In 2010, it posted revenues of € 2 billion (up 16%) and recurring EBIT of € 342 million (up 134%).
Net recurring profit and earnings per share reached a record level, with a recurring net profit (Group share) of € 263 million (up 222%) and a recurring EPS of € 2.33 per share (up 219%).
At year end net financial debt was €360 million (€ 177 million at year end 2009), caused, the company says, by rising precious metal prices. Research & development costs equalled € 135 million, while capital expenditures totalled € 172 million.
In the energy materials sector, revenues were up by 14 %, with a strong performance in cobalt & specialty materials. Revenues in rechargeable battery materials were also well up compared with 2009. The ratio of NMC (lithium nickel-manganese-cobalt oxide) to LCO (lithium cobalt oxide) materials continued to increase, not only as a result of the growing penetration of these materials in portable electronics, but also as sales for hybrid electrical vehicles start to become more substantial.
Sales volumes of cobalt powders in the tool materials business line increased significantly from the levels seen in 2009. This activity had been particularly hit by destocking in its customer base. Hard metal tool applications, which are mainly used in automotive, machinery and mining equipment, benefited from the higher activity level throughout the year, while the diamond tool-related activities, linked primarily to construction, only started to recover in the second half.
The company says it anticipates further revenue and earnings growth in 2011. Underlying demand should strengthen further for most of Umicore’s product business, while the supply conditions for the various recycling activities are expected to remain highly supportive.
