Give feedback via the email-form below.


Economic definitions

API - active pharmaceutical ingredientBiologically active substance used in pharmaceutical products.
AssociateAn entity in which Umicore has a significant influence over the financial and operating policies but no control. Typically this is evidenced by an ownership of between 20% and 50%. Associates are accounted for using the equity method.
BlanksA product that is close to its finished state and requires limited further working by the customer. Examples include germanium blanks that require further polishing for use in optical applications or silver coin blanks that require stamping.
BrazingA metal-joining process whereby a filler metal is heated above melting point and distributed between two or more metal parts.
Catalysis / catalystCatalysis is a chemical process whereby one of the elements used in the reaction process, the catalyst, makes this chemical reaction possible, or speeds up this process, without being consumed in the reaction process, and therefore can be re-used.
CarboxylateA carboxylate is a salt of a carboxylic acid (see “salt”).
CathodeThe cathode is the positive side in a (rechargeable) battery. In the charging phase ions are released from the cathode and migrate to the anode (negative side), thereby storing electricity. In the discharging phase, the ions move back to the cathode, thereby releasing electricity.
Charitable donationA donation to a not-for-profit organization that is not for the commercial benefit of Umicore. Donations can be in cash or in kind. Political donations are not permitted.
Closed loopFor Umicore a “closed loop” involves taking back secondary materials from customers (eg production residues) or end-of-life materials (eg used mobile phones, automotive catalysts) to recover the metals to be fed back into the economic cycle.
Concentrator photovoltaicsA technique to concentrate solar energy in a photovoltaic panel using magnifying lenses or mirrors.
Contact materialMaterials (usually containing silver) that are used for their conductive properties in electrical applications eg for switches.
Diesel particulate filter (DPF)A device designed to remove diesel particulate matter or soot from the exhaust gas of a diesel engine.
Dodd Frank ActFull title: Dodd–Frank Wall Street Reform and Consumer Protection Act. The Dodd Frank Act aims to promote the financial stability of the United States by improving accountability and transparency in the financial system.
ElectrolysisIn chemistry electrolysis is a method of using a direct electric current (DC) to drive an otherwise non-spontaneous chemical reaction.
ElectroplatingElectroplating is a plating process in which metal ions in a solution (electrolyte) are moved by an electric field to coat another material. The process is primarily used for depositing a layer of material to bestow a desired property on that other material.
Euro VIEuropean emission standard for exhaust emissions of heavy duty vehicles implementation in January 2014.
Euro 6European emission standard for exhaust emissions of new passenger vehicles set for implementation in 2014.
Fashion jewelleryMass-produced jewellery.
Frascati ManualThe Frascati Manual is a document prepared and published by the Organisation for Economic Co-operation and Development that sets forth the methodology for collecting statistics about research and development.
GDPGlobal domestic product (recognized indicator of economic growth).
HDD - Heavy Duty DieselLarge diesel vehicles – either on-road, such as trucks and buses, or non-road such as heavy plant and mining equipment or locomotives and agricultural equipment.
(H)EV - (Hybrid) Electrical VehicleVehicle (passenger car or other) that runs fully or partially (hybrid) on electricity, rather than on conventional fuel.
ITO – Indium Tin OxideA transparent conducting oxide used in specific layers for its electrical conductivity and optical transparency. It is used in diverse applications, such as flatscreen displays, photovoltaics and architectural glass.
Joint ventureA contractual arrangement whereby Umicore and another party undertake an economic activity that is subject to joint control. Joint ventures are accounted for using the equity method.
LCDLiquid crystal display.
LCO - lithium cobaltiteCathode material used in lithium ion rechargeable batteries, particularly suited for portable electronic applications.
LDV - Light Duty VehiclePrimarily passenger cars – using either diesel or gasoline fuel, or other.
LED - Light Emitting DiodeLEDs are a semiconductor-based light source offering many advantages over traditional incandescent light sources, among which long lifetime and energy efficiency.
Life science industryAlso known as biotechnology industry: the field of applied biology that involves the use of living organisms and bioprocesses in engineering, technology, medicine and other fields.
Li-ion – Lithium ion batteryLithium ion is a technology for rechargeable batteries in which lithium ions move from the positive electrode (the cathode) to the negative electrode (the anode) during the charging phase, thereby storing electricity. In the discharging phase, the lithium ions move back to the cathode, thereby releasing electricity.
MOCVD – metal organic chemical vapour depositionMethod used to produce single or polycrystalline thin films on a substrate.
NMC – Lithium (Nickel-Manganese-Cobalt) oxideRelatively new type of cathode material, which is used in the emerging (H)EV market and also more and more in portable electronic applications.
OECDOrganization of Economic Co-operation and Development.
pgm - platinum group metalsPlatinum, palladium, rhodium, ruthenium, iridium and osmium (in Umicore’s case it refers mainly to the first three).
Platform (automotive)A combination of chassis and engine type that is used on one or more models of passenger car, sometimes between different manufacturers.
PrecursorChemical substance that participates in the chemical reaction that produces another compound.
PV - PhotovoltaicsPhotovoltaics is a method of generating electrical power by converting solar radiation directly into electricity.
SubstrateA surface onto which a layer of another substance is applied. In automotive catalysts the substrate is the honeycomb structure, which enhances the surface area, on which the catalytic solution is deposited. In photovoltaics, semiconductors such as germanium are used as substrates, on which the rest of the solar cell layers are deposited.
UHT - Ultra High TemperatureUmicore patented Ultra high temperature process (>3000°C) using plasma technology to treat and recycle materials using less energy than traditional processes.

