading cathode material supplier for lithium-ion rechargeable Battery batteries used in electrified vehicles and portable electronics. Materials
Cobalt & Refines and recycles cobalt and nickel; produces cobalt and Specialty nickel specialty chemicals for a wide range of applications (incl. Materials tires, catalysts, surface treatment). Also includes battery recycling.
Supplies precious metal electrolytes & processes for technical, Electroplating functional and decorative applications.
Electro-Optic Supplier of products for thermal imaging as well as wafers for space solar cells and high brightness LEDs, chemicals for fiber Materials optics and thin film applications.
23 Rechargeable Battery Materials: business model
Product innovation Process innovation based on strong fuels productivity application know-how improvements while maintaining highest quality standards (stringent Established industrial automotive standards) footprint close to the customer Integrated process flows Strong industrialization with guaranteed access capabilities building on to critical raw materials historical Umicore key allows an agile market competences approach
24 It takes a lot to play in the automotive league
Car OEMs need :
High quality cathode materials excellent product quality on 20+ specs • … custom made for different types of xEVs wide spectrum of cathode material technologies • … in massive volumes industrial capabilities • … at the highest speed and flexibility ability to scale up fast • … at a competitive price cost-efficient processes • …without any sustainability image risk. ethically sourced materials
It takes product technology, process technology and supply
25 Product, process and supply Key success factors
3 Supply 1 Product Technology 2 Process Technology
Raw Industrial Lab scale Pilot scale materials scale
• Ability to scale up fast • Feed flexibility Wide spectrum of cathode • Cost-efficient processes • Battery recycling material technologies • Industrial capabilities
Best in class product quality on 20+ specs: continuous fine-tuning at lab, pilot and industrial scale
26 1 Cathode material specs to fulfil cell
Product technology performance specs
Cathode material Cathode material product specs performance specs
• Particle size • Packing • Capacity • Safety • Morphology density • Power • Charge • Composition • Porosity (charge/discharge) efficiency • Purity • Consistency • Cycle life • and more… • and more…
Tailoring cathode Fundamental chemistry know- Ability to further enhance the material characteristics how to design the right product product designs during the to the cell specs composition during lab phase qualification cycles in pilot phase requires:
27 2 Rechargeable Battery Materials
Process technology Expansion projects timeline 2016 2017 2018 2019 2020 2021 2022 2023 Year
EUR 160 million announced April 2016 Brownfield in China Greenfield in Korea Completed on accelerated schedule Significant scale effects that EUR 300 million benefitted 2018 margins announced May 2017
Greenfield in China and Poland Competence Center in Belgium
EUR 660 million Significant upfront costs in 2019-2021. announced Feb 2018 Commissioning of competence center in 2019. China greenfield: ramp up of new capacity adjusted to pace of demand. Poland greenfield plant under construction, commissioning expected in H1 21. 28 3 Access to raw materials
Supply Unique integration in the value chain
Raw material Metal Product Application End use
Umicore Flexibility in supply feed, high speed to market and responsiveness to customer needs
29 3 Access to raw materials
Supply Battery recycling as critical additional source of supply
• Umicore is fully aligned with OECD Due Diligence for Responsible Supply Chains of Minerals from Conflict-Affected and High-Risk Areas • Certified clean and ethical supply to our customers • Urban mining indispensable for global electrification of transportation • Proven industrial capabilities for all types and formats of Li-ion batteries • Patented recycling technology • High recovery rates for lithium, cobalt, nickel and copper • Highest environmental standards Umicore Flexibility in supply feed, high speed to market and responsiveness to customer needs
30 E&ST – major milestones in 2019
