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Integrated Annual Report 2020 2 Contents Rising to the challenges Integrated Annual Report 2020 2 Contents About us 3 Umicore’s response to COVID-19 26 Economic statements 101 Business groups 4 Economic Review 29 Financial statements, F1-F41 108 Umicore at a glance 5 Value chain and society 39 Value chain statements, V1-V5 181 Horizon 2020 6 Eco-efficiency 45 Environmental statements, E1-E8 188 Global trends 8 Research, development & innovation 49 Social statements, S1-S9 198 Taking on the big challenges 9 Great place to work 54 About this report 211 Business model 10 Supervisory Board 61 GRI index 213 CEO and Chairman's review 13 Management Board 66 Assurance reports 216 Stakeholder Engagement 16 Senior management 71 References and key links 221 Advocacy for impact 21 Management approach 72 Key figures 222 Materiality 22 Managing risk effectively 76 Giving back to society 25 Governance statements, G1-G13 87 Front cover image: Reda Malakauskaité, Peter Verholen The Umicore integrated annual report offers a comprehensive and And Steven Van Hout working in the solid state battery team integrated view of our economic, financial, environmental, value chain and social performance for 2020. This report is in accordance with the GRI Standards: Core option. Access all items in this report, online, at: ANNUALREPORT.UMICORE.COM Umicore Integrated Annual Report 2020 About us 3 About us THE GLOBAL MATERIALS TECHNOLOGY & RECYCLING GROUP PROVIDING TOMORROW’S SUSTAINABLE SOLUTIONS FOR CLEAN MOBILITY AND RECYCLING Umicore is uniquely positioned in all aspects of clean mobility We develop custom materials and ensure that processes take materials and in recycling. we provide clean-mobility solutions for all account of health and safety, recyclability, cost efficiency, waste platform types and we recycle these materials when they reach the reduction and energy efficiency, both in our own facilities and across end of their useful life. the value chain. Using our metallurgy, chemistry and materials science expertise, this We believe our success is linked to how we balance the economic, closed-loop business model is our powerful differentiator and it will environmental and social impact of our operations. continue to be the basis on which we carry out our business and build our strategy. Our integrated approach to sustainability is not just about minimizing the impact of our industrial operations: our commitment to ethical We provide automotive catalysts to clean the exhaust gases from and responsible sourcing distinguish us from our competitors while internal combustion engines for lightduty and heavy-duty vehicles delivering value for all. of all fuel types, and the rechargeable battery materials and automotive catalysts that are required to power hybrid, plug-in Umicore strives to have a positive impact, hybrid and full electric vehicles. We also produce catalysts for fuel enhancing quality of life through our cell-powered vehicles and for static or industrial applications. products and services, reducing harmful vehicle emissions, giving new life to used metals and Umicore operates one of the world’s most sophisticated precious powering the cars of the future. metals recycling facilities and, across our activities, we can recover 28 precious and non-ferrous metals from industrial residues, used electronic scrap, batteries, automotive and industrial catalysts, fuel cells and more. We also provide recycling services to customers to help maximize their efficiency. The recovered materials are then transformed into pure metals or new products. Umicore Integrated Annual Report 2020 About us 4 Business groups OUR COMPLEMENTARY BUSINESS GROUPS ENABLE A MORE SUSTAINABLE WORLD COMBINING CUTTING-EDGE TECHNOLOGIES AND RECYCLING TO GIVE NEW LIFE TO USED METALS Umicore Integrated Annual Report 2020 About us 5 Umicore at a glance Umicore Integrated Annual Report 2020 PAGE HEADINGAbout us 6 PAGE HEADING 7 Horizon 2020 successfully delivered OUR OBJECTIVES ECONOMIC PERFORMANCE VALUE CHAIN AND SOCIETY OUR OBJECTIVES ECO-EFFICIENCY GREAT PLACE TO WORK STRENGTHEN DOUBLE THE REBALANCE SUSTAINABLE SUSTAINABLE EFFICIENT PEOPLE LEADERSHIP EARNINGS PORTFOLIO SUPPLY PRODUCTS & SERVICES OPERATIONS SAFETY HEALTH ENGAGEMENT WHY THEY ARE To position Umicore to thrive To secure Umicore’s future success To sharpen Umicore’s focus on To provide environmental and To develop products and services WHY THEY ARE To make sustainability an To offer a safe workplace and To monitor, manage and To ensure Umicore’s status as OUR MATERIAL faced with the accelerating global and sustainability by consistently the ambitious growth initiatives ethical sourcing benefits for that create sustainable value for irrefutable competitive embed a safety culture in our protect from exposure risks. an employer