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Highlights 2013

Economic

Revenues were down by 2% in 2013. While some businesses started to show signs of recovery during the year, this was not enough to offset the impact of lower metal prices on recycling revenues and margins. Recurring EBIT was 18% lower year-on-year due to a combination of this metal price effect, mix effects and higher costs linked to our Vision 2015 growth initiatives. Capital expenditures reached € 280 million. Some business units did see profitability recover somewhat as a result of the benefits of selective cost reduction measures taken in previous periods as well as in 2013.

From a financial perspective Umicore’s position remained very strong. Cash flows were strong and we were able to reduce net debt further, even after a buying back more than 2% of our own shares during the year and making an acquisition.