- Revenues were down 2% to €2.423 billion due to lower metal prices, partially offset by higher volumes in product businesses - Recurring EBITDA was down 12% to €463 million and recurring EBIT was down 18% to €304 million due to lower metal prices, less favorable product mix, and start-up costs - Vision 2015 growth investments were on track, with capex of €280 million and R&D spend of €141 million

1. 2013 results
Production of catalysts for the fine
chemicals industry
(Picture: Hanau, PMC)

2. Highlights
Revenues down by 2%
Profitability impacted by lower metal prices, less favourable product/regional
mix and start-up costs:
•
Recurring EBIT € 304 million (down 18%)
•
Recurring EBITDA € 463 million (down 12%)
Cost reduction measures start to have a positive impact
Vision 2015 growth investments on track
Strong free cashflows and high cash return to shareholders
Stable dividend proposed at € 1.00/share
2

3. Revenues
Revenues (excluding metal)
H1
2,427
2,390
1,187
1,157
1,177
2,000
1,241
1,233
2012
2013
2011
1,147
1,013
987
2010
860
2009
1,115
2008
863
1,723
2,100
965
500
2007
1,000
0
985
1,910
945
841
844
2006
1,685
864
861
2005
1,725
810
883
1,500
2004
2,000
1,693
2,500
2,323
(in million €)
3,000
H2
Restated for discontinued operations in 2004, 2006 and 2008
Revenues restated in 2011 for reviewed application of revenue definition
3
Revenues down 2% as a result of lower metal
prices in Recycling more than offsetting higher
volumes in product businesses

4. Profitability
Recurring EBITDA
463
240
2013
222
524
266
2012
258
553
272
281
416 2011
304
372
• Lower metal prices
• Changes in product and regional mix
• Start-up and qualification costs in Catalysis,
particularly in H2
• Higher depreciation charges
141
163
Recurring EBIT
 H1  H2
Restated in 2004, 2006 and 2008 for discontinued operations in following year
4
Recurring EBITDA down 12%
Recurring EBIT down 18%
181
192
215
186
146
156
343
355
140
215
359
160
329
159
233
199
50 97
0
170
126
100
111
200
155
300
122
400
280
500
202
222
247
2010
263
2009 107 156
467
198
269
2008
471
216
255
434
210
224
426
372
184
2007
0
2006
100
188
200
2005
300
208
400
218
500
2004
600
469
(in million €)
700
ROCE at 13.6%

5. Growth investments on track
Capital expenditure
98
86
112
2011
2012
•
Performance Materials: selective growth
investments
Recycling: debottlecking in Hoboken, Ag capacity
expansions in Germany and Thailand
2013
R&D expenditure
141
69
71
149
75
87
76
0
74
163
139
71
68
68
Energy Materials: production capacity in
rechargeable battery materials
168
236
150
213
115
172
136
96
125
51
69
115
111
53
73
50
62
100
103
150
67
165
250
200
Catalysis: new production and testing
infrastructure
•
96
76
2010
190
88
103
2009
216
125
91
2008
153
69
2007
2006 50
58
84
145
91
2005 54
2004 51
50
0
108
146
94
150
•
•
250
100
280
(in million €)
300
200
Capex of € 280 million:
R&D spend of € 141 million (corresponds to 6 % of
revenues), with some projects moving to
commercialisation
 H1  H2
R&D and Capex restated in 2004, 2006 and 2008 for discontinued operations in following year
R&D restated for scope adjustment in 2010
R&D and Capex restated in 2012 for reviewed application of definition
5

6. Employees
People
Total number of employees decreased by 381
14,057
3,867
10,190
2013
14,438
4,042
10,396
2012
14,572
10,164
2011
4,408
9,558
2010
14,386
9,315
2009
4,828
13,720
10,079
2008
4,405
15,413
9,826
2007
9,828
2005
9,053
9,895
7,500
2004
10,000
5,334
14,844
13,932
4,879
5,018
14,142
12,500
4,314
15,000
14,026
17,500
4,131
20,000
5,000
0
2006
2,500
Fully consolidated
Associates
Restated for discontinued operations in 2004, 2006 and 2008
6
•
Production footprint adjustments mainly in Energy
Materials and Performance Materials
•
Decrease in associated companies primarily due to
restructuring in Element Six Abrasives

7. Safety
• Accident frequency rate : 2.08
2.08
2.86
3.61
4.00
3.54
3.12
6.00
Safety performance further improved in 2013
5.32
5.30
6.30
8.00
7.10
10.00
7.20
Accident frequency rate
7
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2.00
• 79% of sites accident-free

8. Business
review
2013
ECOS ND15 is an example of developing new solutions
to meet the environmental challenges of customers
(Picture: Bruges, CSM)