Capacity expansions Commissioning of • Commissioning greenfield Acquisition of cobalt refinery plant in China new Process and cathode precursor Competence Center • Start of construction greenfield activities in Kokkola, Finland plant in Poland (Olen, Belgium)
Support for long-term Multi-year cathode growth materials supply Conclusion of long-term supply partnerships for • Obtained support within agreements with leading EV framework of IPCEI* for sustainable cobalt battery makers, LG Chem batteries and Samsung SDI • Global Battery Alliance initiative
* Important Projects of Common European Interest 31 COVID-19 outbreak: impact on EV sales
H1 2020 YoY evolution of BEV and pHEV car sales (source: EV Volumes)
China Europe Global market
300,000 300,000 300,000 -31%
250,000 250,000 250,000 -14%
200,000 -54%* 200,000 200,000 -21%
-7% -26% 150,000 150,000 150,000 -49% +17% -50% -27% 100,000 100,000 100,000 -21% +117% +40% +49% +112% +20% 50,000 -62% 50,000 -18% 50,000
0 0 0 January February March April May June January February March April May June Average January February March April May June Average Average H2 2018 H2 2018 2019 2020 H2 2018 2019 2020 36,000 2019 2020 218,000 128,000
*Pre-buying in June 2019 due to lower subsidy H1 2020 EV sales down 17% YoY regime as of July 2019 E&ST H1 2020 performance Revenues -8%; Adj. EBIT -47%; severe COVID-19 impact and higher fixed costs
REVENUES Rechargeable Battery Materials 700
Overall volumes of cathode materials lower YoY and 600 650
500 639 618 materially lower than expected due to COVID-19 607 400 557 Higher fixed costs related to recent and ongoing expansions 300 495
200 398 322 Significant negative operating leverage 100 288 Positive contribution of Kokkola activities acquired in Dec. ’19 0
Construction of Nysa plant delayed due to COVID-19 H1
H2 2016 H2 2017 H1 2017 H2 2018 H1 2018 H2 2019 H1 2019 H2 2020 H1 restrictions; commissioning planned in H1 2021 2016 H1 H2 REBITAdjusted EBIT 130
Cobalt & Specialty Materials 110 136
90 121
Most end-markets impacted by COVID-19 70 102 81
Lower cobalt and nickel prices impacted refining & recycling 50 79 61
30 54 activities 45 10 37 -10
Electroplating recorded slightly higher revenues; revenues
H2 2016 H2 2017 H1 2017 H2 2018 H1 2018 H2 2019 H1 2019 H2 2020 H1 in Electro-Optic Materials were roughly stable 2016 H1
million €
33 Impressions
EV car battery pack
Packaging finished product RBM Cheonan production sites, Korea 34 Business Group Overview Recycling Recycling
Operates the world’s most sophisticated precious metals recycling facility Precious Metals and recovers 17 precious and other valuable metals from complex waste Refining streams.
Precious Metals Services for hedging, leasing, purchasing and sale of precious and Management platinum group metals to internal and external customers
Supplier of precious metals based products for jewelry and industrial Jewelry & applications, recycler of jewellery and production scrap and producer of Industrial Metals platinum-based equipment for the glass and chemical industries.
36 Precious Metal Refining
Largest and most complex precious metals recycling operation in the world Leading refiner of 17 different metals
Processes more than 200 different types of raw materials World class environmental and quality standards
37 The value chain of metals
Ores & Refined New concentrates metals products
Smelters Industry Consumers Mines & refiners
Complex mining Smelting Complex Complex concentrates & refining production end-of-life & residues residues scrap materials
Industrial by-products End-of life materials
3838 Revenue Drivers
Main revenue drivers
Treatment & refining Metal yield charges
Treatment charges are Umicore assumes the risk determined, among other of recovery above or criteria, by the complexity under the contractually of the materials agreed recovery rate
39 Metal price exposure
Managing the effects of metal price movements Direct: Indirect: on earnings
through metal through raw Systematic hedging of yield material availability transactional exposure
Depending on market conditions hedging of (part of) structural metal price exposure through contractual arrangements
Impact on working capital is mitigated by toll-refining – metals remain property of the supplier during treatment
40 Umicore has unique technology
Umicore is unique due to its proprietary complex flowsheet that combines three metallurgical streams
This enables
