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Umicore in the driver’s
seat
Umicore in the driver’s
seat
2
Umicore, global leader in …
Automotive catalysts
for passenger cars
Key materials for rechargeable batteries
used in portable electronics and hybrid & electric cars
Germanium substrates
and other materials which are used in new photovoltaic technologies
Recycling precious metals
from old mobile phones, laptops, electronic scrap and spent catalyst material
3
Umicore’s business approach
We transform metals into hi-tech materials
We use application know-how to create tailor-made solutions in close collaboration with our customers
We close the loop and secure supply by recycling production scrap and end-of-life materials
We aim to minimize our environmental impact and be the best employer and neighbour
material
solutionsMetals
Applicationknow-how
Recycling
Material
solutions
Chemistry
Material science
Metallurgy
4
Umicore 2011 in figures
Key financials for 2011
Turnover €
14.5 G
Revenues €
2.3 G
Recurring EBITDA €
553 M
Recurring EBIT €
416 M
ROCE 18.6%
R&D €
157 M
Capex €
213 M
Gearing ratio 13.4%
Market cap. * €
~4.2 G
Recurring EPS €
2.69/share
Dividend €
1.00/share
*
at Q1 2012 excluding treasury shares
14,572
people
7,635347
3,251244
1,6253
1,19551
866113
77
industrial sites15
R&D centres
Global positioning at end 2011
5
Umicore’s business groups
Recycling Energy Materials Catalysis Performance Materials
Unique recycling process dealing with complex industrial residues and end-of-
life materials
Materials which enable the clean production and storage of low-
carbon energy
Technology solutions to treat automotive emissions and other chemical processes
Essential materials and chemicals based on precious metals and zinc for pharma, construction, electrical equipment, …
Business drivers
•
Materials scarcity
•
Recycling legislation
•
Energy efficiency
Business drivers
•
New (H)EV vehicles
•
Photovoltaic demand
•
Demand for safer products
Business drivers
•
Global emission legislation
•
Emerging markets
•
New applications (HDD)
Business drivers
•
Industrial production
•
Geographical expansion
•
Eco-friendly products
6
Business group split for 2011
Revenues
CA35%
EM17%
PM21%
RE27%
(excluding metal)
Corporate not included
EBIT
CA19%
EM9%
PM14%
RE58%
(recurring)
Corporate not included
Capital employed
CA34%
EM20%
PM28%
RE18%
(average)
Corporate not included
CA
CatalysisEM
Energy MaterialsPM
Performance MaterialsRE
Recyclingexcluding Corporate
7
Strong growth potential
Recycling Energy Materials Catalysis Performance Materials
Double digit growth (average over 2010 -
2015/2020)
Based on key growth drivers aligned with market trends
GDP growth
•
High R&D•
High investments•
Many new applications/markets
•
Lower R&D•
High investments•
Some new applica-
tions/markets
Growth will not
be linear and not equal over all activities
Innovation
as a differentiator for success in all areas
Growth will not be pursued at the expense of value creation
Goal to generate an average ROCE of 15-20% between now and 2015
8
Great place to work
Eco-
efficiency
Stakeholder engagement
Economic performance
Sustainability is essential
Zero lost time accidents
Occupational exposure reduction
People
development
Preferred employer
We aim to have ZERO lost time accidents
We will reduce the body concentrations of specific metals to which our employees have an exposure: Cd, Pb, Co, Ni, As, Pt
All employees will receive an annual appraisal to discuss individual development
We will target our actions based on the results of the 2010 People Survey
Growth and returns
Reduce carbon footprint
Emissionreduction
Product
sustainability
We aim to reduce our CO2
emissions by 20% vs
2006 levels and based on 2006 industrial scope
We aim to reduce by 20% the impact of metal emissions to water and air vs
2009 levels
We will invest in tools to better understand and measure the life cycles and impacts of our products
