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Staying the Course Integrated Annual Report 2019 CONTENTS Staying the course Integrated Annual Report 2019 CONTENTS 2019 Annual review Introduction 1 Materiality 21 Management approach 78 About us 2 Giving back to society 25 Governance statements, notes G1-G15 82 Horizon 2020 4 Driving economic performance 26 Economic statements 95 Umicore at a glance 6 Value chain and society 36 Financial statements, notes F1-F41 102 CEO and chairman’s review 7 Eco-efficiency 42 Environmental statements, notes E1-E8 167 Global trends 10 Research, development & innovation 46 Social statements, notes S1-S8 177 Business model 12 Great place to work 49 Value chain statements, notes V1-V5 187 Stakeholder engagement 14 Risks & opportunities 56 About this report 193 Advocacy for Impact 20 Leadership 67 Key figures 204 About this report Our 2019 Annual Report consists of the following documents, which can be downloaded in pdf format: 2019 ANNUAL REVIEW WEB-BASED CONTENT The report tells Umicore’s story of the year. It explains To access the full web-based report including our case who we are and what we do, the context in which studies please visit our dedicated reporting centre via we operate, including the risks and opportunities, and the link below. outlines our strategy and the progress we have made towards achieving our goals. ANNUALREPORT.UMICORE.COM Front cover image: Thia Elena Zhou and Melanie Gross working at our site Sample Lab Hanau, Germany Umicore Integrated Annual Report 2019 1 Umicore’s response to COVID-19 THE FOLLOWING TEXT WAS PUBLISHED BY UMICORE ON MARCH 26 2020 KEEPING OUR PEOPLE HEALTHY, ENSURING SAFE of its catalyst production capacity outside Asia and replaces the proposal initially made on 7 February 2020 WORKING CONDITIONS AND PRESERVING CASH is resorting to temporary unemployment where of € 0.75 per share and corresponds to the amount of the In recent weeks the novel coronavirus (COVID-19) applicable. Umicore has adjusted the inflow of raw interim dividend of € 0.375 per share which was already has become a pandemic, severely affecting people, materials accordingly and is reducing other costs. paid out on 27 August 2019. This decision is also to be society and industries globally. In response to seen as a way for Umicore’s management and Board of The Hoboken plant, together with the majority the COVID-19 outbreak, Umicore has rolled out its Directors to share the efforts among its stakeholders. of Umicore’s other recycling facilities, is business continuity plans and has taken precautionary Umicore will assess the appropriate amount to be continuing operations. measures to keep its people healthy, to ensure that returned to shareholders in 2020 once it gains more the workplace is safe and to preserve cash. In response to the changed business context, Umicore clarity around the full impact of COVID-19. is also delaying certain capital expenditures programs. Umicore’s priority is the health and safety of its WITHDRAWAL OF FULL YEAR 2020 OUTLOOK employees. Since Lunar New Year, Umicore has STRONG FUNDING STRUCTURE IN PLACE PROVIDED IN FEBRUARY 2020 implemented strict hygiene and other precautionary Umicore has a strong balance sheet and ample liquidity Results in the first two months of 2020 were well measures such as home working and social distancing with € 1 billion of immediate cash availability, of ahead of the prior year. in all its facilities in Asia and later in the rest of the world, which approximately half is cash on balance sheet and However, the magnitude and the duration of the in line with recommendations and guidelines issued the other half corresponds to the unused portion of its impact of COVID-19 are presently highly uncertain and by governments and the World Health Organization, committed syndicated loans. In addition, Umicore has the situation is evolving rapidly with many automotive to protect its employees’ health and wellbeing and well over € 0.5 billion of unused, uncommitted credit customers shutting down their operations for an help contain the further spread of the virus. lines with its core relationship banks. undetermined period of time. Hence, it is impossible COVID-19 IMPACT ON UMICORE’S OPERATIONS Next to significant liquidity, Umicore has a well balanced at present to predict its full impact on the automotive While Umicore’s activities were off to a strong start this debt structure with no material maturities prior to market and Umicore’s activities. Umicore therefore year, the virus outbreak caused a serious slowdown in 2023 and has ample headroom compared to its credit withdraws the outlook given on 7 February 2020 Umicore’s automotive catalyst and battery materials covenants. In recent years it secured € 1.1 billion of which guided for growth in revenues and earnings activities in Asia at the time of the Lunar New Year medium- and long-term, fixed-rate private placement for the full year 2020 as it assumed at that time that holidays and in the following weeks. Demand and debt with a phased maturity profile between 2023 and the virus outbreak would not result in a