Ability to optimize Flexibility to treat Recovery & Scope to broaden feed and a broad range of valorization of the to new types of therefore input materials most metals materials in future profitability
• Umicore technology guarantees environmentally friendly processing, a high yield and a more competitive cost • Umicore introduced its unique Ultra High Temperature technology for Battery Recycling more than 5 years ago
4141 Recycling – major milestones in 2019
Investments to sustain Completion of multi- Upgrade of key and improve the year expansion equipment during environmental program at Hoboken extended shutdown plant performance of the plant
Umicore H1 2019 performance 42 Recycling H1 2020 performance Revenues +40%; Adj. EBIT +150%; increased volumes, higher metal prices and favorable supply mix REVENUES 600
450 Precious Metals Recycling
300 440
368
339
327
323
318
313 311 Higher processed volumes (vs. extended maintenance 150 300 in H1 19) 0 Higher metal prices
H1
H2 2016 H2 2017 H1 2017 H2 2018 H1 2018 H2 2019 H1 2019 H2 2020 H1 Robust supply conditions and optimization of input mix 2016 H1 H2 Adjusted EBIT Increased Jewelry & Industrial Metals revenues 200 Substantial earnings contribution from Precious Metals Management 150 191
100
112 79
50 76
73
63
62
56 55
0
H1 2017 H1 2017 H2 2018 H1 2018 H2 2019 H1 2019 H2 2020 H1 million €
43 Impressions
PMR Hoboken recycling plant, Belgium 44 H1 2020 financial review Key figures H1 2020
REVENUES Adjusted EBIT Free Operating Cash Flow € 108 m € 1.6 bn € 243 m Net debt at € 1,349 m -4% YoY Stable YoY Net debt / LTM Adj. EBITDA 1.75x
Adjusted NET PROFIT Adjusted EBITDA CAPEX € 152 m (Group share) € 376 m € 148 m +5% YoY Adjusted EPS € 0.62 ROCE 10.9% Interim dividend of € 0.25 per share
Strong performance in Recycling offset COVID-19 impact in Catalysis and E&ST
46 Recycling results offset impact of automotive industry downturn on Catalysis and E&ST
Adj. EBIT & Adj. EBIT margin
15.2% 15.3% 400 13.5% 14.3% 16.00% Adjusted EBIT at € 243 million, in line 12.3% 14.00% 15.9% 15.3% 300 12.00% with H1 19 13.0% 12.8% 10.00%
200 8.00%
269 Stellar Adjusted EBIT growth in Recycling
261 252
6.00%
243
240 203
100 195 4.00% offset by decreases in Catalysis and E&ST
165 155
2.00%
0 0.00% € 16 million higher D&A charges year on
year from recent investments & acquisition
H2 2016 H2 2017 H1 2017 H2 2018 H1 2018 H2 2019 H1 2019 H2 2020 H1 H1 2016 H1 Increased Adjusted EBIT margin, supported by higher Recycling margin Adj. EBITDA & Adj. EBITDA margin
23.8% 500 22.4% 22.7% 24% Adjusted EBITDA increasing 5% 21.3% 21.4% 20.5% 22% 400 20.3% 19.8% 19.2% 20% Strong operating cash flow with second
300 396 376
364 18% 357 356 highest half year Adjusted EBITDA
200 299 288 16%
258 contribution of recent years 238
100 14%
0 12% High Adjusted EBITDA margin further
million € increased in H1 20
H1 2016 H1 2016 H2 2017 H1 2017 H2 2018 H1 2018 H2 2019 H1 2019 H2 2020 H1
47 Group, excluding discontinued activities, million € Pronounced offsetting operating leverage effects Negative in Catalysis and E&ST vs positive in Recycling H1 YoY evolution
200%
+150% 150% Group +108% Revenues -4% 100% Adj. EBITDA +5%
50% +40% Adj. EBIT +1%
0% -8% -20% -23% -50% -51% -47% -75% -100% Catalysis E&ST Recycling Revenues Adj. EBITDA Adj. EBIT
48 Increase in free operating cash flows
million €, continued operations only 600 437 363 330 347 400 249 240 308 Cash flow from operations before changes 200 298 241 275 in working capital up at € 347 million 0 120 93 102 -10 10 -200 -89 -72 -156 -120 Increase in cash working capital of € 72 million -400 -335 -373 mostly driven by higher precious metal prices -600 H1 2017 H2 2017 H1 2018 H2 2018 H1 2019 H2 2019 H1 2020 Cash working capital increase in Catalysis and Cashflow generated from operations after net working capital cash flow Recycling, partly offset by decrease in E&ST Net working capital cash flows Cashflow generated from operations before net working capital cash flow
million €, continued operations only 400 308 241 275 300 Free cash flow from operations up at € 108 200 93 120 102 108 50 million 100 -10 0 -108 -105 -100 -56 More than double last year’s number -89 -200 -301 -149 -167 -300 -207 Capex delayed in view of market context -228 -258 -400 -291 -329 (€ 152 million vs € 241 million in H1 19) H1 2017 H2 2017 H1 2018 H2 2018 H1 2019 H2 2019 H1 2020 Cashflow generated from operations after net working capital cash flow Capex + capitalized development expenses Free cashflow from operations 49 *Free cashflow from operations = cashflow generated from operations – capex & capitalized development expenses Net cash flow bridge