9. Catalysis
Revenues (excluding metal)
0
-20
894
427
466
73
 H1  H2
Volumes in line with regional markets, but margins
impacted by:
•
product & regional mix
•
product development, investment start-up and
depreciation costs
44
29
42
49
Recurring EBIT
10
2013
866
44
78
39
64
46
20
39
40
-14 31 17
60
57 7
80
413
2012
91
120
100
453
814
424
391
2011
89
586
311
359
339
2010
0
2008
200
399
400
2009 275
600
712
800
314
1,000
699
(in million €)
1,200
Revenues of Automotive Catalysts were up, with volume
growth and the effect of Umicore Shokubai consolidation
more than offsetting lower pass-through costs
Unfavourable product and regional mix in Precious Metals
Chemistry

10. Catalysis
Florange: 2013 - 2014
Bad-Säckingen: 2H 2013
Three SCR lines for HDD
Capacity expansions Euro 6 LDD
Nagoya: H2 2013
Tulsa: H1 2014
New technology
development centre
New plant
Onsan: H1 2014
Americana: H2 2013
New production capabilities
New technology
development centre
Pune: H2 2014
Precious Metals Chemistry
Automotive Catalysts
11
New plant
Suzhou
1.
2.
New production capabilities H1 2014
SCR line for HDD
H1 2014

11. Energy Materials
Revenues (excluding metal)
403
203
200
2013
366
184
2012
183
358
180
2011
178
173
2010
174
305
151
154
0
2008
100
205
200
2009
300
190
400
348
(in million €)
395
500
80
 H1  H2
12
25
20
21
18
41
20
24
Recurring EBIT
12 13
0
14 4
44
24
17
20
7
36
40
• mainly driven by demand for high-end portable electronics
• higher demand for NMC cathodes for automotive applications
Strong volume growth in Cobalt & Specialty Materials
slightly offset by lower premiums due to competitive
pressure
Revenues in Electro-Optic Materials impacted by weak end
markets, germanium optics in particular
57
21
60
Significant revenue growth in Rechargeable Battery
Materials
Revenues from Thin Film Products up, driven by the display
market
Overall profitability of the business group benefited from
footprint adjustments and cost reduction measures

12. Energy Materials
Olen
1.
2.
Ni refining
H2 2013
Co fine powders
2015
Cheonan and Jiangmen
1.
2.
Capacity expansion
H2 2013
Debottlenecking and additional capacity investments 2014
Cheonan: H1 2014
Nashville: H2 2013
Acquisition of
Palm Commodities International
Rechargeable Battery Materials
Cobalt & Specialty Materials
13
Greenfield for precursors
First production trials

13. Performance Materials
Revenues (excluding metal)
0
510
247
24
26
31
29
Recurring EBIT
 H1  H2
14
55
55
67
28
29
47
16 21
20
52
40
37
60
39
36
75
88
80
Continued pressure on recycling and refining margins in
Zinc Chemicals
Higher volumes in Electroplating compensating for
pressure on premiums
120
100
Benefits start to accrue from footprint adjustments and
cost reduction measures in Building products, Technical
Materials and Platinum Engineered Materials
2013
263
523
256
267
2012
524
253
271
2011
219
227
404
196
2010
0
2008
100
257
300
200
208
400
226
500
2009
483
600
446
(in million €)
700
Revenues are largely stable
Lower contribution from Element Six Abrasives, affected by
weaker end markets

14. Performance Materials
Oxford: H2 2013
Pasir Gudang: H1 2014
Suzhou: H2 2013
Synthetic diamond
innovation centre
Capacity expansion to serve Asia Pacific
Production discontinuation
Viviez: H1 2014
New plant
for surface-treated products
Changsha: H1 2015
New plant for Zn powders
Element Six Abrasives
Zinc Chemicals
Building Products
15
Melbourne: H2 2013
Production discontinuation

15. Recycling
Revenues (excluding metal)
0
590
283
307
200
In Precious Metals Refining:
• Lower metal prices impacted earnings, partially mitigated by
longer term pricing contracts
• Higher intake of residues from non-ferrous metal industries,
more than offsetting lower intake of end-of-life products
Lower contribution from the recycling activities in
Jewellery & Industrial Metals
97
 H1  H2
103
122
133
Recurring EBIT
16
2013
681
339
2012
259
137
342
327
310
267
195
93
102
50
95
100
118
150
106
200
66 52
250
202
300
2011
506
427
350
134
255
252
254
2010
0
2009 222 204
200
253
400
2008
600
508
800
637
(in million €)
1,000
While lower metal prices impacted revenues and
profitability, ROCE remained strong at 58%
Revenues in Precious Metals Management down due to
unfavourable price volatility and lower metal prices

16. Recycling
Pforzheim: H2 2014
Expansion of Ag recycling
Bangkok: 2013 - 2014
Expansion of Ag recycling
Precious Metals Refining
Jewellery & Industrial Metals
Hoboken
1.
2.
3.
4.
17
2nd phase of sampling facility expansion
H1 2014
Commissioning of biological water treatment H1 2014
New gas cleaning equipment
H2 2013
Intention to expand treatment capacity
2014 - 2016

