Annual report 2003

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Key figures Belgian GAAP IFRS (amounts in € million) 1999 2000 2001 2002 2003 Turnover 3,180.2 3,834.7 3,511.2 3,160.6 4,677.1 Revenue (excluding metal) 865.3 1,035.7 1,058.3 1,036.0 1,358.0 Recurring EBIT 88.4 163.4 134.1 97.5 145.9 Non-recurring EBIT - - - (24.8) (39.4) Total EBIT 88.4 163.4 134.1 72.7 106.5 EBITDA 207.5 307.8 276.3 223.1 277.1 Net consolidated profit (loss), Group share 69.3 136.1 116.0 32.9 60.1 Net consolidated profit (loss) 60.2 140.0 105.2 63.4 89.6 before non-recurring items, Group share Net consolidated profit (loss) 69.7 152.8 117.3 69.3 97.7 before non-recurring items and goodwill amortization, Group share Capital expenditure 80.4 111.0 178.1 152.7 148.3 Cash flow before financing 183.5 226.2 59.7 180.6 (527.8) Consolidated net financial debt 334.7 184.3 261.5 131.3 619.1 Capital employed (end of period) 1,508.3 1,464.8 1,514.7 1,347.6 2,071.2 Total shares outstanding (end of period) 25,617,515 25,617,515 22,600,000 22,600,000 25,420,175 Average number of shares – basic EPS n/a n/a n/a 22,600,000 22,865,537 Workforce at end of period 8,065 7,892 8,237 8,338 11,470 EPS declared (¤/share) - Basic 2.70 5.31 5.13 1.45 2.63 EPS declared (¤/share) - Fully diluted - - - 1.45 2.62 EPS adjusted (¤/share) - Basic (1) 2.72 5.96 5.19 3.07 4.27 EPS adjusted (¤/share) - Fully diluted - - - 3.07 4.25 Net debt/Net debt + Equity (end of period) 24% 14% 19% 11% 34% Return on Capital Employed (ROCE) 6.0% 11.7% 9.5% 6.5% 8.3% (1) for 1999–2001 “EPS adjusted” = previously reported “EPS adjusted before metal inventory write-downs and goodwill amortization.” Contribution to recurring EBIT Advanced Materials 22% Synthetic Diamonds 7% Copper 1% Precious Metals Services 27% Precious Metals Products and Catalysts 26% (1) Zinc 17% (1) Excluding Corporate and Investments; former PMG activities five months only
Contribution to Recurring EBIT (1) Belgian GAAP IFRS (amounts in € million) 1999 2000 2001 2002 2002 2003 Advanced Materials 11.0 25.4 31.5 20.9 17.6 37.3 Synthetic Diamonds 11.6 8.0 5.4 10.1 13.8 12.8 Copper 1.7 25.0 13.0 9.7 8.7 0.9 Precious Metals Services (1.5) 30.6 50.3 52.5 53.2 45.7 Precious Metals Products and Catalysts (2) - - - - - 42.9 Zinc 84.0 85.8 50.7 16.5 17.8 28.4 Corporate and Investments (18.4) (11.4) (16.8) (16.9) (13.6) (22.0) Total EBIT 88.4 163.4 134.1 92.8 97.5 145.9 Including Group share in net profit (loss) from associates 15.8 13.5 13.0 15.1 13.0 18.0 (1) New EBIT definition applied from 1999 – please see glossary of financial definitions (2) For five months of 2003 only (except Thin Film Products – 12 months) Price of the Umicore Share EUR Bel 20 55 45 35 25 J F M A M J J A S O N D J F M A M J J A S O N D J F Share price on Brussels Bourse (weekly average) Bel 20 Index (weekly average) 2002 2003 2004 3000 2500 2000 1500 04 | 05
Page 1 and 2: Annual report 2003 Umicore’s germ
Page 3 and 4: Umicore is the world leader in coba
Page 5: Adapting the Group’s structure De
Page 9 and 10: however, was in reconfiguring a pre
Page 11 and 12: Sigurd ADLER, Vice President & Gene
Page 13: packaging materials, precious metal
Page 16 and 17: Sales by Business Line Engineered p
Page 18 and 19: 200 150 100 50 0 Sales Trends of Ge
Page 21 and 22: 1| Precious Metals Services is the
Page 23: Source of Materials in 2003 (Expres
Page 26 and 27: Geographical Breakdown of Business
Page 29 and 30: 1| The properties of zinc make it t
Page 31: 120 116 112 108 104 100 96 Share %
Page 34 and 35: 400 350 300 250 200 150 100 50 ('00
Page 37 and 38: 1| Thanks to the acquisition of PMG
Page 39 and 40: 50 40 30 20 10 0 € million R&D Ex
Page 41 and 42: Environment Health and Safety 30 25
Page 43 and 44: Some industry terms & definitions A
Page 45 and 46: Treasury shares and stock option pl
Page 47 and 48: Belgian GAAP IFRS 1999 2000 2001 20
Page 49 and 50: while the growth in primary supply
Page 51 and 52: Compensation of the Executive Commi
Page 53 and 54: Jean-Luc Dehaene, 63 Independent no
Page 55 and 56: Hugo Morel, 53 Executive Vice-Presi
Page 57 and 58:
Main products and applications ADVA
Page 59 and 60:
Umicore: a worldwide presence Vanco
Page 61 and 62:
Dividends Starting 21 April 2004 If
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