million € 275 Free operating cashflow of € 108 million translating in similar decrease in reported net financial debt (€94 million) versus start of the year 167 Includes € 50 million portion of convertible bond accounted for as equity 108 94 28 29 21 50 Combined cash out related to 28 net interest charges and taxes below level of H1 19
Cashflow Capex & Free Taxes paid Net interest Conversion Net Other Decrease in Benefiting from absence of from capitalized Operational paid right of acquisition reported net final 2019 dividend payout operations development Cashflow convertible amount financial expenses bond treasury debt recognized shares in equity
50 2020 Outlook 2020 outlook
Given the current evolution of the pandemic and the uncertainty it creates in Umicore’s key end-markets, it remains impossible to provide a reliable quantified outlook for 2020.
Notwithstanding the very limited market visibility, Umicore continues to expect its full year adjusted EBIT to be below the levels reached in 2019.
CATALYSIS ENERGY & SURFACE TECHNOLOGIES RECYCLING
2020 Adj. EBIT expected well 2020 Adj. EBIT expected well 2020 Adj. EBIT expected well below levels of 2019 below levels of 2019 above levels of 2019
H2 revenues and Adj. EBIT well above H2 Adj. EBIT likely below H1 levels as H1 performance not to be extrapolated H1 levels, based on a scenario of 25% inventory corrections in the rechargeable to H2: battery supply chain are expected to drop in global car production in 2020 - 4-week planned maintenance exacerbate the impact of weak trading shutdown (PMR) conditions across business units - Seasonality effects in other businesses
52 Long-term growth drivers remain intact
COVID-19 stimuli plans aimed at a ‘green recovery’ in China and Europe China: Extension of NEV subsidy plan from 2020 until end 2022 and confirmation of increased mandatory NEV credit targets for 2021-2023 ENERGY & SURFACE TECHNOLOGIES Europe: EU recovery plan predicated on European Green deal, including ambition towards zero-emission mobility. Stimuli packages in several countries (Germany, France, Spain) with subsidies for electrified vehicles
Tightening emission norms continue to be on the agenda in key regions, confirming the need for more complex automotive catalyst technologies CATALYSIS going forward
Resource scarcity and complexity of materials
RECYCLING Path towards a more circular economy
53 Key Investment Considerations Key investment considerations
• Well positioned to take advantage of accelerating global megatrends : more stringent emission control, electrification of the automobile and resource scarcity
• Global presence and unique competences acquired over many years;
• A market leader in most key product markets and particularly in automotive catalysts, cathode materials and complex polymetallic recycling;
• Strong organic growth prospects supported by legislation
• Well-diversified business profile with broad product, end-market and customer base driven by a common theme of sustainability
• Strong track record of and commitment to innovation to maintain competitive lead (R&D spending of ~6% of revenues in 2019)
• Robust financial performance across cycles; focus on margin and returns
• Strong balance sheet with recent substantial growth investments
• Experienced board, management team, and clear governance principles
55 Forward-looking statements
This presentation contains forward- Should one or more of these risks, looking information that involves risks uncertainties or contingencies materialize, and uncertainties, including statements or should any underlying assumptions about Umicore’s plans, objectives, prove incorrect, actual results could vary expectations and intentions. materially from those anticipated, expected, estimated or projected. Readers are cautioned that forward- looking statements include known and As a result, neither Umicore nor unknown risks and are subject to any other person assumes any significant business, economic and responsibility for the accuracy of these competitive uncertainties and forward-looking statements. contingencies, many of which are beyond the control of Umicore.
56