Financial definitions

Average capital employedFor half years: average of capital employed at start and end of the period; For full year: average of the half year averages.
Capital employedTotal equity (excluding fair value reserves) + net financial debt + provisions for employee benefits – deferred tax assets and liabilities – IAS 39 impact.
Capital expenditureCapitalized investments in tangible and intangible assets, excluding capitalized R&D costs.
Cash flow before financingNet cash generated by (used in) operating activities + net cash generated by (used in) investing activities.
EBITOperating profit (loss) of fully consolidated companies, including income from other financial investments + Group share in net profit (loss) of companies accounted for under equity method.
EPSEarnings per share for equity holders.
EPS, basicNet earnings, Group share / average number of outstanding shares.
EPS, dilutedNet earnings, Group share / (average number of outstanding shares + number of potential new shares to be issued under the existing stock option plans x dilution impact of the stock option plans).
Gearing ratioNet financial debt / (net financial debt + equity of the Group).
IAS 39 effectNon-cash timing differences in revenue recognition in case of nonapplication of or non-possibility of obtaining IAS hedge accounting to:
a) transactional hedges, which implies that hedged items can no longer be measured at fair value, or
b) structural hedges, which implies that the fair value of the related hedging instruments are recognized in the income statement instead of the equity and this prior to the occurance of the underlying forecasted or committed transactions, or
c) Derivatives embedded in executory contracts, which implies that the change in fair value on the embedded derivatives must be recognized in the income instatement as opposed to the executory component where the fair value change in the income statement cannot be recognized.
Market capitalizationClosing price x total number of outstanding shares.
Net financial debtNon-current financial debt + current financial debt - cash and cash equivalents.
Non-recurring EBITIncludes non-recurring items related to restructuring measures, impairment of assets, and other income or expenses arising from events or transactions that are clearly distinct from the ordinary activities of the company. Any writedowns on those metal inventories permanently tied up in operations are part of the non-recurring EBIT of the business groups.
Outstanding sharesIssued shares– treasury shares.
Recurring EBITEBIT - non-recurring EBIT - IAS 39 effect.
Recurring EBIT marginRecurring EBIT of fully consolidated companies / revenues excluding metals.
Recurring EBITDARecurring EBIT + recurring depreciation and amortization of fully consolidated companies.
Recurring effective tax rateRecurring tax charge / recurring profit (loss) before income tax of fully consolidated companies.
Recurring EPSRecurring net earnings, Group share / average number of (issued shares – treasury shares).
Return on capital employed (ROCE)Recurring EBIT / average capital employed.
Revenues (excluding metal)All revenue elements - value of purchased metals.
Revenues by geographyGroup revenues attributable to a geographic destination, including associates and joint ventures revenues adjusted for Umicore’s shareholding. This means that for recycling activities the revenue component is based on the location of the suppliers of raw materials, as determined by the refining charges.
R&D expenditureNet research and development charges of fully consolidated activities (ie excluding R&D income such as research grants). Includes capitalized costs.

The above financial definitions relate to non-IFRS performance indicators except for EPS, basic and EPS, diluted.