Sustainable procurement
Local
community
We will implement the new Sustainable Procurement Charter throughout our business
All our sites will be expected to make further steps in identifying key stakeholders and engaging with the local community
We aim to achieve double digit revenue growth and our goal is to
generate an average return on capital employed of more than 15%
9
Strategic roadmap
2010 -
2012 2012 -
2015 2015 -
…
Accelerate
Acceleration of growth
Growing into leadership positions
Optimum performance
Further investments in chosen areas
Focus
Intensification of investment efforts
Initial pay-off for major growth
initiatives in terms of market position and
profitability
Prepare
Regain profitability of 2007-2008
Lay the foundations for exceptional growth initiatives, such as HDD
Demonstrate the feasibility of others, such as UHT recycling
Umicore in the driver’s
seat
Umicore in the driver’s
seat
11
CO2
emissions targeted today
-1
0
1
2
3
4
5
6
1990
2010
2030
2050
2050
abat
ed
Source: www.roadmap2050.eu
[Gt/year]
Road transport Air & sea transport Industry
Power Waste Buildings
Agriculture Forestry
EU CO2e emissions
-80%
-95%
To reduce emission by 80% by 2050
serious efforts are necessary
Road transport to improve substantially
•
Accounts today for 15-20% of total
•
To be reduced by 95% by 2050
12
CO2
reduction targets for passenger vehicles
exist in most regions
95
Europe
-38%154 152
USA
-37%
240
109
Japan
-23%141145
China
-22%185
Source: Continental (2011)
CO2
emission targets for passenger vehicles[g/km]
130
181
125
167
2010
2015
2020
2010
2015
2020
2010
2015
2020
2010
2015
2020
Actual legislation
Proposed legislation
Enacted legislation
Estimated legislation
13
Challenging CO2
emission targets
pushes advanced engine configurations
•
Down-sized turbo-charged gasoline
•
Gasoline direct injection
•
Lean burning gasoline engines
•
Diesel
•
(Flex fuel)
•
Start-stop mechanism
•
HEV: Mild HEV Full HEV
•
PHEV: Parallel Range extender
•
EV: BEV FCEV
Advanced ICE configurations
Electrification
of the vehicle
Requires more complex
emission control catalyst solutions
Requires larger battery and
still automotive catalyst (except EV)
ICE
Internal Combustion Engine-powered vehicle
HEV
Hybrid Electric Vehicle
PHEV
Plug-in Hybrid Electric Vehicle
EV
Electric Vehicle
BEV
Battery-powered Electric Vehicle
FCEV
Fuel Cell-powered Electric Vehicle
14
Different engine configurations
will be needed to reach the 2050 goals
100
50
150
00 400 600200 800 1000 1200 1400
CO2
emission
[g/km]
Range
[km]
ICE
diesel
ICE
gasoline
PHEV
FCEV
BEV
2010
2050
2010
2050
2010
2050
2010
2050
2010
2050
EU 2015
target
EU 2020
target
ICE
Internal Combustion Engine-powered vehicle
BEV
Battery-powered Electric Vehicle
HEV
Hybrid Electric Vehicle
PHEV
Plug-in Hybrid Electric Vehicle
FCEV
Fuel Cell-powered Electric Vehicle
Source:
A portfolio of power-trains for Europe: A fact-based analysis (EU coalition study 2010)
15
Different scenarios indicate growth of electrification
But ICE remains dominant in coming years
Scenario 1
60
70
80
90
100
110
2011
2012
2013
2014
2015
2016
2017
2018
2019
[M vehicles]
Scenario 3
60
70
80
90
100
110
2011
2012
2013
2014
2015
2016
2017
2018
2019
[M vehicles]
0 0
Source: Umicore estimate based on external data sources
Electric Vehicle (EV)
PHEV (Plug-in Hybrid Electric Vehicle)
HEV (Hybrid Electric Vehicles)
ICE (Internal Combustion Engine-powered vehicle)
CO2
limits will be reached
through ICE improvement and electrification
(OEM push only)
On top of meeting CO2
limits,
there is also a positive TCO for consumers
(OEM push + customer pull)
Scenario 1 Scenario 3
16
What’s in ICEs
for Umicore?
(Internal Combustion Engine-powered vehicles)
Recycling
Treating waste while recovering valuable metals
•Pt, Pd and Rh
from automotive catalysts
Automotive Catalyst
Increasing complexity with
•More stringent legislation
•Advanced ICE configurations
17
What’s in (P)HEVs
for Umicore?