of choice in all the IMPORTANT megatrends of stringent emissions investing in R&D to develop and in clean mobility materials comparatively scarce raw materials our customers and society and IMPORTANT advantage for Umicore. workforce. regions where we operate. ISSUES AND control, transport electrification market innovative products and and recycling. in order to foster sustainable increase resource security. STAKEHOLDER and resource scarcity. services, and to ramp-up capacity success and growth. to meet growing market demand ENGAGEMENT The Horizon 2020 strategy for Umicore products and services. represents a strong focus on KEY PERFORMANCE GROUP REVENUES ANNUAL OBJECTIVE ACHIEVED 2018 OBJECTIVE ACHIEVED IN 2019 FULLY ALIGNED WITH OECD KEY PERFORMANCE ENERGY CONSUMPTION NUMBER OF EXCESS READINGS* TOTAL EMPLOYED materially important topics for Umicore in the coming years: GROWTH RATE 2015-20 GROUP ADJUSTED EBIT ADJUSTED EBIT CONTRIBUTION DUE DILIGENCE GUIDANCE 77% ACCIDENTS INDICATORS OF TOTAL REVENUES INDICATORS Economic performance, Value (€m) (%) FOR RESPONSIBLE SUPPLY FROM CLEAN MOBILITY -17% 1.6% 10,859 Chain and Society, Eco-Efficiency, 600 CHAINS OF MINERALS FROM 500 vs 2015 benchmark, * based on internal target values and Great Place to Work. +4.3% 244 AND RECYCLING 49 400 34% CONFLICT-AFFECTED33% AND adjusted for intensity 300 514 37% RETENTION RATE 200 42% HIGH-RISK AREAS Umicore applies a localized 100 2015 MUCH OF THE REST IS FROM 0 SOLUTIONS SUCH AS IMPROVING approach to stakeholder ‘14 ‘18 96% 21% 33% CONNECTIVITY OR REDUCING engagement and manages 2020 RECORD ADJUSTED EBIT ENERGY CONSUMPTION stakeholder relationships in line 2020 adjusted EBIT with our decentralized approach contribution per to unit management. € 536m segment does not offer 37% 34% 33% a representative view, ROCE 15%+ TARGET42% 2019 due to the significant STEADY ROCE INCREASE THROUGH 2018; COVID-19 impact on the AVERAGE CAPITAL EMPLOYED NEARLY automotive industry and DOUBLED DURING HORIZON 2020 the counter cyclicality of 21% 33% Recycling. Umicore Integrated Annual Report 2020 PAGE HEADINGAbout us 76 PAGE HEADING 7 Horizon 2020 successfully delivered OUR OBJECTIVES ECONOMIC PERFORMANCE VALUE CHAIN AND SOCIETY OUR OBJECTIVES ECO-EFFICIENCY GREAT PLACE TO WORK STRENGTHEN DOUBLE THE REBALANCE SUSTAINABLE SUSTAINABLE EFFICIENT PEOPLE LEADERSHIP EARNINGS PORTFOLIO SUPPLY PRODUCTS & SERVICES OPERATIONS SAFETY HEALTH ENGAGEMENT WHY THEY ARE To position Umicore to thrive To secure Umicore’s future success To sharpen Umicore’s focus on To provide environmental and To develop products and services WHY THEY ARE To make sustainability an To offer a safe workplace and To monitor, manage and To ensure Umicore’s status as OUR MATERIAL faced with the accelerating global and sustainability by consistently the ambitious growth initiatives ethical sourcing benefits for that create sustainable value for irrefutable competitive embed a safety culture in our protect from exposure risks. an employer of choice in all the IMPORTANT megatrends of stringent emissions investing in R&D to develop and in clean mobility materials comparatively scarce raw materials our customers and society and IMPORTANT advantage for Umicore. workforce. regions where we operate. ISSUES AND control, transport electrification market innovative products and and recycling. in order to foster sustainable increase resource security. STAKEHOLDER and resource scarcity. services, and to ramp-up capacity success and growth. to meet growing market demand ENGAGEMENT The Horizon 2020 strategy for Umicore products and services. represents a strong focus on KEY PERFORMANCE GROUP REVENUES ANNUAL OBJECTIVE ACHIEVED 2018 OBJECTIVE ACHIEVED IN 2019 FULLY ALIGNED WITH OECD KEY PERFORMANCE ENERGY CONSUMPTION NUMBER OF EXCESS READINGS* TOTAL EMPLOYED materially important topics for Umicore in the coming years: GROWTH RATE 2015-20 GROUP ADJUSTED EBIT ADJUSTED EBIT CONTRIBUTION DUE DILIGENCE GUIDANCE 77% ACCIDENTS INDICATORS OF TOTAL REVENUES INDICATORS Economic performance, Value (€m) (%) FOR RESPONSIBLE SUPPLY FROM CLEAN MOBILITY -17% 1.6% 10,859 Chain and Society, Eco-Efficiency, 600 CHAINS OF MINERALS FROM 500 vs 2015 benchmark, * based on internal target values and Great Place to Work. +4.3% 244 AND RECYCLING 49 400 34% CONFLICT-AFFECTED33% AND adjusted for intensity 300 514 37% RETENTION RATE 200 42% HIGH-RISK AREAS Umicore applies a localized 100 2015 MUCH OF THE REST IS FROM 0 SOLUTIONS SUCH AS IMPROVING approach to stakeholder ‘14 ‘18 96% 21% 33% CONNECTIVITY OR REDUCING engagement and manages 2020 RECORD ADJUSTED EBIT ENERGY CONSUMPTION stakeholder relationships in line 2020 adjusted EBIT with our decentralized approach contribution per to unit management. € 536m segment does not offer 37% 34% 33% a representative
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