protracted or production levels for both automotive catalysts and 2031. Its two syndicated loan facilities from a total of material effect on the economy in 2020. battery materials in Asia are now gradually picking twelve banks expire in 2022 and 2025. Umicore is monitoring the situation closely and will up. However, as the contagion of the virus spread to DECISION TO REDUCE THE DIVIDEND IN RESPECT continue to respond as required to help safeguard its the rest of the world, the automotive industry has OF THE FULL YEAR 2019 people and help contain the spread of the pandemic, been forced to shut down most of its assembly lines As a matter of prudence and in light of the extreme while adjusting its operations and preserving its outside Asia, in many cases for an undefined period unpredictability of the global situation, Umicore’s Board cashflows. Umicore will provide further updates at the of time. Until automotive OEMs restart production of Directors has decided to propose a dividend of € 0.375 time of its AGM which will be held on 30 April 2020. again, Umicore is temporarily shutting down most per share in respect of the full year 2019. This proposal Umicore Integrated Annual Report 2019 ABOUT US 2 The global materials technology & recycling group PROVIDING TOMORROW’S SUSTAINABLE SOLUTIONS FOR CLEAN MOBILITY AND RECYCLING Umicore is uniquely positioned in all We develop custom materials and ensure that INTERNAL PLUG-IN HYBRID aspects of clean mobility materials and processes take account of health and safety, COMBUSTION ENGINE ELECTRIC VEHICLE recyclability, cost efficiency, waste reduction and Umicore provides: Umicore provides: in recycling. We provide clean-mobility energy efficiency, both in our own facilities and across Emission control catalysts Battery cathode materials and solutions for all platform types and emission control catalysts the value chain. we recycle these materials when they We believe our success is linked to how we balance reach the end of their useful life. the economic, environmental and social impact of Using our metallurgy, chemistry and materials science our operations. expertise, this closed-loop business model is our Our integrated approach to sustainability is not powerful differentiator and it will continue to be the just about minimizing the impact of our industrial basis on which we carry out our business and build operations: our commitment to ethical and responsible our strategy. sourcing distinguish us from our competitors while We provide automotive catalysts to clean the exhaust delivering value for all. gases from internal combustion engines for light- Umicore strives to have a positive impact, duty and heavy-duty vehicles of all fuel types, and enhancing quality of life through our products the rechargeable battery materials and automotive and services, reducing harmful vehicle emissions, catalysts that are required to power hybrid, giving new life to used metals and powering the plug-in hybrid and full electric vehicles. We also cars of the future. produce catalysts for fuel cell-powered vehicles and for static or industrial applications. Umicore operates one of the world’s most sophisticated precious metals recycling facilities and, across our activities, we can recover 28 precious and non-ferrous metals from industrial residues, used electronic scrap, FULL ELECTRIC VEHICLE FUEL CELLS Umicore provides: Umicore provides: batteries, automotive and industrial catalysts, fuel Battery cathode materials Electro-catalyst and cells and more. We also provide recycling services battery cathode materials to customers to help maximize their efficiency. The recovered materials are then transformed into pure metals or new products. Umicore Integrated Annual Report 2019 ABOUT US 3 OUR COMPLEMENTARY BUSINESS GROUPS ENABLE A MORE SUSTAINABLE WORLD COMBINING CUTTING-EDGE TECHNOLOGIES AND RECYCLING TO GIVE NEW LIFE TO USED METALS ENERGY & SURFACE CATALYSIS TECHNOLOGIES RECYCLING REDUCING HARMFUL EMISSIONS POWERING THE FUTURE GIVING NEW LIFE TO USED METALS AUTOMOTIVE CATALYSTS COBALT & SPECIALTY MATERIALS PRECIOUS METALS REFINING We are one of the leading producers of emission We are experts in sourcing, production and We operate the world’s most sophisticated control catalysts for gasoline and diesel on-road distribution of cobalt and nickel products. precious metals recycling facility and we are and non-road applications, power generation Our materials are at the heart of everyday experts in treating the most complex materials. and industrial processes to meet environmental products such as rechargeable batteries, tools, Our refining and recycling technology gives standards around the world. paints and tyres. Our recycling and refining used metals a new lease of life. Our processes processes, including our proprietary lithium-ion help bring value to the circular economy. PRECIOUS METALS CHEMISTRY rechargeable battery recycling technology, give We are experts in metals-based catalysis for new life to cobalt and other metals. PRECIOUS METALS MANAGEMENT life-enhancing applications.
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