((Plug-in) Hybrid Electric Vehicles)
Increasing size with electrification level
Complexity increases with size
Recycling
Treating waste while recovering valuable metals
•Pt, Pd and Rh
from automotive catalysts
•Ni, Co, Cu (and REEs) from rechargeable batteries
Automotive Catalyst
Increasing complexity with
•More stringent legislation
•Advanced ICE configurations
•On/off mode of engine
Decreasing size with electrification level
Rechargeable battery
cathode material
18
What’s in BEVs
for Umicore?
(Battery-powered Electric Vehicles)
Rechargeable battery
cathode material
Larger size depending on requested driving range
Complexity increases with size
Recycling
Treating waste while recovering valuable metals
•Ni, Co, Cu (and REEs) from rechargeable batteries
19
What’s in FCEVs
for Umicore?
(Fuel Cell-powered Electric Vehicles)
Large battery still needed in FCEV
Recycling
Treating waste while recovering valuable metals
•Pt from fuel cells
•Ni, Co, Cu (and REEs) from rechargeable batteries
Fuel Cell membrane
electrode assembly
Increasing complexity with
•More stringent legislation
•Advanced ICE configurations
Decreasing size with electrification level
Rechargeable battery
cathode material
20
Umicore’s product offer covers all powertrain possibilities
ICE HEV PHEV EV
Normal Start-stop Mild FullParallel
systemRange
extenderBEV FCEV
Emission control catalyst
Relative
size +++ +++ +++ ++ ++ +No emission
control catalystRelative
complexity + + + ++ +++ +
Battery
Relative
size + + ++ ++ +++ ++
Relative
complexity + ++ +++ ++ ++ ++
Fuel cell No fuel cell +++
21
Automotive Catalysts
Vehicle production is due to grow …
in emerging markets
Car production
0
10
20
30
40
50
60
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
Source: Umicore estimate based on external data sources
[M vehicles]
Middle East/AfricaSouth AmericaSouth AsiaChina
Car production
0
10
20
30
40
50
60
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
Source: Umicore estimate based on external data sources
[M vehicles]
Japan/Korea
North America
Europe
Established Markets Emerging Markets
Source: Umicore estimates based on external databases
22
Automotive Catalysts
Toxic emissions legislation strengthening in most regions
US regulation
EU regulation
Japanese regulation
No regulation
EU inspired regulation
Legislation requires new catalyst solutions
•
NOx
abatement systems
•
Gasoline Particulate Filters, …
23
Automotive Catalysts
Umicore’s global footprint
Burlington
Canada
Tulsa
USAHimeji
Japan
Onsan
Korea
Ansan
Korea
Suzhou
China
Rheinfelden
GermanyKarlskoga
SwedenHanau
GermanyFlorange
France
Americana
Brazil
Auburn Hills
USA
Port Elisabeth
South Africa
Production plant
R&D centre
24
Regional positions
Market leader
(#1 or #2 position)
Smaller player
(distant #3)
Circles indicative of 2011 light duty vehicle production volumes
(≠
catalyst revenues)
Automotive Catalysts
Umicore’s global leadership position in light duty
NorthNorth
AmericaAmerica
EuropeEurope
ChinaChina
KoreaKorea
SouthSouth
AmericaAmerica
JapanJapan
IndiaIndia
RussiaRussia
AustraliaAustralia
25
Automotive Catalysts
Automotive catalysts market set to grow
•
Growing vehicle production with ICE
•
More stringent emission legislation in all the
major markets
•
Complexity set to increase further
(NOx
after-treatment, GPFs, …)
Umicore is a global leader for light duty applications
•
Well positioned globally
•
Strong position for complex engine types including diesel, hybrid vehicles, flex fuel, …
Umicore is continuing to invest in manufacturing and testing capabilities
Umicore is gradually gaining ground in HDD, supported by customer awards
Catalyst
requirements
are becoming
ever more complex
26
0
2
4
6
8
10
12
14
16
Source: Umicore estimate based on external data sources
2011
2012
2015
2020
Rechargeable Battery Materials
Different scenarios indicate strong growth
HEV - NiMH HEV - Li-Ion PHEV - Li-Ion EV - Li-ion