Social, environmental and other definitions

APS (Assessment of Product (and services) Sustainability)This Umicore specific methodology is used for assessing the sustainability of Umicore’s products and services and uses a tool consisting of 58 preformatted questions and answers with scoring and weighting factors and organized around eight themes.
BiodiversityThe variability among living organisms from all sources including, inter alia, terrestrial, marine, and other aquatic ecosystems and the ecological complexes of which they are part; this includes diversity within species, between species and of ecosystems.
Best available technology (BAT)A term relating to technology used to limit pollutant discharges.
Biomarker of exposureSubstance or its metabolite that is measured in biological fluids (e.g. blood) to assess internal body exposure.
Chemical Oxygen DemandIndirect measure of the amount of organic pollution that cannot be biologically oxidized in a sample of water.
CO2 equivalentThe universal unit of measurement to indicate the global warming potential (GWP) of each of the six greenhouse gases, expressed in terms of the GWP of one unit of carbon dioxide. It is used to evaluate releasing (or avoiding releasing) different greenhouse gases against a common basis.
Combined Heat Power CogenerationThe use of heat to generate electricity.
ConcentratesOre or metal separated from its containing rocks or earth.
Conflict mineralsMinerals mined in conditions of armed conflict or human rights abuses, particularly gold, tin, tungsten and tantalum in the context of the Dodd Frank Act (see above).
COSO frameworkThe Committee of Sponsoring Organizations of the Treadway Commission (COSO) is a voluntary private-sector organization which has established a common internal control model against which companies and organizations may assess their control systems.
Dataset (EHS)A defined set of data on the the physical, chemical and toxicological properties of a product.
DecibelUnit of noise level.
EHSEnvironment, health & safety.
Employee turnoverExpressed in terms of voluntary leavers: number of employees leaving at their own will (excluding lay-offs, retirement, and end of fixed-term contract). This number is related to the total workforce.
Excess readingA result of a biological monitoring analysis that exceeds the (internal) target level.
Frequency rate lost time accidentsNumber of lost time accidents per million hours worked. Accidents on the road to and from work are excluded.
Global warming potentialA factor describing the radiative forcing impact (degree of harm to the atmosphere) of one unit of a given greenhouse gas relative to one unit of CO2.
Greenhouse gasesGHGs are the six gases listed in the Kyoto Protocol: carbon dioxide (CO2); methane (CH4); nitrous oxide (N2O); hydrofluorocarbons (HFCs); perfluorocarbons (PFCs); and sulphur hexafluoride (SF6).
Hours of training per personAverage number of training hours per employee - including internal and external training and training on-the-job. Training on-the-job can include the hours a person is being trained on the shop-floor, without being fully productive. The total number of training hours is divided by the total workforce.
IntermediateA substance that is manufactured for and consumed in or used for chemical processing in order to be transformed into another substance.
ISO 14001‘International Standards Organisation’ specification for environmental management systems (ref. ISO).
Kyoto ProtocolA protocol to the United Nations Framework Convention on Climate Change (UNFCCC). It requires countries listed in its Annex B (developed nations) to meet reduction targets of GHG emissions relative to their 1990 levels during the period of 2008–12.
Life-cycle (assessment)Assessment of the sum of a product’s effects (e.g. GHG emissions) at each step in its life cycle, including resource extraction, production, use and waste disposal.
Lost-time accidentA work related injury resulting in more than one shift being lost from work.
Microgramme per gramme creatinineUnit of metal content in urine.
Microgramme per deciliter bloodUnit of metal content in blood.
OHSAS 18001‘Occupational Health and Safety Assessment Series’: a Health & Safety management system.
Process emissionsEmissions generated from manufacturing processes, such as the CO2 that is arising from the breakdown of calcium carbonate (CaCO3).
Process safetySafety issues related to the use and storage of hazardous chemical substances that may present a hazard to the employees, neighbouring people and the environment.
REACH‘Registration, Evaluation and Authorization of Chemicals’; EU chemicals policy.
Recordable injuryA work related injury resulting in more than one first aid treatment or in a modified working programme but excluding lost-time accidents.
Recycled materialsMaterials that have ended a 1st life cycle and will be re-processed through recycling leading to a 2nd, 3rd …lifetime.
Risk assessmentThe evaluation of the risks of existing substances to man, including workers and consumers, and to the environment, in order to ensure better management of those risks.
SafeStart®An advanced safety awareness training and skills development program.
Scope 1, 2, 3 CO2e emissionsScope 1 CO2e emissions: A reporting organization’s direct GHG emissions.
Scope 2 CO2e emissions: A reporting organization’s GHG emissions associated with the generation of electricity, heating/ cooling, compresses air or steam purchased for own consumption.
Scope 3 CO2e emissions: A reporting organization’s indirect emissions other than those covered in scope 2.
ScrubbingA process using air pollution control devices to remove some particulates and/or gases from industrial exhaust streams.
Secondary raw materialsBy-products of primary material streams.
Severity rate lost time accidentsNumber of calendar days lost per thousand hours work. Accidents on the road to and from work are excluded.
Sickness rateTotal number of working days lost due to sickness; excluding long term sickness and days lost due to maternity leave. This number is related to the total number of working days per year.
Temporary workersUmicore employees with a temporary contract. They are not considered part of the stable workforce, but are included in the total workforce.
Voluntary leaversNumber of employees leaving at their own will (excluding lay-offs, retirement, and end of fixed-term contract). This number is related to the total workforce.