17. 2013
financials
In 2013 Umicore’s recycling operations in Hoboken and Pforzheim were certified conflict-free
by the London Bullion Market Association and Responsible Jewelry Council respectively

18. Non-recurring elements
Non-recurring items
(in million €)
Restructuring charges & provisions
Environmental charges & provisions
Impairments on metal inventory
Other
Non-recurring EBIT
Non-recurring tax result
Non-recurring minority result
Net non-recurring result
Net IAS 39 effect
Total impact on net result
19
2013
(30.6)
(7.7)
(1.6)
(3.5)
(43.4)
4.7
0.2
(38.9)
(0.1)
(39.0)
Non-recurring EBIT of € -43.4 million
Total negative impact on net result of
€ 39 million

19. Strong free cashflows
Cashflow generated from operations
451
430
523
400
530
500
481
(in million €)
600
300
2013
2012
Significant investments
2011
2010
2009
2008
143
100
400
150
186
258
-68
0
195
200
-100
Net cashflow before financing
20
• Capex of € 280m
• Acquisition of Palm Commodities
309
300
100
• Includes significant release of working capital
Tax paid back to more normalised level
200
0
Cashflow generated from operations up 8.7 %
to € 523 million
Nonetheless, increase in net cashflow before
financing

20. Shareholder returns
Stable dividend proposed at € 1.00 per share
Data per share
(in € / share)
80%
2.50
52%
57%
70%
2.47
2.69
Recurring EPS
1.96
1.93
41%
1.00
30%
1.00
1.00
37%
2012
Payout ratio
Restated for discontinued operations in 2004, 2006 and 2008
* Dividend proposed for 2013
21
20%
10%
2011
0.65
0.80
1.40
1.24
Dividend
2009
0.65
2008
0.42
2006
0.37
2005
0.33
0.50
0.65
24%
23%
2004
34%
50%
40%
2010
36%
2007
1.00
31%
1.21
1.41
1.50
1.80
1.73
2.00
Corresponds to 51 % payout ratio based on
recurring EPS of € 1.96 per share
60%
51%
2013
3.00
0%
Implied gross dividend yield exceeds 3.0 %
Purchased 2.4 million treasury shares in 2013,
amounting to € 84.7 million.
Total cash returned to shareholders (dividend +
buybacks) of € 196 million or 38 % of cashflow
generated by operations
Remaining headroom under existing buyback
authorisation of 1.8 million shares

21. Further reduction of net financial debt
Net financial debt evolution
97
350
(in million €)
-280
300
441
250
200
Working
capital
changes
150
100
50
-14
-222
Capex
0
-50
-100
-150
-38
-3
Cap dev
Taxes
Net debt
31/12
2012
-215
-115
Net
interest
Dividends
3
-200
-250
Operating
cashflow
Net debt
31/12
2013
-85
Share
buybacks
Other
* Operating cashflow = cashflow generated from operations less change in working capital requirement plus
dividend and grants received
22

22. Strong capital structure maintained
Net financial debt € 215 million
•
1.0
0.4
Average weighted net interest rate down to 1.61 %
(vs 1.92 %)
215
2013
11%
222
2012
11%
0.5
0.6
2011
2010
267
13%
0.5
360
11%
19%
2009
177
333 20%
Net financial debt
Gearing ratio (debt / debt+equity)
Average net debt / recurring EBITDA
Restated for discontinued operations in 2004, 2006 and 2008
23
11 % net gearing ratio
0.8
2007 140
2006
2005
2008
10%
515
585
2004
250
0
0.4 x Average net debt to recurring EBITDA ratio
1.1
•
813
750
500
Corresponds to :
45%
34%
31%
1.3
1,250
1,000
(in million €)
1.6
1,500
1.7
Net financial debt
Increased committed credit lines in 2013 with new
syndicated loan

23. Outlook

24. Outlook
Recycling
Catalysis
• Lower revenues and margins in the
absence of any recovery in precious
and specialty metals prices
• Revenues set to increase. Main
impact of Euro 6/VI business in H2
• Supportive supply environment set to
remain
• Continued growth in China and North
America
Performance Materials
• Trends unchanged in most end
markets
• Further sales growth in Rechargeable
Battery Materials
• Margin improvement as a result of
cost reduction measures
25
Energy Materials
• Recovery underway in some other
end markets

25. Outlook
While we expect a definite improvement in the performance of our
product businesses, this may not be sufficient to fully offset the impact of
lower metal prices on the profitability of the Recycling business group. If
current metal prices persist, full year recurring EBIT could end up slightly
below the level of 2013.
26

26. Financial calendar
29/04/2014
2014 Q1 trading update & Annual General Meeting
02/05/2014
Ex dividend trading date
06/05/2014
Dividend record date
07/05/2014
Dividend payment date
31/07/2014
2014 H1 results publication
23/10/2014
2014 Q3 trading update
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.
28

27. Investor Relations
Evelien Goovaerts
evelien.goovaerts@umicore.com
+32-2-227 78 38