Scenario 1 Scenario 3
2011
2012
2015
2020
0
50,000
100,000
150,000
200,000
250,000
300,000
350,000
Source: Umicore estimate based on external data sources
[tonnes]
Portable electronics Energy storage systems Transportation
[M vehicles]
[tonnes]
Source: Umicore estimate based on external data sources
27
Energy Power Safety* Life Cost
LCO
lithium cobaltite
LiCoO2
+++ +++ - ++ +
LMO
lithium manganese oxide
LiMnO2
- +++ ++ - ++
NMC
nickel manganese cobalt
Li(Nix
Mny
Co1-x-y
)O2
++ ++ ++ +++ +++
LFP
lithium iron phosphate
LiFePO4
+ +++ +++ ++ ++
Rechargeable Battery Materials
Different cathode materials with different properties
* Impacts battery package design
28
Rechargeable Battery Materials
Applications determine cathode materials used
Portable
electronics
Automotive
Energy
Storage
Systems
(ESS)
LCO
NMC
LMO
NMC
NMC
LFP
LFP
NiMH
Other (NaS, …)
201520101995 2005
29
201520101995 2005
Rechargeable Battery Materials
Umicore offering technology and production synergies
Portable
electronics
Automotive
Energy
Storage
Systems
(ESS)
LMO
LCO
NMC
NMC
NMC
LFP
LFP
NiMH
Other (NaS, …)
Umicore
material &
application
30
Rechargeable Battery Materials
Umicore’s global footprint
Engis
BelgiumKobe
Japan
Cheonan
Korea
Hanau
GermanyJiangmen
China
Olen
Belgium
Production plant
R&D centre
31
Rechargeable Battery Materials
Li-ion battery application
is growing rapidly
•
Fast product turnover in portable electronics
•
Penetration on-going in automotive
•
Potential in energy storage systems
Applications drive cathode material development
Umicore has leading position in Li-ion cathodes
•
Broad production footprint close to customer base
•
Broadest product portfolio covering the materials of choice for all current and future applications
•
Significant synergies, on technology development and production setup
•
Strong track record in rapid production upscaling
Already present on more than a dozen electrified automotive platforms
Li-ion cathode production
2000
2005
2010
2011
2012
Umicore figures (estimate for 2012)
[tonnages]
32
Fuel Cells
Umicore’s global footprint
Hanau
Germany
Production plant
R&D centre
33
Fuel Cells
Fuel cells on the technology roadmap of most larger OEMs today, but remains long term
A fuel cell future would require a combination of catalyst and battery materials know-how, which is ideal for Umicore
Current development set-up
•
Umicore produces electrocatalysts
for fuel cells
•
Solvicore
JV (with Solvay) develops membrane electrode assemblies (MEAs), the heart of the fuel cell
34
Recycling
Umicore’s global footprint (for automotive parts)
Hoboken
BelgiumMaxton
USA
Hanau
Germany
Bangkok
Thailand
Olen
Belgium
Total workforce
> 800 people
Guarulhos
Brazil
Recycling plant
R&D centre
35
Recycling
Umicore is unique in its recycling capabilities
relating to the sustainable powertrain roadmap
•
Automotive catalysts
•
Batteries
•
Fuel cells
•
Other materials
Tightening legislation will enforce vehicle
recycling
•
End-of-Life Vehicles (ELV) Directive
•
Battery Directive
Materials scarcity and traceability are also becoming drivers in
the recycling landscape (eg
PGMs, REEs)
Umicore’s battery
pre-processing
line
in Hanau
36
Forward-looking statements
This presentation contains forward-looking information that involves risks and uncertainties, including statements about Umicore’s plans, objectives, expectations and intentions.
Readers are cautioned that forward-looking statements include known and unknown risks and are subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the control of Umicore.
Should one or more of these risks, uncertainties or contingencies materialize, or should any underlying assumptions prove incorrect, actual results could vary materially from those anticipated, expected, estimated or projected.
As a result, neither Umicore nor any other person assumes any responsibility for the accuracy of these forward-looking statements.
